近日，中国证监会发布《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《公告》），向社会公开征求意见。此次试点，将进一步丰富REITs（不动产投资信托基 金）底层资产类型，推动我国REITs市场发展进入新阶段，拓展资本市场服务实体经济的深度和广度。 盘活商业不动产资产 商业不动产投资信托基金（以下简称"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。 此次发布的《公告》内容主要包括：基金注册及运营管理要求，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；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；强化监管责任，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；等等。 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。借鉴国际经验并结合我国实际，坚持市场化 ...

新华财经上海12月5日电（记者杨溢仁）作为公募REITs市场的"压舱石"，高速公路REITs市场在2025年 呈现出了鲜明的两极分化特征。一边是部分产品业绩亮眼，另一边则有产品面临车流量下滑与收入承压 的困境。在市场规模持续扩容的同时，关于其新发节奏是否应该放缓的争议也有所升温。 不过，业内专家普遍认为，尽管短期挑战犹存，但依托庞大的存量资产基础，叠加政策鼎力支持，则高 速公路REITs仍具备长期发展潜力。 规模稳居主力业绩分化成常态 2025年以来，高速公路REITs在公募REITs市场中的规模优势进一步巩固，成为无可争议的主力板块。 公开数据显示，截至2025年11月末，仅沪市就有10支高速公路REITs上市，约占全市场REITs发行规模 的三分之一。若以全市场口径统计，13支高速公路REITs的合计发行规模已占公募REITs市场份额的 40%，无论总规模还是单只平均发行规模，均在各类REITs板块中处于领先地位。 不过，与规模优势形成鲜明对比的是，板块内部的表现分化持续加剧。回顾今年以来的二级市场表现， 有机构测算显示，2025年1月1日至2025年5月24日期间，中金安徽交控REIT的跌幅高达33.6 ...

2025 年 12 月 05 日 晨会纪要 研究所： 证券分析师： 余春生 S0350513090001 yucs@ghzq.com.cn [Table_Title] 晨会纪要 ——2025 年第 207 期 观点精粹: 最新报告摘要 一级市场项目进展顺利，产业园区板块承压--资产配置报告 FY2026H1 营收稳健增长，看好旺季销售表现--波司登/服装家纺(03998/213502) 点评报告（港股美股） 证券研究报告 1、最新报告摘要 1.1、一级市场项目进展顺利，产业园区板块承压--资产配置报告 分析师：林加力 S0350524100005 分析师：许潇琦 S0350525080004 联系人：刘子路 S0350125080017 投资要点： 一级市场六单项目状态更新：截至 2025 年 11 月 30 日，年内公募 REITs 市场已成功发行 19 单产品，较去年 同期（截至 2024 年 11 月 30 日）减少 5 单，其中 11 月新成立 1 单。根据交易所最新披露信息，近三个月处 于已申报状态的 REITs 产品有 2 单、已受理状态 2 单、交易所已反馈意见 5 单、已通过审核 4 单。本月 ...

碧桂园境外债重组方案正式获批。 12 月 4 日，碧桂园的债务重组迎来了关键性转机。 当天，其规 模约 177 亿美元的境外债务重组方案获香港高等法院正式批准。 与此同时，多家房企的债务重组取得积极进展。在获得债务喘息空间之后，房企如何"轻装"再出发？ 房企由"重"向"轻" 在本轮化债浪潮中，房企普遍采用债转股、以资抵债、全额长展期等方式，核心目标是通过削债降低实际债务负担，优化资产负债表。据中指研究院统计，截至10 月30日已完成境内外债务重组的房企达21家，累计化解债务规模约1.2万亿元。与此同时，"削债"已成为重组方案的核心要素。 与早期主要侧重于"展期"不同，近期成功落地的房企债务重组方案普遍包含大幅削债安排。例如，龙光境外债重组削债比例达70%；融创境外债经过第二次重组将 全部削债。而在近日，佳兆业集团宣布向票据持有人进行同意征求，提出以发行股份代替现金支付，即"以股代息"的创新型债务管理方案。 获得债务喘息空间之后，房企加速向轻资产模式或全产业链模式转型，已成为行业共识。例如，旭辉控股在此前宣布启动"二次创业"，全面转向轻资产低负债、高 质量的新发展模式。此外，碧桂园自2021年起布局的"一体两翼 ...

