责任编辑：袁浩 中基协的统计还显示，截至2025年10月底，ABS存续2596只、22373.77亿元。 其中，基础设施公募REITs所投ABS存续84只、规模2051.95亿元。此外，基础资产为应收账款、不动产 持有型ABS、CMBS(商业不动产抵押贷款)、融资租赁债权、小额贷款债权的ABS存续规模合计 17621.94亿元，占总存续规模的78.76%；其余基础资产的ABS存续规模合计2699.88亿元，占总存续规 模的12.07%。 中新社北京11月26日电 (记者 陈康亮)根据中国证券投资基金业协会(下称中基协)26日披露的数据，2025 年10月，资产支持专项计划(下称ABS)新增备案130只，新增备案规模合计1338.6亿元(人民币，下同)。 其中，基础设施公募REITs(不动产投资信托基金)所投ABS备案2只、规模26.82亿元。此外，新增备案规 模前三的ABS基础资产分别为：小额贷款债权、融资租赁债权和应收账款，备案规模分别为329.23亿 元、258.17亿元和229.69亿元。 ...

Group 1 - The completion of the Alshan Huaren Hope Town marks the 16th such project by Huaren in China, covering an area of 4,050 acres and benefiting 655 households and 1,394 people [1] - The project includes the renovation of local residential areas and the construction of various facilities such as a visitor reception center, multi-functional conference center, restaurant, villas, supermarket, outdoor hot springs, and tennis courts, enhancing public service capabilities in the region [1] Group 2 - Zhangjiajie Tourism Group signed restructuring investment agreements with multiple investors, including Hunan Electric Media and Caesar Travel, with a total stock transfer of 366 million shares valued at approximately 1.586 billion yuan [1] - A total of 45 potential investors submitted restructuring investment proposals during the pre-restructuring phase [1] Group 3 - China Great Wall Asset Management and Huaren Asset Management signed a cooperation agreement for the Fengtai Majia堡 project, which involves a shopping center of over 60,000 square meters [2] - The project will follow a full-cycle revitalization model, including asset debt settlement, renovation, operational enhancement, and exit strategies [2] Group 4 - Huazhu Group reported a revenue increase of 8.1% year-on-year to 7 billion yuan in Q3 2025, with adjusted EBITDA rising by 18.9% to 2.5 billion yuan and a profit margin of 36.1% [2] - The company opened 749 new hotels in China during the third quarter, bringing the total number of operating hotels to 12,580 [2] Group 5 - Beijing's financial authorities issued a plan to enhance consumer services for the elderly, focusing on comprehensive financial services tailored to different stages and characteristics of the aging population [2] - The plan aims to support various consumer sectors, including goods, tourism, dining, and elder care, while optimizing financial products and services [2] Group 6 - Dayuecheng Real Estate successfully acquired four land parcels in Chengdu's Qingyang District for 2.65 billion yuan, covering a total area of approximately 134,500 square meters [2] - The land includes two commercial service plots and two residential plots, with a unified development plan for a large commercial complex and high-end residential project [2]

Core Insights - The National Development and Reform Commission (NDRC) is actively supporting qualified private investment projects to issue infrastructure REITs, which are real estate investment trusts in the infrastructure sector [1] - As of now, 18 private investment projects have been recommended to the China Securities Regulatory Commission (CSRC), with 14 projects successfully issued and listed, raising nearly 30 billion yuan [1] - The NDRC emphasizes that infrastructure REITs are an effective way to revitalize existing infrastructure assets and facilitate the integration of the real economy with capital markets [1] Summary by Sections - **Private Investment Projects**: The NDRC has recommended 18 private investment projects for infrastructure REITs, with 14 already listed, demonstrating a strong market response [1] - **Demonstration Effect**: The first projects in community commerce and agricultural markets have set a precedent, enhancing the quality and upgrading of consumer infrastructure [1] - **Future Plans**: The NDRC plans to strengthen collaboration with the CSRC to support more qualified private investment projects, aiming to broaden financing channels for private enterprises and promote a virtuous cycle of investment and financing [1]

Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - This week, the public REITs market fluctuated. The trading volume of the REITs market increased, and the indices of equity - type and concession - type public REITs showed differentiation. Most public REITs products rose. There are 24 public REITs funds waiting to be listed, and the market is expected to continue to expand. In the context of asset shortage, public REITs have the advantages of high dividends and medium - low risks, with a relatively high cost - performance ratio for allocation [2][5][38] Summary by Directory 1. Secondary Market: This Week, the Public REITs Market Fluctuated - **Index Performance**: As of October 31, 2025, the China Securities REITs Index fell 0.14% from last week to 814.9, while the China Securities REITs Total Return Index rose 0.16% from last week to 1045.73 [10] - **Trading Volume and Turnover**: The total trading volume of the REITs market this week was 784 million shares, a 24.44% week - on - week increase, and the trading amount was 3.303 billion yuan, a 21.48% week - on - week increase. The market's interval turnover rate was 3.19%, compared with 2.59% last week [11] - **Index Differentiation by Asset Type**: The equity - type public REITs index rose 1.82%, and the concession - type public REITs index fell 0.13%. Among equity - type REITs, new infrastructure, affordable rental housing, and consumer infrastructure REITs rose 3.13%, 2.09%, and 1.99% respectively, while warehousing and logistics, and park infrastructure REITs fell 0.24% and 0.21% respectively. Among concession - type public REITs, municipal facilities, water conservancy facilities, and ecological and environmental protection REITs rose 2.38%, 0.60%, and 0.50% respectively, while transportation infrastructure and energy infrastructure REITs fell 0.34% and 0.12% respectively [13][17] - **Trading Volume and Turnover Rate by Type**: Most types of public REITs saw an increase in trading volume. The trading volume of municipal facilities, consumer infrastructure, new infrastructure, ecological and environmental protection, warehousing and logistics, affordable rental housing, park infrastructure, and transportation infrastructure REITs increased by 308.33%, 50.47%, 44.41%, 36.98%, 30.76%, 28.78%, 27.26%, and 0.58% respectively week - on - week. The trading volume of water conservancy facilities and energy infrastructure REITs decreased by 24.11% and 19.17% respectively. In terms of turnover rate, the daily average turnover rates of new infrastructure and affordable rental housing REITs were greater than 1. The daily average turnover rates of most types of REITs increased, while those of water conservancy facilities and energy infrastructure REITs decreased [21] - **Single - Target Performance**: Among the 76 public REITs (excluding the newly listed Huaxia Zhonghai Commercial Asset REIT), 48 rose and 27 fell. The top gainers were Chuangjin Hexin Shounong REIT, Southern Wanguo Data Center REIT, and CICC Yinli Consumer Infrastructure REIT, with weekly gains of 4.2%, 4.1%, and 3.9% respectively. The top losers were Huaxia Hefei High - tech Industrial Park REIT, China Merchants Science and Technology Incubator REIT, and E Fund Guangzhou Development Zone High - tech Industrial Park REIT, with weekly losses of 7.8%, 4.7%, and 4.2% respectively [22] 2. Primary Market: 24 Public REITs Funds are Waiting to be Listed - **Issuance in 2025**: As of October 31, 2025, a total of 77 public REITs have been issued, with a total issuance scale of 198.1 billion yuan. In 2024, 29 REITs were issued, with a total scale of 64.6 billion yuan. Since 2025, 18 public REITs have been issued, and 2 new public REITs were issued in October 2025 [28] - **Pending Listings**: As of October 31, 2025, there are 24 public REITs funds waiting to be listed, including 11 initial offerings and 13 follow - on offerings. In terms of project status, 11 have passed, 6 have been feedbacked, 4 have been questioned, 2 have been accepted, and 1 has been declared. By type, among industrial REITs, there are 6 park - type REITs, 2 consumer infrastructure REITs, 4 warehousing and logistics REITs, and 5 affordable rental housing REITs; among concession - type REITs, there are 3 energy - type REITs, 2 transportation - type REITs, and 1 ecological and environmental protection REIT [30] 3. Public REITs Policies and Market Dynamics - **Policy Support for Commercial Real Estate REITs**: On October 29, the General Offices of 5 departments including the Ministry of Commerce issued the "Urban Commercial Quality Improvement Action Plan", which supports eligible commercial real estate projects to issue REITs [33] - **Approval of Huaxia Fund China Resources Youchao REIT's Follow - on Offering**: On October 29, the status of Huaxia Fund China Resources Youchao Rental Housing Closed - end Infrastructure Securities Investment Fund on the Shanghai Stock Exchange was updated to "approved" [35] - **Tianjin's Support for REITs in High - tech and Innovation Parks**: On October 31, 11 departments in Tianjin issued a notice on the "Special Plan for Financial Innovation Services for Scientific and Technological Innovation and Industrial Innovation", which supports high - tech and strategic emerging industry enterprises to issue bonds for financing and supports the issuance of REITs in new infrastructure and eligible science and technology innovation industrial parks [36] 4. Investment Suggestions - **Index and Market Performance**: This week, the REITs index fluctuated. The China Securities REITs Index fell 0.14% from last week, and the China Securities REITs Total Return Index rose 0.06% from last week. The trading amount in the public REITs market increased. By asset type, the equity - type public REITs index rose 1.82%, and the concession - type public REITs index fell 0.13%, with new infrastructure REITs having the highest increase and transportation infrastructure REITs having the highest decrease [37] - **Market Expansion and Investment Value**: This Wednesday, Huaxia Fund China Resources Youchao REIT's follow - on offering application was approved by the Shanghai Stock Exchange. This Friday, Huaxia Zhonghai Commercial REIT was listed. Since this year, 18 public REITs have been issued, with a total scale of over 30 billion yuan. In addition, 24 REITs funds are waiting to be listed, and the market is expected to continue to expand. In the context of asset shortage, public REITs have high dividends and medium - low risks, with a relatively high cost - performance ratio for allocation [38]

