公募REITs周度跟踪：商业不动产REITs正式落地，哪些变化？-20260104

1. Report Industry Investment Rating No information provided in the given content. 2. Core Views of the Report - On December 31, 2025, commercial real - estate REITs were officially launched. The CSRC issued relevant notices, and the Shanghai and Shenzhen Stock Exchanges updated business guidelines, including expanding market participants, supporting listed REITs to optimize and strengthen, linking yield requirements with the 10 - year Treasury yield, simplifying and accelerating the approval process, and relaxing restrictions on the use of recycled funds [3]. - 2026 will be an important year for the leap - forward development of China's REITs market. The full implementation of commercial real - estate REITs will inject new vitality and impetus into the REITs market and promote the healthy and sustainable development of the industry [3]. - In 2025, 20 REITs were successfully issued, with a total issuance scale of 40.3 billion yuan, a year - on - year decrease of 37.6%. This week, 3 new public REITs made progress [3]. - This week, the CSI REITs Total Return Index closed at 1009.84 points, a decline of 0.49%, outperforming the CSI 300 by 0.10 percentage points and underperforming the CSI Dividend by 0.31 percentage points. The CSI REITs Total Return Index rose 4.34% in 2025, underperforming the CSI 300 by 13.33 percentage points and outperforming the CSI Dividend by 5.72 percentage points [3]. 3. Summary According to the Directory 3.1 Primary Market - A total of 3 new public REITs made progress this week: China International Capital Torch Industrial Park REIT was accepted, AVIC Beijing Changbao Rental Housing REIT was declared, and Shanxi Securities Jinzhong Public Investment Ruiyang Heating REIT received feedback [3][15]. 3.2 Secondary Market 3.2.1 Market Review - The CSI REITs Total Return Index fell 0.49% this week, closing at 1009.84 points. In terms of asset types, the transportation and affordable housing sectors performed better this week [17][21]. 3.2.2 Liquidity - The turnover rate and trading volume of REITs decreased this week. The average daily turnover rates of equity - type and franchise - type REITs were 0.33% and 0.41% respectively, down 17.42BP and 19.82BP from last week [24]. 3.2.3 Valuation - The affordable housing sector had a relatively high valuation. The ChinaBond valuation yields of equity - type and franchise - type REITs were 4.13% and 5.15% respectively [27][29]. 3.3 This Week's News and Important Announcements 3.3.1 This Week's News - On December 30, 2025, Zhengzhou Investment plans to issue public REITs based on Bairong World Trade Mall. Tianjin will promote the high - quality development of REITs and strive for the first national deal in areas such as ports [34]. - On December 31, 2025, the CSRC issued a notice on promoting the high - quality development of the REITs market. The Shanghai and Shenzhen Stock Exchanges revised the public REITs business measures and issued a notice on the pilot of commercial real - estate REITs. The Asset Management Association of China issued two self - regulatory rules for public REITs [34]. 3.3.2 Important Announcements - On December 29, 2025, Huaxia Yuexiu Expressway REIT announced its operation data for November 2025 and its fourth dividend plan for 2025. On December 30, 2025, CICC Shandong Expressway REIT announced its operation data for November 2025 and its dividend plan. China Merchants Science and Technology Innovation REIT announced a strategic placement share unlocking notice [34][35].