中经记者 杜丽娟 北京报道 在流动性方面，市场活跃度显著增强，2025年全市场日均成交额达5.9亿元，较2024年同期的4.21亿元大 幅提升40%。 （编辑：朱会珊 审核：朱紫云 校对：燕郁霞） 中证鹏元研究院最新监测数据显示，2025年我国公募REITs市场走势呈现倒V型，先涨后跌，指数年内 最高涨幅达16%，临近2025年12月底，累计跌幅回调至2%左右。从板块来看，消费基础设施REITs领涨 市场，除了个别项目与年初持平，其余年内涨幅达18%—40%。 在市场持续扩容方面，2025年全年共新发行REITs产品22只，其中首发20只，发行规模为407.81亿元， 同时2单扩募项目，华夏北京保障房REIT扩募规模为9.46亿元，国泰海通临港创新产业园REIT扩募规模 为17.23亿元。 ...

对于"躺平"投资者将面临潜在损失的成因，华夏基金作出了详细解释。华夏基金表示，在配售完成后， 因配售价格通常低于市价，为公平对待新老投资者，将进行基金份额价格调整，或使基金份额价格相应 下降。若原持有人未参与配售或未足额参与，将直接承担因除权带来的损失。因此，投资者需要综合考 量本次扩募拟购入的资产质量、自身资金状况及对基金长期价值的判断，做出参与配售或卖出原先持有 份额的决策。若不参与配售，为规避除权损失，可以于权益登记日前卖出全部份额。 "决定扩募方式的因素较多，需要沟通各个环节，这也是我们首次尝试这一扩募方式。REITs投资者大部 分都是专业的投资者，此前已通过持有人大会向投资者通知，经过了大多数人表决同意。"华夏基金内 部人士表示。 据了解，公募REITs扩募主要有三种方式，一是公开扩募，二是向原持有人配售，三是向特定对象发售 即定向扩募，或组合使用不同扩募方式，例如优先向原持有人配售、剩余份额公开扩募等。 □本报记者 张舒琳 公募REITs扩募出现创新案例。12月8日至12月12日，华夏基金连续5次发布华夏基金华润有巢REIT的配 售提示性公告，反复提示投资者重点关注认购和缴款等内容。 华夏基金华润 ...

Core Viewpoint - The A-share market continues to strengthen, but public REITs with quasi-fixed income attributes have experienced a pullback, with five out of six completed public REITs trading at a discount compared to their expansion prices [1][2]. Group 1: Market Performance - Since the third quarter, the public REITs market has been in a state of fluctuation and pullback, with the CSI REITs Total Return Index dropping over 7% from a peak of 1124.91 points on June 23 to 1045.13 points on October 24 [2]. - Among the six public REITs that have completed expansion, five are currently trading at a discount, with an average discount rate of 12.34% [2]. Group 2: Discount Analysis - Specific REITs have shown significant discounts, such as Huazha Zhangjiang Industrial Park REIT at over 19%, and both CICC ProLogis REIT and Bosera Shekou Industrial Park REIT at over 17% [2]. - The discounts are attributed to the timing of the expansion, which occurred when the REITs market was at a high valuation, leading to a decline in market prices shortly after the expansions [2][4]. Group 3: Long-term Implications - While the short-term impact of discounts may affect market confidence, it is believed that this could lead to a return to value investing in the long run [4]. - The underlying assets' ability to generate stable cash flows and the establishment of effective price discovery and liquidity mechanisms are crucial for long-term market health [4]. Group 4: Investment Value - Current issues in the REITs market include a lack of significant positive changes in the underlying factors that previously drove valuations, such as declining interest rates [5]. - The absolute distribution rates of REITs have improved but still do not present a significant advantage compared to dividend stocks, indicating a need for positive changes on both the asset and parent company levels for price appreciation [5].