公募REITs周度跟踪：里程碑！REITs即将迈入商业不动产新时代-20251129

1. Report Industry Investment Rating The provided content does not mention the industry investment rating. 2. Core Views of the Report - After five - year development, the pilot program for commercial real - estate investment trusts (REITs) is officially launched. On November 28, 2025, the China Securities Regulatory Commission (CSRC) released a draft for public comment, planning to introduce a new product of "commercial real - estate REITs" outside of "infrastructure REITs", including commercial complexes, commercial retail, office buildings, hotels and other commercial properties [3]. - The announcement emphasizes that fund managers should actively perform the operation and management duties of commercial real estate. This is expected to shift the domestic commercial real - estate from a development - oriented to an operation - oriented model and make the institutional arrangement closer to that of mature international REITs markets [3]. - There may be marginal changes in the REITs review process, accelerating the product expansion. The notice is issued solely by the CSRC without mentioning the National Development and Reform Commission (NDRC) recommendation mechanism for now, which may simplify the review chain of commercial real - estate REITs [3]. - The launch of commercial real - estate REITs provides a market - based financing and exit channel for real - estate enterprises and local state - owned enterprises holding high - quality commercial properties, alleviating their liquidity pressure and supporting the construction of a new real - estate development model [3]. 3. Summary According to the Directory 3.1 Primary Market: Three Newly Issued Public REITs Made Progress - As of November 28, 2025, 19 REITs have been successfully issued this year, with a total issuance scale of 38.79 billion yuan, a year - on - year decrease of 24.1%. Three newly issued public REITs made progress this week: Dongfanghong Tunnel Expressway REIT was accepted, with the underlying asset being the Qianjiang Tunnel in Zhejiang; Ping An Xi'an Hi - tech Industrial Park REIT was declared; and AVIC Zhonghe Energy REIT was accepted [3]. - The current approval process includes 11 declared REITs, 2 that have been questioned and responded, 1 that has passed the review, and 1 that has been registered and is awaiting listing. For the expansion of existing REITs, 5 have been declared, 3 have been questioned and responded, and 3 have passed the review [3]. 3.2 Secondary Market: Liquidity Rebounded This Week 3.2.1 Market Review: The CSI REITs Total Return Index Declined by 0.08% - As of November 28, 2025, the CSI REITs Total Return Index closed at 1040.34 points, a decline of 0.08% this week. It underperformed the CSI 300 by 1.72 percentage points and outperformed the CSI Dividend Index by 0.08 percentage points. The year - to - date increase of the CSI REITs Total Return Index was 7.49%, underperforming the CSI 300 by 7.55 percentage points and outperforming the CSI Dividend Index by 8.13 percentage points [4]. - By project attribute, equity - type REITs fell 0.02% and concession - type REITs fell 0.43% this week. By asset type, the data center (+1.84%), affordable housing (+0.77%), consumption (-0.13%), and warehousing and logistics (-0.30%) sectors performed well [4]. - Among individual bonds, 34 rose and 42 fell this week. CICC Xiamen Anju REIT (+3.65%), Huaxia Capital First - Choice Outlets REIT (+2.67%), and Huaxia Beijing Affordable Housing REIT (+2.52%) were the top three, while Huatai Nanjing Jianye REIT (-5.92%), CICC Chongqing Liangjiang REIT (-4.55%), and China Merchants Expressway REIT (-4.41%) were the bottom three [4]. 3.2.2 Liquidity: The Liquidity of the Affordable Housing Sector Increased Significantly - The average daily turnover rates of equity - type and concession - type REITs this week were 0.51% and 0.47% respectively, an increase of 7.22 and 2.49 basis points compared to last week. The trading volumes this week were 490 million and 157 million shares respectively, a week - on - week increase of 16.59% and 15.38% [4]. - The affordable housing sector had the highest activity, with an average daily turnover rate of 1.11% this week, an increase of 34.61 basis points compared to last week, and a trading volume of 154 million shares, a week - on - week increase of 45.71% [27]. 3.2.3 Valuation: The Affordable Housing Sector Had a Higher Valuation - According to the ChinaBond valuation yield, the yields of equity - type and concession - type REITs were 3.95% and 4.17% respectively. The warehousing and logistics (5.55%), transportation (5.03%), and park (4.75%) sectors ranked among the top three [4]. 3.3 This Week's News and Important Announcements 3.3.1 This Week's News - On November 25, 2025, the infrastructure REITs fund manager public project tender announcement of Nanjiang Energy Group was released. - On November 26, 2025, the winning candidate for the Lanzhou Thermal Power Group's public REITs project was announced. - On November 27, 2025, the NDRC stated that it was actively promoting the expansion of infrastructure REITs to more industries and asset types such as urban renewal facilities, hotels, sports stadiums, and commercial office facilities. - On November 28, 2025, the CSRC drafted the "Announcement on the Pilot Program of Commercial Real - Estate Investment Trust Funds (Draft for Public Comment)" [35]. 3.3.2 Important Announcements - Many REITs released announcements this week, including operation data announcements, share unlocking announcements, and dividend announcements. For example, Guojin China Railway Construction REIT released its operation data for October 2025; Huaxia Fund China Resources Youchao REIT announced the unlocking of strategic placement shares; and Huaxia Beijing Affordable Housing REIT announced a dividend plan [35][36].