业内人士认为，在"双碳"目标持续推进、能源结构转型步入深水区的背景下，如何为巨量的绿色能源基础设施注入金融活 水，成为行业与监管共同面对的课题。碧澄能源机构间REITs的落地，提供了一种新的解题思路。该产品的底层资产穿透后， 直接对应碧澄能源多个已稳定运营的工商业分布式光伏项目所产生的收益权。这重设计，让此次设立超越了单纯的融资行为。 本报讯 （记者张文湘）12月29日，由杭州碧澄能源发展有限公司（以下简称"碧澄能源"）作为原始权益人，洛能（杭州） 股权投资有限公司（以下简称"洛能资本"）担任资产管理顾问和财务管理顾问的国内首单分布式清洁能源资产机构间REITs （以下简称"碧澄能源机构间REITs"），在深圳证券交易所成功设立，产品名称为"兴证基实-碧澄能发新能源持有型不动产资产 支持专项计划（碳中和）"。 市场观察人士指出，这是基础设施领域不动产投资信托基金（REITs）向能源板块纵深拓展的一次关键性"探路"。 据悉，该产品的期限为24年，底层资产为工商业分布式光伏项目。产品认购方包括保险、信托、证券和资产管理公司等专 业投资机构，体现了资本市场机构投资者对优质绿色基础设施资产的广泛认可、长期信心与价值共 ...

上海易居房地产研究院副院长严跃进向《华夏时报》记者表示，高质量推进城市更新与当前市场形势密 切相关。城市更新作为重要抓手，在中央城市工作会议中就已被提及。它不仅是提升城市品质、改善居 民生活环境的重要举措，更是推动经济结构调整、促进产业升级的有效途径。 从房地产到内需 仔细观察这一年来有关城市更新的政策，会发现一个值得注意的特点：这一领域与房地产市场已经"渐 行渐远"，而与扩大内需结合得越来越紧密。 去年年底的中央经济工作会议对城市更新的表述有两处，一处是在扩大内需部分，明确提出"大力实施 城市更新"；另一处则是在防风险部分，提及了加力实施城中村和危旧房改造。而2025年的首场国常会 就聚焦城市更新，给出"城市更新是扩大内需的重要抓手"的判断。 本报（chinatimes.net.cn）记者刘诗萌 北京报道 作为一项本世纪初就提出的政策，城市更新在2025年迎来了前所未有的战略升级。 从开年的首场国常会到时隔十年召开的中央城市工作会议，到"十五五"规划建议，再到年末的中央经济 工作会议，高层会议和文件对城市更新的关注达到了前所未有的高度，着墨之多也远高于房地产。其 中，5月中办、国办出台《关于持续推进城市更新 ...

Core Viewpoint - The article discusses the fluctuations in China's macroeconomic indicators due to weak domestic demand and increased external uncertainties, while suggesting that major economic indicators such as industrial production and consumption may stabilize in November due to coordinated policy efforts and resilient external demand [3][4]. Economic Indicators - The predicted year-on-year growth rate for industrial added value in November is 5.0%, slightly higher than the previous month's 4.9% [4][6]. - The forecast for the year-on-year growth rate of retail sales of consumer goods in November is 3.09%, up from 2.9% in the previous month [4][9]. - The predicted year-on-year growth rate for fixed asset investment from January to November is -2.1%, lower than the previous month's -1.7% [4][13]. Industrial Growth - Industrial added value is expected to see a slight increase, with predictions ranging from 5.0% to 5.3% year-on-year growth for November [6][7]. - The manufacturing PMI improved to 49.2%, indicating a slight recovery in market confidence, although it remains below the threshold [6][8]. Consumer Spending - The "old-for-new" consumption policy has significantly supported consumer spending, with related sales exceeding 2.5 trillion yuan and benefiting over 360 million people [9]. - The "Double 11" shopping festival contributed to a 17.6% year-on-year increase in total online sales, although the average daily sales showed a decline of 6.0% compared to the previous year [10]. Investment Trends - Fixed asset investment is under pressure, with predictions indicating a further decline in November due to reduced infrastructure spending and weak manufacturing investment [13][14]. - The introduction of new policy financial tools aims to support investment in high-tech manufacturing and digital economy sectors [14][15]. Infrastructure Investment - The expansion of infrastructure REITs is seen as a key measure for stabilizing investment, with a significant number of projects already launched [16][17]. - The government has allocated substantial funds for long-term special bonds to support major investment projects, reflecting a strategic approach to infrastructure development [15][16].

