证券研究报告|固收研究报告 [Table_Date] 2026 年 2 月 2 日 [Table_Title] 首批 8 只商业不动产 REITs 正式上线 [Table_Title2] 公募 REITs 周速览（2026 年 1 月 26-30 日） [Table_Summary] 本周（2026 年 1 月 26-30 日）中证 REITs 全收益指数收于 1052 点， 周度上涨 0.47%，日均成交量、日均成交额、日均换手率环比分别减少 15.73%、18.30%、0.11pct，市场成交活跃度边际下滑。 截至 1 月 30 日，我国已上市的 78 只 REITs 总市值收于 2287亿元，其 中流通市值 1247 亿元。华夏中核清洁能源将于 2026 年 2 月 2 日星期一上 市交易，持有的不动产为新疆波波娜水电站项目，按照 5.015 元发行价测算 的分派率约为 4.7%，同为水电资产的嘉实中国电建清洁能源目前分派率约 为 5%。 ►一级市场：首批 8 只商业不动产 REITs 已被受理 2025 年末，证监会正式推出商业不动产 REITs，目前重点支持的是权 属清晰、运营模式成熟、现金流持续稳 ...

Core Viewpoint - The rapid development of China's REITs market since the first public REITs were launched in June 2021, with a total issuance scale of 213.5 billion yuan by the end of 2025, indicates a significant shift towards commercial real estate becoming a key component of the REITs framework [1][2]. Group 1: Market Expansion and Policy Support - By the end of 2025, 78 public REITs have been issued, covering ten categories of assets, with a total issuance scale of 213.5 billion yuan [1]. - The inclusion of commercial real estate in the pilot scope of public REITs is expected to enhance the connection between physical assets and capital markets, supported by policies from the China Securities Regulatory Commission [1][3]. - The National Development and Reform Commission's announcement of the 2025 version of the REITs project industry scope list is seen as a critical institutional leap in the development of China's REITs [3][4]. Group 2: Asset Management and Market Dynamics - The REITs market is transitioning from a "policy tool" to a "market-oriented asset management platform," emphasizing the need for stronger asset management and operational capabilities [3]. - The potential market space for commercial real estate REITs is estimated to be in the trillions, with over 40 trillion yuan in existing office, retail, and hotel properties, suggesting that even a 5%-10% securitization could yield significant market opportunities [4]. Group 3: Investment Trends and Institutional Participation - Institutional investors, including insurance and wealth management funds, are increasingly allocating to REITs due to their stable rental income and cash flow, which align with the long-term liability profiles of these funds [6]. - The liquidity advantage of REITs, compared to direct real estate holdings, enhances their attractiveness to institutional investors [6]. Group 4: Governance and Structural Recommendations - Recommendations for improving the governance mechanism of public REITs include transitioning from external to internal management to ensure better asset management accountability [7]. - The establishment of a joint REITs management platform and the exploration of company-type REITs are suggested to enhance operational efficiency and governance structures [7]. Group 5: Multi-tiered Market Development - The development of a multi-tiered REITs market is essential, encouraging the integration of different asset maturity levels and risk preferences, as well as facilitating the entry of quality asset managers into the public REITs market [8].

Core Viewpoint - The rapid development of China's REITs market since the first public REITs were launched in June 2021, with a total issuance scale of 213.5 billion yuan by the end of 2025, indicates a significant shift towards commercial real estate becoming a key component of the REITs framework [1][2]. Group 1: Market Development - As of the end of 2025, 78 public REITs have been issued, covering ten categories of assets, with a total issuance scale of 213.5 billion yuan [1]. - The inclusion of commercial real estate in the public REITs pilot program is expected to enhance the asset management and operational capabilities within the industry, transitioning from "holding assets" to "activating existing assets" [1][3]. Group 2: Potential Market Size - The potential market for commercial real estate REITs is substantial, with estimates suggesting that the stock of office buildings, retail, and hotels exceeds 40 trillion yuan; even a 5%-10% securitization could create a market space worth trillions [4]. Group 3: Institutional Investment - Institutional investors, including insurance funds and wealth management products, are increasingly allocating to REITs due to their stable rental income and cash flow, which align with the long-term liability profiles of these funds [6]. Group 4: Governance Mechanisms - Recommendations for improving governance mechanisms in public REITs include transitioning from external to internal management, establishing a decision-making structure similar to private equity funds, and allowing the formation of joint venture REIT management companies [7]. Group 5: Multi-tiered Market Structure - The development of a multi-tiered REITs market is crucial, encouraging the integration of various asset types and management capabilities to facilitate the entry of high-quality assets into the public REITs market [8].

