《润泽数据中心 REIT 宣布扩募— —公募 REITs 周度跟踪 （2026.02.09-2026.02.20）》 2026/02/23 《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 2026 年 02 月 28 日 6 单商业不动产 REITs 进入问询 ——公募 REITs 周度跟踪（2026.02.23-2026.02.27） 相关研究 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(resea ...

（文章来源：期货日报网） 四川省人民政府办公厅近日印发《关于进一步促进服务业创新突破的实施意见》（下称《意见》），其 中提出，引导有条件的地区申建期货交割库，探索开展"保险+期货"服务。 在推动支撑性服务业提质扩容方面，《意见》提出，发展股权、债券等直接融资。发挥政府产业引导基 金作用，构建涵盖种子、天使、并购等各类风险投资、私募股权投资的全生命周期基金投资体系。吸引 社保基金等国家级基金、保险公司、金融资产投资公司设立或者投资创业投资基金。拓展债券市场融资 渠道，推动符合条件的企业发行科技创新债券、绿色债券。推动基础设施领域不动产投资信托基金发行 与申报。 ...

Investment Rating - The report indicates a mixed outlook for the insurance asset management industry, with a focus on innovative products and strategic investments in infrastructure and green finance [4][6]. Core Insights - In 2025, the scale and number of innovative insurance asset management products are expected to decline, except for equity investment plans, which are projected to grow against the trend [6][25]. - The report highlights the importance of infrastructure REITs and government support for green finance, suggesting that insurance asset management can leverage these areas for investment opportunities [6][32]. - The report emphasizes the structural challenges faced by debt investment plans due to economic slowdown and interest rate declines, leading to a concentration of investments in specific regions and sectors [9][15]. Summary by Sections Product Operation Analysis - In 2025, the number of innovative insurance asset management products registered is expected to decrease by 89 to 410, with an overall scale down by 21.30% to 872.96 billion [6][7]. - Debt investment plans remain the core product, accounting for 50.62% of the number and 69.51% of the scale, while asset-backed plans show slight growth [7][8]. - The report notes a significant concentration of investments in the transportation sector, which accounts for nearly 50% of the debt investment plans [9][15]. Institutional Operation Analysis - The report identifies leading institutions in the debt investment plan sector, with Huatai Asset and Guoshou Investment registering the highest numbers [27][28]. - In the asset-backed plan sector, Everbright Yuming Asset leads in registration scale, while Minsheng Tonghui Asset leads in the number of registrations [30][31]. - The report indicates a decline in the number and scale of private equity funds, with only 7 funds registered in 2025, down 18.61% from the previous year [25][33]. Industry Policy Overview - Recent government policies encourage long-term capital participation in infrastructure REITs and green finance, providing attractive investment opportunities for insurance asset management [32][36]. - The establishment of a debt management department within the Ministry of Finance aims to enhance government debt management and mitigate risks [37][39]. - The report highlights the launch of the National Venture Capital Guidance Fund, which aims to support strategic emerging industries and innovation [34][36].