Core Viewpoint - The State Council's recent meeting emphasizes the strategic, forward-looking, and holistic approach to the "Two Major" construction, aiming to enhance the participation of private capital in state-dominated sectors, thereby stimulating market vitality and improving resource allocation efficiency [1][2]. Group 1: Strategic Value of Private Capital Participation - The core strategic value of encouraging private capital in the "Two Major" construction lies in stimulating market vitality and enhancing resource allocation efficiency, particularly in infrastructure, public services, and emerging industries [2]. - Private capital can alleviate government financial pressure and enhance investment precision and sustainability, while also accelerating major project implementation and promoting technological upgrades [2]. Group 2: Suitable Fields for Private Capital - The most urgent and suitable areas for private capital involvement are new infrastructure projects, especially in 5G base stations, industrial internet, AI platforms, and data centers, which have significant investment gaps [3]. - New infrastructure is crucial for digital economic development and can effectively stimulate new business models and investment multiplier effects [3]. Group 3: Structural Barriers to Participation - Private capital faces structural barriers such as implicit market access barriers, financing channel constraints, and a lack of risk-sharing and return assurance mechanisms [4]. - Complex qualification reviews and lengthy approval processes hinder private capital participation in "Two Major" projects, while high financing costs and unclear risk-sharing mechanisms further deter investment [4]. Group 4: Solutions to Overcome Barriers - Recommendations include eliminating market access barriers, simplifying policy environments, and providing "one-stop" services to enhance transparency and support for private enterprises [4][5]. - Expanding financing channels and lowering costs through specialized loans and government-led funds can attract more long-term capital [5]. Group 5: Innovative Financing Tools - Innovative financing tools such as REITs, ABS, and concession models can effectively link private capital with "Two Major" projects [5][6]. - REITs can revitalize existing assets and achieve a closed funding loop, while ABS can enhance liquidity through cash flow securitization [5][6].

Core Points - The National Development and Reform Commission (NDRC) has issued the "2025 Edition of the Industry Scope List for Real Estate Investment Trusts (REITs) in the Infrastructure Sector" to expand the scope of infrastructure REITs, aiming to revitalize existing assets and promote a positive investment cycle [1][11] - The list includes various sectors such as transportation, energy, municipal infrastructure, ecological and environmental protection, logistics, park infrastructure, new infrastructure, rental housing, water conservancy, cultural tourism, consumer infrastructure, commercial office facilities, elderly care facilities, urban renewal, and other projects aligned with national strategies [4][5][6][7][8][9][10][20] Summary by Category Transportation Infrastructure - Includes toll roads, railways, airports, and port projects [4][15] Energy Infrastructure - Covers clean energy projects like wind, solar, hydro, natural gas, biomass, and nuclear power, as well as energy storage and flexible coal power projects with specific conditions [4][15] Municipal Infrastructure - Encompasses urban water supply, gas, heating projects, and parking facilities [5][16] Ecological and Environmental Protection Infrastructure - Involves urban sewage and waste treatment facilities, hazardous waste treatment, and solid waste recycling projects [5][16] Logistics Infrastructure - Includes warehouses providing storage services, such as general warehouses and cold storage [5][16] Park Infrastructure - Pertains to research platforms, industrial plants, incubators, and service platforms in designated development zones [5][16] New Infrastructure - Encompasses data centers, AI infrastructure, 5G, communication towers, IoT, and smart city projects [6][16] Rental Housing - Covers affordable rental housing projects in major cities, public rental housing, and market-oriented rental housing for enterprises [6][17] Water Conservancy Infrastructure - Involves projects with water supply and power generation functions [7][18] Cultural Tourism Infrastructure - Includes natural and cultural heritage sites, and tourism projects with associated hotels [7][18] Consumer Infrastructure - Encompasses various commercial projects such as shopping centers, community commercial projects, and sports venues [7][18] Commercial Office Facilities - Pertains to super-grade and grade A office buildings in major cities [8][19] Elderly Care Facilities - Involves registered elderly care projects [9][20] Urban Renewal Facilities - Covers renovation projects for old neighborhoods and factories, as well as comprehensive urban renewal projects [9][20] Other Infrastructure Projects - Includes projects that meet national strategic and policy requirements [10][20]

