Core Insights - The Chinese asset management industry achieved a record scale of 170.13 trillion yuan by mid-2025, marking a 4.27% increase from the end of 2024, indicating a stable development phase post-implementation of new regulations [1][9] - Bank wealth management and public funds are the main drivers of industry growth, with bank wealth management reaching 30.67 trillion yuan (up 2.38%) and public funds at 34.39 trillion yuan (up 4.78%) by mid-2025 [1][5] - The market is experiencing a concentration effect, with major institutions like E Fund and Huaxia leading the public fund sector, while state-owned and joint-stock banks dominate the bank wealth management market [2][7] Asset Management Scale - As of June 2025, the total assets under management (AUM) in China's asset management industry reached 170.13 trillion yuan, a historical high [1] - The bank wealth management market had a total scale of 30.67 trillion yuan, with a notable increase in the market share of wealth management companies to 89.61% [3][4] Market Dynamics - The number of banks in the wealth management sector decreased by 24, while the number of wealth management companies increased by 1, indicating market consolidation [4] - The public fund sector saw a total of 12,905 products with a net asset value of 34.39 trillion yuan, reflecting a 4.78% growth [5] Product Performance - Bank wealth management products generated an average net value growth rate of approximately 0.65% in Q2 2025, with equity mixed products achieving a growth rate of 1.01% [3] - QDII funds showed strong performance, with average returns of 7.91% for equity QDII funds and 10.72% for mixed QDII funds in Q2 2025 [6] Investment Trends - The asset allocation in the insurance asset management sector is shifting towards equities, with a 16.65% increase in stock investments by life insurance companies compared to the previous year [8] - Innovative products such as REITs and ETFs are emerging, providing new investment channels and reflecting a shift in investor preferences [9] Future Outlook - The asset management industry is expected to focus more on quality rather than just growth in scale, with an emphasis on professionalization, differentiation, and internationalization [10] - The industry faces challenges such as low interest rates and the need for refined product management to meet diverse investor demands [10]

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - This week, the equity market closed higher overall, with the CSI 1000 leading the way and the small - cap growth style outperforming. The bond market also trended upward, and the convertible bond market rose [1][2][6]. - Among the industries, non - ferrous metals, machinery, and national defense and military industries led the gains, while pharmaceuticals and consumer services declined [2][6][9]. - Active equity funds had an average return of 1.80%. For bond - type funds, short - term bond funds had an average return of 0.06%, medium - and long - term bond funds had an average return of 0.08%, and convertible bond funds and bond funds with equity exposure achieved positive average returns [1][2]. - This week, there were 3 new stocks listed, and no new stocks broke their issue prices on the first day of listing. The average return of sample new - stock subscription funds was 0.59%, and the new - stock subscription yield of an 800 - million - yuan account was 0.023% [2][37]. - As of August 6, 2025, the average returns of low - risk, medium - risk, and high - risk FOF funds in the sample in the past week were 0.22%, 0.37%, and 0.47% respectively [2]. - During the statistical period, equity - biased QDII and bond - type QDII funds rose by 0.34% and 0.52% on average, while index - type and other - type QDII funds fell by 0.30% and 0.45% on average. REITs funds fell by 0.31% on average this week [2]. 3. Summary by Directory 3.1 Market Review - The equity market closed higher overall this week, with the CSI 1000 leading the gains and the small - cap growth style outperforming. As of the close, the Shanghai - Shenzhen 300 Index closed at 4105 points, up 1.23%; the Shanghai Composite Index closed at 3635 points, up 2.11%; the Shenzhen Component Index closed at 11129 points, up 1.25%; and the ChiNext Index closed at 2334 points, up 0.49%. In the Hong Kong stock market, the Hang Seng Index rose 1.43%, and the Hang Seng Tech Index rose 1.17% [6]. - In terms of industry performance, non - ferrous metals, machinery, and national defense and military industries led the gains, with increases of over 5%, while pharmaceuticals and consumer services declined [9]. - As of August 8, 2025, among the 5422 stocks in the A - share market, 4041 stocks rose this week. The number of rising stocks on the Beijing Stock Exchange, ChiNext, Science and Technology Innovation Board, and Main Board were 140, 1035, 421, and 2445 respectively [12]. 