1. Report Industry Investment Rating No information provided in the report. 2. Core Viewpoints of the Report - The China Securities REITs Total Return Index closed at 1042.83 points this week, down 0.91% week - on - week. The average daily trading volume, average daily turnover, and average daily turnover rate decreased by 16.39%, 18.49%, and 0.10 pct respectively, indicating a market decline with shrinking trading volume. The listing of Huaxia Zhonghe Clean Energy REIT on February 2, 2026, with a first - day closing increase of 28.16%, is expected to boost the attention of primary issuance and subscription [1][12]. - Two new commercial real estate REITs were accepted this week. The total planned fundraising scale of the 10 commercial real estate REITs under review has reached 37.7 billion yuan. The market is worried about the supply shock of commercial real estate REITs, and the current distribution rate of listed consumer facility REITs is lower than that of commercial real estate REITs under review, which may limit the upward space of listed consumer facility REITs [2][7]. - All asset sectors in the secondary market declined this week, with the consumer facilities sector having the largest decline of 1.74% and the energy facilities sector having the smallest decline of 0.27%. 3. Summary by Relevant Catalogs 3.1 Primary Market - Two new commercial real estate REITs were accepted this week. Everbright Prudential Everbright Anshi REIT, to be listed on the Shanghai Stock Exchange, has two shopping malls as underlying assets and plans to raise 4.905 billion yuan. Huatai Zijin Huazhu Anzhu REIT, the first commercial real estate REIT on the Shenzhen Stock Exchange, has hotel projects as underlying assets and plans to raise 1.32 billion yuan [2][18]. - Among the 10 commercial real estate REITs under review, there are two hotel - type REITs. The Huazhu project has better location, occupancy, and room rates than the Jinjiang project but is restricted by the "trading price for volume" strategy. The Jinjiang project has a certain risk - diversification effect due to a large number of hotels in different regions [3][23]. - As of February 6, 2026, 10 infrastructure REITs projects are in the inquiry and feedback stage, and 1 project has been accepted [4][24]. 3.2 Secondary Market - All asset sectors declined this week, with the consumer facilities sector having the largest decline, followed by new - type facilities and rental housing, and the energy facilities sector having the smallest decline [25]. - The IDC sector continued to decline this week. Benefiting from the strong demand in the AI computing power sector, the future operating demand of the projects is sustainable, and attention can be paid to opportunities brought by subsequent asset fluctuations [5][27]. - The energy facilities sector had the smallest decline. It is recommended to focus on natural gas power generation, hydropower assets with high stability, or projects with a high guarantee of distributable amounts [6][30]. - The consumer infrastructure sector had the largest decline. After this adjustment, attention can still be paid to consumer facility REITs with high distribution rates, such as Hua'an Bailian Consumption, Jiashi Wumei Consumption, and CICC Yinli Consumption [6][33]. - The industrial park sector had few rising bonds. It is recommended to pay attention to park REITs with stable fundamentals, income distribution adjustment mechanisms, and high distribution rates [37]. - The REITs trading sentiment weakened this week, with the average daily trading volume, average daily turnover, and average daily turnover rate decreasing. The consumer infrastructure sector was actively traded, while the turnover rates of other asset sectors declined [41][45].

文 | 中关村储能产业技术联盟 2月3日，据上交所网站信息显示，财通资管-阿特斯持有型不动产资产支持专项计划（碳 中和）项目状态更新为已反馈。该项目原始权益人为 苏州阿特斯新能源开发有限公司 ， 拟发行金额为4 . 5 1亿元 第十四届储能国际峰会暨展览会ESIE 2026 围绕"场景创新、价值重构、全球共赢"，四 天会期举办30余场主题论坛、20余场同期活动。 储能投融资创新论坛 围绕储能资产证券 化与投融资创新、跨境储能投融资关键、储能资产估值与评级等关键话题，深度共研行业 创新路径，诚邀产业同仁共赴ESIE 2026全球储能产业盛会。 时间： 202 6年3月3 1日- 4月3日 据悉， 这是全市场首单储能项目持有型不动产ABS（机构间REITs） 。 2 0 25年1 2月1日，国家发改委办公厅发布《关于印发〈基础设施领域不动产投资信托基金 （REITs）项目行业范围清单（2 0 2 5年版）〉的通知》，旨在拓展基础设施REITs的发行 范围，盘活存量资产，促进投资良性循环。 并发布了符合条件的1 5类可申报项目，包含能源基础设施，具体包括风电、太阳能发电、 水力发电、天然气发电、生物质发电、核电等清 ...

- 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]

