2026 年 02 月 23 日 润泽数据中心 REIT 宣布扩募 ——公募 REITs 周度跟踪（2026.02.09-2026.02.20） 相关研究 《中核水电 REIT 上市——公募 REITs 周度跟踪（2026.02.02- 2026.02.06）》 2026/02/07 《首批 8 单商业不动产 REITs 正式 申报！——公募 REITs 周度跟踪 （2026.01.26-2026.01.30）》 2026/01/31 《四季报出炉，5 单 REITs 申报终 止——公募 REITs 周度跟踪 （2026.01.19-2026.01.23）》 2026/01/24 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(rese ...

2026 年 02 月 23 日 润泽数据中心 REIT 宣布扩募 公募 REITs 周度跟踪（2026.02.09-2026.02.20） 相关研究 《中核水电 REIT 上市- 公寓 REITs 周度跟踪 (2026.02.02- 2026.02.06) 2026/02/07 《首批 8 单商业不动产 REITs 正式 申报! - 公募 REITs 周度跟踪 (2026.01.26-2026.01.30) 》 2026/01/31 《四季报出炉，5 单 REITs 申报终 -公募 REITs 周度跟踪 (2026.01.19-2026.01.23) 》 2026/01/24 证券分析师 黄伟平 A0230524110002 huangwp@swsresearch.com 杨雪芳 A0230524120003 yanqxf@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 | 目录 | | --- | | 1．一级市场： ...

登录新浪财经APP 搜索【信披】查看更多考评等级 （来源：经济参考报） 公募REITs市场迎来里程碑式创新。 1月20日，华夏基金华润有巢REIT扩募份额在上海证券交易所上市交易，首次采用向原基金份额持有人 配售的发售方式，标志着我国公募REITs扩募机制取得重大突破。 业内人士认为，这一创新不仅为存量REITs持有人提供了优先配置权，更以市场化方式实现了存量资产 与增量资金的有效对接，为保障性租赁住房等基础设施领域融资开辟了新路径。 扩募模式实现重大突破 保障性租赁住房REITs市场潜力释放 保障性租赁住房是国家"十四五"期间重点发展的民生领域，也是公募REITs政策支持的重点方向。据 悉，华夏华润有巢REIT的有巢马桥项目位于上海闵行区，周边产业集聚，租赁需求旺盛。该项目纳入 REITs后，将形成"投资-建设-运营-退出-再投资"的良性循环，为保障性租赁住房发展提供可持续的资金 支持。 相关数据显示，当前上海租赁住房市场规模超过1000亿元，但机构化运营比例不足10%，市场整合空间 巨大。 某公募REITs业务负责人指出："保障性租赁住房REITs兼具社会效益与经济效益。一方面，通过市场化 方式增加租赁住 ...

Core Insights - The first public REITs expansion in China has successfully adopted a subscription method for existing fund shareholders, marking a significant breakthrough in the public REITs expansion mechanism [1][2] - The expansion raised over 1.1 billion yuan, which will be used to acquire a rental housing project in Shanghai, enhancing the fund's asset distribution in key industrial areas [1] - The REIT has provided stable returns to its holders since its listing in December 2022, with cumulative dividends exceeding 154 million yuan by the end of 2025 [1] Group 1 - The expansion utilized a subscription method that grants existing shareholders priority, preventing dilution of rights for small investors and maintaining a stable equity structure [2] - The fundraising amount reached 1.1329 billion yuan, with a participation rate of 99.51% from existing shareholders [2] - The pricing mechanism for the expansion reflects market constraints, incorporating asset valuation and secondary market prices to ensure fair pricing [2] Group 2 - Over 10,000 individual investors participated in the REIT expansion, significantly broadening access for personal investors [3] - Multiple subscription channels were established, allowing both on-market and off-market investors to easily exercise their subscription rights [3] - The process ensures equal participation rights for institutional and individual investors, enhancing market inclusivity [3]

