Group 1: Development of Embodied Intelligence Industry - The embodied intelligence industry in China is rapidly developing, driven by emerging capital and technological advancements, with a projected market size reaching hundreds of billions by 2030 [16] - The government aims to promote healthy and standardized development of the embodied intelligence industry by establishing industry standards, evaluation systems, and mechanisms for market entry and exit [16][1] - Key technological breakthroughs are being supported, focusing on collaborative models, computational power adaptation, and data integration to address industry bottlenecks [16][1] Group 2: Infrastructure REITs Expansion - The National Development and Reform Commission (NDRC) is actively expanding the scope of infrastructure REITs to include urban renewal facilities, hotels, sports venues, and commercial office facilities [10][9] - Currently, the issuance scope covers 12 major industries and 52 asset types, with 18 asset types from 10 industries having achieved initial public offerings [2][9] - The NDRC is working to optimize the application process and improve project approval efficiency while ensuring quality and risk management [10][9] Group 3: Credit Repair Management - The NDRC has introduced a Credit Repair Management Method, effective from April 1, 2026, to streamline the credit repair process and enhance the rights of credit subjects [17] - The method categorizes credit information into three types: minor, general, and serious, aiming to improve the efficiency of credit restoration [17] - A unified mechanism through the "Credit China" website will facilitate the repair process, ensuring timely updates and transparency [17] Group 4: Two Major Construction Projects - The NDRC has allocated significant funding for major construction projects, with 7 trillion yuan in 2022 and 8 trillion yuan in 2023 to support 1465 and 1459 "hard investment" projects respectively [5][6] - The focus is on enhancing urban infrastructure, transportation networks, and food security through large-scale irrigation projects [6][5] Group 5: AI Application Testing Bases - The establishment of national AI application testing bases aims to bridge the gap between technological innovation and practical application across various industries [13][14] - These bases are designed to facilitate resource integration, supply-demand matching, and promote the commercialization of AI technologies [15][14] Group 6: Emerging Industries and Future Development - The NDRC is addressing challenges in emerging industries such as embodied intelligence, low-altitude economy, and biomanufacturing by improving market access and regulatory frameworks [26] - The focus is on optimizing market entry conditions, supporting scenario cultivation, and enhancing resource allocation mechanisms to foster innovation [26]

Core Insights - The National Development and Reform Commission (NDRC) has reported significant progress in the "Two Heavy" construction initiative, with substantial funding allocated for infrastructure projects aimed at enhancing national strategic capabilities and safety [2][3] Infrastructure Development - The NDRC has allocated 7 trillion yuan (approximately 1 trillion USD) in 2022 and 8 trillion yuan (approximately 1.2 trillion USD) in 2023 for 1,465 and 1,459 "hard investment" projects respectively, demonstrating a strategic and forward-looking approach [2] - Key areas of focus include urban infrastructure, major transportation projects along the Yangtze River, food security initiatives, and improvements in social welfare facilities such as high schools and hospitals [3] REITs Expansion - The NDRC is actively promoting the expansion of infrastructure Real Estate Investment Trusts (REITs), which have included various asset types since their inception in 2020, now covering 12 major industries and 52 asset types [4][5] - Recent efforts aim to further expand the REITs to include urban renewal facilities, hotels, sports venues, and commercial office spaces, enhancing support for the real economy [4] Private Economy Promotion - The implementation of the Private Economy Promotion Law has led to over 3,300 local study sessions and 11,000 training sessions, fostering a supportive environment for private enterprises [6] - The NDRC has introduced over 140 supporting measures to address core concerns of private enterprises, including a regulatory framework to prevent illegal fees [6] State-owned Forest Farms - The NDRC has issued guidelines to modernize state-owned forest farms, which cover 11.84 million acres and hold 3.81 billion cubic meters of forest stock, focusing on enhancing ecological product supply and resource management [7] - Key innovations include new management models, support for specialized industries, and the integration of modern technology in forest management [7] Emerging Industries - The NDRC is addressing challenges in emerging industries such as low-altitude economy and biomanufacturing by improving regulatory frameworks and market access [8] - The focus is on optimizing market entry conditions and supporting the development of integrated application scenarios to facilitate innovation [8][9] Energy Sector Developments - The NDRC has reported that the new energy storage capacity has exceeded 100 million kilowatts, significantly increasing the country's ability to manage power systems [10] - The hydrogen energy sector has also seen growth, with over 150,000 tons of green hydrogen production capacity established, supporting the transition to cleaner energy sources [10]

