新华财经北京12月1日电 近日，国家发展改革委办公厅印发《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）》，将体育场馆项目，商旅文体健等多业态融合的商业综合 体项目，四星级及以上酒店项目，超大特大城市的超甲级、甲级商务楼宇项目，以及老旧街区、老旧厂 区更新改造项目等城市更新项目纳入REITs项目行业范围。此次扩围实现了基础设施REITs底层资产类 型的重大突破，填补了重要空白。 扩围将从供给侧深度激发消费市场潜力 基础设施REITs自2020年启动以来，市场一直在扩围扩容。初期，仓储物流、收费公路、市政设施、产 业园区等被纳入发行范围；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。截至2025年11月底，共有77只基础设施REITs上市交 易，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。 中国国际工程咨询有限公司资本业务创新咨询中心主任、研究员徐成彬认为，2025年版行业清单是 对"提振消费专项行动"的落实。 "体育场馆纳入基础资产范围，有力支持了全民健身，拓展了体育消 ...

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has launched a pilot program for Commercial Real Estate Investment Trusts (REITs), marking a new development stage for the REITs market in China, which is expected to inject liquidity into trillions of yuan of existing assets [1][3][12]. Group 1: Introduction of Commercial Real Estate REITs - The announcement defines Commercial Real Estate REITs as closed-end public funds that generate stable cash flow and distribute profits through holding commercial properties like office buildings and shopping complexes [3]. - The introduction of Commercial Real Estate REITs aligns with the current macroeconomic situation and market demands, facilitating wealth management for residents and stabilizing the real estate market [3][12]. Group 2: Market Impact and Benefits - The large scale of existing commercial real estate in China presents opportunities for asset securitization through REITs, significantly enhancing asset liquidity and capital allocation efficiency [3][4]. - REITs can help revitalize existing commercial properties, stimulate consumption and investment, and support a new model for real estate development [3][4]. Group 3: Financial Structure and Transformation - Funds raised from issuing Commercial Real Estate REITs are primarily used to repay debts and reinvest within the main business scope, improving the asset-liability structure of real estate companies [4]. - The REITs market, based on high-quality assets and strict information disclosure, provides a fair market pricing mechanism, alleviating issues related to liquidity and information asymmetry [4][9]. Group 4: Regulatory Framework and Future Development - The regulatory framework for Commercial Real Estate REITs is built on existing securities laws and includes clear issuance and listing conditions, focusing on the long-term stable operation of assets [8][9]. - The CSRC plans to develop both Commercial Real Estate REITs and Infrastructure REITs in parallel, catering to diverse market needs and enhancing the overall capital market structure [10][12]. Group 5: Future Outlook - The CSRC and stock exchanges are expediting preparations for the Commercial Real Estate REITs, with expectations for quick submissions of application materials [13]. - Future reforms will focus on enhancing the policy framework and market efficiency, promoting a virtuous cycle of investment and financing [13].

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Viewpoints - The infrastructure REITs are expected to expand further, promoting high-quality development in the REITs market. The National Development and Reform Commission has announced plans to broaden the scope of infrastructure REITs to include urban renewal facilities, hotels, sports venues, and commercial office facilities [5][13] - The REITs market is experiencing a decline in trading volume and value, with a significant year-on-year decrease of 19.83% in trading volume and 5.86% in trading value [27][29] - Despite recent declines, the REITs sector is anticipated to benefit from lower bond market interest rates and increased policy support, enhancing its attractiveness as a high-dividend, low-risk asset class [4][6] Summary by Sections Market Review - The CSI REITs closing index for week 48 of 2025 was 809.07, up 6.07% year-on-year but down 0.14% month-on-month. The CSI REITs total return index was 1040.34, up 12.01% year-on-year but down 0.08% month-on-month [6][15][20] - Year-to-date, the CSI REITs closing index has increased by 6.96%, while the CSI 300 index has risen by 31.93%, resulting in an excess return of -24.97% [15][20] Weekly Performance - In week 48, the weekly performance of various REITs sectors showed that affordable housing REITs increased by 1.04%, while other sectors like environmental, highway, industrial park, warehousing logistics, energy, and consumer REITs experienced declines [37][54] - Monthly performance for affordable housing REITs showed a decrease of 0.88%, with other sectors also reporting negative changes [37] Primary Tracking - There are currently 13 REITs funds awaiting listing, indicating an active issuance market. Notable funds include Ping An Xi'an High-tech Industrial Park and Dongfang Hong Tunnel Intelligent Operation Highway REITs, which have submitted their initial applications [7][54] Investment Recommendations - The report maintains a "Positive" rating for the industry, suggesting that the REITs sector presents good investment opportunities amid ongoing policy support and market dynamics [4][5][6]

