三峡能源公告称，截至目前该项目仍处于申报阶段，尚需获得中国证监会和上海证券交易所的审核同 意，存在不确定性。公司将及时关注政策动向，积极与监管机构保持密切沟通，不断完善申报发行材 料，严格按照法律法规的规定与要求及时履行信息披露义务。敬请广大投资者注意风险，谨慎投资。 （编辑 张昕） 本报讯 （记者贺王娟）12月29日晚间，中国三峡新能源（集团）股份有限公司（以下简称"三峡能 源"）公告，公司以全资子公司三峡新能源大连发电有限公司所持有的大连庄河Ⅲ海上风电项目为底层 资产发行基础设施公募REITs项目已向中国证券监督管理委员会（以下简称"中国证监会"）和上海证券 交易所提交了申请文件，并于2025年12月26日获正式受理。 ...

（文章来源：新华财经） 2023年11月，嘉泽新能公告宣布开展基础设施公募REITs申报发行工作，以宁夏泽恺新能源有限公司持 有的宁夏泽恺三道山150MW风力发电项目作为底层资产，开展国金嘉泽新能源REIT（以设立时确定的 名称为准）的申报发行工作。 公告称，嘉泽新能董事会会议决定调整基础设施公募REITs申报发行方案。因工作计划原因，调整为以 宁夏博疆新能源有限公司持有的宁夏国博新能源同心焦家畔风电项目和宁夏国博新农村风电项目共同作 为底层资产，申请发行基础设施REITs。 新华财经北京12月8日电嘉泽新能源股份有限公司（简称"嘉泽新能"）8日发布关于调整基础设施不动产 投资信托基金（REITs）项目方案暨进展公告。 ...

格隆汇12月8日丨北部湾港(000582.SZ)公布，为积极响应国家政策号召，进一步拓宽公司融资渠道，打 造上市公司"双轮驱动"发展模式，提升市值表现，提高资产运营效率，形成良性投融资循环，北部湾港 股份有限公司拟以全资子公司北部湾港北海码头有限公司（简称北海码头）持有的、位于广西壮族自治 区北海市铁山港区的铁山港西港区北暮作业区1#、2#泊位（简称基础设施项目或北暮1#、2#泊位）作为 底层资产，开展公开募集北部湾港港口基础设施领域不动产投资信托基金（简称基础设施公募REITs） 的申报、注册、发行工作。 ...

北部湾港公告称，公司第十届董事会第二十次会议审议多项议案。同意以北海码头子公司持有的泊位为 底层资产，开展基础设施公募REITs申报等工作；2026年计划投资额82.89亿元，含固定资产、股权、购 买资产类投资；拟新增对外债务性融资不超92.313亿元；为控股子公司防城港东湾港油码头融资担保不 超1428万元；预计2026年与关联方日常交易分别为13.95亿元、1.13亿元；还涉及增殖放流合同、工资总 额预算等议案，部分需股东会审议。 ...

嘉泽新能公告，公司于2025年12月8日召开三届四十六次董事会，审议通过了《关于调整基础设施公募 REITs申报发行方案的议案》。原项目方案为公司作为发起人、宁夏嘉盈新能源控股有限公司作为原始 权益人，以宁夏泽恺新能源有限公司持有的宁夏泽恺三道山150MW风力发电项目作为底层基础设施项 目开展基础设施公募REITs项目。现调整为以宁夏博疆新能源有限公司持有的宁夏国博新能源同心焦家 畔风电项目和宁夏国博新农村风电项目共同作为底层基础设施项目申请发行基础设施公募REITs。 ...

陕西能源是陕西投资集团有限公司（简称"陕投集团"）控股的大型煤电一体化企业，主营业务为火力发 电、煤炭生产和销售。截至2025年6月末，陕西能源核准的煤电装机总规模1725万千瓦，其中在役装机 1123万千瓦、在建装机402万千瓦、核准筹建装机200万千瓦。 该公司半年报显示，今年上半年实现营业收入98.62亿元，同比减少6.74%；实现利润总额24.59亿元， 同比减少13.74%。面对市场行情下滑带来的双重挑战，陕西能源优化内部煤电协同机制，同等条件下 内部电厂优先采购内部煤炭。 新华财经北京12月5日电陕西能源投资股份有限公司（简称"陕西能源"）5日发布基础设施公募REITs基 金管理人及专项计划管理人服务遴选项目招标公告、公募REITs财务顾问遴选项目招标公告。开标时间 分别为12月29日和30日。 公告显示，为提升轻资产模式下资产管理运营及投融资能力，陕西能源拟选取符合基础设施公募REITs 试点项目要求的部分能源基础设施资产，开展基础设施公募REITs申报工作。 （文章来源：新华财经） ...

Core Viewpoint - The establishment of the Ping An Xi'an High-tech Industrial Park closed-end infrastructure securities investment fund marks the first public REITs project in Shaanxi Province, indicating a significant development in the region's infrastructure investment landscape [1] Group 1: Project Details - The original rights holder of the project is Xi'an High-tech Zone Infrastructure Supporting Construction Development Co., Ltd [1] - The fund manager is Ping An Fund Management Co., Ltd, while the special plan manager is Ping An Securities Co., Ltd [1] - The target assets of the project include 13 buildings in the Xi'an High-tech Zone Software New City, with a total construction area of 32.5 million square meters [1] Group 2: Financial Aspects - The assessed net value of the project is 1.36 billion yuan, with expected net recovery funds of approximately 414 million yuan after issuance [1]

