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 ...

【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 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 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，证监会就推 ...

Investment Rating - The report maintains an "Overweight" rating for the real estate industry [5] Core Insights - Recent "14th Five-Year Plan" proposals from various regions emphasize the need for "good housing" and a "market + guarantee" supply-side policy, aiming for high-quality urban renewal and improved housing supply for low-income families [1][10] - The real estate sector is under pressure, with a significant year-on-year decline in new home sales, indicating a challenging market environment [2][22] - The report suggests that the policy environment is expected to strengthen, with a focus on improving the competitive landscape, particularly benefiting leading state-owned enterprises and quality developers [3] Summary by Sections 1. "14th Five-Year Plan" Proposals - Multiple regions have released proposals highlighting the importance of quality housing and a balanced supply system, focusing on urban renewal and affordable housing for disadvantaged families [1][10] 2. Market Review - The Shenwan Real Estate Index decreased by 2.2% this week, underperforming the CSI 300 Index by 3.43 percentage points, ranking 30th among 31 Shenwan primary industries [11] - A total of 30 stocks rose, while 82 stocks fell, indicating a challenging market sentiment [11] 3. New and Second-Hand Housing Transactions - New home sales in 30 cities totaled 176.6 million square meters this week, down 6.5% month-on-month and 47.7% year-on-year [2][22] - Second-hand home sales in 14 cities amounted to 190.7 million square meters, reflecting a 5.3% decrease from the previous week and a 40.8% decline year-on-year [33] 4. Credit Bond Issuance - This week, 9 credit bonds were issued by real estate companies, totaling 6.568 billion yuan, a decrease of 11.272 billion yuan from the previous week, with a net financing amount of -2.132 billion yuan [3][42]

Investment Rating - The report indicates a positive outlook for the Beijing real estate sector, emphasizing the need for a transformation in development models and quality upgrades as outlined in the "15th Five-Year Plan" [4][7]. Core Insights - The "15th Five-Year Plan" focuses on achieving the goal of "continuously promoting housing for all" through eight key measures, highlighting the shift towards a new model of real estate development and quality enhancement [7][8]. - The plan emphasizes the integration of housing supply with market mechanisms and government responsibilities, indicating a more refined approach to housing policy [8]. - Urban renewal and the alignment of population distribution with urban development are critical themes, aiming to alleviate pressure on central urban areas and improve living conditions [19]. Summary by Sections 1. New Real Estate Development Model - The "15th Five-Year Plan" prioritizes the construction of a new real estate development model, moving beyond just improving housing supply systems to a more macro-level transformation of the industry [8]. 2. Land Supply Optimization - The plan advocates for the integration of station and city development, prioritizing land supply near public transport stations to enhance work-life balance and reduce commuting stress [9]. 3. Housing Security Supply Optimization - The focus shifts from merely increasing supply to optimizing the structure and distribution of housing security, particularly for urban workers and disadvantaged families [11]. 4. Expansion of Rental Housing Supply - The report highlights the importance of expanding effective rental housing supply and fostering professional market operators to ensure stable and high-quality rental options [12]. 5. Housing Solutions for Service Personnel - A new model for housing service personnel is proposed, addressing the housing challenges faced by essential urban workers, thereby enhancing urban inclusivity [13]. 6. Improvement of Housing Quality - The plan emphasizes the construction of safe, comfortable, and environmentally friendly housing, indicating a shift towards quality enhancement in housing projects [15][16]. 7. Comprehensive Urban Renewal - The report stresses the need for comprehensive urban renewal, focusing on systemic and integrated approaches to enhance urban vitality and address funding challenges [18]. 8. Population Distribution Adjustment - The plan aims to control the population size in core urban areas while enhancing the capacity of suburban centers, promoting a balanced distribution of population and housing supply [19].

Core Viewpoint - The recent "14th Five-Year Plan" proposals from various regions emphasize the importance of promoting high-quality development in the real estate sector, with a focus on creating a new development model and enhancing property service quality [2][3][5]. Group 1: Regional Focus on Real Estate Development - Multiple regions, including Beijing, Tianjin, Hebei, Shandong, Liaoning, Guizhou, and Fujian, have highlighted the need to accelerate the construction of a new real estate development model [2][3]. - Key terms for future real estate development include "good housing," "property service quality improvement," and "urban renewal" [2][3]. Group 2: Specific Initiatives and Policies - Beijing aims to integrate real estate policies into the broader goal of improving people's livelihoods, focusing on "housing for all" and transitioning the real estate development model [3][5]. - The city plans to enhance the housing supply system through a "market + guarantee" approach and promote a rental-purchase housing system [3][5]. - Hebei province emphasizes optimizing the supply of affordable housing and increasing the supply of improved housing based on demand [3][5]. Group 3: Quality and Safety in Housing - There is a strong emphasis on constructing safe, comfortable, green, and smart "good houses" across various regions [3][4][5]. - Initiatives include implementing quality improvement projects for housing and property services, as well as establishing comprehensive safety management systems for the entire lifecycle of buildings [3][4][5]. Group 4: New Development Models - The need for a new development model in real estate is underscored, particularly in light of the challenges faced during the "14th Five-Year Plan" period [7][8]. - Key components of this new model include foundational systems, supply systems, and a linkage mechanism for land, finance, and housing [7][8].

