2025年年末，"中信建投（601066）-外高桥集团持有型不动产资产支持专项计划"（267069.SH）正式挂牌。作为全国首单工业厂房类机构间 REIT，也是上海上市国企首单机构间REITs产品，该产品发行规模18.30亿元，底层资产为外高桥集团旗下四座优质标准厂房。这不仅标志着外高 桥集团融资模式的更多尝试，更搭建起覆盖多元产业基础设施的"双REITs"上市平台。 何为机构间REITs？戴德梁行华东区估价及顾问服务部执行董事顾悦如表示，机构间REITs也称持有型不动产ABS，是多层次REITs市场的重要组成 部分，聚焦不动产的机构间份额化流通交易，核心凸显资产真实性、预期稳定性和机制有效性。 抢抓存量资产活化风口，外高桥（600648）拿下全国首单工业厂房机构间REIT。 2025年，中国资产证券化领域迎来以持有型不动产ABS为核心的机构间REITs的爆发式增长，与公募REITs协同构筑了多层次REITs市场新格局，为 实体经济盘活存量资产注入新的金融动能。 不同于公募REITs，机构间REITs定位于Pre-REITs至公募REITs的中间阶段，依托融资人与投资人的核心需求设计相对灵活的制度，具备资产准 ...

Core Insights - The article emphasizes the importance of expanding effective investment as a means to promote high-quality economic development and achieve reasonable financial returns while addressing social needs [2][3][4]. Significance of Expanding Effective Investment - Effective investment serves as a crucial engine for high-quality development, facilitating the efficient combination of capital, labor, and technology to shift economic growth from quantity to quality [2]. - It is foundational for smooth capital circulation, optimizing resource allocation efficiency, and preventing bottlenecks in capital flow [2]. - Effective investment acts as a driving force for reforming the financing system, enhancing market confidence, and ensuring fair competition [3]. - It is a vital tool for balancing development and security, fostering a new investment philosophy that aligns with sustainable development [3]. Expanded Connotation of Effective Investment - Effective investment is defined as the comparison between investment costs and economic returns, focusing on maximizing contributions to the economy and society with minimal capital consumption [4]. - There is a need for adaptive investment strategies that address market demands and structural upgrades, particularly in emerging industries and public service sectors [4]. - The return on investment is critical, with a noted increase in incremental capital output rate from 2.84 in 2008 to 6.05 in 2024, while corporate asset profit margins have significantly declined [5]. - Investment must prioritize public needs, ensuring that funds are directed towards essential areas rather than superficial projects [6]. Basic Pathways for Expanding Effective Investment - The focus of investment is shifting from "hard investment" to "soft construction," emphasizing human-centered investment that prioritizes people's needs and rights [7]. - The changing demand structure, with a decrease in investment rates from a peak of 47.6% to 40.6% by 2024, highlights the need for careful investment strategies that balance supply and demand [8][9]. - The role of technology and structural upgrades is becoming increasingly important, with investments in innovative sectors expected to drive economic transformation [10]. Policy Recommendations for Effective Investment - Creating a conducive environment for effective investment involves deregulating constraints on private enterprises and encouraging local governments to innovate [13]. - Establishing clear market signals and a stable return mechanism is essential for attracting investment and ensuring fair competition [14]. - Strengthening accountability measures for government investment decisions can help mitigate risks associated with ineffective projects [15].

Core Insights - Shanghai is leading the nation in urban renewal, with 42 quality projects officially announced at the first Urban Renewal Development Conference, covering various aspects such as urban space enhancement, green landscape improvement, historical and cultural preservation, public facilities enhancement, and water environment management [1][2] Group 1: Urban Renewal Projects - The announced projects are seen as benchmarks for urban renewal practices in Shanghai, showcasing strong demonstrative, innovative, and replicable qualities [1] - The projects aim to integrate cultural preservation with sustainable development, providing a "Shanghai experience" for urban renewal efforts nationwide [1][2] Group 2: Development and Policy Insights - Urban renewal is not only about improving living conditions but also enhancing housing quality, public environment, and infrastructure, which in turn promotes development [3] - Key aspects for providing the "Shanghai experience" include policy support and land management [3] Group 3: Tailored Urban Renewal Strategies - Urban renewal policies should be tailored to specific regions and building types, emphasizing the importance of functional positioning and regional vitality [4] - Successful urban renewal should not only focus on aesthetic improvements but also align with the developmental patterns of the area [4] Group 4: Financial and Market Dynamics - The funding balance for urban renewal projects in Shanghai is currently challenging, with significant funding gaps and long recovery periods [6][7] - There is a need for increased financial support from central budgets and innovative financial products to encourage market participation and investment [7][8] Group 5: Revitalizing Inefficient Land - The activation of low-efficiency land and existing assets is crucial for overcoming urban development constraints and promoting high-quality growth [8][9] - Strategies should include flexible land policies, detailed planning, lightweight renovations, and enhancing public spaces to improve market adaptability [8][10] Group 6: Comprehensive Value Assessment - The assessment of land value in Shanghai is shifting from a focus on financial metrics to a more comprehensive evaluation that includes ecological, social, and governance contributions [10] - This multi-dimensional approach is essential for sustainable urban development and reflects a broader trend in urban renewal practices [10][11]