转自：智通财经 【证监会债券监管司：截至目前累计推动24只交通设施和仓储物流类项目发行REITs】智通财经12月25 日电，中国证监会债券监管司副司长黄建山25日在金融支持加快西部陆海新通道建设有关情况新闻发布 会上表示，截至目前累计推动24只交通设施和仓储物流类项目发行REITs，融资规模近1000亿元；其中 通道沿线省（区、市）相关企业发行上市13只REITs产品，融资规模超过300亿元。（新华财经） ...

为明确目标、找准问题、提出对策，推动REITs市场高质量发展，助力盘活存量资产和增强有效投资，我们近期通过现场 观摩、座谈、研讨等方式开展调研，广泛听取发行主体、市场机构、专家学者以及地方政府部门意见。本文结合境内 REITs试点成果经验及调研情况，对我国REITs市场现状和功能定位、影响高质量发展的问题及对策分析作了研究和探讨， 旨在为相关法规制定、政策完善及市场建设工作提供参考。 □ 中国证监会债券司司长 韩卓 中国证监会债券司法制小组负责人 姜洁 不动产投资信托基金（Real Estate Investment Trusts,简称"REITs"）是实现不动产资产证券化的重要手段，在国际资本市场 已有60多年的发展历史，是一种发展迅速、相对成熟的金融工具。境内REITs试点五年来，中国证监会在各方大力支持 下，已建立市场基本制度规则和监管架构，市场体系逐步完善，试点项目和相关制度安排经受住了市场检验，初步形成了 一定的规模效应和示范效应。2024年国务院发布的《关于加强监管防范风险推动资本市场高质量发展的若干意见》（国发 〔2024〕10号）提出，推动不动产投资信托基金（REITs）市场高质量发展。今年， ...

□ 中国证监会债券司司长 韩卓 中国证监会债券司法制小组负责人 姜洁 □ 我国REITs市场已取得初步成效，功能定位明确。境内REITs试点五年来，市场体系逐步完善，已形成 一定的规模效应和示范效应。截至2025年11月底，已累计上市REITs产品77只，总市值突破2200亿元 □ REITs市场高质量发展面临多重问题：内涵式发展动力不足、外延式发展空间待拓、法规体系尚需完 善等。具体表现为：部分产业方对REITs功能运用不充分、产融结合不足、激励机制不健全；市场供给 不足、部分项目整合困难；上位法适配度不足、监管规则效力层级较低、对产业方约束有待明晰等 □ 推动REITs市场高质量发展的对策建议：提高市场制度包容性，扩大REITs覆盖面，推动商业不动产 REITs试点；优化治理结构和激励机制，强化内生动力；强化法律责任和监管力度，压实原始权益人责 任；推动市场形态由"小而散"向"大而优"转型，支持打造龙头REITs平台，并加快建设多层次REITs市场 不动产投资信托基金（Real Estate Investment Trusts,简称"REITs"）是实现不动产资产证券化的重要手 段，在国际资本市场已有60 ...

Group 1 - The company *ST阳光 stated on December 4 that it currently does not have any REITs products issued [1]

格隆汇12月4日丨*ST阳光(000608.SZ)在投资者互动平台表示，公司目前没有发行REITs产品。 ...

