2025年公募REITs市场12月半月报：证监会两提商业不动产，市场缩量探阶段新低-20251216

1. Report Industry Investment Rating No information provided in the report. 2. Core Views of the Report - Chinese Securities Regulatory Commission has recently intensified efforts in reforming the REITs market, emphasizing the acceleration of commercial real - estate REITs pilot projects, and promoting the high - quality development of the market through measures such as enhancing system inclusiveness and flexibility [4]. - In the first half of December, the REITs market declined, hitting a new low since the second half of 2025, with most sectors in the red, and market trading volume and liquidity hitting new lows [4]. - The interest rate spread between REITs and dividend stocks turned negative, and the valuations of most REITs assets remained high, but the internal rate of return (IRR) generally increased [4]. - Huaxia Zhonghe Clean Energy REIT will conduct offline inquiries on December 17th, and Huaxia Anbo Warehouse Logistics REIT will be listed on December 19th. The valuation difference of Anbo Warehouse Logistics REIT compared to comparable REITs has widened [4]. - The expansion plan of AVIC Jingneng Photovoltaic REIT was approved, and three REITs will be lifted from the restricted - sale period in the second half of December. There is one new application and one new acceptance in the queue of REITs projects, and Jinjiang Group may issue hotel - related REITs [4]. 3. Summary by Relevant Catalogs 3.1 Commercial Real - estate REITs Promising, Market Trading Volume Shrinking to the Bottom - Policy Support: The CSRC is promoting the implementation of commercial real - estate REITs pilot projects and enhancing system inclusiveness and flexibility [4][7][8]. - Market Performance: In the first half of December, the A - share market showed a slight upward trend, commodities rose, and long - term bond yields increased. The REITs market fell 1.8%, reaching a new low since the second half of 2025. Only IDC and public utilities showed slight increases, while transportation had the largest decline. The overall daily average turnover rate of REITs dropped to 0.35%, the lowest level of the year [4][16][21]. - Dividend Yield and Valuation: The dividend yields of equity - type and concession - type REITs were 4.48% and 8.86% respectively. The interest rate spread between equity - type REITs and 10 - year Treasury bonds was 2.64%, and the spread with CSI Dividend Index was - 0.65%. Most asset valuations remained high, with the P/NAV of equity - type REITs at 1.23X (69% quantile) and the P/FFO of concession - type REITs at 12.64X (41% quantile). The IRR generally increased [4][32][43]. 3.2 Zhonghe Clean Energy Inquiries Initiated, Anbo Logistics to Be Listed Soon - Market Scale: As of December 15, 2025, there were 77 listed REITs in Shanghai and Shenzhen, with a total market value of 216 billion yuan [57]. - New REITs Progress: Huaxia Zhonghe Clean Energy REIT will conduct offline inquiries on December 17th, with an issue size of 300 million shares and a price range of 3.356 - 5.033 yuan per share. Huaxia Anbo Warehouse Logistics REIT will be listed on the Shenzhen Stock Exchange on December 19th, and the shares allocated to offline investors will be fully tradable on the listing day. The valuation difference of Anbo Warehouse Logistics REIT compared to comparable REITs has widened. The offline subscription return rate of 100 million yuan for REITs from January to December 2025 was 3.49% [59][70][71]. 3.3 Jingneng Photovoltaic Expansion Plan Approved, Three REITs to Be Lifted from Restricted - Sale Period in the Second Half of the Month - Important Announcements: In the first half of December, 10 REITs announced dividend plans. Huaxia Runhe Youchao REIT's expansion was allocated to original holders, and AVIC Jingneng Photovoltaic REIT's expansion plan was approved by the holders' meeting [84][86]. - Restricted - Sale Period Lifting: In the second half of December, Guangfa Chengdu Gaotou Industrial Park REIT, Hua'an Waigaoqiao REIT, and Huaxia Beijing Affordable Housing REIT will have part of their shares lifted from the restricted - sale period [86]. 3.4 One New Application, One New Acceptance, Jinjiang Group May Issue Hotel REITs - Queue of Projects: There are 12 initial public offering (IPO) projects and 3 expansion projects in the queue at the exchange. In the first half of December, the exchange accepted Ping An Xi'an Gaoke Industrial Park REIT, and Boshi Shandong Tietou Road and Bridge REIT submitted an application [91]. - Tendering Information: In the first half of December, the tendering information of 6 public REITs projects was updated. Jinjiang Group may issue hotel - related REITs, and Penghua Fund won the bid for Xuzhou Guotou Energy Group's infrastructure REITs project, while Jianxin Fund won the bid for Shuifa Group's water - related REITs project [94][97].