From "blindly investing in new stocks" to a rational return, REITs market is cooling down.

With the overall decline in the secondary market, the initial offering income of public REITs in the primary market has also significantly decreased, and there are even instances of breaking the issue price. At the same time, the upcoming wave of concentrated unlocking at the end of the year may further test the market's ability to withstand pressure, and investors' enthusiasm for subscription has shifted from fervent to cautious. Looking ahead, the market trend of public REITs has shifted from speculative arbitrage to rational allocation based on value, prompting investors to pay more attention to the quality of underlying assets and the reasonableness of valuation. Some institutions also suggest paying attention to opportunities for oversold in the secondary market and allocation opportunities in the bulk market due to fund behavior before and after unlocking.