证券研究报告 | 行业定期报告 2026 年 01 月 11 日 把握被动资金即将入场的布局机会 ——REITs 市场 25 年回顾暨 26M1 月报 周期/REITs 风险提示：REITs 二级市场基本面改善不及预期，REITs 流动性改善不及预 期，宏观流动性改善不及预期，商业不动产 REITs 试点不及预期等。 推荐（维持） 行业规模 | 公募 REITs 上市数（只） | 78 | | --- | --- | | 总市值（亿元） | 2233 | | 流通市值（亿元） | 1247 | 行业指数 1m 6m 12m 绝对表现 -2.9% -6.9% 2.7% 相对表现 -3.9% -26.1% -23.2% Jan/25 May/25 Aug/25 Dec/25 资料来源：Wind、招商证券 -10 -5 0 5 10 15 20 25 30 Jan/25 May/25 Sep/25 Jan/26 (%) 沪深300收益率 中证REITs（全收益）收益率 相关报告 1、《资产范围新增写字楼和酒店，期 待审核流程优化——商业不动产投资 信托基金试点《公告》（征求意见稿） 点评》2025-12-01 2、 ...

Core Viewpoint - The article discusses the expansion of China's public REITs market into the commercial real estate sector, marking a significant shift towards a dual development phase alongside infrastructure REITs, effective from December 31, 2025 [1][5]. Group 1: Regulatory Framework - The China Securities Regulatory Commission (CSRC) has established a "1+3+N" policy framework for commercial real estate REITs, which includes one announcement, three notifications, and 17 supporting rules from various financial institutions [3]. - The new rules aim to enhance the adaptability and inclusiveness of the regulatory framework while ensuring strict management and compliance [3][4]. Group 2: Market Development Strategy - The introduction of commercial real estate REITs is not merely an asset type expansion but a strategic move to align with the distinct characteristics of commercial real estate and infrastructure, enhancing the overall effectiveness of REITs in capital markets [5]. - The regulatory approach will focus on a parallel development strategy for commercial real estate and infrastructure REITs, aiming to deepen the market's service to the real economy [6]. Group 3: Project Selection and Quality Control - The regulatory authorities will prioritize high-quality projects and maintain a cautious approach in the initial phase of the commercial real estate REITs pilot, emphasizing compliance and risk management [7]. - There will be a focus on core urban areas and mature commercial real estate projects, particularly those owned by listed companies, state-owned enterprises, and reputable private firms [7][8]. Group 4: Responsibilities of Intermediaries - Intermediary institutions will bear significant responsibility in the REITs process, ensuring due diligence and compliance with high standards in their operations [8]. - The regulatory framework will enforce strict oversight of the REITs approval and registration processes, promoting transparency and accountability [8].

● 本报记者 昝秀丽 其中，通知围绕四个方面对推进REITs相关工作作出安排：包括完善工作机制、压实机构责任，推动商 业不动产REITs健康发展；加快推进REITs市场体系建设，重点推进市场扩容扩围、加强二级市场建 设、完善市场生态；进一步优化审核注册流程、健全市场化标准体系，完善REITs申报注册制度机制； 健全全链条监管机制安排、压严压实市场主体责任，加强监管和风险防范，维护市场平稳运行。 公告共八条，从产品定义、基金注册及运营管理要求、发挥基金管理人和专业机构作用、强化监管责任 等方面，明确商业不动产REITs核心制度安排，为商业不动产REITs发展夯实制度基础。 在市场人士看来，公告清晰明确了商业不动产REITs的总体框架，为市场提供了稳定的制度预期，有助 于推动REITs市场健康规范发展。 步入两类REITs并行新阶段 商业不动产REITs试点的推出，标志着我国REITs市场进入了"商业不动产与基础设施并行发展"的新阶 段，朝着全门类、全资产的成熟方向迈进。 《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》自2025年12月31日起实施。同时，沪深交 易所、中国结算、证券业协会、基金业协会等单 ...