Core Viewpoint - The article highlights the significant innovation in China's public REITs market with the launch of the first expansion offering that allows original fund shareholders to subscribe, marking a breakthrough in the expansion mechanism of public REITs in the country [1][2]. Group 1: Expansion Mechanism - The expansion of the Huaxia Fund's Huazhong REIT raised over 1.1 billion yuan, which will be used to acquire a rental housing project in Shanghai's Minhang District [1]. - This expansion not only revitalizes rental housing assets through the public REITs platform but also attracts more social capital to participate in the rental housing sector, sharing in the industry's growth [1]. Group 2: Subscription Method - The expansion utilized a subscription method that grants original shareholders priority, effectively preventing the dilution of rights for existing investors, particularly small investors, and maintaining a relatively stable equity structure [2]. - The subscription method received positive feedback from investors, achieving a participation rate of 99.51% with a total raised amount of 11.329 billion yuan [2]. Group 3: Pricing Mechanism - The pricing mechanism for the expansion reflects market constraints, determined cautiously based on asset valuation, secondary market prices, and investor communication [2]. - To ensure fairness in pricing and trading, an "ex-rights" mechanism was introduced to adjust the fund's reference net asset value and trading price before and after the expansion [2]. Group 4: Investor Participation - The expansion significantly broadened the access for individual investors, allowing all registered fund shareholders on the record date to participate based on their holdings, ensuring equal rights for both institutional and individual investors [3][4]. - Multiple subscription channels were established for individual investors, allowing participation through both on-market and off-market avenues [3][4].

Core Viewpoint - The recent expansion of the public REITs market in China marks a significant innovation, with the launch of the Huaxia Fund's Huayuan REIT on the Shanghai Stock Exchange, utilizing a subscription method that prioritizes existing fund shareholders, setting a market benchmark for future expansions [1][2] Group 1: Expansion Mechanism - The Huaxia Fund's Huayuan REIT raised over 1.1 billion yuan for the acquisition of a rental housing project in Shanghai, enhancing its asset portfolio in key industrial areas [2] - The innovative subscription method allows existing shareholders to have priority in purchasing additional shares, preventing dilution of their rights and maintaining a stable equity structure, which has led to a high participation rate of 99.51% in the fundraising [2][3] Group 2: Pricing and Fairness - The pricing mechanism for the expansion reflects market constraints, combining asset valuation, secondary market prices, and investor communication to ensure fair pricing [3] - An "ex-rights" mechanism was introduced to adjust the fund's net asset value and trading price before and after the expansion, preventing risk-free arbitrage and ensuring fairness for all parties involved [3] Group 3: Investor Participation - The expansion significantly broadened the channels for individual investors, allowing over 10,000 personal investors to participate, thus ensuring equal rights for both institutional and individual investors [4] - Multiple subscription channels were established for both on-market and off-market investors, enhancing accessibility and participation opportunities [4] Group 4: Collaborative Efforts - The successful expansion of the Huayuan REIT was supported by collaborative efforts from various parties, including the Shanghai Stock Exchange and the China Securities Regulatory Commission, which provided guidelines and educational resources for investors [5] - The establishment of standardized procedures for expansion business by the Shanghai Stock Exchange has facilitated the smooth implementation of this innovative case [5] Group 5: Market Development - The successful case of the Huayuan REIT expansion provides valuable, replicable experience for future public REIT expansions, contributing to the maturation of market mechanisms [6] - As of January 19, 2026, there are 78 public REITs listed in the market, with a total issuance and market value exceeding 200 billion yuan, indicating a growing trend in the sector [6]

Group 1 - The core viewpoint of the news is that the expansion of the Huaxia Fund Huayun REIT (508077) marks a significant step in the development of the REITs market in China, particularly in terms of expansion mechanisms and investor protection [1][2] - The expansion will be listed on January 12 and is the first non-directional public REITs expansion in China, indicating progress in the market [1] - The fund was initially launched in December 2022 and is the first public REITs for affordable rental housing operated by a market-oriented institution in China [1] Group 2 - The expansion raised approximately 1.1329 billion yuan (excluding subscription fees and interest during the fundraising period) with a subscription rate of 99.51% [1] - The funds raised will be used entirely for acquiring the "Youchao Majiao" demonstration project located in Minhang District, Shanghai [1] - The expansion process involved compliance with regulatory procedures and ensured transparency and protection of investor rights [1][2] Group 3 - Industry experts noted that this non-directional expansion not only prioritizes the protection of existing investors but also provides a replicable market-oriented path for injecting quality assets into public REITs and achieving scale growth [2] - The listing of the Huaxia Fund Huayun REIT is expected to further promote the securitization of rental housing assets and contribute to building a multi-tiered housing security system [2] - The improvement and innovation of the expansion mechanism are crucial for the long-term healthy development of the REITs market in China [2]

