其中，资产边界是否清晰，直接关系REITs的资产质量。在唯品会项目中，外摆经营点位被重点关注： 权属归谁？收入是否纳入项目公司？因为外摆摊位的收入占比虽不高，但若权属模糊，资产对应的现金 流归属就存在不确定性。 从反馈意见来看，交易所在审核中重点关注了资产质量、合规性、收益稳定性及治理机制等方面的问 题。 就合规问题来看，交易所对影响资产持续有效运营、转让合法有效性等重大合规问题，进行了严格问 询。比如：关键合规手续不能缺失，在锦江项目中，存在消防验收等关键手续未取得的情形，反馈意见 对合规手续的齐备性进行了问询。因为消防验收等关键手续涉及资产合法存续、有效转让，监管规则明 确要求补办或取得主管部门出具的合规意见。 2月26日，首批3单商业不动产REITs项目的反馈意见披露。监管重点问询哪些问题、尺度如何、严到什 么程度，受到市场关注。 同时，上海地产项目中，存在个别资产土地出让合同约定股权转让事项需告知土地出让方，产权证书附 录记载项目用于租赁。针对上述情形，交易所提出问询：是否已书面告知？出让方有无异议？证书表述 是否构成转让限制？ 有机构人士分析称，REITs的本质是资产上市，不仅是股权的转让，更是资产 ...

