Group 1 - China Yajiang Group has established a new subsidiary, China Yajiang Group Ecological Environmental Protection Co., Ltd. in Chengdu [1][3] - With this addition, China Yajiang Group now has four subsidiaries in Chengdu, including China Yajiang Group Chengdu Branch, China Yajiang Group Material Equipment Co., Ltd., and China Yajiang Group Bidding Co., Ltd. [3] - The newly established subsidiary was formerly known as Yajiang Qingneng Ecological Environmental Protection (Chengdu) Co., Ltd. and became a wholly-owned subsidiary of China Yajiang Group with a registered capital of 500 million yuan [3] Group 2 - The predecessor of the new subsidiary has applied for over ten invention and utility model patents in the past two years, focusing on ecological environmental protection [3] - Collaborating institutions include China Electric Power Construction Group Chengdu Survey and Design Research Institute, Chinese Academy of Sciences Chengdu Institute of Biology, and several universities and research institutes [3] Group 3 - China Yajiang Group was established as a central enterprise approved by the State Council on July 19, 2025, primarily responsible for the development, construction, and operation of hydropower projects in the lower reaches of the Yarlung Tsangpo River [3]

来源：榆林资本市场服务平台 科创新城投资基金主要投向榆林市科创新城重大项目以及产业转型发展有关的高端制造、生态环保、科 技创新、大健康、文化旅游、现代服务业、生物医药、数字经济、航空航天、智能无人、低空经济、新 能源、新材料等战略新兴产业和未来产业。 投资界11月17日消息，近日，榆煤基金顺利完成榆林科创新城产业发展私募股权投资基金合伙企业（有 限合伙）（下称"科创新城投资基金"）的工商注册及资金实缴工作。该基金由榆林科创新城建设管理委 员会牵头，联合榆煤基金与榆林科创新城产业发展集团有限公司共同设立，基金规模2亿元。 ...

Report Title - The report is titled "Public Offering Infrastructure REITs Weekly Report" [1] Report Period - The report covers the period from November 10th to November 14th, 2025 [2] Performance of Secondary Market Price and Volume REITs Performance - In the secondary market, REITs showed certain price and volume changes during the reporting period. For example, some REITs had different returns, turnovers, and trading volumes. The returns of different REITs varied widely, with some achieving positive returns and others negative. For instance, the weekly returns of some REITs ranged from -1.79% to 5.18% [10] Industry Comparison - Different industries of REITs also had different performance. For example, in the highway industry, the returns of various REITs were different, such as the weekly return of China Merchants Highway REIT was -1.79%, while that of CICC Shandong High - speed REIT was 5.18%. In the ecological and environmental protection industry, the weekly return of Fubon First - created Water Service REIT was -0.03%, and that of AVIC Shougang Green Energy REIT was 0.25% [10] Secondary Market Valuation Valuation Indicators - The report provides valuation indicators such as P/FFO, P/NAV, IRR, PV multiplier, and cash distribution rate for different REITs. For example, the P/FFO of Red Earth Innovation Yantian Port REIT was 19.21, and its P/NAV was 1.06 with a current quantile of 48.50%. The cash distribution rate was 4.25% [20] Industry Comparison - Different industries and individual REITs within the same industry also had different valuation levels. For example, in the warehousing and logistics industry, the P/FFO of CICC Puluosi REIT was 14.11, while that of Harvest JD Warehouse Infrastructure REIT was 25.44 [20] Market Correlation Statistics Correlation with Other Assets - The report shows the correlation coefficients between REITs and various assets such as stocks, convertible bonds, pure bonds, and commodities. The correlation coefficients between REITs and the Shanghai Composite Index, CSI 300, ChiNext Index, and small - and medium - cap stocks were 0.20, 0.18, 0.11, and 0.16 respectively. The correlation coefficients between different types of REITs (such as property - right REITs, franchise - right REITs) and these assets also varied [26] Industry Comparison - Different industries of REITs had different correlations with other assets. For example, the energy - type REITs had a relatively low correlation with stock assets, with a correlation coefficient of about 0.04 with the Shanghai Composite Index and CSI 300, while the correlation coefficient between the affordable housing - type REITs and the Shanghai Composite Index was 0.00 [26] Primary Market Tracking Under - Review Projects - There were several REIT projects in different stages of the primary market. For example, China Asset Management Anbo Warehouse Logistics REIT had passed the review, with a project valuation of 22.49 billion yuan. Jianxin Jinfeng New Energy REIT was in the feedback stage, with a project valuation of 8.81 billion yuan [28]

