2025年12月31日，中国证监会印发《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》（以下 简称《公告》）。 经过五年探索实践，不动产投资信托基金（REITs）市场稳步发展，功能持续发挥，在盘活存量资产、 提高直接融资比重、满足居民财富管理需求等方面取得一定成效。截至2025年12月27日，已上市78只 REITs，融资金额2099亿元，总市值2199亿元。市场运行平稳有序，2024年以来，中证REITs全收益指 数上涨19%，REITs已逐步成为重要的大类资产配置品种。 从全球成熟市场发展经验来看，商业综合体、商业零售、商业办公楼、酒店等商业不动产是REITs重要 的底层资产。我国商业不动产存量规模庞大，具有通过REITs进行盘活并拓宽权益融资渠道的内在需 求。借鉴国际经验并结合我国实际，坚持市场化法治化方向，证监会研究起草了《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》，适时推出商业不动产REITs，可以更好发挥REITs功能作用， 支持构建房地产发展新模式，进一步提升多层次资本市场服务实体经济的质效。 推进市场扩容扩围。持续加大优质REITs供给，推动市场业态不断丰富、规模有序增长。完 ...

登录新浪财经APP 搜索【信披】查看更多考评等级 【环球网财经综合报道】2025年12月31日，中国证监会发布《关于推动不动产投资信托基金（REITs）市场高质量发展有关工作的通知》（以下简称《通 知》），并同步出台《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》。同日，沪深交易所修订发布公募REITs业务规则，进一步完善市场制度 体系，护航REITs市场高质量发展。 《通知》指出，推动商业不动产REITs市场发展是资本市场落实党中央、国务院关于"盘活存量、做优增量""提高直接融资比重"决策部署的重要举措，是通 过市场化机制支持构建房地产发展新模式的有效手段，对促进REITs功能发挥、提升资本市场制度包容性和适应性具有重要意义。各单位需严格落实监管要 求，激发市场主体活力，重点支持符合政策导向、具有商业属性的资产发行商业不动产REITs，鼓励REITs整合业态相近、功能互补的资产组合，提升规模 效应和风险分散能力；同时支持经营规范、治理健全的银行保险业资产管理公司等金融机构参与相关业务，有序拓展原始权益人范围。 审核注册流程优化方面，监管部门将健全规范透明、权责清晰的审核注册流程，统一标准、优化衔接，提 ...

今年，全市场共新发行产品20单、扩募5单，合计募资473.35亿元。截至今年年底，国内公募REITs市场 总发行规模（含扩募）突破2100亿元。历经5年时间，我国REITs市场已成长为亚洲第一、全球第二大 REITs市场。（智通财经记者杜萌） 继11月28日就商业不动产投资信托基金试点公开征求意见后，今日傍晚，证监会正式发布《关于推出商 业不动产投资信托基金试点的公告》，这意味着商业不动产正式步入公募REITs时代。《公告》共八 条，主要从产品定义、基金注册及运营管理要求、发挥基金管理人和专业机构作用、强化监管责任等方 面进行明确。 ...

固收 商业不动产 REITs 新规与展望 2025 年 12 月 22 日│中国内地 信用周报 信用热点：商业不动产 REITs 新规与展望 证券研究报告 市场回顾：信用债收益率多数下行，信用利差被动上行 上周信用债收益率多数小幅下行，但下行幅度不及国开债，利差多数被动上 行。2025 年 12 月 12 日至 12 月 19 日，税期资金面平稳，债基赎回短暂扰 动市场，LPR 降息预期再起，利率债先上后下，普信债收益率多数小幅下 行 2BP 左右，二永债除 1Y 外多数亦小幅下行 2BP 左右，但下行幅度不及 国开债，利差被动上行，1-5Y 品种多数利差上行 2-3BP。上周理财净买入 376 亿元，基金净买入 82 亿元，基金买入力度环比前一周有所下滑。信用 债 ETF 规模 5282 亿元，环比前一周上升 3.73%。行业利差方面，上周各 行业 AAA 主体评级公募债利差中位数多数上行 3BP 左右，各省公募城投债 利差中位数普遍上升 2-4BP，云南、贵州上行超 6BP。 一级发行：信用债净融资小幅下滑，发行利率涨跌互现 2025 年 12 月 15 日至 2025 年 12 月 19 日，公司类信用 ...

