1. Report Title and Date - The report is titled "Commercial Real Estate REITs Officially Pilot, Usher in a New Stage of High - quality Development - December Report on the Public REITs Market in 2025" and was published on January 5, 2026 [2][3] 2. Report Industry Investment Rating - The provided content does not mention the industry investment rating. 3. Core Viewpoints - China's REITs market has entered the fast - lane of high - quality development. The official pilot of commercial real estate REITs was launched in December 2025 with a series of policy combinations. The REITs market declined in volume in December 2025, with concession - based REITs experiencing a deep correction. The subscription of China Nuclear Clean Energy REIT was highly popular offline, while Huaxia Anbo Warehouse Logistics REIT broke below the issue price on its first trading day. There will be no restricted - share unlocks of REITs in January 2026, and new applications for 4 REITs were accepted in the second half of December 2025 [4] 4. Summary by Directory 4.1 Commercial Real Estate REITs Officially Pilot, Policy Combinations Landed - **Commercial Real Estate REITs Pilot**: On December 31, 2025, the China Securities Regulatory Commission officially launched the pilot of commercial real estate REITs. The official version only made minor adjustments to the product definition compared with the solicitation draft, clarifying the holding path of "public fund - ABS - SPV - underlying assets" [7] - **Promoting High - quality Development of the REITs Market**: The CSRC issued a notice to promote high - quality development, including supporting "mixed - asset" REITs, expanding the scope of original equity holders, accelerating the construction of the REITs market system, and improving the REITs application and registration system [12] - **Exchange Rule Adjustments**: The Shanghai and Shenzhen Stock Exchanges adjusted relevant rules, including single - item review requirements for different assets, allowing "high - price elimination" in offline sales, clarifying disclosure requirements for different business forms of commercial real estate, and standardizing the review process [20][22][26] - **Industry Association Rule Adjustments**: The China Securities Association adjusted the rules for offline investors of REITs, making the offline management of real estate REITs more in line with that of Shanghai and Shenzhen new stocks, tightening access thresholds, adding 10 prohibited behaviors, and upgrading penalties [27][30][33] 4.2 Rebound after Oversold in the Second Half of December, Concession - based Assets Under Greater Pressure - **Overall Index Performance**: In December 2025, the CSI REITs Total Return Index declined overall but rebounded after being oversold on December 24, with a monthly decline of 2.9%. It achieved an annual increase of 4.34% in 2025 [42] - **Asset - type Performance**: In December 2025, only the IDC index rose by 1.23%, while other types of REITs indexes declined. Concession - based assets such as utilities, transportation, and energy had the deepest declines. In 2025, all asset - type indexes achieved positive returns, with consumer, warehouse logistics, and rental housing leading the gains [48] - **Individual Bond Performance**: In December 2025, the proportion of rising and falling individual REITs bonds was 29% and 71% respectively. Two IDC - REITs rose, and warehouse logistics and industrial parks also had a certain proportion of rising bonds, while concession - based assets had a large number of falling bonds [54] - **Turnover Rate**: In December 2025, the average daily turnover rate of Shanghai and Shenzhen REITs was 0.40%, the lowest monthly level of the year. The turnover rate of rental housing decreased the most [56] - **Dividend Yield**: As of December 31, 2025, the dividend yield of equity - based REITs was 4.60% (at the 61% quantile), and that of concession - based REITs was 9.12% (at the 90% quantile). The spread between REITs and stocks/bonds was at the 60% - 70% quantile [60][64][66] - **Valuation**: The latest P/NAV of equity - based REITs was 1.22X, at the 65% historical quantile; the latest P/FFO of concession - based REITs was 12.27X, at the 30% historical quantile [72] - **IRR**: The latest IRR of equity - based and concession - based REITs was 4.2% and 5.4% respectively, both at around the 40% quantile and significantly higher than the previous period [77] 4.3 High Offline Popularity of China Nuclear Clean Energy, Deep Break - below of Anbo Logistics on the First Day - **New Issues in December 2025**: In December 2025, Huaxia China Nuclear Clean Energy REIT conducted offline price inquiries with an issuance scale of 1.505 billion yuan, and Huaxia Anbo Warehouse Logistics REIT was listed on the Shenzhen Stock Exchange [82] - **Issuance Scale and Subscription**: The offline top - up subscription scale of China Nuclear Clean Energy REIT was 316 million yuan, lower than that of Huaxia Anbo Warehouse Logistics REIT in November. The offline subscription of China Nuclear Clean Energy REIT was highly popular, with the number of participating products ranking second in history and a subscription multiple of 340 times [84][91] - **Pricing and Dividend Yield**: China Nuclear Clean Energy REIT was priced close to the upper limit, with the issuance price only 0.01% lower than the "lower of the two". Its expected dividend yield in 2026 was 4.71%, lower than comparable energy - type REITs [94][95] - **Subscription Rate and Listing Performance**: The offline product/subscription amount入围率 of China Nuclear Clean Energy REIT increased compared with November, but the offline placement ratio dropped significantly to 0.29%. Huaxia Anbo Warehouse Logistics REIT fell 10% on its first listing day [98][102] - **Offline Subscription Yield**: After excluding extreme values, from January to December 2025, the absolute returns of 50 million/100 million yuan of funds for offline REITs subscriptions were 1.7098 million/3.4195 million yuan respectively, with a corresponding offline yield of 3.42% [103] 4.4 No Restricted - share Unlocks of REITs in January 2026 - According to the announcements of Shanghai and Shenzhen REITs in the second half of December 2025, there will be no restricted - share unlocks of REITs in January 2026. Huatai Zijin Baowan Logistics Warehouse REIT and Guojin China Railway Construction Expressway REIT plan to conduct follow - on offerings [109] 4.5 Four New Applications Accepted, Shanxi Jinzhong Heating REIT Updates Response Materials - **Queuing Projects**: In the second half of December 2025, 4 new REITs applications were accepted. Shanxi Jinzhong Gongtou Ruiyang Heating REIT updated its response materials after answering the inquiry letter [111] - **Bidding Information**: In the second half of December 2025, the bidding information of 1 public REIT was updated, and GF Fund won the bid for the infrastructure REIT project of Southern Xinjiang Energy Group [112]