Report Summary 1. Investment Rating The document does not mention the investment rating of the industry. 2. Core Views The report reviews the fund market in 2025, including the overall situation of the public - offering fund industry, the development of various sub - categories of public - offering funds, and the situation of private - offering securities investment funds. It also provides a market outlook for 2026 and selects several types of funds for attention. In 2025, the public - offering fund market achieved significant positive returns, and the private - offering securities investment fund market expanded in scale. In 2026, with the resonance of China's and the US policies, the A - share market is expected to shift from liquidity - driven to profit - driven, and attention should be paid to specific investment directions and the rhythm of the fixed - income market [2][9]. 3. Summary by Directory 3.1 Public Fund Overall Overview - **Asset Management Market Overview**: By the end of Q3 2025, the total scale of China's asset management business reached 80.03 trillion yuan. Public - offering funds and private - offering funds drove the growth of the asset management scale, with public - offering funds contributing 3.92 trillion yuan to the scale growth. The public - offering fund market maintained strong vitality, with a total scale of 36.67 trillion yuan and a total share of 31.30 trillion shares by the end of 2025, showing year - on - year growth [16][20]. - **Public Fund New - issuance Market**: In 2025, stock - type and bond - type funds were the main new - issuance products. The new - issuance volume of stock - type funds was large, and the new - issuance scale was comparable to that of bond - type funds, mainly relying on passive products [40]. - **Non - monetary Head Managers of Public Funds**: Since 2021, the top - three managers in terms of non - monetary fund scale have been relatively stable. In 2025, E Fund, China Asset Management, and GF Fund had different product line focuses in terms of stock and incremental scale. Huatai - Peregrine Fund and Invesco Great Wall Fund showed good performance [47][48]. - **Performance of Public Fund Products**: In 2025, the public - offering fund market achieved significant positive returns. Commodity - type funds represented by gold performed excellently, and stock - type funds also received good returns with reduced volatility and drawdown [3][56]. 3.2 Hot Topics in the Fund Industry - **Reform of Public - offering Fund Policies**: In 2025, a series of reform measures were introduced to promote the transformation of the public - offering fund industry from "scale - oriented" to "return - oriented" [59]. - **New - style Floating - rate Funds**: In 2025, new - style floating - rate funds were successively launched, which had important impacts on the public - offering fund market, such as guiding long - term holding and strengthening the binding mechanism between fund companies and investors [67][69]. - **Commercial Real Estate REITs**: In 2025, the pilot of commercial real estate REITs was officially launched, and 12 products had been officially declared by February 13, 2026 [73][75]. - **Development of the Fund Investment Advisory Industry**: Policy support, product expansion, and institutional empowerment promoted the development of the fund investment advisory industry. The investment scope of fund investment advisors was gradually broadened, and leading public - offering funds entered the market [77][79]. 3.3 Overview of Sub - categories of Public Funds - **Active Equity Funds**: In 2025, the scale of active equity funds rebounded, with an average return of 33.29%. Funds focusing on the AI industry chain led the gains [101]. - **Industry Theme Funds**: By the end of 2025, there were 2,009 industry theme funds, with a significant increase in scale. Funds in technology communication, large - scale technology, and large - scale manufacturing sectors led the gains [4][150]. - **Active Fixed - income Funds**: In the low - interest - rate environment and the rising equity market in 2025, the management pressure of pure - bond portfolios increased, while the scale of bond - containing funds increased significantly [170][174]. - **Passive Funds**: By the end of 2025, the total scale of passive funds exceeded 7.5 trillion yuan. ETFs continued to expand, and industry themes and bonds frequently created hot topics [205]. - **FOF Funds**: By the end of 2025, the total scale of FOF funds increased significantly, with performance showing significant differentiation. The new - issuance market recovered [296][309]. - **Quantitative Funds**: The scale of quantitative funds expanded rapidly, with index - enhanced funds dominating the scale. The new - issuance market of A500 and ChiNext/Science and Technology Innovation Board index - enhanced funds was hot, and small - cap products had outstanding returns [334][346]. 3.4 Overall Situation of Private - offering Securities Investment Funds - **Existing Situation**: By the end of December 2025, the existing scale of private - offering securities investment funds reached a record high of 7.08 trillion yuan, a year - on - year increase of 35.82%. The number of funds decreased, and fund managers continued to be cleared out [377]. - **New - issuance Market**: In 2025, the number and scale of newly - registered private - offering securities investment funds both increased. The access for new fund managers remained strict [382]. - **Industry Pattern**: The number of private - offering funds with a scale of over 10 billion yuan increased, while the number of those with a scale of less than 500 million yuan decreased significantly [391]. - **Market Trends**: In 2025, the scale of quantitative private - offering funds expanded again, and 14 new quantitative private - offering funds exceeded 10 billion yuan in scale. The regulatory rules for program trading were implemented [394][399]. - **Market Trends**: The number of insurance - funded private - offering securities investment funds increased to 7, and insurance funds increased their layout in the equity market through private - offering funds [400]. 3.5 Market Outlook in 2026 - **Macroeconomic Outlook**: In 2026, China's fiscal policy aims to balance "stable growth" and "structural transformation." If the fiscal space is fully released, a series of positive macroeconomic changes are expected. The total demand growth rate is expected to return to expansion [402][404]. - **Investment Direction**: In the equity market, attention should be paid to computing power, AI applications, AI power, cutting - edge technologies proposed in the 14th Five - Year Plan, pro - cyclical sectors, and domestic demand expansion and consumption recovery. In the fixed - income market, the interest rate center may rise, and the trading rhythm should be grasped [9]. - **Fund Selection**: The report selects several types of funds, including all - market investment equity funds, equity funds under different investment themes, fixed - income funds, and index - enhanced funds [10][11][12].

2026 年 02 月 24 日 行业日报 中性/维持 房地产 房地产 太平洋房地产日报（20260224）：义乌节后首场土拍成交一宗地块 <<商业不动产 REITs 获受理，助力房 企盘活存量资产>>--2026-02-11 <<太平洋房地产日报（20260210）：南 通海门北部新城 3 宗宅地以底价成 交>>--2026-02-11 <<太平洋房地产日报（20260209）：重 庆实施首次购房补贴和人才购房补 贴>>--2026-02-10 证券分析师：徐超 走势比较 (20%) (10%) 0% 10% 20% 25/2/12 25/4/26 25/7/8 25/9/19 25/12/1 子行业评级 | 和运营 | | | --- | --- | | 房 地 产 开 发 房地产服务 | 无评级 无评级 | 推荐公司及评级 相关研究报告 电话：18311057693 E-MAIL：xuchao@tpyzq.com 分析师登记编号：S1190521050001 证券分析师：戴梓涵 电话：18217681683 E-MAIL：daizh@tpyzq.com 分析师登记编号：S1190524110003 报告 ...

