2025 年 11 月 29 日 重程碑! REITs 即将迈入商业 新时代 公募 REITs 周度跟踪（2025.11.24-2025.11.28） 关注超跌吊种的博 市场承乐回语. 公募 REITs 周度跟踪 (2025.11.17-2025.11.21)》 025/11/22 《指数修复, 发改委支持民间项目发 公募 REITs 周度跟踪 T REITs- (2025.11.10-2025.11.14)》 2025/11/15 《沈软 REIT 上市破发，交投再度回 公募 REITs 周度跟踪 (2025.11.03-2025.11.07)》 2025/11/08 证券分析师 黄伟平 A0230524110002 huangwp@swsresearch.com 杨雪芳 A0230524120003 yanqxf@swsresearch.com 研究支持 曹璇 A0230125070001 caoxuan@swsresearch.com 联系人 曹璇 A0230125070001 caoxuan@swsresearch.com 请务必仔细阅读正文之后的各项信息披露与声明 申万宏源研究微信服务号 历经五年沉 ...

11月28日晚间，证监会官网发布了关于推出商业不动产投资信托基金试点的公告（下称"征求意见 稿"），并公开征求意见。征求意见稿共八条内容，主要包括产品定义、基金注册及运营管理要求、 强化监管责任等。 从征求意见稿起草背景来看，经过五年探索实践，REITs市场稳步发展，功能持续发挥，在盘活存量 资产、提高直接融资比重、满足居民财富管理需求等方面取得一定成效。 数据显示，截至11月27日，77只REITs已上市，融资金额2070亿元，总市值2201亿元。 2025.11. 28 本文字数：978，阅读时长大约2分钟 作者 | 第一财经 周楠 公募REITs市场再迎来重要事件，商业不动产REITs试点启动。 在机构和监管责任方面，征求意见稿提出，要发挥基金管理人和专业机构作用，压严压实责任，要求 严格遵守执业规范和监管要求；强化监管责任，明确各监管机构依法依规履行商业不动产 REITs监 管和风险监测处置等职责。 微信编辑 | 雨林 第 一 财 经 持 续 追 踪 财 经 热 点 。 若 您 掌 握 公 司 动 态 、 行 业 趋 势 、 金 融 事 件 等 有 价 值 的 线 索 ， 欢 迎 提 供 。 专 用 ...

2025年11月28日，中国证监会发布《中国证监会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）》（以下简称《公告》）并向社会公开征求意见。这标志着境内商业不动产投资信托基金（以下 简称商业不动产REITs）试点正式启动，REITs市场迎来新一轮扩容。 助力构建房地产新发展模式 商业不动产投资信托基金是通过持有商业不动产以获取稳定现金流并向基金份额持有人分配收益的封闭 式公开募集证券投资基金。 《公告》明确了如下内容：一是基金注册及运营管理要求，明确基金管理人及基金托管人、尽职调查、 申请材料、商业不动产等方面要求，以及基金管理人的主动运营管理责任。二是发挥基金管理人和专业 机构作用，压严压实责任，要求严格遵守执业规范和监管要求。三是强化监管责任，明确各监管机构依 法依规履行商业不动产REITs监管和风险监测处置等职责。此外，商业不动产REITs其他有关事宜，参 照《公开募集基础设施证券投资基金指引（试行）》有关规定执行。 境内REITs市场资产类型不断丰富 截至2025年11月28日，全市场共有77只REITs上市交易，总募集资金超过2000亿元，总市值约2200亿 元，涵盖收费公路、产业园区、污 ...

香港联交所最新资料显示，11月24日，贝莱德增持领展房产基金(00823)675.4718万股，每股作价 36.6466港元，总金额约为2.48亿港元。增持后最新持股数目约为2.37亿股，最新持股比例为9.01%。 ...

智通财经APP获悉，香港联交所最新资料显示，11月24日，贝莱德增持领展房产基金(00823)675.4718万 股，每股作价36.6466港元，总金额约为2.48亿港元。增持后最新持股数目约为2.37亿股，最新持股比例 为9.01%。 ...

Investment Rating - The industry rating has been upgraded from "Neutral" to "Outperform" [1][13] Core Insights - The recovery of the Hong Kong real estate market is expected to be a gradual process, with different asset sub-sectors recovering at different rates. The residential sector is anticipated to lead the recovery, followed by quality retail assets and core office spaces [1][8] - Key catalysts for the market recovery include improvements in macroeconomic uncertainty, significant policy easing, and a return of fundamental demand drivers such as demographic trends [5][21] - The report highlights that the residential sector is poised for a rebound, with rental levels expected to rise by approximately 3-5% in 2025, and property prices projected to increase by 3-5% in 2025, 5% in 2026, and 5% in 2027 [5][12] Summary by Sections Investment Highlights - The report emphasizes the importance of selecting the right sub-sector in the Hong Kong real estate market, indicating that the recovery will not be a single event but a phased process targeting different segments [8][20] - The report identifies Sun Hung Kai Properties (16 HK) and Link REIT (823 HK) as preferred investment targets, expecting both to benefit from the sector's recovery and multiple catalysts in the next 1-2 years [1][13] Market Trends and Drivers - The report notes that the Hong Kong real estate market is experiencing a turning point, with several important catalysts indicating that the market is at or near a reversal point [5][20] - The residential sector is expected to see a significant rebound driven by sustained population inflow, which will continue to support housing demand, particularly in the rental market [5][21] - Retail properties are also on a recovery path, supported by stabilizing local consumer sentiment and an increase in inbound tourists, although the growth rate is expected to be more moderate compared to residential properties [5][12] Valuation Overview - The report discusses the potential for asset net value (NAV) expansion and valuation multiple expansion as key drivers for stock price appreciation in the real estate sector [12][11] - The anticipated recovery in rental income and asset prices will directly impact companies' NAV estimates, providing a solid foundation for stock price increases [12][11] Company-Specific Insights - Sun Hung Kai Properties (16 HK) is highlighted as a key beneficiary of the residential recovery, with expectations of improved sales performance and profit margins due to high absorption rates and rising average selling prices [14][15] - Link REIT (823 HK) is positioned as a defensive, high-yield investment choice, expected to benefit from potential interest rate cuts and inclusion in the Hong Kong Stock Connect, which could attract new capital inflows [16][17]

