就在提出这项住房债券提案的前一天，特朗普刚签署一项行政令，禁止国防承包商开展股票回购及分红 操作，除非这些企业能够达到特定标准。 特朗普此番提出让代表收购住房债券的提案，紧随其于周三发布的一份声明——在那份声明中，他表示 将禁止"大型机构投资者"在美国购买独栋住宅。 多位住房经济学家指出，此类禁令对改善全国住房可负担性的作用微乎其微。而特朗普这项最新提案会 对市场产生何种影响，目前同样尚不明确。 南加州大学拉斯克房地产研究中心主任兼主席Richard Green表示，特朗普的这项提案，对于解决美国住 房市场的根本性问题而言力度不足——美国住房市场的核心症结，在于住房供应量无法满足所有购房者 的需求。 但他同时指出，即便是这项涉及2000亿美元的提案，也更多是象征性举措，而非实质性方案。 "美联储此前介入抵押贷款支持债券收购时，动用的资金规模可是以万亿美元计的，对吧？所以我认 为，特朗普的这项提议只是一种姿态。"Green说，"当然，若能成功压低利率，房价必然会随之上涨， 这就意味着民众的首付款压力会进一步增大。" "由此可见，压低抵押贷款利率并非什么'妙招'，它未必能切实改善住房可负担性。"格林补充道，"关键 ...

12月31日，中国证监会发布《关于推出商业不动产投资信托基金（REITs）试点的公告》，商业不动产 REITs试点全面启动。 什么是商业不动产REITs 简单来说，商业不动产REITs是一种让普通投资者也能"买楼收租"的金融产品。过去，我国REITs主要 聚焦在高速公路、产业园区等基础设施领域。证监会此次印发的《公告》明确，今后，商场、写字楼、 酒店等商业不动产也将纳入REITs试点范围。 《公告》共八条，对产品定义、基金注册、运营管理、专业机构职责及监管安排等作出系统规定，并强 调基金管理人须履行主动运营管理责任，确保底层资产权属清晰、现金流稳定。 这意味着符合条件的商业地产项目可以通过发行REITs上市，把一直处于"沉睡"的资产进行盘活，同时 为投资者提供稳定分红的新选择。 中国资本市场学会理事田利辉介绍，这是落实"盘活存量"、构建房地产发展新模式最直接、最市场化的 金融工具，能有效为存量资产引入"活水"。商业不动产REITs的推出，不仅有助于房企轻资产转型，缓 解债务压力，也为公众提供了分享优质商业地产收益的机会。 证监会全面推动REITs市场高质量发展 12月31日，中国证监会同步印发《关于推动不动产 ...

Group 1: Policy Changes and Economic Impact - Trump's administration is reshaping the flow of capital in the U.S. economy through aggressive policy changes, including deregulation of banks and a shift in funding from renewable energy to traditional sectors [1][3] - The "Big Beautiful" bill and subsequent regulatory adjustments signal a redirection of funds away from renewable energy projects towards pipelines, cryptocurrencies, and traditional finance [3] - The relaxation of capital rules for banks is expected to release up to $219 billion in capital for major banks, allowing them to invest more in government-backed assets [4] Group 2: Housing Market and Privatization - A controversial proposal aims to end government control over Fannie Mae and Freddie Mac, leading to significant stock price increases for these entities [6] - The privatization discussions are complicated by the Treasury's $360 billion preferred equity stake in these companies, raising concerns about potential increases in borrowing costs for consumers [8] Group 3: Cryptocurrency and Digital Assets - The Trump administration's new stance on digital assets includes the signing of the GENIUS Act, which provides a legal framework for stablecoins, potentially expanding the market from $310 billion to $4 trillion by 2030 [9] - Major banks, including JPMorgan, are actively entering the stablecoin market, while concerns arise about the potential outflow of deposits from small banks to stablecoins [9] Group 4: Energy Sector Changes - The "Big Beautiful" bill has led to the cancellation or postponement of $29.3 billion worth of clean energy projects, as the administration shifts focus towards fossil fuels and nuclear energy [10] - Companies in the clean energy sector are facing significant challenges, including layoffs and project cancellations, as federal support for renewable energy diminishes [10] Group 5: Retirement Savings and Alternative Investments - A new executive order aims to unlock $13 trillion in retirement savings by encouraging investment in alternative assets, which could significantly benefit the private equity sector [11] - This shift may lead to increased access for ordinary investors to financial products previously limited to seasoned investors, despite warnings about potential risks [11]

