Wind数据显示，截至目前，国内已上市公募REITs项目74只，发行规模达1943.32亿元，其中，6只 产品完成扩募，扩募规模总计77.34亿元。截至9月16日，REITs市场总市值达2212.32亿元。 业内人士认为，《通知》的出台表明我国公募REITs市场发展的重点由建立机制转向扩规模与提质 量并重。 公募不动产投资信托基金（REITs）常态化发行有望更进一步。 9月12日，国家发展改革委发布《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》（以下简称《通知》），提出进一步做好基础设施REITs常态化申报推荐工 作，推动基础设施REITs高质量发展。 《通知》从持续推动市场扩围扩容、积极支持通过扩募方式新购入项目、优质高效做好项目把关、 切实加强组织保障等四方面提出13项具体内容。 自去年国家发展改革委出台《关于全面推动基础设施领域不动产投资信托基金（REITs）项目常态 化发行的通知》（以下简称"1014号文"）后，我国公募REITs市场正式迈入常态化发行阶段，新发项目 显著提速。Wind数据显示，2024年以来，累计上市REITs项目47只（包含两只扩募）。 " ...

1. Report Industry Investment Rating No information about the industry investment rating is provided in the report. 2. Core Viewpoints of the Report - The stabilization trend of the REITs market is consolidated, with a narrowing adjustment range. The valuation has dropped again, but the spread between equity - type REITs and stocks and bonds remains strong [3]. - The trend of institutional top - level quotations persists, and the offline subscription sentiment remains high. The offline subscription yield in 2025 has reached 3.45% [3]. - Multiple types of assets are accelerating their entry into the market, and the "mixed - loading" of expansion and fundraising has opened up new avenues. The National Development and Reform Commission's "Document No. 782" promotes market expansion [3]. - The discount rate of the initial valuation of logistics REITs is narrowing, and new asset bidding is being carried out successively [3]. 3. Summary Based on Relevant Catalogs 3.1 REITs Market Adjustment Range Narrows, and the Spread Compared to Stocks and Bonds Remains Strong - **Market Index Performance**: In the first half of September 2025, the A - share market rose after a slight adjustment, while the 10 - year Treasury yield continued to rise. The China Securities REITs Index fell 0.81%, with a significantly narrower decline than in August [11]. - **Sector Performance**: Only rental - protected housing and consumer REITs rose, with increases of 0.63% and 0.37% respectively. Other sectors' declines also narrowed. Nearly 80% of industrial park REITs declined [16][19]. - **Liquidity**: The overall turnover rate of the market dropped to 0.48%. Only the turnover rate of rental - protected housing REITs increased by 0.08 percentage points, while energy and transportation REITs had significant contractions [24]. - **Dividend Yield**: As of September 15, 2025, the dividend yield of equity - type REITs was 3.92%. The spread with the 10 - year Treasury was at the 41% quantile, and the spread with the CSI Dividend was at the 71% quantile. The dividend yield of consumer REITs decreased significantly [28]. - **Valuation**: Both equity - type and concession - type REITs' valuations declined. The P/NAV of equity - type REITs was at the 58% quantile, and the P/FFO of concession - type REITs was at the 57% quantile. The IDC valuation increased significantly [32]. - **IRR**: The IRR quantiles of both types of assets increased. The industrial park's IRR quantile rose to 58% [35]. 3.2 The Trend of Institutional Top - Level Quotations Persists, and the Offline Subscription Sentiment Remains High - **New Issue**: In the first half of September 2025, Huaxia Kaide Commercial REIT was issued, with an issuance scale of 2.287 billion yuan. As of September 15, 2025, there were 74 listed REITs in Shanghai and Shenzhen, with a total market value of 221.7 billion yuan [40]. - **Offline Subscription**: The offline effective subscription multiple of Huaxia Kaide Commercial REIT reached 252.6 times, ranking third in history. The top - level subscription amount decreased to 639 million yuan. 98% of the products quoted at the upper limit of the inquiry price, but the final pricing was at the 82% position of the inquiry range, with an increased profit - sharing margin [41][50]. - **Offline Enrollment and Allocation**: The offline enrollment rate of Huaxia Kaide Commercial REIT was about 99%, and the offline allocation ratio was 0.40% [56]. - **Initial Performance and Yield**: The first - day increase of CICC Vipshop Outlet REIT in September was 27%. Excluding extreme values, the offline new - share subscription yield in 2025 was 3.45% [61]. 3.3 Multiple Types of Assets are Accelerating Their Entry into the Market, and the "Mixed - Loading" of Expansion and Fundraising has Opened up New Avenues - **Policy Promotion**: On September 12, 2025, the National Development and Reform Commission issued "Document No. 782", which accelerates the expansion of the REITs market. It supports the issuance of new assets such as railways, ports, and cultural and tourism assets and encourages more private investment projects to be listed [65]. - **Asset Expansion**: It promotes the application of mature assets, organizes the issuance of potential assets, and explores the issuance path of new assets. It also supports more private investment projects [70]. - **Expansion and Fundraising Simplification**: The expansion and fundraising threshold is shortened to 6 months, and the purchase of similar or related cross - industry assets is allowed [71][79]. - **Project Cultivation**: It is necessary to establish a project work ledger, strictly control project quality, and encourage an increase in the net recovery of project funds [83]. 3.4 The Discount of the Initial Valuation of Logistics REITs is Narrowing, and New Asset Bidding is Being Carried Out Successively - **Projects Under Review**: As of September 15, 2025, two expansion and fundraising projects have been registered but not issued, and 14 projects are under review [85]. - **Valuation Update**: In the first half of September, the valuation of two initial public offering projects was updated. The latest valuation discount rate of warehousing and logistics REITs has narrowed [88][94]. - **Bidding Update**: In the first half of September 2025, the bidding information of two public REITs was updated, including a new cultural and tourism project and a transportation project [96][99].