每经记者｜刘颂辉 每经编辑｜陈梦妤 每日经济新闻资料图 各地"十五五"规划建议近期陆续出炉，房地产是未来五年着力推进的重点工作之一。 《每日经济新闻》记者（以下简称每经记者）梳理发现，近期，北京、天津、河北、山东、辽宁、贵州和福建等地明确提出"推动房地产高质量发展"，并 将"加快构建房地产发展新模式"放在首位。 在此背景下，"好房子""物业服务质量提升行动""城市更新"等成为下一步房地产发展的关键词。 有上海本地开发商向每经记者表示，当下市场主要困难点在于供求失衡（供应远大于需求）以及市场预期持续下行。如果能调节好市场供应，放大并刺激 市场需求，合理引导市场预期走向是十分重要的。 从各地公布的"十五五"规划建议来看，主要围绕加快构建房地产发展新模式、优化保障性住房供给、建设安全舒适绿色智慧的"好房子"、建立房屋全生命 周期安全管理制度等方面展开。 北京市将房地产政策纳入"着力保障和改善民生"重点任务，明确以"持续推进住有所居"为目标，推动房地产发展模式转型与品质升级。 河北省则提出，完善商品房开发、融资、销售等基础制度，以需定建、以需定购，优化保障性住房供给，满足城镇工薪群体和各类困难家庭基本住房需 求，因城 ...

01 政策工具箱 "止跌回稳"——这是2025年房地产市场发展的核心定调。 四季度以来，房地产政策工具箱持续扩容。从中央到地方，一系列政策聚焦释放改善性需求、优化供给结构、加快构建发展新模式，助力房地产市场企稳复 苏。 根据中指研究院监测，截至2025年9月27日，全国约200个省市（县）年内已出台政策超470条。随着十五五规划的出台，房地产高质量发展的方向逐渐明 朗。 央行货币政策委员会三季度例会释放明确信号，提出加大存量商品房和存量土地盘活力度。北京、上海、深圳三座核心城市相继在2025年三季度优化调整限 购政策，为市场注入信心。 四季度房地产政策持续发力，形成中央地方协同、供需两端发力的新局面。2025年第三季度，中央层面延续"止跌回稳"基调，地方则密集出台稳市场政策。 02 专项债发行 为优化供给结构、改善市场供求关系，专项债在存量土地和商品房收购中扮演着重要角色。截至2025年9月27日，全国公示拟使用专项债收回收购存量闲置 土地的数量已超4600宗，总用地面积超2.4亿平方米。 专项债发行节奏明显加快，2025年7月以来发行用于收购存量土地的专项债超990亿元，已高于上半年总量。非"自审自发"试点 ...

中经记者 童海华 北京报道 12月5日，中共山西省委关于制定国民经济和社会发展第十五个五年规划的建议发布。其中提到，推动 房地产高质量发展。加快构建房地产发展新模式，建立人房地钱要素联动机制，完善商品房开发项目公 司制、主办银行制、现房销售、房屋全生命周期安全管理等基础性制度。健全"市场+保障"的住房供应 体系。因城施策增加改善性住房供给。建设安全舒适绿色智慧的"好房子"，实施房屋品质提升工程和物 业服务质量提升行动。优化保障性住房供给，提升住房保障水平，满足城镇工薪群体和各类困难家庭基 本住房需求。 （编辑：卢志坤 审核：童海华 校对：颜京宁） ...

优化保障性住房供给，提升住房保障水平，满足城镇工薪群体和各类困难家庭基本住房需求。 其中指出，推动房地产高质量发展。加快构建房地产发展新模式，建立人房地钱要素联动机制，完善商 品房开发项目公司制、主办银行制、现房销售、房屋全生命周期安全管理等基础性制度。健全"市场 +保障"的住房供应体系。因城施策增加改善性住房供给。建设安全舒适绿色智慧的"好房子"，实施房屋 品质提升工程和物业服务质量提升行动。优化保障性住房供给，提升住房保障水平，满足城镇工薪群体 和各类困难家庭基本住房需求。 12月5日，山西省发布《中共山西省委关于制定国民经济和社会发展第十五个五年规划的建议》。 ...

其中指出，推动房地产高质量发展。优化住房供应体系，完善商品房开发、融资和销售等基础制度，健 全"人、房、地、钱"要素联动机制。优化保障性住房供给，满足城镇工薪群体和各类困难家庭基本住房 需求。加快构建房地产发展新模式，建设安全舒适绿色智慧的"好房子"，打造全生态"好服务"。因城施 策优化住房消费政策，增加改善性住房供给，激活返乡置业、教育置业、创业置业和改善性置业需求。 实施房屋品质提升工程和物业服务质量提升行动。建立房屋全生命周期安全管理制度。 施房屋品质提升工程和物业服务质量提升行动。建立房屋全生命周期安全管理制度。 12月5日，湖北省发布《中共湖北省委关于制定全省国民经济和社会发展第十五个五年规划的建议》。 ...