3.2 Key Fund Tracking 3.2.1 Active Equity - **Fund Performance**: The average return of the full - market funds in the sample this week was 1.80%. Funds with better performance were heavily invested in industries such as automobiles and machinery. For industry - themed funds, funds in the cyclical and mid - stream manufacturing sectors had leading average returns, while those in the pharmaceutical sector lagged behind [18][20]. - **Position Estimation**: This week, the positions of ordinary stock - type and partial - stock hybrid funds both increased. Compared with the previous week, the position of ordinary stock - type funds rose by 1.06 percentage points, and that of partial - stock hybrid funds rose by 2.19 percentage points. Actively managed partial - stock funds increased their allocations to cyclical, consumer, growth, and financial sectors and reduced their allocations to stable sectors. In terms of sub - industries, the allocations to household appliances, communications, and computers increased, while those to automobiles, electronics, and petroleum and petrochemicals decreased [23]. 3.2.2 Bond - type Funds - **Bond Market Performance**: This week, the bond market trended upward. The ChinaBond Total Wealth Index closed at 246.91, up 0.1% from last week; the ChinaBond Treasury Bond Index closed at 247.9, up 0.13%; and the ChinaBond Credit Bond Index closed at 224.18, up 0.09%. The CSI Non - Pure Bond Fund Index closed at 2229.59 on Thursday, up 0.45% from last Thursday. The CSI Convertible Bond Index closed at 467.77, with a weekly increase of 2.31%, and the trading volume was 422.4 billion yuan, a change of 36.293 billion yuan from last week [25][27]. - **Fund Performance Overview**: This week, the average return of short - term bond funds was 0.06%, and the median was 0.06%; the average return of medium - and long - term bond funds was 0.08%, and the median was 0.08%. The average return of first - tier bond funds was 0.29%, and the median was 0.16%; the average return of second - tier bond funds was 0.57%, and the median was 0.44%. The average return of partial - bond hybrid funds was 0.62%, and the median was 0.53%; the average return of low - position flexible allocation funds was 0.53%, and the median was 0.38%. The average return of convertible bond funds was 2.59%, and the median was 2.52% [31][33][34][36]. 3.2.3 New - stock Subscription Funds - **New - stock Overview**: This week, 3 new stocks were listed, and 2 had inquiry and offline placement details, with a total raised capital of 1.877 billion yuan. There were no break - even stocks on the first day of listing, and the total expected入围 income was 182,500 yuan [37]. - **New - stock Subscription Yield Calculation**: Assuming participation in the offline new - stock subscription of new stocks every week and being入围, the weekly new - stock subscription yield sequence of an 800 - million - yuan account was calculated based on the winning rate of Class A investors [38]. - **Fund Company New - stock Subscription Overview**: Six fund companies with more than 2 new - stock subscription funds were selected. The weekly new - stock subscription yield of an 800 - million - yuan account this week was 0.023%. The optimal scale for weekly and annual new - stock subscription was 400 million yuan [40]. - **New - stock Subscription Fund Performance**: According to the screening method, 38 new - stock subscription funds were selected. The average return of the new - stock subscription funds in the sample this week was 0.59% [43]. 3.2.4 FOF Funds - The average returns of low - risk, medium - risk, and high - risk FOF funds in the sample in the past week were 0.22%, 0.37%, and 0.47% respectively [44]. 3.2.5 QDII Funds - During the statistical period, equity - biased QDII funds rose by 0.34% on average, and index - type QDII funds fell by 0.30% on average. Other - type QDII funds fell by 0.45% on average, and bond - type QDII funds rose by 0.52% on average [45][46]. 3.2.6 REITs Funds - This week, REITs funds fell by 0.31% on average. Among them, Huatai Zijin Baowan Logistics Warehouse REIT led the gains, rising 4.31% in the past week. Huaxia Huadian Clean Energy REIT had the highest liquidity, with a trading volume of 214.361 million yuan in the past week [47].