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The Shanghai - Shenzhen REITs market has taken shape with broad market space. Policy support has accelerated the issuance rhythm. With interest rates declining, financial institutions such as securities firms are increasing their positions in REITs. If the number and average market value of China's public REITs reach certain levels, the market value could increase significantly [2][3]. - REITs have unique asset attributes, being both debt - like and equity - like, with a very long duration and diverse underlying assets. Different asset types have different market performances, completion rates of distributable amounts, and valuation methods [5]. - Based on valuation comparisons and fundamentals, some REITs are attractive, but liquidity may limit secondary - market trading strategies. Currently, subscribing to newly issued REITs through offline channels is recommended, with an expected annualized return of 5.1 - 6.4% [6]. 3. Summary by Directory 3.1 Issuance Rhythm Accelerates, and the REITs Market Takes Shape - **China's REITs Market Has Taken Shape**: As of June 30, 2025, there were 68 listed REITs with a total market value of 205.5 billion yuan and a trading volume of 623 million yuan per day in H1 2025 [16]. - **Policy Support May Accelerate the Issuance Rhythm**: China's public REITs issuance process includes project screening, provincial development and reform commission application, national development and reform commission review, exchange review and registration, and issuance and listing. Since 2024, policies have simplified the process and expanded the asset scope. REITs expansion has also been normalized [18][21][23]. - **Interest Rate Decline Leads Financial Institutions to Increase REITs Positions**: In a low - interest - rate environment, financial institutions such as securities firms and trusts have been increasing their holdings of REITs since 2022 [25][29]. - **China's REITs Market Has Broad Space**: Although China's listed REITs number has exceeded that of Japan and Singapore, the average market value per REIT is much lower. If reaching the US number and Asian average market value, the market value could increase 10.99 times [32][35]. 3.2 Asset Characteristics of REITs - **Both Debt - like and Equity - like with Good Risk - Return Ratio**: REITs' debt attributes are reflected in mandatory and high - proportion dividends and stable cash flows. Their equity attributes are shown in the high dependence on underlying asset operations, the importance of underlying asset value for valuation, and high volatility. From the experience of mature markets, REITs have a good risk - return ratio [41][50][55]. - **Extremely Long Duration Forms Unique Asset Attributes**: China's REITs are mainly contract - type closed - end funds with a long fixed term (10 - 99 years). Longer remaining terms mean more prominent equity attributes, while shorter ones may highlight debt attributes [61]. - **Diverse Underlying Asset Types**: China's REITs underlying assets include eight major categories. Different asset types have different market performances, completion rates of distributable amount forecasts, and regular report data. Some traffic - facility REITs release monthly operation data [67][71][101]. 3.3 REITs Valuation Method Discussion - **Overview of REITs Valuation Methods**: REITs valuation methods are divided into absolute and relative valuation methods. The absolute valuation method often uses the DCF method, and common relative valuation indicators include PNAV, PFFO, IRR, and cash distribution rate [108]. - **PNAV Applies to All Types of REITs**: PNAV reflects investors' comprehensive expectations and market sentiment. Currently, the median PNAV of the Shanghai - Shenzhen REITs market is at a historical high, and different asset types have different reasonable PNAV levels [112][115]. - **Different Types of REITs Use Different Valuation Methods**: PFFO is suitable for equity - type REITs, while cash distribution rate or IRR is more applicable to franchise - type REITs. Equity - type REITs have high - dividend - stock characteristics [118][124][127]. - **Importance of IRR for REITs Valuation**: IRR is an important tool for measuring the long - term investment value of REITs. The initial IRR of listed REITs has remained stable, but the actual IRR may deviate from the initial value [128][130][131]. 3.4 Investment Recommendations - **Liquidity Shortage Limits Secondary - Market Trading**: Some REITs are attractive, but the market has poor liquidity, with most individual bonds having low daily trading volumes. The current high - valuation market is not a good time for large - scale allocation [135][136]. - **Currently, Subscribing to Newly Issued Funds Can Be the Main Strategy**: In 2025, newly issued REITs have high first - day price increases. The REITs new - issue strategy has a capacity of 1.5 - 2.0 billion yuan, and with 20 - 25 new issues expected this year and stable allocation ratios, the annual return could be 5.1 - 6.4% [140][148].

