钛媒体App 11月11日消息，国家发展改革委投资司副司长关鹏表示，国家发展改革委将加强与证监会的 协同配合，在严防风险、严把质量的基础上，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。一是积极推动市场扩围扩容。加大成熟资产类型项目申 报推荐力度，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， 推动市场规模稳步增长。二是加强专项协调服务。指导各地建立健全民间投资项目发行基础设施REITs 专项协调服务机制，实行靠前服务、主动协调、申报单列，加快推动解决民间投资项目培育中的困难和 问题。三是不断提高工作质效。持续推进项目推荐发行制度化、标准化、规范化，严把项目底层资产质 量关。（国家发改委） ...

Core Viewpoint - The article discusses the Chinese government's recent measures to promote private investment, highlighting 13 specific policies aimed at enhancing private sector participation in various infrastructure projects and industries [1][4]. Group 1: Policy Measures - The government encourages private capital participation in state-approved projects with certain profitability, including sectors like railways, nuclear power, and water supply, allowing private ownership stakes of over 10% in qualifying projects [1][4]. - Local authorities are tasked with detailing requirements for private capital involvement in project construction, particularly for smaller urban infrastructure projects with profit potential [4][5]. - The government aims to facilitate private investment in low-altitude economy infrastructure, ensuring equal treatment for private projects in commercial space and satellite communications [4][5]. Group 2: Regulatory Adjustments - The article emphasizes the need to eliminate unreasonable entry barriers in service industries, promoting private investment in sectors like industrial design and digital transformation [5][6]. - It outlines the importance of a new mechanism for public-private partnerships, revising the list of projects eligible for private participation and ensuring fair conditions in bidding processes [5][6]. - The government will strengthen procurement support for small and medium enterprises (SMEs), mandating that over 40% of budgets for projects exceeding 4 million yuan be reserved for SME procurement [6][7]. Group 3: Financial Support and Digital Transformation - The government plans to enhance support for private investment projects through central budget investments and new financial tools, aiming to attract capital for key industries [7][8]. - There is a focus on fostering digital transformation among SMEs by supporting the establishment of comprehensive digital platforms and promoting collaboration across supply chains [7][8]. - The article mentions the establishment of a financing coordination mechanism for micro and small enterprises, encouraging banks to meet the reasonable credit needs of private businesses [7][8].

Core Viewpoint - The State Council has issued measures to stimulate private investment, highlighting 13 targeted policy initiatives to enhance the role of private capital in China's economic development [1][2]. Group 1: Expansion of Access - Encouragement for private capital participation in key sectors like railways and nuclear power, with specified shareholding requirements [1] - Support for private investment in smaller urban infrastructure projects with profit potential [1] - Promotion of private capital involvement in low-altitude economy and commercial space sectors [1] Group 2: Addressing Bottlenecks - Protection of private enterprises' rights in areas such as electricity grid access and oil and gas pipeline usage [2] - Support for the establishment of major pilot platforms by private enterprises to enhance industry influence [2] - Encouragement for digital empowerment initiatives for small and medium-sized enterprises (SMEs) [2] Group 3: Strengthening Support - Increased financial support for eligible private investment projects through central budget investments and new policy financial tools [3] - Banks are required to set annual service targets for private enterprises to meet their reasonable credit needs [3] - Promotion of real estate investment trusts (REITs) for private investment projects in infrastructure to enhance liquidity [3] Group 4: Quality Development - Emphasis on the need for local governments to provide better services and guidance for private investment [4] - Development of a long-term mechanism combining legal protection, policy incentives, and optimized services for private capital [4] - The measures signal a strong commitment to supporting the growth of the private economy, aiming for high-quality economic development [4]

Investment Rating - The report does not provide a specific investment rating for the public REITs industry [1]. Core Insights - The REITs index increased by 0.06% this week, while the Shanghai Composite Index and the CSI 300 Index decreased by 0.43% and 0.48%, respectively [4][23]. - The total market capitalization of the REITs industry is 217.15 billion yuan, with a circulating market value of 110.38 billion yuan [1]. - The subscription for the Anbo Warehousing REIT was 146.94 times oversubscribed, with a final pricing of 6.121 yuan per share [6][12]. Summary by Sections Market Overview - This week, the REITs index rose by 0.06%, contrasting with declines in major indices such as the CSI 300 and the CSI Dividend Index [23]. - The trading volume for the week was 2.76 billion yuan, reflecting an increase of 11.1% [7]. Key Events - The listing of Huaxia Zhonghai Commercial REIT on October 31, 2025, saw a price increase of 3.29% with a trading volume of 211.05 million yuan and a turnover rate of 43.36% [6][12]. - The Anbo Warehousing REIT was priced between 5.400 yuan and 6.235 yuan per share, with a final price of 6.121 yuan per share [6][12]. Market Performance - A total of 49 REITs saw price increases, while 26 experienced declines, with the largest gain being 4.22% for Chuangjin Hexin Shounong [27]. - The correlation of REITs with the 10-year government bonds is 0.15, while the correlation with the CSI 300 is 0.37, indicating a moderate relationship with equity markets [23].

