Core Viewpoint - The Chinese public REITs market has shown strong growth since its inception four years ago, driven by supportive policies and increasing investment demand, positioning itself as a significant asset class in a low-interest-rate environment [1][2][7]. Market Overview - The market has entered a policy dividend period, with the market capitalization of public REITs exceeding 200 billion yuan, comprising 66 projects, the highest in the Asia-Pacific region, indicating robust development momentum [2][7]. - New asset types have received high subscription multiples, reflecting strong market recognition and positive sentiment [2][7]. - The issuance of holding-type real estate ABS has contributed to the construction of a multi-tiered REITs market, with 8 issuances totaling 13.603 billion yuan as of June 13, 2025 [2][9]. Future Market Development Outlook - The expansion of asset types and acceleration of initial and follow-on offerings are anticipated, with new asset types such as data centers and senior living facilities enriching the market ecosystem [3][24]. - The construction of a multi-tiered REITs market is deemed necessary, focusing on differentiated product systems based on the development stage of underlying assets and varying investor risk preferences [3][25]. - Increasing the diversity of the investor base, including public funds, pension funds, and foreign capital, is recommended to enhance market liquidity [3][27]. Investment Attractiveness - The attractiveness of REITs as an investment is gradually increasing, with the secondary market valuation rebounding from the bottom [2][12]. - As of June 13, 2025, the overall return rate of the public REIT market was 17.4%, with the P/NAV ratio rising from 1.09x to 1.33x, indicating a strong demand for REITs in the current low-interest-rate environment [12][36]. Strategy Outlook for the Second Half of the Year - The REITs market is expected to maintain high valuations due to ongoing demand, although further upward movement will require additional catalysts [4][36]. - Key strategies include focusing on long-term holdings of quality assets, participating in new offerings, dividend trading, and navigating lock-up periods [4][36][41].