11月10日，国务院办公厅对外发布《关于进一步促进民间投资发展的若干措施》（下文简称《若干措施》）。 《若干措施》行文简洁明快，共计出台13条支持措施。"促进民间投资13条"重点围绕扩大市场准入、促进公平竞争、强化资源 支持、优化投融资服务等民企核心关切展开，干货满满。 "促进民间投资13条"进一步拓宽了民间投资空间，支持民间资本加大新质生产力、新兴服务业、新型基础设施等领域投资；要 求严格落实招标投标领域相关制度规定，保障中小企业政府采购预留份额，加大中央预算内投资等对民间投资项目的支持力度 等；还致力于营造公平竞争市场环境，破除限制民间投资的各种隐性壁垒，加强创新支撑和融资支持，完善服务体系，让民营 企业敢投资、有回报。 支持民企入股铁路、核电等 《若干措施》有多条举措涉及扩大市场准入，旨在进一步拓宽民间资本的投资范围，包括支持民企入股铁路、核电等重大项 目，参与城市基础设施领域新建项目，参与低空经济、商业航天、卫星通信等领域，支持民企投向生产性服务业等。 《若干措施》指出，对需报国家审批（核准）的具有一定收益的铁路、核电、水电、跨省跨区直流输电通道、油气管道、进口 液化天然气接收和储运设施、供水等领域项 ...

Core Viewpoint - The Chinese government has introduced a series of measures to stimulate private investment, particularly in key sectors such as railways, nuclear power, and low-altitude economy, aiming to enhance the participation of private capital in these areas [2][3]. Group 1: Policy Measures - The State Council has released 13 targeted policy measures to invigorate private investment, focusing on expanding access, addressing bottlenecks, and strengthening support [2]. - The measures encourage private capital participation in state-approved projects, particularly in profitable sectors like railways and nuclear power, with specified shareholding requirements [2][3]. - Private investment is being directed towards low-altitude economy and commercial aerospace, with support for capable private enterprises to lead major technological initiatives [2][3]. Group 2: Investment Environment - Historically, sectors like railways and nuclear power have been dominated by state-owned capital, but new policies are designed to open these sectors to private investment, allowing for a more active role [3]. - The introduction of a minimum shareholding requirement for private capital in nuclear projects has already seen participation from 10 private enterprises in five projects, with ownership stakes exceeding 10% [3]. Group 3: Addressing Challenges - The measures aim to safeguard the rights of private enterprises in areas such as electricity grid access and resource allocation, while also promoting the establishment of significant pilot platforms for innovation [3][4]. - Financial institutions are encouraged to set annual service targets for private enterprises, ensuring their reasonable credit needs are met [4]. Group 4: Financial Support - The government is increasing support for eligible private investment projects through central budget investments and new policy financial tools, with a total of 500 billion yuan allocated to support over 2,300 projects [4]. - A project database has been established to promote private investment, with over 12,282 projects currently being recommended to private capital, amounting to a total investment of 10.27 trillion yuan [4]. Group 5: Current Investment Trends - Recent statistics indicate a decline in private investment, with a 3.1% year-on-year decrease in private fixed asset investment during the first three quarters of the year [6]. - Despite the challenges posed by international conditions and the real estate market, the long-term outlook for private investment remains positive, supported by ongoing government efforts to enhance the investment environment [7].

中国政府网11月10日消息，为进一步激发民间投资活力、促进民间投资发展，国务院办公厅日前印发 《关于进一步促进民间投资发展的若干措施》，提出13项针对性政策举措。 积极支持有能力的民营企业牵头承担国家重大技术攻关任务 鼓励支持民营企业加快建设一批具有较强行业带动力的重大中试平台 加大中央预算内投资对符合条件民间投资项目的支持力度 持续落实好突破关键核心技术科技型企业上市融资、并购重组"绿色通道"政策 保障民间资本顺畅参与重大项目 《若干措施》提出，对需报国家审批（核准）的具有一定收益的铁路、核电、水电、跨省跨区直流输电 通道、油气管道、进口液化天然气接收和储运设施、供水等领域项目，应专项论证民间资本参与的可行 性，并在可行性研究报告（项目申请书）中专项说明。鼓励支持民间资本参与，并结合项目实际、民营 企业参与意愿、有关政策要求等确定具体项目持股比例。对具备条件的项目，民间资本持股比例可在 10%以上。 《若干措施》明确，行业主管部门和各地方结合实际细化民间资本参与项目建设的具体要求，由项目审 批（核准）部门按权限审核民间资本参与情况、确定持股比例。对各地方规模较小、具有盈利空间的城 市基础设施领域新建项目，鼓 ...

