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].

Core Viewpoint - The launch of the commercial real estate REITs pilot program marks a new phase in China's REITs market, transitioning towards a mature direction of "parallel development of commercial real estate and infrastructure" [1][7]. Group 1: Policy Framework - The regulatory framework for commercial real estate REITs is defined as "1+3+N", where "1" refers to the announcement, "3" includes three key documents, and "N" represents 17 supporting rules from various regulatory bodies [2]. - The announcement serves as a foundational document, clarifying core institutional arrangements for commercial real estate REITs, including product definitions, fund registration, operational management requirements, and regulatory responsibilities [2]. Group 2: Supporting Rules - The supporting rules systematically refine the entry standards for REITs, focusing on compliance, financial, asset evaluation, and fund operation requirements [3]. - A more market-oriented mechanism is established, linking yield requirements to risk-free interest rates and ensuring that recovered funds comply with national macro policies and regulations [3]. - The rules promote market expansion by allowing asset combinations with similar operational characteristics and reducing the time for post-IPO fundraising applications to six months [3]. Group 3: Review Mechanism and Risk Management - The feedback timeline for initial reviews has been shortened from 30 to 20 working days, and guidelines for drafting prospectuses have been introduced to align with REITs characteristics [4]. - The pilot program emphasizes high-quality project selection, focusing on projects that align with national policies and demonstrate stable operational performance [6]. - Regulatory bodies will enhance supervision and risk monitoring, ensuring compliance and addressing any violations promptly [6]. Group 4: Market Development - The pilot program signifies a shift towards a comprehensive REITs market, integrating commercial real estate and infrastructure, each serving distinct economic functions [7][8]. - Infrastructure REITs are expected to stabilize the economy and address shortfalls, while commercial real estate REITs will focus on promoting consumption and structural adjustments, closely tied to economic cycles [8].

Investment Rating - The report suggests a focus on three main investment lines: undervalued brokerages, companies in the biotechnology sector, and diversified financial firms with strong performance growth [2][4]. Core Insights - The People's Bank of China has introduced a plan to enhance the digital RMB management system, expected to optimize monetary policy transmission and support the internationalization of the RMB, creating opportunities in the payment sector [1][40]. - The China Securities Regulatory Commission has revised regulations on public fund sales fees, encouraging long-term holding by investors and benefiting the public fund industry [1][41][42]. - The insurance sector is expected to see stable net profits and net assets due to high tax-exempt income and deferred tax liabilities, with a low taxable income forecast for 2024-2025 [3][4]. Summary by Sections Securities Sector - The digital RMB is set to officially launch on January 1, 2026, with expectations to enhance monetary policy efficiency and broaden application scenarios, benefiting related industries [1]. - The new fund sales fee regulations are aimed at reducing costs for investors and promoting a healthier ecosystem for public funds [1][41][42]. Investment Recommendations - Focus on undervalued brokerages for potential gains, particularly recommending Guotai Junan and Haitong Securities [2]. - Highlighting Sichuan Shuangma's advantages in the technology sector and its investments in gene therapy, with a strong pipeline of projects [2]. - Recommend diversified financial firms like Yixin Group and Far East Horizon for their impressive performance growth [2]. Insurance Sector - The tax base switch is not expected to significantly impact insurance companies' net profits or net assets, with a high proportion of tax-exempt income [3]. - The report anticipates a favorable environment for insurance stocks driven by high demand in the liability sector and a supportive market for asset management [4]. Market Dynamics - The report notes a recent decline in the A-share market, with the non-bank financial sector underperforming compared to the broader market [10]. - The brokerage and insurance sectors have shown varied performance, with specific recommendations for companies based on their growth potential and market positioning [10][12].

