新华财经北京1月5日电 新华财经从第一创业证券股份有限公司（以下简称"第一创业证券"）获悉，其 全资子公司第一创业证券承销保荐有限责任公司（简称"一创投行"）近日正式获得银行间债券市场非金 融企业债务融资工具主承销商资格。 在股权融资领域，一创投行保荐承销的云星宇北京证券交易所IPO项目，成为北京市属国企在北交所上 市的第一例。在创新融资工具运用方面，第一创业证券积极通过资产证券化（ABS）和基础设施公募 REITs助力盘活存量资产。例如，2025年7月，第一创业证券及控股子公司创金合信基金担任双管理 人，助力首农食品集团公募REITs成功发行上市，募集资金36.85亿元，该项目被视作盘活市属国企存量 资产、服务北京国际科技创新中心建设的标志性案例之一。此外，在并购重组领域，一创投行已组建专 业团队，积极关注并参与首都国企的产业整合。 近年来，一创投行债券承销业务规模与市场排名呈现快速上升态势。数据显示，2024年，其信用类债券 总承销规模排名进入全行业前30名，承销金额达262.50亿元，为2023年的2.1倍；2025年，该项业务排名 进一步跻身行业前25名，承销金额增至410.83亿元，同比增幅达56. ...

新华财经上海12月30日电 2025年，国内公募REITs市场在政策东风与资本青睐的"呵护"背景下稳步前 行，呈现出三大鲜明的阶段性特征。 就规模维度来看，2025年1月至12月29日，我国基础设施公募REITs一级市场的首发项目共20单，募集 资金规模434.50 亿元（首发407.81亿元、扩募26.69亿元）；截至12月29日，已上市公募REITs产品数量 增至78只，累计发行规模约2017.50 亿元，另有多只REITs处于待上市状态，后续增量空间可观。 值得注意的是，尽管2025年的发行节奏较2024年有所放缓（2024年累计发行29只，规模655.17亿元）， 但扩募机制的常态化运行有效补充了市场增量。 记者还观察到，在公募REITs规模扩张的同时，市场特征愈发鲜明。其一，是资产类型获得了突破性拓 展——数字基础设施、城市更新等新领域相继落地。2025年，市场中出现了多个"首单"项目，包括首批 两单数据中心REIT（南方万国数据中心REIT和南方润泽科技数据中心REIT）、首单供热管网REIT—— 国泰君安济南能源供热REIT、首单城市更新产业园REIT——华夏金隅制造工场REIT等，这标志着公募 ...

截至2025年12月29日收盘，三峡能源(600905)报收于4.11元，下跌0.48%，换手率0.25%，成交量72.57万 手，成交额2.99亿元。 当日关注点 交易信息汇总 资金流向 12月29日主力资金净流出1536.08万元，占总成交额5.13%；游资资金净流入1148.2万元，占总成交额 3.84%；散户资金净流入387.88万元，占总成交额1.3%。 公司公告汇总 中国三峡新能源（集团）股份有限公司关于基础设施公募REITs申报发行工作进展的公告 中国三峡新能源（集团）股份有限公司于2025年8月6日召开董事会，审议通过以子公司持有的大连庄河 Ⅲ海上风电项目为底层资产发行基础设施公募REITs的议案。该项目已于2025年12月26日向中国证监会 和上海证券交易所提交申请并获正式受理。目前项目尚处申报阶段，需经监管机构审核同意，存在不确 定性。公司将持续完善材料并履行信息披露义务。 以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成 投资建议。 来自交易信息汇总：12月29日主力资金净流出1536.08万元，占总成交额5.13%。 来自 ...

三峡能源公告称，截至目前该项目仍处于申报阶段，尚需获得中国证监会和上海证券交易所的审核同 意，存在不确定性。公司将及时关注政策动向，积极与监管机构保持密切沟通，不断完善申报发行材 料，严格按照法律法规的规定与要求及时履行信息披露义务。敬请广大投资者注意风险，谨慎投资。 （编辑 张昕） 本报讯 （记者贺王娟）12月29日晚间，中国三峡新能源（集团）股份有限公司（以下简称"三峡能 源"）公告，公司以全资子公司三峡新能源大连发电有限公司所持有的大连庄河Ⅲ海上风电项目为底层 资产发行基础设施公募REITs项目已向中国证券监督管理委员会（以下简称"中国证监会"）和上海证券 交易所提交了申请文件，并于2025年12月26日获正式受理。 ...

格隆汇12月8日丨北部湾港(000582.SZ)公布，为积极响应国家政策号召，进一步拓宽公司融资渠道，打 造上市公司"双轮驱动"发展模式，提升市值表现，提高资产运营效率，形成良性投融资循环，北部湾港 股份有限公司拟以全资子公司北部湾港北海码头有限公司（简称北海码头）持有的、位于广西壮族自治 区北海市铁山港区的铁山港西港区北暮作业区1#、2#泊位（简称基础设施项目或北暮1#、2#泊位）作为 底层资产，开展公开募集北部湾港港口基础设施领域不动产投资信托基金（简称基础设施公募REITs） 的申报、注册、发行工作。 ...