证券研究报告 | 2026年02月16日 2026年02月17日 社会服务行业双周报（第 124 期） 优于大市 酒店 REITs 落地获进展，首都机场 T2、T3 免税店焕新开业 板块复盘：消费者服务板块报告期内上涨 0.68%，跑赢大盘 1.65pct。报告 期内（2026 年 2 月 2 日-2026 年 2 月 14 日），国信社服板块涨幅居前的股 票为百胜中国（12.34%）、新濠国际发展（11.35%）、三特索道（10.23%）、 华住集团-S（8.99%）、中国东方教育（8.96%）、美高梅中国、金沙中国有 限公司、华天酒店、银河娱乐、东方甄选。 行业与公司动态：锦江酒店与华住集团商业不动产REITs相继获交易所受理， 商业不动产 REITs 有望盘活酒店资产；亚朵 4.0 发布全新品牌"亚朵见野"。 免税业态方面，北京首都国际机场完成重要商业升级，由中免与王府井运营 的全新免税店同步开业。出行与旅游市场在史上最长春节假期前夕热度高 涨，民俗文化目的地与免签国家成为搜索热点，本轮假期期间，港股于 2 月 16 日（星期一）除夕上午开市半天，下午休市。2 月 17 日（星期二）至 2 月 19 日 ...

Investment Rating - The report maintains a "Positive" rating for the real estate and property management sectors, highlighting the potential for recovery in quality real estate companies and commercial properties [3]. Core Insights - The report indicates that new home sales during the Spring Festival period saw a year-on-year increase of 5.4%, with a total of 9.3 million square meters sold across 16 major cities [3][13]. - The overall sentiment in the real estate market is improving, driven by recent government policies aimed at stabilizing the market and addressing local government debt risks [3]. - The report emphasizes that the fundamental bottom of the real estate sector is approaching, with expectations for quality companies to recover profits more quickly and flexibly [3]. Summary by Sections 1. Industry Data - New home sales in 34 key cities during the week before the Spring Festival totaled 192.3 million square meters, a decrease of 1.1% week-on-week, but an increase of 56.6% compared to the average weekly sales this year [4]. - In February, new home sales in 34 cities increased by 88.5% year-on-year, with first and second-tier cities showing a 96.8% increase [9]. - The inventory of new homes in 15 cities was reported at 8,870.4 million square meters, with a slight decrease of 0.1% week-on-week [54]. 2. Policy News - The report notes that the government has reiterated its commitment to stabilizing the real estate market, with various local policies being introduced to optimize housing supply and manage existing stock [3]. - Specific measures include the promotion of REITs in commercial real estate, with 12 applications submitted recently [3]. 3. Company Dynamics - Sales data for major real estate companies in January showed mixed results, with China Jinmao reporting a 13.6% increase in sales, while other companies like Poly Developments saw a 13.3% decrease [3]. - The report highlights the performance of the property management sector, which has shown resilience compared to the broader market [3]. 4. Market Performance - The SW Real Estate Index fell by 0.69%, underperforming the Shanghai and Shenzhen 300 Index, which rose by 0.36% [3]. - The report suggests that the current valuation levels for quality real estate companies are at historical lows, making them attractive for investment [3].

Core Insights - The market response to the pilot program for commercial real estate REITs initiated by the China Securities Regulatory Commission (CSRC) at the end of 2025 has exceeded expectations, with 12 commercial real estate REITs products submitted for approval within half a month, and 11 of them quickly accepted [1][6]. Group 1: Market Activity - As of February 12, 2023, the Shanghai Stock Exchange has received 11 applications for commercial real estate REITs, with 10 accepted, including the recent acceptance of the Guotai Haitong Chongbang Fund, which is backed by the Shanghai Jiatinhui City Life Plaza project [2]. - The Shenzhen Stock Exchange has also joined the trend, with its first commercial real estate REIT, "Huatai Zijin Huazhu Anzhu Fund," being accepted on February 5, 2023, focusing on hotel properties in Guangzhou and Shanghai [3]. Group 2: Company Initiatives - Shoukai Co. plans to package three projects, including Songjiazhuang Fumao, for submission to the REITs market, indicating a proactive approach to asset management and financing [4]. - Shoukai Co. emphasizes that the funds raised from the REITs will be used for business-related acquisitions, investments, debt repayment, and liquidity, explicitly stating that they will not be used for purchasing residential land [5]. Group 3: Industry Trends - The rapid submission of 12 REITs in a short period reflects the urgent demand from original equity holders for asset revitalization and the efficient operation of the regulatory acceptance process [6]. - Industry experts suggest that 2026 may become a pivotal year for the large-scale development of commercial real estate REITs in China, as more companies are expected to utilize this method to revitalize assets and broaden financing channels [6].

