转自：新华财经 2月15日至22日，杭州市拱墅区重点监测的杭州大厦、银泰百货等24家重点样本企业实现销售额7.1亿元，同比增长9.9%；武林商圈累计客流达448.7万人 次，同比增长18.4%。 图为大运河杭钢公园 以工业遗存为核心，大运河杭钢公园整合6大游乐项目、8大展览、10余家园区品牌优惠活动，日均入园人数超2万人次。丝联166创意产业园则延续"工业 +创意"基因，国潮市集、文创展览轮番上演。运河体育公园"走马观花新春季"将艺术装置、民俗巡游、互动打卡融为一体，成为全民共享的潮玩乐园。 春节不打烊的不只是商家，还有政策的"红包雨"。家电以旧换新、3C数码产品购新补贴政策延续实施，叠加企业年货节大促，点燃了消费者的购买热 情。2月15日至22日，拱墅区以旧换新累计核销资金428.9万元，拉动销售额3737.79万元。 "今年春节期间，全区消费市场呈现出人气旺、业态新、活力足的特点。"拱墅区商务局负责人表示，通过提前谋划、政企联动，将传统年俗与现代消费深 度融合，让市民游客在拱墅感受到浓浓的年味和满满的实惠。接下来，拱墅区将持续深化"政策+活动+场景"三轮驱动，支持首店首发经济，推动商旅文 体深度融合，让" ...

业内人士认为，商业不动产REITs的启航并非一朝一夕之功，而是一场需要定力、专业与合规意识贯穿 始终的远行。在监管部门统筹指导下，试点工作坚持规范与发展并重，而"框架正确、方向清晰"下市场 自我迭代的能力，赋予了市场各方探索的勇气，也界定了需要恪守的边界。 市场主导：在实践探索中积累发展经验 创新在起步阶段大都面临逐步完善的过程，在实践中动态优化，是试点工作的重要经验。 公开数据显示，目前已经申报的商业不动产REITs合计拟募资近400亿元，资产形态覆盖商业零售、综 合体、办公楼、酒店等多维业态。记者留意到，华夏基金此次申报的三单产品，既有凯德这样的国际知 名商业运管品牌，也有银泰百货这类深度扎根中国消费市场的零售标杆，以及保利发展作为头部房企的 转型探索。三类资产，三种基因，在统一制度框架下同台亮相，是市场多元并蓄的最好注脚。 多位业内人士对记者表示，在制度框架明确、政策方向清晰的前提下，市场具备自我调节与进化纠偏的 能力。商业不动产REITs的估值逻辑、运营效率、分派稳定性，将在投资者的理性研判中逐步收敛于均 衡。而基金管理人应致力于构建真实、准确、完整的信息披露、履行主动管理能力，为市场参与者的决 策提 ...

本报讯 （记者毛艺融）中国公募REITs（不动产投资信托基金）市场迎来了具有里程碑意义的时刻。 2026年1月30日，华夏基金旗下三只商业不动产REITs——华夏凯德封闭式商业不动产证券投资基金、华夏银泰百货封闭式 商业不动产证券投资基金、华夏保利发展封闭式商业不动产证券投资基金正式申报至证监会与交易所并获受理，成为首批试点 申报项目的重要组成部分。 市场主导 在实践探索中积累发展的经验 任何创新在起步阶段都面临逐步完善的过程，在实践中动态优化，是试点工作的重要经验。 目前，已经申报的商业不动产REITs合计拟募资近400亿元，资产形态覆盖商业零售、综合体、办公楼、酒店等多维业态。 记者注意到，华夏基金此次申报的3单产品，既有凯德这类国际商业运管品牌，也有银泰百货这类深度扎根中国消费市场 的零售品牌，亦有保利发展这类头部房企的转型探索。三类资产，三种基因，在统一制度框架下同台亮相，是市场多元化并蓄 的最好注脚。 据悉，本次试点传递的理念是在制度框架明确、政策方向清晰的前提下，市场具备自我调节与进化纠偏的能力。商业不动 产REITs的估值逻辑、运营效率、分派稳定性，将在投资者的理性研判中逐步收敛于均衡。基金管理 ...

