Report Industry Investment Rating No relevant information provided. Core View of the Report - The REITs index declined unilaterally this week, with a 2.85% drop, and sectors such as transportation and affordable housing led the decline. The newly - listed Anbo Warehouse REIT broke its issue price on the first day, while the Huaxia Zhonghe Hydropower REIT was highly sought after, with an effective subscription multiple of 340.5 times, attracting over 100 billion yuan in funds. There are also signs of expansion on the asset side, and the policy environment continues to be favorable [3]. - As of December 19, 2025, 19 new REITs have been successfully issued this year, with a total issuance scale of 38.8 billion yuan, a 40.0% year - on - year decrease. This week, 3 new issuance and 1 expansion of public REITs made progress [3]. Summary by Directory 1. Primary Market - This week, 3 new issuance public REITs made progress: Huaxia Anbo Warehouse REIT was listed, with a 10.16% drop on the first day; Huaxia Zhonghe Clean Energy REIT has been priced at 5.015 yuan per share, with an effective subscription multiple of 340.5 times, and will be officially issued on December 22; E Fund Guangxi Beitou Expressway REIT has been queried. One expansion public REIT, Huaxia Fund CR Land Youchao REIT, has its expansion shares listed [3][12][13]. 2. Secondary Market 2.1 Market Review - The CSI REITs Total Return Index closed at 999.19 points this week, with a 2.85% decline, underperforming the CSI 300 by 2.57 percentage points and the CSI Dividend by 3.89 percentage points. Year - to - date, the index has a 3.24% increase, underperforming the CSI 300 by 12.86 percentage points but outperforming the CSI Dividend by 4.99 percentage points. By project attribute, equity - based REITs fell 2.23% and concession - based REITs fell 4.30%. By asset type, sectors such as warehousing and logistics, parks, data centers, and consumption performed better [3]. 2.2 Liquidity - The average daily turnover rates of equity - based and concession - based REITs this week were 0.37% and 0.42% respectively, with a change of - 0.15BP and + 4.98BP compared to last week. The trading volumes were 365 million and 140 million shares respectively, with a week - on - week increase of 0.42% and 13.47%. The data center sector had the highest activity, and the environmental protection and water services sector saw a significant increase in liquidity [24]. 2.3 Valuation - The affordable housing sector has a relatively high valuation. From the perspective of ChinaBond valuation yields, the yields of equity - based and concession - based REITs are 4.18% and 5.26% respectively [25][27]. 3. This Week's News and Important Announcements 3.1 This Week's News - The China Securities Regulatory Commission emphasized promoting the high - quality development of the private equity fund industry, accelerating the pilot of commercial real estate REITs, and researching the launch of new key futures varieties. - Jinjiang International's subsidiary launched a tender for the fund manager, special plan manager, and financial advisor of a public REITs project. - The National Development and Reform Commission proposed to continue to expand the scope of infrastructure REITs and support more private investment projects to be listed [31]. 3.2 Important Announcements - Multiple REITs announced dividend plans, and some REITs had strategic placement shares lifted from restrictions. In addition, some REITs released their operation data, showing an increase in traffic volume and toll revenue [32][33].

REITs REITs 提升全社会资源配置效率，保障房 REITs 单周表现 2025 年 12 月 14 日 投资评级：看好（维持） 行业走势图 数据来源：聚源 -12% 0% 12% 24% 2024-12 2025-04 2025-08 中证REITs全收益 沪深300 相关研究报告 《稳步发展 REITs 和资产证券化， 发行市场保持活跃—行业周报》 -2025.12.7 《基础设施 REITs 将进一步扩围， 保障房 REITs 单周表现优异—行业 周报》-2025.11.30 《支持消费基础设施和商贸流通体 系建设，发行市场保持活跃—行业周 报》-2025.11.23 | | | 齐东（分析师） 胡耀文（分析师） 杜致远（联系人） huyaowen@kysec.cn 证书编号：S0790524070001 duzhiyuan@kysec.cn 证书编号：S0790124070064 提升全社会资源配置效率，保障房 REITs 单周表现优异 2025 年第 50 周，中证 REITs（收盘）指数为 797.54，同比上涨 2.82%，环比下 跌 0.45%；中证 REITs 全收益指数 1028.5 ...

债 债券周报 券 。 2025-12-08 [ T [Table_Title] 公募 REITs 市场小幅下跌，国家发改委拓展 REITs 行业范围清单 公募 REITs 周报（2025.12.1-2025.12.7） 相关研究报告： [Table_ReportInfo] 《公募 REITs 市场小幅下跌，中航 中核集团能源公募 REITs 正式申 报》--2025-11-23 《公募 REITs 市场小幅上涨，交通 基础设施类 REITs 表现亮眼》-- 2025-11-16 《公募 REITs 市场小幅下跌，中信 建投沈阳国际软件园 REIT 上市》- -2025-11-10 证券分析师： [Table_Author] 徐超 电话：18311057693 E-MAIL：xuchao @tpyzq.com 分析师登记编号：S1190521050001 证券分析师：戴梓涵 电话：18217681683 E-MAIL：daizh@tpyzq.com 分析师登记编号：S1190524110003 [Table 报告摘要_Summary] 一、二级市场：本周公募 REITs 市场小幅下跌 本周公募 REITs 市场 ...

