Core Insights - Public REITs are becoming a key financial tool to support the real economy by revitalizing existing assets and facilitating investment and financing cycles [1][2] - The market for public REITs in China has entered a new phase of "normalization and scaling" after five years of exploration, with the total market value exceeding 220 billion yuan by the end of Q3 2025 [2][14] - ICBC Credit Suisse Asset Management has made significant strides in the public REITs market, launching notable products like the ICBC Galaxy North Expressway REIT and the ICBC Mengneng Clean Energy REIT, which have set records in investor subscriptions [2][8][13] Industry Development - The pilot program for public REITs in China was officially launched in April 2020, and the scope has since expanded to include commercial real estate, creating a dual-driven development model of "infrastructure + commercial real estate" [1][2] - As of Q3 2025, 13 transportation infrastructure REITs have been listed with a total issuance scale exceeding 68 billion yuan, highlighting the significant cluster effect in this sector [4] - The ICBC Galaxy North Expressway REIT has demonstrated strong operational resilience, achieving an annualized cash distribution rate of 9.30% as of Q3 2025 [4][6] Financial Performance - The ICBC Mengneng Clean Energy REIT, launched on December 10, 2024, achieved a subscription multiple of 357 times, setting a record for public REITs on the Shenzhen Stock Exchange [2][8] - The clean energy REIT is backed by wind power assets capable of generating 400 million kilowatt-hours of green electricity annually, contributing to significant carbon reduction efforts [8][10] - The financial indicators for the ICBC Galaxy North Expressway REIT show a revenue of 158 million yuan and a cash flow from operating activities of 134 million yuan for the reporting period [6] Strategic Initiatives - ICBC Credit Suisse Asset Management has established a three-tier collaborative system leveraging the comprehensive financial resources of its parent company, ICBC, to enhance project management and operational efficiency [11][12] - The company is focused on a diversified asset portfolio that includes transportation, clean energy, municipal infrastructure, and elder care services, aligning with national strategic directions [12] - The successful launch of these REITs reflects the company's commitment to revitalizing existing assets and facilitating economic circulation, contributing to the broader goal of a financial strong nation [13][14]

Core Viewpoint - The successful listing of the Huaxia Anbo Warehousing REIT marks a significant milestone for Anbo in the Chinese market, showcasing the recognition of asset quality and operational resilience by the capital market [1][4][9]. Group 1: Fund Details - The Huaxia Anbo Warehousing REIT is the first public REIT launched by Anbo in China, holding 20% of the fund shares, managed by Huaxia Fund Management Co., Ltd [1][4]. - It is the only listed warehousing logistics REIT with all assets located in the Guangdong-Hong Kong-Macao Greater Bay Area [3][7]. - The offline inquiry phase saw a subscription multiple of 235.8 times, indicating strong investor confidence in the project's investment value [3][7]. Group 2: Strategic Importance - The listing of the Huaxia Anbo Warehousing REIT reflects Anbo's commitment to leveraging financial innovation to support the real economy and demonstrates foreign capital's accelerated entry into the Chinese public REITs market [4][9]. - The underlying assets of the REIT include three high-quality logistics warehousing projects located in key logistics hubs of the Greater Bay Area, designed and managed to international standards [4][9]. Group 3: Market Outlook - The robust growth of the Chinese consumer market is a fundamental driver for the development of the warehousing logistics industry, with Anbo maintaining a positive outlook on the growth potential in China [4][9]. - The successful issuance of the REIT provides an efficient investment tool for ordinary investors and enriches the asset types available in China's public REITs, contributing to the modernization of logistics infrastructure and supporting sustained economic growth [5][9]. Group 4: Long-term Commitment - Anbo aims to continue its long-term investment strategy in the Chinese market, utilizing its global resources and international operational experience to develop future-oriented logistics infrastructure and sustainable solutions [5][10].

