Group 1 - The State Council issued measures to promote private investment, focusing on addressing challenges faced by private investors in various sectors [1][2] - The measures encourage private capital participation in specific projects, with a minimum shareholding of 10% for eligible projects [1] - The National Development and Reform Commission (NDRC) has recommended 18 private investment projects for infrastructure REITs, with 14 already listed, raising nearly 30 billion yuan [2] Group 2 - The NDRC aims to support private investment in productive service sectors such as industrial design and digital transformation [3] - Future actions will focus on enhancing the quality and capacity of service industries, encouraging private enterprises to engage in high-value-added technology services [3] - The NDRC plans to implement measures to facilitate private investment in key projects within the productive service sector [3]

Market Overview - On November 11, 2025, A-shares saw all three major indices rise, with the Shanghai Composite Index closing at 3933.97 points, up 1.32%, and the Shenzhen Component Index at 13725.56 points, up 1.47% [1] - The Hong Kong stock market experienced a mixed day, with the Hang Seng Index closing up 0.18% at 26696.41 points, while the Hang Seng Tech Index rose 0.15% [1] - In the U.S. market, the S&P 500 Index increased by 1.59% to 5954.5 points, and the Nasdaq Composite Index rose 1.63% to 18847.28 points [1] Monetary Policy - The People's Bank of China emphasized the implementation of a moderately loose monetary policy, aiming to maintain relatively loose social financing conditions and improve the execution and transmission of monetary policy [1] - The report highlighted the importance of aligning social financing scale and money supply growth with economic growth and price level expectations, while promoting reasonable price recovery [1] - The central bank plans to enhance interest rate regulation frameworks and reduce the cost of bank liabilities to lower overall financing costs [1] REITs Development - The National Development and Reform Commission has recommended a total of 105 REITs projects to the China Securities Regulatory Commission, with 83 projects already issued and listed [2] - These projects span various sectors, including toll roads, clean energy, urban heating, ecological protection, and logistics, with a total fund issuance amounting to 207 billion yuan [2] - The expected total investment driven by these projects is over 1 trillion yuan [2]

Core Viewpoint - The State Council issued measures to promote private investment, addressing current challenges and proposing 13 policy initiatives aimed at enhancing private sector participation in key projects [1] Group 1: Policy Initiatives - The measures encourage private capital participation in specific sectors such as railways, nuclear power, hydropower, and oil and gas pipelines, with a potential share of over 10% for qualified projects [1] - Emphasis is placed on conducting feasibility studies to assess the viability of private investment in these projects, ensuring alignment with actual project conditions and private sector interest [1] Group 2: Infrastructure REITs - The National Development and Reform Commission (NDRC) has supported 18 private investment projects for infrastructure REITs, with 14 projects successfully listed, raising nearly 30 billion yuan [2] - Future efforts will focus on enhancing collaboration with the China Securities Regulatory Commission to facilitate more private investment projects in REITs, thereby broadening financing channels for private enterprises [2] Group 3: Service Industry Development - The measures highlight support for private capital in sectors like industrial design, common technology services, and digital transformation, aiming to elevate the quality and capacity of the service industry [3] - The NDRC plans to implement actions to encourage private enterprises to engage in high-value-added technology services and participate in key projects within the productive service industry [3]

基础设施REITs是通过公开市场有效盘活基础设施存量资产的重要方式。截至目前，国家发展改革委已 累计向证监会推荐105个项目，83个项目已发行上市，发售基金总额共2070亿元，预计可带动新项目总 投资超1万亿元。 "下一步，国家发展改革委将加强与证监会协同配合，在严防风险、严把质量的基础上，通过积极推动 市场扩围扩容、加强专项协调服务、提高工作质效等，支持更多符合条件的民间投资项目发行上市，进 一步拓宽民营企业融资渠道、促进形成投融资良性循环。"关鹏说。 （文章来源：经济日报） 为进一步加大对民间投资的投融资政策支持，《若干措施》强化投资、财政、金融政策协同，统筹用好 各类资金渠道和金融服务。其中提到，积极支持更多符合条件的民间投资项目发行基础设施REITs。 从11日举行的国家发展改革委专题新闻发布会上获悉，鼓励支持民间资本参与重点领域项目建设要求进 一步明确，对具备条件的项目，民间资本持股比例可在10%以上。 国务院办公厅日前印发《关于进一步促进民间投资发展的若干措施》，从扩大准入、打通堵点、强化保 障3方面提出13条政策措施。国家发展改革委固定资产投资司副司长关鹏介绍，《若干措施》充分释放 促进民间投资 ...

