丨证券研究报告丨 行业研究丨行业周报丨房地产 [Table_Title] 好房子的关键在于定价 [Table_Summary] 最顶端的豪宅市场，从典型样本跟周边次新的比价去看，定价已趋于合理区间，但市场容量相 对有限，核心矛盾在于潜在供应量较大；中高端改善市场，大多数产品定价已不低，且周边二 手竞品仍面临较大的补跌压力，好房子去化逐步承压，但部分定价具备性价比的项目，去化依 然相对较好，定价是项目去化的关键。综合而言，好房子是中长期阿尔法，只要定价合理，去 化不是问题，今年部分高地价项目的兑现有不确定性，短期盈利改善进程有一定波折；但近期 土地市场逐步降温，这对后续拿地构成利好，房企中期盈利结构性改善的置信度在提高。 分析师及联系人 [Table_Author] 刘义 侯兆熔 SAC：S0490520040001 SAC：S0490525060001 SFC：BUV416 请阅读最后评级说明和重要声明 %% %% %% %% ——房地产行业周度观点更新 报告要点 research.95579.com 1 [Table_Title 好房子的关键在于定价 2] ——房地产行业周度观点更新 [Table_Summ ...

中经记者 孙汝祥 夏欣 北京报道 11月28日，《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（征求意见稿）》（以下简 称"《试点公告》"）正式发布，向社会公开征求意见。 证监会指出，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。 业内专家对《中国经营报》记者表示，推出商业不动产REITs试点，将带来三重利好。 首先，试点将为房企提供退出渠道，缓解资金压力，进而助力防范化解行业系统性风险。其次，对于资 本市场而言，试点将丰富REITs底层资产类型，进一步扩大REITs市场规模。同时，试点也可为公众投 资者提供兼具稳定租金收益与资产增值潜力的投资工具。 支持构建房地产发展新模式 根据《试点公告》，商业不动产REITs是指通过持有商业不动产以获取稳定现金流并向基金份额持有人 分配收益的封闭式公开募集证券投资基金。 证监会指出，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产品重要的底层资产。我国商业不动产存量规模庞大，具有通过REITs进行盘活并拓宽权益融资 渠道的内在需求。 " ...

2025 年 11 月 30 日 唐猛 A0230523080003 tanqmeng@swsresearch.com 相关研究 证券分析师 袁豪 A0230520120001 yuanhao@swsresearch.com 唐猛 A0230523080003 tangmeng@swsresearch.com 研究成功费 唐猛 A0230523080003 tangmeng@swsresearch.com 联系人 商业不动产 REITS 推行，盘活 并化解风险 -申万宏源建筑周报（20251124-20251128） 本期投资后了 请务必仔细阅读正文之后的各项信息披露与声明 一周板块回顾：板块表现方面，SW建筑装饰指数+2.81%，沪深 300 指 O 数+1.64%，相对收益为+1.17pct。周涨幅最大的三个子行业分别为生态 园林 (+9.04%)、基建民企 (+7.21%)、设计咨询 (+6.23%)，对应行 业内三个公司：国晟科技（+57.69%）、汇通集团（+20.00%）、招标股 份 (+24.71%); 年涨幅最大的三个子行业分别是基建民企 (+71.33%)、生态园林 (+53.39%)、装饰 ...

行 业 及 产 业 建筑装饰 行 业 研 究 / 行 业 点 评 相关研究 证 券 研 究 报 告 证券分析师 袁豪 A0230520120001 yuanhao@swsresearch.com 唐猛 A0230523080003 tangmeng@swsresearch.com 研究支持 唐猛 A0230523080003 tangmeng@swsresearch.com 联系人 唐猛 A0230523080003 tangmeng@swsresearch.com 2025 年 11 月 30 日 商业不动产 REITS 推行，盘活存量 并化解风险 看好 ——申万宏源建筑周报（20251124-20251128） 本期投资提示： 请务必仔细阅读正文之后的各项信息披露与声明 本研究报告仅通过邮件提供给 中庚基金 使用。1 - ⚫ 一周板块回顾：板块表现方面，SW 建筑装饰指数+2.81%，沪深 300 指 数+1.64%，相对收益为+1.17pct。周涨幅最大的三个子行业分别为生态 园林（+9.04%）、基建民企（+7.21%）、设计咨询（+6.23%），对应行 业内三个公司：国晟科技（+57.69%）、汇通 ...