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].

Core Viewpoint - The Shanghai Stock Exchange (SSE) and Shenzhen Stock Exchange (SZSE) have revised their regulations to promote the pilot program for commercial real estate investment trusts (REITs), aiming for high-quality market development and better service to the national strategy and economic growth [1][6]. Group 1: Regulatory Framework - SSE has released the revised "Business Measures for Publicly Raised Real Estate Investment Trusts (REITs)" to enhance the operational framework and ensure a smooth start for commercial real estate REITs [2][3]. - The new rules expand the applicability of the REITs framework to commercial real estate, covering listing reviews, sales, trading, and information disclosure [3][6]. - The review period for initial feedback on submitted materials has been shortened from 30 working days to 20 working days to improve efficiency [3]. Group 2: Optimization of Standards - The regulations have been optimized to enhance adaptability and inclusiveness, focusing on compliance, fund recovery purposes, and yield requirements for various commercial real estate sectors [4]. - The issuance guidelines have been revised to ensure fairness and order in the sales process, including detailed regulations on pricing and allocation [4][7]. - The interval for expanding fundraising has been reduced to six months, increasing the market's internal momentum [4]. Group 3: Information Disclosure and Investor Protection - Enhanced information disclosure requirements aim to protect investors' rights, focusing on the quality of regular and temporary disclosures [4][5]. - Specific disclosure requirements for the operational status of commercial real estate sectors have been established, ensuring transparency in fund usage [4][8]. Group 4: Implementation and Development - The SZSE has developed a "1+7+6" framework for REITs regulations, which includes one business measure, seven business guidelines, and six business instructions to solidify the institutional foundation for commercial real estate REITs [6]. - The framework includes differentiated verification requirements for commercial real estate REITs based on operational and financial conditions [6][8]. - The SZSE emphasizes the importance of a robust review mechanism and has streamlined the review process to enhance compliance and operational efficiency [6][8].

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 ...

Group 1 - The core viewpoint emphasizes the importance of developing commercial real estate REITs as a significant measure to support the new model of real estate development and enhance the quality of capital market services for the real economy [3][4] - The initiative aims to stimulate market participants' vitality by clarifying market access arrangements for commercial real estate REITs and encouraging the issuance of assets that align with policy guidance [3][4] - Regulatory bodies are tasked with enhancing policy promotion, addressing challenges in the development of commercial real estate REITs, and ensuring compliance with disclosure and risk management requirements [4][5] Group 2 - The plan includes expanding the REITs market by increasing the supply of quality REITs and improving the market structure through diverse fundraising mechanisms [5][6] - There is a focus on strengthening the secondary market by developing relevant index systems and encouraging long-term funds to invest in REITs, thereby enhancing market stability [5][6] - The initiative aims to create a comprehensive market ecosystem by optimizing the issuance and trading mechanisms of REITs and ensuring effective communication with relevant departments [6][7] Group 3 - The proposal includes optimizing the REITs registration and review process to enhance efficiency and transparency, ensuring a clear division of responsibilities [8][9] - A market-oriented standard system will be established to address various asset types, promoting stable expectations and improving the quality of information disclosure [8][9] - The regulatory framework will be strengthened to cover all aspects of REITs, including due diligence, pricing, and asset management, to ensure compliance and risk management [9][10] Group 4 - The initiative emphasizes the importance of maintaining market stability through improved information disclosure and monitoring mechanisms to prevent significant risks [10] - There is a call for collaboration among various regulatory bodies to enhance the effectiveness of supervision and promote the implementation of REITs initiatives [10][11]