Core Viewpoint - The National Development and Reform Commission (NDRC) has issued a notification to enhance the regular application and recommendation process for infrastructure Real Estate Investment Trusts (REITs), focusing on market expansion, optimizing fundraising and application processes, and encouraging new types of projects to be listed [1] Group 1: Policy Support for Asset Mix and Expansion - The "Document 782" provides clear policy support for asset mix expansion in REITs, allowing for the integration of existing assets across regions and industries, thereby strengthening the infrastructure REITs products [2][3] - The document allows leading companies to acquire smaller projects and utilize REITs for revitalization, enabling smaller firms to indirectly issue REITs for project exit [2][3] Group 2: Encouragement of Private Investment Projects - The notification emphasizes support for private investment projects to issue infrastructure REITs, establishing a coordination service mechanism to assist in compliance and accelerate project development [3][4] - As of September 13, over 10 private REITs projects have been listed, raising more than 25 billion yuan, showcasing the significant role of private enterprises in expanding the REITs sector [4] Group 3: Expansion of Asset Types - The document outlines plans to accelerate the application of mature asset types like toll roads and clean energy, while also exploring new asset types such as railways and cultural tourism for future issuance [5] - Currently, over 70 public REITs products are listed, with more than 80 in the approval process, covering approximately 10 asset types [5] Group 4: Information Management Improvements - The NDRC plans to launch an information system for infrastructure REITs project applications, enhancing standardization and traceability of the application process [6] - The introduction of this information system is expected to improve internal coordination efficiency and address existing bottlenecks in the application stages [6]

【导读】基础设施REITs政策再细化，持续推动REITs市场扩围扩容；本周公募REITs二级市场整体震荡下行 本周（9月8日至9月12日）REITs快报来了。 本周公募REITs二级市场整体震荡下行 本周公募REITs（不动产投资信托基金）二级市场整体震荡下行，总体成交活跃度环比下滑。 Wind数据显示，截至9月12日，本周中证REITs全收益指数环比下跌0.81%，REITs指数下跌0.81%。 本周REITs成交活跃度环比下滑。国金中国铁建REIT交投活跃度，日均换手率达2.06%，华夏华电清洁能源REIT日均换手率为1.72%，华安外高桥、富国 首创水务REIT、南方万国数据中心REIT日均换手率均超1%，全市场日均换手率为0.99%。 年内首单交通基础设施公募REITs申报 | | 最新 | 本周 | 本月 | 近一月 | 近三月 | 近一年 | 近三年 | | --- | --- | --- | --- | --- | --- | --- | --- | | 中证REITs全收益 | -0.11% | -0.81% | -0.34% | -2.19% | -3.54% | 13.47% | -3.9 ...

