Core Viewpoint - The Chinese government has initiated a top-level design for urban renewal, emphasizing the importance of funding sources for this significant initiative [1][3]. Funding and Financial Support - In the past five years, the central government has allocated approximately 159.4 billion yuan for urban renewal projects, transitioning from large-scale construction to quality improvement and structural adjustment [3]. - For 2024, the central government plans to allocate over 425 billion yuan for urban renewal projects, including gas pipeline updates and drainage improvements [3][6]. - The Ministry of Finance has implemented tax incentives such as corporate income tax reductions and exemptions to support urban renewal efforts [4]. - A special budget for urban renewal will be established in 2025 to support public infrastructure and services, expanding beyond existing projects [5][6]. Multi-Channel Financing Mechanism - The government aims to establish a diversified financing mechanism, encouraging participation from various sectors, including policy banks and private capital [6][8]. - Financial institutions are being guided to provide loans and support for urban renewal projects, with a focus on meeting the financial needs of these initiatives [7][8]. - The financial regulatory authority is developing specific loan management guidelines to enhance the efficiency and effectiveness of financial services for urban renewal [7][8].

Group 1 - Real estate investment trusts (REITs) have shown increased volatility since the onset of COVID-19, initially experiencing a significant decline alongside other asset classes [1] - Following the initial downturn, the REIT sector has seen a notable recovery [1] Group 2 - Roberts Berzins has over ten years of experience in financial management, focusing on helping top-tier corporates with financial strategies and large-scale financings [1] - Berzins has contributed to institutionalizing the REIT framework in Latvia to enhance liquidity in pan-Baltic capital markets [1] - His policy-level work includes developing national state-owned enterprise (SOE) financing guidelines and frameworks for channeling private capital into affordable housing [1]

fhzhang@ccxi.com.cn 作者 创新产品评级部 周文白 010-66428877 wbzhou@ccxi.com.cn 何 俊 010-66428877 jhe01@ccxi.com.cn 蔡嘉祺 010-66428877 jqcai@ccxi.com.cn 其他联络人 创新产品评级总监 张凤华 010-66428877 www.ccxi.com.cn 联络人 中诚信国际 行业研究 保险资产管理行业研究 2025 年 1 季度 保险资产管理业创新型产品1季度观察与展望： 2025 年一季度，保债计划大幅下降，中保登 ABS 迅速扩容，资产证券化业务或将弥补整 体下行趋势 摘要 1 本报告所称保险资产管理业创新型产品，是指在保险资产管理业运行的除传统股票、债券、现金及其组合之外的金融类资产，主要 包括债权投资计划、资产支持计划、股权投资计划及保险私募基金等。 1. 2025 年一季度，保险资管业创新型产品的登记规模有所上升，登 记数量持续下滑，其中，债权投资计划登记数量及规模均大幅下降， 其作为主要品种，占比持续下滑，区域投向上持续向华东区域集中， 交通行业仍为第一大投向，不动产行业占比持续下降； ...

另 外 ， 国 家 发 展 改 革 委 将 积 极 推 进 投 融 资 模 式 创 新 。 赵 成 峰 介 绍 ， 城 市 更 新 项 目 投 资 额 较 大，必须建立多元化、多层级的资金投入机制。要围绕完善投入机制、提高投入效率，调动 各方力量积极参与。对于市场化程度较高、经营属性较强的，要进一步充分发挥市场机制作 用；对于回报水平适中、社会资本具有投资意愿的领域，要充分发挥政府和社会资本合作新 机制、基础设施领域不动产投资信托基金（REITs）等作用。引导支持政策性银行专项借款、 银行信贷资金更好参与项目建设。鼓励各地充分挖掘项目价值，探索创新城市更新模式，对 投融资模式创新性强、有较好示范性的项目，中央投资将优先予以支持。 作 者丨李莎 编 辑丨李博 当前，我国城市发展从大规模增量建设转向存量提质改造和增量结构调整并重，进入了城市 更新的重要时期。日前，《关于持续推进城市更新行动的意见》（后简称《意见》）印发， 对持续推进城市更新行动作出系统全面部署。 5月2 0日，国新办举行新闻发布会，介绍《意见》有关情况。国家发展改革委固定资产投资司 负责人赵成峰在发布会上介绍，近年来，国家发展改革委统筹相关渠道资 ...

