北京明树数据科技有限公司 前言 Foreword 2025 年，中国基建投融资市场站在了变革与机遇交织的关键节点，宏观经济调整、政策导向升级、技 术创新迭代与市场需求转型多重力量交织，推动行业从"规模扩张"向"质量提升"深度转型。 日前，明树数据发布，从数据、政策、专题、展望四大维度，深度剖析 2025 年中国基建投融资市场全 貌，并展望 2026 年行业热点与趋势。报告围绕政策环境、市场规模、项目分布等核心维度展开系统研 究，厘清市场运行规律与发展脉络；聚焦 PPP 新机制落地、"三资三化" 存量盘活、数据资产证券化等 关键领域，结合专题研究与典型案例，提炼可复制推广的实操路径，为政府部门、国企、民企、金融机 构等市场主体提供决策参考，助力基建投融资领域的高效资源配置与可持续发展。报告综合运用多元研 究方法，系统梳理国家统计局、发改委、央行等部门的官方文件与统计数据，深度解读政策导向及宏观 经济形势对市场的影响，保障研究成果的全面性、准确性与深度洞察。 扫码文末"投小圈" 加入行业交流群 作者：李振宇 在实务操作中，合规性判定可采用"风险红线清单"筛查工具，按照清单逐一重点排查，例如：政府兜底 承诺（如固定 ...

重要内容提示： ● 担保对象及基本情况 （一）担保的基本情况 为进一步满足浙江卓尚环保能源有限公司（以下简称"杭州餐厨"）的经营发展需要，杭州餐厨申请向中 国银行股份有限公司萧山分行（以下简称"中国银行"）新增借款合计不超过4,450万元用于置换其借 款，借款期限11年，由北京首创环境投资有限公司（以下简称"北京首创投资"）提供不超过898万元的 连带责任保证担保，股东杭州瑞策科技有限公司提供不超过3,552万元的连带责任保证担保。 证券代码：600008 证券简称：首创环保 公告编号：2025-049 北京首创生态环保集团股份有限公司 关于为控股子公司提供担保的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容 的真实性、准确性和完整性承担法律责任。 （二）担保人与被担保人的关系 被担保人杭州餐厨和担保人北京首创投资均为公司下属首创环境控股有限公司的并表子公司，且担保人 北京首创投资承担为固废项目向金融机构融资提供担保的职能。担保人北京首创投资与被担保人杭州餐 厨的股权结构如下： ■ 三、担保协议的主要内容 债权人（甲方）：中国银行股份有限公司萧山分行 保证人（ ...

该项目由长垣市政府授予长垣市城区供水特许经营权，公司拟成立全资子公司长垣首创水务有限公司负 责长垣市城市供水特许经营项目融资、运营、移交，项目公司注册资本金为1.42亿元，由公司出资1.42 亿元，持股100%。项目运营期收入主要由终端售水收入组成。主要特许经营范围：在长垣市城区范围 内经营供水业务，向用水户提供用水服务，并收取水费;对项目范围内建筑物、构筑物的日常维护、维 修;对项目范围内设施设备及管网等的保养、检修。 首创环保（600008）(600008.SH)发布公告，公司拟以TOT模式实施长垣市城市管理局长垣市城市供水 特许经营项目，项目设计供水总规模11.5万吨/日(远期17万吨/日)，供水管网585公里，投资总额为4.72 亿元。 ...