2025 年 12 月 06 日 新版行业清单出炉,基础设施 REITs EST FB ! 公募 REITs 周度跟踪（2025.12.1-2025.12.5） 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 REITs 即将迈入商业不 -公募 REITs 周度跟 踪 (2025.11.24-2025.11.28)》 2025/11/29 《市场承压回调，关注超跌品种的 -公募 REITs 周度跟踪 電空机 台 (2025.11.17-2025.11.21)》 2025/11/22 《指数修复，发改委支持民间项目 -公募 REITs 周度跟 发行 REITs- 踪 (2025.11.10-2025.11.14)》 2025/11/15 证券分析师 黄伟平 A0230524110002 huangwp@swsresearch.com 杨雪芳 A0230524120003 yanqxf@swsresearch.com 城市更新设施、高端酒店等纳入基础设施 ...

研究支持 曹璇 A0230125070001 caoxuan@swsresearch.com 联系人 2025 年 12 月 06 日 新版行业清单出炉，基础设施 REITs 再扩围！ ——公募 REITs 周度跟踪（2025.12.1-2025.12.5） 相关研究 《里程碑！REITs 即将迈入商业不 动产新时代——公募 REITs 周度跟 踪（2025.11.24-2025.11.28）》 2025/11/29 《市场承压回调，关注超跌品种的 博弈机会——公募 REITs 周度跟踪 （2025.11.17-2025.11.21）》 2025/11/22 《指数修复，发改委支持民间项目 发行 REITs——公募 REITs 周度跟 踪（2025.11.10-2025.11.14）》 2025/11/15 证券分析师 黄伟平 A0230524110002 huangwp@swsresearch.com 杨雪芳 A0230524120003 yangxf@swsresearch.com 曹璇 A0230125070001 caoxuan@swsresearch.com 本研究报告仅通过邮件提供给 中庚基金 使 ...

人民日报海外版记者 邱海峰 近日，国家发展改革委办公厅对外发布《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）》（以下简称"2025版清单"），对基础设施REITs发行范围作了进一步拓展。国家 发展改革委有关负责人表示，将更好发挥基础设施REITs盘活存量资产、促进投资良性循环的作用，支 持实体经济发展。 促进投融资机制创新 REITs是指在证券交易所公开发行交易，通过证券化方式将具有持续、稳定收益的基础设施资产或 权益，转化为流动性较强的、可上市交易的标准化、权益型金融产品。 据介绍，基础设施REITs，即存量基础设施项目以公开募集基金的形式进行融资的一种金融工具， 既有利于盘活基础设施存量资产，回收资金用于新的项目建设；也有利于促进资金"脱虚向实"，提高金 融服务实体经济质量和效率。 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 ...

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 ...

Core Viewpoint - The National Development and Reform Commission (NDRC) has released the "2025 Edition of the Industry Scope List for Real Estate Investment Trusts (REITs) in the Infrastructure Sector," expanding the scope for infrastructure REITs issuance to better support the real economy and promote investment cycles [1][4]. Group 1: REITs Overview - REITs are publicly traded financial products that convert stable income-generating infrastructure assets into liquid, standardized equity products [2]. - Infrastructure REITs facilitate the revitalization of existing assets and the recovery of funds for new project construction, enhancing the quality and efficiency of financial services to the real economy [2][3]. Group 2: Expansion of Issuance Scope - The issuance scope of infrastructure REITs has significantly expanded, now covering 12 major industries and 52 asset types prior to the 2025 edition release [4]. - New additions to the 2025 list include commercial office facilities and urban renewal facilities, with specific projects like four-star and above hotel projects and sports venues in the consumer infrastructure sector [4]. Group 3: Project Issuance and Investment Impact - Over 80 projects have been issued and listed, with a total fundraising amount of 207 billion yuan, expected to drive new project investments exceeding 1 trillion yuan [5]. - Private investment projects have played a crucial role, with examples including community commercial and agricultural market REITs, which have enhanced the quality of consumer infrastructure [6]. Group 4: Future Directions - The NDRC aims to continue supporting eligible private investment projects in issuing infrastructure REITs, enhancing the market's expansion and addressing challenges faced by private investment projects [6]. - Ongoing collaboration with the China Securities Regulatory Commission (CSRC) will focus on optimizing the application process and improving project quality while preventing risks [6].