Core Viewpoint - The Tianjin municipal government is committed to further optimizing the business environment to support high-quality development and enhance the vitality of various business entities [1][2]. Group 1: Policy Implementation - Tianjin has prioritized the construction of a favorable business environment, launching the "New Round of Optimizing Business Environment Measures" in 2023, focusing on administrative, market, legal, and cultural aspects [2]. - The "Opinions on Further Optimizing the Business Environment" document was drafted with input from over 800 participating enterprises and relevant departments, emphasizing practical measures [2][3]. Group 2: Specific Measures - Six key areas have been identified for improvement, with 21 specific measures proposed to enhance the business environment [2][3]. - The measures include creating an open and transparent market environment, fostering innovation, ensuring a fair legal environment, improving the quality of resource allocation, streamlining administrative processes, and building a trustworthy social environment [3][4][5][6]. Group 3: Focus Areas - The open market environment aims to integrate into the national market, support fair competition, and enhance foreign investment policies [3]. - The innovation environment will strengthen the role of enterprises in innovation and improve the transfer of technological achievements [4]. - The legal environment will protect the rights of enterprises and entrepreneurs, focusing on intellectual property rights and reducing arbitrary enforcement [4]. - The resource environment will enhance the market allocation of land and talent, and improve financial support for enterprises [5]. - The administrative environment will streamline services and ensure that policies are effectively communicated and implemented [5]. - The social environment will promote a credit system and foster positive relationships between government and businesses [6].

作者 创新产品评级部 周文白 010-66428877 wbzhou@ccxi.com.cn 何 俊 010-66428877 jhe01@ccxi.com.cn 蔡嘉祺 010-66428877 jqcai@ccxi.com.cn 其他联络人 创新产品评级总监 张凤华 010-66428877 www.ccxi.com.cn 联络人 fhzhang@ccxi.com.cn 一、产品运行分析 2025 年一季度，受资产支持计划及股权计划登记规模增长的影响，保险资管业创新型产品登记规模有所上升，登 记数量持续下滑；债权投资计划登记数量占比超过 70%，但持续下降；保险资管机构在资产证券化业务持续发 力，中保登 ABS 占比持续上升。 中诚信国际 行业研究 保险资产管理行业研究 2025 年 1 季度 保险资产管理业创新型产品1季度观察与展望： 2025 年一季度，保债计划大幅下降，中保登 ABS 迅速扩容，资产证券化业务或将弥补整 体下行趋势 摘要 1 本报告所称保险资产管理业创新型产品，是指在保险资产管理业运行的除传统股票、债券、现金及其组合之外的金融类资产，主要 包括债权投资计划、资产支持计划、股权投资计划 ...

Market Performance - The public REITs secondary market continued its upward trend, with the CSI REITs Index and the CSI REITs Total Return Index increasing by 1.24% and 1.39% respectively as of May 16 [1][3] - Among the 65 public REITs listed, 52 experienced a week-on-week increase, while 13 saw a decline [4][6] - The top three performing REITs were Huaxia Nanjing Transportation Expressway REIT, Jiashi Wumart Consumption REIT, and CICC Xiamen Affordable Rental Housing REIT, with increases of 9.13%, 7.09%, and 6.04% respectively [4][6] Sector Analysis - Different sectors showed varied performance, with total return indices for consumption, industrial parks, and affordable rental housing increasing by 3.15%, 2.29%, and 2.26% respectively [3] - The consumption, affordable rental housing, and logistics sectors have seen continuous gains for three weeks, indicating strong market preference for stable asset performance [3][9] Policy Developments - The Central Committee and State Council issued opinions to promote urban renewal, emphasizing the need for market-oriented financing models to attract social capital for urban renewal projects, including the issuance of REITs [2][9] - Local policies are also supporting the issuance of public REITs, with cities like Guangzhou and Fujian Province implementing measures to facilitate financing through REITs for specific sectors [9][10] Liquidity and Trading Activity - The trading volume for public REITs reached 2.442 billion yuan, with logistics REITs showing the highest average turnover rate [8] - The top three REITs by trading volume were Hongtu Innovation Yantian Port REIT, Dongwu Su Garden Industrial REIT, and Guotai Junan Dongjiu New Economy REIT [8] New Product Developments - Several public REITs have made progress in their application processes, including the launch of the Chuangjin Hexin Electronic City Industrial Park REIT and feedback received for Huaxia Kaide Commercial REIT and Bank of China Logistics REIT [2][9]

