证监会大动作，中国资本市场迎重要创新

Core Viewpoint - The official launch of the commercial real estate public REITs pilot program by the China Securities Regulatory Commission (CSRC) marks a significant innovation in the Chinese capital market, expanding the REITs market from infrastructure to commercial real estate, and establishing a new phase of parallel development between the two sectors [3][15][23] Group 1: Market Expansion and Development - The pilot program signifies a key expansion of the public REITs market in China, moving towards a multi-layered REITs market ecosystem with greater breadth, depth, and vitality [3][15] - As of December 27, 2025, there are 78 listed REITs products with a total financing of 209.9 billion yuan and a total market value of 219.9 billion yuan, indicating a steady growth in the infrastructure REITs market [3][15] - The CSI REITs total return index has increased by 19% since 2024, highlighting the growing importance of REITs as a major asset class [3][15] Group 2: Strategic Intent and Functionality - The introduction of commercial real estate REITs aligns with the macro strategy of "activating stock and optimizing increment," providing standardized equity financing solutions for a new model of real estate development [4][16] - The transformation of substantial stock assets in quality commercial properties into tradable financial products will open new equity financing channels for holding enterprises and fundamentally shift real estate companies from a "development and sales" model to a "long-term holding and professional operation" model [4][16] - This initiative also offers investors, particularly long-term funds like insurance and pension funds, a new asset allocation choice with stable cash flow characteristics, thereby broadening channels for residents' property income [4][16] Group 3: Regulatory Framework and Implementation - The CSRC has established a classification management system for REITs based on the distinct characteristics of commercial real estate and infrastructure, marking a significant step towards a mature market with comprehensive asset categories [5][17] - The regulatory framework includes a structured system of rules, consisting of one main announcement, three supporting arrangements from the CSRC, and multiple self-regulatory organization rules, ensuring clarity of responsibilities and effective risk control [7][19] - The pilot program will initially focus on high-quality projects in core urban areas and support well-governed companies, including listed companies and state-owned enterprises, to ensure a high standard of implementation [10][21] Group 4: Risk Management and Oversight - A robust regulatory and risk management network will be in place to oversee the REITs pilot, emphasizing strict compliance and quality control during the initial phase of project submissions [9][22] - The principle of "申报即担责" (responsibility upon application) will be enforced, ensuring that all market participants, including intermediaries, adhere to high standards of due diligence and investor protection [22][11] - The regulatory body will maintain a focus on problem and risk orientation, ensuring effective monitoring and timely handling of any violations or risk events to maintain market order [11][22]