具体来看，首批申报的10单商业不动产REITs有9单登陆上交所、1单登陆深交所，包括保利发展、锦江 国际集团、上海地产、陆家嘴集团、凯德、唯品会、砂之船、银泰百货等项目，参与主体汇聚了央企、 地方国有龙头企业、优质民营企业、外资企业等。项目底层资产涵盖商业综合体、商业零售、办公、酒 店等业态，均位于上海、广州、深圳、武汉、合肥、西安、郑州等城市的核心区域。 近期，首批商业不动产REITs（不动产投资信托基金）项目已正式提交申报，并获中国证监会及交易所 受理，标志着我国REITs市场资产类型正式拓展至商业不动产领域。 商业不动产REITs，是指通过持有商业不动产以获取稳定现金流并向基金份额持有人分配收益的封闭式 公开募集证券投资基金。从全球成熟市场发展经验来看，商业综合体、商业零售、写字楼、酒店等商业 不动产是REITs重要的底层资产。我国商业不动产存量规模庞大，具有通过REITs盘活并拓宽权益融资 渠道的内在需求。在相关政策推动下，目前REITs多层次市场正在加速成型，供给端已形成基础设施 REITs、机构间REITs、商业不动产REITs等多元产品体系。 东源投资首席分析师刘祥东表示，首批商业不动产REIT ...

Core Insights - The market response to the pilot program for commercial real estate REITs initiated by the China Securities Regulatory Commission (CSRC) at the end of 2025 has exceeded expectations, with 12 commercial real estate REITs products submitted for approval within half a month, and 11 of them quickly accepted [1][6]. Group 1: Market Activity - As of February 12, 2023, the Shanghai Stock Exchange has received 11 applications for commercial real estate REITs, with 10 accepted, including the recent acceptance of the Guotai Haitong Chongbang Fund, which is backed by the Shanghai Jiatinhui City Life Plaza project [2]. - The Shenzhen Stock Exchange has also joined the trend, with its first commercial real estate REIT, "Huatai Zijin Huazhu Anzhu Fund," being accepted on February 5, 2023, focusing on hotel properties in Guangzhou and Shanghai [3]. Group 2: Company Initiatives - Shoukai Co. plans to package three projects, including Songjiazhuang Fumao, for submission to the REITs market, indicating a proactive approach to asset management and financing [4]. - Shoukai Co. emphasizes that the funds raised from the REITs will be used for business-related acquisitions, investments, debt repayment, and liquidity, explicitly stating that they will not be used for purchasing residential land [5]. Group 3: Industry Trends - The rapid submission of 12 REITs in a short period reflects the urgent demand from original equity holders for asset revitalization and the efficient operation of the regulatory acceptance process [6]. - Industry experts suggest that 2026 may become a pivotal year for the large-scale development of commercial real estate REITs in China, as more companies are expected to utilize this method to revitalize assets and broaden financing channels [6].

