戴丹苗（国信证券经济研究所分析师） 此外，公募REITs与主流资产的弱相关性特征，使其成为优化投资组合的重要工具。2025年以来，中证 REITs指数与沪深300、10年期国债、黄金、中证红利股均呈现弱相关或极弱相关特征，相关系数分别 为-0.07、0.14、0.21、0.17，核心源于各类资产的收益驱动逻辑、市场环境适配性及资金偏好的本质差 异。中证REITs与沪深300因上半年和下半年的阶段性反向走势对冲，形成极弱负相关；与10年期国债 虽受利率波动存在阶段性弱联动，但前者兼具债性与底层资产运营属性，后者为纯债性资产，属性差异 削弱了相关性；与黄金仅在二季度避险资金驱动下形成短期共振，但黄金受全球宏观因素影响、REITs 聚焦国内实体资产与政策支持，核心驱动因素不同导致弱正相关；与红利股虽因共同的稳定分红属性吸 引长期资金形成弱关联基础，但前者收益依赖底层资产运营现金流，受政策扩容驱动明显，后者受企业 经营周期与权益市场波动影响更大，逻辑差异拉低了相关性。 四年蝶变启新程，中国公募REITs市场已从试点探索迈入规模化发展的新阶段。政策层面的持续加码， 底层资产的不断扩围，配置价值的日益凸显，共同构成了市场 ...

戴丹苗(国信证券经济研究所分析师) REITs(不动产投资信托基金)在中国经历了从私募到公募，从债性到股性的转变。从首批公募REITs上市 至今，四年以来，相关政策从中央到地方合力，推动公募REITs逐渐落地，随后REITs市场横向扩容， 纵向深化，一年一个新台阶。公募REITs不仅是盘活存量资产的重要抓手，更在低利率时期填补了中风 险稳收益资产的配置空白。政策赋能叠加配置价值凸显，REITs市场开启扩容新征程。 中国公募REITs的发展轨迹，始终与政策支持同频共振。自2020年启动以来，国家发改委会同证监会持 续推动公募REITs市场扩围扩容，实现了从传统基建向多元资产的破圈——初期将仓储物流、收费公 路、市政设施、产业园区等纳入发行范围；后续又逐步增加了清洁能源、数据中心、保障性租赁住房、 水利设施、文化旅游、消费基础设施等行业领域和资产类型。目前，REITs发行范围已涵盖了12大行业 的52个资产类型，其中10个行业领域的18个资产类型已经实现了首单发行上市。目前已上市公募REITs 已达到77只，从底层资产类型结构看，市场呈现明显的"三核驱动"特征，交通、消费、产业园三大板块 市值合计占比达62%，成 ...

[Table_Title] 关注华夏中核清洁能源打新 [Table_Title2] 公募 REITs 周速览（2025 年 12 月 8-12 日） [Table_Summary] 本周（2025 年 12 月 8-12 日）中证 REITs 全收益指数收于 1028.5 点，周度下跌 0.29%，已回到 2025 年 2 月底左右位 置。周内先跌后略有修复，但市场仍然处于弱区间震荡。截至 12 月 12 日，已上市的 77 只 REITs 总市值收于 2176 亿元。 华夏安博仓储 REIT 基金合同已于 11 月 18 日生效，截至 本周尚未确定上市日期。华夏中核清洁能源 REIT 将于 12月17 日（星期三）启动询价。 ►证监会债券司：推动不动产投资信托基金高质量发展 12 月 9 日，中国证监会债券司发表署名文章，结合境内 REITs 试点成果经验及调研情况，对我国 REITs 市场现状和功 能定位、影响高质量发展的问题及对策分析作了研究和探讨。 文章指出，我国 REITs 市场旨在服务于不动产行业的转型 发展，可以考虑将能源、铁塔、仓储物流等强运营型不动产项 目培育成"大而优"的全国性龙头 REI ...

为明确目标、找准问题、提出对策，推动REITs市场高质量发展，助力盘活存量资产和增强有效投资，我们近期通过现场 观摩、座谈、研讨等方式开展调研，广泛听取发行主体、市场机构、专家学者以及地方政府部门意见。本文结合境内 REITs试点成果经验及调研情况，对我国REITs市场现状和功能定位、影响高质量发展的问题及对策分析作了研究和探讨， 旨在为相关法规制定、政策完善及市场建设工作提供参考。 □ 中国证监会债券司司长 韩卓 中国证监会债券司法制小组负责人 姜洁 不动产投资信托基金（Real Estate Investment Trusts,简称"REITs"）是实现不动产资产证券化的重要手段，在国际资本市场 已有60多年的发展历史，是一种发展迅速、相对成熟的金融工具。境内REITs试点五年来，中国证监会在各方大力支持 下，已建立市场基本制度规则和监管架构，市场体系逐步完善，试点项目和相关制度安排经受住了市场检验，初步形成了 一定的规模效应和示范效应。2024年国务院发布的《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）提出，推动不动产投资信托基金（REITs）市场高质量发展。今年， ...