1. Report Industry Investment Rating The provided content does not mention the industry investment rating. 2. Core View of the Report The report analyzes the primary and secondary markets of public REITs in November 2025. In the primary market, the number of newly issued products decreased compared to the previous year, and there were multiple projects in different stages of the review process. In the secondary market, the REITs index declined, but market activity increased. There was significant differentiation in the performance of different sectors, with the industrial park sector experiencing the largest decline [3]. 3. Summary by Relevant Catalogs 3.1 Primary Market Issuance Dynamics - As of November 30, 2025, 19 public REITs products were successfully issued this year, 5 fewer than the same period last year. One new product was established in November. There were 2 products in the declared state, 2 in the accepted state, 5 with exchange feedback, and 4 that passed the review in the past three months. Six REITs projects had their review status updated in November [3][10]. - Multiple projects, such as the AVIC China National Nuclear Corporation Energy REIT and the Dongfanghong Tunnel Co., Ltd. Intelligent Operation and Maintenance Expressway REIT, entered different stages of the review process in November [11][13][14]. 3.2 Secondary Market Review and Analysis 3.2.1 Market Size - As of November 30, 2025, the total market value of public REITs in the entire market was 219.885 billion yuan, a decrease of 692 million yuan from the previous month. The total circulating market value increased to 117.45 billion yuan, an increase of 7.068 billion yuan. The trading volume this month was 2.647 billion shares, an increase of 616 million shares from the previous month, indicating increased market trading activity [20]. 3.2.2 Price Changes and Volatility - In November 2025, the CSI REITs Total Return Index closed down 0.52%, and the CSI REITs (Closing) Index closed down 0.71%. It performed worse than the ChinaBond New Composite Wealth Index, the Dividend Index, and the CSI Convertible Bond Index but better than the CSI 300 Index [21]. - By project attribute, the weighted average monthly price change of franchise - type REITs was - 0.22%, outperforming the - 0.93% of property - type REITs. By underlying asset type, the transportation infrastructure sector led with a 0.56% increase, while the industrial park sector led the decline with a 2.43% monthly decrease [27]. - At the individual bond level, 20 REITs had a monthly increase of over 1%, with the Huaxia Capital First - Initiative Outlets REIT leading with a 4.75% increase. Three REITs had a decline of over 10%, including the Huatai Zijin Nanjing Jianye Industrial Park REIT with a 16.07% decline [28]. 3.2.3 Secondary Market News - In November 2025, the most significant phenomenon in the REITs secondary market was the deep adjustment of the industrial park infrastructure sector. Many projects had a monthly decline of over 10%. The decline of the Huatai Zijin Nanjing Jianye Industrial Park REIT was mainly due to the large - scale release of restricted shares and the low occupancy rate [32]. 3.2.4 Turnover and Valuation - In terms of monthly trading volume in November, industrial park infrastructure REITs ranked first with 836 million shares. In terms of average daily turnover rate, the new infrastructure sector led with 0.93% [34]. - As of November 30, 2025, the average cash distribution rate of property - type REITs was 4.65% (the energy infrastructure category was the highest at 9.50%), and that of franchise - type REITs was 8.21% (the transportation infrastructure category was the highest at 9.03%). The ChinaBond REITs valuation yield (IRR) of property - type REITs was 4.04%, lower than the 4.28% of franchise - type REITs. The PV multiplier of property - type REITs (1.25) was higher than that of franchise - type REITs (1.21) [3][35]. 3.3 Monthly Report Appendix The appendix provides a summary of the issuance dynamics of REITs in the primary market in the past three months, including the names, asset types, application types, project statuses, update dates, acceptance dates, and listing exchanges of multiple projects [41].

