本报讯 （记者毛艺融）中国公募REITs（不动产投资信托基金）市场迎来了具有里程碑意义的时刻。 2026年1月30日，华夏基金旗下三只商业不动产REITs——华夏凯德封闭式商业不动产证券投资基金、华夏银泰百货封闭式 商业不动产证券投资基金、华夏保利发展封闭式商业不动产证券投资基金正式申报至证监会与交易所并获受理，成为首批试点 申报项目的重要组成部分。 市场主导 在实践探索中积累发展的经验 任何创新在起步阶段都面临逐步完善的过程，在实践中动态优化，是试点工作的重要经验。 目前，已经申报的商业不动产REITs合计拟募资近400亿元，资产形态覆盖商业零售、综合体、办公楼、酒店等多维业态。 记者注意到，华夏基金此次申报的3单产品，既有凯德这类国际商业运管品牌，也有银泰百货这类深度扎根中国消费市场 的零售品牌，亦有保利发展这类头部房企的转型探索。三类资产，三种基因，在统一制度框架下同台亮相，是市场多元化并蓄 的最好注脚。 据悉，本次试点传递的理念是在制度框架明确、政策方向清晰的前提下，市场具备自我调节与进化纠偏的能力。商业不动 产REITs的估值逻辑、运营效率、分派稳定性，将在投资者的理性研判中逐步收敛于均衡。基金管理 ...

Core Viewpoint - The recent approval of the first batch of commercial real estate REITs in China marks a significant step in the development of the REITs market, with a total fundraising target of 37.7 billion yuan across 10 projects, indicating strong interest and potential for growth in this sector [1][20]. Group 1: REITs Approval and Fundraising - The first batch of 10 commercial real estate REITs has been accepted for registration, with a total intended fundraising of 377 billion yuan [1]. - Among the approved projects, the Huaxia Yintai Department Store REIT aims to raise approximately 4.2785 billion yuan, with its underlying assets being the Hefei Yintai Center [5][21]. Group 2: Project Details and Financial Performance - The Hefei Yintai Center's total asset valuation is approximately 4.273 billion yuan, with significant appreciation compared to its book value, reflecting a 143.77% increase [5][6]. - The center has experienced a decline in revenue over the past three years, with projected revenues of 903.57 million yuan in 2023, decreasing to 734.13 million yuan by 2025, alongside a 13.9% drop in sales [10][12]. - The average occupancy rate for the center has shown fluctuations, with rates of 95.71%, 97.25%, and 95.48% from 2023 to 2025 [10][12]. Group 3: Operational Structure and Management - The operational management of the Huaxia Yintai Department Store REIT is handled by Hangzhou Yintai Commercial Management, with the project company absorbing two SPVs for streamlined management [7][19]. - The REIT's structure allows for a shift from a heavy asset model to a lighter asset management approach, enhancing financial flexibility and operational efficiency [21][22]. Group 4: Market Implications and Future Outlook - The launch of commercial real estate REITs is expected to revitalize existing assets and provide a pathway for high-quality commercial properties in Anhui to access public markets [20][22]. - The Hefei Yintai Center's early submission serves as a model for other commercial real estate projects in the region, potentially leading to a reevaluation of local asset values and sustainable development [22].

Market Performance - The public REITs secondary market experienced an overall upward trend this week, with a slight decrease in trading activity compared to the previous week [1] - The CSI REITs total return index increased by 0.47% this week, while the CSI REITs index rose by 0.35%, outperforming the CSI 300 index [1][2] - As of January 30, the CSI REITs total return index closed at 1052.42 points, marking a positive weekly growth for two consecutive weeks [2] Individual REITs Performance - Among the 78 listed public REITs, 41 saw an increase in their prices this week, with the top performers being focused on sectors such as parks, energy, consumption, and transportation [2] - The best-performing REIT this week was Bosera Jinkai Industrial Park REIT, which had a weekly increase of 4.94% [3] - Other notable gainers included ICBC Mengneng Clean Energy REIT and Huaxia Zhonghai Commercial REIT, with weekly increases of 4.64% and 4.52%, respectively [3] New Listings and Applications - Huaxia Zhongke Clean Energy REIT is set to be listed on the Shanghai Stock Exchange on February 2, becoming the 79th public REIT in the market [5] - Five commercial real estate REITs have been reported and accepted for review, with the first three submitted on January 29 [6][7] - The submitted commercial REITs include products from Huaxia Fund, Huitianfu Fund, and CICC Fund, expanding the total number of reported commercial REITs to eight [9]