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has launched a pilot program for Real Estate Investment Trusts (REITs) focused on commercial real estate, allowing ordinary investors to invest in properties like shopping malls, office buildings, and hotels, thereby revitalizing dormant assets and providing stable dividend opportunities [2][3]. Group 1: Introduction of Commercial Real Estate REITs - The pilot program for commercial real estate REITs has been officially initiated by the CSRC [1]. - Commercial real estate REITs will now include shopping malls, office buildings, and hotels, expanding beyond previous focuses on infrastructure [2]. - The announcement includes eight articles detailing product definitions, fund registration, operational management, responsibilities of professional institutions, and regulatory arrangements [2]. Group 2: Benefits and Market Development - The introduction of commercial real estate REITs is seen as a direct and market-oriented financial tool to "revitalize stock" and construct a new model for real estate development [2]. - This initiative is expected to help real estate companies transition to asset-light models and alleviate debt pressures while providing the public with opportunities to share in the profits of quality commercial real estate [2]. - The CSRC aims to promote high-quality development of the REITs market, emphasizing the need for a standardized, transparent, and resilient market system [3]. Group 3: Investor Opportunities and Market Dynamics - The CSRC's notification encourages the expansion of REITs, supporting quality projects through fundraising and mergers, and aims to attract long-term funds such as insurance and social security funds [3]. - The development of a more robust REITs market is expected to improve liquidity and investor structure, transforming REITs from a niche product to a widely accessible asset class for ordinary investors [3][4]. - REITs are characterized by stable rental income and operational revenue from physical assets, offering good inflation resistance and risk diversification for investors [4].

根据商业不动产REITs制度体系安排，证监会初步明确"1+3+N"框架安排，即1项《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》、1项通知、2项工作规程，N即沪深交易所、中国结算、证券业 协会、基金业协会等单位的17项配套规则。 本次规则主要针对新增的商业不动产业态，在从严管理基础上作适应性调整优化，提高制度的包容性和 适应性，也体现对不同领域REITs"分类管理、分类施策"的针对性安排。 《通知》围绕四个方面对推进REITs相关工作作出安排，一是完善工作机制、压实机构责任，推动商业 不动产REITs健康发展；二是加快推进REITs市场体系建设，重点推进市场扩容扩围、加强二级市场建 设、完善市场生态；三是进一步优化审核注册流程、健全市场化标准体系，完善REITs申报注册制度机 制；四是健全全链条监管机制安排、压严压实市场主体责任，加强监管和风险防范，维护市场平稳运 行。 REITs 配套业务规则修订主要体现在五方面。 一是适应性调整名称和表述。将商业不动产REITs和基础设施领域REITs均纳入规制范围，规范各门类 REITs活动。 2025年12月31日，证监会发布《关于推动不动产投资信托基金（R ...

1、 存量"公积金+商贷"利率今起同步下调。根据央行相关通知，对于2025年5月8日以前已经发放的公积金贷款，自2026年1月1日开始，首套房5年以下利 率降至2.1%，5年以上降至2.6%； 二套房5年以下降至2.525%，5年以上降至3.075%。商业贷款方面，五年期LPR下调至3.5%，贷款人可选择3个月、6个 月或1年重定价周期。 2、 证监会发布《公开募集证券投资基金销售费用管理规定》，标志着公募基金行业第三阶段费率改革落地，这也是公募基金费率改革工作的收官政策。 全部三个阶段费率改革工作完成后，公募基金综合费率水平下降约20%，每年预计为投资者节省约510亿元的投资成本。 3、 贵金属市场辉煌的一年落下帷幕，2025年最后一个交易日，黄金与白银价格双双走低，但全年涨幅仍稳居四十余年来最高水平。 现货黄金价格徘徊在 每盎司4320美元附近，白银价格则跌至每盎司71美元。COMEX黄金期货收跌1.24%报4332.10美元/盎司，12月涨1.81%，2025年涨55.51%；COMEX白银期 货收跌8.91%报70.98美元/盎司，12月涨24.17%，2025年涨129.83%。美国政府政策调整与全 ...

