近年来，一系列的政策"组合拳"有效激活了消费市场活力，推动我国消费规模稳步攀升，消费结构持续优化。新的政策导向落地到具体业态也推动了新的思 考。例如，当前无论是购物中心还是传统商超，在打造消费新模式的过程中，都面临着租赁结构与业态结构的优化等难点。如何匹配运营管理成本，解决持 续发展所需融资的"后顾之忧"，同时提升管理能力与品质，激发消费新活力，是社区商业发展需要思考的核心要点。 要发展则意味着要有资金，2023年末，消费REITs应运而生，它为传统商超提供权益性资金，无需偿还本金和支付利息，可以帮助实体企业更好地专注发展 与服务。作为国内首只由民营企业发起、具有商超零售业态的社区商业型消费类公募REITs项目，也是北京市首单消费类公募REITs试点项目——嘉实物美 消费封闭式基础设施证券投资基金（以下简称"嘉实物美消费REIT"）于2024年3月正式上市。 据悉，嘉实物美消费REIT的基础设施资产（即底层资产）来自北京市西城区、丰台区、海淀区的4个项目——德胜门项目、大成项目、玉蜓桥项目、华天项 目，建筑规模合计约为7.79万平方米，主要租户为超市及其他商户，收入来源包括经营租赁收入、物业管理费收入和其他收 ...

Core Insights - The article discusses the emergence of consumption REITs in China, particularly focusing on the launch of the first community commercial consumption REIT, the "Jia Shi Wu Mei Consumption REIT," which aims to provide equity funding to traditional supermarkets without the need for repayment of principal or interest [1][2]. Group 1: Market Dynamics - Recent policy measures have effectively activated consumer market vitality, leading to a steady increase in consumption scale and continuous optimization of consumption structure [1]. - The Jia Shi Wu Mei Consumption REIT has a total asset base of approximately 77,900 square meters, with major tenants being supermarkets and other merchants, generating income from operating leases, property management fees, and other sources [2]. Group 2: Financial Performance - Since its listing, the Jia Shi Wu Mei Consumption REIT has distributed dividends twice, totaling 61.36 million yuan, with a per-unit dividend of 0.1534 yuan. As of July 11, 2025, the cumulative growth rate after dividend adjustment is 92.66% [2]. - The fund raised approximately 953 million yuan, with a net recovery of about 466 million yuan, of which 85% is allocated to new investment projects aimed at digital transformation [2]. Group 3: Operational Strategy - The REIT model supports the original equity holders by providing equity-type funding, which is fundamentally different from traditional debt financing, allowing for a focus on business development and service enhancement [9]. - Funds recovered from the REIT are primarily used for digital upgrades in stores, including the implementation of electronic price tags and overall supply chain adjustments [9][10]. Group 4: Asset Selection and Management - The selection of underlying assets focuses on community commercial properties, which are closely related to daily life and exhibit strong resilience, with a typical service radius of one to two kilometers [6]. - The asset selection criteria include location, operational stability, and profitability, with a mix of new and old projects to balance the portfolio [8]. Group 5: Future Prospects - The REIT aims to explore cross-regional expansion and asset acquisition in major cities, including Beijing, Shanghai, and Shenzhen, while considering the unique challenges of managing assets in different regions [13]. - The consumption REITs are expected to enhance property management value creation through continuous upgrades and effective incentive mechanisms for management teams [15].