华夏基金华润有巢REIT自2022年12月上市以来，始终以"投融管退"全链条闭环模式探索保租房资产证 券化路径，通过精细化运营（如智能管理系统、租户服务升级）实现高出租率与高收缴率。截至2025年 11月底，基金成立以来已累计向持有人进行9次收益分配，累计分红金额超1.54亿元。展现了在市场化 主体的高效管理能力下，稳健的现金流生产与分派能力。 华夏基金华润有巢REIT的扩募成功，不仅验证了市场化主体在保租房领域的运营能力，更彰显了公募 REITs作为金融工具服务实体经济、促进共同富裕的独特价值。我国住房租赁市场拥有2.6亿租赁人口的 庞大基本盘，其中新市民、青年人达近2亿人，保租房作为解决该群体住房需求的核心载体，亟需金融 工具支持其实现可持续运营。华夏基金华润有巢REIT通过扩募引入优质资产，一方面通过公募REITs平 台实现了保租房资产的高效盘活，为原始权益人回笼资金，可进一步投入新的保租房项目建设，形 成"建设-运营-资本化退出-再投资"的良性循环；另一方面，高出租率、高分派率的资产注入，印证了市 场化运作保租房项目的投资价值，将吸引更多社会资本参与保租房领域，缓解行业资金压力。 业内人士表示，扩募如 ...

证券研究报告 | 2025年12月14日 2025年12月15日 公募 REITs 周报（第 46 期） 指数震荡下行，产权类表现更优 核心观点 固定收益周报 主要结论：本周中证 REITs 指数全周下跌 0.5%，产权类 REITs 和特许经营权 类 REITs 平均周涨跌幅为+0.4%、-0.6%。REITs 跑输主要股债指数，从主要 指数周涨跌幅对比来看，中证转债>中证全债>沪深 300>中证 REITs。截至 2025 年 12 月 12 日，产权类 REITs 股息率比中证红利股股息率均值低 35BP， 经营权类 REITs 内部收益率均值与十年期国债收益率利差为 295BP。 中证 REITs 指数周涨跌幅为-0.5%，年初至今涨跌幅为 1.0%。截至 2025 年 12 月 12 日，中证 REITs（收盘）指数收盘价为 797.54 点，整周 （2025/12/8-2025/12/12）涨跌幅为-0.5%，表现弱于中证转债指数（+0.2%）、 中证全债指数（+0.18%）和沪深 300 指数（-0.1%）。年初至今，各类主要 指数涨跌幅排序为：沪深 300（+16.4%）>中证转债（+16.5 ...

Investment Rating - The report does not provide a specific investment rating for the REITs industry [2] Core Insights - The REITs index experienced a decline of 0.29% this week, with operational rights categories dropping by 0.33% and property rights categories increasing by 1.07% [5][18] - The total market capitalization of the REITs industry is approximately 222.47 billion, with a circulating market value of about 112.39 billion [2] - Recent market activity includes the registration and inquiry announcement for the Huaxia Nuclear Clean Energy REIT, with an inquiry range set between 3.356 yuan and 5.033 yuan per share [7][12] Market Performance - The trading volume for the week reached 1.96 billion yuan, reflecting a 6.2% increase, with an average daily turnover rate of 0.3% [44] - The performance of various asset types showed significant variations, with clean energy REITs seeing a 23.5% increase in trading volume [44] - The correlation of REITs with the ten-year treasury bond is 0.19, while the correlation with the Shanghai Composite Index is 0.39, indicating a moderate relationship with equity markets [20] Key Events - The Huaxia Nuclear Clean Energy REIT project has been registered and is set for offline inquiry on December 17, 2025 [12] - The report highlights the approval status of several REIT projects, including the submission of the Boshi Shandong Iron Investment Road and Bridge REIT [12][7] - Six REITs, including the Huaxia Fund's Huayuan REIT, announced dividend distributions this week [12][44] Trading and Valuation - The overall REITs market saw 17 REITs increase in value, while 58 declined, resulting in an overall drop of 0.85% [22] - The valuation yield for various REITs ranged from -0.54% to 9.80%, with the highest yield observed in Ping An Guangzhou Guanghe REIT at 9.80% [45] - The P/NAV ratio for the REITs is between 0.72 and 1.84, indicating varying levels of market valuation relative to net asset value [45]

2025 年 12 月 13 日 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） 相关研究 《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 《里程碑！REITs 即将迈入商业不 动产新时代——公募 REITs 周度跟 踪（2025.11.24-2025.11.28）》 2025/11/29 《市场承压回调，关注超跌品种的 博弈机会——公募 REITs 周度跟踪 （2025.11.17-2025.11.21）》 2025/11/22 证券分析师 黄伟平 A0230524110002 huangwp@swsresearch.com 杨雪芳 A0230524120003 yangxf@swsresearch.com 研究支持 曹璇 A0230125070001 caoxuan@swsresearch.com 联系人 曹璇 A0230125070001 caoxuan@swsresearch.com 本研究报告仅通过邮件提供给 博时基金 博时基 ...