Group 1 - The public REITs market in China has seen a surge in new fund launches, with 19 new public REITs issued this year, and the total initial issuance scale expected to exceed 200 billion yuan [1] - Two recently launched REITs, Huaxia Zhonghai Commercial REIT and CITIC JianTou Shenyang International Software Park REIT, sold out their public offering in one day, leading to an early end of fundraising and a proportional allocation [1] - The effective subscription confirmation ratios for the two REITs were notably high, with Huaxia Zhonghai Commercial REIT seeing a public investor subscription ratio of 0.2763% and an institutional investor ratio of 0.312%, resulting in effective subscription multiples of 361.9 times and 320.5 times respectively [1] Group 2 - The performance of listed REITs has shown some divergence, with the CSI REITs Total Return Index declining recently, despite a year-to-date increase of 7.36% [2] - The best-performing REIT this year is E Fund Huawai Agricultural Market REIT, which has seen returns exceeding 75% [2] - There are 10 REITs that have reported negative returns this year, with Zhongjin Hubei Keti Guanggu REIT down nearly 18% and Dongwu Suyuan Industrial REIT down nearly 7% [2]

Core Insights - The public REITs market is experiencing a dual-driven expansion and performance surge, with significant interest from institutional investors and a notable increase in new product offerings [1][2][3] Market Expansion - In October, both Huaxia Fund and CITIC Construction Investment Fund announced that their public REITs offerings sold out in one day, leading to a total of 18 new products launched this year, with a total fundraising exceeding 36 billion yuan [1][3] - The total market capitalization of the 75 listed REITs has approached 220 billion yuan, with 6 additional products awaiting approval, indicating a clear trend of market expansion [1][4] Performance Disparity - The performance of public REITs has shown significant divergence, with the CSI REITs total return index rising by 9.05% year-to-date, while over 80% of the existing products have recorded gains, and three products have declined by more than 5% [5][6] - Consumer infrastructure REITs have emerged as the top performers, with an average return of 28.75%, and the top-performing product, the Jia Shi Wu Mei Consumer REIT, has achieved a 47.13% increase [5][6] Investor Composition - Institutional investors dominate the current REITs market, with an average holding ratio of 97.21%, reflecting a growing recognition and participation in this asset class, while individual investors remain largely on the sidelines [5][7] - The concentration of institutional investors may lead to liquidity issues, necessitating a more diverse investor base to enhance market stability [7][8] Strategic Insights - Analysts suggest that the high dividend yield and relatively controlled drawdown of REITs provide significant asset allocation value, despite existing liquidity concerns [7][8] - The market is expected to maintain a high proportion of institutional investors in the short term, with recommendations for improved public investor education to diversify participation [7][8]

