近日，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》），从继续推动市场扩围扩容、扩募支持、项目把关等方面 出台具体举措，推动基础设施领域不动产投资信托基金（REITs）（以下简称"基础设施REITs"）高质量 发展。其中，在推动市场扩围扩容方面，加快成熟资产类型项目常态化申报的同时，将积极研究探索铁 路、文化旅游、养老设施等尚无推荐发行案例的新资产类型项目的发行路径。 业内人士表示，随着政策红利的持续释放、资产类型的不断丰富以及扩募机制的激活，我国基础设 施REITs市场有望迎来新一轮的规模增长与质量提升。 中国投资咨询有限责任公司产业与投资咨询事业部副总经理吴赟表示，《通知》将拓展新资产类型 作为重要工作方向，有利于盘活关键基础设施存量资产，服务国家重大战略实施，丰富市场投资选择。 不过，新资产类型的落地仍面临收益稳定性、产权合规性、估值可交易性等现实挑战。后续市场有望通 过制定行业指引、开展试点示范、加强投资者教育等配套措施，为扩大新资产类型的发行创造有利条 件。 2020年，我国启动基础设施REITs试点。2024年8月起，基 ...

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》。 图片来源：国家发展改革委网站 积极研究探索养老设施等 通知提出，积极推动新资产类型项目推荐发行，积极支持民间投资项目发行上市，拓宽新购入项目资产范围。 新资产类型项目发行路径 在持续推动市场扩围扩容方面，通知表示，加快成熟资产类型项目常态化申报。坚持优中选优，严格把关项目质量，优先申报对实现国家重大战略、重大 规划、重大政策等具有推动作用的优质基础设施项目。鼓励申报发售基金规模较大、对基础设施REITs市场扩围扩容具有重要作用的项目。加快收费公 路、清洁能源、仓储物流、保障性租赁住房等成熟资产类型项目申报，进一步加大供热、水利、数据中心等潜在发行空间较大资产类型项目的组织力度。 积极支持民间投资项目发行上市。各省级发展改革部门要建立健全民间投资项目发行基础设施REITs专项协调服务机制，实行靠前服务、主动协调、申报 单列，帮助民间投资项目完善投资管理合规手续，加快推动解决项目培育中的问题，积极支持更多符合条件的民间投资项目发行上市。 打造资本运作平台 在积极支持通过扩募方式新购入项目方面，通 ...

新华社北京9月12日电（记者余蕊 王艳刚）国家发展改革委办公厅近日印发《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》。通知要求，积极支持通过扩募方式新购入项目，简化新购入项目申报流程并拓宽新购入项目资产范围。业内企业和 专家认为，随着扩募的政策支持力度不断加大，预计更多聚焦交通、能源、物流、租赁住房等领域的基础设施REITs将通过跨地区、跨行业扩募 实现规模突破，逐步成长为具备全国影响力的资本运作平台。 简化新购入项目申报流程 现有基础设施REITs扩募项目取得了良好效果。华夏北京保障房REIT的扩募是全国首单保障性租赁住房REITs扩募项目。该项目扩募净回收资 金5.55亿元，除补充流动性外，全部用于支持丰台区北宫镇东河沿项目和丰台南苑李家庄4号地项目。项目建成后，预计可为北京市新增供应公租 房1412套。 调研中，多家已上市的基础设施REITs原始权益人都十分重视扩募的机会。南方润泽科技数据中心REIT的原始权益人润泽科技发展有限公司总裁 李笠表示，当前人工智能产业蓬勃发展，随着市场对算力资源和数据处理能力的需求不断提升，润泽科技也将加大对算力中心的投资，因此仍需 ...

"扩募可显著增强基础设施REITs二级市场的流动性与活跃度。优质资产的持续注入不仅丰富了投资标的 多样性，还通过规模效应降低了单一资产的风险集中度，能够吸引保险资金、社保基金等长期资金加速 布局。扩募形成的'资产扩容-流动性提升-资金集聚'正向循环，可进一步强化市场信心。"北京保障房中 心有限公司总会计师张晓丽说。 通知明确，鼓励已上市的基础设施REITs通过扩募等方式筹集资金购入优质资产，基础设施REITs首次 发行上市满6个月后，可通过有关省级发展改革部门、中央企业向国家发展改革委申报新购入项目。经 省级发展改革部门、中央企业把关符合申报条件的新购入项目，国家发展改革委将直接受理、优先评 估，符合条件的项目将加快推荐。 新华财经北京9月12日电 国家发展改革委办公厅近日印发《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》。通知要求，积极支持通过扩募方式新购入项目，简化 新购入项目申报流程并拓宽新购入项目资产范围。业内企业和专家认为，随着扩募的政策支持力度不断 加大，预计更多聚焦交通、能源、物流、租赁住房等各领域的基础设施REITs将通过跨地区、跨行业扩 募实现规模突 ...

Core Viewpoint - The C-REITs market experienced fluctuations in August, with a total market capitalization of 218.8 billion yuan and a decline in the China Securities REITs Total Return Index by 2.61% [2][3][7]. Market Performance - The China Securities REITs Total Return Index showed a downward trend in early August, followed by a rebound towards the end of the month, closing at 1073.33 [3]. - The average daily turnover in August was 696 million yuan, reflecting a 15% increase month-on-month, with an average turnover rate of 0.70% [3][15]. Sector Analysis - The data center sector saw a significant increase of 36.55%, while the rental housing sector led the decline with a drop of 5.45% due to rising long-term interest rates [3]. - The valuation pressure across various sectors has eased, with the spreads between different sectors and the 10-year government bond yields showing mixed trends [4]. Investment Opportunities - There are potential investment opportunities in high-quality projects that have seen price corrections, particularly in sectors with strong fundamentals such as rental housing and municipal environmental protection [5]. - The market is advised to focus on projects with stable tenant structures and those that have shown marginal stability in fundamentals [5]. Risk Appetite and Market Sentiment - The market's risk appetite appears to be contracting, as indicated by the fluctuations in major asset classes and the performance of the C-REITs index [4]. - The performance of the C-REITs market is closely linked to the broader capital market sentiment, which may influence future stability and recovery [4].

Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - Three regions issued documents to support REITs issuance, and two data center REITs completed fundraising. This week, 4 highway, 1 energy, and 1 industrial park REITs released semi - annual operating data, with performance declining for all but 2 highway REITs [2]. - As of July 18, 2025, 14 REITs have been successfully issued this year, with a total issuance scale of 27.84 billion yuan, a year - on - year increase of 2.0%. This week, 7 new - issue and 1 expansion - issue REITs made progress [3]. - The CSI REITs Total Return Index closed at 1104.55 points this week, up 0.06%, underperforming the CSI 300 by 1.03 percentage points and outperforming the CSI Dividend by 0.91 percentage points. The index has risen 14.12% year - to - date, outperforming the CSI 300/CSI Dividend by 10.98/15.46 percentage points [3]. Summary by Directory 1. Primary Market: New Issuance of 2 Data Center REITs - As of July 18, 2025, a total of 73 REITs have been issued, with a total issuance scale of 191.1 billion yuan and a total market value of 204.6 billion yuan. Among them, there are 49 equity - type and 24 franchise - type REITs [11]. - This week, 7 new - issue REITs made progress, including 2 data center REITs that completed fundraising. One expansion - issue REIT, the AVIC Jingneng Photovoltaic REIT, submitted a response to feedback [3][12][14]. 2. Secondary Market: This Week, the Sector's Market Performance was Differentiated, and Liquidity Continued to Decline 2.1 Market Review: The CSI REITs Total Return Index Rose 0.06% - The CSI REITs Total Return Index closed at 1104.55 points this week, up 0.06%, underperforming the CSI 300 by 1.03 percentage points and outperforming the CSI Dividend by 0.91 percentage points. Year - to - date, it has risen 14.12%, outperforming the CSI 300/CSI Dividend by 10.98/15.46 percentage points [3]. - By project attribute, equity - type REITs rose 0.22% this week, while franchise - type REITs fell 1.07%. By asset type, the consumer (+0.41%), affordable housing (+0.23%), ecological environmental protection (+0.21%), and industrial park (-0.04%) sectors performed well [3]. - Among individual bonds, 39 rose and 29 fell. The top three were China Merchants Science and Technology Innovation REIT (+3.05%), China Huarong JINMAO Commercial REIT (+2.24%), and CICC Hubei KeTou Optics Valley REIT (+2.08%); the bottom three were Ping An Ningbo Transportation REIT (-5.38%), CITIC Construction Investment MingYang Smart Energy REIT (-2.15%), and China Huarong Tebian Electric New Energy REIT (-2.04%) [3]. 2.2 Liquidity: The Ecological Environmental Protection Sector was the Most Active - The average daily turnover rate of CSI REITs this week was 0.56%, a decrease of 0.70 BP from last week. The average daily turnover rates of equity - type/franchise - type REITs were 0.58%/0.48%, a decrease of 4.50/3.59 BP from last week. The trading volumes during the week were 432 million and 130 million shares respectively, a week - on - week decrease of 6.53%/6.99% [3][22]. - The ecological environmental protection sector had the highest activity level [22]. 2.3 Valuation: The Energy Sector had a Higher Valuation - The yields of equity - type/franchise - type REITs based on ChinaBond valuations were 3.89%/4.22%. The transportation (5.44%), warehousing and logistics (5.18%), and industrial park (4.85%) sectors ranked in the top three [3][29]. 3. This Week's News and Important Announcements News - On July 10, 2025, the Kunshan government proposed in a draft policy that enterprises conducting refinancing through REITs would receive a 0.5‰ reward based on the raised funds, with a maximum annual reward of 2 million yuan per enterprise [33]. - On July 15, 2025, the governments of Guangxi and Heilongjiang issued documents supporting the issuance of REITs in fields such as artificial intelligence, digital, tourism, and 4A - level and above ice - snow tourism scenic areas [2][33]. Important Announcements - Two new - issue REITs completed fundraising, and their public subscription multiples were 457 and 318 times respectively, indicating strong market response [2]. - Multiple REITs released operating data, dividend announcements, and share - unlocking notices [34][35].

金十数据5月15日讯，戴德梁行15日发布《亚洲不动产投资信托基金（REITs）研究报告》，对我国公 募REITs市场近年的发展情况进行了分析与总结，侧重从底层资产角度分析不同业态的资产特点及经营 表现。在业态拓展方面，报告参考亚洲成熟市场酒店REITs的经典案例，探讨业态多元化对公募REITs 市场发展的借鉴意义。据悉，在亚洲市场规模整体缩小的背景下，成熟市场和新兴市场的发展出现分 化。随着中国内地REITs市场进入常态化发行，其市值规模已超越中国香港，与日本、新加坡共同成为 亚洲最大的三个市场，合计约占亚洲总市值的三分之二。与此同时，来自东南亚和南亚的新兴市场 REITs市值规模也呈现普遍扩大态势。 （新华财经） 报告：中国内地REITs产品亮眼表现重塑亚洲REITs市场格局 ...