观点指数 8月13日，《观点指数 • 2025中国房地产全产业链发展白皮书》发布，其中在REITs发展篇中，2025年上半年中证REITs全收益指数变化趋势总体 是在波动中上升，由年初1月2日的967.21点逐渐攀升到上半年的峰值，即6月23日的1124.91点，6月30日收盘价为1105.45点，累计涨幅达到14.29%。 上半年REITs市场的整体增长主要受益于消费类REITs，例如嘉实物美消费REIT上半年涨幅为50.21%，是目前中国内地上市的REITs之最。 这与国内对消费基础设施REITs的重视紧密相关，特别是国务院印发的《提振消费专项行动方案》中明确提到，支持消费基础设施REITs发行，将商业地 产纳入盘活存量资产的重点领域。在政策导向外加机构投资者的偏好之下，消费基础设施REITs板块的信心直接提升，表现在消费类REITs二级市场的繁 荣上。 市场活跃度显著提升，中证REITs全收益指数累计上涨14.29%，其中消费类REITs表现最为亮眼，嘉实物美消费REIT以50.21%的涨幅领跑市场。 消费类REITs年内平均涨幅达35.00%，远超其他类型，表现亮眼的有嘉实物美消费REIT，涨幅50. ...

Core Viewpoint - The public REITs market in China is experiencing significant growth, with the recent listing of multiple REITs, including the first central enterprise natural gas power generation REIT, indicating a strong trend towards capital market support for energy transition and the activation of quality clean energy assets [1][2][3] Group 1: Public REITs Market Expansion - The number of public REITs in China has increased to 71, with the listing of the 华夏华电清洁能源 REIT marking a milestone in the market [1] - The recent listings include products from 创金合信 and 中银中外运, expanding the clean energy REITs to 8, covering various energy types such as solar, wind, hydro, and natural gas [2] - The 华夏华电清洁能源 REIT received over 170 billion yuan in subscription funds, setting a new record for clean energy REITs [1] Group 2: Performance and Market Dynamics - The 创金合信首农 REIT, focusing on "headquarters economy," achieved a total issuance scale of 3.685 billion yuan, with a high average occupancy rate of over 94% [3] - The average achievement rates for key performance indicators (revenue, EBITDA, and distributable amount) among 31 public REITs with disclosed data are 94.1%, 101.5%, and 91.5%, respectively [3] - The market outlook suggests that public REITs will continue to be influenced by macroeconomic factors and investor sentiment, with a focus on quality domestic demand sectors and recovery in market conditions [4]