廿载初心映征程，REITs聚力赋实体——工银瑞信以绿色金融与基建投资书写战略答卷

Core Insights - Public REITs are becoming a key financial tool to support the real economy by revitalizing existing assets and facilitating investment and financing cycles [1][2] - The market for public REITs in China has entered a new phase of "normalization and scaling" after five years of exploration, with the total market value exceeding 220 billion yuan by the end of Q3 2025 [2][14] - ICBC Credit Suisse Asset Management has made significant strides in the public REITs market, launching notable products like the ICBC Galaxy North Expressway REIT and the ICBC Mengneng Clean Energy REIT, which have set records in investor subscriptions [2][8][13] Industry Development - The pilot program for public REITs in China was officially launched in April 2020, and the scope has since expanded to include commercial real estate, creating a dual-driven development model of "infrastructure + commercial real estate" [1][2] - As of Q3 2025, 13 transportation infrastructure REITs have been listed with a total issuance scale exceeding 68 billion yuan, highlighting the significant cluster effect in this sector [4] - The ICBC Galaxy North Expressway REIT has demonstrated strong operational resilience, achieving an annualized cash distribution rate of 9.30% as of Q3 2025 [4][6] Financial Performance - The ICBC Mengneng Clean Energy REIT, launched on December 10, 2024, achieved a subscription multiple of 357 times, setting a record for public REITs on the Shenzhen Stock Exchange [2][8] - The clean energy REIT is backed by wind power assets capable of generating 400 million kilowatt-hours of green electricity annually, contributing to significant carbon reduction efforts [8][10] - The financial indicators for the ICBC Galaxy North Expressway REIT show a revenue of 158 million yuan and a cash flow from operating activities of 134 million yuan for the reporting period [6] Strategic Initiatives - ICBC Credit Suisse Asset Management has established a three-tier collaborative system leveraging the comprehensive financial resources of its parent company, ICBC, to enhance project management and operational efficiency [11][12] - The company is focused on a diversified asset portfolio that includes transportation, clean energy, municipal infrastructure, and elder care services, aligning with national strategic directions [12] - The successful launch of these REITs reflects the company's commitment to revitalizing existing assets and facilitating economic circulation, contributing to the broader goal of a financial strong nation [13][14]