证券研究报告 商业不动产REITs可期，基础设施新增"商办城改" ——2025年公募REITs市场11月报 证券分析师：彭文玉 A0230517080001 朱敏 A0230524050004 任奕璇 A0230525050002 联系人: 任奕璇 A0230525050002 2025.12.02 摘要 www.swsresearch.com 2 ◼ 商业不动产REITs可期，基础设施REITs再迎扩容。11月28日，中国证监会发布《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（征求意见稿）》，我国未来将形成基础设施+商业不动产的公募REITs体系，规则多处强调"重 运营，轻资产"模式且要求盈利稳定性。12月1日，国家发改委发布《基础设施领域不动产投资信托基金（REITs）项 目行业范围清单（2025年版）》，特定领域资产再次强调发起人应开发与运营端隔离，消费类增加体育场、四星级及 以上酒店，以及商业办公、城市更新两大类，新增类型的权属关系更复杂；本次基础设施新增领域与传统商业地产板块 略有重叠，详细资产分类或定义或有待进一步确定。 ◼ 指数延续震荡整理，市场流动性持续改善。自10月下旬起中证REI ...

Investment Rating - The report maintains a recommendation for the commercial real estate REITs sector, indicating a positive outlook for the industry [4]. Core Insights - The introduction of commercial real estate REITs marks an expansion of the public REITs market in China, moving from infrastructure to commercial real estate, thus enriching the market categories [2][3]. - The asset types within commercial real estate REITs include office buildings and hotels, which are new additions, while also overlapping with existing infrastructure REITs in areas like commercial complexes and retail [3]. - Regulatory oversight for commercial real estate REITs is expected to be led by the China Securities Regulatory Commission (CSRC), potentially allowing for more flexible review processes regarding asset functionality and compliance [16][17]. Summary by Sections Industry Overview - The commercial real estate REITs will provide a new exit tool for real estate developers, facilitating a transition from development to asset management [17]. - The report identifies three potential beneficiary directions within the equity market: companies with substantial office and hotel assets, private enterprises with strong operational capabilities, and firms with abundant asset reserves [17]. Market Dynamics - The total market capitalization for public REITs is reported at 219.89 billion yuan [4]. - The report highlights the performance of the REITs index, showing a 12.1% increase over 12 months, despite a -0.9% decline over the past month [6]. Regulatory Environment - The CSRC's role in overseeing commercial real estate REITs suggests a streamlined approval process, which may enhance the operational efficiency of these funds [16]. - The report compares the regulatory frameworks of commercial real estate REITs and infrastructure REITs, noting differences in oversight and application processes [16][17].