● 本报记者 王雪青 从重庆地铁6号线光电园站走出，迎面便是沿着两江新区照母山产业轴线展开的数栋现代化楼宇，这里 就是中金重庆两江REIT的底层资产所在地。清晨，园区内人流穿梭，面包店与便利店开门迎客。由于 拥有地铁直达的便利交通，这片研创核心区已成为两江新区最活跃的产业集聚带之一。 作为西部首单产业园REIT，中金重庆两江REIT在2025年12月11日迎来上市一周年。伴随区域产业结构 调整，中金重庆两江REIT如何在竞争激烈的环境中稳住基本盘？近期，中国证券报记者实地走访该项 目底层资产了解到，在拼地段、拼硬件的基础上，产业园资产的竞争更加强调拼运营，精细化运营正在 成为产业园区管理的重要抓手。 租户质量构筑基本盘 根据2025年第三季度报告，中金重庆两江REIT通过专项计划100%持有的基础设施资产由4个产业园区 组成，分别为位于重庆市两江新区两江数字经济产业园照母山研创核心区内的双鱼座项目、双子座项 目、凤凰座项目及拓D一期D2项目，合计建筑面积约24.37万平方米，可租赁面积18.77万平方米。 2025年以来，该基础设施资产运营较为稳定。截至2025年9月30日，园区出租率为87.81%，报告期末 ...

Summary of Public REITs Market Outlook for 2026 Industry Overview - The report focuses on the public REITs (Real Estate Investment Trusts) market in China, analyzing its performance and outlook for 2026 [2][3]. Key Insights Market Review - The public REITs market has been driven by changes in broad interest rates since 2025, leading to a "rise and fall" pattern in market performance. The secondary market showed an initial surge followed by a cooling phase [3][7]. - The issuance scale of public REITs has steadily increased, surpassing 200 billion yuan by October 2025, with new asset types like agricultural markets and data centers emerging [7]. Fundamental Analysis - There is a noticeable divergence in performance across different REIT sectors: - **Highway REITs**: Performance varied due to structural changes in road networks and regional toll policies, with some assets facing significant pressure [9]. - **Public Utility REITs**: Showed structural highlights in Q3 2025, with some achieving revenue growth through effective management and operational adjustments [13]. - **Energy REITs**: Experienced significant fluctuations in both volume and price, with performance continuing to diverge across different types of energy infrastructure [14]. - **Industrial Park REITs**: Faced pressure on both volume and price, with factory assets performing better than research office assets [15]. Positioning of Public REITs - Public REITs are increasingly seen as a "fixed income plus" asset class, especially in a low-interest-rate environment combined with asset scarcity. Their role in asset allocation is becoming clearer [3]. Pricing of Public REITs Expansion - The market may react to expansion announcements, with the timing of such expansions being critical for pricing. While expansion can enhance distribution rates, it requires precise timing to maximize benefits [3]. Unlocking of Shares and Investment Strategy - A wave of share unlocks is expected in Q1 and Q3 of 2026, which may lead to selling pressure on related REITs. Caution is advised before these unlocks, with strategic investments recommended post-unlock based on market conditions [3]. 2026 Strategy Outlook - **Primary Market**: New investments should balance valuation differences and asset quality [3]. - **Secondary Market**: Focus on the rhythm of the bond market and policy catalysts, while capitalizing on expansion and unlock investment themes [3]. Risk Factors - Potential discrepancies between model assumptions and real-world conditions could reduce the reliability of forecasts. Economic recovery may underperform, negatively impacting underlying asset operations. Geopolitical uncertainties and unexpected policy changes could also affect market risk appetite [3]. Additional Important Points - The report emphasizes the importance of active management in maintaining stability across various REIT sectors, particularly in consumer infrastructure and affordable housing [3]. - The performance of data center REITs in Q3 2025 met expectations, indicating a stable operational environment [3]. This comprehensive analysis provides insights into the public REITs market, highlighting key trends, performance metrics, and strategic considerations for investors looking ahead to 2026.