2025年是公募REITs（公开募集基础设施证券投资基金）迎来快速发展的一年。Wind数据显示，截至2025年12月中旬，我国公募REITs已发行产品达到近80 只，总市值突破2200亿元，资产类型涵盖园区、消费、交通、能源等十大领域，预计可带动新项目总投资超过1万亿元。 综观公募REITs二级市场全年的表现，呈现鲜明的"先扬后抑"特征。上半年受益于低利率与"资产荒"行情，中证REITs全收益指数累计涨幅达14.2%；下半年 受长端利率上行、解禁压力等因素影响，又出现明显回调。一级市场发行方面，资产扩容与机制完善成为核心驱动力，全年诞生了首批数据中心REITs、首 单市政基础设施REIT等多个标杆项目。 展望2026年，公募REITs市场将迎来规模与质量的双重提升。专业投资机构怎么看待明年的景气度？又会推荐怎样的配置方案？《每日经济新闻》记者就此 采访了多家公募基金和第三方机构。 2025年消费类REITs表现亮眼，产业园区REITs承压 华西证券数据显示，截至2025年11月末，我国基础设施公募REITs已经发行78只，共发售基金2095亿元，资产类型涉及园区、消费、交通、能源、生态环 保、水利、仓储物流、 ...

每经记者｜李蕾 每经编辑｜叶峰 2025年是公募REITs（公开募集基础设施证券投资基金）迎来快速发展的一年。Wind数据显示，截至2025年12月中旬，我国公募REITs已发行产品达到近80 只，总市值突破2200亿元，资产类型涵盖园区、消费、交通、能源等十大领域，预计可带动新项目总投资超过1万亿元。 综观公募REITs二级市场全年的表现，呈现鲜明的"先扬后抑"特征。上半年受益于低利率与"资产荒"行情，中证REITs全收益指数累计涨幅达14.2%；下半年 受长端利率上行、解禁压力等因素影响，又出现明显回调。一级市场发行方面，资产扩容与机制完善成为核心驱动力，全年诞生了首批数据中心REITs、首 单市政基础设施REIT等多个标杆项目。 展望2026年，公募REITs市场将迎来规模与质量的双重提升。专业投资机构怎么看待明年的景气度？又会推荐怎样的配置方案？《每日经济新闻》记者就此 采访了多家公募基金和第三方机构。 2025年消费类REITs表现亮眼，产业园区REITs承压 华西证券数据显示，截至2025年11月末，我国基础设施公募REITs已经发行78只，共发售基金2095亿元，资产类型涉及园区、消费、交通、能 ...

"公募REITs市场终于迎来商业不动产REITs试点！"试点的公告发布后，一位业内人士对记者说。据悉， 市场各方对推出商业不动产REITs的共识高度统一、呼声持续高涨。 《中共中央关于制定国民经济和社会发展第十五个五年规划的建议》指出，要坚持高质量发展，做优增 量、盘活存量，推动经济持续健康发展和社会全面进步。我国商业不动产规模庞大，资产持有主体拓宽 直接融资渠道的需求强烈。如何借助REITs进行有效盘活，实现投融管退的良性循环，是急需回应的重 要课题。 公募REITs作为资本市场盘活存量资产、服务实体经济的利器，其产品功能属性与商业不动产天然契 合。 11月28日，中国证监会发布了《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）》，启动 商业不动产投资信托基金（以下简称"商业不动产REITs"）试点。 证券时报记者从多方了解到，上交所等单位正在紧锣密鼓推进配套规则修订、系统改造和试点项目培育 等工作，相关规则同步征求市场意见。 此次启动试点，是中国证监会贯彻落实党中央、国务院决策部署的重要举措，有利于盘活存量商业不动 产，支持构建房地产发展新模式，也是涉及我国REITs市场发展全局的关键一步。 "随 ...

