Core Viewpoint - The announcement by the China Securities Regulatory Commission regarding the pilot launch of commercial real estate investment trusts (REITs) marks a significant step in capital market development, aiming to revitalize a large stock of commercial real estate assets and enhance the multi-tiered capital market financing system [1][4]. Summary by Sections Development of Infrastructure REITs - The pilot for infrastructure REITs has been ongoing for nearly five years, resulting in over 70 listed products with a total scale exceeding 200 billion yuan [1]. - As of December 1, there are 77 listed infrastructure REITs, with a total market value close to 220 billion yuan, and the average yield of these products is 26.14% [2]. Market Performance and Trends - In 2023, the market for infrastructure REITs has shown a divergence, with assets that have higher dividend certainty being favored, leading to significant price increases [3]. - The CSI REITs total return index has achieved over 20% growth in 2024, with some products like the Huaxia Dayue City Commercial REIT seeing cumulative gains exceeding 30% this year [3]. Future Outlook - The market is expected to see further expansion of infrastructure REITs into more sectors, including urban renewal facilities, hotels, and commercial office spaces, with an emphasis on optimizing the application process for new projects [4]. - The pilot for commercial real estate REITs is anticipated to provide valuable insights from the infrastructure REITs experience, contributing to the development of a new model for real estate growth [4].

Core Viewpoint - The article discusses the selection of Real Estate Investment Trusts (REITs) for a long-term investment horizon of ten years, indicating that the choice of REITs would vary significantly based on market conditions and individual investment strategies [1] Group 1 - The question posed by a reader highlights the importance of long-term investment strategies in the REIT sector [1] - The author suggests that the selection of REITs is influenced by various factors, including market trends and economic conditions [1]

作者：李泽正，国家发展改革委投资研究所融资室主任 近日，国家发展改革委办公厅印发《基础设施领域不动产投资信托基金（REITs）项目行业范围清单 （2025年版）》（以下简称《2025年版清单》）的通知，将体育场馆，商旅文体健等多业态融合的商业 综合体，四星级及以上酒店，超大特大城市商务楼宇，以及老旧街区、老旧厂区更新改造等城市更新项 目纳入REITs项目行业范围，填补了我国REITs市场底层资产大类的重要空白，我国REITs市场发展再次 迈出关键一步。 一、我国REITs市场从基础设施领域起步，市场运行平稳、发展有序 《2025年版清单》将体育场馆，商旅文体健等多业态融合的商业综合体，四星级及以上酒店，超大特大 城市商务楼宇，以及老旧街区、老旧厂区更新改造等城市更新项目纳入REITs范围，既是落实国家重大 战略的关键举措，也推动我国REITs市场与国际REITs市场更加接轨。 从提振消费看，《中共中央关于制定国民经济和社会发展第十五个五年规划的建议》要求，深入实施提 振消费专项行动，扩大优质消费品和服务供给。体育场馆、商旅文体健等多业态融合商业综合体以及酒 店项目，从单一消费场景深耕、多元场景协同、旅行消费核 ...

Group 1: Macro Strategy and Industry Selection - In 2026, AI is expected to significantly drive growth in the computer industry, resonating with high-growth sectors such as domestic production, quantum technology, financial IT, and intelligent driving [2] - The rapid iteration of models and high demand for computing power may accelerate commercialization [2] - The advancement of industrial software into a "deep water zone" is anticipated to support the strategy of becoming a manufacturing powerhouse [2] - These dynamics could collectively promote both performance and valuation recovery in the industry [2] Group 2: Real Estate Strategy for 2026 - The real estate sector is projected to transition from "scale expansion" to a new phase of "quality efficiency" in 2026 [5] - Policy tools are expected to achieve a "bottom line + quality improvement" dual drive through affordable housing and urban renewal [5] - Core cities' improved residential properties may become new anchors for capital amidst differentiated demand [5] - Following supply clearance, the increase in industry concentration is likely to reshape the competitive landscape of real estate companies [5] - REITs and light asset models are anticipated to initiate a new investment logic characterized by "low volatility and stable returns" [5] Group 3: Oil and Gas Outlook for 2026 - The article discusses when the oversupply of oil may reach an inflection point and the marginal shifts in supply and demand expected next year, along with the equilibrium price of oil [7] - A global LNG expansion wave is anticipated, with ongoing interest in gas turbines, presenting opportunities in the European and American natural gas markets [7] Group 4: AI and Market Strategy - The article explores concerns regarding the AI bubble and how traditional macro strategy frameworks may fail to capture AI's impact [9] - Beyond the "bubble theory," the debt-driven growth associated with AI is expected to create various opportunities [9]

