本报讯 （记者毛艺融）中国公募REITs（不动产投资信托基金）市场迎来了具有里程碑意义的时刻。 2026年1月30日，华夏基金旗下三只商业不动产REITs——华夏凯德封闭式商业不动产证券投资基金、华夏银泰百货封闭式 商业不动产证券投资基金、华夏保利发展封闭式商业不动产证券投资基金正式申报至证监会与交易所并获受理，成为首批试点 申报项目的重要组成部分。 市场主导 在实践探索中积累发展的经验 任何创新在起步阶段都面临逐步完善的过程，在实践中动态优化，是试点工作的重要经验。 目前，已经申报的商业不动产REITs合计拟募资近400亿元，资产形态覆盖商业零售、综合体、办公楼、酒店等多维业态。 记者注意到，华夏基金此次申报的3单产品，既有凯德这类国际商业运管品牌，也有银泰百货这类深度扎根中国消费市场 的零售品牌，亦有保利发展这类头部房企的转型探索。三类资产，三种基因，在统一制度框架下同台亮相，是市场多元化并蓄 的最好注脚。 据悉，本次试点传递的理念是在制度框架明确、政策方向清晰的前提下，市场具备自我调节与进化纠偏的能力。商业不动 产REITs的估值逻辑、运营效率、分派稳定性，将在投资者的理性研判中逐步收敛于均衡。基金管理 ...

具体来看，首批申报的10单商业不动产REITs有9单登陆上交所、1单登陆深交所，包括保利发展、锦江 国际集团、上海地产、陆家嘴集团、凯德、唯品会、砂之船、银泰百货等项目，参与主体汇聚了央企、 地方国有龙头企业、优质民营企业、外资企业等。项目底层资产涵盖商业综合体、商业零售、办公、酒 店等业态，均位于上海、广州、深圳、武汉、合肥、西安、郑州等城市的核心区域。 近期，首批商业不动产REITs（不动产投资信托基金）项目已正式提交申报，并获中国证监会及交易所 受理，标志着我国REITs市场资产类型正式拓展至商业不动产领域。 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。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盘活并拓宽权益融资 渠道的内在需求。在相关政策推动下，目前REITs多层次市场正在加速成型，供给端已形成基础设施 REITs、机构间REITs、商业不动产REITs等多元产品体系。 东源投资首席分析师刘祥东表示，首批商业不动产REIT ...

The provided content does not include any quantitative models or factors, nor does it contain any relevant information about their construction, evaluation, or backtesting results. The documents primarily discuss the development and issuance of REITs (Real Estate Investment Trusts) and ABS (Asset-Backed Securities) in China, along with market trends and statistics. If you have another document or specific quantitative research content, please provide it for analysis

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The China Securities REITs Total Return Index closed at 1052 points this week, up 0.47% week - on - week, but the market trading activity declined marginally. The total market capitalization of 78 listed REITs reached 228.7 billion yuan, with a circulating market capitalization of 124.7 billion yuan. The Huaxia Zhonghe Clean Energy REIT will be listed on February 2, 2026 [1][11]. - The first batch of 8 commercial real - estate REITs were accepted by the Shanghai Stock Exchange. With excellent occupancy rates and good locations, they are worthy of attention for their application progress and new - share subscription opportunities [2][20][21]. - In the secondary market, new - type facilities declined by 1.19%, while energy facilities led the gain by 1.54%. It is advisable to focus on hydropower assets with high stability or projects with high guarantee of distributable amounts [5][6][26]. 3. Summary by Relevant Catalogs 3.1 Primary Market: The First Batch of 8 Commercial Real - Estate REITs Accepted - In late 2025, the CSRC officially launched commercial real - estate REITs, focusing on commercial complexes, commercial retail, office, hotels and other commercial assets with clear ownership, mature operation models, and stable cash flows [2][17]. - From January 29 - 30, 2026, the first batch of 8 commercial real - estate REITs were accepted by the SSE. The total proposed fundraising scale is about 31.475 billion yuan, with the largest being CICC Vipshop Commercial Real - Estate REIT (7.47 billion yuan) and the smallest being Huaan Jinjiang Commercial Real - Estate REIT (1.703 billion yuan). The original equity holders include private enterprises, foreign - funded enterprises, Shanghai state - owned enterprises, and central enterprises [2][20]. - The occupancy rates of the first batch of 8 commercial real - estate REITs are excellent, and some are fully occupied. The average occupancy rate of 21 "Jinjiang Metropolo" hotels is about 61.58%. They are mainly located in core cities [3][21]. 3.2 Secondary Market: New - Type Facilities Corrected, Energy Facilities Led the Gain - Except for a 1.19% decline in new - type facilities, other asset types rose slightly, with energy facilities leading the gain at 1.54%, followed by municipal environmental protection (+0.52%) and transportation facilities (+0.41%) [5][26]. - The data center (IDC) sector had a significant pull - back this week. Runze Technology and万国 Data Center declined by 0.40% and 2.67% respectively. The two IDC REITs' dynamic distribution rates are close to the reference value, and opportunities from subsequent asset fluctuations can be monitored [5][29]. - Energy facilities had the largest increase this week. ICBC Inner Mongolia Energy Clean Energy REIT performed well, but it is recommended to give priority to hydropower assets with high stability or projects with high guarantee of distributable amounts due to the large performance fluctuations of energy - related projects in Q4 2025 [6][32][34]. - The industrial park sector rose 0.34% this week. It is recommended to pay attention to park REITs with stable fundamentals, income distribution adjustment mechanisms, and high distribution rates [37]. - The consumption infrastructure sector rose 0.22% this week. With the late Spring Festival this year, the consumption boom continues to support the Q1 performance of each project. Some projects with relatively high distribution rates are worth attention [39][40]. - The trading activity of REITs weakened marginally this week. In terms of sectors, except for municipal environmental protection, the turnover rates of each asset sector declined. Attention can be paid to the trading situation of the consumption sector [42][45][46].