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has released a draft announcement for the pilot program of Commercial Real Estate Investment Trusts (REITs), aiming to enhance the functionality of REITs and attract various types of medium- to long-term capital allocation [1][2]. Group 1: Purpose and Impact of Commercial Real Estate REITs - The introduction of Commercial Real Estate REITs is expected to revitalize existing commercial real estate, thereby stimulating consumption and investment [1][2]. - It aims to stabilize the industry, market, and expectations, contributing to the establishment of a new model for real estate development [1][2]. - The initiative is designed to align with the current low-interest-rate environment, increasing residents' property income [1][2]. Group 2: Regulatory Framework and Market Development - The draft 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 custodians [2]. - The CSRC emphasizes the importance of strict adherence to professional standards and regulatory requirements to ensure effective management and oversight of REITs [2]. - 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 and orderly market operation [2]. Group 3: Global Context and Domestic Needs - Drawing from global mature market experiences, commercial complexes, retail, office buildings, and hotels are identified as significant underlying assets for REITs [3]. - China's substantial existing commercial real estate stock presents an inherent demand for revitalization and expanded equity financing channels through REITs [3]. - The approach aims to leverage international experiences while adapting to domestic conditions, enhancing the effectiveness of multi-tiered capital markets in serving the real economy [3].

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has proposed a pilot program for commercial real estate investment trusts (REITs) to enhance the development of the REITs market and support a new model for real estate development [1][2] Group 1: Announcement Details - The announcement includes eight main points, defining commercial real estate REITs as closed-end publicly raised securities investment funds that hold commercial real estate to generate stable cash flow and distribute profits to fund shareholders [1] - It outlines requirements for fund registration and operational management, including responsibilities for fund managers and custodians, due diligence, application materials, and active management responsibilities [1] - The announcement emphasizes the role of fund managers and professional institutions, mandating strict adherence to professional norms and regulatory requirements [1] - It reinforces regulatory responsibilities, clarifying the duties of various regulatory bodies in overseeing commercial real estate REITs and monitoring risks [1] Group 2: Market Development - Over five years, the REITs market has developed steadily, with 77 REITs listed as of November 27, 2025, raising a total of 207 billion yuan and achieving a total market value of 220.1 billion yuan [2] - The market has shown stability, with the CSI REITs total return index increasing by 22.46% since 2024, indicating that REITs are becoming an important asset class [2] - The substantial existing stock of commercial real estate in China presents an inherent demand for revitalization and expanded equity financing channels through REITs [2] - Learning from global mature markets, commercial properties such as shopping centers, retail, office buildings, and hotels are identified as key underlying assets for REIT products [2]

"公募REITs市场终于迎来商业不动产REITs试点！"试点的公告发布后，一位业内人士对记者说。据悉， 市场各方对推出商业不动产REITs的共识高度统一、呼声持续高涨。 《中共中央关于制定国民经济和社会发展第十五个五年规划的建议》指出，要坚持高质量发展，做优增 量、盘活存量，推动经济持续健康发展和社会全面进步。我国商业不动产规模庞大，资产持有主体拓宽 直接融资渠道的需求强烈。如何借助REITs进行有效盘活，实现投融管退的良性循环，是急需回应的重 要课题。 公募REITs作为资本市场盘活存量资产、服务实体经济的利器，其产品功能属性与商业不动产天然契 合。 11月28日，中国证监会发布了《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）》，启动 商业不动产投资信托基金（以下简称"商业不动产REITs"）试点。 证券时报记者从多方了解到，上交所等单位正在紧锣密鼓推进配套规则修订、系统改造和试点项目培育 等工作，相关规则同步征求市场意见。 此次启动试点，是中国证监会贯彻落实党中央、国务院决策部署的重要举措，有利于盘活存量商业不动 产，支持构建房地产发展新模式，也是涉及我国REITs市场发展全局的关键一步。 "随 ...

