公募REITs周度跟踪（2025.12.29-2025.12.31）：商业不动产REITs正式落地，哪些变化？-20260104

Report Industry Investment Rating - Not provided in the given content Core Viewpoints - On December 31, 2025, commercial real - estate REITs were officially launched, which will inject new vitality into the REITs market and promote its healthy and sustainable development. 2026 will be an important year for the leap - forward development of China's REITs market [3] - In 2025, 20 new public 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 1,009.84 points, down 0.49%, outperforming the CSI 300 by 0.10 percentage points and underperforming the CSI Dividend by 0.31 percentage points [3] Summary by Directory 1. Primary Market - A total of 3 new public REITs made progress this week: CICC 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][6][14] 2. Secondary Market 2.1 Market Review - The CSI REITs Total Return Index fell 0.49% this week, closing at 1,009.84 points. In 2025, the index rose 4.34%, underperforming the CSI 300 by 13.33 percentage points and outperforming the CSI Dividend by 5.72 percentage points. By asset type, the transportation and affordable housing sectors performed better this week [3][16][17] 2.2 Liquidity - Both the turnover rate and trading volume decreased. The average daily turnover rates of equity - type and concession - type REITs this week were 0.33% and 0.41% respectively, down 17.42 and 19.82 basis points from last week [24] 2.3 Valuation - The affordable housing sector had a relatively high valuation. From the perspective of ChinaBond valuation yield, the yields of equity - type and concession - type REITs were 4.13% and 5.15% respectively [26][28] 3. This Week's News and Important Announcements News - On December 30, 2025, Zhengzhou Investment plans to issue public REITs based on the Bairong World Trade Mall. Tianjin will promote the high - quality development of public REITs and strive for the first national issuance in areas such as ports [32] - 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 REITs business measures and issued a notice on the pilot work of commercial real - estate REITs. The Asset Management Association of China issued two self - regulatory rules for public REITs [32] Announcements - On December 29, 2025, the daily average traffic volume of Huaxia Yuexiu Expressway REIT in November 2025 was 32,700 vehicles, with a year - on - year increase of 2.6% and a month - on - month increase of 30.1%. The toll revenue was 18.31 million yuan, with a year - on - year decrease of 0.2% and a month - on - month decrease of 20.5% [32] - On December 30, 2025, CICC Shandong Expressway REIT announced its fourth dividend in 2025, with a plan of 1.24 yuan per 10 fund shares. The daily average traffic volume in November 2025 was 17,400 vehicles, with a year - on - year decrease of 21.8% and a month - on - month increase of 3.7%. The toll revenue was 21.24 million yuan, with a year - on - year decrease of 20.5% and a month - on - month increase of 5.2% [32][33] - On December 30, 2025, it was announced that 111 million strategic placement shares of China Merchants Science and Technology Innovation REIT would be unlocked on December 31, 2025 [33]