推动 REITs 市场发展，提高上市发行效率 ——行业周报 REITs 2026 年 01 月 04 日 | 齐东（分析师） | 胡耀文（分析师） | 杜致远（联系人） | | --- | --- | --- | | qidong@kysec.cn | huyaowen@kysec.cn | duzhiyuan@kysec.cn | | 证书编号：S0790522010002 | 证书编号：S0790524070001 | 证书编号：S0790124070064 | 推动 REITs 市场发展，提高上市发行效率 2025 年第 53 周，中证 REITs（收盘）指数为 778.6，同比下跌 4.99%，环比下跌 0.67%；中证 REITs 全收益指数 1009.84，同比上涨 2.24%，环比下跌 0.49%。本 周 REITs 市场交易规模成交量达 2.86 亿份，同比下降 62.32%；成交额达 12.69 亿元，同比下降 58.22%；区间换手率 1.03%，同比-3.48pct。本周保障房、环保、 高速公路、产业园区、仓储物流、能源、消费类 REITs 一周涨跌幅分别为-0.72%、 -0.67%、 ...

Group 1 - The China Securities Regulatory Commission (CSRC) issued a notice to promote the high-quality development of the Real Estate Investment Trusts (REITs) market, emphasizing the need to accelerate the construction of the REITs market system [2][3] - The notice calls for expanding the REITs market by increasing the supply of quality REITs and enhancing the market's diversity and scale, while also improving the fundraising system and market pricing mechanisms [2][3] - It supports well-governed and financially stable listed REITs to strengthen their asset scale and risk resilience through asset acquisitions, fundraising, and mergers [2][3] Group 2 - The notice encourages the development of a robust secondary market for REITs, including the creation of relevant index systems and innovative products like REITs ETFs to enhance investor asset allocation options [3] - It aims to attract long-term funds such as insurance and pension funds into the REITs market, enhancing market stability [3] - The CSRC plans to improve the REITs issuance and trading mechanisms, ensuring better information disclosure and market constraints [3] Group 3 - The notice highlights the importance of legislative support for REITs, aiming to establish a legal foundation for the market's high-quality development [3] - It emphasizes the need for a multi-tiered REITs market system to enhance inclusivity and adaptability [3]

甘肃证监局持续优化融资服务，支持企业利用多层次债券市场有效拓宽融资渠道，成功推动中电建电力 投资集团有限公司发行全国首单支持西部大开发的乡村振兴机构间REITs，实现我省机构间REITs零的 突破。该产品总规模达30.12亿元，创新性将平凉市崇信发电厂及配套设施转化为可流转的金融资产， 为甘肃乡村振兴项目开辟了市场化、可持续的融资新渠道，更为我省盘活各类存量资产提供了可复制、 可推广的先行经验。 ...

智通财经12月19日（编辑 杨斌）REITs的打新热潮逐渐退却，今日出现了2025年首单上市即破发的 REITs项目。业内分析指出，打新收益下降一方面是受到了下半年二级市场整体偏弱的影响，另一方 面，REITs一级市场询价上下限今年逐渐放宽，使得定价变得充分，一二级市场价差收窄。 华夏安博仓储REIT由国际物流巨头Prologis, L.P.（中文名称"安博公司"）发行，是今年第二单在中国上 市的外资知名REITs项目。在网下询价阶段，华夏安博仓储REIT的网下投资者拟认购数量总和为198.1 亿份，为初始网下发售份额（0.84亿份）的235.8倍。公众发行阶段则是一日售罄，公众认购倍数为17.1 倍。 今日，华夏安博仓储REIT正式上市。不过，开盘时分华夏安博仓储REIT即罕见地跌破了发行价，此后 震荡下跌。最终，华夏安博仓储REIT上市首日收于5.499元，较发行价6.121元下跌了10.16%。 第三方评级机构YY评级指出，网下投资者认购热情不减，但公众投资者认购热度已有下滑。事实上， 受二级市场持续走弱影响，上月中信建投沈阳国际软件园REIT上市首日险破发。 从今年REITs上市后的表现来看，数据中心 ...

新华财经上海12月18日电（记者杨溢仁）2025年，在基础设施REITs常态化发行的大背景下，保租房 REITs作为民生属性与金融属性兼具的重要品种，经历了规模扩容与行情起伏的双重考验，正逐步成为 资本市场关注的核心赛道之一。 展望2026年，保租房REITs板块能否延续高速扩容态势？机构看多心态会否扭转？各机构投资布局应关 注哪类标的？ 行情先扬后抑 2025年，我国保租房REITs市场在一级发行端延续了扩容态势，二级市场则呈现出了显著的"先扬后 抑"特征，整体展现出强韧性与阶段性波动并存的特点。 就一级市场来看，新发行与扩募形成了双轮驱动格局，市场规模持续攀升。有公开数据显示，截至2025 年中期，上市保租房REITs数量增至8只，发行总规模达130.93亿元，总市值接近200亿元。全年来看， 2025年保租房REITs新增上市项目2单，同时扩募进程加速推进，华夏北京保障房REIT于6月25日完成扩 募份额上市，成为国内首单成功扩募的租赁住房REITs项目，华夏基金华润有巢REIT、中金厦门安居 REIT等多只产品也已提出扩募计划并推进相关流程。 值得一提的是，2025年保租房REITs的一级市场发行延续 ...