□ 中国证监会债券司司长 韩卓 中国证监会债券司法制小组负责人 姜洁 □ 我国REITs市场已取得初步成效，功能定位明确。境内REITs试点五年来，市场体系逐步完善，已形成 一定的规模效应和示范效应。截至2025年11月底，已累计上市REITs产品77只，总市值突破2200亿元 □ REITs市场高质量发展面临多重问题：内涵式发展动力不足、外延式发展空间待拓、法规体系尚需完 善等。具体表现为：部分产业方对REITs功能运用不充分、产融结合不足、激励机制不健全；市场供给 不足、部分项目整合困难；上位法适配度不足、监管规则效力层级较低、对产业方约束有待明晰等 □ 推动REITs市场高质量发展的对策建议：提高市场制度包容性，扩大REITs覆盖面，推动商业不动产 REITs试点；优化治理结构和激励机制，强化内生动力；强化法律责任和监管力度，压实原始权益人责 任；推动市场形态由"小而散"向"大而优"转型，支持打造龙头REITs平台，并加快建设多层次REITs市场 不动产投资信托基金（Real Estate Investment Trusts,简称"REITs"）是实现不动产资产证券化的重要手 段，在国际资本市场已有60 ...

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Viewpoints - The REITs market is expected to continue to provide good investment opportunities due to the downward pressure on bond market interest rates and the expectation of increased allocations from social security and pension funds [5][6] - The market remains active with 13 REITs funds waiting to be listed, indicating a robust issuance market [8][5] Market Overview - As of the 49th week of 2025, the CSI REITs (closing) index was 805.28, up 3.02% year-on-year but down 0.47% month-on-month; the CSI REITs total return index was 1031.5, up 11.22% year-on-year but down 0.85% month-on-month [5][21] - The trading volume of the REITs market reached 461 million shares, a year-on-year decrease of 34.14%, with a transaction value of 1.962 billion yuan, down 23.86% year-on-year [27][5] Sector Performance - Weekly performance for various REITs sectors showed declines: affordable housing down 0.51%, environmental down 0.47%, highways down 1.12%, industrial parks down 0.95%, warehousing and logistics down 0.48%, energy down 0.14%, and consumer REITs down 1.07% [38][5] - Monthly performance also reflected declines across sectors, with affordable housing down 0.25% and other sectors showing similar trends [38][5] Regulatory Developments - The National Development and Reform Commission issued a notice on the 2025 version of the industry scope list for infrastructure REITs, emphasizing that project initiators must be independent legal entities engaged in relevant business [6][14] - The China Securities Regulatory Commission is focused on deepening capital market reforms and enhancing the attractiveness and competitiveness of the capital market, which includes the steady development of REITs and asset securitization [6][14]

Core Insights - The expansion of the scope for infrastructure Real Estate Investment Trusts (REITs) marks a significant milestone, with urban renewal facilities now included as an independent category for issuance [1][2] - This move is not merely an asset type expansion but aims to provide robust financial support for high-quality urban development and industrial model upgrades, aligning financial tools with urban development needs [1][2] Industry Summary - China's urbanization has shifted from incremental expansion to enhancing existing stock, focusing on the renovation of old neighborhoods and factories as a core task to drive urban momentum and meet public needs [1] - Urban renewal projects face challenges such as large investment scales, long recovery periods, and prolonged cash flow stagnation, making traditional financing models unsustainable and deterring social capital participation [1] Financial Mechanism - Infrastructure REITs, which combine equity and long-term characteristics, match the funding needs of urban renewal by enabling asset securitization to realize the value of existing assets, providing effective exit paths for initial investments, and creating a virtuous cycle of "investment—construction—operation—exit—reinvestment" [2] - The professional screening mechanism of capital markets can also compel urban renewal projects to enhance operational efficiency [2] Market Implications - The inclusion of urban renewal facilities in the REITs framework reflects both the adoption of international best practices and innovative responses to local market demands, enriching the asset types within China's REITs and expanding market size [2] - This development is expected to attract more long-term capital, enhance market liquidity and risk resilience, and improve mechanisms for valuation, operation management, and risk prevention, laying the groundwork for the inclusion of more asset types [2][3] Investor Opportunities - For investors, participating in urban core asset investments through publicly traded infrastructure REITs broadens wealth management channels and gathers a wider range of social capital for urban renewal, achieving a win-win for capital, cities, and public welfare [2] Conclusion - The deep expansion of infrastructure REITs not only provides a market-oriented and sustainable financing solution for urban renewal but also adds quality underlying assets to the capital market, injecting lasting momentum into high-quality urban development [3]

