Core Insights - The National Development and Reform Commission (NDRC) has announced that the issuance of Real Estate Investment Trusts (REITs) in the infrastructure sector will enter a normalized recommendation phase in 2024, with ongoing expansion [1] Group 1: Investment Projects - The NDRC has recommended a total of 105 projects to the China Securities Regulatory Commission (CSRC), of which 83 projects have been issued and listed [1] - The recommended projects cover 10 industries and 18 types of assets, including toll roads, clean energy, urban heating, ecological protection, warehousing and logistics, industrial parks, data centers, rental housing, water conservancy, and consumer infrastructure [1] Group 2: Financial Impact - The total amount of funds raised from these REITs is 207 billion yuan, which is expected to drive total new project investments exceeding 1 trillion yuan [1]

Core Viewpoint - Citigroup's research report indicates that Yuehai Investment recorded a net profit of HKD 4.067 billion in the first three quarters, representing a year-on-year growth of 13.2% [1] Financial Performance - In the third quarter, net profit increased by 12.6% year-on-year to HKD 1.4 billion, primarily due to the absence of losses following the sale of GD Land in January this year [1] - Other business segments showed stable performance, with contributions from water services, rental income, and department store operations increasing [1] - Conversely, contributions from hotel operations, power generation, and toll road businesses decreased [1] Investment Outlook - Citigroup maintains a "Buy" rating for Yuehai Investment, with a target price set at HKD 8 [1] - The expected dividend payout ratio for this year is projected to be no less than 65%, with a forecasted dividend yield of 6.2% by 2025, which is considered attractive [1] - The company has committed to maintaining its dividend payments until 2030, suggesting sustainability in its dividend policy [1]

Core Viewpoint - The company has entered into two significant electromechanical engineering contracts for the approved road expansion project, which will enhance the capacity and service level of the road, thereby strengthening its core competitiveness in the toll road industry [1][2]. Group 1: Contract Details - The company signed an electromechanical engineering contract with Guangdong Xinyue for JD1 section, with a contract value of RMB 422 million [1]. - The company also signed an electromechanical engineering contract with Beijing Gongke Feida for JD2 section, with a contract value of RMB 289 million [1]. - Both contracts pertain to a total length of approximately 68.861 kilometers, covering systems such as toll, monitoring, communication, power supply, and lighting [1]. Group 2: Strategic Importance - The execution of the approved road expansion project is part of the company's main business in investment, construction, operation, and maintenance of highways [2]. - This project is expected to enhance the road's traffic capacity and service level, aligning with the company's development strategy and reinforcing its competitive edge in the toll road sector [2].

Core Viewpoint - The company has entered into two significant electromechanical engineering contracts for the approved road expansion project, which will enhance its competitiveness in the toll road industry [1][2]. Group 1: Contract Details - The company signed an electromechanical engineering contract with Guangdong Xinyue for a total contract value of RMB 422 million [1]. - Another contract was signed with Beijing Gongke Feida for a total contract value of RMB 289 million [1]. - Both contracts pertain to a road section approximately 68.861 kilometers long, covering the construction of toll systems, monitoring systems, communication systems, and power supply systems [1]. Group 2: Strategic Importance - The execution of these contracts is part of the approved road expansion project, aimed at improving traffic capacity and service levels [2]. - This initiative aligns with the company's strategic goal to strengthen its core competitiveness in the toll road sector [2].