近日，国家发展改革委会同相关部门印发《关于进一步促进民间投资发展的若干措施》(以下简称《若 干措施》)，提出13项针对性政策举措，着眼于进一步激发民间投资活力、提升整体投资效益。11月11 日，国家发展改革委举行新闻发布会，邀请有关司局负责人对《若干措施》进行了分析和解读。 破解民间投资准入难题 国家发展改革委固定资产投资司副司长关鹏介绍，《若干措施》提出了13项政策举措，可归纳为扩大准 入、打通堵点、强化保障三个方面。 在扩大准入方面，针对民间投资面临的部分领域市场准入难问题，《若干措施》提出，对需报国家审批 (核准)的具有一定收益的铁路、核电等重点领域项目，鼓励支持民间资本参与并明确持股比例等要求； 对各地方规模较小、具有盈利空间的城市基础设施领域新建项目，鼓励民间资本参与建设运营；引导民 间资本有序参与低空经济、商业航天等领域建设，加快公布向民营企业开放的国家重大科研基础设施清 单并动态更新，积极支持有能力的民营企业牵头承担国家重大技术攻关任务。 在打通堵点方面，针对民营企业面临的权益保障、创新支撑不足问题，《若干措施》提出，加强对网络 型基础设施运行调度的监管，保障民营企业在电力并网运行、油气管网设施 ...

● 本报记者 欧阳剑环 《若干措施》提出，支持民营企业建设重大中试平台。 国家发展改革委11月11日召开专题新闻发布会，介绍进一步促进民间投资发展有关情况，包括细化民间 资本参与项目建设的具体要求，支持民间资本有序流向高价值服务行业；鼓励民营企业围绕重点领域和 重点产业链，建设一批具有较强行业带动力的重大中试平台；支持更多符合条件的民间投资项目发行基 础设施REITs，抓紧推动新资产类型项目实现首单上市，将适合发行上市的各类资产逐步纳入发行范 围。 支持民间资本更多投向 生产性服务业领域 国家发展改革委固定资产投资司副司长关鹏介绍，《关于进一步促进民间投资发展的若干措施》对鼓励 支持民间资本参与重点领域项目建设提出了明确要求，充分释放了促进民间投资发展的信号。 在民间资本持股比例方面，关鹏表示，经过充分论证后，对于一些具备条件的项目，持股比例可在10% 以上。比如近年来，国家发展改革委持续推动核电等重大项目引入民间资本，有的核电项目最高参股比 例已达20%。 关鹏表示，在鼓励支持民间资本参与重点领域项目建设的同时，也一视同仁积极支持各类经营主体参与 项目建设，促进各种所有制经济优势互补、共同发展。下一步，国家 ...

Group 1 - The article emphasizes the active promotion of market expansion and capacity enhancement, focusing on increasing the submission and recommendation of mature asset types and facilitating the listing of new asset types to gradually include various assets suitable for issuance, thereby promoting steady market growth [1] - It highlights the importance of strengthening specialized coordination services, guiding localities to establish a sound REITs coordination service mechanism for private investment projects, and accelerating the resolution of difficulties and issues in the cultivation of private investment projects [1] - The article discusses the continuous improvement of work efficiency, promoting the institutionalization, standardization, and normalization of project recommendation and issuance, while ensuring the quality of underlying assets [1] Group 2 - The document outlines measures to encourage private capital participation in specific projects requiring national approval, such as railways, nuclear power, and water supply, emphasizing the need for specialized feasibility studies to assess the viability of private investment [2] - It encourages and supports private capital involvement, suggesting that the specific shareholding ratio for private enterprises can exceed 10% for eligible projects, thereby signaling a strong commitment to promoting private investment [2] - The article stresses the importance of early-stage research and demonstration regarding the introduction of private capital, providing more opportunities for private investment participation [2]

Group 1 - The core viewpoint of the news is the encouragement and support for private capital participation in key project constructions, with a specific focus on allowing private capital to hold more than 10% in qualifying projects [1] - The State Council has issued a document titled "Several Measures to Further Promote the Development of Private Investment," which outlines 13 policy measures across three areas: expanding access, removing obstacles, and strengthening guarantees [1] - The measures emphasize the need for special feasibility studies for private capital participation in projects requiring national approval, particularly in sectors like railways and nuclear power, ensuring that the involvement of private capital is considered early in project planning [1] Group 2 - The measures also highlight the importance of coordinating investment, fiscal, and financial policies to enhance support for private investment, including the issuance of infrastructure REITs for eligible projects [2] - As of now, the National Development and Reform Commission has recommended 105 projects to the China Securities Regulatory Commission, with 83 projects successfully issued and listed, raising a total of 207 billion yuan, which is expected to drive over 1 trillion yuan in new project investments [2] - The National Development and Reform Commission plans to strengthen collaboration with the China Securities Regulatory Commission to support more eligible private investment projects in issuing and listing, thereby broadening financing channels for private enterprises and promoting a virtuous cycle of investment and financing [2]