证券研究报告 商业不动产REITs正式试点，迎接高质量发展新阶段 ——2025年公募REITs市场12月报 | 证券分析师：彭文玉 | | A0230517080001 | | --- | --- | --- | | 朱敏 | | A0230524050004 | | 任奕璇 | | A0230525050002 | | 研究支持: | 陈榕杰 | A0230125080001 | | 联系人: | 陈榕杰 | A | 2026.01.05 3 1. 商业不动产REITs正式试点，政策组合拳纷纷落地 2. 12月下半月超跌反弹，经营权类资产承压加剧 3. 中核清洁能源网下热度高，安博物流首日深度破发 4. 2026年1月暂无REITs限售份额解禁 5. 新增4单申报受理，山证晋中供热更新回复材料 6. 风险提示 1.1 证监会：商业不动产REITs正式试点 摘要 www.swsresearch.com 2 ◼ 中国REITs市场迈入高质量发展快车道。2025年12月31日，证监会发布《关于推动不动产投资信托基金（REITs）市场高质量发 展有关工作的通知》、《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 ...

——2025年公募REITs市场12月报 | 证券分析师：彭文玉 | | A0230517080001 | | --- | --- | --- | | | 朱敏 | A0230524050004 | | | 任奕璇 | A0230525050002 | | 研究支持: | 陈榕杰 | A0230125080001 | | 联系人: | 陈榕杰 | A0230125080001 | | 2026.01.05 | | | 证券研究报告 商业不动产REITs正式试点，迎接高质量发展新阶段 摘要 www.swsresearch.com 2 ◼ 中国REITs市场迈入高质量发展快车道。2025年12月31日，证监会发布《关于推动不动产投资信托基金（REITs）市场高质量发 展有关工作的通知》、《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》，同日沪深交易所、证券业协会等机构的配 套制度规则陆续发布。顶层设计上，商业不动产迎来正式试点，正式稿较征求意见稿仅在产品定义上微调，即法律上明确了"公 募基金-ABS-SPV-底层资产"这一持有路径。高质量发展政策导向则体现在三方面：一是支持 "混装"，有序拓展原始权益人范 ...

Core Viewpoint - The launch of commercial real estate public REITs in China marks a significant innovation in the capital market, with the regulatory framework established to support the development of this sector [1][2]. Group 1: Regulatory Framework and Announcements - On December 31, 2025, the China Securities Regulatory Commission (CSRC) released the announcement for the pilot of commercial real estate investment trust funds (REITs), indicating the completion of the long-awaited rules [1]. - The CSRC also issued a notification to promote the high-quality development of the REITs market, aiming to enhance the service quality of the multi-level capital market for the real economy [1][2]. - The regulatory framework for commercial real estate REITs is structured as "1+3+N," which includes one announcement, three supporting arrangements from the CSRC, and numerous self-regulatory organization rules [6]. Group 2: Market Development and Performance - As of December 27, 2025, there were 78 listed REITs in China, raising a total of 209.9 billion yuan, with a total market capitalization of 219.9 billion yuan [2]. - The CSI REITs total return index increased by 19% since 2024, indicating that REITs have become an important asset class for investment [2]. Group 3: Importance and Goals of Commercial Real Estate REITs - The development of commercial real estate REITs is seen as a crucial measure to implement national policies aimed at revitalizing existing assets and increasing direct financing [3]. - The notification emphasizes the need to stimulate market vitality and improve efficiency by establishing market-oriented access arrangements for commercial real estate REITs [3][4]. Group 4: Implementation and Market Support - The CSRC aims to enhance the supply of quality REITs and promote a diverse and orderly growth of market segments [7]. - There is a focus on improving the secondary market for REITs, including the development of related index products and encouraging long-term funds to enter the market [7][8]. - The notification calls for optimizing the review and registration processes to ensure a stable market operation [8].

Core Viewpoint - The launch of the commercial real estate REITs pilot program marks a new phase in China's REITs market, transitioning towards a mature direction of "parallel development of commercial real estate and infrastructure" [1][7]. Group 1: Policy Framework - The regulatory framework for commercial real estate REITs is defined as "1+3+N", where "1" refers to the announcement, "3" includes three key documents, and "N" represents 17 supporting rules from various regulatory bodies [2]. - The announcement serves as a foundational document, clarifying core institutional arrangements for commercial real estate REITs, including product definitions, fund registration, operational management requirements, and regulatory responsibilities [2]. Group 2: Supporting Rules - The supporting rules systematically refine the entry standards for REITs, focusing on compliance, financial, asset evaluation, and fund operation requirements [3]. - A more market-oriented mechanism is established, linking yield requirements to risk-free interest rates and ensuring that recovered funds comply with national macro policies and regulations [3]. - The rules promote market expansion by allowing asset combinations with similar operational characteristics and reducing the time for post-IPO fundraising applications to six months [3]. Group 3: Review Mechanism and Risk Management - The feedback timeline for initial reviews has been shortened from 30 to 20 working days, and guidelines for drafting prospectuses have been introduced to align with REITs characteristics [4]. - The pilot program emphasizes high-quality project selection, focusing on projects that align with national policies and demonstrate stable operational performance [6]. - Regulatory bodies will enhance supervision and risk monitoring, ensuring compliance and addressing any violations promptly [6]. Group 4: Market Development - The pilot program signifies a shift towards a comprehensive REITs market, integrating commercial real estate and infrastructure, each serving distinct economic functions [7][8]. - Infrastructure REITs are expected to stabilize the economy and address shortfalls, while commercial real estate REITs will focus on promoting consumption and structural adjustments, closely tied to economic cycles [8].

