据新华社北京12月5日电（记者戴锦镕）国家发展改革委近日下达2025年第四批以工代赈中央预算内投 资60亿元，全年中央投资规模达到355亿元，预计吸纳超过110万名低收入群众就近务工，同步指导地方 在其他领域重点工程项目中推广以工代赈方式，今年将带动超过400万名低收入群众就近务工。 地方在实施以工代赈项目过程中，围绕劳务用工量大的农业农村和城乡融合发展领域，推动实施一批村 道巷道硬化、生产道路改造、排灌沟渠疏浚、山坪塘和蓄水池建设等中小型基础设施建设，打通民生期 盼的基础设施"最后一公里"。 2025年以工代赈中央投资共实施7000余个项目，优先安排在脱贫人口、防返贫监测对象等重点群体集 中、务工需求大的地区，同步依托项目建设开展劳动技能培训、公益性管护岗位开发，让务工群众不仅 获得劳务报酬，还能提升劳动技能、拓展就业空间。 2025年以工代赈项目劳务报酬占中央投资的比例进一步提高至40%以上，让中央投资更加充分、直接地 惠及群众。 ...

截至2025年12月5日14:44 ，A股三大指数集体上涨，上证指数涨0.67%，深证成指涨0.98%，创业板指涨 1.25%。基建50ETF（159635）上涨1.26%，最新报价1.122元，盘中换手率7.5%。成分股方面涨跌互 现，上海港湾领涨10%，振华重工上涨5.72%，惠通科技上涨4.81%，艾迪精密上涨3.38%，徐工机械上 涨3.26%；四川路桥领跌2.53%，宏润建设下跌1.05%，安徽建工下跌0.41%，中力股份下跌0.37%，浦东 建设下跌0.12%。 （文章来源：每日经济新闻） 从近期表现来看，基建50ETF连续5个交易日收阳，今日有望冲击6连阳。资金方面，近3个交易日资金 连续流入ETF。 估值方面，基建50ETF跟踪的中证基建最新市盈率（PE-TTM）仅9.64倍，不足10倍，处于近10年 33.21%的分位，即估值低于近10年66.79%以上的时间，建议投资人关注低估值品种。 ...

党的二十届四中全会提出"建设现代化产业体系，巩固壮大实体经济根基"。作为国有大型商业银行，中 国银行始终胸怀"国之大者"，坚持与国家发展同频共振，锚定服务实体经济目标，持续为构建以先进制 造业为骨干的现代化产业体系注入强劲动能。 固本培元：助力传统产业转型升级 传统产业是我国国民经济的重要组成部分。中国银行持续加大资源投入，优化金融服务，推动传统产业 向高端化、智能化、绿色化方向发展。截至2025年三季度末，中国银行传统产业先进制造业贷款余额近 6000亿元，高技术制造业贷款余额近7000亿元。 中国银行积极贯彻落实大规模设备更新政策，出台专项行动方案，持续加大对重点领域设备更新项目的 金融支持力度。截至2025年三季度末，全行设备更新项目已签约金额超3500亿元，贷款投放超1300亿 元，积极支持传统产业转型升级。 为助力石化产业"减油增化"，中国银行通过总分行联动，开辟绿色通道、加速项目审批，大力支持多家 央企大型石油石化技改升级项目。在江西，中国银行以科技金融为抓手，为九江某大型工业企业提供精 准支持，成功投放首笔设备更新固定资产贷款，打开与央企在赣分支机构授信合作新局面，助力该企业 由"燃料型企业"向 ...

