近日，广连高速持有型不动产资产支持专项计划（简称"广连高速项目"）在上交所成功发行。本次项目 发行规模达150亿，盘活底层资产估值超400亿，本项目是单笔发行规模最大、首单获政策性银行审批通 过的机构间REITs（又称为持有型不动产ABS）。本交易作为中交集团深化产融协同的战略性举措，不 仅为中交集团"十五五"发展提供了坚实的权益资本支撑，更为金融服务实体经济、持续推动基础设施项 目投资建设打造了可复制、可推广的案例。广连高速项目由中信证券股份有限公司担任计划管理人，中 交第四航务工程局有限公司、中国公路工程咨询集团有限公司作为原始权益人，中交资本控股有限公司 作为总协调人。（中国基金报） ...

12月2日，集团党委书记、董事长迟中华在集团总部会见来访的楚雄州委常委、常务副州长李勇一行。双方围绕深化既有合作成果、拓展"交通+"多元产业 领域、推动路地融合高质量发展进行座谈交流。 迟中华对李勇一行的到访表示热烈欢迎，并感谢楚雄州委、州政府长期以来对集团高质量发展给予的关心支持。他表示，楚雄州区位优势独特，产业基础 良好，是集团重要的战略合作伙伴。近年来，双方在高速公路建设、绿美通道经济等方面合作成效显著，建立了高效顺畅的工作机制和深厚的合作情谊。 云南交投集团高度重视与楚雄州的合作，将认真研究谋划双方"十五五"合作事项，积极落实省委、省政府关于推动高速公路融合发展的部署要求，在交能 融合、交旅融合、现代物流、低空经济等领域加强对接，创新合作模式，推动更多项目落地见效，实现优势互补、共赢发展，携手为云南省经济社会发展 作出更大贡献。 李勇对集团长期以来为楚雄州经济社会发展作出的重要贡献表示感谢。他表示，云南交投集团深度参与并有力推动了楚雄州交通基础设施的跨越式发展， 双方在合作中建立了深厚的友谊和坚实的互信，形成了共谋发展、互利共赢的良好局面。当前楚雄州正深入贯彻落实省委、省政府决策部署，着力培育发 展新 ...

Core Insights - The overall economic operation of transportation in China is stable and progressing, with significant infrastructure projects reaching important milestones in December [1][5] - The Ministry of Transport reported that from January to October, the fixed asset investment in transportation reached 2.95 trillion yuan, maintaining a high level [1] - Major projects like the G95 expressway expansion and the Xiamen-Kinmen Bridge are key to enhancing regional connectivity and supporting national strategies [2][5] Investment and Infrastructure Development - In December, the G95 expressway expansion project will increase the road capacity from four lanes to eight lanes, alleviating traffic pressure around the capital [1] - The Xiamen-Kinmen Bridge, a significant national strategic project, is nearing completion and aims to enhance transportation links between Xiamen and Kinmen, contributing to the integration of cross-strait development [2] - The completion of various highways, including the G59 expressway segments, indicates ongoing improvements in the national transportation network [5] Logistics and Efficiency - The construction of the comprehensive transportation network has connected over 80% of county-level administrative regions in China, serving approximately 90% of the country's economic and population totals [5] - The logistics sector is transitioning from quantity growth to quality improvement, with a reported decrease in the ratio of total logistics costs to GDP by 0.6 percentage points during the 14th Five-Year Plan's first four years [5] - It is projected that logistics costs will decrease by about 400 billion yuan in 2024, with transportation costs alone dropping by 280 billion yuan [5] Strategic Planning and Future Initiatives - The 2025 conference emphasized accelerating the construction of the national comprehensive transportation network and planning major projects to enhance rural road infrastructure [6] - The Ministry of Transport is tasked with developing the 14th Five-Year Plan for transportation, focusing on strategic tasks, reforms, and major engineering projects [6]

Core Insights - The national comprehensive three-dimensional transportation network framework is largely completed, connecting over 80% of county-level administrative regions and serving approximately 90% of the national economy and population [5][6] - Significant investments in transportation infrastructure have been made, with a total fixed asset investment of 2.95 trillion yuan in the first ten months of the year, including 2.01 trillion yuan in highways and 176.1 billion yuan in water transport [1][5] - Major transportation projects are progressing, including the expansion of the G95 expressway and the construction of the Xiamen-Kinmen Bridge, which aims to enhance connectivity and support regional integration [2][5] Investment and Infrastructure Development - The G95 expressway expansion project in Hebei is a key construction project under the "14th Five-Year Plan," aimed at alleviating traffic pressure around the capital by widening the road from four to eight lanes [1] - The Xiamen-Kinmen Bridge, a strategic national project, is nearing completion and will connect with Xiamen Xiang'an International Airport, facilitating a comprehensive transportation network with Taiwan [2] - The completion of various highways, including the G59 and the new Xinxin Expressway, reflects ongoing efforts to enhance the national transportation network [5] Logistics and Economic Impact - The improvement in transportation infrastructure is expected to enhance logistics efficiency and reduce costs, with a projected decrease in national logistics costs by approximately 400 billion yuan in 2024 [5] - The ratio of total social logistics costs to GDP has decreased by 0.6 percentage points during the first four years of the "14th Five-Year Plan," indicating a shift from quantity growth to quality improvement in the logistics sector [5] Future Plans and Strategic Initiatives - The 2025 conference emphasized accelerating the construction of a strong transportation nation, planning major projects, and enhancing rural road infrastructure [6] - The Ministry of Transport is tasked with developing a high-quality transportation development plan for the "14th Five-Year Plan," focusing on strategic tasks and major reforms [6]