证券研究报告 商业不动产REITs可期，基础设施新增"商办城改" ——2025年公募REITs市场11月报 证券分析师：彭文玉 A0230517080001 朱敏 A0230524050004 任奕璇 A0230525050002 联系人: 任奕璇 A0230525050002 2025.12.02 摘要 www.swsresearch.com 2 ◼ 商业不动产REITs可期，基础设施REITs再迎扩容。11月28日，中国证监会发布《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（征求意见稿）》，我国未来将形成基础设施+商业不动产的公募REITs体系，规则多处强调"重 运营，轻资产"模式且要求盈利稳定性。12月1日，国家发改委发布《基础设施领域不动产投资信托基金（REITs）项 目行业范围清单（2025年版）》，特定领域资产再次强调发起人应开发与运营端隔离，消费类增加体育场、四星级及 以上酒店，以及商业办公、城市更新两大类，新增类型的权属关系更复杂；本次基础设施新增领域与传统商业地产板块 略有重叠，详细资产分类或定义或有待进一步确定。 ◼ 指数延续震荡整理，市场流动性持续改善。自10月下旬起中证REI ...

Investment Rating - The report maintains an "Overweight" rating for the REITs sector, indicating a positive outlook for investment opportunities in this area [6][7]. Core Insights - The initiation of the commercial real estate REITs pilot program by the China Securities Regulatory Commission marks a significant development, suggesting an expansion of public REITs' underlying assets and a new phase for the REITs market in China [1][11]. - The overall performance of the C-REITs market has shown a slight decline, with the CSI REITs closing index down by 0.14% to 809.1 points as of November 28, 2025, while the full return index decreased by 0.08% to 1040.3 points [2][12]. - The total market capitalization of listed REITs is approximately 219.44 billion yuan, with an average market value of about 2.8 billion yuan per REIT [3][14]. Summary by Sections REITs Events - On November 28, 2025, the China Securities Regulatory Commission publicly solicited opinions on the draft announcement for the commercial real estate REITs pilot program, aimed at enhancing the quality of the REITs market and supporting a new model for real estate development [1][11]. REITs Index Performance - The CSI REITs full return index has increased by 7.49% year-to-date, while the closing index has risen by 2.47% [2][12]. REITs Secondary Market Performance - The secondary market for C-REITs has experienced a general pullback, with 35 REITs rising and 41 falling during the week, resulting in an average weekly decline of 0.2% [3][14]. - The data center and affordable housing sectors performed well, while industrial parks and ecological environmental sectors saw declines [3][14]. REITs Trading Activity - The affordable housing sector exhibited the highest trading activity, with an average daily trading volume of 1.681 million shares and a turnover rate of 0.6% [4][17]. REITs Valuation Performance - The internal rate of return (IRR) for listed REITs shows significant differentiation, with the top three being Huaxia China Communications REIT at 9.5%, Ping An Guangzhou Guanghe REIT at 9.4%, and E Fund Guangkai Industrial Park REIT at 8.7% [5][6]. Investment Recommendations - The report suggests focusing on three main investment strategies: 1. Emphasizing policy-driven themes and quality undervalued projects with recovery potential [6]. 2. Recognizing the market's acknowledgment of the dividend attributes of weak-cycle assets, while considering timing based on asset resilience and market prices [6]. 3. Monitoring the expansion of REITs alongside new issuances, particularly those with ample asset reserves and quality projects [6].

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has drafted an announcement to launch pilot programs for commercial real estate investment trusts (REITs), aiming to enhance the quality of the REITs market and support a new model for real estate development [1][5]. Group 1: Market Development - As of November 27, 2025, there are 77 listed REITs with a total financing amount of 207 billion yuan and a total market value of 220.1 billion yuan, indicating a stable market operation [2]. - The CSI REITs total return index has increased by 22.46% since 2024, highlighting the growing importance of REITs as a major asset class [2]. - The introduction of commercial real estate REITs is expected to activate existing assets and broaden equity financing channels, addressing the substantial demand in China's commercial real estate sector [2][5]. Group 2: Regulatory Framework - The announcement outlines eight key points, including the definition of commercial real estate REITs, registration and operational management requirements, and the responsibilities of fund managers and regulatory bodies [3][4]. - Fund managers are required to adhere strictly to professional standards and regulatory requirements, ensuring accountability in the management of commercial real estate REITs [3]. - Regulatory agencies are tasked with monitoring and managing risks associated with commercial real estate REITs, ensuring compliance with legal and regulatory frameworks [3]. Group 3: Policy Context - The new "National Nine Articles" emphasizes the need for high-quality development of the bond and REITs markets, aligning with broader economic goals [5]. - The collaborative "Urban Commercial Quality Improvement Action Plan" supports eligible commercial real estate projects in issuing REITs, reflecting a policy-driven approach to market development [5]. - The differentiation between commercial real estate and infrastructure assets is acknowledged, with commercial real estate REITs designed to be more market-oriented, enhancing institutional adaptability [5][6]. Group 4: Future Outlook - The dual approach of continuing infrastructure REITs while introducing commercial real estate REITs aims to provide effective financial support for the healthy development of the real estate sector [6]. - This strategy is expected to leverage institutional advantages and offer a wider range of flexible options for market participants, thereby enhancing the overall functionality of the multi-tiered capital market [6].