2025 年 12 月 07 日 宏观研究团队 推动基础设施 REITs 扩围 ——宏观周报 | 何宁（分析师） | 沈美辰（分析师） | hening@kysec.cn | shenmeichen@kysec.cn | | --- | --- | --- | --- | | 证书编号：S0790522110002 | 证书编号：S0790524110002 | 国内宏观政策：加快战略性新兴产业集群发展 |  | 过去两周（11 月 23 日-12 月 6 日）国内宏观主要聚焦以下几个方面： 经济增长方面，近期中央召开的重要会议聚焦基本医疗保险制度建设、新型城镇 化规划、城市更新行动等议题。 宏观周报 基建与产业方面, 近两周政策聚焦国家新兴产业发展示范基地创建工作启动；商 业航天高质量发展行动计划推出；推动基础设施 REITs 扩围至城市更新设施、酒 店、体育场馆、商业办公设施等领域；发改委发布《关于加强数据要素学科专业 建设和数字人才队伍建设的意见》等。 地产政策方面，各地继续推进"好房子"建设，例如北京市"十五五"规划建议 持续推进住有所居，实施以公共交通为导向的综合开发，优先向轨道交通站点周 边供应 ...

2025 年 12 月 06 日 新版行业清单出炉,基础设施 REITs EST FB ! 公募 REITs 周度跟踪（2025.12.1-2025.12.5） 研究支持 曹璇 A0230125070001 caoxuan@swsresearch.com 联系人 曹璇 A0230125070001 caoxuan@swsresearch.com 申万宏源研究微信服务 REITs 即将迈入商业不 -公募 REITs 周度跟 踪 (2025.11.24-2025.11.28)》 2025/11/29 《市场承压回调，关注超跌品种的 -公募 REITs 周度跟踪 電空机 台 (2025.11.17-2025.11.21)》 2025/11/22 《指数修复，发改委支持民间项目 -公募 REITs 周度跟 发行 REITs- 踪 (2025.11.10-2025.11.14)》 2025/11/15 证券分析师 黄伟平 A0230524110002 huangwp@swsresearch.com 杨雪芳 A0230524120003 yanqxf@swsresearch.com 城市更新设施、高端酒店等纳入基础设施 ...

Core Viewpoint - The National Development and Reform Commission (NDRC) has released the "2025 Edition List of Industry Scope for Real Estate Investment Trusts (REITs) in the Infrastructure Sector," expanding the issuance scope of infrastructure REITs to better support the real economy and promote a virtuous investment cycle [1][4]. Group 1: REITs Overview - REITs are publicly traded financial products that convert stable income-generating infrastructure assets into liquid, standardized equity products [2]. - Infrastructure REITs facilitate the financing of existing infrastructure projects through publicly raised funds, helping to revitalize assets and recover funds for new project construction [2][3]. Group 2: Expansion of Issuance Scope - The issuance scope of infrastructure REITs has significantly expanded, now covering 12 major industries and 52 asset types prior to the 2025 edition list [4]. - New additions to the 2025 list include commercial office facilities and urban renewal facilities, with specific projects like four-star and above hotels and sports venues in the consumer infrastructure sector [4]. Group 3: Market Performance and Impact - As of now, 83 out of 105 recommended projects have been issued and listed, with a total fundraising amount of 207 billion yuan, expected to drive over 1 trillion yuan in new project investments [5]. - Private investment projects have played a crucial role, with several being the first in their respective fields, enhancing the quality of consumer infrastructure [6]. Group 4: Future Directions - The NDRC aims to continue supporting qualified private investment projects in issuing infrastructure REITs, enhancing the market's expansion and addressing challenges faced by these projects [6]. - Ongoing collaboration with the China Securities Regulatory Commission (CSRC) will focus on optimizing the application process and improving project quality while preventing risks [6].