Group 1 - The event "Rongyi Shang" organized by Chengdu aims to enhance the understanding of listing policies and bond issuance among local enterprises, with participation from over 20 quality representative companies from Chengdu [3][5] - Experts from the Shenzhen Stock Exchange provided insights on the latest policies regarding enterprise listings, IPO inspections, and the latest regulations on technology innovation bonds, ABS, and REITs [5][6] - The event included a visit to BYD headquarters, where attendees learned about BYD's advancements in the electronic, automotive, new energy, and rail transportation sectors, with a projected 4.27 million sales of new energy vehicles in 2024 [8][10] Group 2 - Chengdu has implemented a comprehensive service plan for enterprises throughout their listing lifecycle, focusing on building strong industrial chains and promoting high-quality development of listed companies [10] - The number of listed companies in Chengdu has been steadily increasing, with a total of 153 companies currently listed and 34 new additions in the past three years; there are over 700 companies in the pipeline for listing [10] - In the first three quarters of 2025, Chengdu's enterprises achieved direct financing of 263.34 billion yuan, indicating a significant increase in capital market activity [10]

1. Report Industry Investment Rating The provided content does not mention the industry investment rating. 2. Core Views of the Report - After five - year development, the pilot program for commercial real - estate investment trusts (REITs) is officially launched. On November 28, 2025, the China Securities Regulatory Commission (CSRC) released a draft for public comment, planning to introduce a new product of "commercial real - estate REITs" outside of "infrastructure REITs", including commercial complexes, commercial retail, office buildings, hotels and other commercial properties [3]. - The announcement emphasizes that fund managers should actively perform the operation and management duties of commercial real estate. This is expected to shift the domestic commercial real - estate from a development - oriented to an operation - oriented model and make the institutional arrangement closer to that of mature international REITs markets [3]. - There may be marginal changes in the REITs review process, accelerating the product expansion. The notice is issued solely by the CSRC without mentioning the National Development and Reform Commission (NDRC) recommendation mechanism for now, which may simplify the review chain of commercial real - estate REITs [3]. - The launch of commercial real - estate REITs provides a market - based financing and exit channel for real - estate enterprises and local state - owned enterprises holding high - quality commercial properties, alleviating their liquidity pressure and supporting the construction of a new real - estate development model [3]. 3. Summary According to the Directory 3.1 Primary Market: Three Newly Issued Public REITs Made Progress - As of November 28, 2025, 19 REITs have been successfully issued this year, with a total issuance scale of 38.79 billion yuan, a year - on - year decrease of 24.1%. Three newly issued public REITs made progress this week: Dongfanghong Tunnel Expressway REIT was accepted, with the underlying asset being the Qianjiang Tunnel in Zhejiang; Ping An Xi'an Hi - tech Industrial Park REIT was declared; and AVIC Zhonghe Energy REIT was accepted [3]. - The current approval process includes 11 declared REITs, 2 that have been questioned and responded, 1 that has passed the review, and 1 that has been registered and is awaiting listing. For the expansion of existing REITs, 5 have been declared, 3 have been questioned and responded, and 3 have passed the review [3]. 3.2 Secondary Market: Liquidity Rebounded This Week 3.2.1 Market Review: The CSI REITs Total Return Index Declined by 0.08% - As of November 28, 2025, the CSI REITs Total Return Index closed at 1040.34 points, a decline of 0.08% this week. It underperformed the CSI 300 by 1.72 percentage points and outperformed the CSI Dividend Index by 0.08 percentage points. The year - to - date increase of the CSI REITs Total Return Index was 7.49%, underperforming the CSI 300 by 7.55 percentage points and outperforming the CSI Dividend Index by 8.13 percentage points [4]. - By project attribute, equity - type REITs fell 0.02% and concession - type REITs fell 0.43% this week. By asset type, the data center (+1.84%), affordable housing (+0.77%), consumption (-0.13%), and warehousing and logistics (-0.30%) sectors performed well [4]. - Among individual bonds, 34 rose and 42 fell this week. CICC Xiamen Anju REIT (+3.65%), Huaxia Capital First - Choice Outlets REIT (+2.67%), and Huaxia Beijing Affordable Housing REIT (+2.52%) were the top three, while Huatai Nanjing Jianye REIT (-5.92%), CICC Chongqing Liangjiang REIT (-4.55%), and China Merchants Expressway REIT (-4.41%) were the bottom three [4]. 