本报讯 （记者毛艺融）中国公募REITs（不动产投资信托基金）市场迎来了具有里程碑意义的时刻。 2026年1月30日，华夏基金旗下三只商业不动产REITs——华夏凯德封闭式商业不动产证券投资基金、华夏银泰百货封闭式 商业不动产证券投资基金、华夏保利发展封闭式商业不动产证券投资基金正式申报至证监会与交易所并获受理，成为首批试点 申报项目的重要组成部分。 市场主导 在实践探索中积累发展的经验 任何创新在起步阶段都面临逐步完善的过程，在实践中动态优化，是试点工作的重要经验。 目前，已经申报的商业不动产REITs合计拟募资近400亿元，资产形态覆盖商业零售、综合体、办公楼、酒店等多维业态。 记者注意到，华夏基金此次申报的3单产品，既有凯德这类国际商业运管品牌，也有银泰百货这类深度扎根中国消费市场 的零售品牌，亦有保利发展这类头部房企的转型探索。三类资产，三种基因，在统一制度框架下同台亮相，是市场多元化并蓄 的最好注脚。 据悉，本次试点传递的理念是在制度框架明确、政策方向清晰的前提下，市场具备自我调节与进化纠偏的能力。商业不动 产REITs的估值逻辑、运营效率、分派稳定性，将在投资者的理性研判中逐步收敛于均衡。基金管理 ...

比特币小幅走低，在对 人工智能可能造成的干扰的担忧情绪持续之际，投资者仍不愿将该加密货币大 幅推高。Jefferies经济学家Mohit Kumar在一份报告中称："市场的主导主题仍然是AI干扰，投资者对任 何可能面临AI挑战的行业都持谨慎态度。"他说，软件、金融中介、 不动产投资信托、法律和 物流行业 都受到了AI干扰担忧情绪的冲击。不过，盛宝的分析师表示，加密货币市场的走势表明是"盘整而非恐 慌"。美国股市周一因总统日休市，这意味着推动风险偏好的 催化剂减少，流动性减弱。伦敦 证券交易 所集团的数据显示，比特币下跌0.3%，至68,688美元。 ...

1. Report Industry Investment Rating No information about the industry investment rating is provided in the report. 2. Core Views of the Report - In January 2026, the primary - market REITs products were all of the first - issue type, with consumer infrastructure having the most applications. The secondary - market REITs index rose, and market activity increased. All sectors showed an upward trend, with water conservancy facilities having the largest increase. The turnover rate of new infrastructure was the highest, and the trading volume of park infrastructure was the largest. The valuation yield of equity - type REITs was still lower than that of concession - type REITs [4]. - The concentrated withdrawal of REITs applications in January 2026 may mark that the Chinese REITs market is moving from a concept - driven speculation stage to a value - dominated mature cycle [41][42]. 3. Summary According to the Directory 3.1 Primary - Market Issuance Dynamics - As of January 30, 2026, no new public REITs products were issued in the year, 3 less than the same period in 2025. In the past three months, all applications were first - issue types. There were 10 REITs products in the accepted state, 3 in the in - inquiry state, and 4 with exchange feedback. Consumer infrastructure had the most applications (7), followed by park infrastructure and transportation infrastructure (3 each), energy infrastructure (2), and affordable rental housing and municipal facilities (1 each) [9]. - In January 2026, 14 REITs projects had their exchange review status updated, including details such as project names, asset types, review status, original equity holders, and estimated values [10][11][12]. 3.2 Secondary - Market Review and Analysis 3.2.1 Market Scale - As of January 30, 2026, the total market value of public REITs in the whole market was 228.709 billion yuan, an increase of 10.246 billion yuan from the previous month. The total circulating market value increased to 124.705 billion yuan, with a monthly increase of 3.766 billion yuan. The trading volume in January was 3.118 billion shares, an increase of 0.652 billion shares from the previous month, indicating increased market trading activity [28]. 3.2.2 Price Changes and Volatility - In January 2026, the CSI REITs Total Return Index closed up 4.22%, and the CSI REITs (Closing) Index closed up 3.98%, outperforming the Dividend Index (up 3.32%), the CSI 300 Index (up 1.65%), and the ChinaBond New Composite Wealth Index (up 0.39%), but underperforming the CSI Convertible Bond Index (up 5.82%) [29]. - The volatility of the CSI REITs Total Return Index in January was 0.40%, higher than that of the ChinaBond New Composite Wealth Index (0.05%) but lower than that of the CSI 300 Index (0.72%), the Dividend Index (0.83%), and the CSI Convertible Bond Index (0.92%) [31]. - By project attribute, the weighted average monthly price change of concession - type REITs was 3.45%, underperforming equity - type REITs (5.72%). By underlying asset type, all sectors rose, with water conservancy facilities leading with a 9.70% increase, followed by new infrastructure (+8.41%) [32]. - At the individual bond level, 8 REITs had a monthly increase of over 10% in January 2026, with Hua'an Bailian Consumer REIT leading with a 17.43% increase, while 2 REITs had a decline of over 1%, namely Huaxia Nanjing Expressway REIT (down 1.46%) and E Fund Guangzhou Development Zone High - tech Industrial Park REIT (down 3.17%) [38]. 3.2.3 Secondary - Market News - In January 2026, 5 REITs products withdrew their application documents, including those related to Vanke's Wanke Logistics REITs. This was related to Vanke's capital pressure and the improvement of regulatory review standards. This may mark the Chinese REITs market moving into a value - dominated mature cycle [41][42]. 3.2.4 Turnover Rate and Valuation - In terms of monthly trading volume in January 2026, park infrastructure - type REITs ranked first with 920 million shares, followed by warehousing and logistics (564 million shares), consumer (532 million shares), etc. In terms of monthly average daily turnover rate, the new infrastructure sector led with 1.14% [43]. - As of January 30, 2026, the average cash distribution rate of equity - type REITs was 4.67% (7.90% for energy infrastructure was the highest), and that of concession - type REITs was 8.19% (9.44% for transportation infrastructure was the highest). The ChinaBond REITs valuation yield (IRR) of concession - type REITs (4.83%) was higher than that of equity - type REITs (3.80%). The CSI REITs to ABS valuation ratio of equity - type REITs (1.28) was higher than that of concession - type REITs (1.08) [44].