证券研究报告 金融工程|专题报告 随机森林模型在 REITs 基金中的应用 请务必阅读报告末页的重要声明 glzqdatemark1 2025年08月06日 证券研究报告 |报告要点 随机森林是一种基于多个决策树的集成学习技术，它通过构建多个决策树并将它们的预测结 果集成起来。随机森林模型因其较好的准确性和适应性，在量化分析和金融领域中具有较高 的应用价值。REITs 随机森林模型策略每周选排名前 5 的基金等权配置，截至 2025 年 7 月 18 日，其年化收益率 39.76%，超额收益率 40.01%，年初至该日策略组合收益率及超额收益分别 为 73.81%、60.49%。 |分析师及联系人 陆豪 康作宁 陈阅川 周籽聪 SAC：S0590523070001 SAC：S0590524010003 SAC：S0590524050004 陆诵韬 请务必阅读报告末页的重要声明 1/17 ➢ 随机森林模型介绍 随机森林模型的核心思想是通过构建多个决策树模型，并将它们组合起来进行预 测。随机森林模型因其较好的准确性和适应性，在量化分析和金融领域中具有较 高的应用价值。随着相关技术的不断进步和完善，随机森林有望在未 ...

Core Insights - The public fund issuance market experienced a significant rebound in July, with a total of 149 new funds established, marking the highest number for the year, and a total issuance of 882.61 billion units, reflecting a 12.83% increase from June [2][3] Fund Issuance Overview - In July, bond funds led the market with 506.20 billion units issued, accounting for 57.35% of total issuance, while stock funds had 81 new funds with an issuance of 250.88 billion units, representing 28.43% of the total [2][3] - The average issuance per fund in July was 9.59 billion units, an increase of 2.54 billion units compared to June [2] Factors Driving Market Recovery - The recovery in the public fund issuance market is attributed to improved market conditions, favorable macroeconomic data, supportive regulatory policies, and ample liquidity [3] - The launch of innovative products like the Sci-Tech Innovation Bond ETFs has significantly contributed to the growth in bond fund issuance, with these ETFs accounting for 75% of the total bond fund issuance in July [3][4] Performance of Sci-Tech Innovation Bond ETFs - The first batch of Sci-Tech Innovation Bond ETFs reached a total scale of 1,082.14 billion yuan by the end of July, representing a growth of over 270% since their launch [4][5] - These ETFs accounted for nearly 21% of the total bond ETF market, which reached a historical high of 5,160.29 billion yuan with 39 ETFs in total [4] Market Dynamics and Ecosystem - The dual fund manager model adopted by some fund managers, such as Penghua Fund, enhances the management of Sci-Tech Innovation Bond ETFs by combining expertise in credit bonds and ETF management [6] - The optimization of market-making models has improved liquidity in the bond market, particularly for bond ETFs, creating a positive feedback loop between ETF liquidity and the underlying bond market [7] Private Fund Participation - Private funds are increasingly participating in the ETF market, with a focus on diversifying their asset allocation strategies through products like the Sci-Tech Innovation Bond ETFs [8] - The rapid growth of these ETFs has redefined the concept of "explosive growth" in the fund market, indicating a shift in how equity and bond markets can complement each other [8]

Market Review - The bond market experienced fluctuations with rising yields during the week of July 21-25, 2025. The China Bond Composite Wealth Index (CBA00201) fell by 0.39%, while the China Bond Composite Full Price Index (CBA00203) decreased by 0.44%. Yields on government bonds across various maturities rose, with the 1-year, 3-year, 5-year, and 10-year government bond yields increasing by 3.38bp, 6.64bp, 9.14bp, and 7.07bp respectively [12][13] - The central bank's net injection in the open market was 109.5 billion yuan, with a total of 21.563 trillion yuan injected and 20.468 trillion yuan withdrawn. The overall liquidity was balanced, with DR007 and R007 rising by 14.56bp and 18.65bp to 1.65% and 1.59% respectively [13] - The U.S. Treasury market showed limited volatility, with a flattening yield curve. Initial jobless claims data unexpectedly declined, reinforcing a strong labor market view and reducing recent rate cut expectations [14] Public Fund Market Dynamics - As of July 25, 2025, the total scale of bond ETF products in the market surpassed 500 billion yuan, reaching 510.505 billion yuan, a nearly 200% increase since the beginning of the year. The Sci-Tech Innovation Bond ETF has become a core growth driver, with the first batch of 10 products launched after the Lujiazui Forum in June, achieving over 100 billion yuan in the first week [16][17] - The bond ETF market features a diverse range of products, with significant growth in various categories. For instance, the Pengyang 30-Year Treasury ETF exceeded 20 billion yuan, and the Bosera CSI Convertible Bond ETF surpassed 40 billion yuan [17] - The bond ETF market's growth indicates a deep integration of finance and technology, with ongoing product innovation and an optimized investor structure expected to inject sustained momentum into the high-quality development of China's capital market [17] Performance Tracking of Fixed Income Funds - Short-term bond fund index fell by 0.08% last week, with a cumulative return of 4.00% since inception [19] - Medium to long-term bond fund index decreased by 0.30%, with a cumulative return of 6.32% since inception [19] - Convertible bond fund index rose by 2.24%, achieving a cumulative return of 15.09% since inception [19]

