◎记者 何昕怡 2026年春节前，首批商业不动产REITs项目提交申报并获证监会及交易所受理，标志着我国REITs市场 资产类型正式拓展至商业不动产领域。节后第一周，上海地产、锦江、唯品会等3单项目的反馈意见即 挂网披露。 从首批项目来看，底层资产质地优良，具备较好的代表性。审核问询则从资产质量、合规性、收益稳定 性及治理机制等方面进一步把关，护航相关项目平稳落地。 有REITs市场研究专家表示，首批反馈问询既是对项目质量的审慎把关，又彰显"严而有度、严而有方、 严而有效"的精准施策理念，体现了监管部门在增强制度包容性适应性方面的积极探索，为商业不动产 REITs市场注入可持续动能，助力实体经济高质量发展。 问询直指合规底线 在首批反馈问询中，监管部门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予以重点关 注。 其中，反馈意见明确，关键合规手续不能缺失。在一单项目中，存在消防验收等关键手续未取得的情 形，涉及资产合法存续、有效转让等问题。监管部门在反馈意见中对合规手续的齐备性进行了问询，并 要求补办或取得主管部门出具的合规意见。 转让限制同样需要解除。上海证券报记者关注到，首批项目中存在个别资产土地出 ...

2026年春节前，首批商业不动产REITs项目提交申报并获证监会及交易所受理，标志着我国REITs市场 资产类型正式拓展至商业不动产领域。节后第一周，上海地产、锦江、唯品会等3单项目的反馈意见即 挂网披露。 从首批项目来看，底层资产质地优良，具备较好的代表性。审核问询则从资产质量、合规性、收益稳定 性及治理机制等方面进一步把关，护航相关项目平稳落地。 有REITs市场研究专家表示，首批反馈问询既是对项目质量的审慎把关，又彰显"严而有度、严而有方、 严而有效"的精准施策理念，体现了监管部门在增强制度包容性适应性方面的积极探索，为商业不动产 REITs市场注入可持续动能，助力实体经济高质量发展。 问询直指合规底线 在首批反馈问询中，监管部门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予以重点关 注。 其中，反馈意见明确，关键合规手续不能缺失。在一单项目中，存在消防验收等关键手续未取得的情 形，涉及资产合法存续、有效转让等问题。监管部门在反馈意见中对合规手续的齐备性进行了问询，并 要求补办或取得主管部门出具的合规意见。 转让限制同样需要解除。上海证券报记者关注到，首批项目中存在个别资产土地出让合同约定股权转 ...

中信建投研报指出，政策红利集中释放，看好2026年上半年REITs市场的表现，聚焦"抗周期"、"高景 气"、"强扩募"三条主线，重视新政带来的结构性机遇：（1）分子端稳健，具备强抗周期属性的板块： 包括消费基础设施、政策性保租房、市政环保等板块。（2）符合国家战略方向的高景气度板块，如数 据中心板块，以及景气度边际修复的部分标的：包括部分仓储物流及高速公路项目。（3）受益于政策 导向公募REITs作为"资产上市平台"的长期战略价值，原始权益人扩募诉求强，储备资产优质的相关标 的。 ...

Group 1 - The core viewpoint is that the public fund industry is expected to continue its growth in 2026, driven by long-term capital inflows and favorable market conditions [4] - As of October 2025, the total assets under management in the public fund sector reached 36.96 trillion yuan, indicating a steady increase [4] - Three main factors supporting this growth include the influx of long-term funds from insurance, personal pensions, and social security funds, the shift of savings towards diversified financial products, and the ongoing release of policy benefits such as fee reforms [4] Group 2 - The public fund industry is positioned to benefit from opportunities related to new productive forces and the expansion of REITs, which will provide a quality asset pool [4] - There is a long-term trend of asset allocation shifting from real estate to financial assets, injecting continuous incremental funds into the industry [4] - Despite the opportunities, challenges such as global macroeconomic uncertainties and the need for precise asset allocation remain significant [5] Group 3 - The low interest rate environment supports equity asset valuations, and public funds are enhancing their capabilities through platform-based research systems and AI-driven risk management technologies [5] - The industry aims to balance scale expansion with quality improvement, focusing on serving the real economy and wealth management needs of residents [5]

