同日，为了落实《公告》，进一步规范公开募集不动产投资信托基金（以下简称"不动产基金"）业务，健全业务规则体 系，上海证券交易所（以下简称"上交所"）修订形成了《上海证券交易所公开募集不动产投资信托基金（REITs）业务办法 （试行）》，深圳证券交易所（以下简称"深交所"）修订了《深圳证券交易所公开募集基础设施证券投资基金业务办法（试 行）》，并更名为《深圳证券交易所公开募集不动产投资信托基金业务办法（试行）》（以下统称为《不动产基金业务办 法》）。 本报记者 毛艺融 田鹏 2025年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试点的公告》（以下简称《公告》），明确了商业 不动产投资信托基金（以下简称"商业不动产REITs"）产品定义，提出了基金注册及运营管理、发挥基金管理人和专业机构作 用、强化监管责任等方面要求。 一是扩充业务办法适用范围。根据《公告》，将商业不动产REITs纳入《不动产基金业务办法》适用范围，调整相关表 述，包括将"基础设施基金""基础设施资产支持证券""基础设施项目"调整为"不动产基金""不动产资产支持证券""不动产项 目"等。 二是规范申请材料，提高审核效率。结合前期R ...

登录新浪财经APP 搜索【信披】查看更多考评等级 炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 记者丨崔文静 编辑丨包芳鸣 12月31日，中国资本市场迎来重要创新。中国证监会正式发布《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》），标志着市场期盼已久的商业不动产公募REITs试点规则完 成意见征集并最终落地，自公布之日起施行。 同时，沪深交易所、中国结算、证券业协会、基金业协会等单位的全套配套业务规则同步发布。这不仅 是我国公募REITs市场从基础设施领域向商业不动产领域的关键扩容，更意味着市场正式迈入"商业不动 产与基础设施REITs并行发展"的新阶段，一个更具广度、深度与活力的多层次REITs市场生态开始加速 构建。 历经近五年探索，我国基础设施REITs市场已稳步成长。截至2025年12月27日，已上市REITs产品达78 只，累计融资2099亿元，总市值2199亿元。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。坚实的实践基础、清晰的顶层设计指引与庞大的商业不动产盘活需求共 同催生了此次试点的正 ...

前期，中国证监会就《公告》向社会公开征求意见。各方对《公告》的基本思路和主要内容总体认可。 中国证监会对反馈意见逐条进行了认真研究，充分吸收合理意见。后续，中国证监会将做好《公告》落 地实施工作。 《公告》共八条，主要包括以下内容：一是产品定义，商业不动产REITs是指通过持有商业不动产以获 取稳定现金流并向基金份额持有人分配收益的封闭式公开募集证券投资基金。二是基金注册及运营管理 要求，明确基金管理人及基金托管人、尽职调查、申请材料、商业不动产等方面要求，以及基金管理人 的主动运营管理责任。三是发挥基金管理人和专业机构作用，压严压实责任，要求严格遵守执业规范和 监管要求。四是强化监管责任，明确各监管机构依法依规履行商业不动产REITs监管和风险监测处置等 职责。此外，商业不动产REITs其他有关事宜，参照《公开募集基础设施证券投资基金指引(试行)》有 关规定执行。 中新网12月31日电 据"证监会发布"微信公众号消息，为贯彻落实党中央、国务院决策部署和资本市场 新"国九条"要求，推动不动产投资信托基金(REITs)市场高质量发展，丰富资本市场投融资工具，支持 构建房地产发展新模式，持续增强多层次资本市场服务 ...

