2025年是公募REITs（公开募集基础设施证券投资基金）迎来快速发展的一年。Wind数据显示，截至2025年12月中旬，我国公募REITs已发行产品达到近80 只，总市值突破2200亿元，资产类型涵盖园区、消费、交通、能源等十大领域，预计可带动新项目总投资超过1万亿元。 综观公募REITs二级市场全年的表现，呈现鲜明的"先扬后抑"特征。上半年受益于低利率与"资产荒"行情，中证REITs全收益指数累计涨幅达14.2%；下半年 受长端利率上行、解禁压力等因素影响，又出现明显回调。一级市场发行方面，资产扩容与机制完善成为核心驱动力，全年诞生了首批数据中心REITs、首 单市政基础设施REIT等多个标杆项目。 展望2026年，公募REITs市场将迎来规模与质量的双重提升。专业投资机构怎么看待明年的景气度？又会推荐怎样的配置方案？《每日经济新闻》记者就此 采访了多家公募基金和第三方机构。 2025年消费类REITs表现亮眼，产业园区REITs承压 华西证券数据显示，截至2025年11月末，我国基础设施公募REITs已经发行78只，共发售基金2095亿元，资产类型涉及园区、消费、交通、能源、生态环 保、水利、仓储物流、 ...

每经记者｜李蕾 每经编辑｜叶峰 2025年是公募REITs（公开募集基础设施证券投资基金）迎来快速发展的一年。Wind数据显示，截至2025年12月中旬，我国公募REITs已发行产品达到近80 只，总市值突破2200亿元，资产类型涵盖园区、消费、交通、能源等十大领域，预计可带动新项目总投资超过1万亿元。 综观公募REITs二级市场全年的表现，呈现鲜明的"先扬后抑"特征。上半年受益于低利率与"资产荒"行情，中证REITs全收益指数累计涨幅达14.2%；下半年 受长端利率上行、解禁压力等因素影响，又出现明显回调。一级市场发行方面，资产扩容与机制完善成为核心驱动力，全年诞生了首批数据中心REITs、首 单市政基础设施REIT等多个标杆项目。 展望2026年，公募REITs市场将迎来规模与质量的双重提升。专业投资机构怎么看待明年的景气度？又会推荐怎样的配置方案？《每日经济新闻》记者就此 采访了多家公募基金和第三方机构。 2025年消费类REITs表现亮眼，产业园区REITs承压 华西证券数据显示，截至2025年11月末，我国基础设施公募REITs已经发行78只，共发售基金2095亿元，资产类型涉及园区、消费、交通、能 ...

2025年是公募REITs迎来快速发展的一年。数据显示，2025年内（截至12月中旬），我国公募REITs已 发行产品达到近80只，总市值突破2200亿元，资产类型涵盖园区、消费、交通、能源等十大领域，预计 可带动新项目总投资超过1万亿元。 消费类REITs表现亮眼 华西证券（002926）数据显示，截至2025年11月末，我国基础设施公募REITs已经发行超70只，共发售 基金2095亿元，资产类型涉及园区、消费、交通、能源、生态环保、水利、仓储物流、租赁住房、市政 设施和新型设施十大类，总市值约2223亿元，已突破2200亿元大关。 记者查阅数据发现，截至2025年12月10日，全市场已上市的77只基础设施公募REITs产品中，年内二级 市场上涨的有61只，占总数的近80%；下跌的有16只，占总数的约20%。 从涨幅上看，2025年内（截至12月10日，下同）涨幅超过20%的基础设施公募REITs共有25只，其中超 过30%的有15只，超过50%的也有2只，其中二级市场涨幅最大的产品为易方达华威市场REIT。 该基金2025年1月底上市，是国内首单以农贸市场为底层资产的消费基础设施REITs产品。2025 ...

Investment Rating - The industry investment rating is maintained at "Outperform the Market" [7] Core Viewpoints - The REITs market in China has shown signs of cooling, with the CSI REITs Index down by 3.8% in September-October, underperforming other asset classes such as equity indices and gold [2][21] - The recent weakness in the REITs market is attributed to high previous valuations, capital being diverted to better-performing assets, and disappointing cash flow recovery in certain sectors [2][21] - The second public heating REIT in Shanxi has been submitted for approval, highlighting its resource and location advantages, stable revenue sources, and a reasonable pricing model [4][45] Summary by Sections REITs Market and Asset Comparison - The overall REITs market has experienced a downturn, with the average turnover rate at 0.44%, which is 65% of the annual average [2][18] - The CSI REITs Index has underperformed compared to other major indices, with a cumulative decline of 2.3% [13][21] - The market is facing pressure from rising government bond yields, which compress the yield spread of REITs [21][22] Sector Performance - The IDC sector shows high trading activity, while sectors linked to economic recovery, such as logistics and consumption, are under pressure [23][24] - Defensive sectors like affordable rental housing and environmental services have demonstrated strong anti-drawdown characteristics [23][24] - The highest trading volumes in September-October were seen in highways, industrial parks, and affordable rental housing, with respective average transaction volume shares of 21.8%, 17.1%, and 14.3% [25][36] Monthly Special: Shanxi Heating REIT - The Shanxi heating REIT is notable for its low heat source costs and stable pricing, benefiting from the region's energy advantages [4][45][46] - The pricing model includes a two-part fee structure that allows for effective recovery of fixed costs [52][55] - The project has a high proportion of residential users, ensuring stable and diversified revenue [58][63] Market Dynamics - The National Development and Reform Commission has issued a document supporting the expansion of the REITs market, indicating a favorable policy environment [5][64] - Recent project dynamics show several REITs in various stages of approval, indicating ongoing market activity [68] Investment Recommendations - The current REITs market presents both opportunities and risks, with a focus on stable cash flow assets in the defensive sector [6][69] - It is recommended to explore undervalued sectors such as logistics and industrial parks for potential rebounds, given their low valuations and high yield spreads [70][71]

Group 1 - The public REITs market in China has seen a surge in new fund launches, with 19 new public REITs issued this year, and the total initial issuance scale expected to exceed 200 billion yuan [1] - Two recently launched REITs, Huaxia Zhonghai Commercial REIT and CITIC JianTou Shenyang International Software Park REIT, sold out their public offering in one day, leading to an early end of fundraising and a proportional allocation [1] - The effective subscription confirmation ratios for the two REITs were notably high, with Huaxia Zhonghai Commercial REIT seeing a public investor subscription ratio of 0.2763% and an institutional investor ratio of 0.312%, resulting in effective subscription multiples of 361.9 times and 320.5 times respectively [1] Group 2 - The performance of listed REITs has shown some divergence, with the CSI REITs Total Return Index declining recently, despite a year-to-date increase of 7.36% [2] - The best-performing REIT this year is E Fund Huawai Agricultural Market REIT, which has seen returns exceeding 75% [2] - There are 10 REITs that have reported negative returns this year, with Zhongjin Hubei Keti Guanggu REIT down nearly 18% and Dongwu Suyuan Industrial REIT down nearly 7% [2]