2025 年 12 月 6 日 总量研究 公募 REITs 扩围至商业不动产，二级市场价格波动下跌 ——REITs 月度观察（20251101-202501130） 要点 1、 一级市场 截至 2025 年 11 月 30 日，我国公募 REITs 产品数量达 77 只，合计发行规模达 1993.01 亿元（不含扩募）。从底层资产类型来看，截至 2025 年 11 月 30 日， 交通基础设施类发行规模最大，共发行 687.71 亿元，园区基础设施类 REITs 发 行规模次之，为 329.33 亿元。 根据上交所及深交所项目动态披露，截至 2025 年 11 月 30 日，共有 20 只 REITs 处于待上市状态，其中 13 只为首发 REITs，另外 7 只为待扩募 REITs。 2、 二级市场表现 价格走势：2025 年 11 月 1 日-2025 年 11 月 30 日（以下简称"本月"），我 国已上市公募 REITs 的二级市场价格整体呈现波动下行的趋势。与其他主流大类 资产相比，回报率由高至低排序分别为：黄金>纯债>REITs>原油>美股>可转债>A 股。 从项目属性来看，产权类 REITs 和 ...

2020年4月，基础设施REITs试点工作正式启动。2021年6月21日，首批9个基础设施REITs试点项目 挂牌上市。国家发展改革委投资司负责人此前介绍，基础设施REITs试点工作启动以来，制度规则持续 完善，发行规模稳步增长，资产类型不断丰富，市场表现总体稳健，各方面参与积极性不断提升，基础 设施REITs对促进投融资机制创新、深化资本市场改革、服务实体经济发展的重要作用正逐步显现。在 4年试点基础上，2024年，基础设施REITs进入常态化发行阶段。 "基础设施REITs工作自2020年启动以来，国家发展改革委会同中国证监会，持续推动基础设施 REITs市场扩围扩容。"国家发展改革委政策研究室副主任李超说，在工作开展初期，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。 发行范围明显扩大 经过多轮扩围，基础设施REITs发行范围明显扩大。数据显示，在2025版清单发布前，基础设施 REITs发行范围已涵盖了12大行业的52个资产类型。 "国家发展改革委积极推动基础设施REITs进一步扩 ...

证券研究报告 | 2025年12月03日 固收+系列报告之六 固收+的新选择：公募 REITs——扩围下的新机遇 政策红利持续释放，横向扩容，纵向深化。公募 REITs 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，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。近期，国家发改委正积极推动基础设施 REITs 进 一步扩围至城市更新设施、商业办公设施等更多资产类型。从市值占比来看， 当前REITs 底层资产类型中，交通占比 26%，消费占比 19%，产业园占比 17% ， 三大板块合计占比达 62%，成为市场绝对主力。随着 REITs 扩围扩容，预计 市值规模为 2.3-3.8 万亿元，跟当前相比，REITs 市场规模还有 10-16 倍扩 容空间。 公募 REITs 是高分红的类固收权益 ...

来源：ABS交流合作 在国际比较视野下，成熟市场商业不动产REITs已发展数十年，成为连接资本市场与实体经济的重要桥梁。根据美国房地产投资信托基金协会（National Association of Real Estate Investment Trusts, Nareit）、沪深交易所、港交所及同花顺iFinD数据统计，截至2025年11月，全球REITs规模超2万亿美元，其中 美国占60%，亚洲占13%，中国内地市场占比约9.3%，此次试点可视为中国资本市场在深化供给侧结构性改革进程中的又一步迈进。 制度创新坚持总体风险可控 资产准入的精准界定：试点明确优先支持位于一线及强二线城市核心区位、运营成熟、现金流稳定的购物中心、写字楼、酒店等优质商业资产。这一设定 通过高标准准入避免资产质量参差不齐引发的市场风险，确保底层资产具备抗经济周期波动能力，为投资者提供稳定分红基础，为试点平稳推进筑牢安全 垫。 导读 商业不动产REITs的成功推出不仅将盘活百万亿级别的存量不动产，为地产行业内的资产盘活、风险化解及企业转型提供了强大的助力，更将通过资本市 场的价格发现与资源配置功能，引导中国经济要素向更高效领域流动。 ...

华侨 银行投资研究部在一份报告中称，美联储的利率路径可能主导新加坡上市 不动产投资信托的单位 价格表现。该研究团队预计，与市场预期相比，美联储2026年的降息步伐将"更为稳健"。他们称，华侨 银行预期的利率轨迹可能抑制REITs的价格表现。他们指出，不过，在利率环境更为有利的背景下， REITs明年的每单位派息增长或将迎来一个拐点。但这些分析师补充说，利息成本节约带来的有利因素 在各REITs之间可能并不均衡，具体取决于其对冲和债务到期状况。零售仍是华侨银行青睐的子行业， 其次是侧重于 数据中心的 物流和工业REITs。首选股包括凯德商用新加坡信托和吉宝数据中心 房地产 投资信托。 ...

