Core Viewpoint - The establishment of the first privately issued real estate asset-backed securities (ABS) in China, with a scale of 616 million yuan, marks a significant development in the commercial real estate sector, providing new financing channels for asset holders and enhancing the market for institutional REITs [1][2]. Group 1: Market Development - The issuance of the 616 million yuan ABS by Guojin Asset Management for Wuyue Plaza is the first of its kind for privately held real estate companies in China and the first consumer-oriented institutional REIT in the market [1]. - The project expands the asset range for institutional REITs, creating new equity financing channels for existing enterprises holding consumer-related assets [1]. - The project includes a mechanism for expansion and reserves a pathway for integration with public REITs, facilitating a closed-loop business model for commercial real estate [1]. Group 2: Industry Insights - The commercial real estate sector in China has undergone a value reassessment, with stable performance indicators such as occupancy rates and rental levels in prime assets located in core urban areas [1]. - The ongoing urbanization and development of new productive forces suggest that commercial real estate has long-term appreciation potential, especially in a market environment characterized by overall declining interest rates [1]. - The Shanghai Stock Exchange emphasizes the importance of ensuring the authenticity and reliability of underlying assets, accurate information disclosure, and stable expected returns to promote a healthy and vibrant REITs market [2]. Group 3: Regulatory Framework - The Shanghai Stock Exchange is committed to balancing development and safety in promoting the institutional REITs market, focusing on genuine asset quality and market-driven valuation mechanisms [2]. - Future efforts will include improving business rules, fostering market cultivation, and encouraging high-quality commercial real estate projects to participate in pilot programs while ensuring risk prevention [2]. - The goal is to create an efficient, controllable risk, and healthy ecosystem for the REITs market, enhancing the vitality of market participants [2].

REITs 月月谈：政策红利仍在延续，关注年末配置窗口 20251210 摘要 证监会加速商业不动产 REITs 发行，提升规模供给，吸引更多市场化主 体参与，长期配置价值凸显，经济回升时有望带来超额收益。 商办类资产中，零售型业态最稳定，写字楼和酒店顺周期性强。类一线 城市商办物业优于产业园，但租金和出租率承压，酒店波动大，适合高 风险偏好投资者。 公募 REITs 市场 10 月、11 月连续下跌，但跌幅收窄。高速公路、消费 和保租房板块表现相对较好，市政环保、数据中心回调，能源仓储产业 园跌幅较大。 未来关注多空博弈及跨年配置节奏，政策端对资产和资金呵护预计持续， 建议关注基本面稳健的数据中心、消费、保租房及部分高速公路项目， 逢低吸筹。 当前交易逻辑仍为类固收，建议逐步吸筹基本面过关且估值合理的券种， 关注底层资产与运营管理人的组合，警惕非市场化条款带来的波动风险。 Q&A 商办类资产在当前市场中的表现如何？ 商办类资产，包括综合体验、写字楼和酒店等业态，其稳定性和韧性有所不同。 零售型业态被认为是最稳定的，而写字楼和酒店则具有更强的顺周期性。类一 新项目集中于商办领域，零售型业态相对稳定，写字楼和酒 ...