新华财经北京12月31日电证监会31日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。其中提出，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、高效的扩募实施路径。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，有序提升单只REITs资产规模和风险抵御能力，不断增强其长期价值创造 的内生动力。平等对待各种所有制企业，支持民营企业通过REITs盘活存量资产，拓宽权益融资渠道。 具体内容如下： 为贯彻落实党的二十届三中、四中全会和中央经济工作会议精神，按照《国务院关于加强监管防范风险 推动资本市场高质量发展的若干意见》（国发〔2024〕10号）工作部署，推动不动产投资信托基金（以 下简称REITs）市场高质量发展，完善基础制度，优化监管安排，健全市场功能，增强多层次资本市场 服务实体经济质效。现就有关事项通知如下。 一、推动商业不动产REITs平稳健康发展 （五）加强二级市场建设。丰富覆盖REITs的指数体系， ...

登录新浪财经APP 搜索【信披】查看更多考评等级 12月31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，同日发布《关于商 业不动产投资信托基金试点有关工作的通知》（以下简称《商业不动产REITs通知》）。这是贯彻落实 《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《商业不动产REITs公告》） 的具体举措，将进一步丰富REITs业务类型，促进REITs功能发挥，推动REITs市场高质量发展。 深交所高度重视商业不动产REITs试点工作，扎实有序开展规则修订、技术系统开发、项目培育等各项 准备工作，推动商业不动产REITs试点开好局、起好步。按照《商业不动产REITs公告》相关要求，深 交所修订形成"1+7+6"REITs规则指南框架，即1项业务办法、7项业务指引和6项业务指南，夯实商业不 动产REITs制度基础。一是将商业不动产REITs纳入规则范围，新增商业不动产REITs经营与财务情况、 资产评估、运营管理安排等方面差异化的核查要求，分业态规范商业不动产REITs审核和存续期披露要 求。二是健全审核机制，明确审核各环节程序、缩短审核时限，优化REITs合规性、回收 ...

来源：上海证券报·中国证券网 上证报中国证券网讯 据证监会12月31日消息，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》）。 《通知》提出，激发市场主体活力。结合商业不动产特点，明确商业不动产REITs市场化准入安排，着 力稳定预期、提升效率，更好激发市场主体活力、充分发挥市场优势。重点支持符合政策导向、具有商 业属性的资产发行商业不动产REITs，提高发行上市效率。鼓励REITs持有业态相近、功能互补或运营 协同的资产组合，推动跨领域资产整合，提升规模效应和风险分散能力。支持经营规范、治理健全、资 产管理经验丰富的银行保险业资产管理公司等金融机构参与商业不动产REITs业务。有序拓展原始权益 人范围。 《通知》提出，激发市场主体活力。结合商业不动产特点，明确商业不动产REITs市场化准入安排，着 力稳定预期、提升效率，更好激发市场主体活力、充分发挥市场优势。重点支持符合政策导向、具有商 业属性的资产发行商业不动产REITs，提高发行上市效率。鼓励REITs持有业态相近、功能互补或运营 协同的资产组合，推动跨领域资产整合，提升规模效应和风险分散能力。支 ...

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。 商业不动产REITs起步，证监会将分阶段推进试点工作。 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》（简称《通知》），完善基础制度，优 化监管安排，健全市场功能，增强多层次资本市场服务实体经济质效。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配 套业务规则同步发布。 记者了解到，自制度规则发布实施，市场主体可直接向证监会、交易所申报相关材料，证监会将坚持市场化法治化方向，聚焦重点区域和优 质项目，分阶段推进试点工作，在试点初期，严把发行上市质量关、合规关和风险关，压实中介机构把关责任，做好REITs准入监管、日常 监管与风险监测处置。目前看，项目储备较为充裕，质量总体不错。 "1+3+N"政策框架明确 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、 ...

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 ...

证券代码：000501 证券简称：武商集团 武商集团股份有限公司投资者关系活动记录表 1 目前黄梅项目已开业，武穴项目计划于2026年投入运营。此外 ，公司正积极研究商业不动产REITs、消费类基础设施REITs的 发行路径，旨在优化资产结构，搭建可持续的资本循环平台。 3.新赛道孵化与产业布局方面，公司已成功开辟市内免税 与会员制零售两大新业务，并通过产业投资与数字科技双轮驱 动，系统布局未来增长点。合资运营的武汉首家市内免税店已 于2025年5月开业；同时成功推出"WS江豚会员店"，正式切入 会员制零售赛道。通过旗下"武商江豚基金"，完成对科技、 文化IP等前沿领域的多个项目投资，并举办"江豚杯"创新创 业大赛，持续挖掘和孵化潜在商业机会。公司于2024年10月成 立武汉江豚数智科技有限公司，作为集团数字化转型总平台， 现已自主研发12大数字系统并获得软著授权，通过五项ISO国际 标准认证。超市私域小程序、防飞单系统等相关技术应用有效 实现降本增效；统一移动营销平台与智慧停车场平台的成功上 线，正加速推动集团从传统零售向商业科技公司转型。 4.多元经济与业态融合方面，公司紧密围绕"赛事经济" "宠物经济" ...

