万科A日K线图 ◎记者 孙忠 张良 身处债券展期漩涡中的万科再度成为市场焦点。 12月10日，万科A罕见地强势涨停，并带动股指上行。与此同时，万科系债券集体大涨，多只债券触发 盘中临时停牌。 当日，"22万科MTN004"债券持有人会议召开。不过，此次会议三大议案投票截止日期为2025年12月12 日，议案表决的最终信息还要等待。 相对有利的是，市场对于楼市出台相关政策、提振经济的预期较为浓厚。 市场人士表示，债券展期是万科应对债务压力的一个途径，未来债券持有人会议通过何种议案尚需等 待。即便债券展期议案获得通过，万科的债务压力并未消失，未来还将依赖存量资产的盘活及对楼市信 心的恢复。 事实上，近期不少万科系债券已经开始悄然上行。 12月10日，"21万科02"大涨28.36%，至44.8842元，并触发盘中临时停牌。这也是该券连续第三日触发 盘中临时停牌。 "不过，此次大涨与地产行业相关政策预期更有关联，近期万科债务问题尚未出现实质反转迹象，更多 是利好的集聚。"上述券商人士向记者表示。 上海中原地产市场分析师卢文曦对上海证券报记者表示，当前房地产行业持续调整，万科作为行业标杆 企业，其债务处置方案具有显著 ...

（文章来源：新华财经） 据悉，底层资产具体包括5.8856公顷港池、333,084.14平方米陆域面积（包括码头前沿、堆场、堆场间 道路等）及生产相关的设施设备。北暮1#、2#泊位于2012年7月投入运营，设计吨级达150,000吨 （DWT），主要用于内外贸散杂货的装卸，为散装货物的运输提供了高效便捷的服务，核心货种为镍 矿、煤炭、焦炭和粮食类。 公告还提及，由平安基金管理有限公司作为基金管理人设立基础设施公募REITs，公司或其同一控制下 的关联方将根据法律法规和监管规则的要求并结合市场情况参与基础设施公募REITs的战略配售。基金 存续期暂定35年。 新华财经北京12月9日电北部湾港股份有限公司8日发布关于开展港口基础设施公募REITs申报发行工作 的公告称，公司当日召开第十届董事会第二十次会议，审议通过了《关于审议开展港口基础设施公募 REITs申报发行工作的议案》。 公告显示，拟以全资子公司北部湾港北海码头有限公司（以下简称北海码头）持有的、位于广西壮族自 治区北海市铁山港区的铁山港西港区北暮作业区1#、2#泊位（以下简称基础设施项目或北暮1#、2#泊 位）作为底层资产，开展公开募集北部湾港港口基础 ...

2025年12月1日，国家发展改革委办公厅关于印发《基础设施领域不动产投资信托基金（REITs）项目行业范围清单（2025年版）》（下简称"991号文"）。 该文件进一步拓宽了REITs可发行行业范围，新增商业办公设施、四星级以上酒店、体育场馆项目以及城市更新项目。其中酒店、办公用房在原政策（发改 委1014号文）中仅能作为园区和消费基础设施不可分割的附属设施一并发行，此次政策可使酒店、办公用房独立发行，激活广阔的酒店商办存量市场，同时 也为REITs市场规模扩张注入新的动力。 根据戴德梁行对资本化率的调研得出，一线城市甲级写字楼的资本化率介于4.5%-6.4%，广发证券研究部取平均值5.5%进行测算，得出全国重点城市甲级写 字楼的存量价值约为1.30万亿元。 激活存量资产市场，拓宽融资渠道 原政策中酒店、办公用房需作为园区或消费基础设施的附属设施捆绑发行，而991号文允许其独立发行，直接盘活商业不动产存量资产。例如，四星级以上 酒店和体育场馆项目可单独申报，解决过去因资产类型限制导致的流动性不足问题，为房企和商业机构提供新的权益融资工具。 新增城市更新设施入REITs范围，支持存量商业不动产（如老旧商圈、写 ...