Group 1: Infrastructure REITs Expansion - The National Development and Reform Commission (NDRC) is actively promoting the expansion of infrastructure REITs to include urban renewal facilities, hotels, sports venues, and commercial office facilities [1] - Since the launch of infrastructure REITs in 2020, the NDRC and the China Securities Regulatory Commission (CSRC) have been working to broaden the market, initially including logistics, toll roads, municipal facilities, and industrial parks, and later adding clean energy, data centers, affordable rental housing, water conservancy, cultural tourism, and consumer infrastructure [1] - Currently, the issuance scope of infrastructure REITs covers 12 major industries and 52 asset types, with 18 asset types in 10 industries having already achieved their first issuance and listing [1] Group 2: "Two重" Construction Progress - The NDRC has reported that significant progress has been made in the "Two重" construction, with 7 trillion yuan and 8 trillion yuan allocated in special bonds to support 1,465 and 1,459 "hard investment" projects in the past two years, respectively [2] - The "Two重" construction aligns with major tasks of the 14th and 15th Five-Year Plans, showcasing the institutional advantages of concentrating efforts on significant projects [2] Group 3: Artificial Intelligence Application - The NDRC is encouraging the establishment of national artificial intelligence application pilot bases, which will provide strong support for AI enterprises, research institutions, and users across various industries [3] - The NDRC plans to promote the healthy and orderly development of the embodied intelligence industry by establishing industry standards, accelerating key technology breakthroughs, and enhancing infrastructure for training and pilot platforms [3]

21世纪经济报道记者 周潇枭 北京报道 11月27日，国家发展改革委11月份新闻发布会举行。 所谓基础设施REITs，就是基础设施领域不动产投资信托基金。自2020年启动基础设施REITs以来，基 础设施REITs市场在持续扩围扩容。 李超表示，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，在 此基础上，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。 国家发展改革委政策研究室副主任、委新闻发言人李超在发布会上回应记者提问表示，正在积极推动基 础设施REITs进一步扩围至城市更新设施、酒店、体育场馆、商业办公设施等更多行业领域和资产类 型。同时，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求， 提高工作质效，在严防风险、严把质量的基础上，支持更多符合条件的项目发行上市，更好推动基础设 施REITs支持实体经济发展。 ...