人民财讯12月26日电，【摘要】商务部回应TikTok将在美成立合资公司：希望企业达成符合中国法律法 规、利益平衡的解决方案。外汇局：继续深化跨境金融服务平台在西部陆海新通道沿线地区共建共用。 中国信通院：11月国内市场手机出货量3016.1万部，同比增长1.9%。头部硅片企业大幅上调报价？硅片 厂商人士：受上游硅料涨价影响所致。国家烟草专卖局：推动电子烟市场供需平衡，切实防范化解市场 无序竞争风险。证监会黄建山：正稳步推进商业不动产REITs试点。国家新闻出版署：12月份共144款 国产网络游戏获批。广东低空金融"十二条"发布。 ...

固收 商业不动产 REITs 新规与展望 2025 年 12 月 22 日│中国内地 信用周报 信用热点：商业不动产 REITs 新规与展望 证券研究报告 市场回顾：信用债收益率多数下行，信用利差被动上行 上周信用债收益率多数小幅下行，但下行幅度不及国开债，利差多数被动上 行。2025 年 12 月 12 日至 12 月 19 日，税期资金面平稳，债基赎回短暂扰 动市场，LPR 降息预期再起，利率债先上后下，普信债收益率多数小幅下 行 2BP 左右，二永债除 1Y 外多数亦小幅下行 2BP 左右，但下行幅度不及 国开债，利差被动上行，1-5Y 品种多数利差上行 2-3BP。上周理财净买入 376 亿元，基金净买入 82 亿元，基金买入力度环比前一周有所下滑。信用 债 ETF 规模 5282 亿元，环比前一周上升 3.73%。行业利差方面，上周各 行业 AAA 主体评级公募债利差中位数多数上行 3BP 左右，各省公募城投债 利差中位数普遍上升 2-4BP，云南、贵州上行超 6BP。 一级发行：信用债净融资小幅下滑，发行利率涨跌互现 2025 年 12 月 15 日至 2025 年 12 月 19 日，公司类信用 ...

Investment Rating - The industry investment rating is "Outperform the Market" (maintained) [1] Core Viewpoints - The central economic work conference emphasizes stabilizing the real estate market, leading to increased market expectations for policy changes. It is deemed necessary to lower mortgage rates to enhance home buying attractiveness, with a focus on subsequent changes in mortgage rates [2][3] - The current domestic adjustment in volume and price is approaching that of previous overseas cycles, with the adjustment duration slightly shorter than overseas. A simple comparison suggests that the industry may reach a bottom and stabilize between the second half of 2026 and 2027 [2] - The decline in Hong Kong's Hibor in Q2 2025 is expected to lead to a decrease in mortgage rates, which could be a crucial factor for regional market stabilization. If mortgage rates in 2026 are lowered more than expected, it may catalyze a similar recovery as seen in Hong Kong [2] - Investment recommendations focus on three main lines: 1) Real estate companies with light historical burdens and strong product capabilities, such as China Resources Land and China Overseas Development, are expected to benefit from the "good housing" initiative; 2) Hong Kong real estate firms benefiting from the stabilization of the Hong Kong market; 3) Companies with stable cash flow and dividends, such as China Resources Vientiane Life and Poly Property [2] Policy Summary - The pilot program for commercial real estate REITs has been initiated, expanding the scope to include urban renewal facilities, hotels, and sports venues, aiding in the transformation of the real estate sector [3][5] - The central economic work conference aims to stabilize the real estate market and reduce inventory, with a focus on boosting residents' willingness to purchase homes. It is expected that mortgage rate reductions and the loosening of housing restrictions will continue [5][6] Financial Summary - In November 2025, the M2 growth rate was 8%, with a slight decline in the growth rate compared to the previous month. The social financing stock growth rate remained stable at 8.5% [12] - The new personal housing loan rate in Q3 2025 was 3.07%, indicating potential room for further mortgage rate reductions [16] Market Performance - In November, the average daily transaction volume of new homes in 50 key cities decreased by 43.1% year-on-year, while the average daily transaction volume of second-hand homes in 20 key cities decreased by 27.8% year-on-year [20] - The average land supply in 100 cities in November was 31 million square meters, a 130% increase month-on-month, while the average transaction area was 12 million square meters, showing a slight decrease [27] Company Performance - In November 2025, the sales amount of the top 100 real estate companies decreased by 36.8% year-on-year, with a cumulative sales amount decline of 18.8% for the first 11 months [35] - The average land acquisition sales ratio for the top 50 real estate companies was 19% for sales amount and 31% for sales area, both showing a decrease compared to the previous month [39] Stock Market Performance - The real estate sector index fell by 2.81% in November, underperforming the CSI 300 index, which fell by 2.46%. As of December 15, 2025, the real estate sector's PE (TTM) was 58.54 times, placing it in the 94.24 percentile of the past five years [40][43]