Group 1: North Exchange IPO Insights - In the first 11 months of 2025, 23 companies completed their IPOs on the North Exchange, raising a total of 6.7 billion yuan, surpassing the total fundraising of 2024 [2][6] - The average first-day increase for new stocks in November was 471%, with a notable contribution from Dapeng Industrial, which saw a first-day increase of over 12 times [2][7] - The average online subscription amount reached 6.469 billion yuan in the first 11 months of 2025, indicating increasing competition and a decline in the average winning rate to 0.038% [7][8] Group 2: Real Estate Sector Developments - The real estate sector saw a 0.7% increase, with new home transactions in 42 key cities rising by 9.8% week-on-week, totaling 206 million square meters [9][10] - The China Securities Regulatory Commission is promoting the pilot program for commercial real estate REITs to enhance investment tools and support new real estate development models [10][11] - Various cities are implementing policies to stimulate the housing market, such as increasing housing provident fund loan limits and enhancing supply chain management [11][12] Group 3: Ninebot Company Analysis - Ninebot is a leading global player in smart short-distance transportation and service robots, with a revenue of 11.74 billion yuan in the first half of 2025, reflecting a year-on-year growth of 76.1% [14][15] - The company has a strong competitive advantage due to its technological expertise and established overseas brand channels, particularly after acquiring Segway in 2015 [15][16] - The main business segments include high-end electric two-wheelers and a recovering revenue stream from B2B and self-branded scooters, with significant growth expected in new product categories like all-terrain vehicles and robotic lawn mowers [16][17]

Report Industry Investment Ratings - Iron Ore: Oscillation [2] - Coking Coal and Coke: Oscillation [2] - Rebar: Oscillation [2] - Glass: Oscillation [2] - SSE 50 Index Futures/Options: Oscillation [3] - CSI 300 Index Futures/Options: Oscillation [3] - CSI 500 Index Futures/Options: Rebound [3] - CSI 1000 Index Futures/Options: Rebound [3] - 2 - Year Treasury Bond: Oscillation [3] - 5 - Year Treasury Bond: Oscillation [3] - 10 - Year Treasury Bond: Upward [3] - Gold: Oscillation with an upward bias [6] - Silver: Oscillation with an upward bias [6] - Logs: Oscillation and bottom - building [7] - Pulp: Weak oscillation [7] - Offset Paper: Oscillation [7] - Soybean Oil: Range - bound operation [7] - Palm Oil: Range - bound operation [7] - Rapeseed Oil: Range - bound operation [7] - Soybean Meal: Oscillation [7] - Rapeseed Meal: Oscillation [7] - Soybean No. 2: Oscillation [7] - Soybean No. 1: Oscillation [7] - Live Pigs: Oscillation with an upward bias [8] - Rubber: Oscillation [10] - PX: Oscillation [10] - PTA: Oscillation [10] - MEG: Wide - range oscillation [10] - PR: Wait - and - see [10] - PF: Wait - and - see [10] Core Viewpoints - The overall market is in a state of oscillation, with some products showing upward or downward trends. The supply and demand relationship, cost factors, policy factors, and macro - economic environment all have an impact on product prices [2][3][6] - For the black industry, the supply and demand surplus pattern is difficult to reverse, and prices are mainly in a bottom - oscillating state. For the financial sector, the short - term adjustment is accompanied by an optimistic medium - term trend. For precious metals, the long - term support for gold prices is strong. For agricultural products, the prices of various products are affected by factors such as production, demand, and trade [2][3][6][7][8] Summaries by Categories Black Industry - **Iron Ore**: Global iron ore shipments increased by 447,000 tons to 33.232 million tons, 47 - port foreign ore arrivals decreased by 1.555 million tons to 27.84 million tons, and daily average hot metal production decreased by 16,000 tons to 2.3468 million tons. The supply - demand surplus pattern is difficult to reverse, and prices are in a high - level oscillation [2] - **Coking Coal and Coke**: After continuous declines, the valuation is reasonable and there was a bottom - rebound on Monday. The cost pressure on coking plants is high, and there are concerns about supply on the industrial side. Prices are supported at low levels in the short term [2] - **Rebar**: Downstream demand is sluggish, winter storage replenishment has not started, and the upper - space is limited. The steel price depends on the implementation of production reduction and anti - "involution" policies. It is currently in an oscillating state [2] - **Glass**: Supply news is disturbing, and the inventory of float glass sample enterprises has decreased. However, real - estate completion continues to decline, dragging down demand. The upward height depends on the cold - repair progress, and prices are in an oscillating state [2] Financial Sector - **Stock Index Futures/Options**: The market showed certain fluctuations, with some sectors having capital inflows and outflows. The visit of the French President and the draft of the REITs policy may have an impact on the market. The short - term adjustment is accompanied by an optimistic medium - term trend [3] - **Treasury Bonds**: The yield of 10 - year Treasury bonds decreased by 1bp, and the central bank conducted reverse - repurchase operations with a net withdrawal of 23.11 billion yuan. The market trend is a small - scale rebound [3] Precious Metals - **Gold**: The pricing mechanism is shifting from actual interest rates to central - bank gold purchases. The currency, financial, and避险 attributes support the price. The Fed's interest - rate policy and避险 sentiment are short - term disturbing factors, and the long - term support for gold prices is strong [6] - **Silver**: Similar to gold, it is in an oscillating state with an upward bias, affected by factors such as the Fed's interest - rate policy and economic data [6] Light Industry - **Logs**: The port daily shipment volume decreased, the import volume changed, and the inventory decreased. The supply pressure is improving, and prices are expected to oscillate and build a bottom [7] - **Pulp**: The spot - market price is differentiated, the cost support is enhanced, but the demand from paper mills is weak. Prices are expected to show weak oscillation [7] - **Offset Paper**: The spot - market price is stable, the supply is stable, orders are expected to increase, and prices are expected to oscillate [7] Oils and Fats - **Oils**: The demand for soybean raw materials is strong, but there are uncertainties in the bio - diesel policy. The production and inventory of palm oil are high, and exports are weak. The supply of domestic oils is abundant, and prices are expected to continue range - bound operation [7] - **Meals**: The supply of US soybeans is structurally tight, but the global supply is relatively loose. The domestic supply of soybean meal is abundant, and prices are expected to oscillate [7] Agricultural Products - **Live Pigs**: The average trading weight is declining, the supply is abundant, the demand is limited, and the settlement price is decreasing. The slaughter - house operating rate may weaken, and prices are expected to oscillate with a downward trend [8] Soft Commodities - **Rubber**: The raw - material price is supported, the demand from tire enterprises is weak, the inventory is increasing, and prices are expected to oscillate widely [10] Polyester - **PX**: OPEC+ suspended production increase, and the price is in wide - range oscillation due to strong supply and increased demand [10] - **PTA**: The cost end is loose, the short - term supply - demand is improved, but the industry will weaken seasonally. Prices follow the cost end [10] - **MEG**: There is a long - term inventory - accumulation pressure, and the price oscillates in the short term with upward pressure [10] - **PR**: The polyester bottle - chip market may rise due to cost drivers, but the upward range is limited [10] - **PF**: The rising oil price is beneficial to the market sentiment, but there is a wait - and - see attitude [10]