嘉泽新能公告，公司于2025年12月8日召开三届四十六次董事会，审议通过了《关于调整基础设施公募 REITs申报发行方案的议案》。原项目方案为公司作为发起人、宁夏嘉盈新能源控股有限公司作为原始 权益人，以宁夏泽恺新能源有限公司持有的宁夏泽恺三道山150MW风力发电项目作为底层基础设施项 目开展基础设施公募REITs项目。现调整为以宁夏博疆新能源有限公司持有的宁夏国博新能源同心焦家 畔风电项目和宁夏国博新农村风电项目共同作为底层基础设施项目申请发行基础设施公募REITs。 ...

Group 1: Report Industry Investment Rating - There is no information about the report industry investment rating in the provided content. Group 2: Core Views of the Report - REITs are investment funds that pool capital through issuing shares or beneficiary certificates, with funds managed by specialized institutions and returns distributed to investors. Originating in the US in the 1960s, they have since expanded globally, providing ordinary investors access to the real - estate market [4]. - China's REITs market, initiated in 2014 with the first quasi - REITs product, has developed a multi - level market including Pre - REITs, quasi - REITs, infrastructure public REITs, and hold - type real - estate ABS, offering diverse investment options and meeting the needs of both financiers and investors [2]. - These REITs products share commonalities in tax planning, capital weakening structures, and financial statement optimization, but also have significant differences in product positioning, categories, rating roles, investor types, and underlying asset types [49][57]. - Looking ahead, China's multi - level REITs market will continue to develop, with infrastructure public REITs expanding through the expansion mechanism, quasi - REITs maintaining their characteristics, and hold - type real - estate ABS filling market gaps [65]. Group 3: Summary by Directory 1. Introduction - REITs are investment funds that pool capital from investors, managed by specialized entities, and distribute returns proportionally. They originated in the US in the 1960s and have grown globally after the 1986 tax reform [4]. 2. China's Multi - level REITs Market (1) Pre - REITs Products - Pre - REITs target infrastructure/real - estate assets that are not yet eligible for public or quasi - REITs but have potential for future development. They use private investment vehicles and aim to exit through public REITs or quasi - REITs [5]. - The development of Pre - REITs is driven by the strict entry requirements of public and quasi - REITs. For example, public REITs have requirements on asset ownership, cash - flow stability, and operator creditworthiness [6]. - The Huaxi Zhangjiang Guangdayuan project is a successful case where Pre - REITs achieved exit through public REITs. During the incubation period, the project adjusted tenant structure and increased revenue to meet public REITs requirements [8][9]. (2) Quasi - REITs Products - As of September 2025, 309 quasi - REITs worth 608.977 billion yuan were issued in China. They are important in the ABS market, with a common dual - SPV structure and can be classified into equity - biased and debt - biased types [14]. - The dual - SPV structure involves an asset - backed special plan and a private fund/trust. For projects with existing debt, the private fund acquires project company equity and repays the debt; for projects without debt, an additional SPV is introduced [15][19]. - Equity - biased and debt - biased quasi - REITs differ in product term, repayment method, LTV, location, and credit enhancement measures [21][24]. (3) Hold - type Real - estate ABS - Hold - type real - estate ABS fills the gap between quasi - REITs and infrastructure public REITs, targeting projects that do not meet public REITs criteria but can operate independently of the issuer's credit. As of September 2025, 14 such products worth 2.1381 billion yuan were listed [25][26]. - It emphasizes asset credit and equity attributes, with a simple transaction structure, long - term nature, and an open - exit mechanism. It also allows higher leverage and does not require mandatory credit rating [28][29]. (4) Infrastructure Public REITs - Since the launch of the first 9 infrastructure public REITs in 2021, as of September 2025, 75 public REITs have been listed in various infrastructure sectors [34]. - They adopt a "public fund + asset - backed security" dual - SPV structure, which inherits and develops from quasi - REITs. The public fund can invest 80% of its assets in infrastructure asset - backed securities and can borrow for project operations [35][36]. - The equity + debt structure can be constructed in multiple ways, including project company capital reduction, accounting policy adjustment, and deferred payment of equity transfer fees [37]. 3. Commonalities of Various REITs Products (1) Tax Planning - REITs product construction may incur additional tax costs, mainly during the real - estate restructuring phase. The state has issued policies to address major taxes such as land value - added tax, VAT, and corporate income tax [49][50]. (2) Capital Weakening Structure - REITs products use an equity + debt structure to achieve capital weakening and take advantage of tax shields. However, there are regulatory limits on the debt - to - equity ratio [54]. (3) Financial Statement Optimization - All REITs products have the potential to optimize financial statements. Quasi - REITs can use off - balance - sheet and on - balance - sheet arrangements, while hold - type real - estate ABS and infrastructure public REITs can reduce leverage through asset sales [56]. 4. Differences among Various REITs Products (1) Product Positioning - Pre - REITs are non - standard products, acting as a "reservoir" for public REITs. Quasi - REITs are standardized fixed - income products, and hold - type real - estate ABS can avoid the high entry barriers of public REITs [58]. (2) Product Categories - Quasi - REITs are divided into equity - biased and debt - biased types. Hold - type real - estate ABS can be evaluated based on cash - flow stability, and infrastructure public REITs are divided into property - right and franchise - right types [59]. (3) Rating Roles - Pre - REITs and infrastructure public REITs do not require rating agencies. Quasi - REITs need credit ratings, while hold - type real - estate ABS can have investment ratings at investors' request [60]. (4) Investor Types - Pre - REITs are suitable for institutional investors with industrial backgrounds. Quasi - REITs are for investors seeking fixed income. Hold - type real - estate ABS attracts long - term institutional investors, and infrastructure public REITs have a diverse investor base [61]. (5) Underlying Asset Types - Pre - REITs' underlying assets are similar to those of infrastructure public REITs but are less mature. Quasi - REITs have a wide range of underlying assets, while hold - type real - estate ABS and infrastructure public REITs have more specific requirements [62]. 5. Summary and Outlook - China has established a closed - loop REITs business model, covering fixed - income and equity products, which meets the needs of market participants and is a financial innovation within the existing legal framework [64]. - In the future, infrastructure public REITs will grow through expansion, quasi - REITs will maintain their position, and hold - type real - estate ABS will fill market gaps [65].

