公募REITs月报：政策密集出台，公募REITs迎扩张-20260112

Report Industry Investment Rating - No industry investment rating information is provided in the report. Core Viewpoints - A series of policies at the end of 2025 promote the scale expansion of public REITs in multiple aspects, with the market entering the "infrastructure + commercial real estate" dual - drive stage. Public REITs remain a high - quality alternative in the context of a long - term decline in the bond market interest rate center and the continuation of the asset shortage logic [6][10]. - In December 2025, the public REITs market continued its downward trend, with a wider decline than in November. The factors leading to the callback are complex, including the differentiation of underlying assets, the strong performance of equity assets, and the concentrated unlocking of strategic placement shares. However, the adjustment in the past six months is regarded as a reasonable valuation callback and a return of market rationality [6][11]. - The trading heat in December was weak, with both the average daily turnover rate and trading volume decreasing month - on - month. The trading volume of large - scale transactions decreased and the discount narrowed, which may be a bottoming signal [6][21]. Summary by Directory 1. Policy持续细化和推进 - At the end of 2025, multiple regulations in the REITs field were issued, including expanding the scope of underlying assets, making the asset yield more flexible, and encouraging investment from insurance, social security, and annuity funds. The policies also promote the opening of the Shanghai - Shenzhen - Hong Kong Stock Connect channel and the construction of REITs - related index funds and ETFs [6][9][10]. 2. Secondary Market Performance: Weak Trend in December - In December, the public REITs market continued to decline, with the CSI REITs (closing) index falling 3.91%. The performance of various assets was significantly differentiated, with the equity market strengthening. The factors for the decline of REITs include the poor performance of some underlying assets, the strong performance of equity assets, and the concentrated unlocking of strategic placement shares [11]. - The rental housing and energy infrastructure sectors had relatively leading increases in December, while other sectors declined. The decline of franchise - based REITs was significantly greater than that of property - based REITs [15][16]. 3. Trading Situation: Weak Trading Heat and Narrowing Discount in December - In December, the trading heat was weak, with the average daily trading volume of 470 million yuan, a 13.76% month - on - month decrease, and the average daily turnover rate of 0.41%, a 21.15% month - on - month decrease. New infrastructure, water infrastructure, and municipal infrastructure had relatively high trading activity, and property - based REITs had slightly higher trading heat than franchise - based REITs [21]. - The large - scale trading volume in December decreased, and the discount narrowed. The monthly trading volume was 1.294 billion yuan, a 39.98% month - on - month decline, and the weighted discount premium rate was - 0.62%, indicating a narrowing discount [21]. 4. REITs Valuation - For franchise - based REITs, P/FFO, cash distribution rate, and the REITs valuation yield provided by ChinaBond valuation are more appropriate valuation indicators. For property - based REITs, P/NAV, P/FFO, cash distribution rate, and the REITs valuation yield provided by ChinaBond valuation can all be used as valuation indicators [26]. - Among franchise - based REITs, transportation infrastructure and ecological and environmental protection facilities have relatively low valuations, while municipal infrastructure and water infrastructure have relatively high valuations. Among property - based REITs, affordable rental housing and industrial park infrastructure have relatively low P/NAV [26][27]. 5. Primary Market Situation - As of December 31, 2025, there were 78 listed public REITs products in China, with a total market value of 218.463 billion yuan. One new product was added compared to the end of November, and the total market value decreased by 1.422 billion yuan [30]. - Currently, there are 16 REITs funds waiting to be listed, 2 for expansion and fundraising applications, and 1 for a new acquisition project [31].