Core Viewpoint - The article discusses the recent measures introduced by the National Development and Reform Commission (NDRC) to promote private investment in key sectors, emphasizing the importance of private capital in driving economic growth and stability in China [2][12]. Group 1: Measures to Promote Private Investment - The NDRC has introduced several measures to support private investment, including encouraging private capital participation in key projects with a minimum shareholding of 10% [12][13]. - The NDRC aims to enhance the investment environment by improving market order and reducing investment costs, which includes expanding the "zero investment" service for low-voltage electricity connections to cover more private enterprises [6][21]. - The NDRC is also focusing on the energy sector, where private capital is encouraged to invest in nuclear power, hydropower, and oil and gas infrastructure projects [4][15]. Group 2: Support for Specific Sectors - In the energy sector, private enterprises have been invited to participate in nuclear power projects, with 20 private companies already involved in recent approvals [4][15]. - The renewable energy sector has seen significant growth, with private companies now accounting for nearly 60% of the electricity sales market [5][15]. - The NDRC is promoting private investment in the production service industry, which is seen as a key area for growth, particularly in high-value service sectors like industrial design and quality certification [20][21]. Group 3: Financial and Policy Support - The NDRC is enhancing financial support for private investment through new policy financial tools, with 500 billion yuan allocated to support eligible projects [22][21]. - The introduction of infrastructure Real Estate Investment Trusts (REITs) is aimed at mobilizing private capital for infrastructure projects, with 83 projects already listed, raising a total of 207 billion yuan [31][22]. - The NDRC emphasizes the importance of a supportive legal framework, having enacted the Private Economy Promotion Law to facilitate private investment [24][21]. Group 4: Digital Transformation and Innovation - The integration of digital technology into traditional industries is a focus area, with private enterprises playing a crucial role in driving digital transformation and innovation [16][37]. - The NDRC is encouraging private investment in digital infrastructure and services, which are essential for enhancing operational efficiency and competitiveness [37][16]. - The government is also promoting the establishment of major pilot platforms for innovation, which will support private enterprises in developing new technologies and products [33][20].

Core Viewpoint - The Chinese government aims to stimulate private investment to enhance economic growth, employment stability, and market expectations through targeted measures outlined in the "Several Measures to Further Promote the Development of Private Investment" [1][2]. Group 1: Policy Measures - The government has introduced 13 specific policy measures to encourage private capital participation in key sectors such as railways and nuclear power, including clarifying shareholding ratios [1][2]. - The National Development and Reform Commission (NDRC) has recommended 105 projects to the China Securities Regulatory Commission, with 83 projects already listed, covering various sectors and expected to drive over 1 trillion yuan in new investments [1][2]. Group 2: Investment Trends - In the first three quarters of the year, national fixed asset investment (excluding rural households) reached 371.535 billion yuan, a 0.5% year-on-year decline, with private fixed asset investment down 3.1% [2]. - However, private investment in infrastructure grew by 7% and in manufacturing by 3.2%, indicating stable growth in these areas [2]. Group 3: Challenges and Solutions - The NDRC acknowledges existing challenges in private investment and emphasizes a problem-oriented approach to enhance investment effectiveness [2][4]. - The "Several Measures" aim to lower barriers for private capital in traditional sectors like energy and railways, addressing regulatory bottlenecks [4][5]. Group 4: Financial Support - The government plans to enhance financial support for private investment through coordinated investment, fiscal, and financial policies, including the use of new policy financial tools [8][9]. - Specific measures include promoting direct financing for technology-driven enterprises and expanding the issuance of infrastructure REITs to broaden financing channels for private companies [8][9]. Group 5: Service Industry Focus - The measures also aim to eliminate unreasonable entry barriers in the service industry, encouraging private capital to invest in high-value service sectors such as industrial design and digital transformation [6][7]. - The NDRC highlights the importance of the service industry in economic development and aims to support private enterprises in enhancing their service capabilities [7].