Trading Insights - Foreign institutions have conducted over 9,000 research visits to A-share listed companies this year, with major players like Point72 and Goldman Sachs frequently appearing on the list, indicating a focus on technological innovation and high-end manufacturing [1] - As of the market close on December 3, the Shanghai Composite Index fell by 0.51% to 3,878 points, the Shenzhen Component Index dropped by 0.78% to 12,955.25 points, and the ChiNext Index decreased by 1.12% to 3,036.79 points, with a total market turnover of 1.67 trillion yuan and over 3,800 stocks declining [1] Fund News - On December 3, nine new funds were launched, primarily mixed and equity funds, with the Dachen Youxiang 6-month holding period mixed fund A targeting a fundraising amount of 8 billion yuan; 24 funds announced dividends, with the highest being 0.4500 yuan per 10 shares for the Chuangjin Hexin Zunrui bond fund [2][4] - The Huaxia Fund disclosed a draft for the expansion of the China Resources rental housing REIT, adding new members to the existing expansion team; currently, there are 78 public REITs listed, with 9 initiating expansions, indicating a dual-track pattern of "initial issuance + expansion" [2] - The latest scale of bond funds reached 7.1 trillion yuan, second only to money market funds, with a cumulative dividend amount exceeding 155.7 billion yuan this year, solidifying their position as the top dividend-paying funds [2] ETF Analysis - On December 3, the three major stock indices in the Shanghai and Shenzhen markets collectively retreated, while AI mobile concept stocks saw significant gains; the Jiaoyun ETF rose by 0.97%, with companies like Tielong Logistics and Xiamen Xiangyu increasing by over 3% [3] - The Reducing Volatility Dividend ETF increased by 0.21%, with Nanshan Aluminum rising by 4%; the current market environment favors defensive strategies, with the dividend low volatility strategy showing significant advantages [3] Performance of Funds - The best-performing fund on December 3 was the Yongying Resource Selection Mixed A, with a daily growth rate of 2.6304%, followed closely by Yongying Resource Selection Mixed C at 2.6261% and Baoying Development New Momentum Stock C at 2.5452% [7] - In the stock fund category, Baoying Development New Momentum Stock C led with a daily growth rate of 2.5452%, while the top bond fund was Baoying Rongyuan Convertible Bond C at 0.5948% [8]

Real Estate - In November, the total sales amount of the top 100 real estate companies was 244.3 billion yuan, a year-on-year decrease of 36.8% and a month-on-month decrease of 11.7% [4] - From January to November, the cumulative sales amount reached 3 trillion yuan, with a year-on-year decline of 18.8%, which is an increase of 2.1 percentage points compared to the decline from January to October [4] Public REITs - The expansion of public REITs to the commercial real estate sector has been initiated by the China Securities Regulatory Commission and the National Development and Reform Commission, providing opportunities to revitalize a trillion-yuan market [4] - This move aims to shift enterprises from "heavy development" to "heavy operation," although the short-term market may face pressure, with product valuation and operational quality being critical [4] Food and Beverage - In the snack food sector, there is a focus on operational quality and raw material price trends, while the catering supply chain is seeing improvements in operations, particularly with companies like Anjijia Foods [4] - Investment strategies include flexible trading in underperforming sectors with potential for operational reform, and a positive outlook on dairy products and snack sectors, recommending companies like Yili Group and Yanjinpuzi [4] Jerry Holdings - Jerry Holdings has secured multiple contracts for generator sales exceeding 1 billion yuan with North American data centers, indicating a potential third growth curve for its power segment [5][6] - The company’s subsidiary, Jerry Min Electric Energy Group, has signed significant contracts with major AI industry players, highlighting its expanding market presence [5][6]