www.ccxi.com.cn 特别评论 2025 年 9 月 目录 | 要点 | 1 | | --- | --- | | 主要关注因素 | 2 | | 航空行业 | 2 | | 机场行业 | 6 | | 收费公路行业 | 9 | | 港口行业 | 12 | 联络人 | 作者 | | --- | | 企业评级部 | | 吴亚婷 027-87339288 | | ytwu@ccxi.com.cn | | 曲甘雨 027-87339288 | | gyqu@ccxi.com.cn | | 王 昭 027-87339288 | | zhaow02@ccxi.com.cn | | 何瑞婷 027-87339288 | | rthe@ccxi.com.cn | 其他联络人 贺文俊 027-87339288 wjhe@ccxi.com.cn 中诚信国际 交通运输行业 交通运输行业中期信用观察—稳健增长，温和前行 要点 1 交通运输行业中期信用观察 2025 年上半年我国航空客运市场保持较好增长，其中航空国 内客运量增速有所回落，境内航司国际及地区客运量在国际航 线加速修复的推动下恢复至 2019 年同期水平；同时，货运市 ...

Core Viewpoint - The National Development and Reform Commission (NDRC) has issued a notice to promote the regular application and recommendation of infrastructure Real Estate Investment Trusts (REITs), focusing on new asset types and expanding the market for existing projects [1][2][4] Group 1: Promotion of New Asset Types - The NDRC aims to actively promote the issuance of new asset types for REITs, including sectors like railways, ports, and cultural tourism, which currently lack recommended issuance cases [2][3] - The initiative aligns with national economic growth and social development strategies, providing a framework for financial innovation and sustainable development in these sectors [2] Group 2: Support for Private Investment - The notice emphasizes support for private investment projects, urging provincial development and reform departments to establish mechanisms for coordinating the issuance of REITs for these projects [3] - It encourages the improvement of compliance procedures for private investment projects to facilitate their listing and financing [3] Group 3: Enhancing Project Quality and Efficiency - The NDRC stresses the importance of project quality and efficiency in the application process, prioritizing projects with higher net recovery fund ratios for recommendation [3][4] - Continuous tracking of the use of recovered funds from listed infrastructure REITs is mandated to ensure effective investment cycles [3] Group 4: Market Expansion and Investment Circulation - The notice highlights the steady growth in issuance scale and asset type diversity since the regular recommendation of infrastructure REITs began, indicating a positive market performance [4] - The focus is on creating a virtuous cycle of investment through policy collaboration and innovative financing models, enhancing the stability and longevity of funding sources [4]

Core Viewpoint - The National Development and Reform Commission (NDRC) has issued a notification to promote the regular application and recommendation of infrastructure Real Estate Investment Trusts (REITs), focusing on new asset types and expanding the market for existing projects [1][2][4] Group 1: Promotion of New Asset Types - The notification encourages the exploration and issuance of new asset types such as railways, ports, ultra-high voltage transmission, communication towers, market-oriented rental housing, cultural tourism, specialized markets, and elderly care facilities [2][3] - The aim is to align these new asset types with national economic growth and social development strategies, providing innovative financial models and promoting sustainable development in these sectors [2] Group 2: Support for Private Investment Projects - The NDRC emphasizes support for private investment projects by establishing a specialized coordination service mechanism at the provincial level to facilitate the issuance of REITs [3] - The notification encourages the integration of existing assets through expansion methods to strengthen infrastructure REIT products and create a capital operation platform [3] Group 3: Quality Control and Fund Recovery - The notification highlights the importance of project quality and encourages projects with a high proportion of net recovery funds to be prioritized for recommendation [3] - Provincial development and reform departments are tasked with tracking the use of recovered funds from listed infrastructure REITs to ensure effective investment cycles [3] Group 4: Market Expansion and Performance - Since the regular recommendation of infrastructure REITs began, the system has improved, and the issuance scale has steadily increased, indicating a positive market performance [4] - The focus is on creating a virtuous cycle of investment through policy coordination and innovative models, providing low-cost, long-term financing channels [4]