最高赚超66%，首批北证50成份指数基金三年了 近日，首批北证50成份指数型基金迎来面市三周年。数据显示，首批8只产品成立以来收益均为正，最 高达66.65%。业内人士表示，随着北交所上市公司数量和规模不断增长，北证50成份指数的投资价值 或更为突出，相关基金产品也会进一步丰富。（中国基金报） 优势凸显，红利指增策略受追捧 在利率中枢下移的背景下，量化红利指数增强策略正成为私募机构的布局热点。茂源量化、磐松资产、 星阔投资等私募纷纷加码该赛道，红利指增策略已从细分领域走向主流配置，成为满足投资者多元化投 资需求、平衡组合风险的重要工具。（中国基金报） 近千名基金经理面临"降薪"，你的基金经理也在里面吗？ 基金业薪酬"地震"来了！顶流基金经理也可能因业绩太差被降薪30%？一份即将重塑公募基金行业激励 生态的监管新规，正引发市场高度关注。根据日前下发的《基金管理公司绩效考核管理指引（征求意见 稿）》（下称《指引》），主动权益类基金经理的薪酬将与其长期业绩深度挂钩，并设置刚性十足 的"奖惩"机制，剑指"基民不赚钱基金经理躺赚"的问题。意见稿明确，主动权益基金经理若管理产品三 年跑输业绩基准超10个百分点且基金利润率 ...

Group 1 - The core viewpoint of the news highlights the recent positive performance of the brokerage sector, with several stocks showing gains and significant inflows into the brokerage ETF [1][7] - The brokerage ETF (512000) has seen a net inflow of 1.021 billion yuan over the past five days, leading among 14 similar ETFs [1][7] - The China Securities Regulatory Commission (CSRC) has initiated a pilot program for commercial real estate investment trusts (REITs), which is expected to enhance the efficiency of capital markets in serving the real economy [3][9] Group 2 - The merger and acquisition activities in the securities industry are accelerating, with China International Capital Corporation planning to absorb Dongxing Securities and Xinda Securities through a share swap [3][9] - The securities industry is experiencing improved market conditions and high trading activity, benefiting from a new round of capital market reforms, which suggests significant growth potential for brokerages [3][9] - The average price-to-book (PB) ratio for the securities industry is projected to be 1.2x for 2025, maintaining a "buy" rating for the sector [3][9] Group 3 - The top ten weighted stocks in the brokerage index tracked by the ETF include prominent firms such as Eastmoney, CITIC Securities, and Huatai Securities [4][10] - The ETF and its linked fund are designed to passively track the performance of the securities company index, indicating a broad representation of the sector [4][10]

11 月制造业 PMI 回升；资金面宽松无虞，债市有所修复 【11 月制造业 PMI 回升】国家统计局服务业调查中心、中国物流与采购联合会 11 月 30 日发 布的数据显示，11 月份，制造业采购经理指数（PMI）为 49.2%，比上月上升 0.2 个百分点； 非制造业商务活动指数为 49.5%，比上月下降 0.6 个百分点。具体来看，11 月份，中型企业 PMI 为 48.9%，比上月上升 0.2 个百分点，景气度有所改善；小型企业 PMI 为 49.1%，比上月 上升 2.0 个百分点，为近 6 个月高点，景气水平显著回升。 【央行：继续坚持对虚拟货币的禁止性政策 持续打击虚拟货币相关非法金融活动】央行 11 月 28 日召开打击虚拟货币交易炒作工作协调机制会议。会议要求，各单位要坚持以习近平新时 代中国特色社会主义思想为指导，全面落实党的二十大和二十届历次全会精神，把防控风险作 为金融工作的永恒主题，继续坚持对虚拟货币的禁止性政策，持续打击虚拟货币相关非法金融 活动。各单位要深化协同配合，完善监管政策和法律依据，聚焦信息流、资金流等重点环节， 加强信息共享，进一步提升监测能力，严厉打击违法犯罪活动，保 ...

