Core Viewpoint - The recent performance of newly listed public REITs has significantly declined, contrasting sharply with the high subscription multiples during their issuance, with some even falling below their issue prices [1][2][4]. Group 1: Market Performance - The overall public REITs market has been sluggish, with trading volume and turnover rates decreasing since August, leading to lower new issuance returns [4][5]. - As of November 10, the CSI REITs total return index has dropped by 5.32% in the second half of the year [2]. - Several newly listed REITs have shown poor performance post-listing, with some experiencing minimal price increases or even declines [3][4]. Group 2: Specific REIT Performance - A software park REIT listed on November 6 opened below its issue price and has remained in a state of decline, closing at 3.596 yuan, below the issue price of 3.66 yuan [2]. - Other newly listed REITs have also struggled, with one only achieving a 3.5% increase over its first seven trading days [3]. Group 3: Market Sentiment and Future Outlook - The sentiment in the REITs market is affected by the performance of underlying assets and the overall market conditions, leading to a "divided" situation in new issuance returns [5][6]. - Analysts suggest focusing on three main lines in the secondary market: stable anti-cyclical sectors, assets with marginal recovery in demand, and those with strong expansion demands from original equity holders [7].

Core Viewpoint - The recent performance of newly listed public REITs has significantly declined due to the overall sluggish market, with some REITs even trading below their issue price [1][3][5]. Market Performance - Since August, the trading volume and turnover rate of public REITs have been continuously decreasing, leading to a drop in new issuance returns [2][6]. - The overall market for public REITs has seen a decline, with the CSI REITs Total Return Index falling by 5.32% in the second half of the year as of November 10 [3][6]. Individual REIT Performance - Several newly listed REITs have shown poor performance post-listing, with some experiencing significant declines. For instance, a software park REIT listed on November 6 traded below its issue price shortly after [3][4]. - Specific REITs have recorded minimal gains post-listing, with one REIT only achieving a cumulative increase of 3.5% over seven trading days [4]. Subscription and Market Sentiment - High subscription rates were observed during the issuance of recent REITs, with some achieving record high subscription multiples of 320.5 times and 361.9 times [4][5]. - The decline in secondary market trading sentiment has negatively impacted the pricing of newly issued REITs, making it difficult to achieve returns above 10% [5][6]. Sector Analysis - The performance of public REITs has shown significant differentiation, with certain sectors like industrial parks and logistics warehouses facing challenges, while sectors such as affordable housing and municipal environmental projects have performed better [8][9]. - Data center REITs have been highlighted as strong performers, with some achieving over 40% gains since their listing [2][8]. Investment Strategy - Analysts suggest focusing on three main lines in the secondary market: stable anti-cyclical sectors, assets with marginal recovery in demand, and high-quality assets with strong expansion potential [2][9]. - In the primary market, it is recommended to select projects with favorable spreads and quality assets while being cautious about long lock-up periods [9].