Report Industry Investment Rating No information provided in the document. Core Viewpoints - The new regulations on commercial real - estate investment trusts (REITs) and a package of supporting documents have been implemented, marking a new chapter in the REITs market. The pilot of commercial real - estate REITs has been launched, and the market's institutional system has been further improved [3]. - Commercial real - estate REITs are expected to be accelerated. Investors are advised to actively follow the first - batch products. The double - track review system is expected to improve review efficiency and accelerate market expansion [3]. - Multiple mechanisms have been supplemented and improved, which will be applied to the entire REITs market and are expected to be implemented quickly in the commercial real - estate REITs pilot [3]. - Attention should be paid to the expansion of new sources of market funds. The CSRC's Document No. 63 proposes measures to attract more funds, and investors can expect market recovery and focus on undervalued heavy - weight stocks [3]. - In late 2025, the REITs market fluctuated. Investors are advised to focus on products with strong underlying asset demand and pay attention to expansion and fundraising [3]. Summary by Relevant Catalogs REITs Package Policy Documents Issued - On December 31, 2025, the CSRC, Shanghai and Shenzhen Stock Exchanges, and the Asset Management Association of China issued a package of policy documents to launch the commercial real - estate REITs pilot and improve the REITs market system [4]. - The CSRC issued two documents to promote the development of commercial real - estate REITs, improve basic systems, and strengthen supervision [4]. - The Shanghai and Shenzhen Stock Exchanges revised relevant business rules and guides, extended the scope of application of the "Real Estate Fund Business Measures" to commercial real - estate REITs, and exempted certain fees [4]. - The Asset Management Association of China revised two self - regulatory rules to provide guidance on due diligence and operation [4]. Commercial REITs Pilot Initiation - The official version of the "Announcement on Launching the Pilot of Commercial Real - Estate Investment Trust Funds" only supplements the product definition. The scope of commercial real - estate REITs is broad, including commercial complexes, retail, offices, and hotels [6]. - The CSRC's Document No. 63 and the "Notice on the Pilot of Commercial Real - Estate REITs in Shanghai and Shenzhen Stock Exchanges" promote the stable and healthy development of commercial real - estate REITs, accelerate the launch of high - quality products, and encourage asset mixing and expansion [8][9]. - The pilot aims to revitalize existing assets, increase direct financing, and support the new real - estate development model. The scope of original equity holders is expanded, and the use of recycled funds is restricted [11]. - The review process for commercial real - estate REITs is clear. The submission of application materials starts from December 31, 2025, and the review focuses on key aspects such as project information, operation, and finance [12][16]. Optimization of REITs Issuance and Information Disclosure Mechanisms - The CSRC's Document No. 63 and the "Notice on the Pilot of Commercial Real - Estate REITs in Shanghai and Shenzhen Stock Exchanges" optimize the REITs issuance and trading mechanisms, including improving the inquiry pricing,配售, and market - making mechanisms [21]. - The information disclosure system for REITs is strengthened, with clear requirements for different real - estate formats in annual, semi - annual, and quarterly reports [21]. - The revised rules for inquiry pricing and information disclosure are beneficial for market development, although they may increase the difficulty of pricing and trading strategies [22]. Further Improvement of REITs Rule System - The CSRC's Document No. 63 proposes three measures to expand the sources of funds: enriching the REITs index system, guiding long - term funds into the market, and including REITs in the Shanghai - Hong Kong and Shenzhen - Hong Kong Stock Connect [23]. - Historical data shows that the entry of incremental funds can boost the REITs market. The introduction of index funds and long - term funds is expected to improve market liquidity and stability [27]. - The expansion and merger mechanisms, market - based pricing mechanism, and other aspects are improved. Expansion is expected to be an important way for market expansion, and the pricing mechanism is moving towards marketization [31][32]. - The review process is optimized, and supervision and risk prevention are strengthened. The quality control system and supervision mechanism are improved to ensure the healthy development of the REITs market [34].