本报记者 毛艺融 田鹏 为深入贯彻落实党的二十届三中、四中全会精神以及"新国九条"要求，根据中国证监会关于推动商业不动产REITs试点的 统一部署，12月31日，上交所修订发布了《上海证券交易所公开募集不动产投资信托基金（REITs）业务办法（试行）》（以 下简称《不动产基金业务办法》），并完善了相关配套业务指引及指南。同日，深交所发布《公开募集不动产投资信托基金业 务办法》及配套规则指南，并发布《关于商业不动产投资信托基金试点有关工作的通知》。 上交所表示，下一步，将在中国证监会的领导下，坚持规范与发展并重，不断完善REITs规则体系，推动建设良好市场生 态，推进REITs市场高质量发展，更好服务国家战略和经济社会发展全局。 深交所表示，接下来，将深入贯彻党的二十届四中全会和中央经济工作会议精神，按照中国证监会统一部署，紧扣推进 REITs市场高质量发展主题，构建简明、高效、规范、透明的REITs规则体系，加强优质项目储备，推动商业不动产REITs试点 平稳落地，进一步提升监管能力和服务水平，增强多层次资本市场服务实体经济质效。 上交所：夯实REITs规范运作制度基础 上交所表示，本次修订旨在进一步完善不动 ...

证监会公布《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》，自公布之日起施行。商业不 动产投资信托基金拟持有的商业不动产应当符合国家战略、发展规划、产业政策，权属清晰、范围明 确、关键合规手续齐备，已产生持续、稳定的现金流，以及中国证监会规定的其他要求。 以下为全文： 中国证监会各派出机构，上海证券交易所，深圳证券交易所，北京证券交易所，中国证券登记结算有限 责任公司，中国证券业协会，中国证券投资基金业协会： 三、完善REITs申报注册制度机制 （一）深刻认识发展商业不动产REITs的重要意义。推动商业不动产REITs市场发展是资本市场落实党 中央、国务院关于"盘活存量、做优增量""提高直接融资比重"决策部署的重要举措，是通过市场化机制 支持构建房地产发展新模式的有效手段，对于推动REITs市场健康发展、促进REITs功能发挥、不断提 高资本市场制度的包容性和适应性具有重要意义。各单位要高度重视、精心组织，督促REITs市场各主 体、各参与方、各环节严格落实有关监管要求和风险防控要求，切实做好商业不动产REITs各项工作， 确保取得实效。 （二）激发市场主体活力。结合商业不动产特点，明确商业不动产REI ...

中国证监会各派出机构，上海证券交易所，深圳证券交易所，北京证券交易所，中国 证券登记结算有限责任公司，中国证券业协会，中国证券投资基金业协会： 为贯彻落实党的二十届三中、四中全会和中央经济工作会议精神，按照《国务院 关于加强监管防范风险推动资本市场高质量发展的若干意见》（国发〔2024〕10号） 工作部署，推动不动产投资信托基金（以下简称REITs）市场高质量发展，完善基础 制度，优化监管安排，健全市场功能，增强多层次资本市场服务实体经济质效。现就 有关事项通知如下。 一、推动商业不动产REITs平稳健康发展 （证监发〔2025〕63号） 的银行保险业资产管理公司等金融机构参与商业不动产REITs业务。有序拓展原始权 益人范围。 （三）加大工作推动力度。各证监局要充分发挥属地监管优势，加强政策宣传解 读，推动优质资产培育，及时协调推动解决辖区商业不动产REITs发展过程中的堵点 难点。证券交易所要持续提高市场推广质量，提升上市审核质效，优化市场服务，增 强市场获得感。进一步压实基金管理人、财务顾问等机构的尽职调查与核查把关责 任，确保商业不动产REITs信息披露真实、准确、完整，严把资产合规关、风险关和 质量 ...