央视网消息：记者11月7日从国家发展改革委了解到，《关于加快场景培育和开放 推动新场景大规模应用的实施意见》正式对外发布（以下简 称《实施意见》）。《实施意见》从5个方面，提出22类场景培育和开放重点领域，将为技术应用和产业成长提供更广阔的空间。 据介绍，"场景"指的是可以系统性验证新技术、新产品、新业态产业化应用以及配套基础设施、商业模式、制度政策的具体情境，是连接技术 和产业、打通研发和市场的桥梁。 《实施意见》中提到，要充分挖掘场景培育和开放及大规模应用需求，重点聚焦数字经济、人工智能、生物技术等新领域、新赛道打造一批应 用场景，在制造业、交通、农业等传统产业建设一批产业转型升级新业态应用场景。形成"技术突破—场景验证—产业应用—体系升级"的路 径，为加快培育发展新质生产力提供有力支撑。 国家发展改革委体制改革综合司副司长胡朝晖介绍，场景是新技术新产品的"试验场"，给新技术新产品提供"用武之地"，通过在场景中率先应 用和试验验证，推动高价值技术和产品快速涌现；场景是新兴产业发展的"加速器"，灵活丰富的场景为新兴产业发展提供了广阔的迭代试验空 间，促进新技术新产品产业化；场景还是体制改革和制度建设的"试金 ...

Core Viewpoint - The article emphasizes the importance of utilizing various complaint channels beyond the commonly known 12315, highlighting specialized hotlines and platforms that can provide more effective resolutions for consumer disputes. Group 1: Industry-Specific Complaint Hotlines - The article lists several industry-specific complaint hotlines that offer targeted assistance, which can lead to quicker resolutions compared to general complaint channels [1][8]. - Communication service issues can be reported to 12300, which handles problems like package traps and false promotions [2]. - Transportation disputes can be addressed through 12328, covering issues such as ride-hailing overcharging and taxi refusals [3]. - Financial disputes related to banks, insurance, and securities should be directed to the respective regulatory bodies for more effective handling [4]. - Tourism-related complaints can be reported to local cultural and tourism bureaus, which have the authority to penalize non-compliant travel agencies [5][6]. - Education-related complaints should be directed to the education bureau, especially concerning training institutions that may engage in fraudulent practices [7]. Group 2: Internet Third-Party Complaint Platforms - The article highlights the rise of internet platforms like the Black Cat Complaint platform, which offers a transparent and efficient way for consumers to lodge complaints [9][11]. - Black Cat Complaint allows users to submit complaints through multiple channels and provides a straightforward process for tracking the status of their complaints [9]. - The platform's public nature creates pressure on companies to respond quickly to complaints, enhancing the likelihood of resolution [9][10]. Group 3: Consumer Associations and Legal Avenues - Local consumer associations serve as a reliable channel for mediation in disputes related to product quality and service issues [12][13]. - In cases of fraud or severe disputes, consumers are advised to report to the police, as these situations may require legal intervention [14][15]. - Legal avenues, such as filing lawsuits or seeking arbitration, are recommended for significant disputes where companies refuse to address complaints [16]. Group 4: Conclusion - The article concludes that understanding and utilizing various complaint channels can lead to more effective consumer protection and a healthier consumption environment [17].

Group 1 - The Brazilian government has decided to temporarily move the capital from Brasília to Belém from November 11 to 21 to host the COP30 conference [1] - COP30 is the 30th Conference of the Parties to the United Nations Framework Convention on Climate Change (UNFCCC), aimed at stabilizing greenhouse gas concentrations in the atmosphere [1] - The focus of COP30 will be on transforming commitments into actionable steps, emphasizing collaboration among nations for a prosperous, safe, and resilient future [1] Group 2 - The World Resources Institute (WRI) states that COP30 could drive significant change if substantial outcomes are achieved, building on the commitments made at COP29 [2] - COP29 established a goal for developed countries to provide at least $300 billion annually by 2035 to support developing nations in addressing climate change, with a long-term target of $1.3 trillion per year [2] - The "Baku to Belém Roadmap" is a joint plan to achieve the $1.3 trillion goal, requiring countries to establish national platforms for coordinating diverse climate funding [2] Group 3 - There is an expectation for countries to set more ambitious emission reduction targets aligned with their net-zero goals during the conference [3] - Key sectors such as energy, agriculture, and transportation are anticipated to undergo systematic transformations [3] - The conference aims to send a positive political signal supporting the UNFCCC and the Paris Agreement, emphasizing the irreversible trend towards global green and low-carbon transformation [3]

