□本报记者 张舒琳 近日，8只商业不动产REITs密集上报，这是自证监会2025年末推出商业不动产REITs试点后首批上报的 产品，底层资产覆盖商业写字楼、酒店、商场等多种形态。 商业不动产REITs推出，背后是我国庞大的商业不动产盘活需求。相关REITs未来上市后，有望打破传 统不动产估值逻辑，带动写字楼、酒店等资产估值抬升。 覆盖多类资产 商业不动产REITs试点落地后，资本市场迎来实质性进展。1月29日及30日，华安锦江、汇添富上海地 产、华安陆家嘴、中金唯品会、国泰海通砂之船、华夏保利发展、华夏银泰百货、华夏凯德等8只封闭 式商业不动产证券投资基金（REITs）上报材料获得受理。 从底层资产来看，上述产品覆盖商业办公楼、酒店、奥特莱斯、百货商场等多种类型。 近年来，尽管线下消费受到冲击，但打折业态迅速发展，奥特莱斯成为不少中产家庭的消费主场，大型 奥特莱斯的客流量、营业收入均稳步增长。根据管理人上报的基金招募说明书及基金合同，国泰海通砂 之船商业不动产REIT、中金唯品会商业不动产REIT均投向奥特莱斯。具体来看，国泰海通砂之船商业 不动产REIT投向西安砂之船奥特莱斯项目，这是西北最大的奥特莱斯综合 ...

北京商报讯（记者 李海媛）在商业不动产投资信托基金（REITs）试点政策落地后，首批产品陆续上 报。北京商报记者注意到，近日，上交所受理8单商业不动产REITs项目，基金管理人包括国泰海通资 管、华夏基金、汇添富基金、华安基金，预计募集金额合计超300亿元。首批项目的资产形态包括商业 综合体、商业零售、商业办公楼等商业不动产。有观点指出，商业不动产REITs的推出对盘活存量资产 具有较好的导向，对于商业地产的开发商而言也意味着更好的融资渠道的建立。 1月29日—30日，首批8单商业不动产REITs项目获上交所受理。其中，华夏基金申报了3单，华安基金 申报了2单，汇添富基金、中金基金和国泰海通资管则各申报了1单。项目资产形态包括商业综合体、商 业零售、商业办公楼等商业不动产。 其中，华夏保利发展商业不动产REIT、华夏凯德商业不动产REIT、华夏银泰百货商业不动产REIT的预 计募集规模依次为20.93亿元、40.54亿元、42.785亿元；华安锦江商业不动产REIT、华安陆家嘴商业不 动产REIT预计募集规模分别为17.03亿元、28.1亿元；汇添富上海地产商业不动产REIT、国泰海通砂之 船商业不动产REI ...

[Table_Page] 投资策略周报|非银金融 请注意，严漪澜,唐关勇并非香港证券及期货事务监察委员 会的注册持牌人，不可在香港从事受监管活动。 | [Table_DocReport] 相关研究： | | | --- | --- | | 非银金融行业:短期宽基份额 | 2026-01-25 | | 变化影响权重股，长期基准 | | | 新规约束偏移 | | | 非银金融行业：衍生品新规 | 2026-01-18 | | 释放积极信号，关注板块发 | | | 布业绩预增机遇 | | | 非银金融行业："吹哨人" | 2026-01-10 | | 筑牢合规底色，关注开门红 | | | 催化机遇 | | 证券研究报告 [Table_Title] 非银金融行业 券商与保险基本面持续向好，关注非银板块配置价值 [Table_Summary] 核心观点： | [Table_Gr ade] 行业评级 | 买入 | | --- | --- | | 前次评级 | 买入 | | 报告日期 | 2026-02-01 | [Table_PicQuote] 相对市场表现 -20% -10% 0% 10% 20% 30% 非银金融 沪 ...