Investment Rating - The report maintains an "Overweight" rating for the real estate and property management sectors, indicating a positive outlook for the industry [2]. Core Insights - The initiation of commercial real estate REITs (Real Estate Investment Trusts) by the China Securities Regulatory Commission (CSRC) is expected to significantly enhance the development potential of commercial real estate in China, with a market space exceeding 10 trillion yuan [2]. - The planned commercial real estate REITs will complement existing infrastructure REITs, creating a comprehensive public REITs market in China, where the market capitalization of holding-type real estate and infrastructure assets accounts for approximately 60% and 40% globally [2]. - The pilot program for commercial real estate REITs aims to broaden the underlying asset base to include office buildings and hotels, thereby expanding the scope of asset revitalization [2]. - The establishment of a multi-tiered market for commercial real estate asset securitization will facilitate direct financing for enterprises, optimize capital structures, and provide new options for strategic transformation from developers to asset managers [2]. - The commercial real estate REITs are seen as a crucial vehicle for constructing a new development model in the real estate sector, emphasizing the operational and sustainable development of existing assets [2]. Summary by Sections Investment Opportunities - The report highlights two major opportunities: the elevation of housing policies and the favorable performance of quality commercial enterprises during a monetary easing cycle, which may lead to a revaluation of consumer-oriented commercial real estate assets [2]. - Recommended companies include: 1. Commercial Real Estate: China Resources Land, New Town Holdings, Kerry Properties, Longfor Group, with a focus on Swire Properties and New Town Development 2. Quality Housing Enterprises: Jianfa International, Binjiang Group, China Jinmao, Greentown China 3. Undervalued Recovery Enterprises: Jianfa Shares, China Merchants Shekou, Yuexiu Property, China Overseas Development, Poly Developments 4. Property Management: China Resources Vientiane, Greentown Services, China Merchants Jinling, Poly Property, China Overseas Property 5. Second-hand Housing Agencies: Beike-W, with a focus on I Love My Home [2]. Market Context - The report notes that while the real estate sector in China is expected to continue facing challenges, core cities are likely to stabilize sooner, indicating a potential turning point for the market [2].

Investment Rating - The report maintains an "Overweight" rating for the commercial real estate REITs sector, indicating a positive outlook for investment opportunities in this area [3]. Core Insights - The China Securities Regulatory Commission (CSRC) has initiated a pilot program for commercial real estate investment trusts (REITs), which is expected to significantly enhance the valuation of quality commercial assets [3]. - The potential market for public REITs in China is estimated to exceed 10 trillion yuan, with the current market size at 219.9 billion yuan, of which commercial real estate accounts for 130.9 billion yuan, indicating substantial growth potential [3]. - The pilot program aims to create a multi-tiered market for commercial real estate asset securitization, which will help in revitalizing existing assets, mitigating risks, and facilitating corporate transformation [3]. - The new model of real estate development emphasizes the operational management of existing assets rather than new construction, aligning with the broader economic goals of sustainable development [3]. Summary by Sections Pilot Program Overview - The CSRC has launched a pilot for commercial real estate REITs, which will include a wider range of underlying assets such as office buildings and hotels, thereby expanding the asset revitalization scope [3]. Market Potential - The global REIT market is characterized by a significant proportion of holding-type real estate and infrastructure assets, with market values approximately 60% and 40% respectively [3]. - The report highlights that the commercial real estate REITs pilot will complement existing infrastructure REITs, forming a complete public REITs market in China [3]. Strategic Implications - The introduction of commercial real estate REITs is seen as a critical step in transitioning the real estate sector from a developer-focused model to an asset management-oriented approach, which is essential for high-quality development [3]. - The report identifies two key opportunities: the favorable policy environment for quality housing and the strong performance of quality commercial enterprises during a period of monetary easing [3]. Investment Recommendations - The report recommends several companies for investment, including: - Commercial real estate: China Resources Land, New Town Holdings, Kerry Properties, Longfor Group, with a focus on Swire Properties and New Town Development [3]. - Quality housing companies: Jianfa International, Binjiang Group, China Jinmao, and Greentown China [3]. - Undervalued companies: Jianfa Shares, China Merchants Shekou, Yuexiu Property, China Overseas Development, and Poly Developments [3]. - Property management: China Resources Vientiane, Greentown Services, China Merchants Jinling, Poly Property, and China Overseas Property [3]. - Second-hand housing intermediaries: Beike-W, with attention to I Love My Home [3].

Core Viewpoint - The introduction of the commercial real estate REITs pilot program marks a significant breakthrough in China's capital market, aiming to connect commercial real estate with the capital market and provide standardized solutions for revitalizing trillions of yuan in existing assets [1] Group 1: Institutional Design - The pilot program establishes a market-oriented and standardized operational system, defining commercial real estate REITs as public funds that invest in commercial real estate asset-backed securities to obtain ownership or operational rights [2][3] - The announcement emphasizes the importance of clear asset ownership and stable cash flow for the assets held by the REITs, ensuring quality through a "safety filter" for investors [2] - A multi-layered responsibility system is constructed, involving the CSRC for regulation, exchanges and industry associations for self-regulation, and fund managers for operational management, ensuring market vitality while maintaining risk control [3] Group 2: Revitalizing Existing Assets - The pilot program coincides with a critical turning point in China's commercial real estate development, providing a new financing channel for companies holding substantial commercial properties [4] - REITs allow developers to achieve asset securitization without losing operational rights, effectively converting large amounts of capital tied in real estate into liquid capital, thus improving cash flow [4] - The introduction of REITs is expected to transform the operational logic of commercial real estate, pushing managers to enhance operational capabilities and property value through refined management practices [5] Group 3: Future Development and Market Opportunities - The development of commercial real estate REITs is based on five years of experience from infrastructure REITs, following a path from infrastructure to commercial real estate [6] - Market participants are prepared for implementation, with exchanges revising supporting rules and fund companies forming specialized teams [7] - The complementary relationship between commercial real estate REITs and infrastructure REITs will enhance the overall REITs market ecosystem in China [7] - The potential for new asset classes, such as logistics and data centers, to be listed through REITs presents additional investment opportunities [7] - Successful pilot implementation will require coordinated support from related policies, including tax and state-owned asset transfer regulations, to create a favorable environment for REITs market development [8]