Core Viewpoint - The article discusses the Chinese government's recent measures to promote private investment, highlighting 13 specific policies aimed at enhancing private sector participation in various infrastructure projects and industries [1][4]. Group 1: Policy Measures - The government encourages private capital participation in state-approved projects with certain profitability, including sectors like railways, nuclear power, and water supply, allowing private ownership stakes of over 10% in qualifying projects [1][4]. - Local authorities are tasked with detailing requirements for private capital involvement in project construction, particularly for smaller urban infrastructure projects with profit potential [4][5]. - The government aims to facilitate private investment in low-altitude economy infrastructure, ensuring equal treatment for private projects in commercial space and satellite communications [4][5]. Group 2: Regulatory Adjustments - The article emphasizes the need to eliminate unreasonable entry barriers in service industries, promoting private investment in sectors like industrial design and digital transformation [5][6]. - It outlines the importance of a new mechanism for public-private partnerships, revising the list of projects eligible for private participation and ensuring fair conditions in bidding processes [5][6]. - The government will strengthen procurement support for small and medium enterprises (SMEs), mandating that over 40% of budgets for projects exceeding 4 million yuan be reserved for SME procurement [6][7]. Group 3: Financial Support and Digital Transformation - The government plans to enhance support for private investment projects through central budget investments and new financial tools, aiming to attract capital for key industries [7][8]. - There is a focus on fostering digital transformation among SMEs by supporting the establishment of comprehensive digital platforms and promoting collaboration across supply chains [7][8]. - The article mentions the establishment of a financing coordination mechanism for micro and small enterprises, encouraging banks to meet the reasonable credit needs of private businesses [7][8].

Core Viewpoint - The State Council has issued measures to stimulate private investment, highlighting 13 targeted policy initiatives to enhance the role of private capital in China's economic development [1][2]. Group 1: Expansion of Access - Encouragement for private capital participation in key sectors like railways and nuclear power, with specified shareholding requirements [1] - Support for private investment in smaller urban infrastructure projects with profit potential [1] - Promotion of private capital involvement in low-altitude economy and commercial space sectors [1] Group 2: Addressing Bottlenecks - Protection of private enterprises' rights in areas such as electricity grid access and oil and gas pipeline usage [2] - Support for the establishment of major pilot platforms by private enterprises to enhance industry influence [2] - Encouragement for digital empowerment initiatives for small and medium-sized enterprises (SMEs) [2] Group 3: Strengthening Support - Increased financial support for eligible private investment projects through central budget investments and new policy financial tools [3] - Banks are required to set annual service targets for private enterprises to meet their reasonable credit needs [3] - Promotion of real estate investment trusts (REITs) for private investment projects in infrastructure to enhance liquidity [3] Group 4: Quality Development - Emphasis on the need for local governments to provide better services and guidance for private investment [4] - Development of a long-term mechanism combining legal protection, policy incentives, and optimized services for private capital [4] - The measures signal a strong commitment to supporting the growth of the private economy, aiming for high-quality economic development [4]

国务院办公厅印发《关于进一步促进民间投资发展的若干措施》，政策利好的重点板块与个股参考: ——清洁能源与高端制造， 民间资本可参与核电项目，并投身清洁能源、智能制造等重大工程。 如太 阳电缆 (002300)融资余额显著增长，市场关注度高，海陆重工(002255)融资余额环比增长25.40%。 ——"专精特新"与科技小盘股，政策注重激发民营创新活力，与私募机构青睐调研小盘科技股的趋势相 符。 如迈威生物 (688062)、海光信息(688041)、京北方*(002987)均获私募密集调研，股价表现强势。 ——电子、医药与机械设备，这些行业是私募调研热点，也符合政策支持的"新质生产力"方向。 如天 孚通信*(300394)融资余额环比增长32.61%，东岳硅材*(300821)融资余额环比增长31.02%。 综合来看， 政策核心在于"拓空间、破壁垒、强保障"。投资布局时可重点关注以下主线：主线一：把握政策强制推 动的领域。重点关注铁路、核电、油气管道等以往门槛较高的行业，政策设定了民间投资参股比例的最 低要求，这将为相关领域的民营企业带来直接的业务机会。主线二：布局符合经济转型方向的赛道。电 子、半导体、生物医 ...

