近日，国家发展改革委办公厅对外发布《基础设施领域不动产投资信托基金（REITs）项目行业范围清 单（2025年版）》（以下简称"2025版清单"），对基础设施REITs发行范围作了进一步拓展。国家发展 改革委有关负责人表示，将更好发挥基础设施REITs盘活存量资产、促进投资良性循环的作用，支持实 体经济发展。 促进投融资机制创新 REITs是指在证券交易所公开发行交易，通过证券化方式将具有持续、稳定收益的基础设施资产或权 益，转化为流动性较强的、可上市交易的标准化、权益型金融产品。 据介绍，基础设施REITs，即存量基础设施项目以公开募集基金的形式进行融资的一种金融工具，既有 利于盘活基础设施存量资产，回收资金用于新的项目建设；也有利于促进资金"脱虚向实"，提高金融服 务实体经济质量和效率。 2020年4月，基础设施REITs试点工作正式启动。2021年6月21日，首批9个基础设施REITs试点项目挂牌 上市。国家发展改革委投资司负责人此前介绍，基础设施REITs试点工作启动以来，制度规则持续完 善，发行规模稳步增长，资产类型不断丰富，市场表现总体稳健，各方面参与积极性不断提升，基础设 施REITs对促进投融 ...

2020年4月，基础设施REITs试点工作正式启动。2021年6月21日，首批9个基础设施REITs试点项目 挂牌上市。国家发展改革委投资司负责人此前介绍，基础设施REITs试点工作启动以来，制度规则持续 完善，发行规模稳步增长，资产类型不断丰富，市场表现总体稳健，各方面参与积极性不断提升，基础 设施REITs对促进投融资机制创新、深化资本市场改革、服务实体经济发展的重要作用正逐步显现。在 4年试点基础上，2024年，基础设施REITs进入常态化发行阶段。 "基础设施REITs工作自2020年启动以来，国家发展改革委会同中国证监会，持续推动基础设施 REITs市场扩围扩容。"国家发展改革委政策研究室副主任李超说，在工作开展初期，将仓储物流、收费 公路、市政设施、产业园区等纳入发行范围；后续，又逐步增加了清洁能源、数据中心、保障性租赁住 房、水利设施、文化旅游、消费基础设施等行业领域和资产类型。 发行范围明显扩大 经过多轮扩围，基础设施REITs发行范围明显扩大。数据显示，在2025版清单发布前，基础设施 REITs发行范围已涵盖了12大行业的52个资产类型。 "国家发展改革委积极推动基础设施REITs进一步扩 ...

Core Insights - The 2025 Guangdong-Hong Kong-Macao Greater Bay Area Cultural Industry Investment Conference (referred to as "Bay Area Cultural Investment Conference") officially commenced with its first promotional seminar on September 5, 2023, in Guangzhou, marking the start of a nationwide promotional tour [1] - The conference aims to facilitate efficient connections between cultural industries and financial capital, adhering to the principle of "finding projects for funds and funds for projects" [1][3] - The event is expected to attract over 800 institutions, covering various cutting-edge sectors such as cultural technology, digital creativity, cultural IP, and cultural manufacturing [1] Event Structure and Innovation - The conference introduces an innovative "3+365" service model, combining a three-day event with year-round services, leveraging media resources and data capabilities to support cultural enterprises [3] - The "1+8+N" series of activities will be organized, including one main investment theme conference, eight project financing roadshows, and numerous financing service activities [6] - The conference will also release key documents such as the "2025 Guangdong Cultural Industry High-Quality Development Policy Handbook" and the "2025 Annual Guangdong-Hong Kong-Macao Greater Bay Area Cultural Industry Investment Trend Report" [6] Investment Opportunities - A notable case from the previous conference involved a 3D printing cultural technology company that achieved significant revenue growth and completed over 100 million yuan in financing [4] - The conference serves as a platform for early-stage projects with growth potential, aiming to become a "super partner" for cultural enterprises throughout their development journey [6][7] - The conference will also promote a "policy package, funding package, and talent package" to enhance project and capital connections across various cities [9]

