2026 年 01 月 24 日 四季报出炉，5 单 REITs 申报终止 公募 REITs 周度跟踪（2026.01.19-2026.01.23） 相关研究 《运营整体向好,板块内部分化— 公募 REITs 周度眼踪 2026.01.12-2026.01.16) 》 2026/01/17 三单项目集中获问 《市场开门红, 公募 REITs 周度跟踪 (2026.01.05-2026.01.09) 》 2026/01/10 《商业不动产 REITs 正式落地，哪 些变化？ ——公募 REITs 周度跟踪 些变化? - (2025.12.29-2025.12.31) 》 2026/01/04 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 申万宏源研究微信服务 | 1．一级市场：本周无新增首发和扩 ...

Investment Rating - The industry maintains a "Positive" rating for REITs [3][5][7] Core Insights - The REITs market is experiencing downward pressure, with the CSI REITs index closing at 778.6, down 4.99% year-on-year and 0.67% month-on-month. The CSI REITs total return index is at 1009.84, up 2.24% year-on-year but down 0.49% month-on-month. The trading volume for the week reached 286 million shares, a decrease of 62.32% year-on-year, with a transaction value of 1.269 billion yuan, down 58.22% year-on-year. The sector is expected to benefit from lower bond market interest rates and increased policy support, enhancing the attractiveness of REITs as a high-dividend, low-risk asset [3][5][19]. Summary by Sections Market Development - The China Securities Regulatory Commission emphasizes the importance of strict regulatory compliance and risk management in the commercial real estate REITs market. The Shanghai Stock Exchange has temporarily waived certain fees to promote the development of real estate funds [4][12]. Market Review - The CSI REITs index has seen a year-to-date increase of 2.93%, while the CSI 300 index has increased by 34.94%, resulting in an excess return of -32.01%. The total return index has increased by 17.18% year-to-date, with an excess return of -17.76% compared to the CSI 300 index [14][19]. Weekly Tracking - The trading volume for the REITs market reached 286 million shares, down 62.32% year-on-year, with a transaction value of 1.269 billion yuan, down 58.22% year-on-year. The turnover rate for the week was 1.03%, a decrease of 3.48 percentage points year-on-year [26][30]. Sector Performance - In the week, various REIT sectors experienced declines: affordable housing REITs fell by 0.72%, environmental REITs by 0.67%, highway REITs by 0.13%, industrial park REITs by 0.06%, warehousing and logistics REITs by 0.86%, energy REITs by 0.67%, and consumer REITs by 0.07%. Monthly performance showed similar trends with declines across all sectors [36][38]. Primary Tracking - There are currently 17 REITs waiting for listing, indicating an active issuance market. Recent applications include the China International Capital Corporation Xiamen Torch Industrial Park REIT and others [6][52].

Group 1: Public Fund Fee Regulation - The new public fund fee regulation has been officially released, which is expected to significantly impact the financial industry ecosystem [3][4]. - The regulation aims to reduce subscription and management fees, benefiting individual investors as banks move towards lower fund subscription fees [7][10]. - Key changes include a reduction in redemption fees for individual investors holding bond funds for more than 7 days and for institutional investors for more than 30 days, which is more lenient than previous drafts [7][10]. - The distribution of trailing commissions for third-party sales agencies remains capped at 15%, which may negatively affect their business model but is favorable for fund companies [7][10]. Group 2: REITs Development - The regulatory announcements on commercial real estate REITs and support for private enterprises to revitalize assets through REITs mark a significant step towards enhancing the REITs market [20][24]. - The introduction of REITs-ETF is anticipated to improve market investment tools, with expectations for its realization by 2026 [21][25]. - The regulatory framework encourages the integration of similar asset types and supports the expansion of REITs, aiming to enhance market efficiency and stimulate market vitality [23][24].