Report Summary 1. Investment Rating The document does not mention the industry investment rating. 2. Core Viewpoints - The REITs market showed signs of stability and recovery in the first half of November 2025, with the CSI REITs index rising 0.4%. The spread between REITs and dividend - paying stocks turned positive, making REITs more attractive compared to stocks and bonds. - REITs offline subscription remained highly popular, but the narrowing gap between primary and secondary market valuations led to the Shenyang Software Park REIT breaking below its issue price on the offline unlocking day. - Multiple REITs expansion projects were in progress, and the government supported the issuance of public REITs for private projects, with new asset types expected to make their debut. 3. Summary by Directory 1. Market Volume and Price Stabilized, and the Spread with Dividend Stocks Turned Positive - **Index Performance**: The CSI REITs index first declined and then rose in the first half of November 2025, accumulating a 0.4% increase. The equity market was in a consolidation phase, with the CSI 300 falling 0.3%, while the CSI Dividend and commodities rose 2.5% and 2.8% respectively. The 10 - year Treasury yield remained around 1.8% [3][12]. - **Sector Performance**: The consumption sector led the rise (+1.62%), followed by transportation (+1.42%) and rental housing (+1.11%). The industrial park sector was under pressure, with a 1.96% decline, and the logistics sector's decline narrowed to 0.40% [17][18]. - **Individual Securities**: More than 90% of transportation individual securities rose, and the JINMAO Commercial REIT led the gainers with an 8.19% increase. All the declining individual securities were from the industrial park and logistics sectors [23]. - **Liquidity**: The average daily turnover rate of the REITs market in the first half of November was 0.49%, up 0.20 pcts from the same period in October. The industrial park sector had a significant increase in turnover rate, but was still dominated by selling pressure [24]. - **Dividend Yield and Valuation**: As of November 14, 2025, the dividend yield of equity - type REITs was 4.40%, with a 2.58% spread to the 10 - year Treasury yield (at the 59% quantile) and a 0.17% spread to the CSI Dividend yield (at the 82% quantile). The P/NAV of equity - type REITs was 1.27X (at the 69% quantile), and the P/FFO of concession - type REITs was 13.44X (at the 52% quantile) [32][38]. - **Internal Rate of Return (IRR)**: The latest IRR of equity - type REITs was 3.9% (at the 23% quantile), and that of concession - type REITs was 4.1% (at the 7% quantile) [44]. 2. Offline Subscription Remained Popular, and Low Safety Margin Led to Shenyang Software Park REIT Breaking Below Issue Price - **New Issues**: As of November 14, 2025, there were 77 listed REITs in Shanghai and Shenzhen, with a total market value of 222.5 billion yuan. In the first half of November, the Huaxia Anbo Warehouse Logistics REIT was issued offline, with a scale of 2.448 billion yuan [46][48]. - **Subscription Scale**: The top - up subscription scale for the Huaxia Anbo Warehouse Logistics REIT rebounded to 514 million yuan due to its larger issuance scale [49]. - **Subscription Enthusiasm**: 1,052 products from 132 offline institutions participated in the inquiry for the Huaxia Anbo Warehouse Logistics REIT, setting a new record. The offline subscription multiple (excluding invalid quotes) was 236 times, remaining at a high level [53]. - **Pricing and Allocation**: The Huaxia Anbo Warehouse Logistics REIT was priced at a high level (90% quantile of the inquiry range), with a limited discount. The offline winning rate was 0.68%, and the one - two - level valuation difference continued to narrow [54][64]. - **Initial Listing Performance**: The gap between primary and secondary market valuations gradually narrowed, and the Shenyang Software Park REIT broke below its issue price on the offline unlocking day. The offline subscription return rate for 100 million yuan of funds from January to November 2025 was 3.49% [66][67]. 3. Multiple Expansion Projects Progressed, and Private Projects Received Strong Support - **Dividend Announcements**: In the first half of November, 8 REITs announced dividend plans [74]. - **Unlocking and Expansion**: Three transportation REITs' strategic placement shares were to be unlocked in the second half of November. The holder meetings for the expansion of Huaxia China Resources Youchao REIT and AVIC Jingneng Photovoltaic REIT were to be held [78]. - **Policy Support**: The government issued policies to support the issuance of public REITs for private projects and promoted the expansion of the REITs market and the debut of new asset types [79]. 4. New Assets Added to the REITs Market, and the Shenghao Communication Tower Project was Signed - **Under - Review Projects**: In the first half of November, the E Fund Guangxi Beitou Expressway REIT was accepted by the exchange, and the Shanxi Securities Jinzhong Public Investment Ruiyang Heating REIT received an inquiry letter. As of November 14, there were 9 first - issuance projects and 3 expansion projects under review [86]. - **New Asset Progress**: The Shenghao Group's communication tower public REITs project was signed, and 4 public REITs bidding information was updated in the first half of November [87][89].

Core Insights - The conference highlighted the robust development of China's real estate securitization market, particularly in private REITs, CMBS, and similar products, which are expected to provide diversified financing channels by 2025 [1][2] - The core of asset securitization is to transform real estate into standardized products in the capital market, allowing for professional risk management and the separation of assets from management [1][3] - The public REITs market is experiencing a slowdown, with a notable shift in asset types towards industrial parks and consumer infrastructure, raising concerns about potential impairment due to market premium issuance [3] Group 1 - The 10th Real Estate Securitization Cooperation Development Conference was co-hosted by several financial forums, emphasizing the growth of the real estate securitization market in China [1] - The Secretary-General of the China REITs 50 Forum noted that the market is expected to flourish by 2025, particularly in private REITs and CMBS, providing diverse investment channels [1][2] - The Vice Chairman of the China REITs 50 Forum emphasized that REITs are not merely financing tools but create an ecosystem that separates assets from management, optimizing capital structure [1][2] Group 2 - The Chairman of the Asia Pacific Real Estate Association highlighted the need for a comprehensive lifecycle management system for REITs to mature the market [2] - The development of renewable energy requires innovative business models, with REITs seen as an optimal tool for holding renewable energy assets [2] - The Director of the Housing Rental Industry Research Institute outlined six characteristics of rental housing REITs expected by 2025, including enhanced risk resistance and stable cash flow [2] Group 3 - Deloitte's partner noted a slowdown in the public REITs market, with a significant change in asset structure towards industrial parks and consumer infrastructure [3] - The Managing Director of Zhonglian Fund pointed out that holding ABS has rapidly developed since its first issuance at the end of 2023, becoming a crucial tool for connecting asset and capital sides [3] - The Senior Vice President of CITIC Securities provided a comprehensive overview of the three main types of real estate securitization products, highlighting their unique characteristics and roles in the market [3]