证券研究报告 | 2025年12月28日 公募 REITs 周报（第 48 期） 市场先抑后扬，保障房领涨 核心观点 固定收益周报 主要结论：本周 REITs 市场先抑后扬，整体走强，中证 REITs 指数全周上涨 1.4%，其中保障房、产业园及仓储物流板块领涨。从主要指数周涨跌幅对比 来看，沪深 300>中证转债>中证 REITs>中证全债。截至 2025 年 12 月 26 日， 产权类 REITs 股息率比中证红利股股息率均值低 104BP，经营权类 REITs 内 部收益率均值与十年期国债收益率利差为 352BP。 中证 REITs 指数周涨跌幅为+1.4%，年初至今涨跌幅为-0.7%。截至 2025 年 12 月 26 日，中证 REITs（收盘）指数收盘价为 783.86 点，整周 （2025/12/22-2025/12/26）涨跌幅为+1.4%，表现弱于沪深300指数（+1.9%）、 中证转债指数（+1.6%），强于中证全债指数（+0.1%）。年初至今，各类主 要指数涨跌幅排序为：中证转债（+19.0%）>沪深 300（+18.4%）>中证全债 （+0.8%）>中证 REITs（-0.7%）。近 ...

Group 1 - The core focus of the news is on the robust development of China's economy, particularly highlighting the role of private enterprises in various sectors, including investment, technology innovation, and foreign trade [1] - As of September this year, the scale of China's core artificial intelligence industry has exceeded 900 billion yuan, with over 5,300 AI companies, accounting for 15% of the global market [3] - In the first eleven months, private enterprises' import and export volume reached 23.52 trillion yuan, reflecting a year-on-year growth of 7.1% [4] Group 2 - The share of private enterprises in China's foreign trade has reached 57.3%, with significant developments in logistics for high-value products, such as the first mixed transport train for consumer lithium batteries from Yiwu [5] - In the first three quarters, exports of holiday goods, toys, and animal-shaped toys exceeded 50 billion yuan, reaching over 200 countries and regions globally [6] - Infrastructure investment from the private sector has seen a year-on-year increase of 3.5%, now accounting for 21.8% of total infrastructure investment [7] Group 3 - The top 500 private enterprises in China hold 721,600 valid patents and employ a total of 1.1517 million R&D personnel [9] - A significant milestone was achieved with the establishment of a joint fund by the National Natural Science Foundation and private enterprises, marking a key step in private sector participation in national basic research [12] - As of the end of May this year, there are 185 million private economic organizations in China, representing 96.76% of all business entities [12]

2025 年 12 月 27 日 超跌反弹, 申报加速 公募 REITs 周度跟踪（2025.12.22-2025.12.26） 相关研究 《中核水电 REIT 认购倍数续创新高 公募 REITs 周度跟踪 (2025.12.15-2025.12.19)》 2025/12/20 《板块分化调整, 中核水电 REIT 即 公募 REITs 周度跟踪 将间价 (2025.12.8-2025.12.12)》 2025/12/13 《新版行业清单出炉,基础设施 -公募 REITs 周 REITs 再扩围! - 度跟踪 (2025.12.1-2025.12.5)》 2025/12/06 证券分析师 黄伟平 A0230524110002 huangwp@swsresearch.com 杨雪芳 A0230524120003 yangxf@swsresearch.com 研究支持 曹璇 A0230125070001 caoxuan@swsresearch.com 联系人 曹璇 A0230125070001 caoxuan@swsresearch.com 申万宏源研究微信服务 请务必仔细阅读正文之后的各项信息披露与声明 事件扰 ...