2025 年 12 月 13 日 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） 相关研究 《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 《里程碑！REITs 即将迈入商业不 动产新时代——公募 REITs 周度跟 踪（2025.11.24-2025.11.28）》 2025/11/29 《市场承压回调，关注超跌品种的 博弈机会——公募 REITs 周度跟踪 （2025.11.17-2025.11.21）》 2025/11/22 证券分析师 黄伟平 A0230524110002 huangwp@swsresearch.com 杨雪芳 A0230524120003 yangxf@swsresearch.com 研究支持 曹璇 A0230125070001 caoxuan@swsresearch.com 联系人 曹璇 A0230125070001 caoxuan@swsresearch.com 本研究报告仅通过邮件提供给 中庚基金 使用。 ...

中证报中证网讯(记者董添)12月11日，由北京中指信息技术研究院主办，中国房地产指数系统、中国物 业服务指数系统承办的"2025中国房地产大数据年会暨2026中国房地产市场趋势报告会"在北京召开。 会上，中指研究院发布《中国房地产市场2025总结及2026展望》报告。 对于租房市场，报告提到，在培育市场化、专业化住房租赁企业政策导向下，住房租赁企业存在发展空 间，租赁住房REITs扩围扩容有助于企业回笼资金、优化资产结构，形成规模效应。同时，租户需求 从"有房住"变为"住好房"，租赁住房供给要侧重品质优化。在此背景下，企业应把握政策窗口期，参与 保租房筹集，打造优质产品、规范运营，建立租户对品牌的信任度，同时把握公募REITs政策机遇，优 化资产结构，实现高质量发展。 对于物业行业，报告提到，物业企业的发展战略由"规模为王"转为"质效优先"。步入"十五五"，行业将 明确"质量提升"发展主线，同时成为城市治理和民生保障的参与者，兼顾经济属性和社会属性。 会议期间还举行了"中国房地产指数系统三十年回顾与市场展望专家座谈会"。会议提到，当前，房地产 供求关系已发生重大变化。行业正经历深刻的市场调整与发展模式重塑。 ...

智通财经APP获悉，12月11日，中指研究院发布2025年中国住房租赁市场总结与展望。2025年，居民就业收入预期仍偏弱，叠加保 租房供应增加影响，1-11月重点50城住宅平均租金累计下跌3.04%。政策方面，中央定调优化保障性住房供给，保租房供给有望从 大规模筹建转向以需定建阶段，供应趋稳将有助于行业平稳运行，《住房租赁条例》实施引导住房租赁市场规范化发展。 培育市场化、专业化住房租赁企业政策导向下，住房租赁企业存在发展空间，租赁住房REITs扩围扩容有助于企业回笼资金、优化 资产结构，形成规模效应。同时，租户需求从"有房住"变为"住好房"，租赁住房供给要侧重品质优化。在此背景下，企业应把握政 策窗口期，参与保租房筹集，打造优质产品、规范运营，建立租户对品牌的信任度，同时把握公募REITs政策机遇，实现高质量发 展。 住宅租赁价格指数走势 （一）50城住宅租金：1-11月租金累计下跌3.04%，跌幅较上年同期扩大0.32个百分点 1. 整体租金：1-11月50城住宅租金累计跌幅扩大至3.04%，3月起租金连续下跌 2025年重点城市住宅平均租金延续下跌态势。受居民就业收入预期偏弱及保租房供应增加影响，今年以 ...

| 市场对商业不动产 | REITs的需求巨大,从目 | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 前的市场反馈来看,许多 | 持有优质商业资产的央 | | | | | | | | | 企、地方国企,甚至优质 | 的民营商业运营公司都在 | | | | | | | | | 摩拳擦掌,等待规则落地 | 就立即申报。 | | | | | | | | | 2021年以来新成立REITs概况 | | | | | | | | | | 发行份额 | 发行规模 | 平均发行规模 | 总数 | 年度 | (亿元) | (日) | (亿元) | (亿份) | | 2025年 | 19 | 386.78 | 20.36 | 105.00 | | | | | | 29 | 2024年 | 645.69 | 22.27 | 165.00 | | | | | | 2023年 | 33.57 | 6 | 201.42 | 36.00 | | | | | | 32.27 | 2022年 | 13 | 419.48 | 74.00 | | ...