长江商报奔腾新闻记者 李璟 基础设施REITs再扩围。 据统计，截至12月1日，共有77只基础设施REITs上市交易，加上已申报和在受理途中的其他产品 在内，整体数量则超过90只。已上市的77只基础设施REITs发行规模超过2000亿元，总市值约2200亿 元，覆盖10个行业领域18种资产类型，预计可带动新项目总投资超1万亿元。目前，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。 随着此次《清单》的发布，基础设施REITs发行范围新增了城市更新设施、商业办公设施两个行业 领域。另外，新增的资产类型包括酒店、体育场馆。进一步来看，新增的酒店这一资产类型分布在园区 基础设施、文化旅游基础设施、消费基础设施三大行业领域中。新增的体育场馆这一资产类型也分布在 消费基础设施行业领域。 《清单》还强调，对于租赁住房、消费基础设施、商业办公设施、养老设施、城市更新设施等领域 项目，发起人（原始权益人）应为开展相关业务的独立法人主体，不得从事商品住宅开发业务。 国家发展改革委相关负责人表示，将继续加强与证监会的协同配合，进一步优化申报推荐流程，动 态完善有关项目申报要 ...

Core Viewpoint - The article discusses the expansion of public REITs (Real Estate Investment Trusts) in China to include commercial real estate, highlighting the potential for market transformation and innovation in financing structures [2][6]. Summary by Sections Introduction to REITs in China - The China Securities Regulatory Commission (CSRC) is soliciting public opinions on the inclusion of commercial real estate in the public REITs pilot program, which has been in place for over five years [2]. - As of now, there are 77 listed REITs in China, raising a total of 207 billion yuan, with a market capitalization of 220.1 billion yuan, primarily focused on infrastructure sectors like toll roads and logistics [2]. Importance of REITs - REITs serve as an equity financing tool that innovates the balance sheets of market entities, allowing for a more refined division of property rights [3]. - In developed markets, commercial real estate ownership is often structured as REITs, benefiting various stakeholders by providing access to quality real estate returns and facilitating asset-light operations for real estate entities [4]. Misconceptions about REITs - A common misconception is viewing REITs merely as a financing tool; instead, they should be understood as products of market-oriented division of labor, emphasizing transparency and contractual governance [4][5]. - The essence of REITs lies in contract governance, which requires high levels of information transparency, distinguishing them from traditional corporate governance models [4]. Market Dynamics and REITs - The REITs model represents a revolutionary shift in business practices, focusing on maximizing the value and efficiency of underlying assets rather than merely serving as a means of capitalizing on over-leveraged companies [5]. - The competitive landscape under the REITs model favors a strategy of leveraging strengths rather than compensating for weaknesses, promoting a more efficient allocation of resources [5]. Future of Commercial Real Estate in China - The expansion of REITs to commercial real estate should not be seen solely as a means to broaden financing channels but as a catalyst for market-oriented reforms in the sector [6]. - The REITs framework aims to enhance the governance of commercial real estate through market contracts, striving for optimal cash flow discounting and transparency [6].

Core Viewpoint - The launch of commercial real estate REITs in China marks a significant expansion of the REITs market, transitioning from infrastructure to commercial real estate, and is seen as a key measure for high-quality market development [1][3]. Group 1: Market Expansion and Development - The China Securities Regulatory Commission (CSRC) is soliciting opinions on the pilot program for commercial real estate REITs, indicating a formal expansion into this sector [1]. - The pilot program aims to create standardized financial solutions to revitalize existing assets and establish a new model for real estate development [1][3]. - The existing infrastructure REITs market has laid a solid foundation, with 77 products listed and a cumulative financing scale of 207 billion yuan, validating the REITs model's feasibility in China [3][4]. Group 2: Strategic Significance - The introduction of commercial real estate REITs is expected to facilitate a transformation in the real estate sector from a high-leverage, high-turnover model to a long-term holding and professional operation model [4][11]. - The pilot program addresses the urgent need for liquidity in the commercial real estate sector, allowing substantial assets to be converted into standardized financial products [4][5]. - The program is anticipated to create a virtuous cycle of investment, enabling a closed loop of development, REITs listing, capital recovery, and reinvestment [4][5]. Group 3: Regulatory Framework - The pilot program emphasizes a market-oriented and legal framework, ensuring continuity and stability in regulations to facilitate a smooth integration into the existing market system [6][8]. - Fund managers are required to take an active role in asset management, shifting from passive holders to proactive managers, which necessitates a professional team with expertise in commercial real estate [7][8]. - Clear asset admission standards are established to ensure that only high-quality, cash-flow-generating assets are included, thereby protecting investor interests [7][8]. Group 4: Dual-Track Development - The introduction of commercial real estate REITs signifies a dual-track development strategy, allowing both infrastructure and commercial real estate REITs to coexist and complement each other [9][10]. - Infrastructure REITs are characterized by stable cash flows and lower volatility, while commercial real estate REITs are more sensitive to market conditions, providing growth potential [10][11]. - This dual-track approach is expected to enhance financial services for key economic sectors, promoting urban commercial space improvement and consumption upgrades [11].

