人民财讯12月10日电，商业不动产REITs(不动产投资信托基金)开闸在即，受到市场各方关注。财通资 管总经理助理叶晓明近日接受证券时报记者采访时表示，我国REITs市场在资产类型上将补齐关键的一 块拼图，将盘活百万亿级别的存量不动产，并通过资本市场的价格发现与资源配置功能，引导中国经济 要素向更高效领域流动。 数据显示，4年多来，中国基础设施REITs市场发展迅猛，截至目前，已经成立了78只产品，发行规模 超2000亿元。各类市场参与主体也日趋成熟，正以商业化姿态布局这一潜力赛道。 据悉，许多持有优质商业资产的央企、地方国企，甚至民营商业运营公司都在积极备战，待规则落地就 立即申报。 ...

□ 中国证监会债券司司长 韩卓 中国证监会债券司法制小组负责人 姜洁 □ 我国REITs市场已取得初步成效，功能定位明确。境内REITs试点五年来，市场体系逐步完善，已形成 一定的规模效应和示范效应。截至2025年11月底，已累计上市REITs产品77只，总市值突破2200亿元 □ REITs市场高质量发展面临多重问题：内涵式发展动力不足、外延式发展空间待拓、法规体系尚需完 善等。具体表现为：部分产业方对REITs功能运用不充分、产融结合不足、激励机制不健全；市场供给 不足、部分项目整合困难；上位法适配度不足、监管规则效力层级较低、对产业方约束有待明晰等 □ 推动REITs市场高质量发展的对策建议：提高市场制度包容性，扩大REITs覆盖面，推动商业不动产 REITs试点；优化治理结构和激励机制，强化内生动力；强化法律责任和监管力度，压实原始权益人责 任；推动市场形态由"小而散"向"大而优"转型，支持打造龙头REITs平台，并加快建设多层次REITs市场 不动产投资信托基金（Real Estate Investment Trusts,简称"REITs"）是实现不动产资产证券化的重要手 段，在国际资本市场已有60 ...

格隆汇12月8日丨北部湾港(000582.SZ)公布，为积极响应国家政策号召，进一步拓宽公司融资渠道，打 造上市公司"双轮驱动"发展模式，提升市值表现，提高资产运营效率，形成良性投融资循环，北部湾港 股份有限公司拟以全资子公司北部湾港北海码头有限公司（简称北海码头）持有的、位于广西壮族自治 区北海市铁山港区的铁山港西港区北暮作业区1#、2#泊位（简称基础设施项目或北暮1#、2#泊位）作为 底层资产，开展公开募集北部湾港港口基础设施领域不动产投资信托基金（简称基础设施公募REITs） 的申报、注册、发行工作。 ...

2025年11月28日，证监会发布《关于推出商业不动产投资信托基金试点的公告（征求意见稿）》（以下 简称《征求意见稿》），拟在"基础设施REITs"之外，单列"商业不动产REITs"创新项目，商业综合体、 商业零售、写字楼、酒店等商业物业将被纳入公募REITs投资范围。 业内人士表示，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。 借鉴国际经验并结合我国实际，坚持市场化法治化方向，适时推出商业不动产REITs，可以更好发挥 REITs功能作用，支持构建房地产发展新模式，进一步提升多层次资本市场服务实体经济的质效。 商业不动产纳入公募REITs范围 【导读】商业不动产REITs要来了 迈出扩容关键一步 商业不动产REITs激活万亿级市场 中国基金报记者方丽陆慧婧 为贯彻落实党中央、国务院决策部署和资本市场新"国九条"要求，推动不动产投资信托基金（REITs） 市场高质量发展，丰富资本市场投融资工具，支持构建房地产发展新模式，持续增强多层次资本市场服 务实体经济质效，证监会就 ...