Investment Rating - The report maintains an "Outperform" rating for the commercial real estate REITs sector [3] Core Insights - The first batch of 10 commercial real estate REITs has been submitted for approval, with an expected financing of 37.7 billion yuan, aimed at revitalizing existing commercial assets [4][6] - The underlying assets of these REITs are primarily located in key urban areas, including first-tier cities like Shanghai and Guangzhou, and second-tier cities like Hefei and Xi'an, showcasing strong location advantages [4][6] - The underlying assets are diversified, mainly consisting of retail and mixed-use properties, which enhances risk resilience and revenue stability [4][6] - The projects exhibit mature operations with high occupancy rates, generally above 90%, and expected net cash flow distribution rates between 4.5% and 6% for 2026-2027 [4][6] Summary by Sections REITs Submission and Financing - As of February 8, 2026, the first batch of 10 commercial real estate REITs has been submitted, with a total expected financing of 37.7 billion yuan [4][6] - The assets are located in prime areas, such as Shanghai's Qiantan and Guangzhou's Zhujiang New Town, indicating strong market demand [4][6] Asset Diversification and Risk Management - The underlying assets include shopping centers, office buildings, and hotels, with a mixed-use approach to mitigate risks associated with single asset types [4][6] - Multiple projects utilize a combination of office and commercial spaces to enhance operational synergy and reduce risks [4][6] Operational Performance - The projects have demonstrated strong cash flow performance, with occupancy rates typically exceeding 90%, and some projects, like the Dingbao Building, achieving a 100% occupancy rate by 2025 [4][6] - The expected net cash flow distribution rates for the submitted REITs are projected to be between 4.5% and 6% for the years 2026 and 2027, reflecting solid financial health [4][6]

Investment Rating - The report maintains a "Positive" investment rating for the real estate industry [6] Core Viewpoints - The report presents a contrarian view, suggesting that while there is market anticipation for a cyclical turning point due to recent price stabilization and reduced listings in core cities, further observation is necessary. Key cities like Shanghai and Shenzhen still face significant pressure, and the recent market improvements are attributed to specific factors such as seasonal demand shifts and policy expectations [2][3] - The government’s policy direction remains focused on risk prevention, safeguarding livelihoods, and reducing financialization in the real estate sector. Despite expectations for a major policy shift, the report indicates that the fundamental approach has not changed significantly [3] - The report highlights that the real estate sector has shown stronger performance than the broader market, driven by policy easing expectations and improvements in core city markets. It suggests that investors should actively participate in the sector, especially in the short term, while remaining cautious about long-term fundamentals [5] Market Performance - The A/H real estate sector has outperformed the market, with A-shares showing a weekly excess return of 1.34% against the CSI 300 index [11] - In the A-share market, stocks like JingTuo Development led gains with a weekly increase of 23.72% [17] - The Hong Kong property sector indices have also outperformed the Hang Seng Index, with notable gains in companies like Contemporary Land [15][18] Second-hand Housing Weekly Tracking - There has been a marginal improvement in listing prices in major cities, with Shanghai showing a rebound of 0.2% since January 18, 2026 [20] - The listing volume in first-tier cities has decreased significantly, with Shanghai experiencing a year-on-year decline of 20.08%, while Shenzhen saw an increase of 107.38% [24] - As the Spring Festival approaches, transaction volumes in major cities have turned negative, with declines of 26.54% in Guangzhou and 27.61% in Shenzhen [38] New Housing Weekly Tracking - The market is entering a "pre-holiday silence" period, with overall transaction volumes in the top ten cities declining by 14%, although Shanghai's new home transactions increased by 23% [56] - Total inventory has slightly decreased, with first-tier cities showing a more significant reduction. The average de-stocking period has lengthened seasonally, particularly in second-tier cities [58]

