Which public REITs are better? What are the differences between different types of public REITs? In the past few days, the first batch of public REITs have been issued one after another. There are 9 public REITs in the first batch. It is not reasonable to buy 9 at the same time. So, how should we choose these public REITs? Judging from the current situation, public REITs are concentrated in the infrastructure field, mainly including warehousing logistics, toll roads, airports and ports and other transportation facilities, industrial parks and other infrastructure. The essence of public REITs is that investors invest in these infrastructure assets through public funds. Although the underlying assets of these publicly offered REITs products are high-quality projects and generally relatively stable, the risk differences among different types of projects are also relatively large. In the industrial park type, income mainly depends on rent, property, parking fees, etc. The main source of risk is whether the rental rate is high? Whether the lease renewal rate is high, etc., if the marginal effect of the policy is diminishing, will the park be able to continue to operate stably? For toll roads, revenue mainly relies on tolls, operation of ancillary facilities, etc. The main risks come from policy impacts and diversion from new similar projects in the surrounding areas. In the warehousing and logistics type, the income mainly relies on rent and management fees, etc. The sources of risks are similar to those in the industrial park type, mainly including the lease renewal rate and competition in the same industry. In the municipal facility type, revenue mainly relies on service fees, and the main source of risk is the mismatch between the franchise and the duration of the fund. In the biomass power generation type, income mainly relies on power generation, and the main source of risks is whether the scale of operation can be expanded and maintained stably, as well as technology improvement. Generally speaking, insufficient liquidity is also a risk for public REITs, and discount trading is likely to occur.