Report Industry Investment Rating - Not provided in the given content Core Viewpoints - On December 31, 2025, commercial real - estate REITs were officially launched, which will inject new vitality into the REITs market and promote its healthy and sustainable development. 2026 will be an important year for the leap - forward development of China's REITs market [3] - In 2025, 20 new public REITs were successfully issued, with a total issuance scale of 40.3 billion yuan, a year - on - year decrease of 37.6%. This week, 3 new public REITs made progress [3] - This week, the CSI REITs Total Return Index closed at 1,009.84 points, down 0.49%, outperforming the CSI 300 by 0.10 percentage points and underperforming the CSI Dividend by 0.31 percentage points [3] Summary by Directory 1. Primary Market - A total of 3 new public REITs made progress this week: CICC Torch Industrial Park REIT was accepted, AVIC Beijing Changbao Rental Housing REIT was declared, and Shanxi Securities Jinzhong Public Investment Ruiyang Heating REIT received feedback [3][6][14] 2. Secondary Market 2.1 Market Review - The CSI REITs Total Return Index fell 0.49% this week, closing at 1,009.84 points. In 2025, the index rose 4.34%, underperforming the CSI 300 by 13.33 percentage points and outperforming the CSI Dividend by 5.72 percentage points. By asset type, the transportation and affordable housing sectors performed better this week [3][16][17] 2.2 Liquidity - Both the turnover rate and trading volume decreased. The average daily turnover rates of equity - type and concession - type REITs this week were 0.33% and 0.41% respectively, down 17.42 and 19.82 basis points from last week [24] 2.3 Valuation - The affordable housing sector had a relatively high valuation. From the perspective of ChinaBond valuation yield, the yields of equity - type and concession - type REITs were 4.13% and 5.15% respectively [26][28] 3. This Week's News and Important Announcements News - On December 30, 2025, Zhengzhou Investment plans to issue public REITs based on the Bairong World Trade Mall. Tianjin will promote the high - quality development of public REITs and strive for the first national issuance in areas such as ports [32] - On December 31, 2025, the CSRC issued a notice on promoting the high - quality development of the REITs market. The Shanghai and Shenzhen Stock Exchanges revised the REITs business measures and issued a notice on the pilot work of commercial real - estate REITs. The Asset Management Association of China issued two self - regulatory rules for public REITs [32] Announcements - On December 29, 2025, the daily average traffic volume of Huaxia Yuexiu Expressway REIT in November 2025 was 32,700 vehicles, with a year - on - year increase of 2.6% and a month - on - month increase of 30.1%. The toll revenue was 18.31 million yuan, with a year - on - year decrease of 0.2% and a month - on - month decrease of 20.5% [32] - On December 30, 2025, CICC Shandong Expressway REIT announced its fourth dividend in 2025, with a plan of 1.24 yuan per 10 fund shares. The daily average traffic volume in November 2025 was 17,400 vehicles, with a year - on - year decrease of 21.8% and a month - on - month increase of 3.7%. The toll revenue was 21.24 million yuan, with a year - on - year decrease of 20.5% and a month - on - month increase of 5.2% [32][33] - On December 30, 2025, it was announced that 111 million strategic placement shares of China Merchants Science and Technology Innovation REIT would be unlocked on December 31, 2025 [33]