Group 1 - The first batch of commercial real estate REITs is gaining momentum, with 12 products submitted for approval since the end of January, and 10 of them accepted by the exchange, with a fundraising scale expected to reach 37.7 billion yuan [1] - The project initiators include state-owned enterprises, local state-owned enterprises, private enterprises, and foreign companies, with all projects located in core areas of first- and second-tier cities [1][3] - The underlying assets of the projects show a "retail-led, diversified supplement" pattern, including 4 retail projects, 3 mixed-use commercial projects, 2 hotels, and 1 office [1] Group 2 - The first batch of accepted projects is characterized by mature operations, good historical performance, and stable cash flow, with some assets currently fully leased [3] - Notable projects include those from Poly Developments in the Guangdong-Hong Kong-Macao Greater Bay Area, and various state-owned enterprises in Shanghai with diverse asset types located in key urban areas [3] - Private enterprises like Vipshop and Sanda have extensive commercial property management experience, with their underlying assets being outlet projects in major cities [3] Group 3 - The launch of commercial real estate REITs is seen as a new opportunity for the real estate industry, which is transitioning from a high-leverage, high-turnover model to a more sustainable operational model [5][6] - REITs provide a significant funding channel for developers, encouraging a shift from "developers" to "asset managers and service providers," enhancing operational management capabilities [6] - The first batch of projects includes four with clear renovation plans aimed at improving space utilization and optimizing asset combinations [6] Group 4 - Commercial real estate REITs will provide a crucial "pricing anchor" for the market, addressing the lack of a transparent price discovery mechanism in the commercial real estate sector [6][7] - The introduction of REITs is expected to enhance price transparency and valuation science in the commercial real estate market, aiding in the identification and allocation of quality assets [7] Group 5 - The current low-interest-rate environment is favorable for the launch of commercial real estate REITs, as there is a strong demand for stable, long-term income-generating assets [8] - The predicted cash distribution rate for the first batch of 10 projects ranges from 3.79% to 5.21%, with an average of 4.75% [9] - The recent rational price adjustments in high-quality commercial properties provide a foundation for acquiring or integrating assets at reasonable costs, benefiting long-term returns for investors [9] Group 6 - Compliance remains a fundamental requirement for commercial real estate REITs, with complex structures and extensive regulatory procedures involved [10][11] - The regulatory process aims to balance the significance of compliance issues with the need for market development, ensuring a constructive approach to project advancement [11] - There is a growing expectation that more quality commercial real estate will connect with capital markets through REITs, broadening financing channels for the real economy [11][12]

Core Viewpoint - Hangzhou aims to establish itself as a leading city in artificial intelligence innovation and high-quality urban development, with a focus on creating a vibrant entrepreneurial ecosystem through the revitalization of existing assets and the support of one-person companies (OPCs) [10][12][18]. Group 1: Urban Development and Innovation Strategy - Hangzhou's city government has set a goal to build a higher-level innovative and vibrant city, emphasizing the development of AI and global tech enterprise incubation as core tasks [10]. - The Hangzhou Urban Investment Group (Hangzhou City Investment) is committed to integrating its development with the city's innovation blueprint, focusing on revitalizing existing resources and fostering a collaborative entrepreneurial environment [10][11]. Group 2: Revitalization of Idle Assets - The "Future Smart Port" project has transformed a previously underperforming commercial space into a hub for OPCs, achieving over 80% occupancy within eight months and attracting over 80 market entities, with more than 70% being tech companies [13][14]. - The project has successfully shifted from a transportation hub to a center for smart industry, showcasing the potential of revitalizing idle assets for innovation [13][14]. Group 3: Support for One-Person Companies (OPCs) - The "Future Smart Port" offers various support mechanisms for OPCs, including a six-month rent-free incubation period and access to city-level data resources, which are crucial for their business models [13][14]. - The park has become a collaborative space where different companies can partner on projects, enhancing the entrepreneurial ecosystem through shared resources and expertise [13][14]. Group 4: Collaborative Ecosystem Development - Hangzhou City Investment is creating a network of OPC communities across different districts, promoting a collaborative environment that encourages innovation and resource sharing [14][16]. - The company is actively engaging with local governments and industry leaders to facilitate policy support and create a conducive environment for OPCs to thrive [16][20]. Group 5: Future Growth and Strategic Initiatives - The company is focusing on a multi-faceted approach to urban innovation, including the establishment of three major industrial clusters aimed at nurturing startups and facilitating the growth of established companies [18][19]. - Hangzhou City Investment plans to enhance its support for entrepreneurs by providing living accommodations and forming a network for financing, thereby consolidating the innovative forces in the region [20].

