观点指数 在12月18日观点指数研究院发布的《深耕优质地块 | 2025年12月房地产企业新增土地储备报告》中，我们发现， 重点城市土地供应成交环比回升，核心区域地块（如北京朝阳）因稀缺性引发高溢价竞争，郊区及非核心区（如北京房 山、深圳光明）多以底价成交。房企拿地更聚焦核心资产，对非核心区域持谨慎态度，整体市场平稳运行。 重点城市土地供应成交环比回升，核心资产受捧 据观点指数不完全统计，2025年11月17日-2025年12月14日期间，6个重点城市一共有210宗地块处于挂牌进行中，起始价 483.20亿元，环比回升32.01%，面积612.11万平方米。 从区域分布角度分析，报告期内，北京挂牌出让的13宗土地，工业用地4宗，商业用地6宗。涉宅用地3宗，丰台区1宗、海 淀区2宗，3宗宅地规划总面积15.19万平方米，起拍总价为89.25亿元。 期内，上海市挂牌11宗地，无涉宅用地，主要为工业用地，其中，嘉定区、青浦区、浦东新区各3宗，松江、金山区各1 宗，总出让面积为29.79万平方米，起始总价为6.33亿元。 期内，广州拟出让的39宗地块中，涉宅用地7宗，总规划建筑面积51.67万平方米，起拍总价为102 ...

Core Viewpoint - The article discusses the expansion of China's public REITs market into the commercial real estate sector, marking a significant shift towards a dual development phase alongside infrastructure REITs, effective from December 31, 2025 [1][5]. Group 1: Regulatory Framework - The China Securities Regulatory Commission (CSRC) has established a "1+3+N" policy framework for commercial real estate REITs, which includes one announcement, three notifications, and 17 supporting rules from various financial institutions [3]. - The new rules aim to enhance the adaptability and inclusiveness of the regulatory framework while ensuring strict management and compliance [3][4]. Group 2: Market Development Strategy - The introduction of commercial real estate REITs is not merely an asset type expansion but a strategic move to align with the distinct characteristics of commercial real estate and infrastructure, enhancing the overall effectiveness of REITs in capital markets [5]. - The regulatory approach will focus on a parallel development strategy for commercial real estate and infrastructure REITs, aiming to deepen the market's service to the real economy [6]. Group 3: Project Selection and Quality Control - The regulatory authorities will prioritize high-quality projects and maintain a cautious approach in the initial phase of the commercial real estate REITs pilot, emphasizing compliance and risk management [7]. - There will be a focus on core urban areas and mature commercial real estate projects, particularly those owned by listed companies, state-owned enterprises, and reputable private firms [7][8]. Group 4: Responsibilities of Intermediaries - Intermediary institutions will bear significant responsibility in the REITs process, ensuring due diligence and compliance with high standards in their operations [8]. - The regulatory framework will enforce strict oversight of the REITs approval and registration processes, promoting transparency and accountability [8].

● 本报记者 昝秀丽 《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》自2025年12月31日起实施。同时，沪深交 易所、中国结算、证券业协会、基金业协会等单位的全套配套业务规则同步发布。这不仅是我国公募 REITs市场从基础设施领域向商业不动产领域的关键扩容，更意味着市场正式迈入"商业不动产与基础设 施REITs并行发展"的新阶段。 中国证券报记者了解到，推进商业不动产REITs试点初期，监管部门将坚持严把发行上市质量关、合规 关和风险关，重点支持符合国家政策导向、社会效益显著、经营业绩稳健且具有行业代表性的优质项 目。目前看，项目储备较为充裕，质量总体不错。 "1+3+N"政策框架明确 根据商业不动产REITs制度体系安排，证监会初步明确"1+3+N"框架安排，即1项《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》，1项通知、2项工作规程，N即沪深交易所、中国结算、证券业 协会、基金业协会等单位的17项配套规则。 本次规则主要针对新增的商业不动产业态，在从严管理基础上作适应性调整优化，提高制度的包容性和 适应性，也体现对不同领域REITs"分类管理、分类施策"的针对性安排。 步入两类REIT ...