中国证监会发布通知称，持续加大优质REITs供给，推动市场业态不断丰富、规模有序增长。完善 REITs扩募制度安排与市场化定价机制，积极探索多元、高效的扩募实施路径。此外，完善REITs发行 与交易机制，优化以市场化为导向的REITs估值与发行定价机制，规范推介、询价、定价、配售等发售 行为。结合不动产运营特点与风险收益特征，强化REITs信息披露和市场约束。 新华财经北京12月31日电（记者刘玉龙）12月31日，中国证监会正式印发《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》及相关配套文件，自2025年12月31日起实施。 《公告》共八条，主要包括以下内容：一是产品定义，商业不动产REITs是指通过持有商业不动产以获 取稳定现金流并向基金份额持有人分配收益的封闭式公开募集证券投资基金。二是基金注册及运营管理 要求，明确基金管理人及基金托管人、尽职调查、申请材料、商业不动产等方面要求，以及基金管理人 的主动运营管理责任。三是发挥基金管理人和专业机构作用，压严压实责任，要求严格遵守执业规范和 监管要求。四是强化监管责任，明确各监管机构依法依规履行商业不动产REITs监管和风险监测处置等 职责。此外，商 ...

Report Industry Investment Rating - No information provided regarding the report industry investment rating Core Viewpoints of the Report - From December 15 to December 19, 2025, the secondary - market prices of China's listed public REITs showed a continuous daily decline. The weighted REITs index had a weekly return of - 2.74%. Compared with other mainstream asset classes, REITs had relatively poor performance [1][11]. - Both property - right and franchise - based REITs declined, with returns of - 2.05% and - 3.83% respectively. All types of REITs by underlying asset type declined, with the ecological and environmental protection - type REITs having the smallest decline [16][17]. - After excluding the newly - listed Huaxia Anbo Warehouse REIT, 2 REITs rose and 75 declined in the secondary market. The trading volume, turnover, and net inflow of main funds of REITs showed differentiation [20][25][28]. - In the primary market, Huaxia Anbo Warehouse REIT was listed on December 19, 2025, and the project status of 2 REIT products was updated [4] Summary by Relevant Catalogs Secondary Market Price Trends - **At the major asset level**: The secondary - market prices of China's listed public REITs declined continuously. The weekly returns of the CSI REITs (closing) and CSI REITs total return indexes were - 3.06% and - 2.85% respectively, and the weighted REITs index had a return of - 2.74%. Among major asset classes, the return ranking from high to low was convertible bonds > gold > US stocks > pure bonds > A - shares > crude oil > REITs [11]. - **At the underlying asset level**: Property - right and franchise - based REITs both declined, with returns of - 2.05% and - 3.83% respectively. By underlying asset type, ecological and environmental protection - type REITs had the smallest decline, and the top three in terms of return were ecological and environmental protection, warehousing and logistics, and industrial park types, with returns of - 0.94%, - 1.52%, and - 1.82% respectively [16][17]. - **At the single - REIT level**: After excluding the newly - listed Huaxia Anbo Warehouse REIT, 2 REITs rose and 75 declined. The rising REITs were Huaan Waigaoqiao REIT and Boshi Jinkai Industrial Park REIT, with increases of 1.34% and 0.08% respectively. The top three in terms of decline were Huaxia Yuexiu Expressway REIT, Huatai Jiangsu Expressway REIT, and CICC Shandong Expressway REIT, with declines of 7.1%, 6.9%, and 6.5% respectively [20]. Trading Volume and Turnover Rate - **At the underlying asset level**: The total trading volume of public REITs this week was 2.3 billion yuan, and the water conservancy facilities - type REITs had the highest average daily turnover rate during the period. The top three in terms of trading volume were transportation infrastructure, consumer infrastructure, and warehousing and logistics types, with trading volumes of 597 million, 372 million, and 357 million yuan respectively. The top three in terms of average daily turnover rate were water