Report Industry Investment Rating No relevant content provided. Core Viewpoints - Policy dividends for public REITs are continuously released, with both horizontal expansion in asset types and vertical deepening in market development. The market is expected to expand 10 - 16 times in scale, reaching a value of 2.3 - 3.8 trillion yuan [1][26]. - Public REITs are high - dividend, quasi - fixed - income equity assets. Their average annual dividend rate in the past four years was 5.73%, higher than the 5.52% of the CSI Dividend Index, and they have a certain allocation advantage over stocks and bonds [2]. - The returns of public REITs combine bond and equity attributes. The investment return can be decomposed into dividend income and asset appreciation income. The annualized returns of the entire REITs market in the past one year, three years, and since inception are 23.66%, 3.24%, and 7.64% respectively [3]. - Public REITs are a stable choice for asset allocation during market fluctuations. They have a weak or extremely weak correlation with mainstream assets such as the CSI 300 and 10 - year treasury bonds, which can effectively hedge against the risk of single - asset fluctuations and fill the gap of medium - risk, stable - return assets between stocks and bonds [4]. Summary by Directory Policy Evolution: From Pilot Breakthrough to Full - scale Expansion - REITs in China have transformed from private to public and from debt - like to equity - like. Since the listing of the first batch of public REITs, policies from the central to local levels have promoted the market's expansion, capacity increase, and deepening [12]. - The policy has continuously expanded the underlying asset types of public REITs. Currently, the issuance scope covers 12 major industries and 52 asset types, with 18 asset types in 10 industries achieving their first - single listings. The National Development and Reform Commission is promoting further expansion to more asset types such as urban renewal facilities and commercial office facilities [14]. - Public REITs can be divided into two types based on underlying asset types: property - based REITs and concession - based REITs, with different investment returns and risk characteristics [15]. Market Scale Outlook: A Trillion - yuan Blue Ocean, Ready to Take Off - The underlying assets of REITs are becoming more diverse. Although the current market scale is small and liquidity is weak, with the normalization of issuance, the market is expected to continue to expand [25]. - By referring to the REITs markets in the United States and Japan, and calculating based on GDP and listed company market value, it is estimated that the scale of the Chinese REITs market will be 2.3 - 3.8 trillion yuan, with 10 - 16 times expansion space compared to the current scale [26]. Investment Value: High - Dividend, Quasi - Fixed - Income Equity Assets - Public REITs are both equity - like and debt - like. Their secondary - market prices fluctuate with trading, and they have a mandatory dividend feature, which is their debt - like attribute [33]. - The average annual dividend rate of public REITs in the past four years was 5.73%, higher than the 5.52% of the CSI Dividend Index. The spread between the dividend rate of public REITs and the 10 - year treasury bond yield has been between 300 - 400BP in the past three years, showing a certain allocation advantage [2][34]. Return Decomposition: Dividend Income and Capital Gains - The investment return of public REITs combines bond and equity attributes, suitable for investors with medium risk tolerance seeking long - term stable returns. The return can be decomposed into dividend income and asset appreciation income [36]. - The average total return of listed public REITs reaches 17.21%, showing significant category differentiation. The annualized returns of the entire REITs market in the past one year, three years, and since inception are 23.66%, 3.24%, and 7.64% respectively [36][39]. - For US - listed REITs, the longer the investment period, the higher the proportion of dividend income. In the short - term (3 - year investment), 2/3 of the return comes from price increases, while in the long - term (15 - year investment), the proportion of dividend income rises to 2/3, and further increases to over 70% in 35 - 40 years [40]. Asset Comparison: Medium Risk - Return and Low Correlation with Other Assets - Since 2025, the CSI REITs Index has shown weak or extremely weak correlations with the CSI 300, 10 - year treasury bonds, gold, and CSI Dividend Stocks, with correlation coefficients of - 0.07, 0.14, 0.21, and 0.17 respectively [41]. - REITs are essential and advantageous in asset allocation. They can hedge against single - asset fluctuation risks and optimize the risk - return structure of the portfolio. They also fill the gap of medium - risk, stable - return assets between stocks and bonds, meeting the needs of medium - and long - term funds [43]. Investment Methods: Primary Market Subscription and Secondary Market Trading - The investment methods of REITs include primary market investment (subscription at the initial issuance or expansion stage) and secondary market investment (trading through stock accounts after listing). Currently, institutional investors are the main participants in the public REITs market and their proportion is increasing [50]. Primary Market: Centered on Dividends and Listing Premiums - Investors in the primary market are divided into strategic investors, offline investors, and public investors, with different requirements and characteristics. The subscription price is determined through offline investor inquiries [53]. - The average proportions of strategic investors, offline investors, and public investors in the initial issuance of various public REITs are 72%, 20%, and 9% respectively. The short - term return for primary - market subscribers comes from the difference between the subscription price and the secondary - market trading price [56]. - In 2025, the average first - day increase of newly - listed public REITs was 23%, significantly higher than the previous four years, due to policy improvement, supply - demand imbalance, and the decline in the returns of traditional investment products [58]. Secondary Market: Coexistence of Return Elasticity and Risks - The secondary - market performance of public REITs can be divided into six stages since the listing of the first batch. Currently, after a continuous five - month adjustment, the allocation value of REITs has significantly increased, and December is expected to be an important allocation window [62][66].

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。 ...