展望2026年，北京一位 公募REITs 产品基金经理表示，对2026年公募REITs市场持积极乐观态度，核心是政策红利与市场生态完善带来 的高质量发展机遇。2025年底配套规则集中落地，不仅启动商业不动产REITs试点，还明确支持扩募、合并及REITs ETF研发，为市场注 入制度动力。 宏观层面，经济稳步复苏叠加利率中枢下行预期，REITs作为高股息含权资产，在资产荒背景下对保险、社保等长期资金的吸引力会持续提 升。市场将呈现分化提质特征，优质资产与运营能力强的项目会获估值溢价，而单一资产、经营承压的项目可能面临波动。新增长点同样 值得期待，数据中心、文旅、养老等新资产类别将加速上市，扩募机制常态化也让REITs从单一项目向资产平台演进。 他同时提醒，仍需警惕长端利率上行、部分商业不动产空置率高企等风险，但整体而言，2026年REITs市场机遇大于挑战，将进入成熟深 化的发展阶段。 Wind数据显示， 2025年，我国公募REITs全年新发行产品20单、扩募5单，合计募资473.35亿元。截至2025年年底，公募REITs市场总 发行产品数量达79单，总发行规模（含扩募）突破2100亿元。历经5年时间，我 ...

Core Viewpoint - The announcement by the China Securities Regulatory Commission regarding the pilot launch of commercial real estate investment trusts (REITs) marks a significant step in capital market development, aiming to revitalize a large stock of commercial real estate assets and enhance the multi-tiered capital market financing system [1][4]. Summary by Sections Development of Infrastructure REITs - The pilot for infrastructure REITs has been ongoing for nearly five years, resulting in over 70 listed products with a total scale exceeding 200 billion yuan [1]. - As of December 1, there are 77 listed infrastructure REITs, with a total market value close to 220 billion yuan, and the average yield of these products is 26.14% [2]. Market Performance and Trends - In 2023, the market for infrastructure REITs has shown a divergence, with assets that have higher dividend certainty being favored, leading to significant price increases [3]. - The CSI REITs total return index has achieved over 20% growth in 2024, with some products like the Huaxia Dayue City Commercial REIT seeing cumulative gains exceeding 30% this year [3]. Future Outlook - The market is expected to see further expansion of infrastructure REITs into more sectors, including urban renewal facilities, hotels, and commercial office spaces, with an emphasis on optimizing the application process for new projects [4]. - The pilot for commercial real estate REITs is anticipated to provide valuable insights from the infrastructure REITs experience, contributing to the development of a new model for real estate growth [4].

Group 1 - The first public REIT for tunnels in China, named "Oriental Red Tunnel Co., Ltd. Intelligent Operation and Maintenance High-Speed REIT," has been officially submitted for approval [2][4] - The project is initiated by Shanghai Infrastructure Construction Development (Group) Co., Ltd. and managed by Shanghai Dongfang Securities Asset Management Co., Ltd. [3][4] - The REIT project will focus on the Qianjiang Tunnel, a significant highway tunnel in Zhejiang Province, which is 4.45 kilometers long and the first of its kind in the province using shield tunneling technology [4] Group 2 - The China Aviation Nuclear Group's energy public REIT has been accepted for review, initiated by China Nuclear Huaneng Co., Ltd. and managed by China Aviation Fund [5][6] - The underlying assets for this REIT include wind power projects in Guangxi and Xinjiang, with an estimated initial capacity of around 200,000 kilowatts and a valuation of approximately 1.5 billion yuan [6] Group 3 - The "Ping An Xi'an High-tech Industrial Park REIT" has been submitted for approval, marking the first local REIT project in Shaanxi Province [6][8] - This project is initiated by Xi'an High-tech Zone Infrastructure Development Co., Ltd. and managed by Ping An Fund Management Co., Ltd., with an estimated net value of 1.36 billion yuan for the underlying assets [8]