conservancy facilities, new - type infrastructure, and warehousing and logistics types, with rates of 0.89%, 0.68%, and 0.67% respectively [23]. - **At the single - REIT level**: The trading volume and turnover rate of single REITs continued to show differentiation. The top three in terms of trading volume were CICC Puluosi REIT, Huaxia China Communications Construction REIT, and Huaxia Anbo Warehouse REIT, with trading volumes of 24 million, 20 million, and 16 million shares respectively. The top three in terms of trading amount were Huaxia China Communications Construction REIT, Huaxia China Resources Commercial REIT, and Huatai Jiangsu Expressway REIT, with trading amounts of 104 million, 99 million, and 88 million yuan respectively. The top three in terms of turnover rate were Huaxia Anbo Warehouse REIT, CITIC Construction Shenyang International Software Park REIT, and Huatai Nanjing Jianye REIT, with turnover rates of 13.02%, 8.52%, and 5.61% respectively [25]. Net Inflow of Main Funds and Block Trading - **Net inflow of main funds**: The total net inflow of main funds this week was - 1.39 million yuan, indicating a decline in market trading enthusiasm compared with last week. By underlying asset type, the top three in terms of net inflow of main funds were warehousing and logistics, new - type infrastructure, and affordable rental housing types, with net inflows of 6.38 million, 6.29 million, and 5.06 million yuan respectively. At the single - REIT level, the top three in terms of net inflow of main funds were Southern Runze Technology Data Center REIT, Huatai Jiangsu Expressway REIT, and China Merchants Expressway REIT, with net inflows of 7.45 million, 6.71 million, and 4.22 million yuan respectively [28]. - **Block trading**: The total block - trading amount this week reached 169.27 million yuan, a decrease compared with last week. There were block - trading transactions on 5 trading days, with the highest single - day block - trading amount on December 18, 2025, reaching 64.67 million yuan. The top three in terms of block - trading amount were CICC Liandong Science and Technology Innovation REIT, CICC Hubei KeTou Optics Valley REIT, and Huaxia China Communications Construction REIT, with amounts of 39.17 million, 24.78 million, and 20 million yuan respectively, and corresponding average discount/premium rates of 0.06%, - 2.20%, and - 3.23% respectively [30]. Primary Market Listed Projects - As of December 19, 2025, the number of China's public REIT products reached 78, with a total issuance scale of 201.749 billion yuan. By underlying asset type, the transportation infrastructure - type had the largest issuance scale, reaching 68.771 billion yuan, followed by the industrial park infrastructure - type REITs, with an issuance scale of 32.933 billion yuan. - This week, Huaxia Anbo Warehouse REIT was listed on December 19, 2025, with an issuance scale of 2.448 billion yuan and an underlying asset type of warehousing and logistics [34]. Projects to be Listed - According to the project announcements of the Shanghai and Shenzhen Stock Exchanges, there are 20 REITs in the to - be - listed state, including 14 initial - offering REITs and 6 to - be - expanded - offering REITs. - This week, the project status of Huatai Three Gorges Clean Energy Closed - end Infrastructure Securities Investment Fund (initial offering) was updated to "declared", and that of E Fund Guangxi Beitou Expressway Closed - end Infrastructure Securities Investment Fund (initial offering) was updated to "feedback received" [40][41].