Issuance Market - The report highlights the establishment of Huaxia Kaide Commercial REIT with a total issuance scale of 2.287 billion yuan and an average allocation ratio of 0.29%. A total of 16 REITs have been issued this year, representing a decrease of 5.88% in quantity and a decrease of 12.65% in total issuance scale compared to the same period last year, amounting to 33.548 billion yuan [1][7][10] - The report indicates that compared to franchise REITs, property REITs have a significant advantage in both quantity and scale this year, accounting for approximately 88% of the total issuance [7][10] Secondary Market - Currently, there are 75 REIT products in the market with a total scale of 221.253 billion yuan. Property REITs lead the market, with a scale of 130.744 billion yuan, while franchise REITs have a scale of 90.509 billion yuan, showing a gap of over 40 billion yuan [2][17] - The REIT market experienced a slight decline of 0.69% in this period, trailing behind major stock indices. Year-to-date, the overall increase in the REIT market is 12.83%, which is lower than major stock indices but better than the CSI Dividend Index [2][18] Dividend Situation - In this period, 17 REITs distributed dividends totaling 1.302 billion yuan, marking a 44% increase compared to the previous period. The total dividends for the REIT market in 2025 amount to 8.245 billion yuan, with a dividend yield of 4.53%, which is on par with the CSI Dividend Index [3][30][34] - Franchise REITs have a higher dividend yield of 5.92% compared to property REITs, which have a yield of 3.41%. The report notes that franchise REITs have consistently outperformed property REITs in terms of both dividend amount and yield [3][30][34] Investment Value Analysis - The latest valuation for all property REITs is 26.19, slightly lower than the previous period, indicating a higher valuation compared to major stock indices. The report notes that the valuation for affordable housing REITs is relatively high, while industrial park REITs have the lowest valuation [4][38] - The report also highlights that the dividend yield for property REITs, based on actual dividends over the past year, is 3.85%, which is significantly higher than stock indices. The dividend yield calculated based on available distributable amounts is 4.03%, with industrial park REITs showing the highest yield at 4.50% [4][38][39]

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints - As market risk appetite continued to rise, the China Securities REITs Index fell 0.8% this week, with property - type REITs and franchise - type REITs averaging - 0.9% and - 0.8% respectively. All sectors closed down, with water conservancy facilities, municipal facilities, and affordable housing having the largest declines. The 9 - department joint issuance included community commercial infrastructure in the priority support scope for REITs, further expanding the underlying asset scope of REITs [1]. 3. Summary by Related Catalogs 3.1 Secondary Market Trends - **Index Performance**: As of September 26, 2025, the closing price of the China Securities REITs (closing) Index was 831.45 points, with a weekly decline of 0.8%, performing worse than the China Securities All - Bond Index (- 0.3%), the China Securities Convertible Bond Index (+ 0.9%), and the CSI 300 Index (+ 1.1%). Year - to - date, the performance order of major indices was: CSI 300 (+ 15.6%) > China Securities Convertible Bond Index (+ 15.3%) > China Securities REITs Index (+ 5.3%) > China Securities All - Bond Index (+ 0.0%). In the past year, the return of the China Securities REITs Index was 5.6% with a volatility of 7.2%. Its return was lower than that of the CSI 300 Index and the China Securities Convertible Bond Index but higher than that of the China Securities All - Bond Index; its volatility was lower than that of the CSI 300 Index and the China Securities Convertible Bond Index but higher than that of the China Securities All - Bond Index [2][7][8]. - **Market Value and Turnover**: The total market value of REITs decreased to 219 billion yuan on September 26, a decrease of 2.5 billion yuan from last week. The average daily turnover rate for the whole week was 0.33%, a decrease of 0.13 percentage points from the previous week [2][8]. - **REITs Performance by Attribute and Type**: From the perspective of different project attributes, property - type REITs and franchise - type REITs had average weekly changes of - 0.9% and - 0.8% respectively. All REITs sectors closed down, with water conservancy facilities, municipal facilities, and affordable housing having the largest declines. The top three REITs in terms of weekly gains were Bosera Jinkai Industrial Park REIT (+ 1.64%), CITIC Construction Investment SPIC New Energy REIT (+ 0.98%), and CICC Liandong Science and Technology Innovation REIT (+ 0.71%) [3][16][20]. - **Trading Activity and Fund Flow**: New infrastructure REITs had the highest trading activity this week, with an average daily turnover rate of 1.1%. Transportation infrastructure REITs had the highest trading volume ratio this week, accounting for 26.3% of the total REITs trading volume. The top three REITs in terms of net inflow of main funds were CJG First Agriculture REIT (14.67 million yuan), Southern Runze Technology Data Center REIT (10.93 million yuan), and Huaxia China Resources Commercial REIT (8.37 million yuan) [3][22][23]. 3.2 Primary Market Issuance As of September 26, 2025, there were 2 REITs products in the accepted stage, 1 in the in - inquiry stage, 3 in the feedback - received stage, 8 products that had passed and were awaiting listing, and 11 first - issued products that had passed and were listed [25]. 3.3 Valuation Tracking - **Valuation Indicators**: REITs have both bond and equity characteristics. As of September 26, the average annualized cash distribution rate of public - offering REITs was 6.2%. From the equity perspective, the relative net value premium rate, IRR, and P/FFO were used to judge the valuation of REITs. The relative net value premium rate reflects the relationship between the market value and the fair value of the fund, similar to the PB indicator of stocks; IRR is the internal rate of return calculated by the cash - flow discount method; P/FFO is the current price divided by the cash flow generated from operations [27]. - **Valuation by Project Type**: Different project types of REITs had different relative net value premium rates, P/FFO, IRR, and annualized dividend rates. For example, affordable housing had a relative net value premium rate of 44.1%, P/FFO of 34.7, IRR of 3.4%, and an annualized dividend rate of 3.3% [28]. - **Comparison with Benchmarks**: As of September 26, 2025, the dividend rate of property - type REITs was 81 basis points higher than the average dividend rate of CSI Dividend stocks, and the average internal rate of return of franchise - type REITs had a spread of 173 basis points compared with the 10 - year Treasury bond yield [30]. 3.4 Industry News - **Policy Update**: The Ministry of Commerce, together with eight other departments, issued a notice including community commercial infrastructure in the priority support scope for REITs, which helps expand the underlying asset scope of REITs and solve the capital problem in community commercial development [4][35]. - **Approved REITs Projects**: Huaxia China Overseas Commercial REIT was approved, providing a model for the transformation and upgrading of traditional real - estate enterprises. Huaxia Anbo Warehouse REIT was officially approved for issuance, with its underlying assets having obvious location advantages. Shenyang International Software Park Public - Offering REIT was approved, being the first successful public - offering REIT project in Northeast China [35].

