| [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | | --- | --- | --- | --- | | 涂力磊(分析师) | 021-23185710 | tulilei@gtht.com | S0880525040101 | | 谢皓宇(分析师) | 010-83939826 | xiehaoyu@gtht.com | S0880518010002 | | 谢盐(分析师) | 021-23185696 | xieyan@gtht.com | S0880525040098 | 本报告导读： 1 月 27 日，公司审议通过了《关于开展商业不动产 REITs 申报发行工作及相关授权 事项的议案》，这将进一步构筑公司不动产经营能力，增强可持续发展能力。 投资要点： [Table_Summary] 维持"增持"评级。1 月 27 日，公司审议通过了《关于开展商业不 动产 REITs 申报发行工作及相关授权事项的议案》。我们认为，这 将进一步构筑公司不动产经营能力，优化资本结构，增强可持续发 展能力。我们预计 25 年 EPS 为 0.09 元和 BPS 为 16.59 元，参考 PB 估 ...

证券日报网讯1月29日，光大嘉宝（600622）在互动平台回答投资者提问时表示，目前，公司主要从事 不动产资产管理、不动产投资等业务，未涉及AI应用、数字资产方面的业务。公司对商业不动产REITs 的相关政策持续保持关注。 ...

核心观点 公司拟以以广州保利中心项目、佛山保利水城项目为标的资产发行商业不动产REITs，此举有利于公司 拓宽融资渠道，持有物业价值有望重估。截至2024 年底公司持有开业的租赁住房、购物中心、酒店、 写字楼等商业经营类资产项目534 万方，全年收入约40 亿元，参考已上市的产业园和消费基础设施公募 REITs 可供分配金额占收入比例和年化派息率，估算公司持有商业物业重估价值约为590 亿元，约为当 前市值的72%。 事件 1、公司销售结转可能不及预期。当前房地产市场仍处于筑底阶段，如公司布局的城市基本面出现超预 期恶化，公司房地产项目销售可能不及预期；公司当前可结转资源充沛，若部分城市存在延期交付的状 况，公司结转可能不及预期，从而影响公司业绩表现。 2、存货存在减值风险。当前房地产市场仍处于筑底阶段，公司在前期以较高价格获取的地块，后续销 售价格可能不及预期，存货仍存在减值压力，可能影响公司业绩表现。 3、房地产行业政策超预期收紧。如行业政策出现超预期收紧，可能影响公司销售恢复进度。 4、发行商业不动产REITs 尚需获得上海证券交易所、中国证券监督管理委会审核与批准，项目申报工 作存在不确定性风险。 拟 ...

随着《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》的发布，写字楼、酒店等商业不动产 迎来新的盘活途径。近期，已有多家企业披露具体的商业不动产投资信托基金(REITs)申报方案和入池 资产，更多公司则表示正积极关注，对相关资产进行梳理评估。 武商集团（000501）亦表示，关于商业不动产公募REITs，目前公司已启动专项研究工作，对旗下符合 发行条件的商业资产进行梳理与评估，审慎论证相关方案的必要性、可行性及发行路径。后续若涉及重 大事项，公司将依法依规，履行信息披露义务。 从已披露信息看，具备成熟商办资产和运营能力的企业率先制定发行方案；更多企业仍处于资产筛选和 路径论证阶段。 上海易居房地产研究院副院长严跃进向《证券日报》记者表示，过去商业项目资金沉淀周期较长，而 REITs能够实现风险分散和收益共享，有利于企业降低资产负债率，也有助于提升商业不动产的市场定 价和运营透明度。 戴德梁行相关负责人在接受《证券日报》记者采访时曾表示，公募REITs扩容至酒店以及写字楼资产， 一方面，有助于推动房地产行业从开发逻辑向运营逻辑转型；另一方面，也有利于更多社会资金进入不 动产投资的赛道，帮助企业提升运营管理能 ...