Core Viewpoint - The expansion of the Guotai Haitong Dongjiu New Economy REIT is a strategic move to enhance its market presence and operational strength, covering key cities and providing sustainable production space for new economy enterprises [3][4]. Group 1: Fund Expansion and Coverage - The Guotai Haitong Dongjiu New Economy REIT will expand its coverage to six major cities, increasing the rentable area to 376,000 square meters, supporting sectors like new materials, new energy vehicles, and intelligent manufacturing [3]. - The expansion is part of a rolling model that includes development, cultivation, maturity, and reinvestment, ensuring continuous capital flow for future growth [3][4]. Group 2: Strategic Importance and Market Position - The demand for new economic infrastructure is expected to remain strong, driven by national strategies such as the Yangtze River Delta integration and innovation-driven development [4]. - Since its launch in October 2022, the REIT has maintained a rental rate of over 95%, indicating stable operations and strong investor returns [4]. Group 3: Asset Quality and Market Dynamics - The newly included projects in Nantong and Chongqing are high-quality standard factory assets, well-suited for heavy industrial production, with strong tenant investment and operational resilience [5]. - The successful issuance of this expansion marks it as the first public REIT project to acquire standard factory assets, enhancing regional coverage and leveraging industrial resource advantages [5].

Core Viewpoint - The article discusses the innovative case of public REITs expansion through a method of allocation to existing shareholders, highlighting the importance of investor participation to avoid potential losses [1][3]. Group 1: REIT Expansion Details - The first public REIT to adopt the allocation method to existing shareholders is the Huaxia Fund Huayuan REIT, which requires investors to pay close attention to the rights registration date and allocation process [1]. - The subscription period for the allocation ended on December 12, with a subscription price of 2.53 yuan per share and a total of 5 billion shares available for allocation, of which 4.5 billion shares were eligible for allocation [2]. - The total amount raised from this expansion is expected to be between 9.915 billion yuan and 11.400 billion yuan, with a potential total fundraising of 11.385 billion yuan if all existing shareholders fully subscribe [2]. Group 2: Investor Implications - Existing shareholders who do not participate in the allocation or sell their original shares may face direct losses due to price adjustments following the allocation, as the allocation price is typically lower than the market price [3]. - The allocation method is designed to protect the interests of existing shareholders, ensuring that their rights are not diluted, and providing a fair distribution of benefits [4]. - For those who fully participate in the allocation, there is a tangible opportunity for increased returns, as the higher the abandonment rate by others, the greater the potential benefits for those who participate [4]. Group 3: Market Trends and Policy Support - Public REITs expansion has accelerated in 2023, with a notable increase in directed expansions, although the number of completed expansions remains limited [5]. - As of now, six public REITs have completed expansions totaling 77.34 billion yuan, with a significant portion allocated to original rights holders and strategic investors [5]. - Recent policy support from the National Development and Reform Commission encourages REITs to expand and acquire quality assets, simplifying the approval process for new projects [6].

Core Viewpoint - The article discusses the innovative expansion case of public REITs, specifically focusing on the first public REIT that adopted a method of offering shares to existing holders, emphasizing the importance of participation to avoid asset dilution [1][2]. Group 1: Expansion Method and Implications - The 华夏基金华润有巢 REIT is the first public REIT to use the method of offering shares to existing holders, requiring them to either participate in the subscription or sell their original shares to avoid losses [1][2]. - The subscription price for the offering was set at 2.53 yuan per share, with a total of 5 billion shares available for subscription, allowing for 4.5 billion shares to be allocated at a ratio of 0.9 [1]. - The total amount raised from this offering is expected to be between 9.915 billion yuan and 11.400 billion yuan, with a potential total fundraising of 11.385 billion yuan if all existing holders fully subscribe [1]. Group 2: Investor Considerations - Existing holders who do not participate in the offering or do not participate sufficiently will face losses due to price adjustments post-offering, as the offering price is typically lower than the market price [2]. - Investors are advised to consider the quality of the assets being purchased, their financial situation, and the long-term value of the fund when deciding whether to participate in the offering or sell their existing shares [2]. Group 3: Characteristics of the Offering Method - The method of offering shares to existing holders is designed to protect their interests and ensure that their rights are not diluted, reflecting a recognition and reward for long-term holders [3]. - This approach provides tangible benefits for those who fully participate in the offering, as a higher abandonment rate by others increases the potential returns for those who do participate [3]. Group 4: Market Trends and Regulatory Support - The expansion of public REITs has accelerated since 2025, with a notable increase in directed offerings being the mainstream method [4]. - As of this year, six public REITs have completed expansions totaling 77.34 billion yuan, with a significant portion allocated to strategic investors and directed offerings [4]. - Recent regulatory support aims to simplify the process for new project acquisitions through expansions, encouraging existing REITs to raise funds for quality asset purchases [4].