不动产REITs规则明确，关注板块投资价值

Investment Rating - The report maintains an "Outperform" rating for the non-bank financial industry, indicating an expected performance that exceeds the benchmark index by more than 10% [1][28]. Core Insights - The China Securities Regulatory Commission (CSRC) has released management rules for Real Estate Investment Trusts (REITs), aiming to enhance the foundational system and optimize regulatory arrangements for the REITs market. This initiative is seen as a significant step in revitalizing existing commercial real estate, which is expected to stimulate consumption and investment, stabilize the industry, and support a new model of real estate development [3][7]. - The report emphasizes the investment value of the non-bank financial sector, particularly as regulatory policies improve and the capital market continues to develop. Some brokerage firms are expected to achieve steady growth in performance through both external and internal development strategies, exploring overseas business opportunities and leveraging competitive advantages [4][7]. Market Performance Overview - During the period from December 29 to December 31, major indices showed mixed performance, with the Shanghai Composite Index rising by 0.13%, while the CSI 300 Index fell by 0.59% and the ChiNext Index decreased by 1.25%. The average daily trading volume in A-shares was 2.12 trillion yuan, reflecting an increase of 8.30% compared to the previous period [5][8]. - As of December 31, the margin trading balance was 2.54 trillion yuan, with a slight decrease of 0.10%. The financing scale was 2.52 trillion yuan, and the margin balance was 165.26 billion yuan [14][15]. Industry Data Tracking 1) Market Performance and Scale: The report notes the performance of major indices and the average daily trading volume in A-shares, highlighting the mixed results during the specified period [8][12]. 2) Credit Business: The report provides data on the market's pledged shares and margin trading balances, indicating a slight decline in the margin trading balance [14][15]. 3) Fund Issuance: In November 2025, new fund issuance totaled 530.52 billion units, with a decrease of 34.09% in the number of funds issued compared to the previous month [14][20]. 4) Investment Banking: The report mentions that the equity underwriting scale in November 2025 was 525.75 billion yuan, with IPO amounts at 101.88 billion yuan and refinancing amounts at 423.88 billion yuan [14][20]. 5) Bond Market: The report notes a decline of 2.32% in the total price index of bonds compared to the beginning of the year, with the 10-year government bond yield rising by 23.96 basis points to 1.85% [14][15].