Core Insights - The public REITs market in China is expanding from infrastructure to commercial real estate, marking a new phase of development as per the announcement by the China Securities Regulatory Commission (CSRC) on December 31, 2025 [5][6][18] - The announcement defines commercial real estate REITs and outlines requirements for fund registration, management, and regulatory responsibilities, while still adhering to previous guidelines for infrastructure securities [5][6] - The first batch of commercial real estate REITs is expected to raise a total of 31.47 billion yuan, covering various commercial formats such as hotels, office buildings, and shopping centers [7][18] Summary by Sections Commercial Real Estate REITs Overview - The CSRC's announcement on December 31, 2025, signifies the dual development of commercial real estate and infrastructure REITs in China [5] - Commercial real estate REITs are defined as closed-end public funds that invest in commercial real estate asset-backed securities to acquire ownership or operational rights, generating stable cash flows from rents and fees [5][6] Regulatory Framework - The new business guidelines include the expansion of applicable scope to include commercial real estate REITs, with specific requirements for operational and financial disclosures [6] - Funds raised through public REITs can be used for acquiring existing assets, new investments, debt repayment, and working capital, but not for purchasing residential land [6] Initial Batch of REITs - Eight commercial real estate REITs have been submitted for approval, with expected fundraising ranging from 1.703 billion yuan to 7.47 billion yuan [7][8] - The underlying assets for these REITs are primarily located in core urban areas, with operational performance generally strong [7] Specific REITs Details - **Hua'an Jinjiang REIT**: Expected to raise 1.703 billion yuan, focusing on 21 hotels across 18 cities, with an average occupancy rate of 61.58% [8] - **Huitianfu Shanghai Real Estate REIT**: Expected to raise 4.002 billion yuan, with two office buildings in Shanghai showing a 100% occupancy rate [9] - **CICC Vipshop REIT**: Expected to raise 7.47 billion yuan, focusing on two outlet projects with high operational performance [10] - **Hua'an Lujiazui REIT**: Expected to raise 2.810 billion yuan, with assets including office and commercial projects in Shanghai [11] - **Hua'an Poly Development REIT**: Expected to raise 2.093 billion yuan, with assets in Guangzhou and Foshan [12] - **Hua'an Yintai REIT**: Expected to raise 4.2785 billion yuan, focusing on a shopping center in Hefei [13] - **Hua'an CapitaLand REIT**: Expected to raise 4.054 billion yuan, with assets in Shenzhen and Mianyang [14] - **Guotai Haitong Sasseur REIT**: Expected to raise 5.064 billion yuan, focusing on an outlet project in Xi'an [15] Market Potential - The commercial real estate sector in China has a substantial existing asset base, with over 9,000 retail properties and a total area exceeding 667 million square meters [18] - The introduction of commercial real estate REITs is expected to enhance asset liquidity and broaden financing channels for companies [18] Investment Recommendations - Companies that have proactively assessed and prepared for REIT issuance, such as Poly Development and Maoye Commercial, are likely to have a competitive advantage [19] - Focus on firms with stable and mature assets, such as China Resources Land and China Overseas Development, for potential investment opportunities [19]

为深入贯彻落实国家"促消费、扩内需"的决策部署，进一步激发市场活力，近日，中国银联联合多家商 业银行、主流平台及海量商户，正式启动"锦绣团圆好礼，惠聚四海一家"年度大型惠民活动。即日起至 2026年3月底，活动将紧密围绕岁末年初消费旺季，通过覆盖线上线下、联接境内外的全景式优惠矩 阵，推动消费扩容提质，让政策暖意与市场红利精准触达广大消费者。 一件普惠民生消费的"关键小事"，将"国之大者"的宏大叙事以细密"针脚"缝合进群众美好幸福生活。作 为国家重要金融基础设施，中国银联响应国策、聚焦民需，以开放包容的新"四方模式"与全球网络优 势，高效联接供需两端，凝聚促消费"同盟军"合力，向重点消费领域引入金融活水，持续为畅通国民经 济循环、服务新发展格局提供坚实支撑。 场景贯通 传统与新兴消费共振 此次惠民活动深入全国36个省市，涵盖购物、餐饮、出行、文旅、冰雪等多元场景，兼顾传统高频消 费，以及悦己经济、文旅经济、银发经济、绿色消费等新业态新消费增长点。 在传统零售与国潮换新方面，携手王府井、百联、银泰百货等全国性百货，安踏、斐乐、太平鸟等国货 品牌，提供丰富满减优惠。餐饮方面，既涵盖爷爷不泡茶、德克士等休闲品牌，也 ...