Group 1: Report Overview - Report Title: "Commercial Real Estate REITs Promising, Infrastructure Adds 'Commercial Office and Urban Renewal' - November 2025 Public REITs Market Monthly Report" [2] - Analysts: Peng Wenyu, Zhu Min, Ren Yixuan [3] - Date: December 02, 2025 [3] Group 2: Industry Investment Rating No relevant content provided. Group 3: Core Views - The future public REITs system in China will consist of infrastructure and commercial real estate. The rules emphasize the "asset - light, operation - heavy" model and the stability of profitability. The infrastructure REITs are expanding, and new asset types are added, but detailed classifications and definitions may need further clarification. [4] - The CSI REITs index continued to fluctuate and consolidate in November, with a slight decline of 0.7%. The market liquidity has been continuously improving, but there is a divergence between price and volume in the consumer REITs. [4] - Since the second half of October 2025, the dividend yields of REITs have been consistently higher than those of long - term bonds and high - dividend stocks. The valuations and IRRs of both equity and concession - based REITs have changed, with the IRRs of both types increasing. [4] - In November, the Dongjiu Industrial Park REIT completed the private placement, and the discount rate was relatively low. The Huaxun Ruchao REIT and the Zhonghang Jingneng Photovoltaic REIT are steadily advancing their expansion plans. [4] - In the first half of December, three REITs will be lifted from限售, and the first tunnel - type REIT has been submitted to the exchange. In the second half of November, the Yinhuashao Water REIT was affected by an emergency, and some REITs have new developments in terms of issuance, expansion, and project progress. [4] Group 4: Summary of Key Sections 1. Commercial Real Estate REITs Promising, Infrastructure Expanding Again - **1.1 REITs Asset Types Continuously Enriching, Stock Revitalization More Anticipated** - On November 28, 2025, the CSRC launched the pilot of commercial real estate REITs, expanding the public REITs market from infrastructure to commercial real estate. The underlying assets may include commercial complexes, retail, offices, and hotels. [10] - On November 27, the NDRC stated that infrastructure REITs would expand to urban renewal facilities, hotels, stadiums, and commercial office facilities. On December 1, the NDRC issued the 2025 version of the industry scope list, adding new types of assets. [10] [14] - **1.2 Commercial Real Estate REITs New Rules Define "Asset - light, Operation - heavy" Path** - The draft announcement on the pilot of commercial real estate REITs includes eight main contents. It clarifies the two types of commercial real estate REITs (equity and concession - based), requires fund managers to actively perform operation and management responsibilities, and the details of the application and review regulations are yet to be finalized. [12] [13] - **1.3 Newly Added Fields: Stadiums/Hotels, Commercial Offices, Urban Renewal** - The 2025 version of the industry list adds new assets to the consumption, commercial office, and urban renewal sectors. It emphasizes risk isolation and promotes the transformation of real - estate enterprises from development to asset management. However, the specific operation paths of the newly added assets need to be clarified. [15] [16] - **1.4 Overseas Commercial REITs Play a Significant Role, China May Have Trillion - level Potential** - As of November 28, commercial real estate REITs in the US accounted for 37% in terms of quantity and 22% in terms of market value. The potential market size of China's commercial real estate REITs is estimated to be between 0.4 - 1.0 trillion yuan. [21] 2. Index Continues to Fluctuate and Consolidate, Market Liquidity Continuously Improving - **2.1 CSI REITs Drops 0.7%, Continues Fluctuating Pattern** - In November 2025, due to the wavering of interest - rate cut expectations and the strengthening of the US dollar, global equities declined. The CSI REITs index had a cumulative decline of 0.7% in November, maintaining a fluctuating pattern since late October. [27] [28] [29] - **2.2.1 Consumer/Transportation/Rental - Housing Yields Turn Positive, Other Assets' Declines Deepen** - In November, the monthly yields of consumer, transportation, and rental - housing REITs turned positive, while the decline of industrial park REITs intensified, and the decline of other assets also deepened compared to October. [30] [33] [34] - **2.2.2 Most Consumer REITs Rise, Some Industrial Park Individual Bonds Drop Over 10%** - In November, the proportion of rising and falling individual REIT bonds was 36% and 64% respectively. Most consumer REITs rose, while some industrial park REITs were severely affected by the lifting of restrictions, with single - month declines exceeding 10%. [36] [38] - **2.3 