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has announced the pilot program for commercial real estate investment trusts (REITs), aiming to enhance the functionality of REITs in revitalizing existing assets, increasing direct financing, and meeting residents' wealth management needs [1] Group 1: Market Development and Performance - The REITs market in China has steadily developed over five years, with 78 REITs listed as of December 27, 2025, raising a total of 209.9 billion yuan and achieving a total market value of 219.9 billion yuan [1] - The CSI REITs total return index has increased by 19% since 2024, indicating that REITs are becoming an important asset class for investment [1] Group 2: Announcement Details - The announcement defines commercial real estate REITs as closed-end publicly raised securities investment funds that hold commercial real estate to generate stable cash flows and distribute profits to fund shareholders [2] - It outlines requirements for fund registration and operational management, including responsibilities for fund managers and custodians, due diligence, and application materials [2] - The announcement emphasizes the importance of strict compliance with professional standards and regulatory requirements by fund managers and professional institutions [2] Group 3: Support for Development - The CSRC's notification supports the stable and healthy development of commercial real estate REITs, focusing on assets that align with policy directions and possess commercial attributes [3] - It encourages the integration of assets with similar operations and functions to enhance scale effects and risk diversification [3] - The notification supports financial institutions with robust asset management experience, such as banks and insurance companies, to participate in commercial real estate REITs [3] Group 4: Market Expansion and Innovation - The notification aims to expand the REITs market by increasing the supply of quality REITs and promoting a diverse and orderly growth of market segments [4] - It supports listed REITs with strong governance and high-quality information disclosure to enhance their asset scale and risk resilience through acquisitions and mergers [4] - The notification encourages equal treatment of various ownership enterprises, supporting private companies in revitalizing existing assets through REITs [4] Group 5: Market Ecosystem Improvement - The notification emphasizes the need to improve the issuance and trading mechanisms of REITs, optimizing market-oriented valuation and pricing mechanisms [5] - It highlights the importance of enhancing information disclosure and market constraints related to REITs [6] - The notification calls for the acceleration of legislative and regulatory frameworks to strengthen the legal foundation for high-quality REITs market development [6]

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has issued a notification to promote the high-quality development of the Real Estate Investment Trusts (REITs) market, focusing on improving the regulatory framework and enhancing market functions to better serve the real economy [1][2]. Group 1: Regulatory Framework and Mechanisms - The CSRC has established a "1+3+N" policy framework for commercial real estate REITs, which includes one announcement, one notification, two work regulations, and 17 supporting rules from various financial institutions [2]. - The notification outlines four key areas for advancing REITs: improving work mechanisms and institutional responsibilities, accelerating market system construction, optimizing review and registration processes, and enhancing comprehensive regulatory mechanisms [2][3]. Group 2: REITs Admission Standards and Adjustments - The revised rules for REITs focus on adapting names and descriptions, including both commercial real estate and infrastructure REITs under regulatory oversight [3]. - The admission standards for REITs have been systematically improved, emphasizing compliance, financial stability, and asset evaluation, with a focus on ensuring stable operations and effective transfers [3][4]. Group 3: Market Development Strategy - The strategy involves a dual approach of promoting both commercial real estate REITs and infrastructure REITs, enhancing the breadth and depth of REITs in serving the real economy [5][6]. - Commercial real estate REITs are expected to stimulate consumption and investment, while infrastructure REITs will focus on stabilizing the economy and addressing shortfalls [6]. Group 4: Pilot Program and Risk Management - The CSRC plans to implement a cautious pilot program for commercial real estate REITs, prioritizing quality and compliance in project selection, particularly in core urban areas [7][8]. - There is a strong emphasis on the responsibilities of intermediary institutions in ensuring quality control and compliance, alongside robust risk management and regulatory oversight [8].

Core Viewpoint - The article discusses the recent announcement by the China Securities Regulatory Commission (CSRC) regarding the development of Real Estate Investment Trusts (REITs) in China, emphasizing the establishment of a regulatory framework and the importance of high-quality project selection to enhance the market's service to the real economy [1][5]. Group 1: Regulatory Framework - The CSRC has introduced a "1+3+N" policy framework for commercial real estate REITs, which includes one announcement, one notification, two work regulations, and 17 supporting rules from various financial institutions [2]. - The new rules aim to adaptively optimize the management of commercial real estate REITs while ensuring strict compliance and enhancing the inclusivity of the regulatory framework [2]. Group 2: Key Arrangements - The notification outlines four main areas for advancing REITs: improving work mechanisms, accelerating market system construction, optimizing review and registration processes, and strengthening comprehensive regulatory mechanisms [2]. - The focus will be on ensuring the quality of projects, with an emphasis on compliance, financial stability, and effective asset transfer [3][4]. Group 3: Market Development - The introduction of commercial real estate REITs aligns with current macroeconomic conditions and market demands, aiming to revitalize existing commercial real estate and stimulate consumption and investment [5][6]. - The dual approach of promoting both commercial real estate and infrastructure REITs is expected to enhance the breadth and depth of the REITs market's service to the real economy [6]. Group 4: Pilot Phase and Risk Management - The CSRC will adopt a cautious approach during the pilot phase, focusing on high-quality projects and ensuring strict regulatory oversight to mitigate risks [7][8]. - There will be an emphasis on the responsibilities of intermediary institutions in the REITs process, ensuring thorough due diligence and compliance with regulatory standards [8].