Core Viewpoint - Spring Springs Industrial Trust (01426) announced a buyback of 30,000 fund units at a total cost of HKD 48.8 million, with a repurchase price ranging from HKD 1.62 to HKD 1.63 per unit [1] Group 1 - The fund will execute the buyback on November 26, 2025 [1] - The total expenditure for the buyback is HKD 48.8 million [1] - The repurchase price per unit is set between HKD 1.62 and HKD 1.63 [1]

Core Viewpoint - Goldman Sachs has downgraded Link REIT's (00823) basic earnings per unit for the fiscal years 2026 to 2028 by 0% to 3%, and reduced the target price from HKD 51.1 to HKD 48.4, while maintaining a "Buy" rating, anticipating an improvement in rental trends within 12 months [1] Financial Performance - Link REIT reported a net loss of HKD 1.6 billion for the first half of fiscal year 2026, which includes a property revaluation loss of HKD 5 billion [1] - Excluding this factor, the basic profit decreased by 7.1% year-on-year to HKD 3.3 billion, accounting for 48% of the bank's full-year forecast [1] - The decline in income from the Hong Kong and mainland leasing portfolio and significant reductions in renewal rents contributed to this performance, alongside one-time severance costs and other related expenses from a cost structure optimization plan [1] Future Outlook - Management remains cautiously optimistic about the retail leasing outlook in Hong Kong, noting signs of improvement in tenant sales and foot traffic [1] - However, management anticipates further deterioration in renewal rents in the second half of fiscal year 2026, as rental trends typically lag behind sales performance [1] - Link REIT is considering the acquisition of three shopping malls in Australia, with management highlighting the value of investing in the Australian retail market, given their existing properties in Sydney [1] - The company emphasizes strict financial control and aims for returns above established benchmarks, with sufficient liquidity to complete the acquisition [1]

Core Viewpoint - Goldman Sachs has downgraded the basic earnings per fund unit of Link REIT (00823) for the fiscal years 2026 to 2028 by 0% to 3%, with the target price reduced from HKD 51.1 to HKD 48.4, while maintaining a "Buy" rating [1] Financial Performance - Link REIT reported a net loss of HKD 1.6 billion for the fiscal year 2026, which includes a property revaluation loss of HKD 5 billion [1] - Excluding this factor, the basic profit decreased by 7.1% year-on-year to HKD 3.3 billion, accounting for 48% of Goldman Sachs' full-year forecast [1] Rental Trends - The decline in rental income from the Hong Kong and mainland China leasing portfolio was significant, along with a substantial reduction in renewal rental rates [1] - Management remains cautiously optimistic about the retail leasing outlook in Hong Kong, noting improvements in tenant sales and foot traffic [1] Future Outlook - Despite signs of improvement, management anticipates further deterioration in renewal rental rates in the second half of the fiscal year 2026 due to the lagging nature of rental trends compared to sales performance [1] - Link REIT is considering the acquisition of three shopping malls in Australia, with management highlighting the value of investing in the Australian retail market [1] Financial Strategy - Management emphasized strict financial control and the pursuit of returns above established benchmarks [1] - Goldman Sachs believes that Link REIT has sufficient liquidity to complete the proposed acquisition [1]

Core Viewpoint - The report from CMB International indicates that Link REIT's interim results for the fiscal year 2026 show a decline in revenue and net property income, primarily due to retail market fluctuations and negative rental adjustments in Hong Kong and mainland China [1] Financial Performance - Revenue decreased by 1.8% year-on-year to HKD 7.023 billion [1] - Net property income fell by 3.4% year-on-year to HKD 5.178 billion [1] - Total distributable amount was HKD 3.283 billion, with a distribution per unit of HKD 1.2688, representing a year-on-year decline of 5.9% [1] Market Challenges - Link REIT continues to face challenges such as rising labor costs and uncertainty in the retail market recovery [1] - The rental adjustment rates for renewals in Hong Kong and mainland China were negative, impacting overall performance [1] Analyst Adjustments - The target price for Link REIT has been revised down from HKD 49.8 to HKD 45.7, while maintaining a "Buy" rating [1] - The expected distribution per unit (DPU) has been lowered due to ongoing challenges [1] Investment Outlook - Despite short-term price corrections, the dividend yield is approximately 7%, presenting a long-term accumulation opportunity [1] - Anticipation of further interest rate cuts and potential inclusion in the Hong Kong Stock Connect may lead to a mid-to-long-term valuation reassessment [1]