1. Report's Core Investment Rating The document does not mention the industry investment rating. 2. Core Views of the Report - In the second half of 2025, policy support for public REITs remained intensive. Central and local governments issued instructions on normalizing REITs declarations, expanding project reserves, and piloting commercial real - estate investment trust funds. The primary issuance accelerated, and new - type infrastructure REITs were listed for the first time. The secondary - market prices declined compared to the previous quarter, as funds flowed into the equity market and the fundamentals of underlying assets were differentiated, leading to a return of valuations to rational levels [4][9]. - The operating performance of various types of REITs was differentiated. Concession - based REITs performed relatively well, while the operating indicators of property - based REITs generally declined year - on - year. Specifically, municipal environmental protection and affordable rental housing REITs had the best performance, while consumption, transportation, and energy REITs remained stable overall, and industrial park and warehousing logistics REITs faced pressure [4]. - In terms of investment strategies, strategic placement in sectors with relatively stable fundamentals has a higher overall success rate. For offline and public subscriptions, it is necessary to select high - quality assets. In the secondary - market allocation, it is recommended to enter the market on the right side based on asset valuations and wait for the rebound from the first - quarter report or dividends [6]. 3. Summary by Directory 3.1 Policy Support - Central government: In September 2025, the National Development and Reform Commission promoted the normalizing of REITs declarations and recommendations. In November, the China Securities Regulatory Commission launched a pilot program for commercial real - estate REITs. In December, the scope of REITs project industries was expanded. Other departments also supported relevant projects to raise funds through REITs [10][12]. - Local governments: Many local governments, such as those in Chongqing and Zhejiang, supported the issuance of relevant REITs in areas like urban renewal, cultural and tourism consumption, and artificial intelligence [11]. 3.2 Operating Performance - Overall, the operating performance of various types of public REITs was differentiated. Concession - based REITs performed better, and property - based REITs' operating indicators generally declined year - on - year [14]. - Specifically, municipal environmental protection and affordable rental housing REITs had the best performance; consumption, transportation, and energy REITs remained stable; industrial park and warehousing logistics REITs faced pressure [17]. - In terms of distributable cash, industrial park infrastructure and warehousing logistics REITs had significant adjustments, while transportation infrastructure and energy infrastructure REITs showed differentiated trends [19]. 3.3 Underlying Asset Operation - **New - type infrastructure (data centers)**: Two data - center REITs listed in August 2025 had stable operations, with high utilization rates, long remaining contract periods, and high customer concentration. There was little competitive pressure for now [24][25]. - **Industrial park infrastructure**: The de - stocking rate was under pressure, with regional differentiation. Non - leading projects in second - tier cities were generally under pressure. Rents continued to decline, and price - for - volume and lease - term extension strategies were commonly used [29][31][32]. - **Warehousing logistics**: The downward pressure on the occupancy rate eased, and related leasing parties provided stability. Price - for - volume remained the main strategy, and the rent - pressure trend continued. Some REITs provided performance commitments [38][39][41]. - **Affordable rental housing**: The operation remained stable, with high occupancy rates and rents. They may maintain good anti - cyclical performance, but regional competition and subsequent expansion should be noted [43][44][45]. - **Consumption infrastructure**: The occupancy rate generally remained high, and the rent levels were differentiated. The overall operation was good, and transformation and upgrading were actively promoted. Regional market competition pressure should be noted [48][49]. - **Transportation infrastructure**: The overall toll revenue decreased year - on - year due to regional economic pressure and road - network changes. The sustainability of positive factors was limited, and the impact of subsequent road - network changes should be noted [51][52]. - **Ecological environment protection, municipal, and water conservancy**: The operating performance generally rose steadily. Except for the non - heating season of Jinan Energy REIT, the operations of other REITs were stable and improving [54]. - **Energy infrastructure**: The operation was under pressure, significantly affected by natural resource endowments, seasonal fluctuations, regional absorption capacity, and policy changes. Attention should be paid to resource fluctuations, regional absorption capacity, and policy changes [56][57]. 3.4 Market Characteristics - **Primary market**: In the second half of 2025, 10 public REITs were issued, with the largest number in the consumption infrastructure category. New - type infrastructure REITs with data centers as underlying assets were launched for the first time. The primary market recovered, with a significant increase in issuance scale, but the subscription multiples and first - day gains declined compared to the first half of the year [61][62]. - **Secondary market**: In the second half of 2025, the secondary - market prices of public REITs were under pressure. The CSI REITs Total Return Index had a cumulative decline of 11.48% by December 24, 2025, and the annual return dropped to - 1.51%. The trading activity declined in the second half of the year, and there would be large - scale lock - up expirations at the end of the year, which might increase liquidity but also test prices in the short term [69][70].