Core Insights - The investment banking business of securities firms is experiencing a recovery, with net income reaching 252 billion yuan in the first three quarters of 2025, a year-on-year increase of 24% [1][2] - The IPO market is rebounding, with A-share and H-share IPOs growing by 61% and 237% respectively, while Hong Kong's IPO scale ranks first globally [1][2] - The industry is characterized by a "stable top tier and emerging mid-tier" dynamic, with the market share of the top five firms (CR5) increasing to 52% [2][3] Industry Performance - In the first three quarters of 2025, listed securities firms achieved a total investment banking net income of 251.5 billion yuan, a 23.5% increase year-on-year [2] - Major firms like CITIC Securities and CICC reported significant growth in net income, with increases ranging from 23.4% to 46.2% [2] - The concentration of investment banking business is rising, benefiting top firms more than smaller ones, with the CR5 market share up by 8 percentage points compared to 2024 [2] Future Outlook - The investment banking sector is expected to focus on hard technology, mergers and acquisitions, and green finance as key areas of growth in 2026 [1][3][4] - The A-share market is anticipated to maintain a steady expansion, particularly in the hard technology sector, due to ongoing reforms and increased IPO opportunities [3][4] - The Hong Kong market is expected to see continued high demand for listings from Chinese companies, supported by the A+H listing model [5][6] Strategic Initiatives - Firms are enhancing their organizational structures to improve collaboration and efficiency, focusing on sectors like hard technology and renewable energy [6][7] - Investment banks are actively expanding their presence in the Hong Kong IPO market, with firms like Huatai and Guolian Minsheng aiming to strengthen their competitive advantages through talent development and cross-border integration [7][8][9] - The implementation of supportive policies such as the "Six Merger Rules" and "Eight Science and Technology Innovation Board Rules" is driving market vitality and creating opportunities for investment banks [5][6]

Group 1 - The core viewpoint emphasizes the importance of developing direct financing through equity and bonds to optimize financing structure and reduce costs, thereby stimulating market vitality and enabling high-quality economic development [1][2] - Experts suggest that during the "14th Five-Year Plan" period, efforts should be made to increase the proportion of direct financing in social financing, promoting a dual-driven approach of equity and bonds to provide more flexible and diverse financing channels for enterprises [1][2] - The Chinese equity financing market is experiencing a new phase with the development of multi-tiered capital markets like the Sci-Tech Innovation Board, Growth Enterprise Market, and Beijing Stock Exchange, which offer inclusive and efficient financing platforms for various types of enterprises [1][2] Group 2 - There is a call for enhancing the inclusiveness of the capital market by deepening reforms in the Sci-Tech Innovation Board and Growth Enterprise Market, focusing on supporting innovative and specialized enterprises through capital market financing [2][3] - The construction of a favorable ecosystem is essential, with an emphasis on improving the professional service capabilities of intermediary institutions and establishing differentiated listing standards and valuation systems for technology enterprises [2][3] - The development of private equity and venture capital funds is encouraged to broaden the sources of patient capital and enhance capital circulation efficiency, particularly focusing on hard technology sectors [2][3] Group 3 - The bond market is recognized as a crucial component of direct financing, with suggestions to improve the multi-tiered bond market system and promote the development of technology and green bonds to better serve the real economy [3][4] - There is a focus on developing a multi-layered bond market framework to enhance market efficiency and safety, as well as to diversify bond products to meet various financing needs [3][4] - The promotion of green bonds is highlighted, with recommendations to establish standards for identifying and certifying green technologies to guide bond funds towards supporting low-carbon technology innovations [4][5] Group 4 - The synergy between equity and bond markets is seen as a way to optimize risk-sharing and financing structures, enabling high-risk startups to secure funding while helping mature companies reduce financing costs [4][5] - The exploration of more technology-themed bonds is anticipated, with efforts to facilitate financing for eligible enterprises through technology bonds to lower the cost of capital for technology innovation [4][5] - The development of real estate investment trusts (REITs) is encouraged, particularly in new infrastructure and technology innovation sectors, to promote asset revitalization and support the digital transformation of traditional infrastructure [5]

