Investment Rating - The report maintains an "Overweight" rating for the real estate and property management sectors, indicating a positive outlook for the industry [2]. Core Insights - The initiation of commercial real estate REITs (Real Estate Investment Trusts) by the China Securities Regulatory Commission (CSRC) is expected to significantly enhance the development potential of commercial real estate in China, with a market space exceeding 10 trillion yuan [2]. - The planned commercial real estate REITs will complement existing infrastructure REITs, creating a comprehensive public REITs market in China, where the market capitalization of holding-type real estate and infrastructure assets accounts for approximately 60% and 40% globally [2]. - The pilot program for commercial real estate REITs aims to broaden the underlying asset base to include office buildings and hotels, thereby expanding the scope of asset revitalization [2]. - The establishment of a multi-tiered market for commercial real estate asset securitization will facilitate direct financing for enterprises, optimize capital structures, and provide new options for strategic transformation from developers to asset managers [2]. - The commercial real estate REITs are seen as a crucial vehicle for constructing a new development model in the real estate sector, emphasizing the operational and sustainable development of existing assets [2]. Summary by Sections Investment Opportunities - The report highlights two major opportunities: the elevation of housing policies and the favorable performance of quality commercial enterprises during a monetary easing cycle, which may lead to a revaluation of consumer-oriented commercial real estate assets [2]. - Recommended companies include: 1. Commercial Real Estate: China Resources Land, New Town Holdings, Kerry Properties, Longfor Group, with a focus on Swire Properties and New Town Development 2. Quality Housing Enterprises: Jianfa International, Binjiang Group, China Jinmao, Greentown China 3. Undervalued Recovery Enterprises: Jianfa Shares, China Merchants Shekou, Yuexiu Property, China Overseas Development, Poly Developments 4. Property Management: China Resources Vientiane, Greentown Services, China Merchants Jinling, Poly Property, China Overseas Property 5. Second-hand Housing Agencies: Beike-W, with a focus on I Love My Home [2]. Market Context - The report notes that while the real estate sector in China is expected to continue facing challenges, core cities are likely to stabilize sooner, indicating a potential turning point for the market [2].

2025 年 11 月 29 日 重程碑! REITs 即将迈入商业 新时代 公募 REITs 周度跟踪（2025.11.24-2025.11.28） 关注超跌吊种的博 市场承乐回语. 公募 REITs 周度跟踪 (2025.11.17-2025.11.21)》 025/11/22 《指数修复, 发改委支持民间项目发 公募 REITs 周度跟踪 T REITs- (2025.11.10-2025.11.14)》 2025/11/15 《沈软 REIT 上市破发，交投再度回 公募 REITs 周度跟踪 (2025.11.03-2025.11.07)》 2025/11/08 证券分析师 黄伟平 A0230524110002 huangwp@swsresearch.com 杨雪芳 A0230524120003 yanqxf@swsresearch.com 研究支持 曹璇 A0230125070001 caoxuan@swsresearch.com 联系人 曹璇 A0230125070001 caoxuan@swsresearch.com 请务必仔细阅读正文之后的各项信息披露与声明 申万宏源研究微信服务号 历经五年沉 ...