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 ...

Group 1 - Multiple central enterprises achieved record high signing amounts during the 8th China International Import Expo, with over 20,000 participants and 58 specialized teams formed for procurement [1] - The current international industrial division of labor is undergoing profound adjustments, emphasizing the need for global supply chain cooperation [1] - Central enterprises have established over 8,000 institutions and projects in more than 180 countries, with overseas assets exceeding 9 trillion yuan, contributing positively to global technological progress and economic growth [1] Group 2 - China National Offshore Oil Corporation (CNOOC) signed contracts exceeding $13 billion, marking a historical high for a single expo, with a focus on oil, gas, and advanced technology services [2] - Sinopec signed agreements with 34 partners from 17 countries, with a total procurement amount exceeding $40.9 billion, and emphasized the increase in technology cooperation, particularly in AI and green development [2] - Sinopec's cumulative signing amount since the first expo in 2018 has surpassed $325 billion [2] Group 3 - China National Machinery Industry Corporation (Sinomach) signed 143 cooperation agreements totaling nearly $25.1 billion, focusing on high-end equipment and smart technology applications in domestic manufacturing [3] - China National Nuclear Corporation (CNNC) signed 8 procurement contracts with foreign enterprises, promoting global nuclear energy innovation and collaboration [3] - CNNC emphasized the importance of digitalization in enhancing global nuclear industry competitiveness and building resilient supply chains [3] Group 4 - The global industrial supply chain is a crucial platform for cooperation and development among countries, with a focus on deepening collaboration in traditional sectors like equipment manufacturing and energy [4] - There is a push for the integration of artificial intelligence with traditional industries and the development of strategic emerging industries such as new energy and materials [4] - The exploration of new industries and business models in fields like quantum technology and biomanufacturing is encouraged to stimulate cooperative momentum [4]

Core Viewpoint - The "14th Five-Year Plan" prioritizes high-quality development, emphasizing technological self-reliance and modernization of the industrial system, which will accelerate the development of strategic emerging industries like new materials, potentially creating a trillion-yuan market [1] Industry Summary - The chemical new materials industry is entering a period of accelerated development, particularly in segments such as photoresists, high-end engineering plastics, thermal interface materials, and high-end additives [1] - China's chemical industry chain is expected to reshape the global chemical industry landscape due to significant cost advantages and continuous technological breakthroughs [1] - In the refrigerant sector, adjustments to the quota scheme in 2026 are anticipated to ensure healthy industry development, maintaining a positive outlook on its long-term prosperity cycle [1] - Supply-side structural optimization is expected, with recommendations to focus on sectors with significant supply compression elasticity, such as organic silicon and membrane materials, as well as varieties with relative advantages [1] Investment Product Summary - The New Materials 50 ETF (159761) tracks the New Materials Index (H30597), which selects listed companies involved in advanced basic materials, key strategic materials, and cutting-edge new materials to reflect the overall performance of high-tech barrier and innovative capability enterprises in the new materials sector [1] - The industry allocation primarily covers high-tech manufacturing sectors such as chemicals, electronics, and new energy [1]