《关于进一步做好基础设施领域不动产投资信托基金（REITs）常态化申报推荐工作的通知》的点评：加力扩容扩维扩募，市场规模持续扩张可期

1. Report Industry Investment Rating There is no information provided in the report regarding the industry investment rating. 2. Core Views of the Report - The National Development and Reform Commission issued Document No. 782 on September 12, 2025, aiming to further improve the normalized application mechanism and promote the expansion of the public - offering REITs market in terms of scale, scope, and fund - raising [4][6]. - As of September 12, 2025, 74 public - offering REITs had their initial public offerings, and 6 conducted additional fund - raising. The overall listing rhythm is normal, but the number of accepted projects has decreased, and it is necessary to accelerate project reserves [4][17]. - Document No. 782 simplifies procedures to support mixed - asset additional fund - raising, which is expected to speed up the process, widen the range of available assets, and diversify risks, but also places higher requirements on fund managers [4][12]. - The document encourages large - scale projects and those with a high proportion of net recovered funds. The launch of an information platform is expected to enhance the transparency of application and approval [4][7]. - The release of Document No. 782 is expected to further accelerate the expansion of the public - offering REITs market, especially in additional fund - raising. It is recommended to focus on leading enterprises with abundant operating assets and strong intentions for additional fund - raising, new projects with a significant spread between issuance yield and secondary - market yield, and projects with a high safety margin for distributable yield [4]. 3. Summaries Based on Relevant Catalogs 3.1. Adding Force to Expand Scale, Scope, and Encouraging Large - Scale and High Net - Recovered - Fund - Ratio Projects - The National Development and Reform Commission issued Document No. 782 to promote the normalized application and issuance of public - offering REITs and further improve the application mechanism [6]. - In terms of scale, large - scale projects can significantly promote market expansion, have cost advantages at the issuance end, meet the investment needs of large - scale institutional investors, and reduce trading difficulty and costs. Projects with a high proportion of net recovered funds will be prioritized for recommendation [7]. - In terms of types, it is necessary to accelerate the normalized application of mature asset - type projects, explore the issuance of new asset - type projects, and support the issuance and listing of private investment projects [9]. 3.2. Simplifying Procedures to Support Mixed - Asset Additional Fund - Raising - Document No. 782 shortens the interval between the initial public offering and additional fund - raising application, which helps more initial projects conduct additional fund - raising and requires fund managers to identify potential projects in advance [12]. - It allows mixed - asset additional fund - raising, widens the range of available assets, and diversifies risks but also poses higher management requirements. Additional fund - raising is a standard feature in mature global REITs markets, and leading enterprises will have more advantages [12]. 3.3. Emphasizing Public - Offering REITs and Strengthening Project Reserves - As of September 12, 2025, the issuance and review speed of public - offering REITs in 2025 is progressing steadily, but it is necessary to strengthen subsequent project reserves. The number of accepted projects has decreased compared to the same period last year [17]. - Document No. 782 requires provincial development and reform departments and relevant central enterprises to attach importance to REITs and strengthen project reserves, which is conducive to promoting local application and approval and increasing project reserves [17]. 3.4. Launching an Information Platform to Enhance Application and Approval Transparency - Document No. 782 proposes to launch an information system for infrastructure REITs projects, standardize and digitize the entire application process, and improve the policy system through regular communication [21]. - The information platform is expected to enhance the transparency of application and approval. Issuers/fund managers can input project information and upload compliance documents, and keep track of the project status during the review process [21]. 3.5. Overview of Valuations of Listed Public - Offering REITs - The report provides detailed information on listed public - offering REITs, including their asset types, market values, prices, yields, and other indicators, which helps investors understand the performance and valuation of different REITs [24].