Core Viewpoint - The domestic public REITs market in China has experienced a significant turning point, with several leading companies voluntarily withdrawing their public REITs issuance or expansion applications after years of preparation, raising concerns about the market's future prospects [1][15]. Group 1: Market Overview - Public REITs, or Real Estate Investment Trusts, are financial instruments that raise funds through issuing shares to invest in income-generating real estate, distributing most of the profits to investors [1][15]. - The REITs market was once a hot financing innovation in China's infrastructure sector, rapidly growing to a market size exceeding 100 billion, and was characterized by high demand and oversubscription [2][15]. - The recent wave of withdrawals from the REITs market has shifted the perception from a "hot" investment to a more rational correction phase, indicating a potential end to the market's previous high point [1][15]. Group 2: Withdrawn Projects - The withdrawn projects include: - Jianxin Jianrong Home Rental Housing REIT - Chuangjin Hexin Electronic City Industrial Park REIT - Huaxia Wanwei Warehousing Logistics REIT - Jianxin Jinfeng New Energy REIT - Fuguo Shouchuang Water REIT's expansion application [1][2][16]. - These projects were submitted between September 2022 and May 2025, covering various asset types such as affordable rental housing, industrial parks, warehousing logistics, new energy wind power, and water treatment [2][16]. Group 3: Reasons for Withdrawals - The withdrawals are attributed to two significant changes in the market environment: - The overall cooling of the REITs secondary market, leading to decreased investor willingness to subscribe to new products due to pricing pressures and potential risks of breaking below par [8][21]. - Challenges in the operational quality of underlying assets, such as declining rental income and rising vacancy rates in logistics real estate, which necessitate downward adjustments in cash flow forecasts [8][21]. - Specific concerns raised during the review process included compliance issues, rental stability, and the impact of policy changes on cash flows [6][20]. Group 4: Regulatory Environment - Recent policy signals have emerged to promote the standardized development of the REITs market, including a notice from the National Development and Reform Commission in September 2025 to encourage regular applications [9][23]. - The China Securities Regulatory Commission's "Document No. 63" issued in December 2025 sets a new tone for "high-quality development," marking a significant step towards the market's expansion and regulatory compliance [10][23]. Group 5: Future Outlook - Despite the short-term adjustments, favorable long-term factors for market development remain, with the potential for REITs to play an irreplaceable role in the macroeconomy [11][24]. - The market is expected to continue experiencing a "market dividend period," with ongoing demand for "fixed income plus" assets, particularly in early 2026 [12][25]. - Investors are advised to focus on the fundamental performance of projects, asset scarcity, and dividend yield while enhancing their understanding of REITs products [12][25].

Group 1 - The company announced the withdrawal of its application for the listing of the Huaxia Wanwei Warehousing Logistics Closed-End Infrastructure Securities Investment Fund and the transfer of the asset-backed securities of the CITIC Securities-Wanwei Logistics Phase 1 Asset-Backed Special Plan [1] - In response to national policy, the company initiated the application process for a real estate investment trust (REIT) based on three warehousing logistics park projects owned by its subsidiary, Shenzhen Wanwei Logistics Investment Co., Ltd. [3] - The application for the REIT was accepted by the China Securities Regulatory Commission (CSRC) on March 1, 2024, but was later withdrawn on January 14, 2026, due to various external factors [3] Group 2 - The withdrawal of the application will not have a significant adverse impact on the company's daily operations [3] - The company plans to restart the application process when conditions are favorable [3]