Core Viewpoint - The first batch of public infrastructure REITs in China has successfully completed its first year, demonstrating significant potential in promoting infrastructure investment and enhancing asset management efficiency [1][3][12]. Group 1: Market Performance and Impact - The first batch of public REITs has driven the construction of new infrastructure projects worth 300 billion yuan, with an average increase of 22% in share prices since listing [3][10]. - The total distributable cash flow from the first batch of REITs reached approximately 1.78 billion yuan, with a total dividend payout of about 1.22 billion yuan, representing around 60% of the distributable amount [3][10]. - The performance of these REITs has exceeded expectations, with stable operational data and positive market responses noted by various participating institutions [3][4]. Group 2: Regulatory and Institutional Support - Regulatory frameworks have been progressively improved, with various government departments and regulatory bodies actively supporting the development of the REITs market [4][5]. - Key policy announcements have expanded the scope of REITs, allowing for a broader range of assets and enhancing market liquidity through the introduction of insurance capital [4][5][12]. Group 3: Future Development and Asset Diversification - The asset types within the REITs market are gradually diversifying, with projects now covering areas such as affordable rental housing and renewable energy infrastructure [8][13]. - There are ongoing efforts to expand the REITs market, with institutions actively seeking to inject more mature assets into their REITs portfolios [6][7]. - The upcoming unlocking of restricted shares is expected to increase market liquidity and balance supply and demand dynamics within the REITs market [10][11]. Group 4: Strategic Importance - Public REITs are recognized as a crucial tool for revitalizing existing assets and expanding effective investment, aligning with national economic strategies [12][13]. - The development of a trillion-yuan REITs market is seen as essential for both short-term economic stability and long-term growth, with a focus on high-quality infrastructure projects [13].

Core Viewpoint - The recent approval of public REITs, particularly in the data center sector, marks a significant expansion in China's REITs market, indicating a growing recognition and support for diverse asset types and innovative financing solutions [1][2][7]. Group 1: Recent Developments in Public REITs - Several public REITs, including the first data center REITs, have been approved, filling a market gap in the data center sector [1][2]. - As of June 20, the total number of public REITs in the market has exceeded 85, with underlying assets expanding to ten categories [4][5]. - The average increase in the price of listed public REITs has surpassed 20% this year, with some experiencing gains over 50% [5][6]. Group 2: Specific REITs and Their Characteristics - The first public data center REITs approved include the Southern Universal Data Center REIT and Southern Runze Technology Data Center REIT, with total fundraising amounts of 800 million and 1 billion shares, respectively [2][3]. - The first public REIT from Chuangjin Hexin, the Shou Nong Industrial Park REIT, has a stable occupancy rate of approximately 94.8% as of December 31, 2024 [3]. Group 3: Market Trends and Future Outlook - The public REITs market is expected to continue its growth trajectory, driven by policy support, market efficiency, and increasing investor awareness [1][7]. - Analysts predict that new asset types, such as data centers and smart city facilities, will emerge, aligning with the demands of the digital economy [7][8]. - The market still faces challenges, including the need for improved asset diversity and market scale, as well as the necessity for regulatory enhancements to streamline the issuance and operation of REITs [8].

Core Viewpoint - The REITs market in China has rapidly developed over the past four years, becoming the largest in Asia with a total issuance scale exceeding 180 billion and a market capitalization surpassing 200 billion [2] Group 1: Market Development - In four years, the total issuance scale of China's REITs market has exceeded 180 billion, with a total market value surpassing 200 billion, and 66 REIT products listed, outpacing markets like Singapore and Japan [2] - The REITs market has experienced a complete cycle from initial enthusiasm and blind speculation to a period of deep adjustment and subsequent rationality, focusing on the operational value of underlying assets [2][4] - Regulatory bodies have continuously explored institutional development, focusing on establishing a market-driven pricing mechanism that supports the entire chain of issuance pricing, secondary market trading, and management during the holding period [2] Group 2: Pricing Mechanism - The recent launch of the Bank of China and China Foreign Shipping's logistics REIT utilized an open market pricing range, attracting 575 offline bidders with a subscription multiple of 251.12 times, marking the second-highest in China's public REITs history [3] - The final pricing of this REIT reflected a premium of 16.16% over the assessed value, the highest issuance premium rate since the launch of public REITs [3] - Recognized "good projects" in the secondary market have shown price increases of over 20% from their issuance price, with some exceeding 90%, indicating strong market recognition and trading activity [3] Group 3: Regulatory Improvements - The regulatory framework for the REITs market has been continuously optimized, with a multi-layered rule system established to promote standardized and refined regulatory practices [4] - The principle of "mature one type, launch one type" has guided the development of various regulatory measures, enhancing the overall market structure [4] - As the REITs market matures, it is entering a new phase of expansion and quality improvement, with a broader range of underlying assets and proactive measures being introduced [4]