Group 1 - The core viewpoint of the news is the successful establishment of the first holding-type real estate asset-backed securities (ABS) in Southwest China by CITIC Securities and Sichuan Energy Development, marking a significant innovation in the financial market [1] - The Shenzhen Stock Exchange has been actively promoting innovation in the bond market, including the issuance of specialized products like science and technology bonds and green bonds, which have seen significant growth in issuance amounts [2][4] - As of October 2025, the Shenzhen Stock Exchange has issued 1,225 billion yuan in science and technology bonds and 429 billion yuan in green bonds, representing year-on-year growth of 37% and 54% respectively, effectively directing funds to key national support areas [2] Group 2 - The Shenzhen Stock Exchange has listed REITs covering diverse infrastructure types, raising a total of 638 billion yuan, and has introduced innovative ABS products, cumulatively issuing 8,462 billion yuan, which supports small and medium-sized enterprises [3] - The exchange is enhancing the secondary bond market by focusing on innovative products and improving liquidity support, which is crucial for long-term capital flow into key national support areas [4] - Future plans include strengthening the development of innovative bond market products and promoting the replication of successful projects to provide better financial tools for issuers and investors [5]

证券研究报告|固收研究报告 [Table_Date] 2025 年 12 月 5 日 [Table_Title] 2026，2200+亿 C-REITs 怎么配？ [Table_Title2] 2026 年投资展望系列之三 [Table_Summary] 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、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。 ►一级市场：继续常态化发行，新资产类型将逐步上线 2025 年，C-REITs 进入常态化申报、常态化发行的新阶段，相关部 门持续推动市场扩围扩容，拟推出商业综合体、商业零售、写字楼、酒店 等商业不动产 REITs。基础设施 REITs 项目行业范围清单（2025 年版） 也新增了商业办公设施、城市更新设施、体育场馆项目等，新资产类型 REITs 将陆续上市。 从发行节奏来看，2025 年 1-11 月共发行 20 只，规模 408 亿元，较 2024 年有所回落。从打新情绪来看，2025 年一级 ...

Core Viewpoint - The introduction of commercial real estate investment trusts (REITs) in China aims to revitalize the commercial property market and provide new financing avenues for enterprises, particularly in a challenging real estate environment [4][5]. Group 1: Expansion of Public REITs - The China Securities Regulatory Commission (CSRC) has released a draft for public consultation regarding the pilot launch of commercial real estate REITs, expanding the scope of public REITs to include commercial office facilities and urban renewal projects [4]. - The National Development and Reform Commission (NDRC) has also updated the industry scope for infrastructure REITs, adding categories such as sports venues and commercial complexes [4]. Group 2: Market Opportunities Amidst Challenges - The launch of commercial real estate REITs is seen as a response to the ongoing downward pressure in the real estate market, providing a mechanism to improve asset structures and facilitate a shift from "heavy development" to "heavy operation" for enterprises [5]. - The expansion of public REITs to include commercial real estate assets enriches the asset types available in the market, offering investors more choices [5]. Group 3: Regulatory Framework and Implementation - The overall regulatory framework for commercial real estate REITs will follow that of infrastructure public REITs, with simplified requirements for fund managers and custodians [6]. - The specifics regarding categories and review mechanisms are still pending further details from the CSRC, and a dual-track review system could enhance efficiency and flexibility in the market [6]. Group 4: Market Dynamics and Valuation - The secondary market for infrastructure public REITs is currently under pressure due to year-end product unlocks and increased supply expectations [8]. - Historical dividend yields for office and hotel REITs in Japan average around 4.0% and 3.7%, respectively, which are comparable to current yields of infrastructure public REITs, indicating that product valuation and operational quality will be critical for future investments [8].