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2025年7月
基础设施公募REITs的“中国特色”
——制度设计、估值机制与服务路径
基础设施REITs的“中国特色”――制度设计、估值机制与服务路径
目录
01中国基础设施公募REITs的独到之处
1.1“基础设施属性”底色鲜明·······························································05
1.2产权型与经营收益权型并行····························································05
1.3中国独有的“三层结构”·····································································05
02中国公募REITs估值体系的逻辑框架与关键参数
2.1现金流折现法是主流估值方法·······················································07
2.2“三面五率”评估体系的搭建····························································07
2.3产权型REITs估值关注点····································································09
2.4经营权型REITs估值关注点·······························································09
2.5三大核心估值变量对比分析····························································09
03中国公募REITs及金融体系对评估能力的新要求
3.1斩获首单项目······················································································12
3.2关注潜力赛道······················································································12
3.3多层次金融工具适配·········································································12
3.4国际经验、本土理解···········································································13
3.5全牌照与人才储备·············································································13
3.6关注扩募成长需求·············································································13
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基础设施REITs的“中国特色”――制度设计、估值机制与服务路径
自2020年首批9只公募基础设施REITs产品上市以
来，中国公募REITs市场总发行规模已超过1800亿
元，总市值规模突破2000亿元大关，共上市68只
REITs产品（截至2025年6月30日）。四年间，随着监管
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