公募REITs扩容至商业不动产，盘活万亿资产加速市场扩容 ——公募REITs动态跟踪报告 分析师：孙伟风 执业证书编号：S0930516110003 分析师：吴钰洁 执业证书编号：S0930523100001 2025年12月3日 证券研究报告 核心观点 1 公募REITs扩展至商业领域。 25年11月28日，证监会发布《中国证监会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）》（以下 简称《商业REITs征求意见稿》），就推出商业不动产投资信托基金（以下简称"商业不动产REITs"）试点征求意见， 12月1日，国家发展改 革委办公厅印发《基础设施领域不动产投资信托基金（REITs）项目行业范围清单（2025年版）》，行业领域拓展商业办公设施及城市更新设 施项目，同时在消费基础设施中增加体育场馆，商业综合体及四星级及以上酒店项目细分类别。 地产承压时推出，为万亿商办市场提供盘活机遇。海外REITs多在房地产市场承压下行时推出，通过为企业提供稳定的股权融资新途径，起到降 低企业杠杆及优化企业资产结构的作用，推动企业从"重开发"向"重运营"转型。当前我国房地产市场仍呈承压下行态势，在此背景下推出 商业不动 ...

Core Viewpoint - The performance of public REITs in the first quarter remains robust despite a volatile market environment, with significant support from policies and increasing interest from private capital [1][4][5]. Group 1: Performance Overview - A total of 62 public REITs have disclosed their operating data, achieving a combined revenue of 4.779 billion yuan and a net profit of 840 million yuan in the first quarter [1]. - 15 products reported revenues exceeding 100 million yuan, and 29 products had net profits over 10 million yuan, indicating a stable income for investors [1]. - Consumer REITs showed impressive growth, with revenues for specific products like Huaxia Huayun Commercial REIT increasing by 82.28% year-on-year [2]. Group 2: Market Expansion and Support - The number of public REITs is expected to continue expanding, with 7 new REITs listed this year, bringing the total to 65 [4]. - Local governments, such as Guangdong, are actively promoting the cultivation and application of infrastructure REITs, supporting more private capital projects [1][5]. - Non-state-owned enterprises are also showing interest in public REITs, with companies like CapitaLand submitting applications for consumer infrastructure REITs [5]. Group 3: Challenges for Private Enterprises - Private enterprises face challenges in participating in the REITs market, including the need for higher yield rates and market acceptance [6]. - The requirements for asset clarity and stable cash flow are high, with a need for a compound annual growth rate of net operating income (NOI) of at least 5% over three years [6][7]. - To successfully issue REITs, private enterprises must improve asset compliance, operational quality, and governance structures [7].