21世纪经济报道记者李莎 北京报道 当前，我国城市发展从大规模增量建设转向存量提质改造和增量结构调整 并重，进入了城市更新的重要时期。日前，《关于持续推进城市更新行动的意见》（后简称《意见》）印 发，对持续推进城市更新行动作出系统全面部署。 金融监管总局统计与风险监测司司长廖媛媛在发布会上介绍，下一步金融监管总局将指导金融机构对照城市 更新行动的具体要求，抓紧研究制定与之相配套的制度流程、业务系统和绩效评价体系。充分发挥不同类型 金融机构的独特优势，做好与财政资金、社会资本的有效衔接。 5月20日，国新办举行新闻发布会，介绍《意见》有关情况。国家发展改革委固定资产投资司负责人赵成峰在 发布会上介绍，近年来，国家发展改革委统筹相关渠道资金，积极支持城市更新项目建设。具体而言，主要 通过中央预算内投资、2023年增发国债、超长期特别国债、发行地方政府专项债券这四个渠道予以支持。比 如，在中央预算内投资方面，"十四五"以来，已累计安排超过4700亿元，支持城市燃气、排水等地下管网改造 和城镇老旧小区改造、城中村改造等配套基础设施建设。 廖媛媛介绍，金融监管总局正在制定专门的城市更新项目贷款管理办法，通过实施城市更新 ...

每日市场观察 2025 年 5 月 20 日 【今日关注】 周一三大指数全天呈现震荡整理走势，沪指相对较强。截止收盘，沪指 以平盘报收，深证成指跌 0.08%，创业板指跌 0.33%。沪深两市成交额 近 1.1 万亿，较上交易日小幅缩量。行业板块多数收涨，港口运输、并 购重组、房地产等表现活跃，小金属板块跌幅居前。个股方面，上涨股 票数量 3500 多只，超 120 只股涨停。沪指在前高 3429 点附近受阻回落， 但在整理蓄势之后向上突破的概率较大。 因证监会日前发布《关于修改<上市公司重大资产重组管理办法>的决 定》，在周一盘面上并购重组、创投概念股集体表现，掀起涨停潮。近 期市场热点散乱，并购重组有可能成为市场新主线。投资者可以重点挖 掘有国资控股，且并购重组预期较大的低位科技股。 沪指自 4 月 7 日开始的上涨不仅回补了缺口，且走势较强。主要是国内 经济强大的韧性可以顶住外部的关税冲击。国家统计局 5 月 19 日发布 数据显示，4 月份全国规模以上工业增加值同比增长 6.1%，延续向新向 好发展态势。宏观经济面向好是 A 股实现持续上涨的基础。对于后市投 资方向，稳健的投资者可以关注业绩确定性较强 ...

登录新浪财经APP 搜索【信披】查看更多考评等级 公告送出日期：2025年5月20日 1.公告基本信息 ■ 注：- 2.新任高级管理人员的相关信息 ■ 注：- 2.1代任高级管理人员的相关信息 注：- 3.离任高级管理人员的相关信息 ■ 注：- 4.其他需要说明的事项 上述事项，已经招商基金管理有限公司第七届董事会2025年第四次会议审议通过，并按照规定向监管机 构备案。 公司董事会对于徐勇先生在担任总经理期间为本公司作出的贡献给予高度评价并致以衷心的感谢。 招商基金管理有限公司 2025年5月20日 关于基础设施项目 2025年4月主要运营数据的公告 一、公募 REITs 基本信息 ■ 二、基础设施项目的基本情况 本基金的基础设施项目为安徽亳阜高速公路项目，项目公司为安徽亳阜高速公路有限公司，运营管理机 构为招商局公路网络科技控股股份有限公司及其全资子公司招商公路运营管理（北京）有限公司（包括 招商公路运营管理（北京）有限公司亳州分公司）。亳阜高速起于安徽与河南两省交界的黄庄，沿平行 于京九铁路和国道G105方向，在K13+230跨越武家河，经亳州城东的五马镇建成区西边缘，在K19+211 跨国道G311， ...