Core Insights - The establishment of the "Taibao Asset - Century Internet Data Center Holding Type Real Estate Green Asset Support Special Plan" marks a significant innovation in the multi-level REITs market for internet data centers (IDC) with a total issuance scale of 860 million yuan [1] - This project is the first green holding-type real estate ABS in the national data center industry and the second holding-type real estate ABS product for data centers in the country, showcasing a practical case for enhancing financial services to the real economy [1] - The cash flow from IDC operations is stable and predictable, primarily derived from service fees during the contract period, aligning with the essential characteristics of ABS underlying assets [1] Industry Developments - The Shanghai Stock Exchange has developed a diversified product system including public REITs, holding-type real estate ABS, quasi-REITs, technology innovation special bonds, and exchangeable corporate bonds to match data center assets with appropriate financing channels [2] - Future efforts will focus on promoting the construction of the holding-type real estate ABS market, enhancing project implementation, and improving related mechanisms and supporting rules to drive high-quality development in this market [2]

Core Insights - The domestic economy has shown signs of recovery since 2025, leading to increased consumer confidence and spending, which has positively impacted the performance of real estate investment trusts (REITs) in the consumer infrastructure sector [2][3] - The consumer REITs market has become one of the most prominent sectors in the capital market this year, with 12 listed consumer infrastructure REITs achieving a total market capitalization of 41.865 billion yuan [2][3] - The average increase in the share prices of consumer REITs has significantly outperformed other types of REITs, with some newly listed products showing remarkable growth [4][5] Consumer REITs Performance - In 2025, five consumer infrastructure REITs were successfully listed, bringing the total to 12, with a notable diversification in asset types from traditional shopping centers to outlets [3][4] - Key financial metrics for consumer REITs have remained high, with average occupancy rates of 97.20% and collection rates of 99.65% reported in Q3 2025, indicating strong operational resilience [4][6] - The top-performing consumer REITs have shown significant price increases, with the highest being 71.36% for the E-Fund Huawai Market REIT [4][5] Market Trends and Future Outlook - The REITs market is viewed as a "blue ocean" with potential for future growth, although the current transformation path remains unclear [2][7] - The introduction of policies to facilitate the expansion of REITs, such as reducing the listing period for expansion from 12 months to 6 months, is expected to drive growth in the sector [6][9] - The operational capabilities of REITs are becoming increasingly important for performance differentiation, with a focus on optimizing brand portfolios and enhancing asset appeal [6][9] Industry Insights - The REITs market in China is still in its nascent stage, with a total market size of over 200 billion yuan, which is relatively small compared to the global REITs market of 2 trillion USD [7][9] - Industry experts emphasize the need for innovative thinking and learning from mature markets like Japan and Singapore to enhance the development of China's REITs [7][9] - The REITs model is seen as a solution to the challenges of real estate investment, providing liquidity and flexible exit options for investors, thereby transforming the investment and management landscape [9]

Core Viewpoint - The C-REITs market experienced a peak followed by a correction in 2025, but has now stabilized after hitting a bottom. The demand for quality assets remains strong in the short to medium term, with policy benefits expected to emerge by the end of the year [1][2]. Group 1: Market Dynamics - In the first half of 2025, three factors drove the REITs market to a record high, but a correction occurred in the second half due to capital diversion to equities, a weakening bond market, and pressure on the underlying fundamentals [2]. - The A-share indices have rebounded significantly, increasing market risk appetite and leading funds to favor high-elasticity assets, which has put pressure on REITs market liquidity [2]. - The bond market's decline has compressed spreads, while REITs' cash distribution rates have not adjusted accordingly, reducing the comparative advantage of REITs over interest rate bonds [2]. - The underlying asset fundamentals are under pressure, with sectors like industrial parks, highways, and logistics facing declining demand and intensified competition, leading to weakened profitability [2]. Group 2: Sector Performance - There is a continued divergence in the fundamentals across various sectors, with a focus on stable performance in counter-cyclical assets [3]. - The operational capabilities of the consumer infrastructure sector are highlighted, with fundamentals expected to remain stable [3]. - Policy-supported sectors such as affordable rental housing and municipal environmental protection show significant counter-cyclical advantages, with the rental rate for affordable housing reaching 97.3% in Q3, up 0.3% from the previous quarter [3]. - However, market-driven real estate sectors, such as research and office buildings, face dual challenges of declining demand and increased competition [3]. Group 3: Policy Outlook - There is ample room for policy benefits to be released, particularly regarding index products [4]. - In the short term, policies for index products and other incremental funding are poised to be launched, accelerating the expansion of the multi-tiered REITs market [4]. - In the medium to long term, regulatory measures are expected to promote the healthy development of the REITs market through special legislation, the introduction of incremental funds, and enhanced active management [4]. - The current conditions indicate that the REITs index products are ready for launch, with attention on their potential positive impact on the market [4]. Group 4: Investment Recommendations - There are opportunities for allocation following the market correction, with a focus on selective projects in the primary market and three main lines in the secondary market: counter-cyclical assets, improving economic conditions, and strong fundraising demands from original equity holders [5]. - In the primary market, it is recommended to select projects with larger spreads and superior assets, while exercising caution with long lock-up period allocations [5]. - The secondary market should concentrate on three main lines: 1) counter-cyclical sectors with stable fundamentals; 2) related assets with marginal recovery in economic conditions; 3) assets with strong fundraising demands and quality reserves [5].