1. Report Industry Investment Rating There is no information provided regarding the report's industry investment rating. 2. Core Viewpoints of the Report - In Q2 2025, A - shares and Hong Kong stocks showed different performances, with the overall market - value style in A - shares being dominant, and the bond market slightly recovered in June after fluctuations from April to May. REITs and convertible bond funds led the performance, and "fixed - income +" funds performed well driven by the equity market [4]. - Most fund managers expect the economy to continue a weak recovery in Q3 2025, with monetary policy remaining loose but limited room for interest - rate decline. Strategies focus on coupon income from medium - short - duration, medium - high - grade urban investment bonds and financial bonds, and the overall tone is prudent and flexible [40]. 3. Summary by Directory 3.1 固收型公募基金2025Q2季报数据解读 Performance - In Q2 2025, in the context of weak economic recovery, gradually restored equity sentiment, and intensified long - short game and fluctuations in the bond market, REITs and convertible bond funds led the performance, and "fixed - income +" funds performed well driven by the equity market. Pure - bond fund net values generally recovered [4]. - The top - performing funds in terms of Q2 2025 compounded unit net - value growth rate (%) were REITs funds (8.07%), convertible bond funds (3.49%), and QDII bond - type funds (1.38) [5]. Scale - By the end of Q2 2025, passive index - type bond funds received significant capital inflows and had the fastest scale growth [8]. Leverage - As of June 30, 2025, compared with March 31, 2025, the overall fund leverage showed an upward trend [11]. Duration - As of June 30, 2025, compared with March 31, 2025, the fitted durations of pure - bond funds all showed an upward trend [14]. Weighted Position Changes of Fixed - Income + Funds - By the end of Q2 2025, the convertible - bond positions of different types of fixed - income + funds were basically the same as in the previous quarter, while the stock positions all showed a downward trend [17]. - The top five industries for stock increase were non - bank finance, banking, communications, electronics, and medicine; the top five industries for stock reduction were food and beverage, automobiles, coal, basic chemicals, and home appliances [28]. Individual Stock Positions of Fixed - Income + Funds - The top ten stocks with the highest market value of holdings in Q2 2025 were Zijin Mining, Tencent Holdings, Yangtze Power, Contemporary Amperex Technology, China Merchants Bank, Midea Group, Kweichow Moutai, Alibaba - W, SF Holdings, and Haier Smart Home [30]. - The top ten stocks with the largest increase in market value of holdings in Q2 2025 were New H3C Technologies, Inphi Corporation, AVIC Shenyang Aircraft, Bank of Hangzhou, China Minsheng Bank, Yunnan Aluminum Co., Ltd., Zhaojin Mining Industry, China Merchants Bank, Zhongjin Gold, and SF Holdings [32]. - The top ten stocks with the largest decrease in market value of holdings in Q2 2025 were Wuliangye, Midea Group, Kweichow Moutai, Wanhua Chemical, Zijin Mining, Honglu Steel Structure, Hunan Gold, BYD, Shunxin Agriculture, and Luzhou Laojiao [34]. 3.2 固收型重点基金2025Q2后市展望观点汇总 Key Short - Term Bond Fund Managers' Views - Most short - term bond fund managers expect the bond market to continue the volatile market with high winning probability but low odds, and the bond - market trend is mainly determined by the liability side and policy orientation [39]. - Strategies focus on coupon income from medium - short - duration, medium - high - grade urban investment bonds and financial bonds, and the overall tone is prudent and flexible [40]. Key Medium - and Long - Term Bond Fund Managers' Views - Most medium - and long - term bond fund managers expect the bond market to continue the volatile pattern, with loose monetary policy continuing to support the bond market, while domestic demand is weak and the real - estate market is weakening marginally [41]. - Some managers suggest actively participating in interest - rate bond