Market Turnover Rate Improves Marginally for Two Consecutive Months, Consumer REITs Show Price - Volume Divergence** - In November, the overall activity of the Shanghai and Shenzhen REITs markets slightly increased, with an average daily turnover rate of 0.47%. The turnover rates of IDC decreased slightly, while those of rental - housing and industrial park REITs improved significantly. The consumer REITs index led the rise, but the turnover rate decreased slightly. [39] - **2.4 REITs Dividend Yields Have Been Higher than Long - term Bonds and High - Dividend Stocks** - As of November 28, the dividend yields of equity and concession - based REITs were 4.44% and 8.17% respectively. The dividend yields of REITs have been higher than long - term bonds and high - dividend stocks since the second half of October. The dividend yields of some asset types increased, while those of others decreased. [48] - **2.5 Equity and Concession - based Valuations Are at the 74% and 51% Percentiles Respectively** - The latest P/NAV of equity REITs is 1.25X, at the 74% historical percentile, with the industrial park having a relatively low valuation. The latest P/FFO of concession - based REITs is 13.41X, at the 51% historical percentile. [53] - **2.6 Equity and Concession - based IRRs Are 4.0% and 4.4% Respectively** - The latest IRRs of equity and concession - based REITs are 4.0% and 4.4% respectively, both at relatively low historical percentiles but higher than the previous period. The IRRs of some sub - asset types have also increased. [54] [59] 3. Dongjiu Expansion Completed, Ruchao and Jingneng Expansion Progressing Steadily - **3.1 In November, the Anbo Logistics REIT Was Issued, and the Zhongjian投 Shenyang Software Park REIT Was Listed** - As of November 28, 2025, there were 77 listed REITs in Shanghai and Shenzhen, with a total market value of 21.99 billion yuan. In November, the Zhongjian投 Shenyang Software Park REIT was listed, and the Huaxia Anbo Warehouse Logistics REIT was issued offline. [63] - **3.2 From January to November 2025, the Off - line Subscription Yield of 100 million yuan for REITs Is 3.49%** - After excluding extreme values, from January to November 2025, the absolute returns of 50 million yuan and 100 million yuan participating in the off - line subscription of REITs were 1.7443 million yuan and 3.4887 million yuan respectively, with a corresponding off - line yield of 3.49%. [64] - **3.3 Dongjiu Industrial Park REIT Has Completed the Expansion Issuance, Huaxun Ruchao and Zhonghang Jingneng PV REITs Have Initiated Expansion** - In November 2025, the Dongjiu Industrial Park REIT completed the private placement, with an issuance scale of 427.2 million yuan. The Huaxun Ruchao REIT plans to distribute shares to original holders, and the Zhonghang Jingneng PV REIT plans a private placement. [68] [70] - **3.4 Expansion Projects Generally Issue at the Maximum Scale, Dongjiu Industrial Park Has a Low Discount** - Except for some projects, most expansion projects were issued at the announced maximum scale. The Dongjiu Industrial Park REIT had a relatively low discount rate in terms of pricing, with an actual issuance price 5.06% lower than the benchmark price. [78] 4. Three Projects to Be Unlocked, Yinhuashao Water REIT Affected by Emergency - **4.1 Three REITs to Be Unlocked in the First Half of December** - In the first half of December, the Huatai Nanjing Jianye REIT (December 3), the Huaxun Ruchao REIT (December 9), and the Zhongjin Chongqing Liangjiang REIT (December 11) will be unlocked. In the second half of November, 10 REITs announced dividend plans. [83] - **4.2 Yinhuashao Water REIT Affected by Emergency** - The Yinhuashao Water REIT was affected by a water - supply emergency, which will lead to a short - term decrease in water supply and affect the project company's revenue and cash flow. The Southern Runze Technology Data Center REIT changed the investment direction of the recovered funds, and the Dongjiu Industrial Park REIT completed its private placement. [87] 5. Three New Projects Submitted to the Exchange, Including the First Tunnel - Type REIT - **5.1 New Projects Submitted to the Exchange** - As of November 28, there are 12 new issuance projects and 3 expansion projects in the pipeline at the exchange. In the second half of November, the Huaxia Zhonghe Clean Energy REIT replied to the inquiry letter, and the exchange accepted 2 new issuance projects and 1 project was submitted, including the first tunnel - type REIT. [89] [90] - **5.2 Bidding Information: Nanjiang Energy Plans to Issue Public REITs for Its Infrastructure** - In the second half of November 2025, the Nanjiang Energy (Group) Co., Ltd. plans to issue public REITs for its infrastructure and publicly tender for REIT fund managers. [91]

