甘肃证监局持续优化融资服务，支持企业利用多层次债券市场有效拓宽融资渠道，成功推动中电建电力 投资集团有限公司发行全国首单支持西部大开发的乡村振兴机构间REITs，实现我省机构间REITs零的 突破。该产品总规模达30.12亿元，创新性将平凉市崇信发电厂及配套设施转化为可流转的金融资产， 为甘肃乡村振兴项目开辟了市场化、可持续的融资新渠道，更为我省盘活各类存量资产提供了可复制、 可推广的先行经验。 ...

12月30日消息，中金厦门火炬产业园REIT已于近日在深交所正式申报，成为全国首单以"国家火炬计划 软件产业基地"为底层资产的公募REITs。申报信息显示，中金厦门火炬产业园REIT的专项计划管理人 为中国国际金融股份有限公司，基金管理人为中金基金管理有限公司，托管人为中国农业银行股份有限 公司，原始权益人为厦门高新技术创业中心有限公司、厦门火炬高新区招商服务中心有限公司，均为厦 门火炬集团子公司。 扩容潜力存在10-35倍扩容空间 截至2025年12月26日，国内REITs市场共上市78只，总市值2199亿元。该REIT处于一级市场首发阶段， 与同周更新的博时山东铁投REIT、华泰三峡清洁能源REIT共同推进。中金厦门火炬产业园REIT申报响 应国家发改委与能源局，关于支持光热发电等清洁能源项目发行REITs的号召，通过盘活存量资产促进 投融资循环。当前REITs市场扩募加速，中金厦门安居REIT(扩募)、中航京能光伏REIT(扩募)等项目已 进入不同阶段，而火炬产业园REIT的获批将为园区类REITs提供新样本表。 根据国信证券测算，中国REITs市场规模潜在空间为2.1万-4.5万亿元，当前仅为其总规模 ...

12月29日，随着一声清脆的锣响，山东省首单机构间REITs项目"青岛水务集团有限公司持有型不动产ABS项目"在上海证券交易所成功挂牌。 本次挂牌的机构间REITs项目由青岛水务集团发起，中信证券股份有限公司担任计划管理人，以青岛水务集团所属青岛市李村河污水处理厂提标改造及四 期扩建项目和总氮提标改造项目作为底层资产，发行规模达到4.77亿元。 项目发行过程中，水务集团在青岛市委金融办、市发改委、市财政局、市水务局、市国资委、青岛证监局的大力支持和指导下，通过标准化、证券化方 式，将具有持续稳定收益的污水处理基础设施转化为可公开交易、流动性强的金融产品，实现从"重持有"向"重运营"转型。募集资金投入新的基建项目， 有助于改善资产周转效率与净资产收益率，增强资金运作能力和市场竞争力。 本次机构间REITs项目的成功挂牌，是做好"金融五篇大文章"、提升金融服务实体经济质效的典型实践案例，开辟了国有企业市场化盘活存量资产新路 径，打造了企业拓展权益融资、降低资产负债率新模式，形成了资本市场服务青岛民生事业的新通道，提供了可复制、可推广的样本示范。 下一步，青岛水务集团将高效运营管理底层资产，确保项目持续稳健运营，以 ...

