新华财经北京12月25日电 25日，2025多层次REITs投资人大会在北京举办。本次大会由瑞思不动产金融 研究院主办，汇集了来自保险、券商、基金、国资平台及产业资本等领域的近300位机构代表与行业专 家，通过闭门研讨、案例发布、圆桌对话等形式，深入探讨REITs市场的发展现状与未来趋势，为多层 次市场生态的共建与升级提供了重要交流平台。 （文章来源：新华财经） 共建平台、凝聚共识推动市场行稳致远 会上，瑞思不动产金融研究院院长朱元伟宣布启动"投研共享平台"及"年度优秀案例汇编"项目，旨在通 过系统化的知识沉淀与资源共享，为市场参与方提供持续智力支持，助力行业形成健康、理性、长期的 发展生态。这一举措得到了与会者的积极响应，机构认为在市场规模持续扩大、资产类型日益丰富的背 景下，行业基础设施的完善尤为关键。 与会专家指出，本次大会不仅是一次行业交流的盛会，更是REITs市场迈向高质量发展阶段的一次重要 集结。"多层次REITs市场的协同发展，为各类资产提供了差异化的资本路径，也为投资者构建了更为丰 富的配置工具。" 未来，相关行业仍须在强化资产运营能力、完善信息披露、培育长期投资者等方面持续努力，推动 REI ...

Core Insights - The article emphasizes the importance of avoiding foolish investments over seeking short-term high returns, suggesting that long-term success is achieved through careful decision-making and risk management [1] - The Chinese real estate market has experienced a significant upward cycle over the past four decades, but understanding shorter cycles is crucial for investment success [1] - The company has developed an investment model to navigate through cycles and achieve consistent compound returns, focusing on alternative real estate financial investments [1][2] Investment Strategy - The company has engaged with nearly one trillion yuan in cooperation demands, with substantial project evaluations leading to a balanced approach in project returns, risks, and liquidity [2] - Accurate predictions regarding the creditworthiness of listed real estate companies have allowed the company to avoid investment risks in stocks and credit bonds [3] - The investment strategy has evolved through a "real estate financial investment clock model," which categorizes market conditions and guides investment decisions based on asset and capital supply-demand relationships [4][5] Market Cycles - The investment clock model identifies four phases of market cycles, from initial demand gathering to peak and subsequent downturns, highlighting the importance of timing in investment decisions [5][6] - The model suggests that equity investments are optimal during market bottoms, while fixed-income investments are preferable at market peaks [7][12] - The company has maintained a cautious approach since 2020, focusing on net recovery and identifying opportunities in credit transactions amidst market uncertainties [8][9] Methodological Framework - The investment model is built on four pillars: macroeconomic cycle analysis, urban area selection, asset category selection, and management models [15] - The company emphasizes the importance of a robust management model that integrates risk control and long-term incentives to ensure sustainable investment outcomes [24][26] - The asset valuation and capital pricing model is critical for selecting quality assets and determining safe investment scales, utilizing a comprehensive approach to assess asset quality and management credibility [27][28] ESG Considerations - The investment model incorporates strong ESG principles, focusing on environmental sustainability, social responsibility, and effective governance [34][35] - The company aims to balance commercial interests with social benefits, promoting affordable housing and supporting small enterprises to stabilize market prices [35]

Core Insights - The forum on C-REITs highlighted their critical role in China's real estate industry transformation, emphasizing their value in revitalizing existing assets, optimizing financing, and enhancing asset management capabilities [1][3][6] - The future of the C-REITs market is expected to see continued expansion in market size and underlying asset types, with a multi-tiered REITs system and regulatory framework gradually improving [3][6] - Collaboration among industry stakeholders is essential for sustainable development in the C-REITs sector, leveraging international best practices while exploring a unique Chinese model [3][6] Group 1: Industry Transformation - The Chinese real estate sector is undergoing a significant transition from large-scale expansion to enhancing existing stock quality, driven by changes in demand, supply, and financing [6][11] - C-REITs are positioned as a foundational institutional arrangement that can activate trillions of yuan in dormant assets and promote structural reforms in the industry [6][11] Group 2: C-REITs Market Dynamics - C-REITs are transforming illiquid real estate into publicly traded standardized financial products, enhancing asset liquidity and providing new investment channels for both institutional and individual investors [11][12] - The pricing dynamics between domestic C-REITs and international markets show significant discrepancies, with domestic assets often trading at a premium compared to their international counterparts [13][12] Group 3: Expert Perspectives - Experts from various sectors discussed the current state and future opportunities of C-REITs, emphasizing the need for regulatory support and innovative product development to enhance market participation [8][10] - The discussion highlighted the importance of asset characteristics such as stability, sustainability, and moderate growth potential for successful REITs [10][11] Group 4: Future Recommendations - Recommendations for the C-REITs market include simplifying the structure of public offerings, expanding asset types, and addressing land use rights to facilitate smoother operations [11][12] - The need for a more inclusive market ecosystem was emphasized, suggesting the introduction of international issuers and investors to enhance market depth and resilience [13][12]