（REITs）项目申报要求》，此次清单将基础设施REITs进一步扩围至更多行业领域和资产类型。具体 来看，在消费基础设施领域新增体育场馆项目，以及商旅文体健等多业态融合的商业综合体项目、四星 级及以上酒店项目。此外，新增商业办公设施，包括超大特大城市的超甲级、甲级商务楼宇项目；新增 城市更新设施，包括老旧街区、老旧厂区更新改造项目，以及涵盖上述多种资产类型的城市更新综合设 施项目。 国家发展改革委表示，清单范围内符合条件的项目应严格按照常态化推荐发行阶段有关政策要求进行申 报。各省级发展改革部门、有关中央企业要坚持"优中选优"，严格把关项目质量，强化风险意识，高质 量做好项目申报工作。 国家发展改革委政策研究室副主任、新闻发言人李超日前表示，将继续加强与证监会的协同配合，进一 步优化申报推荐流程，动态完善有关项目申报要求，提高工作质效，在严防风险、严把质量的基础上， 支持更多符合条件的项目发行上市，更好推动基础设施REITs支持实体经济发展。 （文章来源：中国证券报） 国家发展改革委12月1日消息，国家发展改革委对基础设施REITs发行范围作了进一步拓展，形成了 《基础设施领域不动产投资信托基金（REITs） ...

● 本报记者 欧阳剑环 国家发展改革委12月1日消息，国家发展改革委对基础设施REITs发行范围作了进一步拓展，形成了 《基础设施领域不动产投资信托基金（REITs）项目行业范围清单（2025年版）》，以更好发挥基础设 施REITs盘活存量资产、促进投资良性循环的作用。 （REITs）项目申报要求》，此次清单将基础设施REITs进一步扩围至更多行业领域和资产类型。具体 来看，在消费基础设施领域新增体育场馆项目，以及商旅文体健等多业态融合的商业综合体项目、四星 级及以上酒店项目。此外，新增商业办公设施，包括超大特大城市的超甲级、甲级商务楼宇项目；新增 城市更新设施，包括老旧街区、老旧厂区更新改造项目，以及涵盖上述多种资产类型的城市更新综合设 施项目。（下转A02版） （上接A01版）国家发展改革委表示，清单范围内符合条件的项目应严格按照常态化推荐发行阶段有关 政策要求进行申报。各省级发展改革部门、有关中央企业要坚持"优中选优"，严格把关项目质量，强化 风险意识，高质量做好项目申报工作。 国家发展改革委政策研究室副主任、新闻发言人李超日前表示，将继续加强与证监会的协同配合，进一 步优化申报推荐流程，动态完善有关项 ...

Core Insights - The National Development and Reform Commission (NDRC) has officially expanded the scope of infrastructure Real Estate Investment Trusts (REITs) to include more industries and asset types, now covering 15 major sectors [1][2] - The expansion aims to support the development of the real economy by facilitating the issuance of more qualified projects [3] Group 1: Expanded Scope of Infrastructure REITs - The 2025 version of the infrastructure REITs project industry scope includes urban renewal facilities, hotels, sports venues, and commercial office facilities among others [1][2] - The expanded list now encompasses 15 major industries, including transportation, energy, municipal, ecological and environmental protection, warehousing and logistics, and new infrastructure [1][2] Group 2: Historical Context and Progress - The infrastructure REITs initiative began in 2020, with initial inclusion of sectors like warehousing logistics, toll roads, and municipal facilities [2] - As of now, the issuance scope has grown to cover 12 industries and 52 asset types, with 18 asset types from 10 industries having completed their first issuance [2] Group 3: Future Plans and Recommendations - The NDRC plans to enhance collaboration with the China Securities Regulatory Commission (CSRC) to optimize the project application process and improve work efficiency [3] - A total of 105 projects have been recommended to the CSRC, with 83 projects already issued, amounting to a total fund issuance of 207 billion yuan, expected to drive over 1 trillion yuan in new project investments [3]