1. Report Industry Investment Rating No information provided in the report. 2. Core Views of the Report - Chinese Securities Regulatory Commission has recently intensified efforts in reforming the REITs market, emphasizing the acceleration of commercial real - estate REITs pilot projects, and promoting the high - quality development of the market through measures such as enhancing system inclusiveness and flexibility [4]. - In the first half of December, the REITs market declined, hitting a new low since the second half of 2025, with most sectors in the red, and market trading volume and liquidity hitting new lows [4]. - The interest rate spread between REITs and dividend stocks turned negative, and the valuations of most REITs assets remained high, but the internal rate of return (IRR) generally increased [4]. - Huaxia Zhonghe Clean Energy REIT will conduct offline inquiries on December 17th, and Huaxia Anbo Warehouse Logistics REIT will be listed on December 19th. The valuation difference of Anbo Warehouse Logistics REIT compared to comparable REITs has widened [4]. - The expansion plan of AVIC Jingneng Photovoltaic REIT was approved, and three REITs will be lifted from the restricted - sale period in the second half of December. There is one new application and one new acceptance in the queue of REITs projects, and Jinjiang Group may issue hotel - related REITs [4]. 3. Summary by Relevant Catalogs 3.1 Commercial Real - estate REITs Promising, Market Trading Volume Shrinking to the Bottom - **Policy Support**: The CSRC is promoting the implementation of commercial real - estate REITs pilot projects and enhancing system inclusiveness and flexibility [4][7][8]. - **Market Performance**: In the first half of December, the A - share market showed a slight upward trend, commodities rose, and long - term bond yields increased. The REITs market fell 1.8%, reaching a new low since the second half of 2025. Only IDC and public utilities showed slight increases, while transportation had the largest decline. The overall daily average turnover rate of REITs dropped to 0.35%, the lowest level of the year [4][16][21]. - **Dividend Yield and Valuation**: The dividend yields of equity - type and concession - type REITs were 4.48% and 8.86% respectively. The interest rate spread between equity - type REITs and 10 - year Treasury bonds was 2.64%, and the spread with CSI Dividend Index was - 0.65%. Most asset valuations remained high, with the P/NAV of equity - type REITs at 1.23X (69% quantile) and the P/FFO of concession - type REITs at 12.64X (41% quantile). The IRR generally increased [4][32][43]. 3.2 Zhonghe Clean Energy Inquiries Initiated, Anbo Logistics to Be Listed Soon - **Market Scale**: As of December 15, 2025, there were 77 listed REITs in Shanghai and Shenzhen, with a total market value of 216 billion yuan [57]. - **New REITs Progress**: Huaxia Zhonghe Clean Energy REIT will conduct offline inquiries on December 17th, with an issue size of 300 million shares and a price range of 3.356 - 5.033 yuan per share. Huaxia Anbo Warehouse Logistics REIT will be listed on the Shenzhen Stock Exchange on December 19th, and the shares allocated to offline investors will be fully tradable on the listing day. The valuation difference of Anbo Warehouse Logistics REIT compared to comparable REITs has widened. The offline subscription return rate of 100 million yuan for REITs from January to December 2025 was 3.49% [59][70][71]. 3.3 Jingneng Photovoltaic Expansion Plan Approved, Three REITs to Be Lifted from Restricted - Sale Period in the Second Half of the Month - **Important Announcements**: In the first half of December, 10 REITs announced dividend plans. Huaxia Runhe Youchao REIT's expansion was allocated to original holders, and AVIC Jingneng Photovoltaic REIT's expansion plan was approved by the holders' meeting [84][86]. - **Restricted - Sale Period Lifting**: In the second half of December, Guangfa Chengdu Gaotou Industrial Park REIT, Hua'an Waigaoqiao REIT, and Huaxia Beijing Affordable Housing REIT will have part of their shares lifted from the restricted - sale period [86]. 3.4 One New Application, One New Acceptance, Jinjiang Group May Issue Hotel REITs - **Queue of Projects**: There are 12 initial public offering (IPO) projects and 3 expansion projects in the queue at the exchange. In the first half of December, the exchange accepted Ping An Xi'an Gaoke Industrial Park REIT, and Boshi Shandong Tietou Road and Bridge REIT submitted an application [91]. - **Tendering Information**: In the first half of December, the tendering information of 6 public REITs projects was updated. Jinjiang Group may issue hotel - related REITs, and Penghua Fund won the bid for Xuzhou Guotou Energy Group's infrastructure REITs project, while Jianxin Fund won the bid for Shuifa Group's water - related REITs project [94][97].