Core Viewpoint - The China Securities Regulatory Commission (CSRC) is drafting an announcement to launch a pilot program for commercial real estate investment trusts (REITs) to promote high-quality development of the REITs market and enhance the capital market's ability to serve the real economy [1][2]. Group 1: Market Potential - The commercial real estate sector in China has a vast scale, with a strong demand for asset holders to broaden direct financing channels, indicating significant growth potential for commercial real estate REITs [2][3]. - According to Zhongtai Securities, the potential for revitalizing commercial real estate through REITs is estimated between 800 billion to 1.5 trillion yuan [2]. - The introduction of commercial real estate REITs is timely, providing market-based financing and exit channels for real estate companies and local state-owned assets, thereby alleviating liquidity pressures [2][3]. Group 2: Regulatory Framework - The draft announcement proposes a dual-track strategy for REITs, allowing for both commercial real estate and infrastructure REITs to be developed simultaneously, catering to the specific asset characteristics and management needs of each sector [4]. - Regulatory authorities will optimize the supervision requirements for real estate companies issuing REITs, aiming to support healthy development in the real estate sector [4][5]. Group 3: Policy Adaptability - The regulatory bodies are committed to enhancing the policy framework to ensure the smooth implementation of the commercial real estate REITs pilot, focusing on improving market efficiency and fostering a positive investment cycle [5][6]. - There may be marginal changes in the REITs approval process, potentially simplifying the review chain and accelerating the expansion of products in the market [6].

长江商报消息 ●长江商报记者 李璟 在基金注册及运营管理要求方面，《公告》明确基金管理人及基金托管人、尽职调查、申请材料、商业 不动产等方面要求，以及基金管理人的主动运营管理责任。同时，发挥基金管理人和专业机构作用，压 严压实责任，要求严格遵守执业规范和监管要求。 在具体规则设计上，《公告》一方面要求拟持有的商业不动产必须权属清晰、手续齐备，且已产生持续 稳定现金流，确保入池资产的质量；另一方面，特别强调基金管理人的主动管理责任，要求其建立专业 的投管和运营体系，通过专业化运作提升资产价值。 此外，在强化监管责任方面，《公告》明确各监管机构依法依规履行商业不动产REITs监管和风险监测 处置等职责，证券交易所、中国证券业协会、中国证券投资基金业协会等履行商业不动产投资信托基金 自律管理职责。商业不动产REITs其他有关事宜，参照《指引》有关规定执行。 中国资本市场REITs版图迎来重要扩容。 近日，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，中国证监 ...

