1月12日晚间，祈福生活服务公告称，已下单交易28万安士（安士即盎司，后文统一为盎司）银条，总代价约1.62亿元，预计收益1.04亿元；该公司此前于 1月7日下达40万盎司银条出售指令，1月9日公告完成交易并获利1.43亿元。 每经记者｜陈荣浩 每经编辑｜段炼 陈梦妤 广州知名物业公司祈福生活服务（03686.HK，股价0.9港元，市值9.14亿港元）走出了一条截然不同的盈利路径。 这家在管面积仅千万平方米的中小型物业企业，通过两笔白银清仓交易狂赚2.47亿元，相当于其2024年全年净利润（9753.9万元）的2.53倍。有股民直 呼：老板娘牛！而这家公司的老板娘，即公司实控人、董事长、总经理孟丽红。 通过上述两笔交易，祈福生活服务累计出售约21.15吨银条，斩获约2.47亿元投资收益。 "利用闲置资金进行投资理财的上市物企并非只有祈福生活服务，此前宋都服务、南都服务、保利物业等都有过类似操作。"1月13日，中物智库高级研究 员宋子谦向《每日经济新闻》记者（以下简称每经记者）表示，随着房地产行业进入调整期，物业公司的面积拓展速度放缓，大量现金资产需要寻找出 路。 "炒银"收益2.47亿元 公司：现在是变现的合 ...

广州本土上市物企祈福生活服务（03686.HK，股价0.9港元，市值9.14亿港元）走出了一条截然不同的盈利路径。 这家在管面积仅千万平方米的中小型物企，通过两笔白银清仓交易狂赚2.47亿元，相当于其2024年全年净利润（9753.9万元）的2.53倍。 1月12日晚间，祈福生活服务公告称，已下单交易28万安士银条（1安士约等于31.1035克），总代价约1.62亿元，预计收益1.04亿元；该公司此 前于1月7日下达40万安士银条出售指令，1月9日公告完成交易并获利1.43亿元。 通过上述两笔交易，祈福生活服务累计斩获约2.47亿元投资收益。 "利用闲置资金进行投资理财的上市物企并非只有祈福生活服务，此前宋都服务、南都服务、保利物业等都有过类似操作。" "炒银"收益2.47亿元 祈福生活服务"炒银"始于2020年。 2021年，公司持有的银条公允价值出现约2124万元亏损，但管理层并未慌神，而是在2022年择机套现50万安士，合计回笼资金7905万元，平 均售价每安士158元，初尝甜头。 而随着白银市场供需格局变化，公司在2024年7月再度加码，五天内分三次购入38万安士银条，足见其对白银市场的坚定看好。 不 ...

我国不动产投资信托基金（REITs）市场进入"商业不动产与基础设施REITs并行发展"的新阶段。 2025年12月31日，中国证监会印发《关于推出商业不动产投资信托基金试点的公告》（以下简称 《公告》），自公布之日起施行。沪深交易所、中国结算、中国证券业协会、中国基金业协会等配套业 务规则同步发布。同日，中国证监会还发布了《关于推动不动产投资信托基金（REITs）市场高质量发 展有关工作的通知》（以下简称《通知》）。 分析人士认为，一系列政策规则发布，不仅意味着我国公募REITs市场从基础设施领域向商业不动 产领域扩容，更意味着市场正式迈入"商业不动产与基础设施REITs并行发展"的新阶段。 我国REITs市场发展稳健 经过5年探索实践，我国REITs市场稳步发展，功能持续发挥，在盘活存量资产、提高直接融资比 重、满足居民财富管理需求等方面取得一定成效。数据显示，截至2025年12月27日，已上市78只 REITs，融资金额2099亿元，总市值2199亿元。与此同时，REITs市场运行平稳有序，2024年以来，中 证REITs全收益指数上涨19%，REITs已逐步成为重要的大类资产配置品种。 从全球成熟市场发 ...

（文章来源：证券日报） 证券日报网讯 1月5日，美凯龙在互动平台回答投资者提问时表示，2025年12月31日，证监会正式发布 《关于推动不动产投资信托基金（REITs）市场高质量发展有关工作的通知》等重要文件，标志着商业 不动产REITs试点启航。对于持有优质商业物业的公司而言，具有重要战略意义，公司正在会同相关中 介机构，遴选适合的商业地产项目，尽早推动商业地产REITs项目落地，如有进展，公司会及时合规进 行披露。 ...