Group 1 - The city government emphasizes the importance of major transportation infrastructure projects to support the modernization of Changsha, aligning with national and provincial directives [1][12] - The construction of Changsha West High-Speed Railway Station is highlighted as a key node in the national railway network, with a focus on accelerating development and improving area planning [3][12] - Traffic organization and management are prioritized to enhance Changsha's connectivity with surrounding regions, promoting regional collaborative development [6][12] Group 2 - The upcoming New Year and Spring Festival require enhanced data collaboration and efficient passenger flow management at high-speed railway stations to meet growing travel demands [9][12] - The expansion project of Changsha Airport is set to be operational by October 2026, with a focus on high standards and quality throughout the construction process [11][12] - Safety production measures are emphasized across all infrastructure projects to ensure high-quality development and operational safety [13]

Core Viewpoint - The Chinese government is allocating significant funding through ultra-long-term special bonds to support "hard investment" projects, reflecting a strategic approach to enhance national infrastructure and security capabilities [2][4]. Group 1: Funding and Projects - In 2024 and 2025, China will issue 7,000 billion and 8,000 billion yuan respectively in ultra-long-term special bonds to support 1,465 and 1,459 "hard investment" projects [2][3]. - The "Two Heavy" construction initiative aims to integrate major tasks from the 14th and 15th Five-Year Plans, showcasing the institutional advantages of concentrating efforts on significant projects [2][4]. Group 2: Sector-Specific Developments - In new urbanization, the government is enhancing urban underground pipeline systems, improving safety resilience [3]. - Major transportation infrastructure projects along the Yangtze River, such as the Three Gorges waterway and high-speed rail, are being actively promoted [3]. - For food security, large-scale modernization of irrigation systems is planned to establish concentrated grain production bases [3]. - In social welfare, the construction and renovation of high schools and hospital wards are being supported to improve public services [3]. Group 3: Industry Growth Opportunities - The "Two Heavy" construction will create new growth opportunities for related upstream and downstream industries, particularly in urban underground pipeline systems [4]. - An estimated 600,000 kilometers of urban gas, water supply, and heating pipelines will require renovation over the next five years, with an investment demand of approximately 4 trillion yuan [4]. - The combination of "hard investment" and "soft construction" is essential for sustainable project outcomes, ensuring long-term effectiveness [4][5]. Group 4: Interaction Between Hard and Soft Investments - "Hard investment" refers to traditional infrastructure, while "soft construction" includes new facilities like data centers and industrial internet, addressing the needs of the new development stage [5]. - The interaction between "hard investment" and "soft construction" is crucial for overcoming management challenges in related industries [5]. - Innovative financing models are being explored to attract long-term institutional funds for project investments, promoting market-oriented reforms in utility pricing [5].

央视网消息（新闻联播）：党的二十届四中全会提出，要加快建设交通强国，构建现代化基础设施体系。河南、陕西充分发挥区位优势，不断完善现代 综合交通运输体系，推动高质量发展。 河南：加快交通枢纽建设 融入服务全国统一大市场 进入11月，河南重大交通项目建设稳步推进。月初平顶山港通航运营，千吨级船舶直抵江淮，豫西地区实现"通江达海"；沿黄高速公路加紧施工，将于年底 通车；商丘机场日前开工建设，豫东地区新添一条重要空中通道。 河南地处中原腹地，是连接华北、华东、华中的重要枢纽。"十四五"期间，河南全省综合交通网总规模达29.2万公里，比"十三五"末增加1.4万公里。高速公 路新增里程超2900公里，17个地级市全部开通高铁，内河航道通航里程达1825公里。郑州国际陆港核心功能区正式启用，10个物流枢纽被纳入国家物流枢纽 建设名单。 贯彻落实四中全会精神，接下来，陕西将推进中欧班列西安集结中心建设，打造"航空铁路公路"多位一体、高效联运的交通运输体系，加快建设内陆改革开 放高地。 贯彻落实四中全会精神，下一步，河南将全面强化综合运输通道功能，通过交通枢纽建设融入服务全国统一大市场。 陕西：加快完善现代化综合交通运输体系 ...