Core Insights - The "Ecological Civilization and Beautiful China Practice" side event at COP30 highlighted Hainan's achievements in ecological civilization and climate action [1][2] - Hainan has maintained a forest coverage rate above 62%, with air quality good days ratio consistently over 98%, and nearshore water quality excellent rate at 99.8% [1] - The province is conducting systematic blue carbon ecosystem surveys and has completed its first blue carbon credit transaction, injecting market dynamics into marine ecological protection [1] Environmental Protection Efforts - Hainan is focusing on becoming a "clean energy island" and "smart transportation" hub to accelerate its transition to a low-carbon future [1] - The province has approximately 25 million kilowatts of installed power capacity, with over 60% of new installations coming from renewable sources like wind and solar energy [1] - Nuclear power development is being advanced to provide stable and clean baseload power for the grid [1] Electric Vehicle Adoption - Hainan has achieved a penetration rate of over 60% for new energy vehicles, ranking first in China [1]

Core Viewpoint - The China Three Gorges Corporation has made significant contributions to national strategic security, energy security, and environmental protection during the "14th Five-Year Plan" period, aligning with the goals of high-quality development and modernization in China [3][4][11]. Group 1: National Strategic Security - The corporation focuses on enhancing core functions to support national strategies such as ensuring the safety of the Yangtze River and promoting energy security [5]. - It has established a comprehensive flood control capacity with a total flood storage capacity of nearly 38 billion cubic meters, having accumulated over 40 billion cubic meters of floodwater retention since the beginning of the "14th Five-Year Plan" [5]. - The company has provided over 1.5 billion cubic meters of water to downstream areas, including an emergency supply of approximately 5.6 billion cubic meters during a severe drought in 2022 [5]. Group 2: Energy Security - Clean energy accounts for approximately 96% of the corporation's total installed capacity, with renewable energy generation ranking first globally [6]. - The completion of the Wudongde and Baihetan hydropower stations has established the world's largest clean energy corridor, with 110 hydropower units in operation along the Yangtze River [6]. - The corporation is advancing offshore wind power projects and has initiated the construction of two large-scale "sand and desert" renewable energy bases in Inner Mongolia and Xinjiang [6]. Group 3: Environmental Protection - The corporation has invested over 120 billion yuan in environmental protection initiatives along the Yangtze River, achieving long-term water quality improvement in key river basins [7]. - It has successfully relocated over 2,000 rare plant species and released more than 28 million rare fish, contributing to the restoration of fish populations to levels seen in the 1980s [7]. - The company has built China's first large-scale green zero-carbon data center and has innovated in wastewater treatment and solar integration [7]. Group 4: Technological Innovation - The corporation has developed a unique innovation model focused on major engineering projects and key technology breakthroughs [9]. - It has made significant advancements in hydropower technology, including the application of ultra-large underground excavation and intelligent construction of high arch dams [9]. - The establishment of an industrial internet platform has enhanced operational efficiency across the hydropower stations [9]. Group 5: New Development Pattern - The corporation is actively promoting the transformation and upgrading of traditional industries while developing strategic emerging industries [12]. - Projects such as the Inner Mongolia renewable energy base and offshore wind power initiatives have been recognized as key national projects [12]. - The company is also involved in international investments, covering 12 countries and regions, with controllable installed capacity expected to exceed 13 million kilowatts [12][13]. Group 6: Future Outlook - The corporation aims to continue its alignment with Xi Jinping's thoughts on socialism with Chinese characteristics, enhancing its role in national strategy and striving to become a world-class enterprise [14].

Core Viewpoint - The article emphasizes the integration of party building and business operations within the ecological environment system in Shandong Province, highlighting the achievements in ecological protection and the importance of leadership in driving these initiatives forward [2][3][14]. Group 1: Party Building and Business Integration - The Shandong Provincial Ecological Environment Department has achieved record-high levels in key ecological indicators, with public satisfaction regarding the ecological environment ranking among the top in the nation for four consecutive years [2][14]. - The department's leadership has focused on the idea that "good party building is the greatest political achievement," ensuring that party building and business operations are mutually reinforcing and enhancing overall effectiveness [3][14]. - The integration of party building with business operations has led to innovative practices in green finance and environmental technology, which have been recognized by the Ministry of Ecology and Environment [3][14]. Group 2: Grassroots Initiatives and Community Engagement - The Qingdao Ecological Environment Bureau has implemented a "one branch serves one enterprise" model, establishing a mechanism to address ecological issues faced by local businesses, resulting in the resolution of 11 environmental problems [5][16]. - The department has conducted a five-year initiative to support enterprises, enhancing the political and organizational functions of grassroots party organizations [17]. - Training programs for environmental grid workers have been organized to improve their capabilities in managing hazardous waste and ensuring compliance with environmental standards [12][18]. Group 3: Achievements in Ecological Protection - The city of Dezhou has reported a 71.1% rate of good air quality days from January to September, an increase of 9.4 percentage points year-on-year, with PM2.5 concentration improving by 15.8% [7][8]. - The implementation of strict soil pollution risk control measures has resulted in a 100% safety utilization rate for contaminated farmland and key construction sites [8]. - The city of Binzhou has enhanced its vehicle emission monitoring through a comprehensive regulatory framework, improving the efficiency of inspections and compliance [9].