Core Viewpoint - Vanke Enterprise Co., Ltd. announced the withdrawal of its public REITs listing application for its logistics infrastructure project, indicating a strategic adjustment in response to external market conditions [1] Group 1: Project Details - The REITs project was initiated by Vanke's subsidiary, Shenzhen Vanke Logistics Investment Co., Ltd., based on three logistics parks as underlying assets [1] - The project was managed by Huaxia Fund and supported by CITIC Securities as the asset-backed securities manager, with the application initially accepted by the China Securities Regulatory Commission on March 1, 2024 [1] Group 2: Decision Rationale - The decision to withdraw the application was made after comprehensive consideration of various external factors and thorough communication among relevant parties [1] - The company stated that this withdrawal will not significantly impact its daily operations and that it plans to restart the application process when conditions are favorable [1] Group 3: Strategic Implications - This move reflects a phase adjustment in Vanke's strategy to utilize financial tools for asset optimization and to expand financing channels [1]

Core Insights - The past year marked a critical transition for China's public REITs from "quality improvement and expansion" to "normalization of issuance," with the market size surpassing 200 billion yuan and asset types continuously diversifying [1] - The beginning of 2026 saw a "good start" for the market, supported by policy benefits and a low interest rate environment, although challenges such as interest rate fluctuations and asset differentiation remain [1] Market Overview: Scale Expansion and Ecological Improvement - By the end of 2025, the public REITs market had achieved significant growth, with 78 products listed and a total scale of 214.524 billion yuan, of which over 66% were listed on the Shanghai Stock Exchange [2] - The policy framework has been continuously improved, with new rules facilitating the launch of commercial real estate REITs and supporting mechanisms for expansion, mergers, and the development of REITs ETFs [2] - The expansion mechanism has been normalized, with seven successful expansion projects in 2025, including a notable model by Huaxia Fund that raised 1.133 billion yuan for quality rental housing projects [3] - Investor structure has been optimized, with a steady economic recovery and declining interest rate expectations enhancing the appeal of REITs as high-dividend assets for long-term funds [3] Primary and Secondary Market Performance: Heat Differentiation and Valuation Reconstruction - The primary market maintained high enthusiasm for subscriptions, with many projects seeing subscription multiples exceeding 100 times, leading to significant first-day gains [4] - The secondary market experienced a "rise and then fall" trend in 2025, with a recovery in early 2026 as the market saw a broad increase in asset prices, particularly in new infrastructure sectors [6] Market Trends and Investment Themes - The diversification of assets is accelerating, with new categories like data centers and tourism expected to continue listing, while core commercial assets with quality cash flows are anticipated to become new growth points [11] - The expansion mechanism is entering a "dual-drive" phase, promoting the evolution of REITs from single projects to asset platforms, enhancing scale effects and dividend increases [11] - The market is experiencing increased differentiation, with quality assets and strong operational capabilities commanding valuation premiums, while weaker projects may face volatility [11] Investment Themes for Q1 2026 - Focus on cash flow stability through consumption infrastructure, policy-driven rental housing, and municipal environmental REITs, which have shown resilience during market adjustments [12] - High-growth sectors benefiting from policy support, such as data centers and logistics, are expected to see performance recovery as demand rebounds [12] - Attention to commercial real estate pilot projects and mature REITs with expansion potential, which can enhance value through asset injections [12]

Core Viewpoint - The introduction of public Real Estate Investment Trusts (REITs) in China, particularly in the commercial real estate sector, is expected to revitalize existing commercial properties and stimulate the real economy [3][4][6]. Group 1: Public REITs Overview - Public REITs serve as a new financing tool connecting the real economy with capital markets, promoting investment stability and growth [4]. - The recent pilot program for commercial real estate REITs expands the scope of public REITs beyond infrastructure, allowing for market-driven operations and active management [6][7]. Group 2: Financing and Asset Management - Commercial real estate companies can utilize public REITs to activate existing assets, broaden financing channels, and reduce debt ratios [7]. - The China Securities Regulatory Commission (CSRC) emphasizes the significant demand for activating commercial real estate through REITs, given the large scale of existing assets [7][11]. Group 3: Market Potential and Growth - The public REITs market in China is projected to reach a total market value of at least 1.5 trillion yuan by the end of the 14th Five-Year Plan, driven by the substantial scale of existing infrastructure and commercial real estate assets [15]. - The market is expected to see a significant increase in the participation of individual investors, with projections indicating that their share could rise from under 10% to over 20% in the next five years [21]. Group 4: Investment Characteristics - Public REITs differ from traditional mutual funds in that they primarily invest in real estate assets that generate stable cash flows, with returns coming from operational income and asset appreciation [20]. - The investment value of public REITs is becoming increasingly prominent, with over 70% of listed REITs experiencing an increase in market value last year [19].

2026 年 01 月 04 日 商业不动产 REITs 正式落地，哪些 变化？ ——公募 REITs 周度跟踪（2025.12.29-2025.12.31） 相关研究 《超跌反弹，申报加速——公募 REITs 周度跟踪（2025.12.22- 2025.12.26）》 2025/12/27 《中核水电 REIT 认购倍数续创新高 ——公募 REITs 周度跟踪 （2025.12.15-2025.12.19）》 2025/12/20 《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）》 2025/12/13 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 博时基金管理有限公司(resea ...