Group 1 - The National Development and Reform Commission (NDRC) is actively promoting the expansion of infrastructure REITs to include urban renewal facilities, hotels, sports venues, and commercial office facilities [1] - The NDRC aims to strengthen collaboration with the China Securities Regulatory Commission (CSRC) to optimize the application and recommendation process for REITs, ensuring quality and risk management while supporting more eligible projects [1] - New asset types for REITs issuance are being explored, including railways, ports, ultra-high voltage transmission, communication towers, market-oriented rental housing, cultural tourism, specialized markets, and elderly care facilities [1] Group 2 - Current policy focus is on urban renewal industrial parks and consumer infrastructure, with the first project being the Huaxia Jinyu Intelligent Manufacturing REIT based on urban renewal industrial parks [2] - The process for expanding REITs has been simplified, allowing for applications six months after listing instead of the previous one-year requirement, and enabling cross-industry and cross-regional integration of existing assets [2] - The approval mechanism for expansion projects has shifted to a parallel process, significantly improving efficiency, with a total scale of listed projects reaching 207 billion yuan, expected to drive over 1 trillion yuan in new investments [3]

人民财讯11月27日电，11月27日，国家发展改革委政策研究室副主任李超在新闻发布会上回答证券时报 记者提问。李超表示，近期，国家发展改革委正在积极推动基础设施REITs进一步扩围至城市更新设 施、酒店、体育场馆、商业办公设施等更多行业领域和资产类型。同时，国家发展改革委将继续加强与 证监会的协同配合，进一步优化申报推荐程序，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支持实体经济的 发展。 ...

Core Viewpoint - The company is responding to investor inquiries regarding the implications of the State Council's recent policy aimed at promoting private investment and its relevance to the acquisition of Changxing Semiconductor [1] Group 1: Policy Context - The State Council issued a significant policy document on November 26, 2025, titled "Several Measures to Further Promote the Development of Private Investment," aimed at stimulating private investment activity [1] - The policy includes provisions for facilitating the listing and financing of technology enterprises and establishing a "green channel" for mergers and acquisitions [1] Group 2: Company Response - The company acknowledges the importance of the new policy and expresses its intention to actively respond and study market policies [1] - The acquisition of Changxing Semiconductor is currently in the intention agreement stage, pending due diligence, audit evaluation, and necessary approval processes [1] - The company commits to timely information disclosure regarding project progress in accordance with legal and regulatory requirements [1]

Group 1 - The article discusses the performance of various funds and their market insights, highlighting the potential investment opportunities in the current economic climate [2][4][10] - It mentions that the U.S. job market showed slight weakness in September, which increases the likelihood of a rate cut in December [4] - The article emphasizes the strategic configuration opportunities in AI healthcare, driven by policy benefits and industry iterations [2][4] Group 2 - The article features insights from different financial institutions, including the importance of understanding the sources of income from infrastructure REITs [2][19] - It highlights the ongoing trends in the global stock market, suggesting that long-term logical assets may present layout opportunities amidst market declines [2][4] - The article also notes the increasing demand for storage chips, referring to them as "black gold" due to their scarcity despite price doubling [4]

公募基础设施REITs周报 2025/11/22 REIT s 2025/11/17~2025/11/21 REIT s 1.14% 97.20 5.05% 1.78% 0.02% 0.14% 2.30% > >REIT s> > > 2 二级市场价量表现 二级市场估值情况 市场相关性统计 一级市场跟踪 3 REITs & & REITs REITs 数据来源： Wind，国金证券研究所 4 REIT s REIT 0.96 % REIT 0.56 % REIT 0.36 % REIT 0.36 % REIT - 0.05 % REIT REIT REIT REIT REIT 0.47 0.42 0.17 0.17 0.17 REIT REIT REIT REIT REIT 12.76 % 8.87 % 8.37 % 7.91 % 7.12 % | | | | | | | 上市首日回 上市以来 上市以来成交量 | | 本周成交量 | 上周成交量 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | - ...