两商业不动产 REITs 申报，中核能源 REIT 表现亮眼 -公募 REITs 行业周报 评级：无评级 分析师：陈希瑞 执业证书编号：S0740524070002 Email：chenxr@zts.com.cn | 基本状况 | | | --- | --- | | 上市公司数 | 79 | | 行业总市值(亿元) | 2272.76 | | 行业流通市值(亿元) | 1239.34 | 1、《公募 REITs2026 年度策略报告： 资产为王，重视节奏》2025-12-11 营 仍 在 分 化 ， 博 弈 预 期 改 善 》 2025-12-07 3、《证监会商业不动产 REITs 试点 公告解读：公募 REITs 迈向"基础设 施+商业不动产"双轮驱动新阶段》 2025-11-29 REITs 证券研究报告/行业定期报告 2026 年 02 月 08 日 报告摘要 本周行情回顾： 本周 REITs 指数下跌 0.91%，沪深 300 累计下跌 1.33%，中证红利指数下跌 0.51%，中 证全债指数上涨 0.10%，中债 1 年期国债指数上涨 0.00%，中债 10 年期国债指数上涨 0.10%，中证转债 ...

Core Insights - The introduction of cultural tourism REITs marks a significant innovation in China's capital market, indicating a new phase in the securitization of cultural tourism assets and providing investors with new pathways to participate in the industry [1] Group 1: Definition and Background - Cultural tourism REITs are trust funds based on cultural tourism real estate, pooling investor funds through the issuance of income certificates, managed by professional institutions, and distributing investment returns to investors [2] - The cultural tourism industry has shown strong recovery post-pandemic, with domestic tourism revenue reaching 4.91 trillion yuan in 2023, returning to pre-pandemic levels. However, challenges such as high investment costs and long return cycles hinder sustainable development [2] Group 2: Characteristics of Initial Projects - The first batch of cultural tourism REITs is expected to feature high-quality assets with stable cash flows, including mature and profitable cultural tourism assets like large theme parks and well-known tourist attractions [3] - The projects will likely have a balanced regional distribution, covering both developed eastern regions and unique resources in central and western areas, creating regional complementarity [3] - Clear operational models are crucial for success, with experienced professional operators managing daily operations to ensure asset value appreciation [3] Group 3: Market Impact and Investment Value - Cultural tourism REITs will create a complete cycle of investment, financing, management, and exit, allowing developers to recoup funds for new projects, thus fostering a positive cycle [4] - For investors, these REITs offer an alternative investment choice with inflation-resistant characteristics and cash flows directly linked to the consumer market, which can help optimize investment portfolios [4] - Local governments can utilize cultural tourism REITs to activate existing assets and introduce social capital into public tourism facility operations, alleviating fiscal pressure while enhancing service efficiency [4] Group 4: Future Outlook - The launch of cultural tourism REITs signifies a new stage of financialization in the cultural tourism sector, potentially leading to standardized and transparent asset evaluations, professional division of labor, and increased long-term capital investment [6] - The market for cultural tourism REITs is expected to grow rapidly over the next 3-5 years, potentially reaching a market size of hundreds of billions of yuan [6] - The successful implementation of these REITs will require collaboration among regulatory bodies, issuers, investors, and professional service institutions to build a healthy and sustainable market ecosystem [6]