Core Viewpoint - The launch of commercial real estate investment trusts (REITs) in China represents a significant new option for investors, enhancing asset allocation opportunities and promoting the efficient utilization of existing assets [1][6]. Group 1: Market Development - The China Securities Regulatory Commission (CSRC) announced the pilot program for commercial real estate REITs on December 31, 2025, marking a critical step in expanding the public REITs market [1]. - The first batch of commercial real estate REITs has been accepted for registration, indicating a move towards a more comprehensive asset class in public REITs [1]. - The market has shifted from anticipation to active interest in commercial real estate REITs, suggesting a growing acceptance and recognition of their potential [1]. Group 2: Asset Utilization - China has accumulated a substantial amount of quality commercial real estate, which holds significant value potential that can be unlocked through REITs [2]. - Commercial real estate REITs can transform stable cash flow-generating real estate assets into standardized, tradable financial shares, facilitating the reinvestment of funds into innovation and industrial upgrades [2][3]. Group 3: Industry Transformation - The introduction of commercial real estate REITs provides a new opportunity for the real estate sector to transition from a development-focused model to one centered on asset management and services [4]. - REITs will serve as a crucial pricing anchor for the commercial real estate market, enhancing price transparency and providing a benchmark for non-listed commercial assets [4]. Group 4: Financial Environment - The current low-interest-rate environment has altered the underlying logic of asset allocation, making commercial real estate REITs an attractive option for institutional investors seeking stable, long-term returns [5]. - REITs offer a transparent and efficient exit channel for companies holding quality commercial properties, facilitating a shift from heavy asset ownership to professional management [5]. Group 5: Regulatory Framework - The development of commercial real estate REITs is grounded in principles of marketization and rule of law, emphasizing compliance and the need for a balanced approach to innovation and regulation [7]. - The regulatory framework aims to ensure that the launch of REITs contributes to a multi-tiered capital market system, enhancing financing channels for the real economy [7].

Core Viewpoint - The launch of commercial real estate investment trusts (REITs) in China represents a significant new option for investors, enhancing the asset allocation landscape and promoting the efficient utilization of existing social assets [2][4]. Group 1: Introduction of Commercial Real Estate REITs - The China Securities Regulatory Commission (CSRC) announced the pilot program for commercial real estate REITs on December 31, 2025, marking a key step in expanding public REITs to encompass a wider range of underlying assets [2]. - The first batch of commercial real estate REITs projects was disclosed by the CSRC and exchanges at the end of January 2026, indicating a growing market interest and the transition of public REITs into a more diversified phase [2][3]. Group 2: Value Creation and Market Opportunities - China has accumulated a substantial amount of quality commercial real estate, which holds significant value potential, especially as the economy shifts towards efficiency and innovation [3]. - The first batch of commercial real estate REITs projects has shown stable cash flows and strong historical performance, particularly from state-owned enterprises in key urban areas [3][4]. Group 3: Industry Transformation and Financial Innovation - The introduction of commercial real estate REITs is seen as a pivotal opportunity for the real estate industry to transition from a high-leverage development model to a more sustainable asset management approach [5]. - REITs provide a crucial "pricing anchor" for the commercial real estate market, enhancing price transparency and enabling better asset valuation through public market mechanisms [5][6]. Group 4: Demand and Supply Dynamics - The ongoing low-interest-rate environment has shifted the asset allocation logic, creating favorable conditions for the adoption of commercial real estate REITs, which can meet the demand for stable, long-term income assets [6][7]. - The market has seen a rational adjustment in valuations for quality commercial properties, providing a foundation for REITs to acquire or consolidate assets at reasonable costs [7][8]. Group 5: Regulatory Framework and Compliance - The development of commercial real estate REITs is guided by a commitment to market-oriented and legal principles, ensuring compliance while fostering innovation [9][10]. - Regulatory bodies emphasize the importance of balancing compliance with market needs, allowing for a constructive approach to project approvals and asset management [10]. Group 6: Future Outlook - The launch of commercial real estate REITs is expected to enhance the multi-tiered capital market system in China, facilitating better financing channels for the real economy and contributing to high-quality economic development [11].