1. Report Industry Investment Rating The document does not mention the industry investment rating. 2. Core Views of the Report - The Huaxia CNNC Clean Energy REIT project has certain new - share subscription cost - effectiveness. Its underlying asset, the Popona Hydropower Station, is a mature clean - energy infrastructure with stable operation history and good cash - flow sustainability. The short - term and long - term revenue paths are clear, and it is supported by the regional power supply - demand environment [5]. - The competition risk is controllable in the short term, and in the long term, it is expected to benefit from the synergistic effect of upstream reservoirs. The original equity holder has strong strength, which provides a solid guarantee for the project operation. The valuation and distribution of this project are higher than comparable projects [5]. - In the current REITs market after adjustment, the project's new - share subscription is expected to attract investors who focus on stable returns and the energy infrastructure sector. Its listing performance may be promoted by both the support of asset fundamentals and the marginal improvement of market sentiment [5]. 3. Summary According to the Directory 3.1 Project Basic Situation - The Huaxia CNNC Clean Energy Closed - end Infrastructure Securities Investment Fund was registered by the China Securities Regulatory Commission on December 9, 2025. The underlying asset is the Popona Hydropower Station in Xinjiang, and the main source of cash - flow is electricity sales revenue [8]. - The project was completed in 2016, with a total installed capacity of 150,000 kilowatts and a designed annual power generation of 666 million kWh. From 2022 to 2025 H1, the company's gross profit margin maintained a good level, with fluctuations mainly due to equipment maintenance,停机避沙, and changes in power generation and electricity price structure [9]. - Except for 2024, the project's water abandonment rate remained at a relatively low level. In 2024, the water - available power generation and actual power generation reached 785 million kWh and 679 million kWh respectively [12]. 3.2 Hydropower Industry Pattern Analysis - Hydropower is an important part of the clean - energy system, currently accounting for about 15% of the national power supply. China's hydropower resources are becoming scarcer, with the installed capacity of conventional hydropower reaching 436 million kilowatts by the end of 2024 [15]. - In 2024, China's power supply - demand was in a "tight balance" state, with the highest power consumption load hitting a record high. The power consumption demand continued to grow steadily, while the new - energy installed capacity expanded rapidly, but its output was volatile [16]. - In Xinjiang, the hydropower operation environment has certain support. The power - market reform is advancing, and the water abandonment situation has improved. The Karakash River Basin has a clear hydropower development plan, and the planned new projects are progressing slowly in the short term, with uncertain long - term impacts [17][18][19]. - In the long - term, the hydropower industry has stable development potential. Pumped - storage power is expected to become a main regulating power source, and hydropower can play a greater role in promoting the "integration of wind, solar and hydropower" [20]. 3.3 Project Stability 3.3.1 Hydrological Conditions and Operation Basis - The hydrological conditions of the Karakash River are stable in the long term. The project can rely on the upstream Wuluwati Water Conservancy Project and its own facilities to adjust operation, which helps to stabilize power generation [22]. 3.3.2 Power Consumption and Dispatching Environment - The Hotan region has long - term power consumption capacity, and the "Power Transmission from Xinjiang" project provides stable support. Hydropower is in the priority dispatching sequence in the local power grid and is less affected by the rapid growth of photovoltaic installation [23]. 3.3.3 Upstream Reservoir and Power Grid Dispatching Synergy Relationship - The project can benefit from the regulation of upstream reservoirs and the "solar - hydro complementarity" dispatching mode. The future upstream reservoir is expected to increase the annual power generation of the Popona Hydropower Station by 5% [24]. 3.3.4 Electricity Price Mechanism and Water Abandonment Situation - In 2025, the power generation of the Popona Hydropower Station is fully included in the priority power - generation plan. From 2026, it will gradually participate in the market - oriented transaction, and the predicted market - oriented electricity price is about 0.25 yuan/kWh (tax - included) [25][26]. - The proportion of market - oriented transactions has been increasing. In 2024, the water - abandonment rate increased significantly due to insufficient grid consumption capacity. In the long - term, the water - abandonment pressure is expected to be alleviated with the improvement of demand and grid capacity [27][30]. 3.4 Original Equity Holder - The original equity holder is Xinjiang Xinhua Hydropower Investment Co., Ltd., which is controlled by the State - owned Assets Supervision and Administration Commission of the State Council. It is the largest hydropower operator in Xinjiang, with stable operation and profitability [31][33][34]. - After the fund issuance, the wholly - owned subsidiary Yulong Company will be responsible for project operation management, with more than 10 years of operation experience in the Popona Hydropower Station, providing a guarantee for stable project operation [40]. 3.5 Valuation and Distribution Rate 3.5.1 Historical Review of Energy Infrastructure - related REITs - REITs have certain "convertible - bond - like" attributes, related to interest - rate trends and the equity market. Energy infrastructure - related REITs have seen weakening performance since July 2025, but the new - share subscription income of new - issued REITs is still expected to be at a relatively ideal level [41]. 3.5.2 Valuation Analysis - The estimated value of the project's asset group is 1.253 billion yuan (as of June 30, 2025). The estimated annual power generation is 658 million kWh, which is a conservative assumption. The net cash - flow distribution rates for July - December 2025 and 2026 are 6.03% (annualized) and 5.64% respectively, and the IRR for fund investors during the fund's duration is 6.10% [44][45]. - Compared with the only comparable listed hydropower REIT (China Asset Management China Power Construction Clean Energy REIT), the Huaxia CNNC Clean Energy REIT is superior in asset value and cash - flow distribution ability, with more advantages in cash - flow return and distribution stability [46][49].