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The China Securities REITs Total Return Index closed at 1052 points this week, up 0.47% week - on - week, but the market trading activity declined marginally. The total market capitalization of 78 listed REITs reached 228.7 billion yuan, with a circulating market capitalization of 124.7 billion yuan. The Huaxia Zhonghe Clean Energy REIT will be listed on February 2, 2026 [1][11]. - The first batch of 8 commercial real - estate REITs were accepted by the Shanghai Stock Exchange. With excellent occupancy rates and good locations, they are worthy of attention for their application progress and new - share subscription opportunities [2][20][21]. - In the secondary market, new - type facilities declined by 1.19%, while energy facilities led the gain by 1.54%. It is advisable to focus on hydropower assets with high stability or projects with high guarantee of distributable amounts [5][6][26]. 3. Summary by Relevant Catalogs 3.1 Primary Market: The First Batch of 8 Commercial Real - Estate REITs Accepted - In late 2025, the CSRC officially launched commercial real - estate REITs, focusing on commercial complexes, commercial retail, office, hotels and other commercial assets with clear ownership, mature operation models, and stable cash flows [2][17]. - From January 29 - 30, 2026, the first batch of 8 commercial real - estate REITs were accepted by the SSE. The total proposed fundraising scale is about 31.475 billion yuan, with the largest being CICC Vipshop Commercial Real - Estate REIT (7.47 billion yuan) and the smallest being Huaan Jinjiang Commercial Real - Estate REIT (1.703 billion yuan). The original equity holders include private enterprises, foreign - funded enterprises, Shanghai state - owned enterprises, and central enterprises [2][20]. - The occupancy rates of the first batch of 8 commercial real - estate REITs are excellent, and some are fully occupied. The average occupancy rate of 21 "Jinjiang Metropolo" hotels is about 61.58%. They are mainly located in core cities [3][21]. 3.2 Secondary Market: New - Type Facilities Corrected, Energy Facilities Led the Gain - Except for a 1.19% decline in new - type facilities, other asset types rose slightly, with energy facilities leading the gain at 1.54%, followed by municipal environmental protection (+0.52%) and transportation facilities (+0.41%) [5][26]. - The data center (IDC) sector had a significant pull - back this week. Runze Technology and万国 Data Center declined by 0.40% and 2.67% respectively. The two IDC REITs' dynamic distribution rates are close to the reference value, and opportunities from subsequent asset fluctuations can be monitored [5][29]. - Energy facilities had the largest increase this week. ICBC Inner Mongolia Energy Clean Energy REIT performed well, but it is recommended to give priority to hydropower assets with high stability or projects with high guarantee of distributable amounts due to the large performance fluctuations of energy - related projects in Q4 2025 [6][32][34]. - The industrial park sector rose 0.34% this week. It is recommended to pay attention to park REITs with stable fundamentals, income distribution adjustment mechanisms, and high distribution rates [37]. - The consumption infrastructure sector rose 0.22% this week. With the late Spring Festival this year, the consumption boom continues to support the Q1 performance of each project. Some projects with relatively high distribution rates are worth attention [39][40]. - The trading activity of REITs weakened marginally this week. In terms of sectors, except for municipal environmental protection, the turnover rates of each asset sector declined. Attention can be paid to the trading situation of the consumption sector [42][45][46].