1. Report Industry Investment Rating - Not provided in the given content 2. Core View of the Report - Not provided in the given content 3. Summary by Relevant Catalogs 3.1 Secondary Market Price and Volume Performance - The report presents detailed data on various REITs, including their fund codes, names, industry types, listing dates, issue prices, trading volumes, turnover rates, returns, and year - to - date returns. For example, the Red Earth Innovation Yantian Port REIT (180301.SZ) had a listing date of June 21, 2021, an issue price of 2.3 yuan, a this - week turnover rate of 1.75%, and a year - to - date return of 15.79% [10]. 3.2 Secondary Market Valuation Situation - The data shows valuation indicators such as P/FFO, P/NAV, IRR, PV multiplier, and 2025 expected cash - dispatch rate for different REITs. For instance, the Red Earth Innovation Yantian Port REIT has a P/FFO of 18.78, a P/NAV of 1.03, and an IRR of 5.78 [22]. 3.3 Market Correlation Statistics - The report provides correlation coefficients between REITs and different asset classes, including stocks, convertible bonds, pure bonds, and commodities. For example, the correlation coefficient between REITs and the Shanghai Composite Index is 0.20 [28]. 3.4 Primary Market Tracking - It lists several REITs in different stages (pending listing, feedback received, application accepted, etc.), including their project nature, type, original equity holders, underlying projects, and project valuations. For example, the CITIC Construction Investment Shenyang International Software Park REIT is in the pending - listing stage, with a project valuation of 11.84 billion yuan [30].

Core Viewpoint - The Chinese government is implementing measures to promote private investment, emphasizing the need for a fair competitive market environment and the removal of hidden barriers to encourage private enterprises to invest and achieve returns [1] Group 1: Market Access - The core of breaking down barriers for private capital is transforming the principle of "non-prohibition means entry" into actionable institutional arrangements, moving from "able to enter" to "easy to operate" [2] - A nationwide unified and dynamically updated negative list for market access will be established, gradually reducing restrictive items, ensuring that "everything not on the list is allowed" [2] - In monopolistic sectors, a "mandatory opening ratio" will be set, requiring a minimum shareholding ratio for private investment in state-dominated areas like railways and oil pipelines [3] Group 2: Process Reform - The approval process will be reformed to lower entry costs, promoting a commitment system for enterprise investment projects, which can significantly reduce pre-approval time [4] - A nationwide integrated government service platform will be established for online processing of private investment project approvals, eliminating offline bureaucracy [4] Group 3: Financial Support - To address the financing challenges faced by private capital, a multi-channel approach involving loans, bonds, and equity financing will be adopted [5] - A "project library + information sharing" mechanism will be established to facilitate precise matching of credit products to private investment projects [5] - The issuance conditions for corporate bonds will be relaxed, allowing private enterprises to issue bonds for technology innovation and green projects, with financial subsidies for interest rates exceeding a certain threshold [6][7] Group 4: Project Implementation - A unified and dynamic information platform will be created to ensure transparency in project promotion, allowing private capital to easily find and understand projects [8] - Priority will be given to land use for key private investment projects, with simplified approval processes for land and environmental assessments [9] Group 5: Policy Stability and Transparency - The establishment of a "Promotion of Private Investment Regulations" will ensure long-term policy stability and transparency, with mechanisms for assessing policy adjustments [12][13] - Regular public reporting on policy execution and project progress will enhance transparency and allow private capital to stay informed [13] Group 6: Fair Competition and Returns - A negative list and blacklist system will be implemented to eliminate discrimination against private enterprises in government procurement and project bidding [15] - Support for private enterprises in R&D and technological upgrades will be enhanced, with financial incentives for innovation [16] - A reasonable return mechanism will be established for private investments in infrastructure projects, ensuring minimum yield rates and government support for underperforming projects [17] Conclusion - Establishing a long-term mechanism to promote private investment is a comprehensive system engineering effort that requires institutional innovation, precise services, and a fair environment to create a virtuous cycle of private capital investment [18]