Summary of REITs Strategy Analysis Framework Industry Overview - The report focuses on the public REITs (Real Estate Investment Trusts) market in China, which has a market capitalization exceeding 200 billion yuan and over 70 listed funds. The compound annual growth rate (CAGR) from 2021 to 2025 is projected to be 15%, surpassing that of the Beijing Stock Exchange and Sci-Tech Innovation Board [2][27]. Key Insights and Arguments - **Attractive Yield**: Public REITs offer an attractive average distribution rate, higher than that of the Beijing Stock Exchange and Sci-Tech bonds, with a substantial project reserve concentrated in industrial parks, energy infrastructure, affordable rental housing, and water services [1][2]. - **Policy Support**: The regulatory framework is continuously improving, with the recent NDRC Document No. 782 relaxing the time limits for fundraising and new project acquisitions, allowing mixed asset types, which enhances the investment value of REITs [1][2]. - **Valuation Influences**: REITs valuation is influenced by primary issuance, which employs a discounted cash flow (DCF) model. Key factors include future cash flows, discount rates, and income duration, necessitating attention to income, expenses, and land use rights renewal [1][5][6]. - **Investor Preferences**: Different investor types have varying preferences; brokerage proprietary funds favor high-dividend industrial parks and energy projects, while insurance funds prefer stable long-term fundamentals in affordable housing and consumer infrastructure. The warehousing and logistics sector has performed well due to increased allocation demand [1][7]. - **Valuation Metrics**: Key valuation indicators include distribution rates for property-type REITs and Internal Rate of Return (IRR) for operational rights-type REITs, with recent expansions in the primary market inquiry range from 10%-15% to 20% [1][10][8]. Additional Important Insights - **Market Sentiment and Trading Strategies**: Market sentiment indices can assist in investment decisions, with strategies for buying low and selling high based on sentiment indicators. A rotation strategy every 10 trading days can optimize portfolio performance [3][18][16]. - **Impact of Economic Environment**: REITs' performance varies with economic conditions, being classified as weak or anti-cyclical assets in a weak recovery environment. Future strong growth could shift some currently weak cyclical assets to strong cyclical status [14][19]. - **Investment Strategies**: Various investment strategies are highlighted, including strategic placements, new share arbitrage, and dividend trading, each with unique characteristics and market conditions [24][26]. - **Future Opportunities**: The development of the market, enhanced liquidity, and diversified investor structures are expected to create more opportunities for returns. Regulatory improvements and the introduction of new capital will further support the growth of the REITs platform [27]. This comprehensive analysis provides a detailed understanding of the current state and future outlook of the public REITs market in China, highlighting key factors influencing investment decisions and market dynamics.

Market Overview - The secondary market, measured by the CSI REITs Equity Index, experienced a slight weekly increase of 0.06%, while the CSI REITs (closing) index rose by 1.45% [2] - Among the 76 listed REITs, 14 saw weekly gains exceeding 2%, while 8 experienced declines over 2%, with the largest drop exceeding 7%. Notably, the "Huaxia Hefei High-tech REIT" fell by more than 5.47% on October 31, 2025, with a transaction volume of 43.04 million yuan, marking a two-month high in both single-day volatility and transaction volume [2] Style Shift - The "Huaxia Zhonghai Commercial REIT," which debuted on October 31, 2025, closed with a gain of 3.29%, significantly lower than the 10%+ gains seen in earlier listings this year. Other newly listed REITs had first-day gains ranging from 10% to 20%, with 15 REITs exceeding 25% and 9 reaching 30% [4] - Market sentiment is currently driving performance, with high pricing near the upper limit of the inquiry range limiting speculative opportunities for offline investors. The final pricing, which resulted in a premium of 19.08% compared to the intended fundraising scale, has further constrained growth potential in the secondary market [4] Distribution Rate Insights - The current secondary market prices indicate that the distribution rates are near their lowest values, suggesting that prices are at the upper limit of their volatility range [5] - For operational REITs in sectors like industrial parks, warehousing logistics, affordable housing, and consumption, some REITs have established a sufficient safety margin in their distribution rates [6] Sector-Specific Distribution Rates - As of October 31, 2025, the average distribution rates for various sectors are as follows: - Industrial parks: 4.45%, with a 12.28% gap to the industry median - Warehousing logistics: 4.04%, with a 23.73% gap to the industry median - Other warehousing logistics: 2.99%, with a 26.93% gap to the industry median - Additional warehousing logistics: 3.69%, with a 21.79% gap to the industry median [7]