Core Viewpoint - The National Development and Reform Commission (NDRC) has issued a notification to promote the regular application and recommendation of infrastructure Real Estate Investment Trusts (REITs), focusing on new asset types and enhancing the quality and efficiency of project approvals [1][2][4] Group 1: Promotion of New Asset Types - The notification encourages the exploration and issuance of new asset types such as railways, ports, ultra-high voltage transmission, communication towers, market-oriented rental housing, cultural tourism, specialized markets, and elderly care facilities [2][3] - The aim is to align these new asset types with national economic growth and social development strategies, providing innovative financial models for industries with large investment scales and long return cycles [2] Group 2: Support for Private Investment Projects - The NDRC emphasizes support for private investment projects by establishing a specialized coordination service mechanism at the provincial level to facilitate the issuance of infrastructure REITs [3] - This includes helping private investment projects to complete compliance procedures and addressing issues during project cultivation [3] Group 3: Expansion of Asset Acquisition - The notification supports the acquisition of new projects through existing listed infrastructure REITs, allowing for the integration of similar and related industry projects [3] - It encourages cross-regional asset integration to strengthen infrastructure REIT products and create a capital operation platform [3] Group 4: Focus on Quality and Efficiency - The NDRC aims to enhance the quality of projects by prioritizing those with a higher proportion of net recovery funds relative to the total fund amount, thereby promoting effective investment cycles [3] - Continuous tracking of the use of recovered funds from listed infrastructure REITs is mandated to ensure compliance and effective reporting [3] Group 5: Market Development and Performance - Since the regular recommendation and issuance of infrastructure REITs, the system has improved, and the issuance scale has steadily increased, indicating a positive market performance [4] - The focus is on creating a virtuous cycle of investment through policy coordination and innovative models, providing low-cost, long-term financing channels [4]

Core Viewpoint - The National Development and Reform Commission (NDRC) is promoting the regular application and recommendation of infrastructure Real Estate Investment Trusts (REITs), focusing on new asset types and enhancing the quality and efficiency of project approvals [1][2][3]. Group 1: New Asset Types - The NDRC is actively exploring the issuance paths for new asset types such as railways, ports, ultra-high voltage transmission, communication towers, market-oriented rental housing, cultural tourism, specialized markets, and elderly care facilities [2]. - The promotion of these new asset types aligns with national economic growth and social development strategies, providing innovative financial models and promoting sustainable development in these sectors [2]. Group 2: Support for Private Investment - The NDRC encourages the issuance of REITs for private investment projects, establishing a coordination service mechanism at the provincial level to facilitate the issuance process [2]. - This initiative aims to help private investment projects meet regulatory requirements and accelerate the resolution of issues during project cultivation [2]. Group 3: Expansion of Existing REITs - The NDRC supports the acquisition of new projects by existing infrastructure REITs, allowing for the integration of assets across regions to strengthen the REITs market [3]. - Projects with a higher proportion of net recovery funds relative to the total fund amount will be prioritized for recommendation, enhancing the investment cycle [3]. Group 4: Financial Innovation and Investment Stability - Utilizing REITs can effectively revitalize existing assets and raise construction funds, creating a positive cycle between existing assets and new investments [4]. - The focus on key industries and regions, along with policy coordination and innovative models, aims to provide low-cost, long-term, and stable financing channels [4].

Group 1 - The core objective of the notification is to promote the high-quality development of infrastructure REITs, revitalizing existing assets and expanding effective investments through specific measures across four dimensions: market expansion, fundraising support, project vetting, and organizational assurance [1] - The notification prioritizes the expansion and diversification of the market, focusing on both consolidating mature asset advantages and exploring new fields, while also opening channels for private investment [1] - In terms of mature asset types, the notification encourages the application of high-quality infrastructure projects that significantly contribute to national strategies and policies, while accelerating the application of projects in established sectors such as toll roads, clean energy, and affordable rental housing [1] Group 2 - The notification introduces support policies aimed at enhancing the asset integration capabilities of already listed REITs, lowering operational thresholds, and broadening asset boundaries [2] - It simplifies the process for listed infrastructure REITs to apply for new projects after six months of their initial issuance, allowing submissions through provincial development and reform commissions or central enterprises, which will expedite the evaluation and recommendation process [2]