Core Points - Shanghai Tunnel Engineering Co., Ltd. has submitted a registration and listing application for the "Dongfanghong Tunnel Co., Ltd. Intelligent Operation and Maintenance High-Speed Closed Infrastructure Securities Investment Fund" to the China Securities Regulatory Commission (CSRC) and the Shanghai Stock Exchange, which was officially accepted on November 25, 2025 [1][2] - The issuance of the public REITs is subject to approval from the CSRC and the Shanghai Stock Exchange, indicating a level of uncertainty in the process [2] Company Information - The company has committed to fulfilling its information disclosure obligations in accordance with legal regulations as the situation progresses [2] - The board of directors of Shanghai Tunnel Engineering Co., Ltd. has ensured the accuracy and completeness of the announcement regarding the REITs application [1][4]

Core Viewpoint - Infrastructure public REITs represent an innovative financial tool that provides new financing pathways for the infrastructure sector, enhancing resource allocation efficiency and promoting sustainable development in the industry [1][2][17]. Participants and Their Roles - **Investors**: Comprising various institutional and individual investors, they participate in infrastructure public REITs by holding fund shares, providing financial support for projects, and sharing in the returns [3]. - **Original Rights Holders**: Typically the previous owners or operators of infrastructure projects, they sell ownership or revenue rights to recoup funds for new infrastructure projects or debt repayment [3]. - **Public Funds**: Serving as the core vehicle for infrastructure public REITs, public funds hold 100% of asset-backed securities (ABS), pooling investor funds to invest in infrastructure ABS for centralized management [3]. - **Asset-Backed Securities (ABS)**: Established by special plan managers, ABS hold the equity and debt of infrastructure project companies, packaging the underlying assets into securities for public funds [4]. - **Infrastructure Project Companies**: These entities own and operate the infrastructure projects, transferring assets or rights to ABS for funding support while managing daily operations [4]. - **Fund Custodians**: Responsible for the safe custody of public fund assets and supervising fund managers to ensure compliance and security of funds [4]. - **Fund Managers**: They handle daily management of public funds, including investment decisions and client services, requiring professional investment management skills [4]. - **ABS Managers**: They oversee the establishment, issuance, and management of ABS, ensuring compliance and protecting investor interests [5]. - **Financial Advisors (Securities Firms)**: Conduct due diligence on infrastructure projects and assist in issuance, pricing, and allocation, ensuring smooth issuance and fair pricing of REITs [6]. - **Operational Management Institutions**: Provide operational management services for infrastructure projects, enhancing operational efficiency and revenue levels [7]. Transaction Structure and Operation Process - **Asset Restructuring and ABS Establishment**: Original rights holders inject infrastructure project assets into project companies, and special plan managers establish ABS to acquire equity and debt, marking the first step in asset securitization [8]. - **Public Fund Establishment and Investment**: Fund managers create public funds, and investors subscribe to fund shares, with the funds fully invested in ABS, creating a closed-loop operation of capital [9]. - **Revenue Distribution**: Revenue generated from infrastructure projects, such as rental and operational income, is distributed to public funds after deducting relevant fees, based on investors' shareholdings [10]. - **Operational Management**: Operational management institutions ensure the normal operation of projects and stable revenue, while fund managers and ABS managers supervise and manage the projects to protect investor interests [11]. Advantages of the Model - **Activating Existing Assets**: Infrastructure public REITs convert existing infrastructure assets into tradable financial products, allowing original rights holders to recoup funds and enhance asset liquidity [12]. - **Reducing Financing Costs**: By utilizing securitization for financing, infrastructure projects can attract social capital, broadening the investor base and reducing reliance on traditional debt financing, thus lowering costs [13]. - **Diversifying Investment Risks**: Investors can indirectly invest in multiple infrastructure projects through public fund shares, achieving risk diversification, as infrastructure projects typically offer stable cash flows and lower volatility [14]. - **Promoting Infrastructure Development**: Infrastructure public REITs provide new financing channels for infrastructure construction, addressing funding bottlenecks and fostering sustainable industry growth while improving public service levels [15].

Core Viewpoint - The report highlights the significant growth in CICC's financial performance for the first three quarters of 2025, driven by robust business lines and strategic alignment with national policies [1][2]. Financial Performance - CICC achieved operating revenue of 20.761 billion yuan, a year-on-year increase of 54.36% [1][2]. - The net profit attributable to shareholders reached 6.567 billion yuan, reflecting a year-on-year growth of 129.75% [1][2]. - The weighted average return on equity (ROE) rose to 6.29%, an increase of 3.65 percentage points compared to the previous year [1][2]. Quarterly Breakdown - In Q3, CICC reported operating revenue of 7.93 billion yuan, a substantial year-on-year increase of 74.78% [2]. - The net profit attributable to shareholders for Q3 was 2.236 billion yuan, showing a remarkable year-on-year growth of 254.93% [2]. - Compared to Q2, Q3 revenue increased by 11.62% [2]. Business Line Performance - CICC's investment banking business showed significant advantages, with net income from investment banking fees reaching 2.940 billion yuan, a year-on-year increase of 42.55% [3]. - The brokerage business benefited from favorable market conditions, with net income from brokerage fees at 4.516 billion yuan, up 76.31% year-on-year [4]. - Asset management business also performed well, with net income from asset management fees at 1.062 billion yuan, a year-on-year growth of 26.61% [4]. Strategic Initiatives - CICC has been actively supporting high-level opening-up and initiatives like the Belt and Road, contributing to the internationalization of the RMB [4]. - The company has made strides in international business development, achieving notable successes in various sectors [3]. Shareholder Composition - The report noted the presence of Brunei Investment Agency and Allianz Insurance Asset Management products among CICC's top ten shareholders, indicating growing institutional interest [5]. - As of the end of Q3, Brunei Investment Agency held 10.3183 million shares, representing 0.21% of the total shares [5]. - Allianz's two products held 9.576 million shares, accounting for 0.2% [5].