| [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 ...

Group 1 - The company, Everbright Jiabao (600622), primarily engages in real estate asset management and investment, with no involvement in AI applications or digital assets [1] - The company maintains ongoing attention to policies related to commercial real estate REITs [1]

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 ...

Core Viewpoint - The announcement by the China Securities Regulatory Commission regarding the pilot launch of commercial real estate investment trusts (REITs) provides new avenues for revitalizing commercial real estate assets such as office buildings and hotels [1] Group 1: Company Initiatives - Poly Developments announced its board's approval to initiate the application and issuance of commercial real estate REITs, utilizing its commercial real estate projects as underlying assets to enhance its real estate operational capabilities and optimize its capital structure [1] - Poly Developments plans to select the Guangzhou Poly Center and Foshan Poly Water City projects as the underlying assets for the REITs [1] - Maoye Commercial announced its intention to issue public REITs using certain buildings from its Chengdu Maoye Center as underlying assets, aiming to activate existing assets and broaden financing channels [2] Group 2: Industry Trends - More companies are showing interest in commercial real estate REITs, with Vanke A actively monitoring market innovations and establishing asset exit channels, including three Pre-REITs funds [3] - Wushang Group has initiated research on public REITs for commercial real estate, assessing its eligible assets for issuance [3] - The expansion of public REITs to include hotels and office buildings is expected to facilitate a shift in the real estate industry from a development-focused approach to an operational one, attracting more social capital into real estate investments [4]

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].

Core Viewpoint - 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 operational capabilities and optimize its capital structure in response to regulatory calls [2][4]. Group 1: Company Actions - The company plans to use its commercial real estate projects as underlying assets for the issuance of commercial real estate investment trusts (REITs) [2][4]. - The selected projects for the REITs issuance include the Guangzhou Poly Center and the Foshan Poly Water City, both held by the company's wholly-owned subsidiaries [5]. Group 2: Regulatory Context - The initiative aligns with the announcements from the China Securities Regulatory Commission regarding the pilot launch of commercial real estate investment trusts and the promotion of high-quality development in the REITs market [2][4]. - The issuance of these commercial real estate REITs does not constitute a related party transaction or a significant asset restructuring as defined by the relevant regulations [4].

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - After the release of the Q4 reports, continue to focus on the consumer sector and explore high - quality individual bonds with high distribution rates. The REITs market experienced a wave of volume - increasing and price - rising trends during the Q4 report disclosure window period [1][12]. - Actively pay attention to the progress of commercial real estate REITs and look out for opportunities to participate in new products [47]. 3. Summary According to the Directory 3.1. After the Q4 Reports: Continue to Focus on the Consumer Sector and Explore High - Quality Individual Bonds with High Distribution Rates - **Data Center**: The industry has high prosperity. The dynamic distribution rates of Runze Technology and Wanguo Data Center are close to the reference value. They are actively traded, and future price fluctuations can be monitored [21]. - **Consumer Facilities**: The late Spring Festival in 2026 will ensure the Q1 performance. Hua'an Bailian Consumption, Jiasheng Wumei Consumption, and Huaxia Jinmao Commercial are worthy of attention [24][25]. - **Rental Housing**: Although the rental situation of some projects has slightly declined, the overall fundamentals are excellent. Priority should be given to projects with a distribution rate of about 3.2%, such as Cathay Haitong Chengtou Kuanting and Huaxia Fund Huarun Youchao [28]. - **Warehousing and Logistics**: The sector's distribution rate is about 3.82%. Priority should be given to Baowan Logistics, Anbo Storage, and Shenzhen International. Baowan Logistics will waive some operating management fees in 2025 [30][32]. - **Industrial Parks**: The distribution rate of the industrial park sector is about 4.46%. Many park individual bonds' distributable amounts in 2025 decreased significantly. It is recommended to focus on park REITs with stable fundamentals, income distribution adjustment mechanisms, and high distribution rates [35]. - **Highways**: Focus on assets with strong traffic - inducing effects from surrounding road networks, such as Jiangsu Jiaokong, Anhui Jiaokong, Nanjing Expressway, China Merchants Expressway, and China Communications Construction [41]. - **Municipal Environmental Protection**: Pay attention to the active management of China Aviation Shougang Green Energy REIT. Its Q4 performance was outstanding, and the management's active efforts led to an increase in power generation [45]. 3.2. Actively Pay Attention to the Progress of Commercial Real Estate REITs and Look Out for Opportunities to Participate in New Products - In late 2025, the CSRC officially launched commercial real estate REITs. Sichuan Securities Regulatory Bureau is actively preparing for the pilot program, and Maoye Commercial plans to issue commercial real estate REITs. The approval process for commercial real estate REITs has improved efficiency, and the good operation of consumer facilities REITs may increase market attention [47][48].

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》。 ...