Group 1 - The UK and US have reached an agreement allowing UK pharmaceuticals to enter the US tariff-free, in exchange for reduced funding returns to the UK's National Health Service (NHS) [2] - The US Trade Representative's office announced that the UK will increase its net price for new drugs by 25% [2] - The agreement will reduce the rebate rate on drug sales from approximately 23% to a maximum of 15% [2] Group 2 - The Chinese government has issued a new list of industry sectors eligible for infrastructure real estate investment trusts (REITs), including clean energy projects such as wind, solar, and nuclear power [6] - The list aims to enhance investment in energy infrastructure and promote sustainable development [6] Group 3 - The UK government plans to permanently link undergraduate tuition fees in England to inflation and impose a 6% surcharge on international students' fees to fund domestic students [19] - This marks a significant adjustment to the higher education funding system in the UK, which has faced criticism from universities and student groups [19] Group 4 - ByteDance has clarified that it is collaborating with mobile manufacturers, including ZTE, to develop an AI assistant software but has no plans to create its own smartphones [23] - The company is currently in discussions with multiple phone manufacturers for assistant collaborations [23] Group 5 - Apple announced the retirement of its AI chief, John Giannandrea, who will continue as an advisor until spring 2026, with Amar Subramanya taking over his role [26] - Subramanya will oversee key areas including Apple's foundational models and AI safety [26]

新华财经北京12月1日电（幸骊莎）人民银行1日开展1076亿元7天逆回购操作，操作利率为1.40%，与此前持平；鉴于当日有3387亿元逆回购到期，公开市 场实现净回笼2311亿元。 上海银行间同业拆放利率（Shibor）窄幅震荡。具体来看，隔夜Shibor上涨0.60BP，报1.3070%；7天Shibor上涨1.70BP，报1.4540%；14天Shibor下跌 5.20BP，报1.4770%。 | | | | 2025-12-01 11:00 | | --- | --- | --- | --- | | | 期限 | Shibor(%) | 涨跌(BP) | | t | O/N | 1.3070 | 0.60 | | 中 | 1W | 1.4540 | 1.70 | | 价 | 2W | 1.4770 | 5.20 | | � | 1M | 1.5190 | 0.10 | | 中 | 3M | 1.5800 | 0.00 | | 个 | 6M | 1.6200 | 0.00 | | 中 | 9M | 1.6400 | 0.00 | | � | 1Y | 1.6500 | 0.00 | 上海银行间同业拆放利率 ...

12月1日，国家发改委发布的《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）》指出的能源基础设 施，包括风电、太阳能发电、水力发电、天然气发电、生物质发电、核电等清洁能源项目；储能设施项目；清洁低碳、灵活高效的燃 煤发电（含热电联产煤电）项目；特高压输电项目，增量配电网、微电网、充电基础设施项目。 以下为原文 国家发展改革委办公厅关于印发《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）》的通知 发改办投资〔2 0 25〕991号 各省、自治区、直辖市及计划单列市、新疆生产建设兵团发展改革委，有关中央企业： 为贯彻落实党中央、国务院决策部署，根据《中共中央、国务院关于推动城市高质量发展的意见》《中共中央办公厅、国务院办公厅关 于持续推进城市更新行动的意见》以及中共中央办公厅、国务院办公厅印发的《提振消费专项行动方案》等要求，更好发挥基础设施领 附件： 域不动产投资信托基金（以下简称"基础设施REITs "）盘活存量资产、促进投资良性循环的作用， 我委对基础设施REITs发行范围作 了进一步拓展 ，形成了《基础设施领域不动产投资信托基金（REITs）项目 ...