Group 1: Report Industry Investment Rating - Not provided in the given content Group 2: Core Views of the Report - In Q3 2025, infrastructure REITs sectors showed a pattern of intensified differentiation, both between sectors and within different projects of the same sector [3]. - The affordable housing sector was the most stable, with most projects achieving positive revenue growth due to rising occupancy rates and rents. The municipal environmental protection sector also performed well, with overall revenue indicators rising year - on - year, showing a trend of increasing volume and price. In contrast, the industrial park sector continued to decline, with supply - demand imbalance remaining a major problem. The warehousing sector faced marginal pressure, and the energy sector's operating data in Q3 was also poor [3]. - After the release of REITs Q3 reports, the differentiation in operating performance was also reflected in the secondary - market. Pay continuous attention to the structural opportunities of high - quality targets supported by oversold repair and institutional allocation demand. Oversold repair and institutional allocation demand are still important supports for the REITs market, but opportunities are mainly concentrated in high - quality projects, and weak projects may face a supplementary decline. Also, pay attention to the rhythm of market repair and prevent the risk of oversold repair turning into over - rising [3]. Group 3: Summaries According to Related Catalogs 1. Affordable Housing - The affordable housing sector maintained stable operations with strong bond - like attributes. Most projects achieved positive revenue growth, but some market - oriented rental projects had controllable performance fluctuations. For example, the Beijing affordable housing project's new expansion assets significantly increased revenue, while the Shenzhen Anju and Suzhou Hengtai projects saw a decline in EBITDA [6]. - Specific projects' data on revenue, EBITDA, distributable amount, occupancy rate, rent pricing, and other indicators are presented in detail in Figures 1, 2, and 3 [7][8][9]. 2. Warehousing - The warehousing sector faced marginal pressure. Projects with a high proportion of related - party transactions had relatively more stable operating performance, while market - oriented projects were affected by new warehouse entries. For example, in the CICC Puluosi, Huaxia Shenguoji, and Huatai Zijin Baowan projects, occupancy rates fluctuated due to new supplies [10]. - The SF project's operation was stable, but its profitability indicators weakened due to the cancellation of lease contracts by former tenants. The occupancy rate of the Hongtu Innovation Yantian Port REIT in Q3 2025 declined marginally due to a tenant's early termination of business [10]. - Figures 4, 5, 6, and 7 show detailed data on the profitability and operating indicators of warehousing projects [11][12][13][14]. 3. Consumption - The consumption sector remained stable overall, with most projects actively adjusting and reforming, and most revenue indicators rising. However, some projects with a high correlation between rent and performance had a slight decline in profitability due to seasonal factors. For example, the Shouchuang Outlet project had a slow - sales season in spring and summer, but its cumulative operating data in 2025 exceeded the comparable forecast data in the project's issuance - stage evaluation report [15]. 4. Industrial Park - Not provided in the given content 5. Transportation - Not provided in the given content 6. Energy - Not provided in the given content 7. Municipal Environmental Protection - Not provided in the given content 8. New Infrastructure - Not provided in the given content 9. Investment Suggestions - Not provided in the given content

Core Insights - Inner Mongolia has significantly improved the quality of life for its residents during the "14th Five-Year Plan" period, focusing on people's needs and addressing urgent issues [1][2][3][4] Group 1: Poverty Alleviation and Rural Revitalization - The effectiveness of connecting poverty alleviation and rural revitalization has notably increased, with per capita net income of the impoverished population maintaining double-digit growth [1] - Key measures include strict implementation of the "four no drop" requirements and the establishment of dynamic monitoring and support mechanisms to prevent poverty [1] - New industries such as beef cattle farming and ethnic handicrafts have emerged, contributing to stable income growth for the impoverished [1] Group 2: Basic Livelihood Security - Basic livelihood security levels have significantly improved, with urban employment increasing by 1.038 million and the urban-rural income gap narrowing to 2.26, better than the national average [2] - The total retail sales of social consumer goods reached 561.53 billion yuan, an increase of 85.48 billion yuan compared to 2020 [2] - Education and healthcare access have been enhanced, with initiatives for children of migrant workers and the establishment of national medical centers [2] Group 3: Infrastructure Development - The completion rate of the "four horizontal and twelve vertical" comprehensive transportation framework reached 84.3%, with a total transportation network mileage of 238,000 kilometers [3] - The opening of major high-speed rail lines and the construction of new airports have significantly improved travel efficiency [3] - The power transmission capacity has reached 75 million kilowatts, ranking first in the country, supported by the establishment of new energy transmission channels [3] Group 4: Cultural and Sports Services - The capacity for cultural and sports services has been significantly enhanced, with a comprehensive public cultural service system established across urban and rural areas [4] - Facilities for public sports and community fitness have been fully covered, promoting health and wellness among residents [4] - Cultural initiatives, including national parks and historical sites, have revitalized local heritage and increased community engagement [4]