Core Viewpoint - The article emphasizes the strategic significance of expanding effective government investment in China through the "implementation of major national strategies and security capacity building in key areas," which supports the "new two-step" modernization agenda and combines supply-side structural reform with counter-cyclical regulation to stimulate domestic demand [1][4][37]. Group 1: Effective Investment and Economic Context - The current economic environment necessitates a focus on effective government investment, particularly during periods of economic downturn, to stimulate growth and enhance overall economic performance [1][8][21]. - The concept of "comprehensive performance" is introduced, which transcends traditional cost-benefit analysis by considering long-term benefits and positive externalities associated with government investments [4][12][38]. - The need for "appropriately ahead of schedule" investments is highlighted, suggesting that long-term infrastructure projects should be planned with foresight to maximize their impact [4][12][17]. Group 2: Investment Scenarios and Mechanisms - The article identifies various scenarios for effective government investment, including the construction of sponge cities, which are crucial for disaster prevention and urban resilience [2][26][27]. - It discusses the importance of innovative financing mechanisms, such as special bonds and public-private partnerships (PPP), to support these investments and ensure their sustainability [2][29][35]. - The necessity of a coordinated approach in government investment planning is emphasized, advocating for a unified strategy that aligns national and local investment efforts [25][39]. Group 3: Challenges and Recommendations - The article acknowledges challenges in measuring the effectiveness of government investments, particularly in terms of direct economic returns versus broader social benefits [12][13][15]. - Recommendations include enhancing the management of public debt and optimizing investment strategies to ensure that government spending translates into tangible economic benefits [31][34][36]. - The importance of addressing the needs of the private sector and improving the investment climate for private enterprises is also discussed, highlighting the role of government in fostering a supportive environment for economic growth [21][22].

Core Viewpoint - The article emphasizes the need to innovate financing mechanisms for rural revitalization, aiming to enhance the efficiency of fiscal fund usage and open new channels for financial and social capital investment in agriculture and rural areas [1][2]. Group 1: Fiscal Investment - Fiscal input for rural revitalization has been consistently increasing, with a cumulative expenditure of 10.55 trillion yuan during the "13th Five-Year Plan" period, representing a 58% increase compared to the "12th Five-Year Plan" [1]. - From 2021 to 2024, the national general public budget for agricultural, forestry, and water expenditures has exceeded 9.37 trillion yuan [1]. Group 2: Financial Support - The balance of agricultural loans in both domestic and foreign currencies reached 51.36 trillion yuan in 2024, showing a year-on-year growth of 9.8%, which is 2.7 percentage points higher than the growth rate of all loans [1]. - The balance of operating loans for farmers increased from 5.99 trillion yuan in 2020 to 10.38 trillion yuan in 2024, with an average annual growth rate of 15% [1]. Group 3: Social Capital Participation - Nearly 30% of private enterprises are involved in the "Ten Thousand Enterprises Helping Ten Thousand Villages" initiative, focusing on employment support, developing specialty agriculture, and training rural talents [2]. - The article notes that due to the long cycle and high uncertainty of returns in agricultural projects, financial institutions and enterprises remain cautious about investing in rural areas [2]. Group 4: Improving Fund Utilization - There is a need to enhance the quality and efficiency of fiscal agricultural funds while maintaining steady growth in fund scale [3]. - The integration of various departmental agricultural funds, as demonstrated by Ningbo City, which consolidated 1.673 billion yuan for eight major enhancement tasks, shows significant effectiveness [3]. Group 5: Collaboration Among Stakeholders - The article advocates for strengthened collaboration among government, financial institutions, and enterprises to maximize the effectiveness of rural revitalization funding [4]. - Innovative models such as "government-bank cooperation" and "government-enterprise linkage" are encouraged to attract more financial resources to agriculture and rural areas [4].