Core Viewpoint - The announcement by the China Securities Regulatory Commission (CSRC) regarding the pilot launch of commercial real estate investment trusts (REITs) marks a significant expansion of China's public REITs market from infrastructure to commercial real estate, indicating a new phase of parallel development between commercial real estate and infrastructure REITs [1][2][3] Group 1: Regulatory Framework - The CSRC has established a "1+3+N" policy framework for commercial real estate REITs, which includes one announcement, one notice, two working regulations, and 17 supporting rules from various institutions [1][2] - The new rules aim to adaptively optimize management while maintaining strict oversight, reflecting a targeted approach to different types of REITs [1][2] Group 2: Market Development Strategy - The announcement outlines four key areas for advancing REITs, including improving work mechanisms, accelerating market system construction, optimizing review processes, and enhancing regulatory frameworks to ensure market stability [2][3] - The introduction of commercial real estate REITs signifies a shift towards a more mature market that encompasses all asset classes, enhancing the breadth and depth of REITs in serving the real economy [2][3] Group 3: Project Selection and Quality Control - Regulatory authorities will focus on selecting high-quality projects that align with national policy and demonstrate significant social benefits, particularly in core urban areas and economically active regions [4][5] - There will be a strong emphasis on the responsibilities of intermediary institutions to ensure compliance and quality control throughout the REITs process, including due diligence and information disclosure [4][5]

Core Viewpoint - China State Construction Sixth Engineering Division (CSCEC Sixth Bureau) has sold its headquarters building, the Zhongjian Center, for 504 million yuan, utilizing it as an underlying asset for an asset-backed securities (ABS) issuance on the Shanghai Stock Exchange [1][2]. Group 1: Financial Product Details - The ABS issuance, named "CITIC Construction - China State Construction Commercial Property Holding Type Real Estate Asset Support Special Plan," has a total scale of 504 million yuan and a term of 30 years [1][2]. - The Zhongjian Center, located in the core area of Tianjin's Hedong District, has a total construction area of approximately 57,000 square meters, featuring a 5A standard office building and various commercial facilities [2]. Group 2: Financial Performance and Debt Situation - As of Q3 2025, CSCEC Sixth Bureau reported total operating revenue of 54.759 billion yuan, a year-on-year increase of 1.92%, and a net profit of 909 million yuan, up 3.73% year-on-year. However, the net profit attributable to shareholders decreased by 36.95% to 412 million yuan [5]. - The company faces certain debt pressures, with short-term borrowings reaching 15.624 billion yuan and non-current liabilities due within one year amounting to 3.549 billion yuan, while cash and cash equivalents stand at 11.275 billion yuan [5]. Group 3: Market Context and Future Prospects - The issuance of institutional REITs is expected to see explosive growth in 2025, with a cumulative issuance scale of approximately 47.5 billion yuan and 22 products by the end of the year, marking a threefold increase in new issuances compared to 2024 [8]. - The benefits of issuing institutional REITs include allowing the company to bring its existing assets onto the balance sheet, potentially increasing profits by reducing total liabilities [10].

登录新浪财经APP 搜索【信披】查看更多考评等级 商业不动产REITs试点的正式启动，也标志着我国公募REITs市场向多元化资产类型迈出关键一步，一 个底层资产更加丰富的REITs市场体系正在加速构建中。中信建投表示，商业不动产REITs试点落地， 标志着中国公募REITs底层资产迈向全门类。 从发展历程来看，2020年4月，证监会与国家发展改革委联合发布《关于推进基础设施领域不动产投资 信托基金（REITs）试点相关工作的通知》，2021年6月21日，我国首批9单公募REITs项目在沪深交易 所正式上市。统计数据显示，截至2025年12月27日，沪深交易所已上市78只REITs产品，融资金额2099 亿元，总市值达到2199亿元，我国公募REITs市场从无到有，正在发展壮大。同时，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。 （来源：经济参考报） 证监会表示，要加快推进REITs市场体系建设，推进市场扩容扩围。持续加大优质REITs供给，推动市 场业态不断丰富、规模有序增长。完善REITs扩募制度安排与市场化定价机制，积极探索多元、高效 ...