Group 1 - The core viewpoint of the article is that the Chinese public REITs are entering a new era, which may assist real estate companies in completing their strategic transformation [1][20] - The government continues to support the development of public REITs in 2025, with a positive market response [1][27] - The 782 document introduces four innovations to promote the normalization of public REITs development, including expanding the asset scope and accelerating the approval process [1][3][4] Group 2 - The asset scope has been expanded to include new types such as railways, ports, and cultural tourism, marking a shift from traditional infrastructure to new infrastructure and livelihood sectors [3][4] - The fundraising support mechanism has been optimized, simplifying the application process and allowing for cross-regional asset integration [3][4] - The emphasis on project quality has increased, with a focus on prioritizing high-quality projects that align with national strategies [4][5] Group 3 - Over 87% of the listed public REITs reported profits in the first half of the year, indicating stable returns [7][27] - As of October 21, 2025, a total of 415.38 billion yuan has been raised in public REITs, with more listings expected by the end of the year [7][12] - The market has seen significant participation from real estate companies, with eight firms having issued public REITs primarily in the consumer infrastructure sector [16][17] Group 4 - State-owned enterprises are actively exploring public REITs, leveraging policy benefits to transform their roles [18][20] - Private enterprises also have opportunities to participate in public REITs, with a focus on owning quality properties [23][24] - Public REITs enhance the commercial independence of real estate companies and optimize liquidity, aiding in their transformation and upgrade [23][24]

Group 1 - The core viewpoint of the article is that the Chinese public REITs are entering a new era, which may assist real estate companies in completing strategic transformations [1] - The government continues to support the development of public REITs in 2025, with a positive market response [1][27] - The 782 document introduces four innovations to promote the normalization of public REITs development, focusing on expanding the asset scope and accelerating the approval and issuance of REITs [1][27] Group 2 - The asset scope has been expanded to include new types such as railways, ports, ultra-high voltage transmission, communication towers, market-oriented rental housing, cultural tourism, specialized markets, and elderly care facilities [3][4] - The expansion support mechanism has been optimized, simplifying the application process for newly acquired projects and allowing cross-regional integration of existing assets [3][4] - The 782 document emphasizes the importance of project quality, requiring a focus on high-quality projects that align with national strategic goals [4] Group 3 - Over 87% of the listed public REITs reported profits in the first half of the year, with stable returns [7][27] - As of October 21, 2025, a total of 415.38 billion yuan has been raised in public REITs, with more listings expected by the end of the year [7][12] - The market has seen significant participation from real estate companies, with eight companies having issued public REITs primarily in the consumer infrastructure sector [16][17] Group 4 - State-owned enterprises are actively exploring public REITs, leveraging policy benefits to transform their roles [18][20] - Private enterprises also have opportunities to participate in public REITs, with a focus on possessing quality properties [23] - Public REITs enhance the commercial independence of real estate companies and optimize liquidity, aiding in their transformation and upgrade [23][24]

Core Viewpoint - The successful issuance of the Shenyang International Software Park REITs marks the first public REITs project in Northeast China, highlighting the innovation in China's financing mechanisms and its role in promoting high-quality economic development [1][2] Group 1: Project Overview - The Shenyang International Software Park REITs raised funds for 13 industrial buildings in Shenyang, with a total property area of 201,200 square meters, primarily focused on research and development office space [1] - The project has entered a stable operational phase, indicating its readiness for investment and potential for generating returns [1] Group 2: Economic Impact - The issuance of infrastructure REITs is a significant measure to reduce corporate debt levels, enhance capital efficiency, and optimize project management [2] - The funds recovered from the Shenyang International Software Park REITs will support future project construction, aiming to gather 3,000 digital economy enterprises with a total output value of 100 billion yuan [2] Group 3: Advantages of REITs - Compared to other asset revitalization methods, infrastructure REITs offer higher liquidity, relatively stable returns, and stronger safety features, facilitating a positive cycle of investment and financing [2] - The successful approval of the Shenyang International Software Park REITs opens new pathways for revitalizing existing assets in the province [2] Group 4: Future Plans - The provincial development and reform commission plans to leverage the experience from this first approval to identify and cultivate high-quality existing assets for future REITs projects [2] - There is a focus on strengthening coordination services and addressing challenges in project cultivation to establish a continuous flow of REITs projects in the province [2]

Core Insights - The successful issuance of the Shenyang International Software Park REITs marks the first public REIT project in Northeast China, indicating a significant milestone for the region's financial market [1][2] - The REITs are backed by 13 industrial buildings in Shenyang, with a total property area of 201,200 square meters, primarily focused on research and development office space [1] - The issuance of infrastructure REITs is seen as a crucial measure to reduce corporate debt levels, enhance capital efficiency, and optimize project management [2] Group 1 - The Shenyang International Software Park REITs has completed fundraising, becoming a key project for the province's REITs issuance strategy [1] - The project has been supported by the Liaoning Provincial Development and Reform Commission, which has provided dedicated services to ensure compliance and project approval [1][2] - The funds raised from the REITs will support future project developments aimed at attracting 3,000 digital economy enterprises with a target output value of 100 billion yuan [2] Group 2 - Infrastructure REITs are characterized by high liquidity, stable returns, and strong safety, making them an effective tool for revitalizing existing assets [2] - The successful approval of the Shenyang International Software Park REITs is expected to open new pathways for revitalizing existing assets in Liaoning Province [2] - The Liaoning Provincial Development and Reform Commission plans to leverage the experience from this first issuance to cultivate more quality REIT projects within the province [2]