Group 1 - The National Development and Reform Commission (NDRC) has released the "2025 Edition of the Industry Scope List for Real Estate Investment Trusts (REITs) in the Infrastructure Sector," highlighting a focus on consumer and service-oriented infrastructure [1] - The list includes sports venues, four-star and above hotels, and elderly care facilities, aligning with the "Special Action Plan to Boost Consumption" and addressing core demands for consumer upgrades and livelihood security [1] - Additionally, the list incorporates data centers, artificial intelligence infrastructure projects, 5G, communication towers, Internet of Things, industrial Internet, broadband network projects, smart transportation, smart energy, and smart city projects, resonating with the "Artificial Intelligence +" initiative [1] Group 2 - As of now, there are 77 REIT products listed in the market, with a total issuance scale of 207 billion yuan (including expansions) and a total market value of approximately 220 billion yuan [2] - The implementation of the 2025 Edition of the Industry Scope List is expected to further expand the REITs market, providing stronger support for stabilizing the macroeconomic landscape [2]

Core Points - The National Development and Reform Commission (NDRC) has issued the "2025 Edition of the Project Industry Scope List for Real Estate Investment Trusts (REITs) in the Infrastructure Sector" to expand the scope of infrastructure REITs [1] - The list aims to enhance the role of infrastructure REITs in revitalizing existing assets and promoting a virtuous investment cycle [1] Group 1 - The application scope includes clean energy projects such as wind power, solar power, hydropower, natural gas power, biomass power, and nuclear power [2] - It also covers energy storage facilities, clean and low-carbon flexible coal power projects, ultra-high voltage transmission projects, incremental distribution networks, microgrids, and charging infrastructure projects [2] - Coal power projects must meet specific conditions, such as having a minimum output of 30% rated load under pure condensing conditions or incorporating low-carbon fuels with a blending ratio of no less than 10% [2] Group 2 - The NDRC emphasizes that projects in areas like rental housing, consumer infrastructure, commercial office facilities, elderly care facilities, and urban renewal must be initiated by independent legal entities engaged in relevant businesses and must not involve residential property development [2]

新华财经北京12月1日电 近日，国家发展改革委办公厅印发《基础设施领域不动产投资信托基金 （REITs）项目行业范围清单（2025年版）》，将体育场馆项目，商旅文体健等多业态融合的商业综合 体项目，四星级及以上酒店项目，超大特大城市的超甲级、甲级商务楼宇项目，以及老旧街区、老旧厂 区更新改造项目等城市更新项目纳入REITs项目行业范围。此次扩围实现了基础设施REITs底层资产类 型的重大突破，填补了重要空白。 扩围将从供给侧深度激发消费市场潜力 基础设施REITs自2020年启动以来，市场一直在扩围扩容。初期，仓储物流、收费公路、市政设施、产 业园区等被纳入发行范围；后续，又逐步增加了清洁能源、数据中心、保障性租赁住房、水利设施、文 化旅游、消费基础设施等行业领域和资产类型。截至2025年11月底，共有77只基础设施REITs上市交 易，总市值约2200亿元，覆盖10个行业领域18种资产类型，预计可带动新项目总投资超1万亿元。 中国国际工程咨询有限公司资本业务创新咨询中心主任、研究员徐成彬认为，2025年版行业清单是 对"提振消费专项行动"的落实。 "体育场馆纳入基础资产范围，有力支持了全民健身，拓展了体育消 ...

Core Viewpoint - The National Development and Reform Commission (NDRC) has released a notification to expand the scope of infrastructure Real Estate Investment Trusts (REITs) to activate existing assets and promote a virtuous investment cycle [2][5]. Summary by Relevant Sections Expansion of REITs - The NDRC aims to enhance the role of infrastructure REITs in revitalizing existing assets and facilitating investment cycles, in line with national policies for urban high-quality development and consumption stimulation [5][6]. Eligible Project Categories - The notification outlines 15 categories of projects eligible for application, including: 1. **Energy Infrastructure**: Projects in clean energy such as wind, solar, hydro, natural gas, biomass, and nuclear power, as well as energy storage and flexible coal power projects [9]. 2. **Transportation Infrastructure**: Includes toll roads, railways, airports, and ports [9]. 3. **Municipal Infrastructure**: Covers urban water supply, gas, heating projects, and parking facilities [10]. 4. **Ecological and Environmental Infrastructure**: Involves urban sewage and waste treatment facilities [10]. 5. **Logistics Infrastructure**: Warehousing services including general and specialized cold storage [10]. 6. **Park Infrastructure**: Facilities in free trade zones and national-level development zones [10]. 7. **New Infrastructure**: Projects related to data centers, AI, 5G, and smart city initiatives [10]. 8. **Rental Housing**: Projects for affordable and public rental housing in major cities [11]. 9. **Water Conservancy Facilities**: Projects with water supply and power generation functions [12]. 10. **Cultural and Tourism Infrastructure**: Projects related to national heritage and major tourist attractions [12]. 11. **Consumer Infrastructure**: Includes shopping centers, community commercial projects, and sports venues [12]. 12. **Commercial Office Facilities**: High-grade office buildings in major cities [13]. 13. **Elderly Care Facilities**: Registered elderly care projects [14]. 14. **Urban Renewal Facilities**: Projects for the renovation of old neighborhoods and factories [14]. 15. **Other Infrastructure Projects**: Projects aligned with national strategic and industrial policies [15]. Project Quality and Compliance - Projects must adhere to the guidelines set forth in previous notifications and should be selected based on quality, with a focus on risk awareness [6][7].