Investment Rating - The industry investment rating is maintained as "Positive" [2][5]. Core Viewpoints - The REITs market is expected to continue to offer good investment opportunities due to the downward pressure on bond market interest rates, the "asset shortage" logic, and the expected inflow of social security and pension funds [5]. - The market performance of various REITs categories shows mixed results, with environmental REITs performing positively in the short term [5][36]. Summary by Sections 1. Recent Developments - Huaxia Kaide Commercial REIT has successfully listed on the Shanghai Stock Exchange, raising a target of 2.2872 billion yuan with a subscription rate of 535.2 times for public investors [6][14]. - Huaxia Zhonghai Commercial REIT is set to be issued from October 13 to 14, 2025, with a target fundraising of 1.5843 billion yuan [6][14]. 2. Market Review - The CSI REITs closing index for week 41 of 2025 is 826.77, up 5.76% year-on-year but down 0.27% week-on-week [7][16]. - The CSI REITs total return index is 1058.71, up 12.09% year-on-year but down 0.26% week-on-week [21]. 3. Market Performance - The trading volume of the REITs market reached 150 million units, a year-on-year decrease of 68.88%, with a transaction value of 702 million yuan, down 64.22% year-on-year [26][31]. - The turnover rate for the period is 0.62%, a decrease of 2.63% year-on-year [26]. 4. Sector Performance - Weekly and monthly performance of various REITs categories shows environmental REITs increased by 0.17% weekly but decreased by 4.16% monthly [36]. - Other categories such as affordable housing, logistics, and energy REITs experienced declines in both weekly and monthly performance [36].

Group 1 - The core viewpoint of the news is that Caixin Life Insurance has invested approximately 50 million in the strategic placement of Huaxia Kaide Commercial REIT, which recorded a 12.63% increase on its first trading day, indicating a strong market response [1] - The REIT is the first foreign-funded consumption REIT in China, with its key asset being the "Changsha Kaide Plaza・Yuhua Pavilion" project, located in Yuhua District, Changsha, Hunan Province, covering a total area of 75,000 square meters and achieving an occupancy rate of about 97% [1] - The partnership between Caixin Life Insurance and Huaxia Kaide Commercial REIT signifies a commitment to deepening investment in Hunan and supporting the local economy through various dimensions such as taxation, employment, investment, and urban renewal [1] Group 2 - Caixin Life Insurance aims to leverage the support of Caixin Financial Holdings Group to explore quality investment opportunities in Hunan Province, enhancing investment and capital inflow to contribute to the high-quality development of the local economy [2] - The company has shifted its investment strategy from non-standard private equity products to standardized products such as public REITs and holding-type ABS, expanding its investment focus from traditional commercial real estate to sectors like public utilities, energy, affordable rental housing, and data centers [1] - Caixin Life Insurance has participated in over 40% of the REITs in the market, achieving coverage of 13 categories of infrastructure assets, positioning itself as a leader among small and medium-sized insurance companies in terms of holding scale [1]

Investment Rating - The industry investment rating is maintained as "Positive" [2][5]. Core Viewpoints - The approval of the first public REIT in Northeast China and the strong performance of consumption REITs in the past month indicate a positive trend in the market. The REITs market is expected to benefit from the downward pressure on bond market interest rates and the anticipated entry of social security and pension funds, enhancing the cost-effectiveness of allocations in this sector [5]. Summary by Sections Market Overview - In the 39th week of 2025, the CSI REITs closing index was 831.45, up 6% year-on-year but down 0.83% month-on-month. The CSI REITs total return index was 1064.42, up 12.63% year-on-year but down 0.65% month-on-month. Year-to-date, the CSI REITs closing index has increased by 9.92%, while the CSI 300 index has risen by 32.61%, resulting in an excess return of -22.7% [7][16][20]. Weekly Tracking - The trading volume of the REITs market reached 388 million units, a year-on-year decrease of 16.92%, with a transaction value of 1.86 billion yuan, down 1.06% year-on-year. The turnover rate for the period was 1.63%, down 1.54 percentage points year-on-year [25][30]. Sector Performance - In the 39th week, the weekly performance of various REIT sectors showed declines: affordable housing down 1.49%, environmental down 0.09%, highway down 1.73%, industrial park down 0.65%, warehousing and logistics down 0.43%, energy down 0.60%, and consumption down 1.43%. However, the monthly performance showed consumption REITs with a cumulative increase of 1.56% [35][50].