Core Viewpoint - The public REITs market in China is evolving with a "first issuance + expansion" dual-driven development model, indicating a growing trend in the expansion of public REITs and the introduction of new investment categories [1][4][6] Group 1: Market Expansion and Developments - As of December 3, 2023, a total of 78 public REITs have been established in China, with 9 of them approved for expansion [1][4] - The recent expansion of the Huaxia Fund's rental housing REIT signifies the ongoing growth of public REITs, with an expected fundraising amount of approximately 1.1385 billion yuan [3][4] - The expansion methods for public REITs include offerings to unspecified objects and targeted offerings, enhancing market participation [3][4] Group 2: Investment Opportunities and Asset Types - The total scale of public REITs reached 182.399 billion yuan by the end of Q3 2025, covering various asset types such as logistics, environmental protection, and rental housing [6] - The introduction of commercial real estate REITs is anticipated to broaden the investment categories, with the China Securities Regulatory Commission drafting guidelines for this initiative [6][7] Group 3: Benefits of Expansion - Expansion of public REITs is expected to enhance fund scale, diversify risks, and improve cash distribution stability, ultimately providing more robust long-term returns for investors [5][8] - The increase in share supply post-expansion is likely to boost trading activity, while quality projects can achieve cross-regional and cross-industry expansion, improving operational efficiency [5][8]

Group 1: Report Industry Investment Rating - Not provided in the content Group 2: Core Views of the Report - On November 28, 2025, the CSRC issued the "Announcement on Launching the Pilot Program of Commercial Real Estate Investment Trusts (Request for Comments)" to solicit opinions on the pilot program of commercial real estate investment trusts. On December 1, 2025, the National Development and Reform Commission expanded the industry scope of infrastructure REITs to include commercial office facilities and urban renewal facilities, and added sub - categories such as stadiums, commercial complexes, and four - star and above hotels in consumer infrastructure [3][10][14]. - Launched during the real estate downturn, it provides an opportunity to revitalize the trillion - dollar commercial and office market. It can improve the asset structure of enterprises, help the real estate industry transform into a new development model, and enrich the types of underlying assets in the domestic public REITs market [3][10]. - It is necessary to pay attention to the institutional connection, and detailed rules are still awaited. The overall institutional framework of commercial real estate REITs follows that of infrastructure public REITs, and the specific categories and review mechanisms need further clarification. Implementing a dual - track review system may improve efficiency and accelerate market expansion. The applicability of the key expansion and recruitment mechanism and pilot tax policies in commercial REITs also needs attention [3]. - The secondary market of infrastructure public REITs is under short - term pressure. The valuation and operation quality of new products are the keys. The historical average dividend yields of Japanese office building REITs and hotel REITs are similar to those of current infrastructure public REITs equity - type products [3]. - Investment advice: In a low - interest - rate environment, high - dividend public REITs have an obvious interest - rate spread advantage. With the expansion of categories and improvement of the system, the market is expected to develop rapidly. Attention should be paid to the progress of new - category projects, products with strong underlying asset demand, and expansion and recruitment [3]. Group 3: Summary by Relevant Catalog 3.1 Public REITs Expand to the Commercial Field - On November 28, 2025, the CSRC solicited opinions on the pilot program of commercial real estate investment trusts, with the feedback deadline on December 27, 2025 [10]. - The National Development and Reform Commission is promoting the expansion of infrastructure REITs to more industries and asset types. On December 1, 2025, it issued the "List of Industry Scope of Infrastructure Real Estate Investment Trusts (REITs) Projects (2025 Edition)", expanding to commercial office facilities, urban renewal facilities, and adding sub - categories in consumer infrastructure [14]. - In Q3 2024, there were 736 five - star hotels in China, accounting for 43.5% of the operating income of star - rated tourist hotels, and 2073 four - star hotels, accounting for 37.6%. The scope of the new expansion includes commercial office facilities (super - A and A - grade commercial buildings in super - large and large cities) and urban renewal projects (old - block and old - factory renovation projects), with isolation mechanisms set up [12]. 3.2 The CSRC Solicits Opinions on the Commercial REITs Pilot - Product definition: A commercial real estate investment trust fund is a closed - end publicly offered securities investment fund that invests in commercial real estate asset - backed securities to obtain the ownership or operating rights of commercial real estate, operates and manages commercial real estate to obtain stable cash flows such as rent and fees, and distributes the main income to fund share holders [15]. - Application process: To apply for the raising of a commercial real estate investment trust fund, the fund manager should submit the registration application materials stipulated by the "Securities Investment Fund Law" and the CSRC to the CSRC [20]. - Current situation of infrastructure public REITs: The current application process is "local NDRC - national NDRC - CSRC", with a long review process and a relatively small market scale. As of November 30, 2025, the issuance scale of the public REITs market (initial offering and expansion and recruitment) was about 209.5 billion yuan, and the market value was about 219.9 billion yuan. For commercial real estate assets with a higher degree of marketization, applying only to the CSRC can shorten the review process and accelerate market expansion [25]. - The scale of China's commercial real estate is huge, about 40 - 50 trillion yuan. Some enterprises are preparing for relevant application work, such as Fosun's progress in the independent listing plan of Sanya Atlantis through the REITs model [25]. 3.3 Pay Attention to the Institutional Connection - The overall institutional framework of commercial real estate REITs follows that of infrastructure public REITs. The "Request for Comments on Commercial REITs" is more concise in terms of the requirements for fund managers and custodians, fund manager responsibilities, and asset requirements. The asset sub - types in the "List of Industry Scope of Infrastructure Real Estate Investment Trusts (REITs) Projects (2025 Edition)" are more specific [26]. - Implementing a dual - track review system for infrastructure public REITs and commercial real estate REITs can provide more choices for issuers, improve review efficiency, and accelerate market expansion. The applicability of the expansion and recruitment mechanism and pilot tax policies in commercial REITs needs attention [27].