二是基金注册及运营管理要求，明确基金管理人及基金托管人、尽职调查、申请材料、商业不动产等方面要求，以及基金 管理人的主动运营管理责任。 三是发挥基金管理人和专业机构作用，压严压实责任，要求严格遵守执业规范和监管要求。 本报记者 吴晓璐 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》），自当日 起实施。 为贯彻落实党中央、国务院决策部署和资本市场新"国九条"要求，推动不动产投资信托基金（REITs）市场高质量发展， 丰富资本市场投融资工具，支持构建房地产发展新模式，持续增强多层次资本市场服务实体经济质效，中国证监会制定了《公 告》。 《公告》共八条，主要包括以下内容： 一是产品定义，商业不动产REITs是指通过持有商业不动产以获取稳定现金流并向基金份额持有人分配收益的封闭式公开 募集证券投资基金。 四是强化监管责任，明确各监管机构依法依规履行商业不动产REITs监管和风险监测处置等职责。此外，商业不动产REITs 其他有关事宜，参照《公开募集基础设施证券投资基金指引（试行）》有关规定执行。 前期，中国证监会就《公告》向社会公开征求意见。各方对《公告》的基本思 ...

《公告》共八条，主要包括以下内容：一是产品定义，商业不动产REITs是指通 过持有商业不动产以获取稳定现金流并向基金份额持有人分配收益的封闭式公开募集 证券投资基金。二是基金注册及运营管理要求，明确基金管理人及基金托管人、尽职 调查、申请材料、商业不动产等方面要求，以及基金管理人的主动运营管理责任。三 是发挥基金管理人和专业机构作用，压严压实责任，要求严格遵守执业规范和监管要 求。四是强化监管责任，明确各监管机构依法依规履行商业不动产REITs监管和风险 监测处置等职责。此外，商业不动产REITs其他有关事宜，参照《公开募集基础设施 证券投资基金指引（试行）》有关规定执行。 最大 are and 回發現場 前期，中国证监会就《公告》向社会公开征求意见。各方对《公告》的基本思路 和主要内容总体认可。 中国 证监会对反馈意见逐条进行了认真研究，充分吸收合理意 见。后续， 中国 证监会将做好《公告》落地实施工作。 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》全 文可点击 "阅读原文" 。 为贯彻落实党中央、国务院决策部署和资本市场新"国九条"要求，推动不动产投 资信托基金（REITs）市场高 ...

Investment Rating - The report does not provide a specific investment rating for the industry [2] Core Insights - The report highlights the transition of China's public REITs market from a "single track" focused on infrastructure to a "dual track" model that includes both infrastructure and commercial real estate, marking a new phase of development [5][7] - The introduction of commercial real estate REITs is seen as a necessary step to address the lack of quality investment targets in the market, which has been a shortcoming in its further development [5][7] - The potential market size for commercial real estate REITs is estimated to be between 800 billion to 1.5 trillion yuan, based on the securitization rate of 2%-3% applied to the total value of commercial real estate [7][11] Summary by Sections Market Overview - As of November 28, 2025, there are 77 listed REITs in the market with a total market capitalization of approximately 2,198.85 billion yuan and a circulating market value of 1,174.50 billion yuan [2][11] - The report indicates that the REITs market has developed a stable operational framework, with a total fundraising amount exceeding 2,070 billion yuan [11] Regulatory Framework - The China Securities Regulatory Commission (CSRC) has issued guidelines for the establishment of commercial real estate REITs, which include requirements for fund management, due diligence, and compliance with regulatory standards [8][12] - The guidelines emphasize the importance of clear ownership, compliance with legal procedures, and the generation of stable cash flows from the underlying assets [9][10] Investment Opportunities - The report suggests that the introduction of commercial real estate REITs will enhance the capital market's ability to serve the real economy, particularly in revitalizing existing commercial real estate assets [5][11] - It is recommended that investors pay attention to new investment opportunities arising from macroeconomic conditions, policy environments, and improvements in the operational fundamentals of infrastructure assets [5][7]

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has released a draft announcement regarding the pilot program for commercial real estate investment trusts (REITs), aiming to enrich capital market financing tools and support a new model for real estate development [1][2]. Group 1: Regulatory Framework - The announcement outlines the registration and operational management requirements for commercial real estate REITs, including responsibilities of fund managers and professional institutions [1]. - Fund managers are required to conduct comprehensive due diligence on the commercial properties they intend to hold and must submit registration application materials to the CSRC [2]. - The commercial properties must align with national strategies, development plans, and industry policies, ensuring clear ownership and stable cash flow [2]. Group 2: Market Development - After five years of exploration, the REITs market has developed steadily, with 77 listed REITs raising a total of 207 billion yuan and a total market value of 220.1 billion yuan as of November 27 [3]. - The CSI REITs total return index has increased by 22.46% since the beginning of 2024, indicating that REITs are becoming an important asset class for investment [3]. - The CSRC emphasizes the need to leverage international experience while adapting to domestic conditions to enhance the functionality of REITs and support the real estate sector [3].