1月29日，首批3家商业不动产REITs已申报，且已被上交所受理，预计募资131.75亿元。 中金唯品会封闭式商业不动产证券投资基金的不动产项目是郑州杉杉奥特莱斯项目、哈尔滨杉杉奥特莱斯项目，预计募资规模74.70亿元。郑州杉杉奥特莱斯项目于 2016年9月开业，迄今已运营近10年，该项目分三期建设，其中一期为2层地上广场及地下车库，二期为3层地上广场（其中第3层为车库），三期为1层地上广场， 总建筑面积约11.20万平方米。截至2025年12月31日，该项目土地剩余使用年限约为30.68年。哈尔滨杉杉奥特莱斯项目于2015年9月开业，迄今已运营近11年。该项 目建设内容为地上1层至地上3层的商业及地下1层的地下车库，总建筑面积为13.06万平方米。截至2025年12月31日，该项目土地剩余使用年限约为27.14年。 华安锦江封闭式商业不动产证券投资基金的不动产项目包括锦江都城广州白云店、锦江都城郑州二七店、锦江都城长沙开福五一广场店、锦江都城合肥政务中心 店、锦江都城武汉体育中心店、锦江都城武汉积玉桥店、锦江都城合肥包河包公园店、锦江都城沈阳铁西店、锦江都城石家庄裕华店、锦江都城福州仓山店、锦江 都城福州台 ...

2025 年度报告 |公募 REITs 2025 年度报告 公募 REITs 2025 年公募 REITs 市场年度报告 政策驱动千帆竞 价值分化始见金 目 录 | 发行概况及市场表现 | 2 | | --- | --- | | 资产分类及产品经营情况 | 4 | | 保障性租赁住房 | REITs 6 | | 仓储物流 | REITs 7 | | 园区基础设施 | REITs 8 | | 消费基础设施 | REITs 9 | | 交通基础设施 | REITs 10 | | 能源基础设施 | REITs 11 | | 其他 | 12 | | 展望 | 13 | | 附表 | 15 | 分析师 吕伟 010-67413489 结构融资部 行业组长 lvwei@dagongcredit.com 吴维嘉 010-67413301 结构融资部 分析师 wuweijia@dagongcredit.com 李昱桐 010-67413565 结构融资部 分析师 liyutong@dagongcredit.com 客户服务 电话：010-67413300 客服：4008-84-4008 Email：research@dago ...

Core Viewpoint - The China Securities Regulatory Commission (CSRC) emphasizes the need to prevent significant market fluctuations while enhancing the capital market's investment and financing reforms for a strong start to the 14th Five-Year Plan [1][2]. Group 1: Market Stability - The CSRC aims to consolidate the market's stable upward trend by strengthening market monitoring and timely counter-cyclical adjustments [1]. - There will be a focus on enhancing trading supervision and information disclosure, with strict actions against market manipulation and excessive speculation [1]. - Reforms in public funds will be deepened to broaden channels for long-term capital, promoting a market ecosystem conducive to long-term investments [1]. Group 2: Reform and Development - The CSRC plans to implement reforms in the ChiNext board and ensure the effective execution of the Sci-Tech Innovation Board reforms, improving refinancing convenience and flexibility [2]. - Efforts will be made to enhance the quality and structure of the bond market, as well as to ensure the smooth launch of commercial real estate REITs [2]. Group 3: Regulatory Effectiveness - The CSRC is committed to strictly enforcing laws against financial fraud, price manipulation, and insider trading, while improving the administrative and criminal connection mechanisms [2]. - There will be an emphasis on enhancing the regulatory framework for private equity funds and leveraging technology to improve regulatory capabilities [2]. Group 4: Corporate Governance - The CSRC will expedite the introduction of regulations for listed companies and enforce new corporate governance standards, focusing on the behavior of controlling shareholders [2]. - Measures will be taken to stimulate the merger and acquisition market and improve the regulatory framework for the entire restructuring process [2]. Group 5: Market Openness - The CSRC aims to deepen and elevate the capital market's two-way opening, including optimizing the Qualified Foreign Institutional Investor (QFII) scheme and expanding the range of futures products available for foreign investment [2]. - There will be improvements in the regulations for overseas listings to enhance the standardization and transparency of filing management [2].