Core Viewpoint - The article emphasizes the importance of private investment as a key driver for high-quality economic development in China, highlighting recent government measures aimed at promoting private investment through clear and actionable policies [1]. Group 1: Policy Framework - The "13 Measures for Promoting Private Investment" issued by the State Council aims to inject strong momentum into private investment by addressing market concerns with precise policy measures [1]. - The document focuses on "strengthening guarantees," which is a recurring theme throughout, establishing a comprehensive institutional framework that supports private investment from the stages of "daring to invest" to "able to invest" and "investing well" [1]. Group 2: Investment Participation - The measures allow for a minimum private capital holding of over 10% in traditional state-dominated sectors such as railways and nuclear power, marking a significant policy breakthrough that transforms abstract access permissions into clear property rights [2]. - The commitment to "improve the long-term mechanism for private enterprises' participation in major projects" signifies a shift from pilot openings to institutional openings, alleviating concerns about policy changes for private capital [2]. Group 3: Financial Tools - The measures propose increasing central budget investments to support eligible private investment projects and encourage the issuance of Real Estate Investment Trusts (REITs) for infrastructure projects, showcasing a diversified and precise financial support mechanism [3]. - The introduction of REITs provides a complete cycle for private capital to engage in large infrastructure projects, promoting a healthy investment cycle by revitalizing existing assets and releasing dormant funds [3]. Group 4: Financial Innovation - The measures address long-standing issues of financing difficulties by implementing a "duty of care exemption" and a "bad debt tolerance system," aiming to resolve the deep-seated contradictions in financial institutions' lending behaviors [4]. - A "green channel" for technology-based enterprises is established to facilitate their access to financing and mergers, creating a comprehensive financing system that supports both heavy and light asset projects [4]. Group 5: Service Optimization - The measures require banking institutions to set annual service goals for private enterprises and promote an "innovation points system" to guide financial resources towards technology-driven companies [6]. - Increasing the government procurement prepayment ratio to over 30% aims to alleviate cash flow pressures on private enterprises, reflecting a supportive policy environment at both macro and micro levels [6].

Group 1 - The State Council's meeting on November 14 emphasized the importance of the "Two Heavy" construction in the context of the 14th Five-Year Plan, focusing on strategic, forward-looking, and holistic requirements [1] - The meeting highlighted the need for enhanced project review processes, with a focus on innovation and intangible asset investment to promote new productive forces [1] - Experts predict that the issuance scale of long-term special government bonds to support "Two Heavy" construction may gradually expand, making it a key driver for effective investment and new productive force cultivation over the next five years [1] Group 2 - The State Council's recent measures to stimulate private investment include 13 targeted policy initiatives aimed at enhancing the quality of private investment [2] - Key initiatives allow private capital to hold over 10% in major projects and encourage participation in sectors like low-altitude economy and commercial aerospace [2] - The National Development and Reform Commission reported that investment accumulation contributed an average of 30.2% to China's economic growth over the past four years [2] Group 3 - As of October 29, 500 billion yuan of new policy financial tools have been fully allocated, indicating a strong focus on investment [3] - The National Development and Reform Commission is working with the China Securities Regulatory Commission to expand the infrastructure REITs market, aiming to increase the scale of investment [3] - Previous infrastructure REITs projects have raised a total of 207 billion yuan, expected to drive over 1 trillion yuan in new project investments [3]

Core Viewpoint - The recent measures introduced by the State Council aim to create a better environment for private capital to participate in key investment areas, particularly in energy, infrastructure, and technological innovation [1][3][5]. Group 1: Policy Measures - The document outlines 13 specific measures focusing on "expanding access, removing obstacles, and strengthening guarantees" to address issues like "difficult access" and "financing challenges" [3][5]. - Key projects requiring national approval, such as nuclear power and hydropower, will now have a feasibility study for private capital participation, encouraging shareholding ratios to exceed 10% [3][5]. - By 2025, the shareholding ratio for private capital in nuclear power projects is expected to increase from 10% to between 10% and 20% [3][5]. Group 2: Investment Environment - The energy sector has seen a shift towards a supportive system for private investment, with private enterprises becoming key players in traditional and emerging sectors [6][8]. - Private companies now account for nearly 60% of the electricity sales market, and the number of oil and gas transporters has surged from 5 in 2019 to 1005 [6][8]. - Policies promoting green electricity direct supply have enabled private renewable energy companies to supply electricity directly to users, enhancing local consumption [6][8]. Group 3: Investment Models and Innovations - The participation model of private capital in the energy sector is evolving from a focus on production to a comprehensive solution involving "technology + products + services" [10]. - Companies are encouraged to strengthen their technological capabilities and innovate their business models to transition from traditional suppliers to integrated service providers [10]. - Long-term planning is emphasized as essential for companies to navigate market cycles, with significant investments in R&D and technology innovation being crucial for future competitiveness [10][13]. Group 4: Financing Solutions - Infrastructure REITs have emerged as a vital tool to address financing challenges for private investment projects, with 105 REITs projects recommended and 83 listed, raising a total of 207 billion yuan [12]. - REITs provide a "exit channel" for private capital, facilitating a cycle of investment, operation, exit, and reinvestment [12]. - The energy sector will enhance mechanisms for private capital participation in major projects, refining shareholding requirements and promoting fair competition [12].