Core Insights - The China International Import Expo (CIIE) showcases China's commitment to openness and cooperation, providing significant development opportunities for countries worldwide [1][2][3] - Various national leaders emphasized the importance of CIIE in fostering international trade and collaboration, highlighting its role as a platform for mutual benefit [1][2][3] Group 1: International Cooperation - Georgian Prime Minister expressed that CIIE plays a crucial role in promoting development and sustainable global economy, enhancing cooperation between China and Georgia in sectors like energy and tourism [1] - Serbian Prime Minister noted that the China-Serbia Free Trade Agreement offers substantial opportunities for trade, allowing more Serbian products to enter the Chinese market [1] - Nigerian Speaker highlighted CIIE's role in bridging regional trade gaps and enhancing cooperation between Nigeria and China in various sectors [2] Group 2: Economic Opportunities - Slovenian National Council Chairman stated that CIIE serves as a unique platform for businesses to showcase their products and expand international connections [2] - UAE representative emphasized the significant progress in economic cooperation between China and the UAE, particularly in technology and clean energy sectors [2] - UNIDO Director-General praised China's efforts in supporting developing countries and providing zero-tariff treatment for products from least developed countries [3]

Core Insights - Bosnia and Herzegovina's inflation rate has reached double the EU average, with a reported rate of 4.2% in September compared to the EU's 2.2% [1] - Significant price increases were noted in the hospitality sector (8.0%) and food and non-alcoholic beverages (7.8%), while clothing and footwear (-7.5%) and transportation (-0.8%) saw price declines [1] - The Eurozone's inflation rate rose from 2% in August to 2.2% in September, marking a five-month high, driven by narrowing energy price declines and rising service prices [1] Economic Analysis - Economists attribute Bosnia's high inflation primarily to domestic policies, including raising the minimum wage without reducing taxes, increasing electricity and public service prices, and a lack of measures to curb inflation and unreasonable price hikes [1] - The heavy reliance on imports due to insufficient support for local production exacerbates the inflation issue in Bosnia [1] - In contrast, the EU maintains controllable inflation through a superior business environment, adequate market competition, and stable fiscal policies [1]

Core Points - Guangzhou's state-owned enterprises have formed specialized teams to support the 15th National Games, with 41,000 participants providing services such as event support, hotel reception, and public transportation, contributing over 100 million yuan in sponsorships [1][2] Event Support - The renovation and upgrade of 17 venues for the National Games cover an area of 280,000 square meters, completed on time and with quality assurance [2] - The Pearl River Industrial Group led the operational design and flow optimization for 30 venues, producing over 13,000 design drawings, with the Guangzhou Sports Center being the first to start and complete renovations [2] - Guangzhou Double Fish Company established a service team for table tennis equipment, ensuring 24/7 communication for equipment adjustments and emergency responses [2][3] Digital Integration - Smart technologies are integrated into venue construction, including cashless payment systems and real-time traffic monitoring, improving traffic capacity by 49% [4] - The Guangzhou Digital Technology Group implemented smart upgrades at key venues, utilizing AIoT technology for efficient management and real-time data collection [4][5] Cultural and Tourism Integration - State-owned enterprises operate over 40,000 electronic screens promoting the National Games, with themed public transport options serving as mobile promotional platforms [7] - The Lingnan Group's travel agency has created over 100 themed travel routes, linking event tickets with local attractions and cultural experiences, attracting over 18,000 visitors [8]