Core Viewpoint - The launch of the commercial real estate REITs pilot program marks a new phase in China's REITs market, transitioning towards a mature direction of "parallel development of commercial real estate and infrastructure" [1][7]. Group 1: Policy Framework - The regulatory framework for commercial real estate REITs is defined as "1+3+N", where "1" refers to the announcement, "3" includes three key documents, and "N" represents 17 supporting rules from various regulatory bodies [2]. - The announcement serves as a foundational document, clarifying core institutional arrangements for commercial real estate REITs, including product definitions, fund registration, operational management requirements, and regulatory responsibilities [2]. Group 2: Supporting Rules - The supporting rules systematically refine the entry standards for REITs, focusing on compliance, financial, asset evaluation, and fund operation requirements [3]. - A more market-oriented mechanism is established, linking yield requirements to risk-free interest rates and ensuring that recovered funds comply with national macro policies and regulations [3]. - The rules promote market expansion by allowing asset combinations with similar operational characteristics and reducing the time for post-IPO fundraising applications to six months [3]. Group 3: Review Mechanism and Risk Management - The feedback timeline for initial reviews has been shortened from 30 to 20 working days, and guidelines for drafting prospectuses have been introduced to align with REITs characteristics [4]. - The pilot program emphasizes high-quality project selection, focusing on projects that align with national policies and demonstrate stable operational performance [6]. - Regulatory bodies will enhance supervision and risk monitoring, ensuring compliance and addressing any violations promptly [6]. Group 4: Market Development - The pilot program signifies a shift towards a comprehensive REITs market, integrating commercial real estate and infrastructure, each serving distinct economic functions [7][8]. - Infrastructure REITs are expected to stabilize the economy and address shortfalls, while commercial real estate REITs will focus on promoting consumption and structural adjustments, closely tied to economic cycles [8].

● 本报记者 熊彦莎 中央财办分管日常工作的副主任韩文秀近期表示，要建立可持续投融资模式，高质量推进城市更新。 目前，发行政府债券募集资金是城市更新项目的主要资金来源。如，《天津市城市更新条例》提出，通 过依法合规发行地方政府专项债券对符合条件的城市更新项目予以支持。《宿迁市实施城市更新三年行 动计划（2026-2028年）》提出，积极争取中央预算内投资、超长期特别国债、地方政府专项债券等各 类资金。 "城市更新包含大量公益性较强、缺乏稳定现金流回报的项目，这些项目往往难以完全依靠市场化融 资。虽然目前政府债券是支持项目建设的重要资金渠道，但其发行仍需考虑还款来源。"李雪松表示， 应构建政府引导、市场运作、全社会参与的可持续投融资模式。 近期召开的全国住房城乡建设工作会议提出，高质量开展城市更新，编制实施"十五五"城市更新专项规 划。记者梳理发现，浙江、河北等多地已将城市更新写入当地"十五五"规划建议。 专家认为，城市更新要高质量推进，需拓宽多方资金共担机制，建立可持续投融资模式，优化城市更新 项目后续招商运营模式，持续发挥扩内需效能。 有助于扩内需促转型 近期召开的全国住房城乡建设工作会议，将"高质量开展城 ...

Group 1 - The core viewpoint of the article is that the Chinese public REITs are entering a new era, which may assist real estate companies in completing their strategic transformation [1] - The government continues to support the development of public REITs in 2025, with a positive market response [1][27] - The 782 document introduces four innovations to promote the normalization of public REITs development, focusing on expanding the asset scope and accelerating the approval and issuance of REITs [1][27] Group 2 - The asset scope has been expanded to include new types such as railways, ports, ultra-high voltage transmission, communication towers, market-oriented rental housing, cultural tourism, specialized markets, and elderly care facilities [3][4] - The expansion support mechanism has been optimized, simplifying the application process for newly acquired projects and allowing cross-regional integration of existing assets [3][4] - The 782 document emphasizes the importance of project quality, prioritizing applications for high-quality projects that contribute to national strategic goals [4] Group 3 - Over 87% of the listed public REITs reported profits in the first half of 2025, with stable returns [7][27] - By October 21, 2025, a total of 415.38 billion yuan has been raised for public REITs, with more listings expected by the end of the year [7][27] - The total scale of listed public REITs in China has reached 2,075.72 billion yuan [7] Group 4 - Eight real estate companies have issued public REITs, primarily in the consumer infrastructure sector [16][17] - China Resources REIT is expected to expand by over 5 billion yuan annually, providing a development model for the industry [18] - The listing of CapitaLand REIT serves as a test case for foreign institutions participating in the Chinese REITs market [18] Group 5 - State-owned enterprises are actively exploring public REITs, leveraging policy benefits to transform their roles [20][21] - Private enterprises also have opportunities to participate in public REITs, with a focus on owning quality properties [23] - Public REITs enhance the commercial independence of real estate companies and optimize liquidity to support transformation and upgrading [23][24]