证券研究报告 商业不动产REITs正式试点，迎接高质量发展新阶段 ——2025年公募REITs市场12月报 | 证券分析师：彭文玉 | | A0230517080001 | | --- | --- | --- | | 朱敏 | | A0230524050004 | | 任奕璇 | | A0230525050002 | | 研究支持: | 陈榕杰 | A0230125080001 | | 联系人: | 陈榕杰 | A | 2026.01.05 3 1. 商业不动产REITs正式试点，政策组合拳纷纷落地 2. 12月下半月超跌反弹，经营权类资产承压加剧 3. 中核清洁能源网下热度高，安博物流首日深度破发 4. 2026年1月暂无REITs限售份额解禁 5. 新增4单申报受理，山证晋中供热更新回复材料 6. 风险提示 1.1 证监会：商业不动产REITs正式试点 摘要 www.swsresearch.com 2 ◼ 中国REITs市场迈入高质量发展快车道。2025年12月31日，证监会发布《关于推动不动产投资信托基金（REITs）市场高质量发 展有关工作的通知》、《中国证监会关于推出商业不动产投资信托基金试点的公告 ...

——2025年公募REITs市场12月报 | 证券分析师：彭文玉 | | A0230517080001 | | --- | --- | --- | | | 朱敏 | A0230524050004 | | | 任奕璇 | A0230525050002 | | 研究支持: | 陈榕杰 | A0230125080001 | | 联系人: | 陈榕杰 | A0230125080001 | | 2026.01.05 | | | 证券研究报告 商业不动产REITs正式试点，迎接高质量发展新阶段 摘要 www.swsresearch.com 2 ◼ 中国REITs市场迈入高质量发展快车道。2025年12月31日，证监会发布《关于推动不动产投资信托基金（REITs）市场高质量发 展有关工作的通知》、《中国证监会关于推出商业不动产投资信托基金试点的公告》，同日沪深交易所、证券业协会等机构的配 套制度规则陆续发布。顶层设计上，商业不动产迎来正式试点，正式稿较征求意见稿仅在产品定义上微调，即法律上明确了"公 募基金-ABS-SPV-底层资产"这一持有路径。高质量发展政策导向则体现在三方面：一是支持 "混装"，有序拓展原始权益人范 ...

Core Viewpoint - The launch of commercial real estate public REITs in China marks a significant innovation in the capital market, with the regulatory framework established to support the development of this sector [1][2]. Group 1: Regulatory Framework and Announcements - On December 31, 2025, the China Securities Regulatory Commission (CSRC) released the announcement for the pilot of commercial real estate investment trust funds (REITs), indicating the completion of the long-awaited rules [1]. - The CSRC also issued a notification to promote the high-quality development of the REITs market, aiming to enhance the service quality of the multi-level capital market for the real economy [1][2]. - The regulatory framework for commercial real estate REITs is structured as "1+3+N," which includes one announcement, three supporting arrangements from the CSRC, and numerous self-regulatory organization rules [6]. Group 2: Market Development and Performance - As of December 27, 2025, there were 78 listed REITs in China, raising a total of 209.9 billion yuan, with a total market capitalization of 219.9 billion yuan [2]. - The CSI REITs total return index increased by 19% since 2024, indicating that REITs have become an important asset class for investment [2]. Group 3: Importance and Goals of Commercial Real Estate REITs - The development of commercial real estate REITs is seen as a crucial measure to implement national policies aimed at revitalizing existing assets and increasing direct financing [3]. - The notification emphasizes the need to stimulate market vitality and improve efficiency by establishing market-oriented access arrangements for commercial real estate REITs [3][4]. Group 4: Implementation and Market Support - The CSRC aims to enhance the supply of quality REITs and promote a diverse and orderly growth of market segments [7]. - There is a focus on improving the secondary market for REITs, including the development of related index products and encouraging long-term funds to enter the market [7][8]. - The notification calls for optimizing the review and registration processes to ensure a stable market operation [8].

