2025年公募REITs市场12月报：商业不动产REITs正式试点，迎接高质量发展新阶段-20260105

1. Report Title and Date - The report is titled "Commercial Real Estate REITs Officially Pilot, Usher in a New Stage of High - quality Development - December Report on the Public REITs Market in 2025" and was published on January 5, 2026 [2][3] 2. Report Industry Investment Rating - The provided content does not mention the industry investment rating. 3. Core Viewpoints - China's REITs market has entered the fast - lane of high - quality development. The official pilot of commercial real estate REITs was launched in December 2025 with a series of policy combinations. The REITs market declined in volume in December 2025, with concession - based REITs experiencing a deep correction. The subscription of China Nuclear Clean Energy REIT was highly popular offline, while Huaxia Anbo Warehouse Logistics REIT broke below the issue price on its first trading day. There will be no restricted - share unlocks of REITs in January 2026, and new applications for 4 REITs were accepted in the second half of December 2025 [4] 4. Summary by Directory 4.1 Commercial Real Estate REITs Officially Pilot, Policy Combinations Landed - Commercial Real Estate REITs Pilot: On December 31, 2025, the China Securities Regulatory Commission officially launched the pilot of commercial real estate REITs. The official version only made minor adjustments to the product definition compared with the solicitation draft, clarifying the holding path of "public fund - ABS - SPV - underlying assets" [7] - Promoting High - quality Development of the REITs Market: The CSRC issued a notice to promote high - quality development, including supporting "mixed - asset" REITs, expanding the scope of original equity holders, accelerating the construction of the REITs market system, and improving the REITs application and registration system [12] - Exchange Rule Adjustments: The Shanghai and Shenzhen Stock Exchanges adjusted relevant rules, including single - item review requirements for different assets, allowing "high - price elimination" in offline sales, clarifying disclosure requirements for different business forms of commercial real estate, and standardizing the review process [20][22][26] - Industry Association Rule Adjustments: The China Securities Association adjusted the rules for offline investors of REITs, making the offline management of real estate REITs more in line with that of Shanghai and Shenzhen new stocks, tightening access thresholds, adding 10 prohibited behaviors, and upgrading penalties [27][30][33] 4.2 Rebound after Oversold in the Second Half of December, Concession - based Assets Under Greater Pressure - Overall Index Performance: In December 2025, the CSI REITs Total Return Index declined overall but rebounded after being oversold on December 24, with a monthly decline of 2.9%. It achieved an annual increase of 4.34% in 2025 [42] - Asset - type Performance: In December 2025, only the IDC index rose by 1.23%, while other types of REITs indexes declined. Concession - based assets such as utilities, transportation, and energy had the deepest declines. In 2025, all asset - type indexes achieved positive returns, with consumer, warehouse logistics, and rental housing leading the gains [48] - Individual Bond Performance: In December 2025, the proportion of rising and falling individual REITs bonds was 29% and 71% respectively. Two IDC - REITs rose, and warehouse logistics and industrial parks also had a certain proportion of rising bonds, while concession - based assets had a large number of falling bonds [54] - Turnover Rate: In December 2025, the average daily turnover rate of Shanghai and Shenzhen REITs was 0.40%, the lowest monthly level of the year. The turnover rate of rental housing decreased the most [56] - Dividend Yield: As of December 31, 2025, the dividend yield of equity - based REITs was 4.60% (at the 61% quantile), and that of concession - based REITs was 9.12% (at the 90% quantile). The spread between REITs and stocks/bonds was at the 60% - 70% quantile [60][64][66] - Valuation: The latest P/NAV of equity - based REITs was 1.22X, at the 65% historical quantile; the latest P/FFO of concession - based REITs was 12.27X, at the 30% historical quantile [72] - IRR: The latest IRR of equity - based and concession - based REITs was 4.2% and 5.4% respectively, both at around the 40% quantile and significantly higher than the previous period [77] 4.3 High Offline Popularity of China Nuclear Clean Energy, Deep Break - below of Anbo Logistics on the First Day - New Issues in December 2025: In December 2025, Huaxia China Nuclear Clean Energy REIT conducted offline price inquiries with an issuance scale of 1.505 billion yuan, and Huaxia Anbo Warehouse Logistics REIT was listed on the Shenzhen Stock Exchange [82] - Issuance Scale and Subscription: The offline top - up subscription scale of China Nuclear Clean Energy REIT was 316 million yuan, lower than that of Huaxia Anbo Warehouse Logistics REIT in November. The offline subscription of China Nuclear Clean Energy REIT was highly popular, with the number of participating products ranking second in history and a subscription multiple of 340 times [84][91] - Pricing and Dividend Yield: China Nuclear Clean Energy REIT was priced close to the upper limit, with the issuance price only 0.01% lower than the "lower of the two". Its expected dividend yield in 2026 was 4.71%, lower than comparable energy - type REITs [94][95] - Subscription Rate and Listing Performance: The offline product/subscription amount入围率 of China Nuclear Clean Energy REIT increased compared with November, but the offline placement ratio dropped significantly to 0.29%. Huaxia Anbo Warehouse Logistics REIT fell 10% on its first listing day [98][102] - Offline Subscription Yield: After excluding extreme values, from January to December 2025, the absolute returns of 50 million/100 million yuan of funds for offline REITs subscriptions were 1.7098 million/3.4195 million yuan respectively, with a corresponding offline yield of 3.42% [103] 4.4 No Restricted - share Unlocks of REITs in January 2026 - According to the announcements of Shanghai and Shenzhen REITs in the second half of December 2025, there will be no restricted - share unlocks of REITs in January 2026. Huatai Zijin Baowan Logistics Warehouse REIT and Guojin China Railway Construction Expressway REIT plan to conduct follow - on offerings [109] 4.5 Four New Applications Accepted, Shanxi Jinzhong Heating REIT Updates Response Materials - Queuing Projects: In the second half of December 2025, 4 new REITs applications were accepted. Shanxi Jinzhong Gongtou Ruiyang Heating REIT updated its response materials after answering the inquiry letter [111] - Bidding Information: In the second half of December 2025, the bidding information of 1 public REIT was updated, and GF Fund won the bid for the infrastructure REIT project of Southern Xinjiang Energy Group [112]