Core Viewpoint - The article discusses the recent fluctuations in the public REITs market in China, highlighting a downward trend in the secondary market and the impact of new policies aimed at expanding the REITs market [2][3][4]. Market Performance - The public REITs secondary market experienced an overall decline, with the CSI REITs total return index dropping by 0.81% as of September 12 [5][6]. - The market's trading activity decreased compared to the previous week, with an average daily turnover rate of 0.99% across the market [11]. Sector Analysis - All project categories saw declines, with property rights down by 1.13% and franchise rights down by 0.52%. Specific sectors like water conservancy and municipal projects faced the largest declines, at 1.64% and 1.75% respectively [7]. - Among the 74 publicly listed REITs, only 12 saw an increase, with the top performers including Zhongyin Zhongwai Logistics REIT and Huaxia Jinmao Commercial REIT, both showing gains exceeding 0.8% [7][8]. Notable Declines - A total of 61 products experienced declines, with Huatai Nanjing Jianye REIT and Huaxia Hefei Expressway REIT dropping over 4% [9][10]. Policy Developments - On September 12, the National Development and Reform Commission issued a notice to accelerate the regular application and issuance of infrastructure REITs, emphasizing the importance of expanding the market and supporting private investment projects [17][18]. - The notice encourages the simplification of the application process for new projects and the expansion of asset types eligible for REITs [18]. New Project Submissions - The first REIT project from Shanxi has been submitted to the Shanghai Stock Exchange, marking a significant step in the region's REITs development [13][14].

Core Viewpoint - The National Development and Reform Commission (NDRC) has issued a notification to enhance the development of infrastructure Real Estate Investment Trusts (REITs), focusing on expanding the market, optimizing fundraising and application processes, and encouraging new types of projects to be listed [1] Group 1: Policy Support for Asset Mix and Expansion - The notification provides clear policy support for asset mix expansion in REITs, allowing for the integration of assets from the same or related industries, which can strengthen the scale and operational capabilities of REITs [2][3] - The policy enables leading companies to acquire smaller projects and utilize REITs for revitalization, allowing smaller firms to indirectly issue REITs for project exit [2] Group 2: Support for Private Enterprises - The notification emphasizes active support for private investment projects to be listed as REITs, establishing a coordination service mechanism to assist in compliance and accelerate project development [4] - As of September 13, over 10 private REIT projects have been listed, raising more than 25 billion yuan, showcasing the significant role of private enterprises in expanding the REITs sector [4] Group 3: Project Cultivation and New Asset Types - The notification stresses the importance of project cultivation and reserves, aiming to create a dynamic project advancement mechanism to inject strong momentum into the market [5] - There is a focus on accelerating the application of mature asset types and exploring new asset types such as railways, ports, and cultural tourism for potential issuance [7] Group 4: Information Management Improvements - The NDRC plans to launch an information system for infrastructure REITs to standardize and digitize the project application process, enhancing efficiency and addressing existing bottlenecks [8]

Core Viewpoint - The article discusses the release of the "Notice on Further Improving the Normalized Declaration and Recommendation Work of Real Estate Investment Trusts (REITs) in the Infrastructure Sector" (referred to as "Document 782"), which aims to support the development of infrastructure REITs through market expansion, optimization of fundraising and declaration processes, and encouragement of new types of projects for listing [1]. Group 1: Policy Support for Asset Mix and Expansion - Document 782 provides clear policy support for asset mix expansion in REITs, allowing for the integration of assets from the same ownership or operational revenue rights categories [2][3]. - The document supports the acquisition of assets from the same industry for expansion, enabling leading companies to acquire projects from smaller firms and utilize REITs for revitalization [2][3]. Group 2: Encouragement of Private Investment Projects - Document 782 emphasizes the active support for private investment projects to issue REITs, establishing a coordination service mechanism to assist in compliance and accelerate project cultivation [4]. - As of September 13, over 10 private REIT projects have been listed, raising more than 25 billion yuan, showcasing the significant role of private enterprises in expanding the REITs sector [4]. Group 3: Project Cultivation and Dynamic Mechanism - The document highlights the need to enhance project cultivation and reserve efforts, establishing a dynamic mechanism for continuous project advancement [5]. - A robust and quality project reserve is deemed essential for the sustainable development of infrastructure REITs, which will inject strong momentum into the market [5]. Group 4: Expansion of Asset Types - Document 782 outlines the acceleration of applications for mature asset types like toll roads and clean energy, while also exploring new asset types such as railways and cultural tourism for potential issuance [6]. - As of September 13, over 70 public REIT products have been listed, with more than 80 in the approval stage, covering around 10 asset types [6]. Group 5: Information Management Improvements - The document mentions the introduction of an information system for infrastructure REITs project management, aiming for standardized and digitalized project declaration processes [7]. - This system is expected to enhance internal coordination efficiency within regulatory departments, addressing existing bottlenecks in the application process [7].