【环球网财经综合报道】近日，国金资管—吾悦广场持有型不动产资产支持专项计划在上交所设立，发行规模6.16亿 元，是全国首单民营地产上市公司发行的持有型不动产ABS（又称为机构间REITs），也是全市场首单消费类机构间 REITs。 美联社此前发文称，中国REIT市场正在加速增长，市场规模达到人民币2070亿元，发行项目77个，C-REIT市值去年 增长85%。随着个人投资者参与增加、政策推动消费提振和市场多元化的趋势，C-REIT展现巨大潜力。特别是在房地 产REIT领域，零售、租赁住宅和物流行业推动了增长，稳定回报和资产多样性吸引投资者。 曾为46家C-REIT提供了咨询服务、在该领域扮演重要角色的高力国际，其大中华区资本市场负责人Francis Li表 示："中国的REIT市场表现出色，去年市值增长了大约85%，并在2024年首次进入亚洲前三REIT市场。然而，与美国 和日本等成熟市场相比，C-REIT市场只有四年的历史，显示出巨大的未来发展潜力，随着市场成熟并吸引更多投资者 和资产类别，市场正在朝着更广泛的多元化方向发展。" 高力国际还提出，投资者更倾向于成熟稳定的资产，关注反映长期可行性的关键指标。高 ...

经中审华会计师事务所(特殊普通合伙)验资，金融街中心CMBS实际收到的认购资金为81亿元，金融街 中心CMBS募集专户中的本金金额已经达到《金融街商业地产第2期(金融街中心)资产支持专项计划说明 书》约定的专项计划目标募集规模，金融街中心CMBS于2025年12月10日正式成立。 金融街（000402）(000402.SZ)公告，公司于2025年12月10日顺利完成金融街商业地产第2期(金融街中 心)资产支持专项计划(简称"金融街中心CMBS")的发行工作。 ...

大家好，欢迎回到《美股笔记》！今天是12月9日周二。 美股三大指数全天几乎玩了一整天的"心电图"，窄幅波动，几乎平收。与其说是人在交易，不如说是机 器人在互殴。这种横盘等方向的日子，空气里都弥漫着一股不必要的紧张感。 | 普页 | 概念板块 财报日历 | 新股中心 | 机构造窟 财经日历 | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 通琼斯指数 | | | | 后斯达克赫合指数 | | | | 标题500指数 | | | | | | 47560.29 | | | | 23576:49 | | | | 6840.51 0 | | | | | | -179.03 -0.38% | | | | #30.58 +0.731 | | | | =6.00 -0.09% | | | | | | 领涨榜 盘中 ▼ | | | 更多> | 领跌榜 | 盘中 ▼ | | 更多 > | 热力图 行业 个股 | | | | 更多 > | | 代码 | 名称 | 最近44 | 机 ...

我国商业不动产规模庞大，资产持有主体拓宽直接融资渠道的需求强烈。如何借助REITs进行有效盘 活，实现投融管退的良性循环，是亟需回应的重要课题，而公募REITs作为资本市场盘活存量资产、服 务实体经济的利器，其产品功能属性与商业不动产天然契合。市场各方对推出商业不动产REITs的共识 高度统一、呼声持续高涨。 经过近五年的实践探索，我国公募REITs市场坚持市场化、法治化的发展方向，从无到有逐步发展成千 亿级的新兴市场。根据市场公开数据统计，截至目前，全市场共有77单产品上市，发行规模2070亿元 （含扩募），总市值2199亿元，行业首单、区域标杆渐次落地，示范性和规模性不断增强，市场容量持 续提升，运行整体平稳，投资者群体日益成熟，为推出商业不动产REITs奠定了坚实的制度基础、市场 基础和生态基础。 中证报中证网讯（记者 黄一灵）证监会11月28日消息，证监会研究起草《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）》，现向社会公开征求意见。 中国证券报记者从多方了解到，上交所等单位正在紧锣密鼓推进配套规则修订、系统改造和试点项目培 育等工作，相关规则同步征求市场意见。 业内人士认为，试 ...