Key Points - The article highlights the new stock subscription for Bai Ao Sai Tu with a subscription code of 787796 and an issue price of 26.68 yuan per share, with a subscription limit of 0.75 million shares [5] - The National Bureau of Statistics reported that from January to October, the total profit of industrial enterprises above designated size reached 59,502.9 billion yuan, a year-on-year increase of 1.9%. However, in October, profits decreased by 5.5% year-on-year due to high base effects and rising financial costs [5] - The National Development and Reform Commission (NDRC) is expanding the scope of infrastructure Real Estate Investment Trusts (REITs), now covering 12 major industries and 52 asset types, including clean energy and data centers [5] - The NDRC is addressing issues of price disorder in certain industries and will work to maintain a good market price order to support high-quality development [6] - The Ministry of Commerce plans to promote automotive consumption reforms, including expanding the second-hand car market and enhancing automotive aftermarket services [6] - The State Administration for Market Regulation is enhancing anti-monopoly enforcement and promoting fair competition to create a better business environment [7] - Shaanxi Province has introduced measures to deepen capital market reforms, focusing on the role of state-controlled listed companies in resource integration and industry chain improvement [8] - Chongqing is supporting the development of low-altitude economy enterprises with financial incentives for recognized companies [8] - The National Press and Publication Administration approved 178 domestic online games and 6 imported games in November [9] Company News - Moore Threads saw a final subscription rate of 0.03635054% after the callback mechanism was activated, with investors abandoning 29,302 shares worth 3.3486 million yuan [10] - Tianpu Co., Ltd. will suspend trading for verification starting November 28, with a cumulative increase of over 1000% this year [11] - FAW Jiefang plans to increase capital by 191 million yuan, with Ningde Times and Telepower also participating [12] - Mindray Medical's chairman intends to increase his stake in the company by 200 million yuan [13] - Dongxin Co., Ltd. signed a strategic cooperation framework agreement with a cloud computing service provider [14] - Jinfu Technology is planning to acquire equity in Lanyuan Technology, which involves new business areas and carries certain industry integration risks [15] - Chen'an Technology is planning to issue shares to specific investors, which may lead to a change in control, and its stock will be suspended [16] - *ST Songfa's subsidiary signed shipbuilding contracts worth approximately 1.1 to 1.6 billion US dollars [17]

Core Points - The State Council issued measures to promote private investment, focusing on expanding access, removing barriers, and strengthening support [1][2] - The National Development and Reform Commission (NDRC) emphasized the importance of private investment for economic stability and growth [2] Group 1: Expanding Access - The measures prioritize expanding private investment access, particularly in sectors like railways, nuclear power, low-altitude economy, and commercial space, allowing private capital to hold over 10% in eligible projects [2] - In the energy sector, private capital participation has been increasing, with 20 private companies involved in new nuclear projects and private investment in oil and gas infrastructure exceeding 10% [2] Group 2: Removing Barriers - The measures aim to protect the legal rights of private enterprises in areas such as electricity grid access and oil and gas pipeline usage, while encouraging the establishment of significant pilot platforms by private companies [4] - The integration of innovation and industry is highlighted as crucial, with a focus on creating a collaborative ecosystem for pilot testing [4][5] Group 3: Strengthening Support - The measures address both investment and financing concerns, proposing increased central budget support for qualifying private investment projects and the use of new policy financial tools [6] - A multi-dimensional support system is being established to ensure effective policy implementation, including a cross-departmental mechanism for coordination and guidance [7]