中经记者 杜丽娟 北京报道 中证鹏元评级分析师吴进辉表示，从市场影响看，《清单》将引导各方资源集中到具备运营价值的优质 基建资产上，更好发挥REITs"盘活存量、带动增量"的作用。 根据各地发改部门的部署安排，下一步将持续跟踪清单执行情况，及时收集企业遇到的新问题，通 过"一对一指导""案例分享"等方式，让政策红利更快转化为盘活存量资产、扩大有效投资的实际成效。 今年以来，政策也在鼓励支持民间资本参与重点领域项目运营和建设，而对基础设施REITs的项目进行 规范化管理是其中一项重要内容。此前，国务院办公厅出台的《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个方面提出13项针对性政策举措，精准施策解决投融资难 题。 市场人士分析，基础设施REITs是盘活存量资产、拓宽社会资本投资渠道的重要工具。《清单》的发 布，将帮助地方和企业更精准把握项目申报方向，这既提升了项目筛选效率，也能更好防范风险，保障 基础设施REITs市场长期平稳运行。 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）》（以下简称"《清单》"），为基础设施 ...

Core Viewpoint - The Zhejiang Provincial Committee emphasizes improving investment quality and efficiency, focusing on industrial projects and strategic directions to enhance economic development [1] Group 1: Investment Strategy - The proposal highlights the importance of "project-based development" and prioritizes major livelihood projects [1] - It aims to implement the "thousand projects, trillion" initiative to expand effective investment [1] - There is a focus on increasing investments in high-tech industries and strategic emerging industries [1] Group 2: Project Management - The plan includes reforms to the major project planning mechanism, ensuring a top-down and two-way communication approach [1] - It emphasizes the need for comprehensive lifecycle management of major projects [1] - The proposal seeks to establish a long-term mechanism for private enterprises to participate in major project construction [1] Group 3: Government Investment - The government plans to explore a comprehensive government investment plan and enhance the management of government investment projects [1] - There is an intention to optimize the structure of government investments, increasing the proportion of investments in livelihood projects [1] - The initiative aims to stimulate private investment through government investment funds [1] Group 4: Foreign Investment - The proposal includes efforts to enhance global investment attraction through the "Investing in Zhejiang" campaign [1] - It aims to create new advantages for attracting foreign capital [1]

Group 1 - The core viewpoint of the news is the establishment of the "CITIC Construction Investment - Waigaoqiao Group Holding Real Estate Asset Support Special Plan," which is the first industrial plant-based asset-backed security (ABS) in the inter-institutional REITs market in China, with a total issuance scale of 1.83 billion yuan [1] - This project expands the asset range of inter-institutional REITs and creates a new equity financing channel for local state-owned enterprises, demonstrating a significant effect [1] - The underlying assets consist of four standard factory projects held by Waigaoqiao Group, located in the Waigaoqiao Free Trade Zone, with a total construction area of approximately 190,600 square meters and an average occupancy rate of 93.16% [1] Group 2 - Inter-institutional REITs are positioned as equity-type listed products and are an important part of building a multi-tiered REITs market, serving as an innovative tool for revitalizing existing assets and expanding effective investment [2] - Since the launch of the first inter-institutional REITs in 2023, the Shanghai Stock Exchange has successfully issued 20 projects with a total issuance scale exceeding 45 billion yuan, with nearly 1,200 billion yuan in total application scale [2] - The Shanghai Stock Exchange is committed to developing the inter-institutional REITs market while ensuring safety and focusing on the authenticity and reliability of underlying assets, as well as accurate and complete information disclosure [3] Group 3 - The Shanghai Stock Exchange aims to stimulate market vitality and ensure the market's sustainable and healthy development by respecting market rules and enhancing the market mechanism [3] - Future efforts will focus on organizing and building the inter-institutional REITs market ecosystem, promoting project implementation, and improving relevant mechanisms and supporting rules [3]

Core Viewpoint - The proposal emphasizes the need to expand effective investment in Beijing's economic and social development, focusing on maintaining reasonable growth and improving investment efficiency [1] Investment Strategy - The strategy includes promoting a positive interaction between investment and consumption, combining investments in physical assets and human resources [1] - It aims to optimize the investment structure by strengthening investments in urban renewal, technological innovation, emerging industries, future industries, and new infrastructure [1] Social Development Focus - There is a strong emphasis on increasing investments that improve livelihoods and upgrade consumption, as well as enhancing human resource development and comprehensive personal development [1] Project and Financing Mechanisms - The proposal calls for strengthening project reserves and resource guarantees, implementing a number of significant flagship projects [1] - It advocates for deepening reforms in the investment and financing system, effectively utilizing various types of government investments, and improving mechanisms for private enterprises to participate in major project construction [1] - The government investment is expected to play a guiding role to stimulate private investment vitality [1]