Investment Rating - The report does not provide a specific investment rating for the industry [2] Core Insights - The report highlights the transition of China's public REITs market from a "single track" focused on infrastructure to a "dual track" model that includes both infrastructure and commercial real estate, marking a new phase of development [5][7] - The introduction of commercial real estate REITs is seen as a necessary step to address the lack of quality investment targets in the market, which has been a shortcoming in its further development [5][7] - The potential market size for commercial real estate REITs is estimated to be between 800 billion to 1.5 trillion yuan, based on the securitization rate of 2%-3% applied to the total value of commercial real estate [7][11] Summary by Sections Market Overview - As of November 28, 2025, there are 77 listed REITs in the market with a total market capitalization of approximately 2,198.85 billion yuan and a circulating market value of 1,174.50 billion yuan [2][11] - The report indicates that the REITs market has developed a stable operational framework, with a total fundraising amount exceeding 2,070 billion yuan [11] Regulatory Framework - The China Securities Regulatory Commission (CSRC) has issued guidelines for the establishment of commercial real estate REITs, which include requirements for fund management, due diligence, and compliance with regulatory standards [8][12] - The guidelines emphasize the importance of clear ownership, compliance with legal procedures, and the generation of stable cash flows from the underlying assets [9][10] Investment Opportunities - The report suggests that the introduction of commercial real estate REITs will enhance the capital market's ability to serve the real economy, particularly in revitalizing existing commercial real estate assets [5][11] - It is recommended that investors pay attention to new investment opportunities arising from macroeconomic conditions, policy environments, and improvements in the operational fundamentals of infrastructure assets [5][7]

Core Viewpoint - The China Securities Regulatory Commission (CSRC) is seeking public opinions on a draft announcement regarding the pilot launch of Commercial Real Estate Investment Trusts (REITs) to promote high-quality development in the REITs market and enhance the capital market's ability to support the real estate sector [1][3]. Group 1: Regulatory Framework - The announcement outlines requirements for fund managers and custodians, due diligence, application materials, and commercial real estate aspects [1]. - Fund managers must have robust investment management, asset operation, internal control, and risk management systems in place [2]. - The commercial real estate assets held by the REITs must align with national strategies, development plans, and industry policies, ensuring clear ownership and stable cash flow [2]. Group 2: Operational Responsibilities - Fund managers are required to actively manage the operation of commercial real estate and ensure compliance with legal and regulatory obligations [2]. - Professional institutions involved must adhere to relevant regulations and provide specialized services to support the healthy development of the commercial real estate REITs market [2]. Group 3: Implementation Process - The CSRC will refine the announcement based on public feedback and proceed with the necessary procedures for implementation [3].

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has drafted an announcement to launch pilot programs for commercial real estate investment trusts (REITs), aiming to enhance the quality of the REITs market and support a new model for real estate development [1][5]. Group 1: Market Development - As of November 27, 2025, there are 77 listed REITs with a total financing amount of 207 billion yuan and a total market value of 220.1 billion yuan, indicating a stable market operation [2]. - The CSI REITs total return index has increased by 22.46% since 2024, highlighting the growing importance of REITs as a major asset class [2]. - The introduction of commercial real estate REITs is expected to activate existing assets and broaden equity financing channels, addressing the substantial demand in China's commercial real estate sector [2][5]. Group 2: Regulatory Framework - The announcement outlines eight key points, including the definition of commercial real estate REITs, registration and operational management requirements, and the responsibilities of fund managers and regulatory bodies [3][4]. - Fund managers are required to adhere strictly to professional standards and regulatory requirements, ensuring accountability in the management of commercial real estate REITs [3]. - Regulatory agencies are tasked with monitoring and managing risks associated with commercial real estate REITs, ensuring compliance with legal and regulatory frameworks [3]. Group 3: Policy Context - The new "National Nine Articles" emphasizes the need for high-quality development of the bond and REITs markets, aligning with broader economic goals [5]. - The collaborative "Urban Commercial Quality Improvement Action Plan" supports eligible commercial real estate projects in issuing REITs, reflecting a policy-driven approach to market development [5]. - The differentiation between commercial real estate and infrastructure assets is acknowledged, with commercial real estate REITs designed to be more market-oriented, enhancing institutional adaptability [5][6]. Group 4: Future Outlook - The dual approach of continuing infrastructure REITs while introducing commercial real estate REITs aims to provide effective financial support for the healthy development of the real estate sector [6]. - This strategy is expected to leverage institutional advantages and offer a wider range of flexible options for market participants, thereby enhancing the overall functionality of the multi-tiered capital market [6].