2026年01月04日 部业不动产 REITs TER 型化? 公募 REITs 周度跟踪（2025.12.29-2025.12.31） 日一十分 申报加速 《跆族反弹 八层 REITs 周度跟踪 (2025.12.22- 2025.12.26)》 2025/12/27 《中核水电 REIT 认购倍数续创新高 公募 REITs 周度跟踪 (2025.12.15-2025.12.19) 》 2025/12/20 《板块分化调整，中核水电 REIT 即 《校友——公募 RElTs 周度跟踪 （2025.12.8-2025.12.12)》 将询价一 2025/12/13 证券分析师 黄伟平 A0230524110002 huangwp@swsresearch.com 杨雪芳 A0230524120003 yangxf@swsresearch.com 研究支持 曹璇 A0230125070001 caoxuan@swsresearch.com 联系人 曹璇 A0230125070001 caoxuan@swsresearch.com 申万宏源研究微信服务 请务必仔细阅读正文之后的各项信息披露与声明 简单金融 成就梦想 ...

今年，全市场共新发行产品20单、扩募5单，合计募资473.35亿元。截至今年年底，国内公募REITs市场 总发行规模（含扩募）突破2100亿元。历经5年时间，我国REITs市场已成长为亚洲第一、全球第二大 REITs市场。（智通财经记者杜萌） 继11月28日就商业不动产投资信托基金试点公开征求意见后，今日傍晚，证监会正式发布《关于推出商 业不动产投资信托基金试点的公告》，这意味着商业不动产正式步入公募REITs时代。《公告》共八 条，主要从产品定义、基金注册及运营管理要求、发挥基金管理人和专业机构作用、强化监管责任等方 面进行明确。 ...

Group 1 - The core viewpoint of the article highlights the successful listing of the "Dongjiu New Economic REIT Expansion Project" on the Shanghai Stock Exchange, marking a significant milestone for the company as a financial advisor in the public REITs expansion project [1] - The project is initiated by Dongjiu Industrial Real Estate Investment Co., focusing on the development and management of infrastructure industrial parks, particularly in key urban areas such as the Yangtze River Delta and the Greater Bay Area [1] - The expansion involves acquiring shares in infrastructure projects, specifically the Dongjiu (Nantong) Intelligent Manufacturing Park and Dongjiu (Chongqing) Intelligent Manufacturing Park, which are characterized by single-layer standard factory assets that align well with heavy industrial production needs [1] Group 2 - The company leverages its "investment + investment banking" synergy to enhance collaboration across various departments, including underwriting, fixed income financing, and securities investment, to support clients effectively [2] - The company is committed to promoting a multi-tiered REITs market development through deepened cooperation in the entire REITs industry chain, including Pre-REITs and public REITs [2] - Key personnel from the company attended the listing ceremony for the Dongjiu New Economic REIT Expansion Project, symbolizing the project's successful launch [4]

2025 年 12 月 27 日 超跌反弹，申报加速 ——公募 REITs 周度跟踪（2025.12.22-2025.12.26） 相关研究 《中核水电 REIT 认购倍数续创新高 ——公募 REITs 周度跟踪 （2025.12.15-2025.12.19）》 2025/12/20 《板块分化调整，中核水电 REIT 即 将询价——公募 REITs 周度跟踪 （2025.12.8-2025.12.12）》 2025/12/13 《新版行业清单出炉，基础设施 REITs 再扩围！——公募 REITs 周 度跟踪（2025.12.1-2025.12.5）》 2025/12/06 债 券 周 评 ⚫ 事件扰动因素减弱。本周一、周二延续上周跌势，自上周一至本周二累计跌幅 4.35%；周 三、周四市场情绪反转，分别强势反弹 2.33%、0.99%，推动指数回升至上周二、三水平， 但未完全回补前期跌幅；周五则再度小幅回落。分板块来看，本轮事件冲击下的行情演绎 中，交通、能源、环保水务三类经营权 REITs 前期跌幅居前，修复后整体仍录得下跌，分 别-4.03%、-2.81%、-2.91%；而仓储、数据中心、产业园前期调 ...