据悉，在充分吸收前期市场机构意见的基础上，上交所重点从以下三方面对REITs业务规则进行了优化 完善。 一是完善基本规则，夯实REITs规范运作制度基础。上交所拓宽《不动产基金业务办法》适用范围至商 业不动产REITs，一体适用于REITs上市审核、发售、上市交易及信息披露等有关安排。调整上交所自 受理申报材料之日起至出具首次书面反馈意见用时，由30个工作日缩短为20个工作日，进一步提高审核 效率。新增约见问询、现场督导等准入环节监管手段，明确申报即担责，进一步压实中介机构"看门 人"责任。 二是优化标准规范，进一步提升制度适应性和包容性。上交所优化完善审核、发售、扩募及新购入不动 产重点领域业务规则。修订《审核关注事项指引》，聚焦重大性、关键性，优化资产合规性、回收资金 用途、收益率要求，规范商业综合体、商业零售、办公、酒店等业态的特殊信息披露与核查要求，进一 步提升规则适应性和包容性。修订《发售业务指引》，对询价定价、战略配售、网下配售等关键环节作 出细化规范，保障发售工作公平、公正、有序开展。修订《扩募指引》，完善扩募及新购入不动产制度 机制，扩募间隔期缩短为6个月，进一步增强REITs市场的内生动力。 ...

Investment Rating - The report indicates a stable investment outlook for the industry, with certain emerging sectors expected to gain higher investment opportunities due to the implementation of national strategic initiatives [5]. Core Insights - The report emphasizes the importance of managing expectations in the real estate market, highlighting its significant financial asset attributes and the need for macroeconomic regulation to stabilize the market [5][12]. - It identifies key companies and their recent developments, such as contracts signed and project wins, which are expected to contribute significantly to their future revenues [15][16]. Industry Performance - The construction industry experienced a weekly decline of 0.44%, outperforming the Shenzhen Composite Index (-0.58%) and the ChiNext Index (-1.25%) but underperforming the Shanghai Composite Index (+0.13%) [6]. - The best-performing sub-sectors for the week included steel structures (+3.48%), ecological landscaping (+2.02%), and design consulting (+0.91%) [7][11]. Key Company Developments - Notable changes in key companies include: 1. Nongshang Environment's subsidiary signed a contract worth 132 million yuan, accounting for 56.90% of its 2024 revenue [15]. 2. Southeast Network Framework won a bid for a project valued at 887 million yuan, representing 7.89% of its 2024 revenue [15]. Sub-sector Performance - The top three sub-sectors with the highest annual growth rates were ecological landscaping (+60.30%), decorative curtain walls (+53.82%), and professional engineering (+50.48%) [7]. - The report highlights significant individual stock performances, with companies like Guosheng Technology and Dongyi Risheng showing remarkable annual increases of 480.86% and 201.12%, respectively [11].

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has announced the implementation of a pilot program for commercial real estate investment trusts (REITs) to enhance the quality of the REITs market and support a new model of real estate development, effective from December 31, 2025 [1][3]. Group 1: Announcement Details - The announcement consists of eight articles outlining the definition of commercial real estate REITs as closed-end publicly raised securities investment funds that generate stable cash flow from holding commercial real estate and distribute profits to fund shareholders [1][3]. - It specifies requirements for fund registration and operational management, including the responsibilities of fund managers and custodians, due diligence, application materials, and active management responsibilities of fund managers [1][3]. - The announcement emphasizes the role of fund managers and professional institutions, mandating strict adherence to professional standards and regulatory requirements [1][3]. - It reinforces regulatory responsibilities, clarifying the duties of regulatory bodies in overseeing commercial real estate REITs and monitoring risks [1][3]. - Other matters related to commercial real estate REITs will follow the guidelines set forth in the "Guidelines for Publicly Raised Infrastructure Securities Investment Funds (Trial)" [1][3]. Group 2: Public Feedback and Implementation - Prior to the announcement, the CSRC solicited public opinions on the draft, receiving overall positive feedback on the basic ideas and main content of the announcement [2][4]. - The CSRC has carefully reviewed the feedback and incorporated reasonable suggestions into the final announcement [2][4]. - The CSRC will ensure effective implementation of the announcement in the future [2][4].