Report Summary 1. Industry Investment Rating No information about the industry investment rating is provided in the report. 2. Core Viewpoints - The REITs market continued to decline this week, with the park and warehousing logistics sectors leading the decline. The market is still concerned about their pressure on occupancy rates. The Shenyang International Software Park REIT listed on Thursday, showing a dismal performance and breaking its issue price on the first day, which may suppress the market sentiment for subsequent new products. The short - term weak and volatile pattern may continue [2]. - As of November 7, 2025, 18 REITs have been successfully issued this year, with a total issuance scale of 36.34 billion yuan, a year - on - year decrease of 25.8%. This week, 3 first - issued public REITs made new progress [2]. - This week, the CSI REITs Total Return Index closed at 1041.51 points, a decline of 0.40%, underperforming the CSI 300 by 1.22 percentage points and the CSI Dividend by 2.63 percentage points. In terms of project attributes, equity - type REITs fell by 0.84%, while franchise - type REITs rose by 0.15%. In terms of asset types, the consumption, data center, environmental protection and water services, and transportation sectors performed better [2]. - In terms of liquidity, the average daily turnover rates of equity - type and franchise - type REITs this week were 0.60% and 0.45% respectively, down 8.70BP and 0.36BP from last week. The trading volumes were 577 million and 129 million shares respectively, with a week - on - week decrease of 11.78% and 0.79%. The data center sector was the most active [2]. - In terms of valuation, the yields of equity - type and franchise - type REITs according to ChinaBond valuations were 3.89% and 4.07% respectively. The warehousing logistics, transportation, and park sectors ranked among the top three [2]. 3. Summary by Directory 3.1 First - level Market: 3 First - issued Public REITs Made New Progress - As of November 7, 2025, a total of 77 REITs have been issued, with a total issuance scale of 202 billion yuan, a total market value of 220.6 billion yuan, and a circulating market value of 110.9 billion yuan. Among them, there are 55 equity - type REITs and 23 franchise - type REITs [13]. - This week, 3 first - issued REITs made new progress: the CITIC Construction Investment Shenyang International Software Park REIT was listed, the Shanxi Securities Jinzhong Public Investment Ruiyang Heating REIT was under inquiry, and the E Fund Guangxi Beitou Expressway REIT was accepted. There was no new progress in the expansion and fundraising of REITs this week [14][15]. 3.2 Second - level Market: Liquidity Declined This Week 3.2.1 Market Review: The CSI REITs Total Return Index Fell by 0.4% - This week, the CSI REITs Total Return Index closed at 1041.51 points, a decline of 0.4%. It underperformed the CSI 300 by 1.22 percentage points and the CSI Dividend by 2.63 percentage points. The CSI REITs Total Return Index has risen by 7.61% since the beginning of the year, underperforming the CSI 300 by 11.30 percentage points and outperforming the CSI Dividend by 4.54 percentage points [2]. - In terms of project attributes, equity - type REITs fell by 0.84%, while franchise - type REITs rose by 0.15%. In terms of asset types, the consumption (+0.41%), data center (+0.29%), environmental protection and water services (+0.28%), and transportation (+0.26%) sectors performed better [2]. 3.2.2 Liquidity: Both Turnover Rate and Trading Volume Decreased - The average daily turnover rates of equity - type and franchise - type REITs this week were 0.60% and 0.45% respectively, down 8.70BP and 0.36BP from last week. The trading volumes were 577 million and 129 million shares respectively, with a week - on - week decrease of 11.78% and 0.79%. The data center sector was the most active [2]. 3.2.3 Valuation: The Valuation of the Affordable Housing Sector was Relatively High - According to ChinaBond valuations, the yields of equity - type and franchise - type REITs were 3.89% and 4.07% respectively. The warehousing logistics (5.53%), transportation (4.96%), and park (4.63%) sectors ranked among the top three [2]. 3.3 This Week's News and Important Announcements - On November 4, 2025, Li Ming, the vice - chairman of the China Securities Regulatory Commission, said at the 2025 International Financial Leaders Investment Summit that support would be provided to include RMB stock trading counters, REITs, etc. in the Hong Kong Stock Connect [31]. - This week, there were several important announcements, including the release of restricted shares of some REITs and dividend announcements [31].