Core Insights - The National Development and Reform Commission (NDRC) has reported significant progress in the "Two Heavy" construction initiative, with substantial funding allocated for infrastructure projects aimed at enhancing national strategic capabilities and safety [2][3] Infrastructure Development - The NDRC has allocated 7 trillion yuan (approximately 1 trillion USD) in 2022 and 8 trillion yuan (approximately 1.2 trillion USD) in 2023 for 1,465 and 1,459 "hard investment" projects respectively, demonstrating a strategic and forward-looking approach [2] - Key areas of focus include urban infrastructure, major transportation projects along the Yangtze River, food security initiatives, and improvements in social welfare facilities such as high schools and hospitals [3] REITs Expansion - The NDRC is actively promoting the expansion of infrastructure Real Estate Investment Trusts (REITs), which have included various asset types since their inception in 2020, now covering 12 major industries and 52 asset types [4][5] - Recent efforts aim to further expand the REITs to include urban renewal facilities, hotels, sports venues, and commercial office spaces, enhancing support for the real economy [4] Private Economy Promotion - The implementation of the Private Economy Promotion Law has led to over 3,300 local study sessions and 11,000 training sessions, fostering a supportive environment for private enterprises [6] - The NDRC has introduced over 140 supporting measures to address core concerns of private enterprises, including a regulatory framework to prevent illegal fees [6] State-owned Forest Farms - The NDRC has issued guidelines to modernize state-owned forest farms, which cover 11.84 million acres and hold 3.81 billion cubic meters of forest stock, focusing on enhancing ecological product supply and resource management [7] - Key innovations include new management models, support for specialized industries, and the integration of modern technology in forest management [7] Emerging Industries - The NDRC is addressing challenges in emerging industries such as low-altitude economy and biomanufacturing by improving regulatory frameworks and market access [8] - The focus is on optimizing market entry conditions and supporting the development of integrated application scenarios to facilitate innovation [8][9] Energy Sector Developments - The NDRC has reported that the new energy storage capacity has exceeded 100 million kilowatts, significantly increasing the country's ability to manage power systems [10] - The hydrogen energy sector has also seen growth, with over 150,000 tons of green hydrogen production capacity established, supporting the transition to cleaner energy sources [10]

Core Viewpoint - The Nanjing Liuhe District Transportation Bureau aims to build a new interconnected transportation development pattern, focusing on major projects, addressing public concerns, and innovating services to enhance transportation infrastructure and support high-quality development [1] Group 1: Major Projects - Seven major projects, including the North Jiangsu High-speed Railway and Ninghuai Intercity Railway, are identified as key drivers for high-quality regional development, enhancing connectivity and optimizing the business environment [2] - The Liuhe District Transportation Bureau has established a special task force to coordinate the construction of these projects, holding weekly meetings and monthly inspections to address critical issues [2][3] Group 2: Construction Support - The bureau engages with relevant departments early in the project approval process to ensure timely land approvals and smooth construction progress, with all major projects receiving necessary land approvals on schedule [3] - Effective management of construction timelines and innovative techniques have ensured that local projects, such as the 422 Provincial Road, are progressing smoothly [3] Group 3: Public Services and Community Needs - Liuhe District focuses on addressing public needs by implementing practical measures, such as the renovation of a key intersection to alleviate traffic congestion, which is a significant concern for residents [4] - Three public service projects for the year include the intersection renovation, the extension of Chaotian Street, and the rural road safety project, with progress reported on all fronts [4] Group 4: Rural Infrastructure Development - Liuhe District has constructed approximately 472 kilometers of rural roads and 14 bridges, integrating rural infrastructure with local tourism and economic development [5] - The district's approach to rural road construction exemplifies its commitment to enhancing local livelihoods and promoting regional growth [5] Group 5: Integrated Transportation Services - Liuhe District has developed a comprehensive public transportation system, including the establishment of eight bus stations and over 500 bus stops, to facilitate urban-rural integration [8] - The introduction of a "bus + express delivery" model has improved logistics efficiency, reducing costs for delivery companies and enhancing service delivery for agricultural products [8] Group 6: Community Engagement and Events - The Liuhe District Transportation Bureau provided essential transportation support during events like the Jin Niu Lake Jasmine Music Festival, ensuring safe and efficient transport for attendees [6][7] - The introduction of a timely bus service connecting to the last subway train has significantly improved public transport options for residents, especially during peak travel times [7]

宏观要闻 猪肉价格持续下行 据国家统计局对全国流通领域9大类50种重要生产资料市场价格的监测显示，2025年11月中旬与11月上 旬相比，30种产品价格上涨，17种下降，3种持平。其中，生猪（外三元）价格报11.6元/千克，环比下 跌1.7%。11月以来，猪肉价格呈现持续低迷态势。据中国养猪网监测数据显示，生猪（外三元）价格 从11月1日的12.05元/公斤跌至11月24日的11.65元/公斤。 河北"十五五"规划建议前瞻研究磁悬浮列车等京雄未来交通模式 河北省委关于制定河北省国民经济和社会发展第十五个五年规划的建议日前发布。其中指出，加快建设 现代化城市。进一步完善规划体系和实施机制，尊重城市建设和发展规律，合理把握开发建设节奏和时 序，推动数字城市与现实城市同步规划、同步建设，集中力量建设启动区和昝岗核心区，加快起步区第 一组团、第五组团建设，支持雄县、容城县、安新县提质升级，全面提升城市功能品质。推动重大交通 基础设施布局建设，前瞻研究磁悬浮列车等京雄未来交通模式。 ...