人民财讯12月1日电，国家发展改革委办公厅印发《基础设施领域不动产投资信托基金(REITs)项目行业 范围清单(2025年版)》，《清单》范围内符合条件的项目应严格按照《国家发展改革委关于全面推动基 础设施领域不动产投资信托基金(REITs)项目常态化发行的通知》(发改投资〔2024〕1014号)等常态化推 荐发行阶段有关政策要求进行申报。各省级发展改革部门、有关中央企业要坚持"优中选优"，严格把关 项目质量，强化风险意识，高质量做好项目申报工作。其中，能源基础设施。包括风电、太阳能发电、 水力发电、天然气发电、生物质发电、核电等清洁能源项目；储能设施项目；清洁低碳、灵活高效的燃 煤发电(含热电联产煤电)项目；特高压输电项目，增量配电网、微电网、充电基础设施项目。其中，燃 煤发电项目应具备以下一项或多项条件：纯凝工况最小发电出力在30%额定负荷及以下；掺烧生物质、 氢、氨等低碳燃料，掺烧热量比例不低于10%；配备大规模碳捕集利用与封存(CCUS)设备。 ...

丨证券研究报告丨 行业研究丨行业周报丨房地产 [Table_Title] 好房子的关键在于定价 [Table_Summary] 最顶端的豪宅市场，从典型样本跟周边次新的比价去看，定价已趋于合理区间，但市场容量相 对有限，核心矛盾在于潜在供应量较大；中高端改善市场，大多数产品定价已不低，且周边二 手竞品仍面临较大的补跌压力，好房子去化逐步承压，但部分定价具备性价比的项目，去化依 然相对较好，定价是项目去化的关键。综合而言，好房子是中长期阿尔法，只要定价合理，去 化不是问题，今年部分高地价项目的兑现有不确定性，短期盈利改善进程有一定波折；但近期 土地市场逐步降温，这对后续拿地构成利好，房企中期盈利结构性改善的置信度在提高。 分析师及联系人 [Table_Author] 刘义 侯兆熔 SAC：S0490520040001 SAC：S0490525060001 SFC：BUV416 请阅读最后评级说明和重要声明 %% %% %% %% ——房地产行业周度观点更新 报告要点 research.95579.com 1 [Table_Title 好房子的关键在于定价 2] ——房地产行业周度观点更新 [Table_Summ ...

中原期货研究咨询部 晨会纪要 2025 第（216）期 发布日期：2025-11-28 | | | | 商品指数每日市场跟踪 | | | | --- | --- | --- | --- | --- | --- | | 宏观指标 | | 2025/11/28 | 2025/11/27 | 涨 跌 | 涨跌幅/% | | | | 08:00 | 15:00 | | | | 道琼斯工业指数 | | 47427.12 | 47112.45 | 314.670 | 0.668 | | 纳斯达克指数 | | 23214.69 | 23025.59 | 189.10 | 0.821 | | 标普500 | | 6812.61 | 6765.88 | 46.730 | 0.691 | | 恒生指数 | | 25945.93 | 25928.08 | 17.850 | 0.069 | | SHIBOR隔夜 | | 1.31 | 1.32 | -0.002 | -0.152 | | 美元指数 | | 99.53 | 99.55 | -0.025 | -0.025 | | 美元兑人民币(CFETS) | | 7.08 | 7.08 ...