Group 1: Higher Education Sector - The higher education sector is expected to see a reversal of difficulties due to a combination of bottoming fundamentals and policy advancements, with a focus on improving educational quality and encouraging the expansion of high-quality private colleges [5][6] - The reintroduction of profit-oriented classification management in Hunan Province in 2025 may serve as a pilot for nationwide implementation, providing a stable policy environment for private colleges to expand and meet the growing demand for higher education [5][6] - Key indicators of educational quality, such as student-to-teacher ratios and per-student funding, have met standards after five years of increased investment, suggesting that the investment cycle is peaking and operational efficiency in higher education companies is likely to recover [5][6] - Companies to watch in this sector include Yuhua Education, Zhongjiao Holdings, New Higher Education, China Kepei, Neusoft Ruixin, Xijiao International Holdings, and Zhonghui Group [5][6] Group 2: Vocational Education Sector - The demand for vocational training is surging, driven by an increasing number of university graduates and high school students entering the labor market, leading to a projected market size of 80 billion yuan in 2025 with a penetration rate of only 5% [6][7] - The youth unemployment rate, particularly among those aged 16 to 24, is higher than the urban average, indicating a growing need for vocational skills training [6][7] - Companies to focus on in the vocational education sector include China Oriental Education and Fenbi [6][7] Group 3: Education Industry Trends - The education industry has undergone significant changes due to the "double reduction" policy, resulting in a 96% reduction in capacity in the academic training sector, with a limited number of operational licenses being redistributed [7] - The shift towards competency-based training is gaining momentum, with institutions leveraging their operational qualifications to expand their market share through non-academic training services [7] - The industry is moving towards a "franchise" model, which is expected to enhance revenue and profit growth for compliant institutions [7] Group 4: Investment Recommendations - The report recommends focusing on Hong Kong-listed vocational education companies, particularly China Oriental Education, which is adapting its operational strategy to cater to the needs of high school graduates [9] - In the higher education sector, the potential reintroduction of profit-oriented options is expected to enhance the revenue-sharing certainty for private colleges, with companies like Yuhua Education, Zhongjiao Holdings, and China Kepei being highlighted for their growth potential [9] - The report also suggests monitoring Chinese education companies listed in the US, such as New Oriental, TAL Education, and others, which are showing strong enrollment data [9]

行 业 及 产 业 海外消费服务 行 业 研 究 / 行 业 点 评 相关研究 证 券 研 究 报 告 证券分析师 黄哲 A0230513030001 huangzhe@swsresearch.com 周文远 A0230518110003 zhouwy@swsresearch.com 贾梦迪 A0230520010002 jiamd@swsresearch.com 研究支持 胡梦婷 A0230524060004 humt@swsresearch.com 联系人 胡梦婷 A0230524060004 humt@swsresearch.com 2025 年 12 月 19 日 海外教育：景气与困境反转交织，投资机会纷呈—— 教育行业 26 年投资策略 看好 ——海外消费周报（20251212-20251218） 本期投资提示： ⚫ 海外教育：景气与困境反转交织，投资机会纷呈——教育行业 26 年投资策略 基本面触底叠加政策推进，高教困境反转可期。以办学质量提升为前提，以营利性牌照为激励， 鼓励高质量民办高校扩张，承接增量高教需求，是高教监管的主旨思路。25 年湖南省重启营利性 分类管理，或将成为试点，积累成熟经验 ...

据悉，对标国家发展改革委相关文件，以及《G1523甬莞高速公路台州机场支线项目特许经营方案》， 该项目突破了央国企垄断惯例，要求民企投资人持股不低于35%，实现"财政零投入、民资全参与"，成 为民资参与重大交通基建的标杆范本。 一位PPP从业人士表示，按照"优先选择民营企业参与"的导向，各地落实支持民企参与的特许经营项目 清单，取消了不合理准入限制，将运营能力等作为评标核心标准，持续释放了民营企业参与活力。 中经记者 杜丽娟 北京报道 2023年11月，国家发展改革委、财政部制定的《关于规范实施政府和社会资本合作新机制的指导意见》 （以下简称"PPP新机制"）正式出台，这是PPP模式进入聚焦使用者付费、全部采取特许经营模式、优 先支持民营企业参与的重要标志。 历经两年实践，PPP新机制在规范运作、激活社会投资等方面取得扎实成效。来自大岳咨询的统计显 示，截至2025年10月30日，全国政府和社会资本合作项目信息系在库项目302个，累计总投资达1.61万 亿元。 《中国经营报》记者获悉，PPP新机制实施以来，项目规范管理体系逐步完善。各地严格落实"聚焦使 用者付费项目"要求，将具有明确收费渠道的项目纳入合作范围 ...

辉县至鄄城(豫鲁界)高速公路辉县至卫辉段项目特许经营者总投资64.9亿元，其中建筑安装工程费42.61 亿元，项目采用"特许经营"模式，合作期33.25年，其中：前期及建设期3.5年，收费期29.75年。 公司下属全资子公司——上海基础设施建设发展(集团)有限公司(简称"上海基建")、上海城建集团河南 建设发展有限公司(简称"河南建发")、上海公路桥梁(集团)有限公司(简称"路桥集团")、上海城建城市运 营(集团)有限公司(简称"运营集团")和上海城建数字产业集团有限公司(简称"数字集团")组成联合体参与 本项目特许经营者的投标。2025年12月8日，联合体正式取得该项目中标通知书。 隧道股份（600820）(600820.SH)发布公告，"辉县至鄄城(豫鲁界)高速公路辉县至卫辉段项目"曾于2022 年由新乡市交通局进行特许经营权招标，公司下属子公司上海基础设施建设发展(集团)有限公司(简 称"上海基建")、上海城建集团河南建设发展有限公司(简称"河南建发")等与新乡国有资本运营集团有限 公司组成联合体中标，并与新乡市交通运输局签订相关投资协议，因政策调整原因，项目暂停。经各方 协商，解除原特许经营协议，按照 ...

