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。 ...

Core Viewpoint - The report from OCBC Bank's investment research department indicates that the Federal Reserve's interest rate path is likely to dominate the unit price performance of Singapore-listed Real Estate Investment Trusts (REITs) [1] Group 1: Interest Rate Impact - OCBC Bank anticipates a "more robust" rate cut pace by the Federal Reserve in 2026 compared to market expectations [1] - The expected interest rate trajectory may suppress the price performance of REITs [1] - A favorable interest rate environment could lead to a turning point in the growth of REITs' per unit distributions next year [1] Group 2: Sector Preferences - Retail remains the favored sub-sector for OCBC Bank, followed by logistics and industrial REITs focused on data centers [1] - Preferred stocks include CapitaLand Commercial Trust and Keppel Data Centres REIT [1] Group 3: Variability Among REITs - The benefits from interest cost savings may not be evenly distributed among different REITs, depending on their hedging and debt maturity profiles [1]

Core Viewpoint - The National Development and Reform Commission (NDRC) has expanded the scope of infrastructure Real Estate Investment Trusts (REITs) to include new asset types, enhancing the market and supporting high-quality development and urban renewal initiatives in China [1][2]. Group 1: Expansion of REITs - The NDRC released the "2025 Edition of the List of Project Industry Scope for Infrastructure REITs," which broadens the issuance scope to include urban renewal facilities, such as the renovation of old neighborhoods and factories [1]. - The new list includes high-quality asset categories like sports venues, commercial complexes, four-star and above hotels, and urban renewal facilities, significantly enriching the asset landscape [1][2]. - Since the launch of infrastructure REITs in 2020, the NDRC and the China Securities Regulatory Commission (CSRC) have continuously promoted the market's expansion, with 77 REITs listed and over 90 products in total, representing a total issuance scale exceeding 200 billion yuan [2]. Group 2: New Asset Types and Industry Coverage - The newly added asset types include hotels and sports venues, which are distributed across three major industry sectors: park infrastructure, cultural tourism infrastructure, and consumer infrastructure [2]. - The issuance scope now covers 12 major industries and 52 asset types, with 18 asset types having achieved their first issuance [2]. - The NDRC emphasizes that project initiators in sectors like rental housing and commercial office facilities must be independent legal entities and cannot engage in residential property development [3]. Group 3: Future Directions - The NDRC plans to enhance collaboration with the CSRC to optimize the application process and improve project approval efficiency while ensuring quality and risk management [3].

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]

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]