Primary Market - A total of 18 offshore bonds were issued this week (November 24 - November 28, 2025), including 12 offshore RMB bonds, 5 USD bonds, and 1 HKD bond, with issuance scales of 52.502 billion RMB, 2.73 billion USD, and 500 million HKD respectively [1] - The largest single issuance in the offshore RMB bond market was 700 million RMB by Chengdu Dongjin Huai Prefecture New City Investment Group Co., Ltd. The highest coupon rate for RMB bonds this week was 6.99%, issued by Liaocheng Eastern New City Investment Holding Group Co., Ltd. [1] - In the USD bond market, the largest single issuance was 1 billion USD by China Huaneng Group Co., Ltd. The highest coupon rate for USD bonds this week was 9.9%, issued by China Western Cement Co., Ltd. [1] Secondary Market Overview - The yield on Chinese USD bonds experienced slight fluctuations. As of November 28, the Markit iBoxx Chinese USD Bond Composite Index fell by 0.04% to 251.23; the investment-grade USD bond index rose by 0.17% to 244.42; and the high-yield USD bond index dropped by 1.65% to 240.43. The real estate USD bond index fell by 3.86% to 177.08, while the city investment bond index rose by 0.18% to 153.57, and the financial bond index increased by 0.32% to 190.06 [2] Benchmark Spread - As of November 28, the spread between the 10-year benchmark government bonds of China and the US narrowed to 219 basis points, a decrease of 6.03 basis points from the previous week [3] Rating Changes - Zhejiang Jiangshan Jiangneng Holdings Co., Ltd. had its "BBBg-" long-term credit rating withdrawn by China Chengxin International Credit Rating Co., Ltd. on November 28 due to commercial reasons [5] - Yichun Development Investment Group Co., Ltd. had its "BBB" long-term issuer rating withdrawn by Fitch Ratings due to the issuer's cessation of participation in the rating process on November 28 [5] - China Gezhouba Group Co., Ltd. had its "Ba1" corporate rating withdrawn at the issuer's request on November 27 [5] - Shenzhen International Holdings Co., Ltd. had its "BBB" long-term issuer rating confirmed by Fitch Ratings, with a negative outlook maintained, before the rating was subsequently withdrawn [5] Company Announcements - Vanke announced plans to hold a bondholder meeting on December 10 to discuss the extension of a 2 billion RMB medium-term note, with the current balance being 2 billion RMB and the original principal repayment date set for December 15, 2025, at a coupon rate of 3.00% [6] Domestic News - The National Development and Reform Commission is actively promoting the expansion of infrastructure REITs to include hotels, sports venues, and commercial office facilities [8] - A court case regarding the handling of defaults on offshore bonds in the free trade zone was publicly heard on November 26, marking the second test case since the establishment of the Shanghai Financial Court's financial market case testing mechanism [9] - The China Interbank Market Dealers Association has supported 276 enterprises in issuing technology innovation bonds totaling over 530 billion RMB, enhancing market vitality and fostering positive interactions between product innovation and financing for tech enterprises [10] Overseas News - A member of the Bank of Japan's Policy Board stated that the central bank needs to adjust interest rates at the appropriate time, cautioning against premature rate hikes that could jeopardize price stability goals [11] Offshore Bond Alerts - China Jinmao Group Co., Ltd. announced a loan of up to 9.9 billion RMB, secured by property ownership and land use rights, to ensure the fulfillment of a loan contract signed with China Construction Bank [12] - Tianfeng Securities plans to issue up to 960 million USD in offshore bonds to repay debts of the company and its subsidiaries [13] - Beijing Oceanwide Holdings Co., Ltd. announced the resumption of trading for seven domestic bonds, with a total amount of 13.05 billion RMB involved in the bond restructuring proposal that was approved by bondholders [14]