Core Viewpoint - The company announced that its subsidiary consortium, including Shanghai Jianzhu and Henan Jianda, won the bid for the Huixian to Juancheng (Yulu boundary) expressway project, which is expected to enhance its traditional infrastructure business and provide application scenarios for emerging businesses [1] Group 1 - The project is structured as a "public-private partnership" with a cooperation period of 33.25 years [1] - The estimated total investment for the project is 6.49 billion yuan, with construction and installation costs amounting to 4.261 billion yuan [1] - The project is anticipated to drive the company's traditional infrastructure business [1] Group 2 - The company has identified potential risks related to policy, market, and construction aspects of the project [1] - Corresponding countermeasures have been developed to address these risks [1]

Core Insights - Darsana Capital Partners LP disclosed a new position in Wingstop Inc., acquiring 750,000 shares valued at $188.76 million, making it the fund's fourteenth disclosed position [2][3] - Wingstop shares were priced at $232.89 as of November 14, 2025, reflecting a 29% decline over the past year, underperforming the S&P 500 by 44 percentage points [4] - The company's trailing twelve-month revenue is $682.98 million, with a net income of $174.26 million, and it has a forward price-to-earnings ratio of 58 [4][9] Company Overview - Wingstop is a leading fast-casual restaurant brand specializing in chicken wings, operating primarily through a franchise model [10][11] - The market capitalization of Wingstop is $6.47 billion as of November 14, 2025 [6] - The company's dividend yield stands at 0.48%, with shares currently 40% below their 52-week high [5]

Core Insights - The article highlights a trend of multinational companies, particularly in the food and beverage sector, increasingly opting for joint ventures and local partnerships in China to enhance growth and localization strategies [1][10][15]. Group 1: Joint Ventures and Partnerships - Starbucks announced a joint venture with Boyu Capital, selling up to 60% of its Chinese operations for an estimated valuation of $4 billion (approximately 284.84 billion RMB) [3][10]. - CPE Yuanfeng has formed a joint venture with Restaurant Brands International (RBI) to take over Burger King's operations in China, with CPE holding approximately 83% and RBI retaining about 17% [1][10]. - The trend of forming joint ventures is not new; McDonald's previously sold 80% of its China operations to a consortium led by CITIC and Carlyle in 2017, while Yum China was spun off from Yum Brands in 2016 [3][11][15]. Group 2: Growth and Localization Strategies - Starbucks aims to expand its store count in China from 8,000 to 20,000, leveraging Boyu's local expertise to penetrate smaller cities and emerging regions [3][10]. - Burger King plans to increase its store count from 1,250 to over 4,000 with the support of CPE Yuanfeng, focusing on product upgrades and digital transformation [3][10]. - McDonald's set a goal to grow its store count from 2,500 to 4,500 within five years after partnering with CITIC and Carlyle, emphasizing delivery and digital trends [3][10]. Group 3: Market Dynamics and Competition - The Chinese market is significant, with McDonald's identifying it as its second-largest and fastest-growing market globally, contributing about 8% to Starbucks' revenue [5][6]. - The competitive landscape is shifting, with local players like Luckin Coffee and Wallace rapidly gaining market share, prompting international brands to rethink their strategies [7][19]. - Starbucks' market share in China has declined from 42% in 2017 to an estimated 14% in 2024, indicating increasing competition from local brands [6][19]. Group 4: The Role of Local Partners - The introduction of local partners is seen as a crucial strategy for navigating the complexities of the Chinese market, as evidenced by the success of brands like Luckin Coffee and Heytea [9][29]. - The partnership model allows foreign brands to maintain brand ownership while leveraging local expertise for operational execution, enhancing their adaptability in a competitive environment [29][30]. - The article emphasizes that successful localization does not mean abandoning brand values but rather adapting to local consumer preferences and market dynamics [34][36].