Investment Rating - The report rates the real estate industry as "Outperform" compared to the market [2] Core Insights - New home sales in December showed a month-on-month increase of 33.6%, with a year-on-year decline of 32.1%, indicating a narrowing of the decline compared to previous months [5] - The second-hand home sales saw a year-on-year decline of 30.7% in December, with a month-on-month increase of 12.7%, reflecting a worsening trend in the second-hand market [5] - The overall inventory of new homes decreased by 0.1% month-on-month and 8.3% year-on-year, with an average de-stocking period of 17.8 months [5] Summary by Sections New Home Sales - December new home sales area increased by 33.6% month-on-month, but decreased by 32.1% year-on-year, with the decline narrowing by 6.6 percentage points [5] - For the entire year of 2025, new home sales decreased by 14%, with a year-on-year decline of 13.7% across 40 cities [5] - First-tier cities experienced a year-on-year decline of 15.8%, while second-tier and third-fourth tier cities saw declines of 12.6% and 13.6% respectively [5] Second-Hand Home Sales - December saw a year-on-year decline in second-hand home sales of 30.7%, with a month-on-month increase of 12.7% [5] - The overall second-hand home sales for 2025 decreased by 4%, with first-tier cities still showing positive growth [5] Inventory and De-stocking - The inventory of new homes decreased by 0.1% month-on-month and 8.3% year-on-year, with a de-stocking period of 17.8 months [5] - Major cities like Shanghai and Hangzhou have de-stocking periods within 12 months [5] Land Market - The land market in December showed a month-on-month increase of 126.7%, but a year-on-year decline of 8.9% [5] - The average land price was 1392 RMB per square meter, with a year-on-year decrease of 10.3% [5] Real Estate Companies - The top 100 real estate companies saw a year-on-year sales decline of 20% in 2025, with December sales showing a narrowing decline of 26.7% [5] - The land acquisition amount for December decreased by 58.1% year-on-year, while the total acquisition amount for 2025 increased by 2.6% [5] Financing - The financing scale for the real estate industry decreased in December, but showed a year-on-year increase for the entire year [5] - The total issuance of domestic and foreign bonds and ABS in 2025 was 596.7 billion RMB, a 6% increase year-on-year [5] Policy - The central government emphasized stabilizing the real estate market and reducing the value-added tax on personal home sales to 3% [5] - Local policies have been adjusted to optimize purchase restrictions and loan policies in cities like Beijing [5] Sector Performance - The real estate sector underperformed compared to the Shanghai and Shenzhen 300 index in December, with an absolute return of -4.0% [5] Investment Recommendations - The report suggests focusing on companies with stable fundamentals in core cities, smaller firms showing significant breakthroughs, and commercial real estate companies exploring new consumption scenarios [5]

Group 1 - The core viewpoint of the article highlights the financial performance and operational status of Zhongjin Prologis REIT for the fourth quarter of 2025, indicating a revenue of approximately 105 million yuan and a distributable amount of about 86.6492 million yuan [1] - As of December 31, 2025, Zhongjin Prologis REIT holds 10 logistics warehouses with an average occupancy rate of 89.54%, which increases to 90.04% when considering signed leases that have not yet commenced [1] - The tenant structure of the real estate projects is stable, with around 80 signed tenants primarily from sectors such as third-party logistics, express delivery, retail e-commerce, pharmaceuticals, and medical equipment [1] Group 2 - Since its listing, Zhongjin Prologis REIT has completed 14 dividend distributions, with a total distribution amounting to approximately 1.372 billion yuan, representing 100% of the total distributable amount over the years [1]

Core Viewpoint - The introduction of public Real Estate Investment Trusts (REITs) in China, particularly in the commercial real estate sector, is expected to revitalize existing commercial properties and stimulate the real economy [3][4][6]. Group 1: Public REITs Overview - Public REITs serve as a new financing tool connecting the real economy with capital markets, promoting investment stability and growth [4]. - The recent pilot program for commercial real estate REITs expands the scope of public REITs beyond infrastructure, allowing for market-driven operations and active management [6][7]. Group 2: Financing and Asset Management - Commercial real estate companies can utilize public REITs to activate existing assets, broaden financing channels, and reduce debt ratios [7]. - The China Securities Regulatory Commission (CSRC) emphasizes the significant demand for activating commercial real estate through REITs, given the large scale of existing assets [7][11]. Group 3: Market Potential and Growth - The public REITs market in China is projected to reach a total market value of at least 1.5 trillion yuan by the end of the 14th Five-Year Plan, driven by the substantial scale of existing infrastructure and commercial real estate assets [15]. - The market is expected to see a significant increase in the participation of individual investors, with projections indicating that their share could rise from under 10% to over 20% in the next five years [21]. Group 4: Investment Characteristics - Public REITs differ from traditional mutual funds in that they primarily invest in real estate assets that generate stable cash flows, with returns coming from operational income and asset appreciation [20]. - The investment value of public REITs is becoming increasingly prominent, with over 70% of listed REITs experiencing an increase in market value last year [19].