Core Insights - The "2025 Multi-level REITs Investor Conference" was successfully held in Beijing, organized by the RISE Real Estate Financial Research Institute, bringing together 300 institutional investors from various sectors to discuss new opportunities in the REITs market [1] Group 1: Conference Overview - The conference featured multiple sessions including closed-door strategy meetings, expert sharing, and roundtable discussions, focusing on the development of the REITs market [1] - Key areas of discussion included healthcare, hotels, energy, industrial sectors, urban renewal, and carbon coordination, with industry experts exploring trends and investment opportunities [1] Group 2: Awards and Recognition - The afternoon session included the announcement of annual outstanding case awards, recognizing institutions and projects that excelled in public REITs, inter-institutional REITs, and private real estate funds [1] - Three roundtable discussions focused on year-end reviews and trend forecasts in different sub-markets, with experts engaging in deep discussions on market value management, asset operations, innovation, and benchmark transactions [1]

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has launched a pilot program for Commercial Real Estate Investment Trusts (REITs), marking a significant step in the development of the REITs market in China and aimed at revitalizing existing commercial real estate assets [1][2][3]. Group 1: Pilot Program Launch - The pilot program for Commercial Real Estate REITs is a crucial initiative to implement the decisions of the Central Committee and the State Council, aimed at revitalizing existing commercial real estate and supporting a new model of real estate development [1][3]. - The Shanghai Stock Exchange and other entities are actively working on revising supporting rules, system upgrades, and nurturing pilot projects in response to the pilot program announcement [1][7]. - The launch of the pilot is seen as a response to the strong demand for direct financing channels from asset holders in the commercial real estate sector [2][4]. Group 2: Market Development - The public REITs market in China has evolved into a trillion-yuan emerging market over nearly five years, with 77 REITs products listed and a total issuance scale of 207 billion yuan, indicating a solid foundation for the new pilot [2][3]. - The commercial real estate sector has accumulated rich practical experience in asset revitalization, with nearly 100 billion yuan in issuance of CMBS, quasi-REITs, and ABS products since 2024 [3][4]. - The current market environment, characterized by overall declining interest rates, enhances the long-term value potential of commercial real estate [3][4]. Group 3: Benefits and Strategic Importance - The pilot program is expected to broaden direct financing channels for enterprises, optimize capital structures, and facilitate a strategic shift from developers to asset managers [4][5]. - The introduction of Commercial Real Estate REITs will provide investors with a new investment tool that combines stable cash flow with asset appreciation potential, thereby enhancing investment portfolios [4][5]. - The pilot is viewed as a significant step towards a more inclusive and attractive REITs market, contributing to the development of a multi-tiered capital market system [4][7]. Group 4: Future Outlook - The next phase involves steady progress in the pilot program, with the Shanghai Stock Exchange focusing on refining business rules and fostering market participation [7]. - The development of a more efficient, well-regulated public REITs market is anticipated, which will serve as a long-term stabilizer and new engine for financial support of the real economy [7].

Core Insights - The Beijing Securities Regulatory Bureau held its first public REITs regulatory work meeting on November 7, focusing on the development and challenges of the public REITs market in Beijing [1][2] - As of October 2025, Beijing has listed 15 public REITs with a total fundraising scale of 38 billion yuan, covering seven asset types, making it the leader in the country in terms of the number of listings, fundraising scale, and asset diversity [1][2] - The meeting highlighted the need for compliance, professionalism, and innovation in the REITs sector, emphasizing the importance of collaboration among market participants to build a healthy ecosystem [2][3] Market Development - The public REITs market in Beijing has shown steady growth since its pilot launch, with improved market resilience and significant influence across the national market [1] - The listed products have demonstrated overall stable operations, with a positive performance in the secondary market, contributing to a good market demonstration effect [1] Current Challenges - The meeting addressed key issues in the market, including the responsibilities of fund managers, operational management capabilities of certain projects, valuation, and information disclosure [1][2] Collaborative Efforts - Representatives from various fund management companies and original equity holders discussed topics such as operational collaboration, asset type expansion, fundraising mechanisms, and ecosystem development [2] - The meeting called for a consensus among market participants to enhance the unique "capital brand" of the REITs market in Beijing, focusing on quality and sustainability [3]

Group 1 - The core viewpoint highlights the rapid development of the public REITs market in China, with 18 public REITs listed since 2025, showing an average first-day increase of 20%, significantly higher than the 1.5% increase of 8 similar products in 2024 [1] - A total of 66 public REITs have been listed since the first batch in 2021, raising over RMB 180 billion, making it the largest market in Asia [1] - The Shanghai and Shenzhen stock exchanges contributed 44 and 22 products respectively, with notable growth in market capitalization and average daily trading volume [1] Group 2 - Investors benefit from high dividend yields from REITs, with the Shanghai market distributing a total of RMB 15.1 billion in dividends over the past four years, including RMB 5.9 billion in 2024, resulting in a dividend yield of 5.7% based on year-end market capitalization [4] - Highway REITs accounted for RMB 8.2 billion of the total dividends, highlighting their status as a significant revenue source [4] - The expansion of the public REITs market is expected to enhance capacity and depth, paving the way for innovative products like REITs index funds and ETFs, leading to a richer product system and increased marketization [4]