3.2.2 Liquidity: The Liquidity of the Affordable Housing Sector Increased Significantly - The average daily turnover rates of equity - type and concession - type REITs this week were 0.51% and 0.47% respectively, an increase of 7.22 and 2.49 basis points compared to last week. The trading volumes this week were 490 million and 157 million shares respectively, a week - on - week increase of 16.59% and 15.38% [4]. - The affordable housing sector had the highest activity, with an average daily turnover rate of 1.11% this week, an increase of 34.61 basis points compared to last week, and a trading volume of 154 million shares, a week - on - week increase of 45.71% [27]. 3.2.3 Valuation: The Affordable Housing Sector Had a Higher Valuation - According to the ChinaBond valuation yield, the yields of equity - type and concession - type REITs were 3.95% and 4.17% respectively. The warehousing and logistics (5.55%), transportation (5.03%), and park (4.75%) sectors ranked among the top three [4]. 3.3 This Week's News and Important Announcements 3.3.1 This Week's News - On November 25, 2025, the infrastructure REITs fund manager public project tender announcement of Nanjiang Energy Group was released. - On November 26, 2025, the winning candidate for the Lanzhou Thermal Power Group's public REITs project was announced. - On November 27, 2025, the NDRC stated that it was actively promoting the expansion of infrastructure REITs to more industries and asset types such as urban renewal facilities, hotels, sports stadiums, and commercial office facilities. - On November 28, 2025, the CSRC drafted the "Announcement on the Pilot Program of Commercial Real - Estate Investment Trust Funds (Draft for Public Comment)" [35]. 3.3.2 Important Announcements - Many REITs released announcements this week, including operation data announcements, share unlocking announcements, and dividend announcements. For example, Guojin China Railway Construction REIT released its operation data for October 2025; Huaxia Fund China Resources Youchao REIT announced the unlocking of strategic placement shares; and Huaxia Beijing Affordable Housing REIT announced a dividend plan [35][36].

Core Viewpoint - The announcement of the pilot program for Commercial Real Estate Investment Trusts (REITs) marks a significant innovation in China's capital market, aiming to connect commercial real estate with the capital market and provide standardized solutions for revitalizing trillions of yuan in existing assets [3][4]. Group 1: Pilot Program Overview - The pilot program is a key transition from infrastructure REITs to commercial real estate, aligning with the new "National Nine Articles" to promote high-quality development of the REITs market [3]. - The program aims to provide a new equity financing channel for the commercial real estate sector and transform the operational model of real estate development [3][6]. Group 2: Institutional Design - The pilot program features a comprehensive institutional design that establishes a market-oriented and standardized operational system, emphasizing the active management of REITs [4][5]. - The definition of commercial real estate REITs highlights their equity nature and the requirement for professional management to create value through operations [4]. - The program sets clear asset quality standards, ensuring that only properties with stable cash flows and clear ownership can be included [4]. Group 3: Market Impact - The introduction of commercial real estate REITs is expected to unlock dormant assets in prime urban areas, providing a new financing avenue for companies holding substantial commercial properties [6][7]. - REITs will shift the operational logic of commercial real estate from a focus on sales to a focus on management, enhancing property value through improved operational capabilities [7]. - The REITs model is anticipated to inject new vitality into the capital market, appealing to long-term investors such as insurance funds and pension funds due to its stable returns [7][8]. Group 4: Future Development and Opportunities - The development of commercial real estate REITs is based on five years of experience with infrastructure REITs, following a path from infrastructure to commercial real estate [8]. - The market is prepared for implementation, with exchanges revising rules and fund companies forming specialized teams [8]. - Successful implementation of the pilot program will require supportive policies, including tax and state-owned asset transfer regulations, to create a conducive environment for REITs [9].