Core Insights - The National Development and Reform Commission (NDRC) has recommended a total of 105 infrastructure REITs projects to the China Securities Regulatory Commission (CSRC), with 83 projects already issued and listed, raising a total of 207 billion yuan, which is expected to drive new project investments exceeding 1 trillion yuan [1][2]. Group 1: Infrastructure REITs Development - Infrastructure REITs are an effective way to revitalize existing infrastructure assets through the public market, serving as a crucial link between the real economy and capital markets [2]. - The NDRC aims to promote the normalization of the recommendation and issuance of infrastructure REITs in 2024, expanding the market further [2][3]. Group 2: Private Investment Projects - The NDRC has recommended 18 private investment projects to the CSRC, with 14 projects already issued and listed, raising nearly 30 billion yuan [2]. - Private investment projects have become "first projects" in various fields, demonstrating a positive demonstration effect [2]. Group 3: Future Initiatives - The NDRC plans to enhance collaboration with the CSRC to support more eligible private investment projects for issuance, thereby broadening financing channels for private enterprises and promoting a virtuous cycle of investment and financing [3]. - The NDRC will focus on expanding the market by increasing the number of mature asset type project applications and facilitating the first listings of new asset types [3]. - A special coordination service mechanism will be established to address challenges faced by private investment projects in the REITs issuance process [3]. Group 4: Policy Support for Private Investment - The NDRC will continue to implement policies that support the listing and financing of technology-driven enterprises and mergers and acquisitions through a "green channel" [4]. - The NDRC aims to create a comprehensive national investment and financing service platform to enhance efficient connections between financing and credit services, targeting more precise credit resource allocation to private enterprises [4].

Core Viewpoint - The National Development and Reform Commission (NDRC) is actively promoting the issuance of infrastructure REITs (Real Estate Investment Trusts) to enhance private investment in various sectors, with a focus on integrating the real economy with capital markets [1][2]. Group 1: Infrastructure REITs Development - Infrastructure REITs are seen as a vital mechanism for revitalizing existing infrastructure assets through public markets, facilitating the organic integration of the real economy and capital markets [1]. - Since the pilot program began in 2020, the NDRC has recommended a total of 105 projects to the China Securities Regulatory Commission (CSRC), with 83 projects successfully listed, covering 10 industries and 18 asset types [1]. - The total amount raised through these funds is approximately 207 billion yuan, which is expected to drive new project investments exceeding 1 trillion yuan [1]. Group 2: Private Investment Projects - The NDRC has recommended 18 private investment projects, of which 14 have been listed, raising nearly 30 billion yuan [2]. - These private investment projects have set precedents in various fields, such as the first community commercial and agricultural market REITs, which have positively influenced the upgrade of consumer infrastructure [2]. - The first batch of data center REITs, also a private investment project, was launched in August this year, contributing to the innovation of financing mechanisms in the new infrastructure sector and supporting the development of the digital economy and artificial intelligence industries [2].

Core Viewpoint - The National Development and Reform Commission (NDRC) is entering a normalization phase for the issuance of Real Estate Investment Trusts (REITs) in the infrastructure sector in 2024, with ongoing expansion efforts [1] Summary by Categories Infrastructure Investment - The NDRC has recommended a total of 105 projects to the China Securities Regulatory Commission (CSRC), with 83 projects already issued and listed [1] - The recommended projects span 10 industries and 18 asset types, including toll roads, clean energy, urban heating, ecological protection, warehousing and logistics, industrial parks, data centers, rental housing, water conservancy, and consumer infrastructure [1] Fundraising and Investment Impact - The total amount raised from the issued funds is 207 billion yuan, which is expected to drive new project investments exceeding 1 trillion yuan [1] - Additionally, the NDRC has recommended 18 private investment projects to the CSRC, with 14 projects already issued, raising nearly 30 billion yuan [1]

Core Insights - The National Development and Reform Commission (NDRC) is actively promoting private investment development, having recommended 18 private investment projects to the China Securities Regulatory Commission (CSRC), with 14 projects already listed and a total fund issuance of nearly 30 billion yuan [1][3]. Group 1: Infrastructure REITs - Infrastructure REITs are highlighted as an effective way to revitalize existing infrastructure assets through the public market, serving as a crucial link between the real economy and capital markets [3]. - Since the pilot program for infrastructure REITs was launched in 2020, the NDRC has recommended a total of 105 projects to the CSRC, with 83 projects successfully listed, covering 10 industries and 18 asset types, resulting in a total fund issuance of 207 billion yuan and expected to drive over 1 trillion yuan in new project investments [3][4]. Group 2: Future Initiatives - The NDRC plans to enhance collaboration with the CSRC to support more eligible private investment projects for issuance and listing, aiming to broaden financing channels for private enterprises and promote a virtuous cycle of investment and financing [4]. - Key initiatives include expanding the market by increasing the number of mature asset type project recommendations, establishing a special coordination service mechanism for private investment projects, and improving the quality and efficiency of project recommendations and issuances [4].