Core Viewpoint - The "Two Heavy" construction is positioned as a strategic tool for effective investment expansion, integrating national major strategy implementation with key area security capability enhancement, thereby supporting economic growth and innovation [1][2]. Group 1: Economic Impact - The "Two Heavy" construction is expected to have a significant economic driving effect, creating effective demand directly through major project investments and facilitating the coordinated development of upstream and downstream industries [2]. - The construction process will generate numerous job opportunities, while the operational phase will continue to produce economic benefits, achieving a balance between short-term growth and long-term efficiency [2]. Group 2: Funding Mechanism - Government investment plays a pivotal role in leveraging private capital, with a focus on optimizing project revenue models and risk-sharing mechanisms to attract substantial social capital [2][3]. - In 2025, 1.3 trillion yuan of ultra-long-term special bonds have been allocated, with 800 billion yuan specifically supporting "Two Heavy" construction projects, covering over 1,400 major projects [2]. Group 3: Financing System - Future "Two Heavy" construction will aim to establish a more diversified financing system, effectively leveraging ultra-long-term credit and policy finance to encourage private sector participation [3]. - A balanced relationship between government and market collaboration is essential, ensuring reasonable returns for social capital while safeguarding public interests [3]. Group 4: Innovation and Technology - The "Two Heavy" construction will serve as a vehicle for industrial upgrading, promoting technological innovation and encouraging research and development investments [3][4]. - Establishing a platform for integrating production, education, and research will facilitate joint efforts to tackle technical challenges and enhance overall industry technology levels [4].

一方面，"两重"建设成为稳增长与促创新深度融合的交汇点，展现出精准施策的鲜明特征。通过系统布 局重大项目和精准引导有效投资，有望在优化经济结构、增强发展韧性、推动高质量发展方面发挥关键 作用，为中国式现代化建设筑牢坚实基础。 未来"两重"建设在用好国债资金的基础上，将着力构建更加多元化的投融资体系。通过精准把握项目建 设进度与资金拨付节奏，强化项目与资金的匹配度，有效撬动超长期信贷、政策性金融等配套资金，积 极引导民间资本参与项目建设。这将显著放大"两重"建设的投资乘数效应，为民营企业创造更广阔的市 场空间。这也是深化"放管服"改革、优化营商环境的重要实践，有效激发市场主体活力，形成政府与市 场协同发力、互促共进的良性发展格局。 在"两重"建设实施过程中，需要构建科学系统的推进机制，重点把握两个维度的平衡关系。一是政府与 市场的协同共生。项目融资上实现政府资金与社会资本的优势互补，同时明确政府与市场的权责边界， 既保障社会资本的合理收益，又确保公共利益的实现。二是短期效益与长期价值的统筹兼顾。要注重项 目建设与区域发展规划的衔接，建立全生命周期成本效益评估体系，避免片面追求短期效益而牺牲长期 价值。 近日召开 ...

Core Insights - The "Two Major" construction is being strategically planned and advanced within the context of the 14th Five-Year Plan, with a focus on implementing significant projects to boost effective investment and promote economic growth [1][5] Summary by Sections Overview of "Two Major" Construction - "Two Major" construction refers to the implementation of national major strategies and the enhancement of security capabilities in key areas [2] - Key investment areas include technological self-reliance, urban-rural integration, regional coordinated development, high-quality population development, food security, energy resource security, and ecological safety [2] Investment and Project Allocation - Starting in 2024, China will issue long-term special bonds to support major national strategies and security capability construction, with an allocation of 700 billion yuan for 1,465 major projects, aiming for over 1.2 trillion yuan in total investment for the year [2] - In 2023, 800 billion yuan was allocated to support 1,459 projects, focusing on ecological restoration, major transportation infrastructure, and water conservancy projects [2] Progress and Achievements - The construction of high-standard farmland is a key focus, with over 100 million acres completed nationwide, and significant funding allocated for further development [3] - In 2024, over 400 billion yuan has been allocated to support the construction and renovation of 18 million acres of high-standard farmland [3] Infrastructure Investment Growth - Infrastructure investment has seen rapid growth, with a 20% year-on-year increase in internet and related services investment, and a 9.4% increase in water transportation investment from January to October [4] - Private investment in infrastructure has grown by 4.5%, accounting for 22.6% of total infrastructure investment, with notable increases in water management and air transportation sectors [4] Strategic Planning and Coordination - The State Council emphasizes the need for strategic, forward-looking, and coordinated planning for "Two Major" construction, integrating both hard and soft investments [5][6] - A focus on national-level coordination is essential to ensure effective project implementation and to address deep-seated obstacles in management systems [6] Future Directions - The next steps involve optimizing government investment, enhancing the quality of major projects, and fostering private sector participation to expand effective investment and improve investment efficiency [6]

