证监会商业不动产REITs试点公告点评：公募REITs迈向“基础设施+商业不动产”双轮驱动新阶段

Investment Rating - The report does not provide a specific investment rating for the industry [2] Core Insights - The report highlights the transition of China's public REITs market from a "single track" focused on infrastructure to a "dual track" model that includes both infrastructure and commercial real estate, marking a new phase of development [5][7] - The introduction of commercial real estate REITs is seen as a necessary step to address the lack of quality investment targets in the market, which has been a shortcoming in its further development [5][7] - The potential market size for commercial real estate REITs is estimated to be between 800 billion to 1.5 trillion yuan, based on the securitization rate of 2%-3% applied to the total value of commercial real estate [7][11] Summary by Sections Market Overview - As of November 28, 2025, there are 77 listed REITs in the market with a total market capitalization of approximately 2,198.85 billion yuan and a circulating market value of 1,174.50 billion yuan [2][11] - The report indicates that the REITs market has developed a stable operational framework, with a total fundraising amount exceeding 2,070 billion yuan [11] Regulatory Framework - The China Securities Regulatory Commission (CSRC) has issued guidelines for the establishment of commercial real estate REITs, which include requirements for fund management, due diligence, and compliance with regulatory standards [8][12] - The guidelines emphasize the importance of clear ownership, compliance with legal procedures, and the generation of stable cash flows from the underlying assets [9][10] Investment Opportunities - The report suggests that the introduction of commercial real estate REITs will enhance the capital market's ability to serve the real economy, particularly in revitalizing existing commercial real estate assets [5][11] - It is recommended that investors pay attention to new investment opportunities arising from macroeconomic conditions, policy environments, and improvements in the operational fundamentals of infrastructure assets [5][7]