文 | 杨晓飞 报告期内，公司从事的主要业务为高速公路管理与运营，通过对高速公路进行综合开发经营、提升高速 公路各种服务为主要经营模式，并按照行业监管部门制定的收费标准对过往车辆收取通行费来回收投 资，并获取收益。 | | ◇山西交控 山西路桥建设集团有限公司 | | | | 请输入关键词 | | 搜索 | | --- | --- | --- | --- | --- | --- | --- | --- | | | 首页 | 企业概况 | 新闻中心 | 信息公开 | | 企业党建 | | | 当前位置:山西路桥集团 | | | | | | | | | 偏同新闻 | > 山西路桥集团投资建设的五个特许经营项目集中开工仪式在寿阳县举行 | | | | | | 2024-12-31 19:36:40 | | 分子公司 ... | > 山西路桥集团总承包分公司开展特许经营项目施工台同及项目管理交用会 | | | | | | 2024-12-31 10:33:23 | | 复习新闻 | > 应县至繁峙荷速公路和面道208线怀仁王家堡互山明商墨露胶改扩建工程特许经营项目顺利在约 | | | | | | 2024-12-17 ...

7月21日，云南滇中新区产业引导基金暨云南滇中引导一号股权投资基金合伙企业（有限合伙）在 中国证券投资基金业协会成功完成备案，标志着云南滇中新区产业引导基金正式成立，规模为50 亿元。 此次完成备案的滇中新区产业引导基金是滇中新区产业投资基金体系中的首支综合性引导母基金， 重点投资成长、成熟阶段的非上市企业股权，主要采取投资子基金的方式引导优质产业资本和资源 落地，兼顾部分直接投资需求。 产业引导基金将围绕滇中新区经济社会发展规划、主导产业方向和自身资源禀赋，作为新区产业培 育的价值链接点和机制转换器，充分发挥财政资金的引导撬动作用，注重与社会资本、金融资本、 产业资本、知识（人力）资本合作，聚焦优势领域建链、延链、补链、强链，促进科技、产业、金 融良性循环，因地制宜培育和发展新质生产力，助力新区建设成为经济高质量发展的重要引擎。 每日｜荐读 热文： 一纸新规，炸出一级市场的管理费焦虑 热文： 今年，上市公司热衷做并购基金 榜单： 「2025投资机构软实力排行榜」评选启动 峰会： 「2025母基金年度论坛」报名启动：汇聚中国力量！ 来源：滇中股权公司 对接需求请扫码 ...

Core Viewpoint - The Heilongjiang Provincial Government has issued policies to support the development of the ice and snow economy, focusing on financial and tax incentives for infrastructure projects related to ice and snow sports and tourism [1] Financial and Tax Support - The government aims to utilize central budget investments, local government special bonds, and central lottery public welfare funds to support the construction of ice and snow venues and cultural tourism sports facilities [1] - Ice and snow enterprises are encouraged to enjoy relevant tax benefits as per national regulations [1] Infrastructure Development - Support is provided for the construction of infrastructure in the China-Shanghai Cooperation Organization Ice and Snow Sports Demonstration Zone, with special approval for key investment projects [1] - Projects in the infrastructure sector of 4A-level and above ice and snow tourism scenic spots are encouraged to issue Real Estate Investment Trusts (REITs) [1] Public-Private Partnerships - The implementation of government and social capital cooperation (PPP) projects in the ice and snow sector is promoted, encouraging participation from state-owned enterprises, private capital, and foreign investment [1] Insurance and Financial Products - Financial institutions in the insurance industry are encouraged to develop specialized insurance products for ice and snow tourism and sports, enhancing the insurance service capabilities in these areas [1]

Group 1 - The Beijing Municipal Government has issued a notice on the "Beijing Deepening Reform to Boost Consumption Special Action Plan," which aims to create new tourism consumption scenarios [1] - The plan includes exploring new mechanisms for government and social capital cooperation to advance major projects such as the second phase of Universal Studios and the "Two Parks and One River" initiative [1] - The development of world cultural heritage tourism products, including themed tourism routes along the Grand Canal, Great Wall, and Xishan Yongding River, is emphasized [1] Group 2 - The initiative aims to strengthen the integration of tourism with various industries, creating industrial tourism demonstration scenarios and enriching business models like "performance + tourism" [1] - There is a focus on developing rural tourism clusters and supporting the construction of tourism infrastructure, addressing the shortcomings in rural tourism facilities [1] - The plan promotes "B&B +" specialty products to enhance the influence of brands like "Great Wall Family" [1] Group 3 - The initiative aims to continuously improve the openness and management of waterfront spaces, as well as to streamline the resources of existing park facilities [1] - The introduction of chain and branded commercial operators is part of the strategy to optimize inbound tourism services [1] - The plan includes utilizing "Beijing Service" airport service points to provide diverse and convenient services [1]