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has announced a pilot program for commercial real estate investment trusts (REITs), aiming to enrich capital market investment tools and support a new model for real estate development, enhancing the effectiveness of multi-level capital markets in serving the real economy [1][2][3]. Group 1: Regulatory Framework - The announcement outlines the registration and operational management requirements for commercial real estate REITs, including responsibilities of fund managers and professional institutions [1]. - Fund managers must conduct comprehensive due diligence on the commercial real estate to be held, ensuring compliance with national strategies and policies, and that the properties generate stable cash flows [2]. - Regulatory bodies are tasked with monitoring and managing risks associated with commercial real estate REITs, with self-regulatory responsibilities assigned to various associations [2]. Group 2: Market Development - The REITs market has developed steadily over the past five years, with 77 listed REITs raising a total of 207 billion yuan and a total market capitalization of 220.1 billion yuan as of November 27 [3]. - The China Securities Index REITs total return index has increased by 22.46% since the beginning of 2024, indicating that REITs are becoming an important asset class for investment [3]. - The CSRC emphasizes the potential of commercial real estate assets, such as shopping centers and office buildings, to be utilized in REITs, reflecting a significant demand for revitalizing existing assets and expanding equity financing channels [3].

本报记者 李贝贝 上海报道 随着"十五五"规划建议中房地产高质量发展要求的提出，以及住房和城乡建设部相关部署的推进，四 川、福建、浙江等全国多地于近期加紧研究谋划现房销售支持政策，有力有序推进现房销售试点，力争 进一步提高现房销售占比。 据国家统计局数据，2024年，商品房现房销售面积约占商品房销售面积的30.84%；今年前9月，商品房 现房销售面积在商品房销售面积中的占比提升至35.4%，现房销售占比持续攀升。 中原地产首席分析师张大伟向《华夏时报》记者强调，现阶段现房销售改革并非对预售制的简单否定， 而是构建"现房为主、预售为辅"的二元体系，从根源上切断烂尾风险传导链。不过，如果实施现房销 售，房企面临的资金压力显著增加，需加大金融支持力度，通过提高开发贷额度、延长期限等措施缓解 转型阵痛。 超30个省市出台政策，多路径推进现房销售 所谓"现房销售"，是指房地产开发企业将已竣工验收合格、具备法定交付条件并可直接办理产权登记的 商品房向市场出售的行为。购房者在交易完成后，即可获得房屋的实际占有和使用权，通常能迅速完成 产权转移。与之相对应的"预售制"，则是指开发企业在项目建设完成前，预先销售尚处于建设阶段的 ...

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has drafted a consultation document for the pilot launch of commercial real estate investment trusts (REITs), aiming to enhance the role of REITs in supporting a new model for real estate development and improving the quality and efficiency of multi-level capital market services for the real economy [1][3][10] Summary by Sections Introduction of Commercial Real Estate REITs - The pilot program for commercial real estate REITs is officially initiated, with the CSRC seeking public opinions on the draft announcement [1] - Commercial real estate REITs are defined as closed-end publicly raised securities investment funds that invest in commercial real estate assets to obtain ownership or operational rights, generating stable cash flows through rent and fees [4] Regulatory Framework and Requirements - The draft outlines eight key points, including the definition of commercial real estate REITs and the requirements for fund registration and operational management [5] - Fund managers and custodians must meet specific qualifications and adhere to regulations set forth in the Securities Investment Fund Law and related management measures [5][6] Responsibilities and Compliance - Fund managers are required to conduct thorough due diligence on the commercial real estate they intend to hold and must engage qualified professional institutions for evaluation, legal, and audit services [6] - The operational management responsibilities of fund managers must comply with legal and regulatory requirements, ensuring the health of the commercial real estate REITs market [6][7] Regulatory Oversight - The CSRC and its local agencies will be responsible for the regulation and risk monitoring of commercial real estate REITs, while self-regulatory organizations will manage compliance [7] - The China Securities Investment Fund Association will revise relevant supporting rules and launch necessary technical systems [8] Market Context and Future Outlook - The REITs market in China has seen steady development over the past five years, with 77 listed REITs raising a total of 207 billion yuan and a total market value of 220.1 billion yuan as of November 27, 2025 [10] - The CSI REITs total return index has increased by 22.46% since 2024, indicating that REITs are becoming an important asset class for investment [10]