推动 REITs 市场发展，提高上市发行效率 ——行业周报 REITs 2026 年 01 月 04 日 | 齐东（分析师） | 胡耀文（分析师） | 杜致远（联系人） | | --- | --- | --- | | qidong@kysec.cn | huyaowen@kysec.cn | duzhiyuan@kysec.cn | | 证书编号：S0790522010002 | 证书编号：S0790524070001 | 证书编号：S0790124070064 | 推动 REITs 市场发展，提高上市发行效率 2025 年第 53 周，中证 REITs（收盘）指数为 778.6，同比下跌 4.99%，环比下跌 0.67%；中证 REITs 全收益指数 1009.84，同比上涨 2.24%，环比下跌 0.49%。本 周 REITs 市场交易规模成交量达 2.86 亿份，同比下降 62.32%；成交额达 12.69 亿元，同比下降 58.22%；区间换手率 1.03%，同比-3.48pct。本周保障房、环保、 高速公路、产业园区、仓储物流、能源、消费类 REITs 一周涨跌幅分别为-0.72%、 -0.67%、 ...

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].

下午环节通过年度优秀案例评选发布、三轮荣誉揭晓，表彰在公募REITs、机构间REITs、不动产私募 基金等领域表现突出的机构与项目。此外，三场圆桌研讨分别聚焦不同细分市场的年末盘点与趋势展 望，行业专家围绕市值管理、资产运营、创新盘活、标杆交易等核心议题展开深度交流。 上午环节设置多个平行会场，涵盖康养、酒店、能源、工业、城市更新、算电碳协同等多个重点领域， 产业专家深入探讨行业发展趋势与投资机会。头部机构资方共议配置策略、市场趋势，以专业洞察，前 瞻市场未来方向。 12月25日，由瑞思不动产金融研究院主办的"2025多层次REITs投资人大会"在北京顺利举行。本次大会 设置闭门策略会、产业专家分享、圆桌研讨等多个环节，300位来自保险、券商、基金、国资平台、产 业资本等领域的机构投资人，与REITs市场头部产业方齐聚一堂，共话REITs市场发展新机遇。 ...

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].

会议从四个方面通报了当前市场存在的主要问题，涉及基金管理人履职尽责、部分项目运营管理能力、 估值和信息披露等方面。 会上，华夏基金、嘉实基金、中金基金、中航基金等基金管理人代表，以及首创集团、京东集团等原始 权益人代表围绕运管协作、资产类型拓展、扩募机制、生态体系建设等议题交流经验、提出建议。中信 建投（601066）基金、创金合信基金、金隅集团（601992）、明阳智能（601615）集团等其他参会单位 也进行了交流发言。 中证报中证网讯(记者昝秀丽)中国证券报记者11月11日从北京证监局获悉，北京证监局11月7日组织召 开首次辖区公募REITs监管工作会议。会议学习传达近期资本市场重要会议精神，总结北京公募REITs 市场发展成效，通报当前突出问题，听取市场机构和原始权益人意见建议，并部署下一阶段重点任务。 会议指出，北京公募REITs市场自试点以来规模稳步增长，资产类型持续丰富，市场韧性不断增强，在 全市场具有重要影响力。截至2025年10月末，北京已上市15只公募REITs，募集资金规模达380亿元， 覆盖租赁住房、仓储物流、消费基础设施等7种类型，上市只数、募资规模和资产多样性均居全国首 位。已上市 ...

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]

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].