Core Viewpoint - The global transportation investment and financing sector is facing significant challenges due to economic recovery issues, geopolitical conflicts, and climate change pressures, leading to funding gaps and high project risks [1] Group 1: Current Challenges in Transportation Investment - There is a huge funding gap in transportation infrastructure, especially in developing countries, where the demand for investment exceeds limited public financial inputs and market financing channels [1] - High project risks and insufficient investment confidence are prevalent, as geopolitical changes, market fluctuations, and technological advancements create multiple risks that deter private capital and long-term investors [1] - The disconnection between financing rules and operational mechanisms complicates cross-border project coordination and increases costs [1] Group 2: Recommendations for Improvement - Establishing a mechanism for cooperative platforms and exploring innovative financing models, such as public-private partnerships and diversified financing tools like real estate investment trusts and green bonds, is essential [2] - Integrating green development standards into transportation financing mechanisms is necessary to promote sustainable practices [2] - Enhancing capacity building and knowledge sharing, particularly in underdeveloped regions, will improve the financing viability and success rates of transportation projects [2] Group 3: Challenges for Chinese Enterprises in International Infrastructure - Chinese enterprises face difficulties transitioning from contractors to investors, as they primarily operate under the EPC model and lack investment and long-term operational management capabilities [3] - Increased international uncertainty, including economic slowdowns and geopolitical risks, complicates project financing and risk management [3] - Many enterprises struggle with financing due to inadequate capabilities and a lack of diversified financing solutions, leading to high costs and limited access to international capital [3] Group 4: Strategic Suggestions for Infrastructure Financing - Policy improvements are needed to enhance institutional design and support for infrastructure financing, including the establishment of a global risk warning platform [4] - Companies should develop a comprehensive business model that integrates investment, construction, and operation, while enhancing project financing and risk management capabilities [4] - Consulting firms should shift from technical services to comprehensive lifecycle support and strengthen international standards to gain recognition from financial institutions [4]

国家发改委：优化中央预算内投资投向领域 抓紧下达中央预算内投资计划 智通财经6月27日电，国家发展改革委党组在《学习时报》发文指出，加力扩大有效投资。加力实施"两 重"建设。统筹"硬投资"与"软建设"，高标准抓好组织实施，同时完善投入机制，提高投入效率，确 保"两重"建设各项任务干一件、成一件。统筹用好各类政府投资工具。优化中央预算内投资投向领域， 抓紧下达中央预算内投资计划，落实好地方政府专项债券投向领域"负面清单"和用作项目资本金范 围"正面清单"管理，积极稳妥开展项目"自审自发"试点。设立新型政策性金融工具，进一步解决项目建 设资本金和配套资金不足问题。支持和鼓励民间投资发展。加力向民间资本推介优质项目。规范实施政 府和社会资本合作（PPP）新机制。 ...

Group 1 - The Dalian Changhai Bridge project has officially entered the full construction phase, with the first steel pipe pile being installed, marking significant progress in the project [1] - The project is part of the "14th Five-Year Plan" and is the first cross-sea bridge in Northeast China to adopt a public-private partnership model, with a total investment of 7.9 billion yuan [2] - The bridge will span 25.5 kilometers, including a 19-kilometer sea section and a 6.5-kilometer land section, and is expected to be completed by 2029 [2] Group 2 - The completion of the Dalian Changhai Bridge will significantly improve transportation between the island and the mainland, enhancing the living conditions of island residents and promoting economic development [3] - The project focuses on three main tasks this year: construction of the main navigation hole bridge foundation, establishment of the main trestle bridge, and construction of the coastal interchange bridge [3] - Advanced technologies such as digital twin technology, Beidou positioning, and 5G smart systems will be utilized to monitor construction progress and quality, ensuring a safe and efficient project [3]