Core Viewpoint - The recent collective termination of public REITs applications is significantly influenced by the decline in underlying asset valuations, marking a critical shift in the regulatory landscape and market dynamics [1][10][12]. Group 1: Termination of REITs Applications - On January 23, 2026, both the Shanghai and Shenzhen Stock Exchanges announced the termination or withdrawal of five public infrastructure REITs applications, marking the first instance of such a collective termination since the pilot program began [2]. - The terminated projects include various types of underlying assets such as rental housing, industrial parks, logistics, new energy, and water treatment, all structured as "public funds + infrastructure asset-backed securities" [5][6]. - The termination is attributed to the new regulatory guidelines effective December 31, 2025, which stipulate that applications not responding to feedback within a specified timeframe will be automatically terminated [10]. Group 2: Underlying Asset Challenges - The underlying assets of the terminated REITs face structural challenges that hinder compliance with regulatory requirements, such as the need for stable cash flows and operational stability [11][12]. - For instance, the rental housing REIT faced issues related to compliance verification and operational stability, leading to a lack of response to inquiries for over a year [5][11]. - The logistics REIT encountered declining rental prices and high tenant concentration, complicating its ability to demonstrate operational stability [12]. Group 3: Market Dynamics and Regulatory Changes - The public REITs market has grown significantly, with over 78 products launched and a cumulative financing scale exceeding 210 billion yuan, positioning it as the largest in Asia and the second largest globally [15]. - However, the market is now transitioning from a focus on quantity of issuance to an emphasis on the quality of underlying assets and the stability of cash flows [3][15]. - The decline in asset valuations, particularly in the real estate sector, has led to increased reluctance among original equity holders to proceed with applications, as they may not find the valuations acceptable [13][16]. Group 4: Future Outlook - The termination of these applications is viewed as a necessary phase for the high-quality development of public REITs, with expectations that the market will optimize and enhance resilience amid ongoing challenges [17]. - The introduction of commercial real estate REITs, which do not require approval from the National Development and Reform Commission, is anticipated to accelerate the approval process and improve market conditions [16][17].

Core Viewpoint - The company, Poly Developments and Holdings Group Co., Ltd., has approved the proposal to initiate the application and issuance of commercial real estate REITs to enhance its capital structure and core competitiveness in response to regulatory policies [2][11]. Group 1: Basic Information on Commercial Real Estate REITs - The company plans to use its commercial real estate projects as underlying assets for the issuance of commercial real estate REITs, aligning with the regulatory push for the development of the REITs market [2]. - The selected assets for the REITs include the Guangzhou Poly Center project and the Foshan Poly Water City project, both held by the company's wholly-owned subsidiaries [3]. Group 2: REITs Issuance Process - The company will act as the original rights holder and submit applications to the Shanghai Stock Exchange and the China Securities Regulatory Commission for the establishment of the commercial real estate REITs [3]. - The company intends to participate in the strategic placement of at least 20% of the REITs issuance [4]. - An asset-backed special plan will be established to issue commercial real estate asset-backed securities, with the REITs fully subscribing to these securities [6]. Group 3: Management and Operational Arrangements - The company will oversee the operational management of the REITs, with specific subsidiaries designated for implementation [8]. - The company will transfer 100% equity of the project companies holding the underlying assets to the special plan [7]. Group 4: Authorization Matters - The board of directors has authorized key executives to handle all matters related to the REITs application and issuance, including signing legal documents and making necessary adjustments based on market conditions [10]. Group 5: Impact of REITs Issuance - The issuance of commercial real estate REITs is seen as a significant step for the company to optimize resource allocation and enhance sustainable development capabilities [11].