Core Insights - The Sichuan provincial government has made significant achievements in infrastructure development during the "14th Five-Year Plan" period, focusing on both traditional and new infrastructure projects [5][6] Infrastructure Achievements - The total length of the comprehensive transportation network in Sichuan has reached 443,000 kilometers, ranking first in the country, equivalent to the distance from Earth to the Moon [5] - The installed capacity of hydropower in Sichuan is about to exceed 100 million kilowatts, also ranking first nationally, with 30% of the country's hydropower coming from Sichuan [5] - Sichuan has established 10 major national scientific and technological infrastructure projects, ranking third in the country [5] - The province has built 248,000 5G base stations, ranking fifth nationally, achieving comprehensive coverage of gigabit networks in industrial parks [5][6] Investment and Economic Support - Infrastructure investment accounts for over 30% of fixed asset investment in Sichuan, providing strong support for stable economic operation and high-quality development [6] Four Networks of Infrastructure - **Three-dimensional Transportation Network**: Significant breakthroughs in strategic corridors, with the Sichuan-Tibet Railway under construction and the Chengdu to Huangshengguan section of the Chengqing Railway completed [7] - **Modern Water Conservancy Network**: The construction of a modern water network is accelerating, with urban water supply coverage achieved and rural self-supply rate increasing from 82% to 92% [8] - **Green Energy Network**: The completion of the Baihetan Hydropower Station contributes to Sichuan's position as a leader in clean energy, with wind and solar power installations expected to reach 32 million kilowatts by the end of the year [8] - **Smart Digital Network**: The development of computing power and internet infrastructure is advancing, with the Chengdu Supercomputing Center ranking among the top globally [9] Future Plans - Sichuan aims to build a modern infrastructure system that is advanced, applicable, systematic, efficient, safe, and green, supporting high-quality economic and social development in the "15th Five-Year Plan" [9]