Core Viewpoint - The China Securities Regulatory Commission (CSRC) is drafting an announcement to launch a pilot program for commercial real estate investment trusts (REITs) to promote high-quality development of the REITs market and support a new model for real estate development [1][2]. Group 1: Market Potential - The commercial real estate sector in China is vast, with a strong demand for asset holders to access direct financing channels, indicating significant growth potential for commercial real estate REITs [1]. - According to Zhongtai Securities, the potential space for commercial real estate REITs is estimated to be between 800 billion to 1.5 trillion yuan [1]. Group 2: Financing and Risk Mitigation - The introduction of commercial real estate REITs is timely, providing market-based financing and exit channels for real estate companies and local state-owned enterprises, thereby alleviating liquidity pressures [2]. - The move is expected to help reduce leverage and mitigate risks by revitalizing existing assets and supporting a new model for real estate development [2]. Group 3: Regulatory Framework - The draft announcement establishes a classification management system for REITs, recognizing the differences between commercial real estate and infrastructure in terms of asset attributes and management [3]. - The regulatory approach will involve parallel development of commercial real estate REITs and infrastructure REITs, optimizing regulatory requirements for real estate companies [3]. Group 4: Policy Adaptability - Regulatory authorities will enhance the policy framework to ensure the smooth implementation of the commercial real estate REITs pilot, focusing on improving market efficiency and promoting a healthy investment cycle [3]. - There will be ongoing efforts to optimize the issuance and expansion mechanisms for REITs, encouraging participation and activity in the market [3]. Group 5: Review Process - The review process for REITs may see marginal changes, potentially accelerating the expansion of products, as the draft is released solely by the CSRC, suggesting a simplification of the approval chain [4].

【重点关注】 ·我国基础设施REITs再迈关键一步扩围至酒店、商业办公设施等领域 ·我国快递年业务量首次突破1800亿件每秒超6200件 ·广东省发改委发布2025年1—10月省重点项目建设进展情况，2025年广东省安排省重点建设项目1500 个，年度计划投资1万亿元。1—10月，省重点项目完成投资9598亿元，为年度计划投资的96.0%。 ·据"常州发布"消息，常州市12月1日召开进一步资助住房困难工薪群体购买商品住房政策吹风会。常州 市将在2025年实施"支持住房困难工薪群体购买自住新建商品住房现房"政策的基础上，进一步加大力 度，支持购买新建商品住房现房，拓展至既资助购买新建商品住房现房，也资助购买新建商品住房期房 和存量商品住房。 【国际要闻】 ·俄罗斯法律信息网1日发布的文件显示，俄总统普京签署关于中国公民临时入境俄罗斯的法令。根据该 法令，中国公民可免签证入境俄罗斯进行参观和商务旅行，有效期至2026年9月14日（含当日）。免签 天数为30天。 ·市场监管总局：积极推进婴配液态乳监管制度建设 ·普京签署中国公民临时入境俄罗斯法令可免签30天 【国内要闻】 ·国家发展改革委办公厅1日公布《基础设施领 ...

Core Insights - The China Securities Investment Fund Industry Association (CSRC) reported that as of October 2025, there were 130 new asset-backed securities (ABS) registered, with a total registration scale of 133.86 billion yuan [1] - The top three ABS underlying assets in terms of registration scale were micro-loan receivables (32.92 billion yuan), financing lease receivables (25.82 billion yuan), and accounts receivable (22.97 billion yuan) [1] - As of the end of October 2025, there were 2,596 ABS in existence, totaling 2,237.377 billion yuan, with infrastructure public REITs accounting for 84 of these, amounting to 205.195 billion yuan [1] Summary by Category New Registrations - In October 2025, 130 new ABS were registered, with a total scale of 133.86 billion yuan [1] - Infrastructure public REITs contributed 2 new ABS registrations, totaling 2.682 billion yuan [1] Existing ABS - As of October 2025, there were 2,596 ABS in existence, with a total scale of 2,237.377 billion yuan [1] - Infrastructure public REITs accounted for 84 existing ABS, with a total scale of 205.195 billion yuan [1] - The combined scale of ABS with underlying assets such as accounts receivable, real estate holding ABS, CMBS, financing lease receivables, and micro-loan receivables was 17,621.94 billion yuan, representing 78.76% of the total existing scale [1]

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]