Core Viewpoint - The public REITs market in China is experiencing a significant regulatory shift, with the first instances of project withdrawals occurring as a result of new guidelines issued by the Shanghai and Shenzhen Stock Exchanges, which clarify the conditions under which REITs applications may be suspended or terminated [1][6][10]. Group 1: Project Withdrawals - Jin Feng Technology announced on January 20, 2026, its decision to terminate the application for the Jianxin Jin Feng New Energy REIT, marking the first case of a project entering the review stage but failing to issue successfully [1][3]. - On the same day, Electronic City also announced its intention to withdraw the application for the Chuangjin Hexin Electronic City Industrial Park REIT, indicating a strategic retreat to enhance project stability [1][7]. - The recent regulatory changes are closely linked to these withdrawals, as the new guidelines specify conditions for the suspension or termination of REITs applications [1][4]. Group 2: Regulatory Changes - The new guidelines, effective from December 31, 2025, outline specific circumstances under which the review of REITs applications may be terminated, including expired financial documents and failure to respond to inquiries within the stipulated time [4][14]. - The introduction of these guidelines aims to improve the transparency and efficiency of the REITs application process, ensuring that projects do not remain in limbo and occupy regulatory resources unnecessarily [7][17]. - The regulatory environment is shifting towards a more stringent approach, emphasizing the importance of maintaining high standards for project approvals in the public REITs market [6][10]. Group 3: Market Dynamics - As of the end of 2025, there were 79 public REITs listed in China, with a total issuance scale exceeding 210 billion yuan, reflecting a steady expansion of the market [6][16]. - The relationship between REIT issuers and investors is evolving, with a shift from early valuation premiums to a more rational and professional pricing phase [6][10]. - The market is expected to see a balance between active applications and stringent entry requirements, creating a new ecosystem for public REITs [10][18].

Investment Rating - The report maintains a recommendation for the REITs industry [2] Core Insights - The REITs market has seen a total of 78 public REITs listed with a total market capitalization of 223.3 billion yuan and a circulating market value of 124.7 billion yuan [2] - The overall performance of the market in 2025 showed a cumulative increase of 4.3% in the CSI REITs total return index, with a notable rise of 16.2% in the first half of the year, followed by a decline of 10.2% in the second half due to various negative factors [7][8] - The average P/NAV for the REITs market at the end of 2025 was 1.14 times, indicating a return to historical average valuation levels [7] - The report suggests that the current REITs valuation has returned to a central position, indicating a potential opportunity for increased allocation [7] Market Overview - The secondary market performance in 2025 was characterized by a strong first half, driven by macro liquidity easing, followed by a weaker second half due to valuation corrections and negative market sentiment [8] - The average daily turnover rate for the market decreased throughout the year, reflecting a decline in trading enthusiasm, with an average of 0.67% for the year and dropping to 0.4% in December [9] - The report highlights that the IDC and consumer sectors outperformed the market, with increases of 44% and 33% respectively, while the energy sector showed the weakest performance [12][15] Primary Market Review - In 2025, the total number of new issuances and expansions was 25, with a total issuance amount of 47.3 billion yuan, representing a year-on-year decrease of 14% in the number of issuances and 27% in the total amount [16][17] - The average absolute return for newly listed REITs was 27% over the first four days of trading, with a 10.5% probability of "breaking" [21] Policy Review - Key policies in 2025 included the expansion of asset categories for infrastructure REITs to include commercial office buildings, hotels, and sports venues, as well as the initiation of commercial real estate REITs pilot programs [26][27][28] - The report notes that the regulatory environment is becoming more favorable for REITs, with efforts to streamline approval processes and broaden the scope of eligible assets [29][30]