Group 1: International News - The U.S. delegation will visit Moscow next week, and President Putin reiterated that Russia generally agrees to use the U.S. list for resolving the Ukraine issue as a basis for future negotiations. He stated that if Ukrainian armed forces withdraw from currently controlled areas, Russia will cease military actions; otherwise, military means will be employed to achieve objectives [1][6]. Group 2: Domestic News - The State Council, led by Premier Li Qiang, held a meeting to discuss promoting high-quality development and reviewed the provincial-level coordination of basic medical insurance. The meeting emphasized the need to enhance grassroots medical service capabilities [7]. Group 3: Industry News - The National Development and Reform Commission (NDRC) is promoting the expansion of infrastructure REITs to include urban renewal facilities, hotels, sports venues, and commercial office facilities. The NDRC also highlighted the need to balance speed and bubble risks in the development of embodied intelligence industries, particularly humanoid robots [8]. Group 4: Financial Market Overview - The U.S. stock indices rose, with the previous trading day seeing a high followed by a pullback. The light industry manufacturing sector led the gains, while the comprehensive sector lagged. The market turnover was 1.72 trillion yuan, and the financing balance increased by 5.977 billion yuan to 24,522.65 billion yuan [2][11]. Group 5: Commodity Insights - In the coal market, the double焦 (coking coal and coke) futures showed weak performance, with total positions remaining stable. Steel production slightly increased, but overall inventory continued to decline, primarily driven by rebar. The profitability of steel mills is under pressure, leading to expectations of reduced iron production [2][21]. Group 6: Oil Market Analysis - The SC night market for crude oil rose by 1.46%. There are mixed sentiments regarding the potential restart of peace talks in Ukraine. The International Energy Agency reported that the daily oil supply from nine OPEC countries was 23.77 million barrels in October, a decrease of 180,000 barrels from September [3][14].

Company Movements - Wahaha Group has completed a core personnel change, with Zong Fuli officially stepping down as legal representative, chairman, and general manager, succeeded by Xu Simin [8] - DeepSeek launched a new mathematical reasoning model, DeepSeekMath-V2, which utilizes a self-verifying training framework and continuously optimizes performance through high-difficulty samples [8] - After 12 years of listing, Joy City Property officially delisted from the Hong Kong Stock Exchange on November 27, due to its privatization plan [8] - Jinfutech announced that its existing business and Blue Origin Technology's business belong to different industries, presenting certain industry integration risks [8] - Toyota reported a 2.1% year-on-year increase in global sales for October, reaching 922,700 units, with a significant 26.4% increase in U.S. sales, while sales in China declined by 6.6% to 160,900 units [8] - Avita Technology (Chongqing) Co., Ltd. submitted a listing application to the Hong Kong Stock Exchange, with joint sponsors being CITIC Securities and CICC. The prospectus shows that Avita's revenue for the first half of this year was 12.208 billion yuan, a year-on-year increase of 98.52%, with vehicle sales revenue of 11.49 billion yuan [8] Investment News - On November 27, the A-share market experienced a pullback, with the Shanghai Composite Index closing up 0.29% at 3,875.26 points, while the Shenzhen Component Index and the ChiNext Index fell by 0.25% and 0.44%, respectively, with a market turnover of 1.72 trillion yuan [7] - Vanke's stock and bonds saw further declines, with "21 Vanke 02" closing down over 57%, "21 Vanke 06" down over 46%, and "22 Vanke 02" down over 42%, leading to temporary suspensions of six Vanke bonds due to significant declines. H-shares of Vanke fell nearly 8%, hitting a historical low, while Vanke A shares dropped over 7%, marking an 11-year low [7] - JPMorgan has upgraded its investment rating for the Chinese stock market to "overweight," suggesting a greater likelihood of substantial gains next year due to multiple supporting factors, including the implementation of AI applications, consumer stimulus measures, and governance reforms [7] - The Asset Management Association of China reported that by the end of October, the scale of private equity funds reached 22.05 trillion yuan, an increase of 1.31 trillion yuan from the end of September, setting a historical high. In October, 1,389 new private equity funds were registered, with a new registered scale of 67.01 billion yuan [7]