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has launched a pilot program for Commercial Real Estate Investment Trusts (REITs), marking a significant step in the development of the REITs market in China and aimed at revitalizing existing commercial real estate assets [1][2][3]. Group 1: Pilot Program Launch - The pilot program for Commercial Real Estate REITs is a crucial initiative to implement the decisions of the Central Committee and the State Council, aimed at revitalizing existing commercial real estate and supporting a new model of real estate development [1][3]. - The Shanghai Stock Exchange and other entities are actively working on revising supporting rules, system upgrades, and nurturing pilot projects in response to the pilot program announcement [1][7]. - The launch of the pilot is seen as a response to the strong demand for direct financing channels from asset holders in the commercial real estate sector [2][4]. Group 2: Market Development - The public REITs market in China has evolved into a trillion-yuan emerging market over nearly five years, with 77 REITs products listed and a total issuance scale of 207 billion yuan, indicating a solid foundation for the new pilot [2][3]. - The commercial real estate sector has accumulated rich practical experience in asset revitalization, with nearly 100 billion yuan in issuance of CMBS, quasi-REITs, and ABS products since 2024 [3][4]. - The current market environment, characterized by overall declining interest rates, enhances the long-term value potential of commercial real estate [3][4]. Group 3: Benefits and Strategic Importance - The pilot program is expected to broaden direct financing channels for enterprises, optimize capital structures, and facilitate a strategic shift from developers to asset managers [4][5]. - The introduction of Commercial Real Estate REITs will provide investors with a new investment tool that combines stable cash flow with asset appreciation potential, thereby enhancing investment portfolios [4][5]. - The pilot is viewed as a significant step towards a more inclusive and attractive REITs market, contributing to the development of a multi-tiered capital market system [4][7]. Group 4: Future Outlook - The next phase involves steady progress in the pilot program, with the Shanghai Stock Exchange focusing on refining business rules and fostering market participation [7]. - The development of a more efficient, well-regulated public REITs market is anticipated, which will serve as a long-term stabilizer and new engine for financial support of the real economy [7].

Core Viewpoint - The China Securities Regulatory Commission (CSRC) is soliciting public opinions on the draft announcement regarding the pilot program for commercial real estate investment trusts (REITs), which is seen as a crucial step for the development of the REITs market in China [1][2]. Group 1: Impact on the Real Economy - The pilot program is expected to activate existing commercial real estate assets and support the establishment of a new development model for the real estate sector [1]. - It will help broaden direct financing channels for enterprises and optimize their capital structures, facilitating a strategic shift from "developers" to "asset managers" [1]. Group 2: Benefits for Investors - The introduction of commercial real estate REITs will enrich investment options for the public, providing a tool that combines stable cash flow with asset appreciation potential [1]. - This development will assist in optimizing investment portfolios for both individual and institutional investors, allowing them to share in the long-term benefits of high-quality growth in the real economy and real estate market [1]. Group 3: Capital Market Implications - Commercial real estate REITs represent a typical practice of financial services aimed at supporting the real economy, enhancing market inclusivity and attractiveness [1]. - The pilot program will diversify the underlying asset types of REITs, accelerating the expansion of the public REITs market and contributing to the improvement of a multi-tiered capital market system [1]. Group 4: Regulatory and Operational Framework - The Shanghai Stock Exchange (SSE) plans to steadily advance the pilot program under the guidance of the CSRC, continuously improving relevant business rules and fostering market development [2]. - The SSE emphasizes the importance of selecting high-quality commercial real estate for the pilot, ensuring effective risk management and encouraging responsible participation from all stakeholders [2].

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has initiated a pilot program for Commercial Real Estate Investment Trusts (REITs), which is a significant step in revitalizing existing commercial real estate and supporting a new model for real estate development in China [1][2]. Group 1: Pilot Program Launch - The pilot program for Commercial Real Estate REITs is a crucial measure to implement the decisions of the Central Committee and the State Council, aimed at activating existing commercial real estate assets [1][3]. - The Shanghai Stock Exchange and other entities are actively working on revising supporting rules, system upgrades, and nurturing pilot projects, with market opinions being solicited [1][6]. Group 2: Market Context and Demand - The public REITs market in China has evolved into a trillion-yuan emerging market, with 77 products listed and a total issuance scale of 207 billion yuan, indicating a solid foundation for the launch of Commercial Real Estate REITs [2][3]. - There is a strong consensus among market participants regarding the need for Commercial Real Estate REITs, driven by the demand for effective asset revitalization and direct financing channels [2][4]. Group 3: Strategic Importance - The introduction of Commercial Real Estate REITs is expected to facilitate a strategic shift for enterprises from being "developers" to "asset managers," optimizing capital structures and enhancing operational management capabilities [4][5]. - The pilot program is seen as a response to the pressing need for revitalizing commercial real estate assets and is aligned with the broader economic goals of sustainable development [3][5]. Group 4: Future Outlook - The CSRC and the Shanghai Stock Exchange are committed to ensuring the smooth implementation of the pilot program, with ongoing efforts to refine business rules and foster market participation [6]. - The development of Commercial Real Estate REITs is anticipated to serve as a long-term stabilizer and financial engine for high-quality economic growth in China [6].