Core Viewpoint - The article discusses the expansion of China's public REITs market into the commercial real estate sector, marking a significant shift towards a dual development phase alongside infrastructure REITs, effective from December 31, 2025 [1][5]. Group 1: Regulatory Framework - The China Securities Regulatory Commission (CSRC) has established a "1+3+N" policy framework for commercial real estate REITs, which includes one announcement, three notifications, and 17 supporting rules from various financial institutions [3]. - The new rules aim to enhance the adaptability and inclusiveness of the regulatory framework while ensuring strict management and compliance [3][4]. Group 2: Market Development Strategy - The introduction of commercial real estate REITs is not merely an asset type expansion but a strategic move to align with the distinct characteristics of commercial real estate and infrastructure, enhancing the overall effectiveness of REITs in capital markets [5]. - The regulatory approach will focus on a parallel development strategy for commercial real estate and infrastructure REITs, aiming to deepen the market's service to the real economy [6]. Group 3: Project Selection and Quality Control - The regulatory authorities will prioritize high-quality projects and maintain a cautious approach in the initial phase of the commercial real estate REITs pilot, emphasizing compliance and risk management [7]. - There will be a focus on core urban areas and mature commercial real estate projects, particularly those owned by listed companies, state-owned enterprises, and reputable private firms [7][8]. Group 4: Responsibilities of Intermediaries - Intermediary institutions will bear significant responsibility in the REITs process, ensuring due diligence and compliance with high standards in their operations [8]. - The regulatory framework will enforce strict oversight of the REITs approval and registration processes, promoting transparency and accountability [8].

Core Viewpoint - The announcement by the China Securities Regulatory Commission (CSRC) regarding the pilot launch of commercial real estate investment trusts (REITs) will take effect from December 31, 2025, marking a significant expansion of China's public REITs market into the commercial real estate sector, indicating a new phase of parallel development between commercial real estate and infrastructure REITs [1][4]. Group 1: Regulatory Framework - The CSRC has established a "1+3+N" policy framework for the commercial real estate REITs system, which includes one announcement, one notice, two working regulations, and 17 supporting rules from various institutions [2]. - The new rules aim to adaptively optimize management while maintaining strict oversight, enhancing the inclusiveness and adaptability of the system, and reflecting targeted arrangements for different types of REITs [2]. - The announcement outlines eight key provisions that clarify the core institutional arrangements for commercial real estate REITs, including product definitions, fund registration, operational management requirements, and regulatory responsibilities [2]. Group 2: Market Development - The introduction of commercial real estate REITs signifies a shift towards a mature market that encompasses all categories and assets, moving towards a dual development model alongside infrastructure REITs [4]. - The regulatory approach will focus on enhancing the breadth and depth of REITs' service to the real economy, with a strategy to advance both commercial real estate and infrastructure REITs in parallel [4][5]. - The commercial real estate REITs are expected to promote consumption and structural adjustments, being more closely linked to macroeconomic cycles and consumer sentiment, while infrastructure REITs will continue to stabilize the economy and address shortfalls [5]. Group 3: Project Selection and Oversight - The regulatory authorities will prioritize the selection of high-quality projects, focusing on core urban areas and economically vibrant regions, and will support projects from listed companies, central enterprises, and reputable private and foreign firms [7]. - There will be a strong emphasis on the responsibilities of intermediary institutions, ensuring they adhere to strict standards in due diligence, material preparation, pricing, and information disclosure [8]. - The regulatory framework will include comprehensive monitoring and risk management to maintain market order and stability, with a commitment to transparency and public oversight in the REITs registration and regulatory processes [8].