登录新浪财经APP 搜索【信披】查看更多考评等级 经国金基金管理有限公司（以下简称"本基金管理人"）内部决策机构决议，国金铁建重庆渝遂高速公路 封闭式基础设施证券投资基金（基金代码：508008，以下简称"国金中国铁建高速REIT"或"本基金"）拟 申请扩募并实施基础设施项目扩能改造（以下统称"本次交易"）。 本次交易的具体内容，详见本基金管理人在中国证券监督管理委员会（以下简称"中国证监会"）规定信 息披露网站披露的《国金铁建重庆渝遂高速公路封闭式基础设施证券投资基金产品变更草案》《国金铁 建重庆渝遂高速公路封闭式基础设施证券投资基金扩募方案草案》。 根据有关法律法规的规定，本次基金扩募并实施基础设施扩能改造的申请尚需中国证监会准予本基金变 更注册、上海证券交易所审核通过本基金的基础设施基金产品变更申请和基础设施资产支持证券相关申 请、并经基金份额持有人大会决议通过后方可实施。 在中国证监会准予本基金变更注册、上海证券交易所审核通过本基金的基础设施基金产品变更申请和基 础设施资产支持证券相关申请、基金份额持有人大会决议通过本次交易相关议案后，本基金管理人将依 法按约定发售扩募份额，并向上海证券交易所申请办理 ...

Group 1 - The core viewpoint of the news is the announcement of a financing arrangement for the AVIC Shougang Biomass Closed-End Infrastructure Securities Investment Fund, which involves a loan agreement with China Merchants Bank to support the liquidity of the project company [1][2][3]. - The project company, Beijing Shougang Biomass Energy Technology Co., Ltd., operates three sub-projects, providing waste disposal services and electricity sales, generating revenue through service fees and electricity sales to the State Grid [1]. - The fund's latest net asset value is approximately 917.49 million yuan as of June 30, 2025, and the new loan of 20 million yuan represents 2.18% of the fund's net assets, remaining below the 5% threshold [3][4]. Group 2 - The loan is structured as a factoring arrangement for national subsidy receivables, with a borrowing interest rate based on the one-year Loan Prime Rate (LPR) minus 52 basis points, and is set to mature on December 10, 2026 [3][6]. - The purpose of the loan is to supplement the project company's working capital, with repayment expected from the national subsidy receivables, allowing for early repayment once funds are received [6][7]. - The financing arrangement is intended to smooth cash flow during the fund's duration, mitigating risks associated with uncertain receivable timelines, and positively impacting the cash distribution rate for fund shareholders [7].

Core Viewpoint - Over 80% of public REITs products experienced an increase this week, with the China Securities REITs Total Return Index rising by 1.56% from December 22 to 26, 2023 [2][5] Market Performance - The China Securities REITs Total Return Index saw a slight decline of 0.18% on December 26, closing at 1014.80 points. During the week, 67 out of 79 listed public REITs recorded a rise, with the highest increase being 7.86% for the Zhongjin Chongqing Liangjiang REIT [5][6] - The top-performing REITs included Zhongjin Chongqing Liangjiang REIT (7.86%), Huaxia Fund Huayun REIT (5.99%), and Bosera Jinkai Industrial Park REIT (5.94%). Conversely, 10 products experienced declines, with one falling over 5% [5][6] New Developments - The highly anticipated Xinjiang first hydropower REIT, Huaxia Zhongke Clean Energy REIT, successfully concluded its issuance, attracting over 1616 billion yuan in subscription funds, with a public investor subscription multiple of approximately 392 times [3][8][9] - The underlying asset of Huaxia Zhongke Clean Energy REIT is the Bopona Hydropower Station, the largest in the Hotan region, which has maintained stable revenue and power generation for over 14 years [9] Market Insights - Analysts suggest that the recent price fluctuations in the public REITs market are largely unrelated to the underlying fundamentals, but rather influenced by discussions surrounding the accounting treatment of OCI principal and interest [5][7] - The market is still in a policy dividend period, and it is recommended to gradually focus on low-priced opportunities in relatively stable projects [7]