今年以来，政策对基础设施REITs发行的支持力度不断加大。9月，商务部等9部门发布政策，支持保障 基本民生的社区商业综合体、邻里中心、百货商场、菜市场等消费基础设施项目发行基础设施领域 REITs。国家发展改革委发布的《关于进一步做好基础设施领域不动产投资信托基金（REITs）常态化 申报推荐工作的通知》提出，持续推动市场扩围扩容，积极推动新资产类型项目推荐发行，加大项目培 育储备工作力度。 二级市场表现向好 ● 本报记者 熊彦莎 Wind数据显示，截至12月1日，有77只REITs处于已上市状态，其中园区基础设施、交通基础设施和消 费基础设施类数量较多。 12月1日，国家发展改革委发布《基础设施领域不动产投资信托基金（REITs）项目行业范围清单 此次，国家发展改革委将商业办公设施、城市更新设施等行业纳入可申报范围，进一步扩大了基础设施 REITs市场规模。 （2025年版）》，将商业办公设施、城市更新设施等纳入可申报范围。专家认为，政策推动基础设施 REITs资产类型从相对传统的基础设施项目，向更贴近消费市场的领域扩展。随着REITs市场资产结构 优化，REITs市场有望持续沿着规模扩张、资产多元、投资者 ...

Core Insights - The issuance of document 782 by the National Development and Reform Commission aims to enhance the infrastructure REITs market by expanding its scale, enriching product types, and promoting high-quality development [1][2][3]. Summary by Sections Policy Overview - Document 782 focuses on three main aspects: determined expansion, steady flexibility, and unchanged quality requirements, accelerating the normalization of mature asset type project applications [1][3]. - The document encourages the issuance of mixed asset types under property rights and franchise rights, supporting private investment projects and simplifying the fundraising process [1][5]. Market Development - Since the first batch of REITs was launched in 2021, the Chinese REITs market has grown rapidly, with 74 REITs listed and a total market value exceeding 220 billion yuan as of September 18, 2025 [3]. - Despite the rapid growth, challenges such as small issuance sizes and slow asset acquisition for listed funds have been identified, prompting the introduction of document 782 to attract more quality assets [3][5]. Strategic Goals - The document outlines five strategic goals: prioritizing high-quality projects, accelerating applications for mature asset types, actively promoting new asset types, supporting private investments, and increasing reserves [5][9]. - The dual-track strategy aims to expedite the application of mature asset types while exploring new asset types such as railways, ports, and cultural tourism [7][8]. Market Expansion - The document is expected to effectively expand the market, enrich the types of underlying assets, and enhance the quality of REITs, thereby promoting a virtuous investment cycle [5][9]. - The introduction of differentiated support strategies for projects aligned with national strategies is anticipated to accelerate market expansion [5][9]. Application Process Optimization - Document 782 simplifies the application process for REITs, encouraging listed REITs to acquire new projects through fundraising, which is seen as more significant than initial public offerings [11][12]. - The document also provides policy support for asset mixing, allowing for the acquisition of projects from different but related industries, enhancing the overall quality and attractiveness of assets [11][12]. Information System Implementation - The establishment of an information system for infrastructure REITs project applications is mentioned, aiming to standardize and manage the application process, thereby improving transparency and reducing communication costs [12].