1. Market Performance - The CSI REITs Total Return Index closed at 1045.73 points this week (October 27 - 31, 2025), up 0.06% weekly, continuing last week's stabilization trend. The market fluctuated during the week, with a 0.44% drop on Monday, a cumulative 1.1% increase on Tuesday and Wednesday driven by the central bank's restart of treasury bond trading information, and a cumulative 0.59% retracement on Thursday and Friday after the concentrated disclosure of the third - quarter reports. From a monthly perspective, the total return index has declined for four consecutive months, and the market remains weak [1][9]. - This week, 49 REITs closed higher and 27 closed lower, and the trading activity of REITs increased. As of Friday, the total market value of 76 listed REITs in China reached 220.6 billion yuan, with a circulating market value of 110.4 billion yuan [2][9]. - In terms of major asset classes, although the overall performance of REITs was average this week, four types of REITs, including consumer facilities, rental housing, municipal environmental protection, and new - type facilities, showed obvious recovery and outperformed the Shanghai - Shenzhen 300, CSI 500, and CSI 1000. The Hang Seng Tech and SHFE Gold declined by more than 2.5% [12]. 2. Sector - by - Sector Analysis 2.1 Municipal Environmental Protection - The sector exceeded expectations, with better recovery in charging prices or processing volumes. As the heating season approaches, heating - related projects are worth attention. For example, the available distribution amount of the Fuguo Shouchuang Water Service REIT in the third quarter increased by 30.12% year - on - year, mainly due to better accounts receivable collection in the Shenzhen project than in the same period last year, an increase in sewage treatment volume by 1.23% year - on - year, and an increase in the average sewage treatment unit price by 7.05% year - on - year [16][20]. - The available distribution amount of the China Aviation Capital Shougang Green Energy REIT in the third quarter increased by 97.4% year - on - year, mainly due to the collection of garbage treatment fees by the Beijing Urban Management Commission, an increase in national subsidy payments compared with the same period last year, and an increase in the amount of domestic garbage treatment [21]. 2.2 Data Centers - The sector is strong under the AIDC intelligent computing power boom, and the computing power demand is expected to remain strong in the future. There are currently only 2 REITs in this sector. Although the projects have a single tenant and a long - term lease, the tenants are China's three major telecommunications operators, with high reliability. At current prices, the distribution rates of the two REITs are below 4%, and Runze Technology is slightly higher than Wan Guo [3][24]. 2.3 Consumer Facilities - The sector enters the performance sprint period at the end of the year. The performance in the third quarter was generally stable, and the annualized distribution rate in the third quarter ranged from 3.59% (Huaxia Huarun Commercial) to 5.53% (E Fund Huawai Market). It is recommended to focus on projects with high distribution rates, stable rental performance, and good consumption scenarios, such as E Fund Huawai Market, Huaan Bailian Consumption, Jashi Wumei Consumption, and Huaxia Shouchuang Outlets [26]. 2.4 Rental Housing - The sector's performance is stable, with a high occupancy rate. Multiple projects are in the process of expansion. The annualized distribution rate in the third quarter ranged from 2.69% (Red Clay Innovation Shenzhen Affordable Housing) to 4.02% (Huitianfu Shanghai Real Estate Rental Housing). After the bond market stabilizes, it can be the first choice for investment [32]. 2.5 Industrial Parks - The sector continued to face pressure in the third quarter, with the distribution rate ranging from 1.90% (Jianxin Zhongguancun) to 5.73% (Huaxia Hefei High - tech). The projects are significantly differentiated, and it is recommended to focus on park bonds with an occupancy rate starting with "9" [36]. 2.6 Warehousing and Logistics - The sector is still affected by the impact of new supply. Projects with a large proportion of related - party leases can resist certain demand competition. It is recommended to focus on Red Clay Innovation Yantian Port, Jashi JD Warehouse Infrastructure, and Southern SF Logistics, which have a relatively high proportion of related - party leases [47]. 2.7 Transportation Facilities - The sector is significantly affected by surrounding competing projects. The passenger and freight traffic of road assets in the eastern region has recovered better overall. It is recommended to focus on road assets in the eastern region [16][50]. 2.8 Energy - The sector's performance is generally under pressure due to factors such as wind, light, and water resources, as well as market - based trading and other pressures. Some projects have carried out factoring to ensure current dividends [16]. 3. Other Important News - This week, the REITs with relatively large increases were Cinda Principal Agricultural ( + 4.22%), Southern Wan Guo Data Center ( + 4.09%), and CICC Yinli Consumption ( + 3.85%); the REITs with relatively large decreases were Huaxia Hefei High - tech ( - 7.78%), China Merchants Science and Technology Innovation ( - 4.74%), and E Fund Guangzhou Development Industrial Park ( - 4.19%) [59]. - The trading activity of REITs increased this week, with the average daily trading volume of 618 million yuan, the average daily trading volume of 149 million shares, and the average daily turnover rate of 0.61%, with a month - on - month change of + 13.68%, + 18.74%, and + 0.09 percentage points respectively [63]. - There are 5 projects to be unlocked in November 2025, including CICC Liandong Science and Technology Innovation (2025/11/5, 39.09%), Yin Hua Shaoxing Raw Water and Water Conservancy (2025/11/8, 18.06%), Huatai Jiangsu Expressway Control (2025/11/15, 55%), China Merchants Expressway (2025/11/21, 55.78%), and CICC Anhui Expressway Control (2025/11/22, 37.29%). Attention should be paid to the potential trading pressure brought by the recent unlocking projects [2][65]. - As of October 31, 2025, there are about 4 - 5 potential REIT issuance projects remaining this year, including 1 project that has been issued but not yet listed, 1 project that is currently being issued, 7 projects that have received feedback from the exchange, 1 project that has been accepted by the exchange, and 1 project that has been declared to the exchange [70].