Core Insights - The total market value of public REITs in China has reached 201.991 billion yuan, marking the first time it has surpassed the 200 billion yuan threshold [1][3][4] - The REITs market is transitioning from the initial pilot phase to a critical stage of "quality improvement" and "scale enhancement" [3][4] - The number of listed REITs has increased to 66, covering various asset types including logistics, consumer projects, and affordable rental housing [3][4] Market Performance - As of June 5, 2023, the CSI REITs Total Return Index has risen by 14.4% year-to-date, with specific categories like consumer infrastructure and rental housing seeing increases of 33% and 25% respectively [7] - The average daily trading volume of REITs has increased to 690 million yuan in 2023, compared to 459 million yuan in the same period last year [7] Future Development - Industry experts believe that the REITs market has significant growth potential, with expectations of reaching a trillion yuan market size in the future [9] - Challenges such as insufficient liquidity and imperfect pricing mechanisms still exist, but strategies to enhance market participation and investor education are being recommended [9][10]

本报记者 罗辑 北京报道 2025年4月22日，由华泰证券旗下华泰证券（上海）资产管理有限公司（以下简称"华泰证券资管"）担 任基金管理人和资产支持证券管理人的"华泰紫金苏州恒泰租赁住房封闭式基础设施证券投资基金"（简 称"华泰苏州恒泰租赁住房REIT"，以下简称"该项目"）正式发售。据悉，该项目网下投资者管理的配售 对象拟认购份额数量总和为网下初始发售份额数量的222.64倍，创下历史新高。 今年以来，公募REITs因稳健资产配置需求激增而受到投资者追捧，量价齐升。其中，REITs市场的常 态化发行明显加快，全市场已有60余只REITs产品上市，仅就租赁住房类REITs来看，其板块集聚效应 和示范效应逐步显现。 "伴随着万亿级别REITs市场蓝图不断展开，在中国证监会的统筹指导下，REITs市场的不断蓬勃发展， 将有助于国家'防风险、去杠杆、稳投资、补短板'进程，同时有益于完善储蓄转化投资机制、降低实体 经济杠杆、推动金融供给侧改革、促进资本市场的高质量建设，为金融机构做好'五篇大文章'，持续服 务实体经济与民生发展打造范本。"华泰资管相关人士对《中国经营报》记者提到。 REITs工具助力租赁住房市场发展 ...

Core Viewpoint - The article discusses three key suggestions made by Huang Yi, Chairman of Sichuan Tianfu Bank, during the 2025 National People's Congress, focusing on the modification of the Trust Law, the development of the REITs market, and the governance of artificial intelligence. Group 1: Suggestions for Trust Law Modification - Huang Yi emphasizes the need to accelerate the modification of the Trust Law, which has not kept pace with the evolving financial landscape since its implementation in 2001 [3][4]. - Four main areas for modification are proposed: 1. Adjusting the definition of trust to clarify the transfer of property rights to trustees [3]. 2. Improving the property registration mechanism and clarifying tax principles related to trusts [3]. 3. Strengthening the responsibilities and liabilities of trustees to ensure compliance with fiduciary duties [3]. 4. Promoting the development of socially beneficial trust businesses, particularly in relation to charity and consumer protection [4]. Group 2: Suggestions for REITs Market Development - Huang Yi points out the rapid growth of the public REITs market since 2024, but notes the uneven development across different levels of the REITs market [5]. - Six policy recommendations are provided to enhance the REITs market: 1. Gradually improve the multi-tiered REITs market by enhancing exit mechanisms and liquidity for private and Pre-REITs [7]. 2. Refine the legal framework for public REITs to ensure asset independence and risk isolation [7]. 3. Utilize tax policies to drive REITs development, addressing issues of double taxation and establishing unified tax incentives [7]. 4. Enhance the dividend mechanism for REITs, including detailed capital expenditure disclosures and investor protection measures [7]. 5. Explore pension REITs to support the development of pension finance [8]. 6. Accelerate the issuance of data center REITs to support technological innovation [8].