band trading, while others believe that the space for credit - spread compression is limited. Most still focus on medium - high - grade credit bonds [41]. Equity - Linked Fixed - Income Fund Managers' Views - For stock assets, most managers are relatively optimistic about the medium - term market outlook. Low - equity - position fixed - income + fund managers are relatively conservative, while some medium - and high - equity - position managers will increase the exploration and allocation in industries with relatively guaranteed short - and medium - term supply - demand environments and reasonable valuations [42]. - For convertible - bond assets, the supply - demand balance in the convertible - bond market remains tight, with overall high valuations and potential increased volatility, but there are still structural opportunities. Some managers will maintain a neutral - to - low position and shift to equity - oriented and balanced varieties [42]. - For pure - bond assets, managers generally maintain a neutral view, expecting the central - bank policy to remain consistent, the capital market to remain loose, and limited upward space for interest rates [42]. Key High - Position Convertible - Bond Enhanced Fund Managers' Views - Managers will maintain a relatively positive position, seize structural opportunities, and pay attention to the layout opportunities in technology self - controllability and the allocation opportunities after the sentiment of new consumption and innovative drugs cools down [45]. - They believe that the convertible - bond market has a relatively high valuation, with short - term cost - effectiveness and fault - tolerance rate reduced, but there are still structural opportunities, especially in equity - oriented convertible bonds [45]. QDII Bond - Fund Managers' Views - The global market in Q2 2025 was still dominated by policy. The impact of Trump's tariff policy continued to push up inflation expectations, and there were differences in the market's pricing of the Fed's interest - rate cut [46]. - In the future, although the probability of a US recession is relatively low, attention should be paid to the recurrence of tariff policies, and the US bond market may fluctuate bidirectionally in the short term [46][47]. REITs Fund Managers' Views - In Q2 2025, the performance of different types of REITs varied. The performance of rental - protection REITs was stable, the industrial - park REITs were under pressure, the consumer - infrastructure REITs performed steadily, the transportation REITs showed growth driven by traffic flow, the warehousing - logistics REITs were under pressure in terms of revenue, and the energy and environmental - protection REITs showed different performances [50][51][52].

Group 1 - The article discusses the performance of fixed-income public funds in Q2 2025, highlighting a recovery in net asset values for pure bond funds after a turbulent period in April and May, with REITs and convertible bond funds leading the performance [8][12]. - As of the end of Q2 2025, passive index bond funds experienced significant inflows, indicating a strong growth trend in fund sizes [12]. - The overall leverage of funds showed an upward trend by the end of June 2025 compared to March 2025, suggesting increased risk-taking among fund managers [15]. Group 2 - The article notes that the duration of pure bond funds has generally increased, indicating a shift towards longer-term investments [20]. - The allocation of convertible bonds remained stable compared to the previous quarter, while stock allocations across various fund types showed a declining trend [26]. - The report identifies the top sectors for active increases in holdings, including non-bank financials, banks, telecommunications, electronics, and pharmaceuticals, while sectors like food and beverage, automotive, coal, and household appliances saw reductions [38]. Group 3 - The top ten holdings by market value in Q2 2025 included companies such as Changqing Mining, Tencent Holdings, and Longjiang Power, with significant investments in sectors like non-ferrous metals and public utilities [42]. - The report highlights the changes in holdings, with notable increases in positions for stocks like Xinyi Semiconductor and Zhongji Xuchuang, while reductions were observed in stocks like Wuliangye and Midea Group [51][52]. - The article emphasizes the cautious outlook of fund managers for the bond market, with expectations of continued volatility and a focus on maintaining liquidity and flexibility in asset allocation strategies [58][62].

