宏观周报：推动基础设施REITs扩围-20251207

Economic Growth - Recent central meetings focused on the construction of the basic medical insurance system and new urbanization planning[2] - Emphasis on high-quality development of commercial aerospace and the establishment of new industrial development demonstration bases[11] Infrastructure and Industry Policy - Expansion of infrastructure REITs to include urban renewal facilities, hotels, sports venues, and commercial office facilities[11] - The National Development and Reform Commission (NDRC) issued opinions on strengthening data element discipline and digital talent development[11] Real Estate Policy - Local governments continue to promote "good housing" construction, with Beijing prioritizing land supply near transit stations[13] - Chongqing introduced ten measures to standardize "good housing" construction, emphasizing green building materials[14] Consumer Policy - The Ministry of Industry and Information Technology announced a plan to enhance the adaptability of consumer goods supply and demand, aiming for three trillion-level consumption fields by 2027[15] - The plan includes 19 key tasks to optimize the supply structure of consumer goods[15] Financial Regulation - The China Securities Regulatory Commission (CSRC) released a draft for public consultation on the supervision of listed companies, focusing on risk prevention and high-quality development[17] - New performance assessment guidelines for fund management companies were issued, linking performance pay to fund performance[17] Trade Relations - Recent high-level talks between China and the US opened new cooperation avenues, particularly in the semiconductor sector[20] - The investment protection agreement between China and Russia officially took effect, covering 20 clauses related to investment facilitation and dispute resolution[20] Overseas Macro Policy - The Bank of Japan plans to raise interest rates by 25 basis points, with a significant stimulus package of 18.3 trillion yen (approximately $117 billion) approved[22] - The US Federal Reserve is leaning towards interest rate cuts, with discussions on the next chairperson ongoing[22] Risk Warning - There is a persistent divergence in domestic and foreign monetary policies, with domestic policy execution falling short of expectations[28]