Group 1 - Beijing plans to promote 119 key projects to private capital with a total investment of approximately 124.4 billion yuan, aiming to attract about 42.9 billion yuan from social capital [1] - Since 2018, Beijing has established a long-term mechanism for promoting key projects to private capital, which has become a key initiative for encouraging private investment [1] - The proposed projects cover various sectors, including 29 in technology innovation, 16 in advanced manufacturing with a total investment of about 5.3 billion yuan, and 7 in urban renewal with a total investment of about 3.3 billion yuan [1] Group 2 - The distribution of projects by region shows that Changping District has the highest number with 19 projects, followed by Shunyi District with 17 projects, and Shijingshan and Tongzhou Districts with 11 projects each [1] - The participation of social capital includes 90 equity investment projects with a total investment of about 106.8 billion yuan, 7 debt investment projects totaling about 6 billion yuan, 4 construction projects totaling about 0.9 billion yuan, and 13 cooperative operation projects totaling about 9.2 billion yuan [1] - The Beijing Development and Reform Commission aims to maintain the total investment for key projects promoted to private capital at no less than 200 billion yuan for the year, facilitating the cooperation between government and social capital [2]

Policy Background - The new PPP mechanism emphasizes the exclusive use of the concession model for projects, focusing on user-pay projects while strictly limiting government-pay and feasibility gap subsidy projects, prioritizing market-based returns [4] Key Audit Points Project Admission Conditions - Projects are limited to those with operational revenue potential, such as transportation, environmental protection, and municipal services, prohibiting disguised debt under the PPP guise [6] - User fees must cover construction and operational costs, with future cash flow forecasts requiring third-party evaluation [7] - A negative list prohibits packaging public welfare projects like schools and hospitals as concession projects [8] Concession Scheme Review - The concession period generally should not exceed 40 years, aligning with industry characteristics and investment recovery cycles [9] - The government does not guarantee minimum returns, placing the primary operational risk on social capital [10] - Competitive bidding is mandatory, ensuring transparency and equal participation for foreign enterprises [11] Fiscal Risk Prevention - New hidden debts are prohibited, and any government payment obligations must be included in the medium-term fiscal plan [12] - Feasibility gap subsidies, if necessary, require joint approval from provincial development and reform commissions and finance departments [13] Full Process Supervision Requirements - Payment is strictly linked to project performance, with deductions for unmet standards [14] - Clear exit mechanisms for social capital and asset disposal methods are required to prevent project failures [15] Policy Impact and Trends Impact on Local Governments - The new mechanism enforces strict project quality control, compelling local governments to select genuinely viable projects and reducing impulsive project launches [17] - Strengthened fiscal discipline will lead to audits and accountability for non-compliant projects [17] Impact on Social Capital - Companies with operational capabilities, particularly in environmental and energy sectors, will find new opportunities, while pure construction firms will gradually exit [18] - Foreign enterprises can participate through competitive processes but must adapt to China's specific concession rules [18] Future Trends - There will be an increase in PPP project proportions in sectors like transportation (toll roads) and renewable energy (charging stations) [19] - Financial tools such as REITs and project revenue bonds may further integrate with the new PPP mechanism [19] Local Implementation Suggestions - Enhance value-for-money assessments and fiscal capacity evaluations to avoid merely "approvable reports" [20] - Engage professional legal teams for contract design, clarifying concession terms and dispute resolution mechanisms [20] - Utilize information platforms for dynamic monitoring of project operational data to provide timely risk alerts [21]

Core Viewpoint - The article emphasizes the importance of establishing a diversified financing mechanism to support urban renewal initiatives in China, highlighting both policy-based financial support and market-oriented social financing as essential components [1][2]. Group 1: Policy and Government Support - The Chinese government has been consistently addressing urban renewal in annual work reports since 2021, with specific goals set for significant progress by 2030 [1]. - The Ministry of Housing and Urban-Rural Development reported that over 60,000 urban renewal projects are planned for 2024, with an estimated investment of approximately 2.9 trillion yuan [1]. - The Ministry of Finance plans to expand the scope of local government special bonds to support urban renewal projects, emphasizing the need for policy-based financial institutions to provide backing under manageable risk conditions [2][3]. Group 2: Market and Social Financing - Various cities, such as Chengdu and Tangshan, have initiated beneficial explorations by allocating special fiscal funds to support urban renewal through direct investments and subsidies [2]. - The article highlights the necessity of attracting social capital for urban renewal, despite the challenges posed by the public welfare nature of these projects, which often have long payback periods and low returns [3][4]. - Successful international examples, such as the Denver Union Station project in the U.S., illustrate the potential of public-private partnerships (PPP) in financing urban renewal [4]. Group 3: Financial Institutions and Products - Financial institutions are encouraged to develop tailored financial products and services to meet the diverse needs of urban renewal projects, ensuring compliance with legal and risk management standards [3][4]. - The article suggests that banks should set appropriate loan terms and conditions based on the characteristics of different projects to facilitate financing [4][5].