Policy Data Overview - A total of 116 energy storage-related policies were released by December 2025, with 11 at the national level. The most significant policies are categorized as very important, with 51 items, primarily from Shaanxi, Qinghai, Sichuan, and Fujian. The majority of policies focus on electricity market and ancillary service policies [2]. Important Policy Overview - The National Development and Reform Commission and the National Energy Administration issued a notice to establish a national unified electricity market evaluation system, promoting the development of new business formats like energy storage and virtual power plants, and encouraging private sector participation [5]. - The National Development and Reform Commission and the National Energy Administration released the basic rules for the medium- and long-term electricity market, stating that no artificial price levels will be set for market participants [5]. - The first batch of national zero-carbon park construction includes 52 parks, with completion deadlines set for 2027 to 2030 [5]. - The National Development and Reform Commission published a notice expanding the scope of infrastructure REITs to include energy storage facilities [6]. Electricity Price Policies - Hebei Province adjusted its time-of-use electricity pricing policy, adding deep valley periods in winter and shifting peak periods in summer [8]. - Shandong Province announced that its time-of-use pricing for industrial and commercial customers will remain unchanged from 2025 [8]. - Shanxi Province is seeking opinions on further improving its time-of-use pricing policy, adjusting peak and valley periods [9]. - Hubei Province established a new pricing mechanism for energy storage, including capacity compensation for grid-side independent storage [9]. Electricity Market Policies - The National Energy Administration's Central China Regulatory Bureau revised the Jiangxi Province electricity market rules, detailing price limits for different time segments [11]. - Beijing plans to arrange a total electricity market transaction volume of 950 billion kWh for 2026, with direct market transactions accounting for 350 billion kWh [12]. - The Tianjin Industrial and Information Technology Bureau set a direct trading volume of 375 billion kWh for 2026 [12]. - The Sichuan Electricity Trading Center released its overall trading plan for 2026, maintaining time-of-use pricing for wholesale and retail users [14]. Ancillary Services Policies - The National Energy Administration's Hunan Regulatory Office published implementation details for ancillary services, requiring independent new energy storage capacities of no less than 2MW/2MWh [22]. - The Sichuan Electricity Trading Center clarified that various market functions will no longer operate during the trial period of the electricity market settlement [22]. - Yunnan Province's auxiliary service market implementation details set compensation for frequency regulation mileage [23]. Subsidy Policies - The Longgang District Development and Reform Bureau in Shenzhen issued guidelines to support high-quality development in the new energy industry, including energy storage [28]. - The Gansu Provincial Development and Reform Commission announced a reliable capacity compensation mechanism for grid-side independent new energy storage [28]. - The Henan Provincial Development and Reform Commission publicized the results of fiscal rewards for newly built non-independent new energy storage projects [28]. Management Norms - The Shaanxi Provincial Development and Reform Commission issued a notice to strengthen the management of new energy storage projects, emphasizing the need for scientific assessment of storage demand [30]. - The Sichuan Provincial Energy Bureau highlighted safety management for electrochemical storage stations, identifying common risk points [31]. - The Qinghai Provincial Government released fire safety management measures for electrochemical storage stations [31]. Demonstration Projects - The Qinghai Provincial Development and Reform Commission announced the first batch of green electricity direct connection pilot projects, including various renewable energy sources [35]. Virtual Power Plant Policies - The Qinghai Provincial Energy Bureau published management plans for virtual power plants, setting performance requirements for regulation capacity [37]. - The Jiangsu Provincial Development and Reform Commission aims to promote high-quality development of virtual power plants, targeting a regulation capacity of over 5 million kW by 2030 [38]. - The Guangxi Zhuang Autonomous Region Development and Reform Commission set goals for virtual power plant regulation capacity by 2027 and 2030 [38].