1. Report Industry Investment Rating - No relevant content provided 2. Core Viewpoints of the Report - In Q3 2025, utility - type assets performed best, rental - housing and consumer - type assets were stable, while warehousing & logistics and transportation - type assets were weak and differentiated, and the industrial park sector still had a large year - on - year decline, with only partial quarter - on - quarter decline narrowing; the energy sector also declined significantly overall [3]. - In October, the market rebounded with increasing trading volume, high - performance assets led the gains, the interest spread widened significantly, and the valuation recovered to above the 60th percentile [3]. - The premium rate space on the first - day listing narrowed, and the expansion and registration of Huaxia China Resources Youchao REIT were completed [3]. 3. Summary by Relevant Catalogs 3.1 Weak - cycle Performance is Robust and Strong - cycle Sector is Generally Under Pressure - Except for the energy sector, "weak - cyclical" varieties had overall stable performance in Q3. Utility, consumer, and rental - housing sectors achieved year - on - year positive growth in revenue, EBITDA, and distributable amount. The energy sector, affected by factors such as electricity price liberalization, seasonal fluctuations, and unit maintenance, generally saw a decline in performance (except for Huaxia TBEA New Energy REIT) [8]. - In contrast, "strong - cyclical" assets were generally under pressure. The industrial park sector had a significant decline in performance, with EBITDA and distributable amount declining by over 10% year - on - year, and over 80% of individual bonds experiencing performance decline. The transportation sector's overall performance decline widened, while the overall decline in revenue and EBITDA of the warehousing & logistics sector was small and showed a converging trend [8]. 3.2 Sub - sector Analysis 3.2.1 Rental - housing - Rental - housing rents had little overall fluctuation but were slightly differentiated; the occupancy rate and collection rate remained at a high level. Xiamen Anju had continuous quarter - on - quarter rent growth for 4 quarters, while Chengtou Kuanting Rental - housing and Shekou Rental Housing had continuous rent declines. Beijing Baozhangfang's overall rent declined after expansion, and its collection rate slightly decreased in Q3 2025 [12]. - Xiamen Anju had excellent performance, with revenue, EBITDA, and distributable amount showing year - on - year positive growth for 4 consecutive quarters, and its EBITDA profit margin was relatively high. Chengtou Kuanting had positive growth in revenue and EBITDA in the past 2 quarters, with a Q3 increase of 7% - 8%. Huaxia China Resources Youchao's revenue and EBITDA both declined year - on - year in Q3 [16]. 3.2.2 Utility - Shougang Biomass benefited from the expansion of kitchen waste sources and the improvement of power generation efficiency. The disposal volume of kitchen waste and the online power generation increased by 27.7% and 22.8% year - on - year respectively. Capital Water Service's Hefei project's sewage treatment fee increased by 2.9% year - on - year after the price adjustment approval. Shaoxing Water Supply's water supply in Q3 was significantly higher than that in Q1 - Q2 [17]. - Shougang Biomass's revenue, EBITDA, and distributable amount increased by 12.4%, 20.0%, and 97.4% year - on - year respectively. Capital Water Service's revenue, EBITDA, and distributable amount increased by 7.7%, 10.6%, and 30.1% year - on - year respectively. Except for Jinan Heating, which had no revenue in Q3, the financial indicators of Shougang Biomass, Capital Water Service, and Shaoxing Water Supply generally reached the highest levels in the past five quarters [22]. 3.2.3 Consumer - In the shopping mall segment, except for Bailian Consumer, whose rent declined by over 30% year - on - year and quarter - on - quarter in Q3 due to the low initial rent of the newly introduced anchor tenant, the rents of other shopping malls increased year - on - year and quarter - on - quarter. In the outlet segment, the off - season characteristics were obvious in Q3, and the overall associated income declined. In the community business segment, Wumei Consumer's operation was stable. Huawei Agricultural Market leased part of its roof for the construction of a distributed photovoltaic power station and introduced new types of merchants [26]. - In Q3 2025, the revenue and EBITDA of shopping malls increased quarter - on - quarter. JINMAO Commercial's revenue increased by over 10% year - on - year. Except for Huawei Agricultural Market, whose distributable amount declined significantly quarter - on - quarter (- 15.1%), the distributable amount of other consumer REITs generally increased or remained flat year - on - year and quarter - on - quarter [27]. 3.2.4 Warehousing & Logistics - In the market - oriented leasing segment, rents declined year - on - year across the board, and only Yantian Port and GLP improved quarter - on - quarter. Shenzhen International saw a decline in both volume and price. In the affiliated - party full - lease segment, rents and occupancy rates were relatively stable, and Jiuzhitong Medicine's pallet utilization rate improved quarter - on - quarter [31]. - Overall, the warehousing & logistics sector was cold, with only a few projects showing a slight quarter - on - quarter improvement. Only JD Warehousing and Jiuzhitong Medicine, which were affiliated - party full - lease projects, had a slight quarter - on - quarter increase in revenue and EBITDA. The EBITDA and distributable amount of Baowan Logistics, Waigaoqiao, and ESR Warehousing & Logistics declined by over 10% quarter - on - quarter [37]. 3.2.5 Energy - Except for TBEA New Energy, the settlement (online) electricity volume of the energy sector declined year - on - year in Q3. Different energy types had different reasons for the decline, such as the decrease in water inflow in the hydropower sector and the poor light resources in the photovoltaic sector in some regions [39][41]. - In terms of electricity price, the average settlement electricity price of Shenzhen Energy declined year - on - year in Q3. The electricity price of hydropower had large seasonal fluctuations. The electricity price of Jingneng Photovoltaic's Yulin project increased, while that of the Jingtai project declined. TBEA New Energy's electricity price remained stable. The electricity price of onshore wind power was differentiated [45]. - In Q3 2025, only TBEA New Energy achieved year - on - year growth in revenue, EBITDA, and distributable amount. The performance of State Power Investment New Energy was under pressure due to the significant decline in power generation, and its distributable amount was negative. Shenzhen Energy's performance also declined significantly due to the decline in both volume and price of power sales [49]. 3.2.6 Industrial Park - In Q3 2025, 47% of industrial park REITs' occupancy rates dropped to the lowest levels in the past five periods or since listing, but the decline was small. Some projects' strategies of trading price for volume were effective. Most REITs' collection rates increased year - on - year and quarter - on - quarter, with an average collection rate of 91.3% in Q3 [50]. - At the fund level, the revenue and EBITDA of industrial park REITs generally declined year - on - year and quarter - on - quarter in Q3. The distributable amount of industrial park REITs declined year - on - year across the board, and 44% increased quarter - on - quarter [52][57].