Core Insights - Goldman Sachs warns that despite the European energy crisis potentially ending by 2027, Europe faces significant energy security vulnerabilities in the AI era, which could hinder its global competitiveness in AI [1] Group 1: Fossil Fuel Dependency - The report indicates that Europe's energy dependency is being reshuffled rather than reduced, with nearly half of its energy still imported, contrasting sharply with the U.S., which has become a net energy exporter [2] - Future energy imports will shift from Russia to the U.S. and Qatar, which are projected to account for 55% of global LNG exports by 2030, introducing geopolitical risks [2] Group 2: Low-Carbon Supply Chain Vulnerabilities - Europe is highly dependent on external sources for critical materials like rare earths and magnets, essential for wind turbines, electric vehicles, semiconductors, and AI systems, with its market share in rare earths being only about 2% [3] - The nuclear energy sector is entirely reliant on imported uranium, with 11% of the EU's energy consumption coming from nuclear power, and 75% of the uranium sourced from Canada, Kazakhstan, and Russia [3] Group 3: Weak Electrical Infrastructure - The aging electrical grid in Europe, averaging 50 years old, poses a significant challenge, as it is nearing the end of its design life and is fragmented, leading to large price discrepancies and vulnerability to outages and cyberattacks [5] - The rise of AI places additional pressure on the already strained electrical grid, with over 90% of data center operators citing power availability as their top concern, indicating that the weak infrastructure is a physical bottleneck for embracing the AI revolution [6]

13项针对性政策举措出台。 为进一步激发民间投资活力、促进民间投资发展，国务院办公厅日前印发《关于进一步促进民间投资发展的若 干措施》（以下简称《若干措施》），提出13项针对性政策举措。 在扩大准入方面，对需报国家审批（核准）的具有一定收益的铁路、核电等重点领域项目，鼓励支持民间资本 参与并明确持股比例等要求；对各地方规模较小、具有盈利空间的城市基础设施领域新建项目，鼓励民间资本 参与建设运营；引导民间资本有序参与低空经济、商业航天等领域建设，积极支持有能力的民营企业牵头承担 国家重大技术攻关任务；清理不合理的服务业经营主体准入限制；规范实施政府和社会资本合作新机制，修订 分类支持民营企业参与的特许经营项目清单；坚决取消招标投标领域对民营企业单独设置的不合理要求；进一 步加大政府采购支持中小企业力度。 在打通堵点方面，保障民营企业在电力并网运行、油气管网设施使用、运力资源调配等方面的合法权益；鼓励 支持民营企业加快建设一批具有较强行业带动力的重大中试平台，支持国有企业、高等院校、科研院所面向民 营企业提供市场化中试服务；支持民营龙头企业、链主企业、第三方服务商建设综合性数字赋能平台，深入实 施中小企业数字化赋 ...

在扩大准入方面，对需报国家审批（核准）的具有一定收益的铁路、核电等重点领域项目，鼓励支持民 间资本参与并明确持股比例等要求；对各地方规模较小、具有盈利空间的城市基础设施领域新建项目， 鼓励民间资本参与建设运营；引导民间资本有序参与低空经济、商业航天等领域建设，积极支持有能力 的民营企业牵头承担国家重大技术攻关任务；清理不合理的服务业经营主体准入限制；规范实施政府和 社会资本合作新机制，修订分类支持民营企业参与的特许经营项目清单；坚决取消招标投标领域对民营 企业单独设置的不合理要求；进一步加大政府采购支持中小企业力度。 在打通堵点方面，保障民营企 业在电力并网运行、油气管网设施使用、运力资源调配等方面的合法权益；鼓励支持民营企业加快建设 一批具有较强行业带动力的重大中试平台，支持国有企业、高等院校、科研院所面向民营企业提供市场 化中试服务；支持民营龙头企业、链主企业、第三方服务商建设综合性数字赋能平台，深入实施中小企 业数字化赋能专项行动，支持更多民营中小企业加快数字化升级改造。 在强化保障方面，加大中央预 算内投资、新型政策性金融工具等对符合条件民间投资项目的支持力度；银行业金融机构应制定民营企 业年度服务目 ...

Group 1 - On November 9, a report of three unidentified drones was observed over the Doel nuclear power plant in Belgium, operated by Engie-Electrabel [3] - The spokesperson for Engie-Electrabel, Helen Smits, stated that these drone sightings would not impact the operation of the nuclear plant, and relevant authorities are continuing to monitor the situation [3] - Earlier that evening, there were also reports of drone sightings in the Liège airport area, which led to a temporary disruption of airport operations [3]