Core Viewpoint - The National Development and Reform Commission (NDRC) and the China Securities Regulatory Commission (CSRC) have expanded the asset types for public REITs, introducing a new category for "Commercial Real Estate REITs," which includes traditional commercial properties like hotels and office buildings, aimed at revitalizing existing commercial assets and alleviating liquidity pressures for quality property companies and local state-owned enterprises [1][2][3]. Summary by Relevant Categories Product Positioning - Commercial Real Estate REITs are defined as closed-end public funds that acquire ownership or operational rights to commercial real estate assets through investment in asset-backed securities, generating stable cash flows from rents and fees, which are then distributed to fund shareholders [2][5]. Registration and Management - The announcement outlines requirements for fund registration, including qualifications for fund managers and custodians, due diligence, application materials, and conditions for commercial real estate assets, emphasizing that assets must have clear ownership, mature operations, and generate stable cash flows [2][5]. Management Norms - Fund managers are required to adhere strictly to professional standards and regulatory requirements, with an emphasis on having robust investment management, asset operation, internal control, and risk management systems in place [2][5]. Regulatory Responsibilities - The announcement clarifies the responsibilities of regulatory bodies in overseeing Commercial Real Estate REITs, including risk monitoring and management, and states that these REITs will follow existing guidelines for publicly offered infrastructure securities investment funds [2][5]. Market Outlook - The introduction of Commercial Real Estate REITs marks a significant step towards a comprehensive REITs market in China, with expectations for accelerated approvals for projects. The performance of existing consumption infrastructure REITs has been strong, with an overall increase of 44.6% since their listing, indicating a positive outlook for commercial real estate assets [3][4].

Core Insights - The recent pilot program for commercial real estate REITs represents an expansion beyond infrastructure REITs, drawing on experiences from developed economies like the US and Japan, and is timely given the large scale of China's real estate market [1][2] Group 1: Market Context - Commercial real estate REITs are considered important underlying assets, with China's real estate sector needing to explore new development models [1] - The REITs concept originated in the US in 1960, aimed at stabilizing the housing market by combining real estate and stock investments, requiring funds to invest at least 75% in real estate and distribute 90% of income as dividends [1] - China's REITs market has five years of practical experience, initially focusing on infrastructure, and has now expanded to include commercial real estate assets such as shopping centers, retail, office buildings, and hotels [1] Group 2: Performance and Investor Structure - Public REITs have shown strong valuation performance, with the CSI REITs total return index increasing by 10% in 2023 and 22.46% since the beginning of 2024, despite a downturn earlier in 2023 [2] - The main investors in public REITs are brokerages and insurance companies, followed by individual investors and bank wealth management products [2] - In 2024, insurance institutions have a higher investment share in logistics and park REITs compared to brokerages, while brokerages dominate in sectors like ecological protection, transportation, energy, and consumption [2] Group 3: Investment Preferences - Insurance companies prefer public REITs due to their long-term capital allocation needs, especially in the context of declining bond yields [3] - Insurance firms typically favor ownership-type REITs due to their familiarity and experience with real estate investment decisions, while they lean towards high-speed and renewable energy projects in usage-type assets [3] - Public REITs possess both stable dividend characteristics akin to bonds and equity-like attributes influenced by market expectations, necessitating careful assessment of the underlying assets [3]