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has issued a notification to promote the high-quality development of the Real Estate Investment Trusts (REITs) market, signaling favorable policies for the public REITs market in 2025 [1][3]. Group 1: Importance of Commercial Real Estate REITs - The development of commercial real estate REITs is crucial for implementing national policies aimed at revitalizing existing assets and increasing direct financing [3]. - It serves as an effective means to support a new model of real estate development through market mechanisms, enhancing the inclusiveness and adaptability of the capital market [3]. Group 2: Market Vitality and Efficiency - The notification emphasizes the need to stimulate market participants' vitality by clarifying market access arrangements for commercial real estate REITs and enhancing operational efficiency [4]. - It encourages the issuance of REITs for assets with complementary functions and promotes cross-sector asset integration to improve scale effects and risk diversification [4]. Group 3: REITs Market System Construction - The notification calls for continuous enhancement of the supply of quality REITs and the orderly growth of market scale, while improving the expansion and pricing mechanisms [5]. - It supports the inclusion of REITs in public funds and the development of innovative products like REITs ETFs, thereby enriching investment options for investors [5]. Group 4: Regulatory and Risk Management - The notification stresses the establishment of a comprehensive regulatory mechanism covering all aspects of REITs, including due diligence, pricing, and asset management [9]. - It highlights the importance of enhancing information disclosure and monitoring mechanisms to maintain market stability and prevent significant risks [10]. Group 5: REITs Registration and Approval Process - The CSRC plans to optimize the REITs registration process, improving efficiency and ensuring transparency in the approval workflow [7]. - It aims to establish a clear and effective quality control system for the REITs approval process, enhancing the accountability of intermediary institutions [7]. Group 6: Information Disclosure and Investor Protection - The notification focuses on improving the quality of information disclosure, ensuring that investors receive accurate and timely information regarding REITs operations [16][17]. - It aims to protect investors' rights by enhancing the regulatory framework for ongoing information disclosure and ensuring compliance with national policies [16][17].

Core Viewpoint - The China Securities Regulatory Commission (CSRC) is implementing measures to promote the high-quality development of the Real Estate Investment Trusts (REITs) market, enhancing regulatory frameworks and market functions to better serve the real economy [1][12]. Group 1: Promoting Commercial Real Estate REITs - The development of commercial real estate REITs is crucial for revitalizing existing assets and increasing direct financing, aligning with national policy goals [2][13]. - Market access arrangements for commercial real estate REITs will be clarified to stabilize expectations and enhance efficiency, encouraging asset combinations that are complementary and synergistic [2][14]. - Regulatory bodies are tasked with addressing challenges in the development of commercial real estate REITs and ensuring compliance with disclosure and risk management requirements [3][14]. Group 2: Accelerating REITs Market System Construction - Efforts will be made to increase the supply of quality REITs and expand market diversity, with a focus on improving fundraising mechanisms and market pricing [4][15]. - The secondary market for REITs will be strengthened by developing index systems and encouraging long-term funds to enter the market, enhancing investment options for investors [4][15]. - A comprehensive REITs ecosystem will be established, optimizing issuance and trading mechanisms while ensuring compliance with market regulations [5][16]. Group 3: Improving REITs Registration and Review Mechanisms - The review and registration process for REITs will be standardized and made more transparent, enhancing efficiency and accountability [7][18]. - A market-oriented standard system will be developed to address various asset types, ensuring that REITs adhere to regulatory requirements and promote stable expectations [7][18]. Group 4: Strengthening Regulation and Risk Prevention - A comprehensive regulatory framework will be established to cover all aspects of REITs, including due diligence, pricing, and asset management, ensuring quality and governance standards are met [8][19]. - Fund managers and other stakeholders will be held accountable for their responsibilities in managing REITs, with a focus on enhancing operational quality and investor returns [8][20]. - Measures will be taken to improve information disclosure and risk monitoring, ensuring market stability and resilience against potential risks [9][20].