Group 1 - The core viewpoint of the article highlights the rapid growth of China's public fund industry, with the scale increasing from 8.4 trillion yuan at the end of 2015 to 32.83 trillion yuan by the end of 2024, driven by policy support and industry innovation [1] - The article emphasizes the importance of evaluating new funds based on their competitive advantages, investment strategies, fund manager experience, portfolio construction logic, and cost structure [2][4][10] Group 2 - Investors should assess whether new funds offer unique advantages compared to existing funds, especially in categories with many existing products, and look for innovations in strategy or risk control [4][8] - The article warns against blindly chasing hot investment themes and encourages investors to focus on long-term goals rather than short-term trends [10][11] - It is noted that many thematic funds have underperformed broad market indices, with over 60% of them being liquidated in the past 15 years [11][12] Group 3 - Evaluating the experience of fund managers is crucial, as investors should focus on relevant experience rather than just the length of their careers [18][19] - Investors can gain insights into fund managers' investment styles by reviewing their past management records and performance [20] Group 4 - Understanding the portfolio construction logic is essential, as it helps investors determine whether a fund's strategy aligns with their risk tolerance and investment goals [22][23] - The article emphasizes that a fund's fee structure significantly impacts investor returns, with lower fees generally correlating with better performance [25][26] Group 5 - The article concludes that while new funds may seem attractive, investors should conduct thorough due diligence using publicly available information to make informed decisions [30]

Group 1: Industry Dynamics - The Southern Runze Technology Data Center REIT reported a public subscription of 28.616 billion shares with a final confirmation ratio of 0.3145% and a subscription coverage multiple of 317.95 times [2][8] - The Southern Wanguo Data Center REIT had approximately 40,300 public investors with an effective subscription of 32.914 billion shares, a confirmation ratio of 0.2198%, and a coverage multiple of 455.03 times [2][8] Group 2: Primary Market - As of July 18, 2025, the total issuance scale of listed REITs reached 177.1 billion yuan, with 68 REITs issued [9] Group 3: Market Performance - During the week of July 14-18, 2025, the CSI REITs total return index increased by 0.06%, while the total REITs index rose by 0.01% [3][18] - The total REITs index underperformed the CSI 300 index by 1.08 percentage points and the CSI All Bond index by 0.09 percentage points [3][18] - The top-performing REITs included the China Merchants Science and Technology REIT (+3.05%), Huaxia Jinmao Commercial REIT (+2.24%), and Zhongjin Hubei Keti Guanggu REIT (+2.08%) [3][18] Group 4: Liquidity - The total trading volume of REITs decreased, with a total turnover of 496 million yuan, down 9.9% from the previous week [4][38] - The largest category by trading volume was park infrastructure REITs, accounting for 22.8% of the total [4][38] Group 5: Correlation - The correlation coefficients between the CSI REITs index and various indices over the past 20 days showed a negative correlation with the CSI 1000 index (-0.623) and a positive correlation with the CSI All Bond index (0.715) [31] - The internal correlation among different REIT categories indicated strong relationships, particularly between park infrastructure and warehouse logistics REITs [32]

Core Insights - The public fund issuance market is experiencing a robust surge, with 31 new public funds launched for subscription in the week of July 14 to July 20, marking a consistent trend of over 30 new products for three consecutive weeks [1][2] - The average fundraising duration for these new products is 12.55 days, indicating a significant acceleration compared to the previous week, reflecting the current enthusiasm in the fund market [1] Fund Type Analysis - Among the newly launched funds, 24 equity funds were initiated, accounting for 77.42% of the total, with 18 being stock funds (75% of equity funds) and 6 being equity-mixed funds (25% of equity funds) [3] - Passive index funds dominate the stock fund category, with 15 out of 18 stock funds being passive index funds, representing 83.33% of the stock fund issuance [3] - The bond fund segment is facing a downturn, with only 3 bond funds launched this week, a significant decrease of 76.92% from the previous week’s 13 funds [3] Market Diversification - The fund issuance market is showing diversification, with the introduction of REITs (Real Estate Investment Trusts), FOF (Fund of Funds), and QDII (Qualified Domestic Institutional Investor) funds, totaling 2, 1, and 1 respectively [3] - REITs and QDII funds are showing a notable recovery trend, with both categories having new funds launched for two consecutive weeks [3] QDII Fund Recovery - The QDII fund market has shown a clear recovery since July 2025, driven by two main factors: strong performance in the capital market, particularly a 20% increase in the Hong Kong stock market in the first half of the year, and supportive policies from the government [4] - The State Administration of Foreign Exchange issued an additional $30.8 billion in QDII investment quotas at the end of June, alleviating foreign exchange constraints for fund managers and facilitating the launch of new products [5] REITs Fund Dynamics - The recovery in the REITs fund market is attributed to regulatory support, including the promotion of regular product issuance and the expansion of underlying asset types, which have energized the market [5] - REITs have outperformed major stock indices in terms of overall returns, coupled with their stable dividend characteristics, creating a strong profit incentive that has stimulated market enthusiasm for new issuances [5]