Core Viewpoint - The healthy development of the public REITs ecosystem requires collaboration among issuers, regulators, intermediaries, and investors [1] Group 1: Market Challenges and Suggestions - The public REITs market faces challenges such as insufficient asset supply, valuation discrepancies, and liquidity issues, prompting participants to propose multiple suggestions for ecosystem collaboration [2] - Insurance funds are becoming significant participants in the public REITs market, but the current market size is small, limiting their core allocation [2][3] - Increasing asset supply is deemed the primary task, focusing on mature sectors to avoid a lack of continuous projects after initial offerings [3] Group 2: Institutional Improvements - The transition path from Pre-REITs and private REITs to public REITs is unclear, necessitating further clarification and optimization in areas like original rights holder recognition and net recovery fund investment [4] - A tiered REITs market could be established, similar to the stock market, to meet varying risk preferences among investors [4] Group 3: Collaboration Mechanisms - Fund managers should establish effective collaboration mechanisms with operational management institutions to respond quickly to market changes and client needs [6] - Strengthening the involvement of industry professionals in fund governance is essential for enhancing operational value and market confidence [6] Group 4: Long-term Value Creation - The construction of a multi-tiered REITs ecosystem requires a shift from short-term speculation to long-term value co-creation, emphasizing the importance of high-quality asset injection and refined operations [7]

Group 1 - The public REITs market in China has experienced a surge in temporary suspensions due to significant price increases, with nearly 30 products suspended this year due to exceeding threshold gains, particularly in consumer infrastructure REITs which have averaged around 40% gains [1][3] - The low interest rate environment has led to increased institutional demand for REITs, driving up valuations, but the rising premium rates have resulted in a notable decline in cash distribution rates, indicating emerging market risks [1][6] - Consumer infrastructure REITs have become the fastest-growing segment within the public REITs market, supported by favorable policies aimed at boosting consumption, with the average gain for listed REITs reaching 15.17% this year [4][5] Group 2 - Specific REITs such as E Fund Huawai Market REIT and Hongtu Innovation Shenzhen Anju REIT have announced temporary suspensions due to significant price deviations from their benchmark prices, with E Fund's price increasing by 71.39% and Hongtu's by 52.78% [2][3] - The performance of consumer infrastructure REITs has been particularly strong, with several products achieving gains exceeding 40%, including Huazhong Baiyun Consumer REIT and Jiashi Wumei Consumer REIT [4][5] - Analysts suggest that while consumer REITs are considered relatively safe investments due to their anti-cyclical nature, investors should be cautious of high premium rates and declining cash distribution rates, which have dropped from 6.22% to 4.21% for Jiashi Wumei Consumer REIT [6][7]