《中共中央关于制定国民经济和社会发展第十五个五年规划的建议》（"十五五"规划建议）为中国未来五 年的发展擘画了蓝图。 11月14日举行的第九届雄安新区投融资发展论坛上，中国社会科学院学部委员高培勇、中国财政科学院研究员 贾康、清华大学国家金融研究院院长田轩，以及国家发展改革委投资研究所研究员吴亚平等多位宏观专家分享 了学习和研究的体会。 响应投早、投小、投硬科技的政策号召，活动上，财达资本、华北制药集团、浙江陆恒签署了发起科创基金的 意向协议，相关资金将依托华北制药的医药行业龙头地位，重点投资创新药物、医工交叉、医药技术创新平台 等领域项目和企业，赋能行业创新。同期，《中国地方政府投融资平台转型发展2025》正式对外发布。 论坛由财达证券股份有限公司、北京丽泽金融商务区管理委员会、河北金融学院、远东资信评估有限公司联合 主办。 高培勇：以一流营商环境激发经营主体发展新质生产力活力 中国社会科学院学部委员高培勇表示，推动高质量发展要以因地制宜发展新质生产力为主线，以各类经营主体 作为发展新质生产力的战略基点，以持续优化营商环境作为发展新质生产力的战略方针。 高培勇表示，推动新质生产力发展、实现高质量发展，必须优 ...

据介绍，定安集中开工项目23个、投产项目5个，包括海口羊山大道至定安母瑞山公路(定安段)交 通安全隐患治理项目、龙门学校高中教学楼项目、津斗云新能源产业投资项目、美宜佳(海南)产业园项 目、鹭燕医药海南总部基地项目、海友乐糟粕醋项目和海南新台胜实业有限公司厂区项目(新建冷库及 加建厂房)等，涵盖产业发展、基础设施、公共服务等领域。 据了解，下一步，定安将坚持项目为王，持续优化营商环境，精准谋划项目，坚定不移扩大有效投 资，用心护航项目建设，储备项目蓄积发展动能，确保明年工作开局就有"开门红"，起步就能"加速 跑"。 定安28个重点项目集中开工投产 总投资19.65亿元 海南日报定城11月14日电(海南日报全媒体记者 李豌 通讯员 胡雄飞)11月14日，定安县2025年四季 度重点项目集中开工投产仪式举行，集中开工、投产项目共28个，涉及投资19.65亿元，全力拼经济、 促发展，加快推进"五强兴县"。 ...

Core Viewpoint - The report emphasizes that since 2025, China's fiscal policy has become more proactive, focusing on stabilizing employment, businesses, markets, and expectations, while enhancing coordination with other policies to promote sustained economic recovery [2][3]. Fiscal Policy Execution - The fiscal operation in the first half of 2025 was generally stable, with good budget execution and a continuous recovery in fiscal revenue, particularly in tax income [3]. - The central government allocated 300 billion yuan for long-term special bonds to support consumption, alongside 7.279 billion yuan for service industry development, aimed at stimulating consumption in rural areas [4]. Investment and Consumption - The fiscal policy has been working to boost consumption and expand investment, with the issuance of long-term special bonds starting in April, completing 42.7% of the annual issuance target in the first half, which is 17.7 percentage points faster than the previous year [4]. - A new special debt limit of 4.4 trillion yuan was fully allocated to local governments by April, achieving 49.1% of the annual limit in the first half, which is 11 percentage points faster than the previous year [4]. Foreign Trade and Investment - The Ministry of Finance has effectively utilized tariff adjustments to stabilize foreign trade and investment, implementing temporary import tariff rates lower than the most-favored-nation rates on 935 items since January 1, 2025 [5]. - The expansion of high-standard free trade zones and cooperation with trade partners on tax reductions has been highlighted as a strategy to enhance market confidence [5]. Fiscal Management Pilot - The Ministry of Finance has initiated a pilot program for fiscal management in 12 provinces, focusing on improving resource allocation and budget management, with 11 key tasks set to achieve breakthroughs in two years [7][8]. - A national platform for the sharing of state-owned assets has been established, facilitating over 200 asset adjustments and saving more than 40 million yuan in budget funds [8]. Future Fiscal Policy Directions - The report outlines six key areas for future fiscal policy, including the effective use of proactive fiscal measures, support for employment and foreign trade, fostering new growth drivers, improving living standards, risk prevention, and enhancing fiscal governance [11][12][13].