Core Viewpoint - The National Development and Reform Commission (NDRC) has issued a notice to accelerate the regular issuance of infrastructure Real Estate Investment Trusts (REITs), aiming to expand the market and promote the issuance of both mature and new asset types [1][2]. Group 1: Current Market Status - As of the end of August, there are 73 infrastructure REITs listed in China, with a total issuance scale of 198.6 billion and a total market value of 218.8 billion [2]. - The infrastructure REITs cover various asset types, including transportation, energy, heating, ecological protection, logistics, industrial parks, data centers, rental housing, water conservancy, and consumer infrastructure, making China the largest public REITs market in Asia [2]. Group 2: Promotion of Mature Asset Types - The NDRC encourages the regular application for mature asset types such as toll roads, clean energy, logistics, and affordable rental housing, while also increasing efforts for potential asset types like heating, water conservancy, and data centers [2][4]. - The continuous expansion of the infrastructure REITs market is expected to enhance asset utilization, improve resource allocation efficiency, and promote effective investment and financing cycles [2]. Group 3: New Asset Types and Private Investment - The notice emphasizes the need to explore new asset types for REITs, including railways, ports, ultra-high voltage transmission, communication towers, market-oriented rental housing, cultural tourism, and elderly care facilities [4][5]. - There is a strong demand from enterprises for the issuance of new asset types, particularly in sectors like railways and ports, which traditionally rely on bank loans and bonds for financing [4][5]. Group 4: Regional Developments - Beijing has issued 13 REITs projects, raising over 31.1 billion, with a diverse range of industries represented [3]. - Shanghai has also shown vitality in its infrastructure REITs market, with 9 projects listed and total fundraising of 17 billion [3]. Group 5: Support for Private Enterprises - The NDRC aims to support the issuance of infrastructure REITs by private enterprises, which can provide efficient and low-cost financing, significantly contributing to the development of the private economy [5][6]. - The notice highlights the importance of ensuring high-quality project vetting and prioritizing projects with a high proportion of net recovery funds [5][6].

Core Viewpoint - The National Development and Reform Commission (NDRC) has issued a notice to accelerate the normalization of the application and recommendation process for infrastructure Real Estate Investment Trusts (REITs), aiming to expand the market and promote new asset types [1][2]. Group 1: Current Market Status - As of the end of August, China has successfully listed 73 infrastructure REITs, with a total issuance scale of 198.6 billion yuan and a total market value of 218.8 billion yuan [2]. - The existing infrastructure REITs cover various asset types, including transportation, energy, heating, ecological protection, logistics, industrial parks, data centers, rental housing, water conservancy, and consumer infrastructure, making it the largest public REITs market in Asia [2]. Group 2: Promotion of New Asset Types - The notice encourages the exploration of new asset types for REITs, such as railways, ports, ultra-high voltage transmission, communication towers, market-oriented rental housing, cultural tourism, specialized markets, and elderly care facilities [6][7]. - There is a significant demand from enterprises for the issuance of new asset type projects, particularly in the railway and port sectors, which traditionally rely on bank loans and bonds for financing [7]. Group 3: Regional Developments - Beijing has been proactive in promoting infrastructure REITs, with an average of three projects listed annually since the first pilot projects in 2021, raising over 31.1 billion yuan [5]. - Shanghai's infrastructure REITs market has also shown vitality, with nine projects listed by the end of August, raising a total of 17 billion yuan [5][8]. Group 4: Support for Private Investment - The notice emphasizes the importance of supporting private investment projects in issuing REITs, which can provide efficient and low-cost financing for private enterprises [9]. - The NDRC will prioritize recommending projects with a high proportion of net recovery funds relative to the total fund amount, ensuring a balance between innovation and risk [9].