公募REITs 2026年投资策略—明析价值，韧启新篇 （PPT)

Summary of Public REITs Market Outlook for 2026 Industry Overview - The report focuses on the public REITs (Real Estate Investment Trusts) market in China, analyzing its performance and outlook for 2026 [2][3]. Key Insights Market Review - The public REITs market has been driven by changes in broad interest rates since 2025, leading to a "rise and fall" pattern in market performance. The secondary market showed an initial surge followed by a cooling phase [3][7]. - The issuance scale of public REITs has steadily increased, surpassing 200 billion yuan by October 2025, with new asset types like agricultural markets and data centers emerging [7]. Fundamental Analysis - There is a noticeable divergence in performance across different REIT sectors: - Highway REITs: Performance varied due to structural changes in road networks and regional toll policies, with some assets facing significant pressure [9]. - Public Utility REITs: Showed structural highlights in Q3 2025, with some achieving revenue growth through effective management and operational adjustments [13]. - Energy REITs: Experienced significant fluctuations in both volume and price, with performance continuing to diverge across different types of energy infrastructure [14]. - Industrial Park REITs: Faced pressure on both volume and price, with factory assets performing better than research office assets [15]. Positioning of Public REITs - Public REITs are increasingly seen as a "fixed income plus" asset class, especially in a low-interest-rate environment combined with asset scarcity. Their role in asset allocation is becoming clearer [3]. Pricing of Public REITs Expansion - The market may react to expansion announcements, with the timing of such expansions being critical for pricing. While expansion can enhance distribution rates, it requires precise timing to maximize benefits [3]. Unlocking of Shares and Investment Strategy - A wave of share unlocks is expected in Q1 and Q3 of 2026, which may lead to selling pressure on related REITs. Caution is advised before these unlocks, with strategic investments recommended post-unlock based on market conditions [3]. 2026 Strategy Outlook - Primary Market: New investments should balance valuation differences and asset quality [3]. - Secondary Market: Focus on the rhythm of the bond market and policy catalysts, while capitalizing on expansion and unlock investment themes [3]. Risk Factors - Potential discrepancies between model assumptions and real-world conditions could reduce the reliability of forecasts. Economic recovery may underperform, negatively impacting underlying asset operations. Geopolitical uncertainties and unexpected policy changes could also affect market risk appetite [3]. Additional Important Points - The report emphasizes the importance of active management in maintaining stability across various REIT sectors, particularly in consumer infrastructure and affordable housing [3]. - The performance of data center REITs in Q3 2025 met expectations, indicating a stable operational environment [3]. This comprehensive analysis provides insights into the public REITs market, highlighting key trends, performance metrics, and strategic considerations for investors looking ahead to 2026.