Core Viewpoint - Poly Developments plans to initiate the issuance of commercial real estate REITs to optimize its capital structure and enhance its core competitiveness and sustainable development capabilities [1][10]. Group 1: REITs Basic Information - The company held a board meeting on January 27, 2026, where it approved the proposal to start the application and issuance of commercial real estate REITs [1]. - The initiative aligns with regulatory calls from the China Securities Regulatory Commission to promote the high-quality development of the REITs market [1]. Group 2: REITs Scheme - The selected assets for the REITs include the Guangzhou Poly Center project and the Foshan Poly Water City project, both held by the company's wholly-owned subsidiaries [3]. - The company will act as the original rights holder and will submit applications to the Shanghai Stock Exchange and the China Securities Regulatory Commission [3]. - The company plans to participate in a strategic allocation of at least 20% of the REITs issuance [4]. Group 3: Authorization Matters - The board has authorized the chairman, general manager, CFO, and board secretary to handle all matters related to the REITs application and issuance [9]. - This authorization is valid for 24 months from the date of board approval [9]. Group 4: Impact of REITs Issuance - The issuance of commercial real estate REITs is seen as a significant step for the company to leverage innovative financing tools, optimize resource allocation, and support a new model of real estate development [10].

2026年1月27日，保利发展控股集团股份有限公司（以下简称"公司"）2026年第2次临时董事会会议审议通过了《关于开展商业不 动产REITs申报发行工作及相关授权事项的议案》。为响应《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》《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》等政策号召，进一步构筑公司不动产经营专业能力，优化 资本结构，增强公司核心竞争力和可持续发展能力，公司拟以持有的商业不动产项目作为底层资产，开展商业不动产投资信托基 金申报发行工作。 本次发行商业不动产REITs未构成关联交易，未构成《上市公司重大资产重组管理办法》规定的重大资产重组。 拟选取广州保利中心项目、佛山保利水城项目为标的资产发行商业不动产REITs。广州保利中心项目是广州市天河区珠江新城写 字楼项目，由保利发展公司全资子公司广州市瑞咨企业管理有限公司持有；佛山保利水城项目是佛山市金融CBD购物中心项目， 由保利发展公司全资子公司佛山保城企业管理有限公司持有。 REITs速达，第一时间、第一视角，中国公募REITs实践与政策学习者。首个提倡以"战略思维"聚焦公募REITs的专业REITs信息传 ...

证券研究报告|固收研究报告 [Table_Date] 2026 年 1 月 27 日 [Table_Title] 2025 年四季报出炉，个券机会显现 [Table_Title2] 公募 REITs 业绩点评系列 [Table_Summary] 根据交易所相关规则指引，公募 REITs 基金管理人应当在每 季度结束之日起 15 个工作日内，编制和披露季度报告。2026年 1 月 22 日各 REITs 发布四季度报告，整体来看，不同资产类型 经营情况表现显著分化，经营情况良好的个券得到市场追捧。 在四季报披露窗口期带动下，REITs 市场迎来一波放量上涨 行情，四季报披露当周（2026 年 1 月 19-23 日）日均成交量、 日均成交额、日均换手率环比分别增长 44.51%、46.63%、 0.20pct，中证 REITs 全收益指数周度上涨 2.17%。 ►四季报后：继续关注消费板块，挖掘优质高分派率个券 四 季 报 披露当周各板块普涨，涨幅靠前的是新型设施 （+5.87%）和消费设施（+4.13%），涨幅靠后的是两类收费型 REITs，分别为能源设施（+0.88%）和交通设施（+1.69%）。 全市场 ...

有利于公司拓宽融资渠道，有效盘活存量资产 公告显示，为进一步构筑公司不动产经营专业能力，优化资本结构，增强公司核心竞争力和可持续发展 能力，公司拟以持有的商业不动产项目作为底层资产，开展商业不动产投资信托基金(以下简称"商业不 动产REITs")申报发行工作。 本次选取广州保利中心项目、佛山保利水城项目为标的资产发行商业不动产REITs。其中，广州保利中 心项目是广州市天河区珠江新城写字楼项目，由公司全资子公司广州市瑞咨企业管理有限公司持有；佛 山保利水城项目是佛山市金融CBD购物中心项目，由公司全资子公司佛山保城企业管理有限公司持 有。 保利发展表示，发行商业不动产REITs有利于公司拓宽融资渠道，有效盘活存量资产，并进一步推动资 产运营提质增效，增强可持续发展动能。 1月27日晚间，保利发展（600048）发布公告称，2026年第2次临时董事会会议审议通过了《关于开展商 业不动产REITs申报发行工作及相关授权事项的议案》。 ...