1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report - China's REITs market has entered the fast - lane of high - quality development. The official pilot of commercial real - estate REITs was launched in December 2025, and a series of policies were introduced to promote market expansion, improve liquidity, and optimize the registration system [4]. - In December 2025, the REITs market declined with a volume contraction, and concession - based REITs had a deep correction. However, there was an oversold rebound in the second half of the month. The annual return of the CSI REITs Total Return Index was 4.34% [41]. - The offline subscription of China Nuclear Clean Energy REIT was extremely popular in December 2025, with a record - high offline subscription multiple. Meanwhile, Huaxia Anbo Warehouse Logistics REIT broke below its issue price on the first trading day [4][100]. - In January 2026, there are no REITs restricted shares scheduled to be lifted. In the second half of December 2025, 4 new REITs applications were accepted, and Shanxi Securities Jinzhong Public Investment Ruiyang Heating REIT updated its response materials [107][109]. 3. Summary by Directory 3.1 Commercial Real - estate REITs Officially Piloted, Policy Combinations Implemented - **Regulatory Announcements**: On December 31, 2025, the CSRC officially launched the pilot of commercial real - estate REITs. The official version only slightly modified the product definition compared to the solicitation draft, clarifying the holding path of "public fund - ABS - SPV - underlying assets" [4][7]. - **High - Quality Development Policies**: These policies include supporting "mixed - asset" REITs, expanding the scope of original equity holders to bank and insurance asset management institutions, promoting market expansion, improving the secondary - market liquidity, and optimizing the REITs application and registration system [4][11][13]. - **Exchange Rule Adjustments**: The exchanges separately adjusted the relevant REITs systems, including listing separate review requirements for different asset types, allowing "high - price elimination" in offline subscriptions, and clarifying the disclosure requirements for different commercial real - estate sectors [20][24]. - **Industry Association Rule Changes**: The China Securities Association tightened the access requirements for offline investors and added 10 prohibited behaviors, with penalties upgraded to the offline investors themselves [27][31]. 3.2 Rebound after Oversold in December's Second Half, Concession - Based Assets Under Greater Pressure - **Market Index Performance**: In December 2025, the CSI REITs Total Return Index decreased by 2.9% for the month. However, it rebounded by more than 2% after an oversold situation on December 24. The annual return of the index in 2025 was 4.34% [41]. - **Asset - Type Performance**: In December, all REITs index types except IDC declined. Concession - based assets such as utilities, transportation, and energy had the deepest declines. In 2025, consumer, warehousing logistics, and rental housing REITs had the highest annual returns [47]. - **Individual Bond Performance**: In December, more than 90% of concession - based individual bonds declined, while the rise - to - fall ratio of industrial park REITs improved [48]. - **Liquidity**: The average daily turnover rate of REITs in December 2025 was 0.40%, the lowest monthly level of the year. The turnover rate of rental housing REITs decreased the most [54]. - **Dividend Yield**: As of December 31, 2025, the average dividend yield of equity - based REITs was 4.60% (at the 61% quantile), and that of concession - based REITs was 9.12% (at the 90% quantile). The dividend yield of transportation REITs reached 9.95%, at the 95% historical high [58]. - **Valuation and IRR**: The P/NAV of equity - based REITs was 1.22X, at the 65% historical quantile, and the P/FFO of concession - based REITs was 12.27X, at the 30% historical quantile. The IRR of both major asset types significantly increased and was around the 40% quantile [70][75]. 3.3 High Offline Popularity of China Nuclear Clean Energy REIT, Deep Break - below of Anbo Logistics on First Day - **New Issues in December 2025**: China Nuclear Clean Energy REIT conducted offline price inquiries in December 2025, with an issue size of 1.505 billion yuan. Huaxia Anbo Warehouse Logistics REIT was listed on the Shenzhen Stock Exchange [80]. - **Subscription and Pricing**: China Nuclear Clean Energy REIT had a record - high offline subscription multiple of 340 times. It was priced close to the upper limit, with almost no discount. Its expected dividend yield in 2026 was lower than that of comparable REITs [89][92][93]. - **Listing Performance**: Huaxia Anbo Warehouse Logistics REIT broke below its issue price on the first trading day, with a decline of 10%. After excluding extreme values, the offline subscription return rate for 100 million yuan of funds in REITs from January to December 2025 was 3.42% [100][101]. 3.4 No REITs Restricted Shares to be Lifted in January 2026 - Based on the announcements of Shanghai and Shenzhen REITs in the second half of December 2025, there are no REITs restricted shares scheduled to be lifted in January 2026 [107]. 3.5 Four New Applications Accepted, Shanxi Securities Jinzhong Heating REIT Updates Response Materials - **Queueing Projects**: In the second half of December 2025, 4 new REITs applications were accepted, and Shanxi Securities Jinzhong Public Investment Ruiyang Heating REIT updated its response materials after answering the inquiry letter [109]. - **Bidding Information**: GF Fund won the bid for the infrastructure REITs project of Southern Xinjiang Energy Group [110].