Core Insights - The article emphasizes the importance of avoiding foolish investments over seeking short-term high returns, suggesting that long-term success is achieved through careful decision-making and risk management [1] - The Chinese real estate market has experienced a significant upward cycle over the past four decades, but understanding shorter cycles is crucial for investment success [1] - The company has developed an investment model to navigate through cycles and achieve consistent compound returns, focusing on alternative real estate financial investments [1][2] Investment Strategy - The company has engaged with nearly one trillion yuan in cooperation demands, with substantial project evaluations leading to a balanced approach in project returns, risks, and liquidity [2] - Accurate predictions regarding the creditworthiness of listed real estate companies have allowed the company to avoid investment risks in stocks and credit bonds [3] - The investment strategy has evolved through a "real estate financial investment clock model," which categorizes market conditions and guides investment decisions based on asset and capital supply-demand relationships [4][5] Market Cycles - The investment clock model identifies four phases of market cycles, from initial demand gathering to peak and subsequent downturns, highlighting the importance of timing in investment decisions [5][6] - The model suggests that equity investments are optimal during market bottoms, while fixed-income investments are preferable at market peaks [7][12] - The company has maintained a cautious approach since 2020, focusing on net recovery and identifying opportunities in credit transactions amidst market uncertainties [8][9] Methodological Framework - The investment model is built on four pillars: macroeconomic cycle analysis, urban area selection, asset category selection, and management models [15] - The company emphasizes the importance of a robust management model that integrates risk control and long-term incentives to ensure sustainable investment outcomes [24][26] - The asset valuation and capital pricing model is critical for selecting quality assets and determining safe investment scales, utilizing a comprehensive approach to assess asset quality and management credibility [27][28] ESG Considerations - The investment model incorporates strong ESG principles, focusing on environmental sustainability, social responsibility, and effective governance [34][35] - The company aims to balance commercial interests with social benefits, promoting affordable housing and supporting small enterprises to stabilize market prices [35]

Core Viewpoint - The article emphasizes the importance of understanding the nuances of REITs (Real Estate Investment Trusts) products and their market dynamics, highlighting the potential investment opportunities and risks associated with them [2] Summary by Relevant Sections - **Market Overview** - The REITs market has shown significant growth, with total market capitalization reaching approximately 1 trillion yuan, indicating a robust investment landscape [2] - The article notes a year-on-year increase of 15% in the number of listed REITs, reflecting growing investor interest and market acceptance [2] - **Product Analysis** - Different types of REITs are discussed, including equity REITs and mortgage REITs, each with distinct risk-return profiles [2] - The article highlights that equity REITs have outperformed mortgage REITs in terms of returns over the past year, with average returns of 12% compared to 8% for mortgage REITs [2] - **Investment Strategies** - The article suggests that investors should consider diversification within REITs to mitigate risks, recommending a mix of different types of REITs based on individual risk tolerance [2] - It also advises on the importance of analyzing underlying asset quality and market conditions when selecting REITs for investment [2] - **Future Outlook** - The outlook for the REITs market remains positive, with expectations of continued growth driven by urbanization and increasing demand for real estate [2] - The article predicts a potential increase in regulatory support for REITs, which could further enhance their attractiveness as an investment vehicle [2]