Core Viewpoint - The launch of the pilot program for commercial real estate investment trusts (REITs) in China marks a significant expansion of the domestic REITs market, aimed at stabilizing the economy and transforming the real estate industry [1][2][3]. Group 1: Regulatory Framework - The announcement outlines requirements for fund registration and operation management, including responsibilities for fund managers and custodians, due diligence, and application materials [2]. - It emphasizes the importance of strict compliance with professional standards and regulatory requirements by fund managers and professional institutions [2]. - Regulatory responsibilities are clarified, with various regulatory bodies tasked with overseeing commercial real estate REITs and risk monitoring [2]. Group 2: Economic Impact - Commercial real estate REITs are expected to stabilize the real estate market and the economy, with the current stock of commercial real estate in China valued at 40 trillion yuan [3]. - The issuance of commercial real estate REITs can effectively activate existing assets and promote consumption and investment [3]. - The introduction of commercial real estate REITs is seen as a step towards the transformation and upgrading of the commercial real estate industry, moving from high-intensity development to refined asset management [3]. Group 3: Market Development - As of November 28, 2025, there are 77 REITs listed in the market, raising over 200 billion yuan, with a total market capitalization of approximately 220 billion yuan, covering various asset types [4]. - The Shenzhen Stock Exchange has launched multiple REITs projects in sectors such as natural gas power generation and data centers, contributing to the diversification of asset types [5]. - The Shenzhen Stock Exchange is actively promoting the pilot program for commercial real estate REITs, with ongoing efforts to optimize supporting regulations and enhance the quality of capital market services for the real economy [5].

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has drafted an announcement regarding the pilot launch of Commercial Real Estate Investment Trusts (REITs) and is seeking public feedback on the proposal [1] Group 1: Product Definition - Commercial Real Estate REITs are defined as closed-end publicly offered securities investment funds that acquire commercial real estate to generate stable cash flows and distribute profits to fund shareholders [1] Group 2: Fund Registration and Management Requirements - The announcement outlines requirements for fund registration and operational management, including stipulations for fund managers, custodians, due diligence, application materials, and commercial real estate [1] Group 3: Role of Fund Managers and Professional Institutions - The proposal emphasizes the importance of fund managers and professional institutions, mandating strict adherence to professional standards and regulatory requirements [1] Group 4: Strengthening Regulatory Responsibilities - The announcement clarifies the responsibilities of various regulatory bodies in overseeing Commercial Real Estate REITs, including risk monitoring and management [1] Group 5: Reference to Existing Guidelines - Other matters related to Commercial Real Estate REITs will follow the guidelines set forth in the "Guidelines for Publicly Offered Infrastructure Securities Investment Funds (Trial)" [1]

Core Viewpoint - The China Securities Regulatory Commission (CSRC) announced on November 28 the draft announcement for the pilot program of commercial real estate investment trusts (REITs) to promote high-quality development in the REITs market and enhance the service efficiency of the multi-level capital market for the real economy [1] Group 1: Product Definition - Commercial real estate REITs are defined as closed-end publicly raised securities investment funds that hold commercial real estate to obtain stable cash flow and distribute profits to fund shareholders [1] Group 2: Fund Registration and Management Requirements - The announcement outlines requirements for fund managers and custodians, due diligence, application materials, and commercial real estate, emphasizing the active operational management responsibilities of fund managers [1] Group 3: Role of Fund Managers and Professional Institutions - The announcement stresses the importance of fund managers and professional institutions, mandating strict adherence to professional norms and regulatory requirements [1] Group 4: Strengthening Regulatory Responsibilities - It clarifies the responsibilities of various regulatory bodies to perform their duties in accordance with laws and regulations regarding the supervision and risk monitoring of commercial real estate REITs [1]