Investment Rating - The investment rating for the real estate industry is "Positive" (maintained) [3] Core Views - The report emphasizes that real estate is a crucial asset allocation and investment direction for Chinese households, and stabilizing housing prices is significant for facilitating economic circulation. The policy environment is expected to strengthen further, promoting high-quality development in the real estate sector [4][41] - The report highlights the potential for a wave of development in high-quality residential properties due to policy guidance and changes in supply-demand structure. Additionally, the sentiment in the Hong Kong private residential market is gradually recovering, indicating a new round of value reassessment for Hong Kong developers [4] Market Performance - The Shanghai Composite Index rose by 1.4%, the Shenzhen Component Index by 3.6%, the ChiNext Index by 4.5%, and the CSI 300 Index by 1.6%. The real estate sector (Shenwan) increased by 0.7% during the week [4][7] - The top five stocks in terms of growth were Wantong Development (+19.3%), *ST Nan Zhi (+12.6%), Xinhua Group (+10.5%), Zhangjiang Hi-Tech (+9.7%), and Tianbao Infrastructure (+9.2%). The bottom five were Huaxia Happiness (-14.9%), Jingji Zhino (-14.8%), Vanke A (-11.2%), Hefei Urban Construction (-9.8%), and Jindi Group (-6.2%) [4][7] New Housing Transactions - In the week of November 22-28, new housing transactions in 42 key cities totaled 2.06 million square meters, a week-on-week increase of 9.8% but a year-on-year decrease of 51.1% [11] - For November (up to the week of November 28), new housing transactions in 42 key cities totaled 7.24 million square meters, a month-on-month increase of 0.8% but a year-on-year decrease of 43.1% [15] Second-Hand Housing Transactions - In the week of November 22-28, second-hand housing transactions in 21 key cities totaled 202,000 square meters, a week-on-week decrease of 0.6% and a year-on-year decrease of 18.5% [26] - For November (up to the week of November 28), second-hand housing transactions in 21 key cities totaled 8 million square meters, a month-on-month increase of 27.5% but a year-on-year decrease of 19.2% [31] Industry News - The China Securities Regulatory Commission (CSRC) has introduced a draft for the pilot program of commercial real estate investment trusts (REITs) to promote high-quality development in the REITs market and support the construction of a new model for real estate development [2][41] - Various local governments are implementing policies to enhance housing affordability and stimulate the real estate market, such as increasing the loan limits for purchasing high-quality residential properties in cities like Xuzhou and Changzhou [41] Company Announcements - Notable financing activities include China Merchants Shekou issuing bonds up to 5.04 billion yuan with a fixed interest rate of 1.77% for three years, and Poly Developments issuing medium-term notes with varying maturities and interest rates [44][45]