Core Insights - The global economy is facing significant downward risks, while the Chinese market demonstrates resilience and offers strategic opportunities for global enterprises due to its unique scale and competitive advantages [1][8]. Consumption Market - China's consumer market is characterized by continuous growth in scale, structural optimization, and improving quality, leading to a significant competitive advantage [2]. - From 2014 to 2024, China's total retail sales of consumer goods are projected to grow from 26.2 trillion yuan to 48.3 trillion yuan, reflecting both total volume and structural optimization [2]. - By 2024, final consumption expenditure is expected to contribute 44.5% to economic growth, solidifying its role as the primary driver of economic expansion [2]. Investment Market - China's investment market is attractive due to its complete industrial system, continuously upgrading industrial structure, and significant investment returns [4]. - China is the only country with all industrial categories recognized by the United Nations, showcasing strong resilience in its manufacturing sector [4]. - The urbanization rate is projected to reach 67% by 2024, indicating substantial investment demand potential [4]. Innovation Ecosystem - China's innovation ecosystem benefits from a vast array of application scenarios, rapid technological iteration, and a strong talent pool [5]. - China ranks 10th in the Global Innovation Index, marking a significant rise and leading among middle-income economies [5]. - As of July 2024, 250 million people in China have received higher education, providing a robust talent reserve for innovation [5][6]. Market Environment - The continuous improvement of China's market environment is evident through deepened institutional openness, optimized business conditions, and the establishment of fair competition [7]. - Since the establishment of the first free trade zone in 2013, significant institutional innovations have been replicated nationwide, enhancing foreign investment conditions [7]. - By the end of 2024, the total number of registered business entities in China is expected to reach 189 million, fostering a collaborative development environment among state-owned, private, and foreign enterprises [7]. Overall Market Advantages - China's market advantages are comprehensive and systemic, characterized by a large and continuously upgrading consumer market, a solid and improving investment environment, a vibrant and talent-rich innovation ecosystem, and an increasingly open and transparent institutional environment [8]. - In the face of global economic uncertainties, China's stability and growth potential are particularly valuable, with expectations of maintaining a high contribution rate to global economic growth over the next five years [8].

Core Insights - The National Development and Reform Commission has expanded the scope of infrastructure REITs to include commercial office facilities and urban renewal projects, which will enhance the public REITs market in China [1] - The China Securities Regulatory Commission has proposed a pilot program for commercial real estate REITs, aiming to revitalize a large amount of existing assets and improve resource allocation [1][2] - As of November 2025, China has issued 77 infrastructure REITs with a total fundraising scale of approximately 220 billion yuan, indicating a small scale compared to the vast existing assets [1] Group 1: Infrastructure REITs Expansion - The inclusion of sports venues, commercial complexes, and four-star hotels in the infrastructure REITs category is expected to stimulate supply-side improvements and innovation, thereby boosting consumption [2] - The integration of urban renewal projects into the REITs framework will address funding challenges in urban renewal, promoting a cycle of investment, construction, operation, exit, and reinvestment [2] Group 2: Commercial Real Estate REITs - Commercial real estate investment faces challenges due to long recovery periods and heavy reliance on debt financing, with over one trillion yuan of assets tied up in real estate companies and local state-owned enterprises [3] - REITs can provide a channel for asset exit and cash flow recovery for real estate companies, helping to revitalize existing assets and optimize capital structures [3] Group 3: Market Dynamics and Challenges - The REITs market is highly market-driven, with regions like the Yangtze River Delta and Guangdong-Hong Kong-Macau Greater Bay Area attracting more investment due to strong asset operation capabilities and stable cash flows [3] - The current low savings and bond yields enhance the attractiveness of REITs, which offer high mandatory dividend payouts, although there are structural factors limiting large-scale issuance [3] Group 4: Operational Improvements - There is a need to focus on improving project operational capabilities, optimizing governance structures, and transitioning from asset holding to asset operation and capital management to enhance supply quality and attract more social capital [4]

密云区就业保障提质增效，新增城乡就业4.4万人，城镇调查失业率控制在5%以内，全区居民人均可支配收入年 均增速达5.5%；密云籍高校毕业生就业率连续四年超95%，困难家庭毕业生实现100%就业帮扶。 住房保障不断完善，筹集保障性租赁住房6595套，超额完成"十四五"任务目标，租房备案家庭总体保障率达 87.22%，特殊困难家庭应保尽保。全市首例在集体土地建设安置房的"新刘棚改"示范项目回迁房全部交付使用， "'十四五'期间，密云区争当守好密云水库、打好生态牌、走好高质量发展之路的'三好生'，全力打造新时代首都 生态文明建设金名片。密云水库累计向下游生态补水22.4亿立方米，有力促进地下水源涵养与河湖生态复苏。"在 11月27日举办的"一把手发布·京华巡礼"系列主题新闻发布会密云专场中，北京市密云区委副书记、区长于海波介 绍，经过多年不懈努力，密云水库水质稳定保持国家地表水Ⅱ类标准。展望"十五五"，密云区将谋划防灾减灾能 力提升，储备一批重大项目，把恢复重建与推动区域高质量发展、促进乡村振兴紧密结合，实现长远高质量发 展。 密云区拥有优越的生态环境，全区生态环境质量指数、湿地面积连续四年居全市之首，森林覆盖率从 ...

