- The report focuses on the annual performance of public REITs in 2025, highlighting that the issuance scale and number of REITs declined year-on-year, with a total of 78 REITs listed by the end of 2025, amounting to an issuance scale of 2,109.11 billion yuan[4][5][6] - The REITs market in 2025 saw the addition of new asset categories, including municipal facilities and new infrastructure, with warehouse logistics, consumer infrastructure, and park infrastructure being the primary issuance sectors[13][14][15] - Consumer infrastructure REITs had the largest issuance scale in 2025, totaling 104.45 billion yuan, followed by warehouse logistics REITs at 103.10 billion yuan, while park infrastructure REITs maintained a stable issuance scale of 91.57 billion yuan[15][17][30] - The report highlights the operational performance of various REITs categories, noting that consumer infrastructure REITs showed significant growth in revenue and distributable income, while energy infrastructure REITs faced challenges due to policy changes and reduced electricity settlement prices[18][19][44] - The first municipal facilities REIT, focusing on municipal heating infrastructure, was launched in 2025, with its performance closely tied to seasonal characteristics[47][50] - New infrastructure REITs, launched in 2025, focused on data center facilities, benefiting from the growing demand for intelligent computing power, with tenants primarily being major telecom operators[50] - The report emphasizes the potential of commercial real estate REITs, which were introduced in late 2025, to revitalize existing commercial assets and support the transformation of the real estate industry towards a sustainable "hold-and-operate" model[11][53][54]

2025 年 12 月 27 日 超跌反弹, 申报加速 公募 REITs 周度跟踪（2025.12.22-2025.12.26） 相关研究 《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 公募 REITs 周度跟踪 将间价 (2025.12.8-2025.12.12)》 2025/12/13 《新版行业清单出炉,基础设施 -公募 REITs 周 REITs 再扩围! - 度跟踪 (2025.12.1-2025.12.5)》 2025/12/06 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 申万宏源研究微信服务 请务必仔细阅读正文之后的各项信息披露与声明 事件扰 ...