Core Viewpoint - The China Securities Regulatory Commission (CSRC) emphasizes the need for reform to enhance the quality and efficiency of services for high-quality development in the financial market [1] Group 1: Stock Market Reforms - The meeting highlighted the importance of improving the inclusiveness and adaptability of the multi-tiered equity market [1] - Initiatives to deepen the reform of the ChiNext board were announced, along with ongoing efforts to implement reforms in the Sci-Tech Innovation Board [1] - The meeting aims to enhance the convenience and flexibility of refinancing processes [1] Group 2: Bond Market Development - There is a focus on improving the quality, adjusting the structure, and expanding the total volume of the bond market [1] - The CSRC is committed to ensuring the smooth implementation of the commercial real estate REITs pilot program [1] Group 3: Futures Market Progress - The meeting discussed the steady advancement of the futures market's quality development [1] - Emphasis was placed on strengthening the regulatory connection between spot and futures markets [1]

Core Viewpoint - The China Securities Regulatory Commission (CSRC) emphasizes the need for reform to enhance the quality of services for high-quality development during the 2026 system work meeting [1][2] Group 1: Equity Market Reforms - The meeting highlighted the importance of improving the inclusiveness and adaptability of the multi-tiered equity market [1][2] - Initiatives to deepen the reform of the ChiNext board were announced, alongside ongoing efforts to implement reforms for the Sci-Tech Innovation Board [1][2] - There will be an increase in the convenience and flexibility of refinancing processes [1][2] - The integration of the Beijing Stock Exchange and the New Third Board will be promoted for high-quality development [1][2] Group 2: Bond Market and REITs - The CSRC aims to enhance the quality, adjust the structure, and expand the total volume of the bond market [1][2] - The pilot program for commercial real estate REITs will be implemented smoothly [1][2] Group 3: Futures Market Development - The meeting called for steady progress in improving the quality of the futures market [1][2] - There will be a focus on strengthening the regulation of the interaction between spot and futures markets [1][2]

Core Viewpoint - The China Securities Regulatory Commission (CSRC) emphasizes the need for reform and improvement in service quality to support high-quality development in the financial market [1] Group 1: Market Reforms - The meeting highlights the importance of enhancing the inclusiveness and adaptability of the multi-tiered equity market [1] - Initiatives to deepen the reform of the ChiNext board are set to be launched [1] - Continuous efforts will be made to implement reforms in the Sci-Tech Innovation Board [1] Group 2: Financing and Development - The meeting aims to improve the convenience and flexibility of refinancing processes [1] - Promotion of high-quality development for the Beijing Stock Exchange and the New Third Board is a priority [1] Group 3: Bond and Futures Markets - The focus will be on improving the quality, adjusting the structure, and expanding the total volume of the bond market [1] - The smooth implementation of commercial real estate REITs pilot projects is emphasized [1] - Steady progress in enhancing the quality of the futures market and strengthening the regulation of spot and futures market linkage is planned [1]

Investment Rating - The report maintains a recommendation for the REITs industry [2] Core Insights - The REITs market has seen a total of 78 public REITs listed with a total market capitalization of 223.3 billion yuan and a circulating market value of 124.7 billion yuan [2] - The overall performance of the market in 2025 showed a cumulative increase of 4.3% in the CSI REITs total return index, with a notable rise of 16.2% in the first half of the year, followed by a decline of 10.2% in the second half due to various negative factors [7][8] - The average P/NAV for the REITs market at the end of 2025 was 1.14 times, indicating a return to historical average valuation levels [7] - The report suggests that the current REITs valuation has returned to a central position, indicating a potential opportunity for increased allocation [7] Market Overview - The secondary market performance in 2025 was characterized by a strong first half, driven by macro liquidity easing, followed by a weaker second half due to valuation corrections and negative market sentiment [8] - The average daily turnover rate for the market decreased throughout the year, reflecting a decline in trading enthusiasm, with an average of 0.67% for the year and dropping to 0.4% in December [9] - The report highlights that the IDC and consumer sectors outperformed the market, with increases of 44% and 33% respectively, while the energy sector showed the weakest performance [12][15] Primary Market Review - In 2025, the total number of new issuances and expansions was 25, with a total issuance amount of 47.3 billion yuan, representing a year-on-year decrease of 14% in the number of issuances and 27% in the total amount [16][17] - The average absolute return for newly listed REITs was 27% over the first four days of trading, with a 10.5% probability of "breaking" [21] Policy Review - Key policies in 2025 included the expansion of asset categories for infrastructure REITs to include commercial office buildings, hotels, and sports venues, as well as the initiation of commercial real estate REITs pilot programs [26][27][28] - The report notes that the regulatory environment is becoming more favorable for REITs, with efforts to streamline approval processes and broaden the scope of eligible assets [29][30]