房地产 2026 年 01 月 31 日 行 业 研 究 / 行 业 点 评 相关研究 证 券 研 究 报 告 证券分析师 袁豪 A0230520120001 yuanhao@swsresearch.com 曹曼 A0230520120003 caoman@swsresearch.com 联系人 曹曼 A0230520120003 caoman@swsresearch.com ⚫ 2026 年 1 月 29 日，证监会正式受理首批三只商业不动产 REITs，分别是汇添富上海地 产、中金唯品会以及华安锦江 REIT。 点评： 请务必仔细阅读正文之后的各项信息披露与声明 本研究报告仅通过邮件提供给 博时基金 博时基金管理有限公司(researchreport@bosera.com) 使用。1 行 业 及 产 业 - ⚫ 首批 3 只商业不动产 REITs 申报，覆盖底层资产为办公楼、酒店和奥特莱斯。1 月 29 日，上交所公示首批 3 只商业不动产 REITs 申报受理：1）汇添富上海地产 REIT，底层 资产为上海黄浦区鼎保大厦、鼎博大厦两个办公楼；预计募集规模 40.02 亿元、2026-27 年净现金流分派 ...

Core Viewpoint - The acceleration of approval for consumption infrastructure REITs in 2024 reflects growing market interest and recognition, particularly in the context of China's economic recovery, positioning REITs as a favored investment tool for institutions [1] Group 1: Market Performance - As of the end of 2024, the average occupancy rate for consumption infrastructure REITs was 97.69%, an increase of 3.68% from the assessment point, indicating strong performance [2] - Most consumption REITs met their revenue targets for 2024, with an average completion rate of 102.10%, showcasing their potential and resilience [2] - The secondary market for consumption REITs has seen significant price increases, with some REITs experiencing over 40% growth year-to-date, outperforming other asset classes [3] Group 2: New Projects and Market Dynamics - The total issuance scale of public consumption infrastructure REITs reached 21.326 billion yuan, ranking third among various public REITs sectors, following transportation and park infrastructure [4] - The entry of foreign asset management companies into China's public REITs market, such as the 华夏凯德商业REIT, highlights the attractiveness of China's consumer market [4] - The launch of the 中金唯品会REIT, focusing on outlet assets, aligns with current consumer trends and reflects the potential for new types of REITs in the market [5] Group 3: Institutional Recommendations - Institutions are advised to continue investing in consumption REITs as they serve as a bridge between the real economy and capital markets, promoting high-quality development in consumption infrastructure [6] - The current market environment, characterized by low interest rates and ample incremental capital, presents a favorable opportunity for institutions to engage with REITs [6] - Investors are encouraged to focus on key performance indicators such as rental income, occupancy rates, and operational costs to assess the efficiency and profitability of REITs [7]