Core Insights - Market indices are near all-time highs, creating caution among investors regarding equity accumulation [1] - There are income funds available that are reasonably valued and can provide consistent dividends [1] - A hybrid investment strategy combining classic dividend growth stocks, Business Development Companies, REITs, and Closed End Funds can enhance investment income while achieving total returns comparable to traditional index funds like the S&P [1]

本次挂牌的机构间REITs项目由青岛水务集团有限公司（以下简称青岛水务集团）发起，中信证券股份 有限公司担任计划管理人，以青岛水务集团所属青岛市李村河污水处理厂提标改造及四期扩建项目和总 氮提标改造项目作为底层资产，发行规模达到4.77亿元，在机构间市场广泛吸引社会资本参与，全场认 购倍数达到26倍，在已发行机构间REITs项目中创造新高，充分体现了资本市场对青岛优质国有资产的 高度认可。 12月29日，伴随着上海证券交易所清脆响亮的锣声，山东省首单机构间REITs项目"青岛水务集团有限公 司持有型不动产ABS项目"（证券代码：267036.SH）成功挂牌。 项目发行过程中，水务集团在青岛市委金融办、市发改委、市财政局、市水务局、市国资委、青岛证监 局的大力支持和指导下，通过标准化、证券化方式，将具有持续稳定收益的污水处理基础设施转化为可 公开交易、流动性强的金融产品，实现从"重持有"向"重运营"转型。募集资金投入新的基建项目，有助 于改善资产周转效率与净资产收益率，增强资金运作能力和市场竞争力。 （半岛全媒体首席记者 孙桂东） 下一步，青岛水务集团将高效运营管理底层资产，确保项目持续稳健运营，以良好的业绩回 ...

Core Viewpoint - The rise of covered call ETFs has prompted a search for qualities that make a strong long-term investment, with a focus on the ProShares Russell 2000 High Income ETF as a potential candidate for generating income and total return comparable to traditional index funds [1]. Group 1: Investment Strategy - The company emphasizes the importance of a solid base of classic dividend growth stocks, complemented by Business Development Companies, REITs, and Closed End Funds to enhance investment income [1]. - A hybrid investment system combining growth and income strategies is proposed, aiming to achieve total returns on par with the S&P 500 [1].

Core Viewpoint - The article emphasizes the importance of a hybrid investment strategy that combines classic dividend growth stocks with other asset classes like Business Development Companies, REITs, and Closed End Funds to enhance investment income while achieving total returns comparable to traditional index funds [1]. Investment Strategy - The company advocates for a diversified approach to investing, suggesting that a solid base of dividend growth stocks can be complemented by other investment vehicles to create a balanced portfolio [1]. - The strategy aims to boost investment income while maintaining a total return that aligns with the performance of the S&P 500 index [1].

Core Viewpoint - The equity market serves as a significant mechanism for wealth creation or destruction over the long term, with Pacifica Yield focusing on undervalued high-growth companies, high-dividend stocks, REITs, and green energy firms [1] Group 1 - Pacifica Yield aims to pursue long-term wealth creation [1] - The strategy includes a focus on undervalued yet high-growth companies [1] - High-dividend tickers, REITs, and green energy firms are also key areas of interest [1]

新华财经北京12月25日电 25日，2025多层次REITs投资人大会在北京举办。本次大会由瑞思不动产金融 研究院主办，汇集了来自保险、券商、基金、国资平台及产业资本等领域的近300位机构代表与行业专 家，通过闭门研讨、案例发布、圆桌对话等形式，深入探讨REITs市场的发展现状与未来趋势，为多层 次市场生态的共建与升级提供了重要交流平台。 （文章来源：新华财经） 共建平台、凝聚共识推动市场行稳致远 会上，瑞思不动产金融研究院院长朱元伟宣布启动"投研共享平台"及"年度优秀案例汇编"项目，旨在通 过系统化的知识沉淀与资源共享，为市场参与方提供持续智力支持，助力行业形成健康、理性、长期的 发展生态。这一举措得到了与会者的积极响应，机构认为在市场规模持续扩大、资产类型日益丰富的背 景下，行业基础设施的完善尤为关键。 与会专家指出，本次大会不仅是一次行业交流的盛会，更是REITs市场迈向高质量发展阶段的一次重要 集结。"多层次REITs市场的协同发展，为各类资产提供了差异化的资本路径，也为投资者构建了更为丰 富的配置工具。" 未来，相关行业仍须在强化资产运营能力、完善信息披露、培育长期投资者等方面持续努力，推动 REI ...