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].