今年以来，政策对基础设施REITs发行的支持力度不断加大。9月，商务部等9部门发布政策，支持保障 基本民生的社区商业综合体、邻里中心、百货商场、菜市场等消费基础设施项目发行基础设施领域 REITs。国家发展改革委发布的《关于进一步做好基础设施领域不动产投资信托基金（REITs）常态化 申报推荐工作的通知》提出，持续推动市场扩围扩容，积极推动新资产类型项目推荐发行，加大项目培 育储备工作力度。 二级市场表现向好 ● 本报记者 熊彦莎 Wind数据显示，截至12月1日，有77只REITs处于已上市状态，其中园区基础设施、交通基础设施和消 费基础设施类数量较多。 12月1日，国家发展改革委发布《基础设施领域不动产投资信托基金（REITs）项目行业范围清单 此次，国家发展改革委将商业办公设施、城市更新设施等行业纳入可申报范围，进一步扩大了基础设施 REITs市场规模。 （2025年版）》，将商业办公设施、城市更新设施等纳入可申报范围。专家认为，政策推动基础设施 REITs资产类型从相对传统的基础设施项目，向更贴近消费市场的领域扩展。随着REITs市场资产结构 优化，REITs市场有望持续沿着规模扩张、资产多元、投资者 ...

Core Insights - The launch of commercial real estate REITs marks a significant expansion of China's REITs market, transitioning from infrastructure to commercial real estate, indicating a new phase of "dual-wheel drive" development [1][2][3] - This initiative is a key measure to implement the new "National Nine Articles" policy aimed at promoting high-quality development of the REITs market, facilitating equity financing for commercial real estate [1][3] Market Development - The commercial real estate REITs pilot is seen as a natural progression, building on nearly five years of experience with infrastructure REITs, which have established a mature regulatory and operational framework [2][3] - As of November 27, 2025, 77 REITs products have been listed, with a cumulative financing scale of 207 billion yuan and a total market value of approximately 220.1 billion yuan, demonstrating the feasibility of the REITs model in China [2] Policy Framework - The pilot's introduction reflects a high degree of policy coherence, aligning with the new "National Nine Articles" and the "Urban Commercial Quality Improvement Action Plan," which supports the issuance of REITs for commercial real estate projects [3][4] - The strategic significance of the pilot is highlighted by its potential to reshape the real estate development model, moving from high-leverage, high-turnover sales to long-term operations and professional asset management [3][4] Asset Management and Market Functionality - REITs are expected to enhance liquidity in the commercial real estate sector, converting large amounts of stagnant assets into standardized financial products that can be traded in the capital market [4][5] - The introduction of commercial real estate REITs will provide investors with new asset allocation options characterized by stable cash flows, catering to diverse investment needs [5][6] Regulatory Framework - The pilot's design emphasizes a market-oriented and legal framework, ensuring continuity and stability in regulations, which will facilitate a smooth integration into the existing market system [5][6] - Clear asset admission standards have been established to ensure that underlying assets are mature and of high quality, thereby protecting investor interests and setting a benchmark for high-quality issuance [6][7] Risk Management and Oversight - A comprehensive regulatory and risk prevention network has been established, delineating responsibilities among regulatory bodies, self-regulatory organizations, and fund managers to ensure effective oversight [7][8] - The dual-track development model aims to provide comprehensive financial services across key economic sectors, with infrastructure REITs focusing on public assets and commercial real estate REITs enhancing urban commercial spaces [8][9] Future Outlook - The dual-track strategy is expected to foster a more diverse and resilient REITs market, with potential expansions into new asset types such as data centers, logistics, and affordable rental housing [9][10] - This evolution will enrich China's capital market product offerings and cultivate local asset management institutions, driving the real estate industry towards a more refined, financialized, and sustainable development path [10]