CITIC Securities: The first year of commercial real estate REITs, seize the opportunity of improving supply and demand situation in the second half of the year.

The research report of Citic Securities pointed out that in the primary market, the first year of commercial real estate REITs has started, becoming the biggest variable in market expansion. Project pricing discrepancies are widening, and investment should focus on asset quality and operational capabilities. The differentiation pattern of the secondary market sectors has significantly intensified, with property rights assets facing greater pressure from supply shocks, and current valuations at historical lows. Looking forward to the full year of 2026, the market rhythm may shift from previous years where profits were taken in the second half of the year after allocations in the first half, to a strategy of observing in the first half of the year and allocating in the second half, with optimism for the gradual release of supply-side pressures in the REITs market in the second half of the year, the implementation of incremental funding policies, and a stable recovery.