【导读】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》 中国基金报记者 若晖 新年的钟声即将敲响，在 2025 年迎来大发展的公募 REITs 市场又迎来利好政策出炉。 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》（以下简称《通知》），同时出台《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》。沪深交易所同步修订发布公募 REITs 业务规则，护航 REITs 市场高质量 发展。 业内对于《通知》中提到的 " 支持运营稳健、治理有效、信息披露质量较高的上市 REITs 通 过购入资产、扩募、合并等方式做优做强 " ，以及 " 支持符合条件的公募基金将 REITs 纳 入投资范围，研究探索跟踪 REITs 指数的交易型开放式指数基金（ REITs ETF ）等创新产 品 " 两个提法非常关注，有望打开明年 REITs 市场新的发展空间。 推动商业不动产 REITs 平稳健康发展 证监会在《通知》中指出，要深刻认识发展商业不动产 REITs 的重要意义。推动商业不动产 REITs 市场发展是资本市场落实 ...

Group 1 - The core viewpoint is that the official release of the REITs pilot rules by the China Securities Regulatory Commission (CSRC) on December 31 allows commercial real estate such as shopping centers, office buildings, and hotels to be financed through public REITs, thus unlocking significant capital from the existing commercial real estate market [2][3] - The introduction of REITs transforms the approach for real estate companies from "development-sales" to "development-operation," enabling them to create long-term value through professional management [3] - REITs offer investors stable cash flow, providing new investment options for long-term funds such as insurance and pension funds [4] Group 2 - The regulatory authorities emphasize a cautious approach, focusing on quality rather than quantity, with the first batch of projects targeting mature commercial properties in first-tier cities to ensure a high-quality start [5] - The activation of trillions of yuan in commercial assets is anticipated, indicating a significant shift in the market landscape [6]

本报记者 毛艺融 田鹏 为深入贯彻落实党的二十届三中、四中全会精神以及"新国九条"要求，根据中国证监会关于推动商业不动产REITs试点的 统一部署，12月31日，上交所修订发布了《上海证券交易所公开募集不动产投资信托基金（REITs）业务办法（试行）》（以 下简称《不动产基金业务办法》），并完善了相关配套业务指引及指南。同日，深交所发布《公开募集不动产投资信托基金业 务办法》及配套规则指南，并发布《关于商业不动产投资信托基金试点有关工作的通知》。 上交所表示，下一步，将在中国证监会的领导下，坚持规范与发展并重，不断完善REITs规则体系，推动建设良好市场生 态，推进REITs市场高质量发展，更好服务国家战略和经济社会发展全局。 深交所表示，接下来，将深入贯彻党的二十届四中全会和中央经济工作会议精神，按照中国证监会统一部署，紧扣推进 REITs市场高质量发展主题，构建简明、高效、规范、透明的REITs规则体系，加强优质项目储备，推动商业不动产REITs试点 平稳落地，进一步提升监管能力和服务水平，增强多层次资本市场服务实体经济质效。 上交所：夯实REITs规范运作制度基础 上交所表示，本次修订旨在进一步完善不动 ...

登录新浪财经APP 搜索【信披】查看更多考评等级 炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 记者丨崔文静 编辑丨包芳鸣 12月31日，中国资本市场迎来重要创新。中国证监会正式发布《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》（以下简称《公告》），标志着市场期盼已久的商业不动产公募REITs试点规则完 成意见征集并最终落地，自公布之日起施行。 同时，沪深交易所、中国结算、证券业协会、基金业协会等单位的全套配套业务规则同步发布。这不仅 是我国公募REITs市场从基础设施领域向商业不动产领域的关键扩容，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，一个更具广度、深度与活力的多层次REITs市场生态开始加速 构建。 历经近五年探索，我国基础设施REITs市场已稳步成长。截至2025年12月27日，已上市REITs产品达78 只，累计融资2099亿元，总市值2199亿元。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。坚实的实践基础、清晰的顶层设计指引与庞大的商业不动产盘活需求共 同催生了此次试点的正 ...