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has announced a pilot program for commercial real estate investment trusts (REITs), aiming to enrich capital market investment tools and support a new model for real estate development, enhancing the effectiveness of multi-level capital markets in serving the real economy [1][2][3]. Group 1: Regulatory Framework - The announcement outlines the registration and operational management requirements for commercial real estate REITs, including responsibilities of fund managers and professional institutions [1]. - Fund managers must conduct comprehensive due diligence on the commercial real estate to be held, ensuring compliance with national strategies and policies, and that the properties generate stable cash flows [2]. - Regulatory bodies are tasked with monitoring and managing risks associated with commercial real estate REITs, with self-regulatory responsibilities assigned to various associations [2]. Group 2: Market Development - The REITs market has developed steadily over the past five years, with 77 listed REITs raising a total of 207 billion yuan and a total market capitalization of 220.1 billion yuan as of November 27 [3]. - The China Securities Index REITs total return index has increased by 22.46% since the beginning of 2024, indicating that REITs are becoming an important asset class for investment [3]. - The CSRC emphasizes the potential of commercial real estate assets, such as shopping centers and office buildings, to be utilized in REITs, reflecting a significant demand for revitalizing existing assets and expanding equity financing channels [3].

Core Viewpoint - The launch of the commercial real estate REITs pilot program marks a significant development in the public REITs market, aimed at enhancing asset liquidity and expanding financing channels for real estate in China [3][5]. Group 1: Market Overview - As of November 27, 77 REITs have been listed, raising a total of 207 billion yuan, with a total market capitalization of 220.1 billion yuan [4]. - The China Securities REITs Total Return Index has increased by 22.46% since the beginning of 2024, indicating that REITs are becoming an important asset class for investment [4]. Group 2: Regulatory Framework - The draft proposal outlines eight key points, including product definitions, fund registration, operational management requirements, and enhanced regulatory responsibilities [3][5]. - Commercial real estate REITs are defined as closed-end publicly raised securities investment funds that hold commercial real estate to generate stable cash flows and distribute profits to fund shareholders [5]. Group 3: Institutional Responsibilities - The draft emphasizes the roles of fund managers and professional institutions, mandating strict adherence to professional standards and regulatory requirements [5]. - Regulatory bodies are tasked with monitoring and managing risks associated with commercial real estate REITs, ensuring compliance with laws and regulations [5].

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has announced the launch of a pilot program for commercial real estate investment trusts (REITs), aiming to enhance the market's functionality and support the development of a new real estate model in China [2][3]. Group 1: Regulatory Framework - The consultation draft consists of eight key points, including product definitions, fund registration, operational management requirements, and enhanced regulatory responsibilities [2][4]. - The draft emphasizes the importance of fund managers and professional institutions in adhering to regulatory standards and fulfilling their responsibilities [4]. Group 2: Market Development - As of November 27, 77 REITs have been listed, raising a total of 207 billion yuan, with a total market capitalization of 220.1 billion yuan [3]. - The CSI REITs total return index has increased by 22.46% since the beginning of 2024, indicating that REITs are becoming a significant asset class for investment [3]. Group 3: Asset Class and Demand - The CSRC highlights that commercial properties such as shopping centers, retail spaces, office buildings, and hotels are crucial underlying assets for REITs, given the substantial existing stock of commercial real estate in China [3]. - There is an inherent demand for revitalizing these assets and broadening equity financing channels through REITs [3].