房地产行业|证券研究报告—行业月报 2025 年 12 月 21 日 强于大市 房地产行业 2025 年 11 月月报 11 月新房成交同比降幅扩大，二手房成交同比降幅收窄；中央经济 工作会议指出"稳地产、去库存"，预期 26 年地产政策空间打开 核心观点 【新房成交】 【二手房成交】 【新房库存与去化】 【土地市场】 【房企】 【政策】 【板块收益】 11 月新房成交面积环比由正转负、同比降幅扩大。11 月 40 城新房成交面积环比-6.8%，同比-40.7%，同比降幅较 10 月扩大 13.9pct，1-11 月累计同比-11.5%。我们认为，影响居民购房能力及购房意愿的收入与就业预期尚未根本性扭转，市场信心仍然不 足，叠加去年 12 月销售的基数也相对较高，全年地产市场压力很难缓解。 从各能级城市来看，11 月一、二、三四线城市新房成交面积同比降幅均扩大。1）一线城市：11 月新房成交面积环比+4.5%，同比-43.5%， 同比降幅较 10 月扩大 5.2pct；1-11 月累计同比-13.8%。具体来看，11 月北京新房成交面积环比-34%，同比-54%；上海环比+31%，同比- 22%；广州环比-1 ...

( mander 观点行业发展指数 1-11月房地产企业新增才地储备 | 序号 | 企业 | 全口径土地储备 | | --- | --- | --- | | | | ●定方米) | | 1 | 北京都 | 467.46 | | 2 | 招商蛇口 | 386.71 | | 3 < | 保利发展控股 | 373.95 | | 4 | 英国雪地 | 279.36 | | 5 | 绿城中国 | 235.16 | | 6 | 中海宏洋 | 209.24 | | 7 | 中建国际 | 182.70 | | 8 | 越秀地产 | 174.49 | | 9 | 中国会茂 | 168.98 | | 10 | 建发房产 | 164.32 | | 11 | 中国建筑 | 146.23 | | 12 | 演工集团 | 128.09 | | <13 | 江苏海润城发 | 108.00 | | 14 | 邦泰集团 | 91.86 | | 15 | 中国雄安集团 | 86.68 | | 16 | 南通海欣实业 | 71.62 | | 17 | 保利置业 | 71,50 | | 18 | 江苏长江口开发 | 68.51 | | 19 | 中 ...

证券日报网讯 12月17日，同庆楼在互动平台回答投资者提问时表示，公司始终密切关注基础设施 REITs 政策为酒店行业带来的发展机遇，并已积极开展相关布局与探索。具体举措有：1、计划推进存 量重资产的 REITs 化运作，盘活优质资产价值；2、富茂酒店部分项目采用定制租赁物业的运营模式， 有效降低重资产投入；3、已签约湖州委托管理项目，成功落地首个轻资产运营案例。未来，公司可通 过重资产 REITs 化、定制租赁、委托管理这三种模式，加快在长三角及核心城市的项目布局，进一步 提升管理效率。 （编辑 楚丽君） ...

Core Viewpoint - Nanshan Holdings (002314.SZ) announced that its subsidiary, Baowan Logistics Holdings Limited, has established the Huatai Zijin Baowan Logistics Warehousing Closed-End Infrastructure Securities Investment Fund, which is set to be listed on the Shenzhen Stock Exchange on October 29, 2024 [1] Group 1 - The fund aims to enhance the asset management capabilities of Baowan Logistics, creating a capital closed loop for business development and improving asset efficiency [1] - Baowan Logistics is planning to acquire new infrastructure projects as part of the Huatai Baowan Logistics REIT initiative [1] Group 2 - The infrastructure projects include: 1. Chengdu Longquan Baowan International Logistics Center located at 999 Jicheng Avenue, Chengdu Economic and Technological Development Zone, Sichuan Province [1] 2. Xi'an Baowan International Logistics Center located at 289 Wufu Road, Modern Logistics Park, Lintong District, Xi'an, Shaanxi Province [1] 3. Ningbo Baowan International Logistics Center located at 188 Hengfa Road, Fangqiao Street, Fenghua District, Ningbo City [1] 4. Qingdao Jiaozhou Baowan International Logistics Center located at 1 Logistics Avenue, Jiaozhou City, Qingdao [1]