人民财讯11月30日电，近期，中国电建（601669）相继在多个国家实现"连连签"，涵盖新能源、基础设 施等多个领域。项目包括：阿联酋阿布扎比哈兹纳1500兆瓦光伏项目、肯尼亚柯本大坝供水项目、马来 西亚槟城轻轨(LRT)项目桩基工程、柬埔寨菩萨省100兆瓦生物质光伏联合电站项目、肯尼亚奈瓦沙供水 项目、毛里求斯混合光储项目群、乌兹别克斯坦污水处理厂项目。 ...

Core Viewpoint - The fixed asset investment in China has shown a significant slowdown in 2023, with a year-on-year decline of 1.7% in the first ten months, and a rare drop of -11.2% in October, leading to concerns about economic deflation and crisis [2] Investment Trends - The high investment rate has been a challenge for China's economic growth model, contributing to structural supply-demand imbalances [2] - The slowdown in investment growth is a manifestation of new issues such as decelerating urbanization and declining infrastructure demand [2] - Real estate investment has been the largest drag on fixed asset investment, with a 14.7% year-on-year decline in the first ten months, pulling down overall investment growth by 3 percentage points [2] Sector Performance - Excluding real estate, actual project investment grew by 1.7%, indicating some resilience in other sectors [2] - Manufacturing investment increased by 2.7% year-on-year, accounting for 25.6% of total investment, reflecting a shift towards high-quality development [3] - High-end manufacturing and green transition sectors are experiencing rapid investment growth, showcasing a transition from scale-based to efficiency-based investment [3] Government Policy and Investment Strategy - The government is focusing on optimizing public investment efficiency and expanding effective investment through various financial tools [4] - There is an emphasis on increasing support for "two new" constructions and enhancing policy implementation effectiveness [5] - The government aims to stimulate private investment by improving mechanisms for private sector participation in major projects and encouraging high-value-added activities to return to China [5]

政策发力加快地产去库存进程。房地产市场的平稳健康发展是经济持续回升向好的重要一环。去年以来 的多项利好政策正加速地产去库存进程。2024年5月保交房会议后，降低首付比例、取消房贷利率下限 等措施落地，有效稳定市场预期；2024年9月底以来，降低存量房贷利率等政策进一步释放需求。数据 显示，商品房待售面积已从2025年2月8亿平方米的高点降至9月末的7.6亿平方米，显示去库存取得积极 进展。预计政策引导将加快库存去化，为市场回归健康轨道创造空间。 化债持续推进下，基建投资有望边际改善。今年以来，受益于财政前置发力，基建投资在年初呈现出高 增长。随着化债推进，后续地方财力有望改善。此外，新型政策性金融工具的投放使用将带动基建增速 回升，虽其用途扩展至科技等领域，但对传统基建的提振仍可期待。总体而言，财政对基建的支持力度 不减，将为投资提供增量动力。 2025年前三季度，我国GDP同比增长5.2%，体现经济持续回升向好的强劲动能，为实现全年5.0%左右 的经济增长目标奠定良好基础。展望后续，随着我国经济的内生动能以及政策层面的持续发力，政策支 持经济的效应将进一步显现。 内需潜力存在释放空间。今年前三季度，最终消费 ...

Core Viewpoint - Asian United Infrastructure Holdings (00711.HK) announced a financing agreement for up to HKD 1.8 billion with a syndicate of major commercial banks in Hong Kong, which includes a green shoe option and has a term of three years [1] Financing Details - The financing agreement involves a term loan and revolving credit facility [1] - The final maturity date of the financing agreement is set for 36 months from the date of the agreement [1]