Core Insights - In July 2025, the China Securities Investment Fund Industry Association (CSRC) reported that the newly registered Asset-Backed Securities (ABS) totaled 1440.49 billion RMB, with 153 new registrations [1] - The top three ABS underlying assets by registration scale were financing lease receivables (313.66 billion RMB), accounts receivable (309.34 billion RMB), and small loan receivables (247.95 billion RMB) [1] - As of the end of July 2025, there were 2557 ABS in existence, with a total scale of 21646.76 billion RMB [1] ABS Market Overview - The newly registered ABS included 6 public REITs focused on infrastructure, amounting to 147.33 billion RMB [1] - The existing ABS related to infrastructure public REITs totaled 79, with a scale of 1951.3 billion RMB [1] - The combined scale of ABS related to accounts receivable, real estate holding ABS, CMBS (Commercial Mortgage-Backed Securities), financing lease receivables, and small loan receivables accounted for 17066.48 billion RMB, representing 78.84% of the total existing scale [1]

Group 1 - The overall secondary market for public REITs experienced a downward trend this week, despite a strong stock market, with increased trading activity compared to the previous week [1][2] - The CSI REITs total return index fell by 1.74% week-on-week, while the REITs index decreased by 1.55% [2] - Various project types saw declines, with property rights down by 1.93% and franchise rights down by 1.10% [3] Group 2 - Among the 74 public REITs listed, only 9 saw an increase, with notable performers including China International Capital Corporation Chongqing Liangjiang REIT and Industrial Bank Galaxy North Expressway REIT, both rising over 1% [4][5] - Conversely, 64 products experienced declines, with China International Capital Corporation Xiamen Anju REIT and Huatai Suzhou Hengtai Rental Housing REIT dropping over 6% [6] Group 3 - The total transaction amount for REITs this week was 3.633 billion yuan, with a rebound in trading activity [6] - The newly listed Southern Universal Data Center REIT showed high trading activity, with an average turnover rate of 3.02% [6] Group 4 - The recent strength in the equity market, with the Shanghai Composite Index surpassing 3,800 points, has negatively impacted the REITs market, which is closely linked to the bond market [7] - A significant portion of public REITs' strategic placement shares will be unlocked from September to December 2025, totaling 3.83 billion shares, which may lead to selling pressure [7] Group 5 - The first public REIT for transportation infrastructure this year, Huaxia Hubei Traffic Chutian Expressway REIT, has been officially filed [8] - Hubei Province has actively promoted the issuance of public REITs, with a total of 8 REITs issued, raising 24 billion yuan, ranking among the top in the country [8]