本报记者韩昱 中国商业经济学会副会长宋向清也认为，一方面，项目投资可直接拉动经济稳增长，成为年末经济"压 舱石"；另一方面，基建、产业类项目带动钢铁、机械、建材等上游供给，以及物流、运维等下游服 务，可以形成"投资—生产—营收"闭环，激活产业链协同效应。此外，重大项目建设中的基础设施项目 持续完善交通、能源等硬支撑，社会事业项目补齐公共服务短板，既可改善民生体验，又为后续产业落 地、经济升级奠定基础。 在密集开工的同时，地方重大项目建设进展也较为积极。例如，广东省发展和改革委员会11月28日发布 的数据显示，2025年广东省安排省重点建设项目1500个，年度计划投资1万亿元。1月份至10月份，省重 点项目完成投资9598亿元，为年度计划投资的96.0%。深圳宝安国际机场T2航站区及配套设施工程等 158个项目开工建设，广州增城至佛山高速公路（增城至天河段）、广州至湛江铁路等在建项目推进顺 利。 确保重大项目建设持续跑出"加速度"，后续地方还可从哪些方面发力？朱华雷表示，各地政策可围 绕"要素保障、审批提效、资金赋能、环境优化、机制护航"五大核心精准发力，通过政策组合拳，有效 提升重大项目开工率、投资完成率和竣 ...

Core Viewpoint - The selection of 50 cities for the new consumption pilot program aims to address the insufficient supply of high-quality consumption and stimulate innovation in the consumption sector through targeted fiscal support policies, shifting from direct subsidies to optimizing the consumption supply structure [1][3][6] Group 1: Pilot Program Overview - The pilot program includes 50 cities, comprising 4 municipalities, 5 sub-provincial cities, and 41 other cities, focusing on creating new consumption scenarios [4] - The program emphasizes three main support directions: launching new products, diverse service consumption scenarios, and cross-industry collaborations [3][4] Group 2: Fiscal Support and Strategy - The central government will provide substantial financial support, with super-large cities receiving a total subsidy of 400 million yuan, large cities 300 million yuan, and other cities 200 million yuan over two years, totaling approximately 17 billion yuan [6][4] - This initiative represents a strategic shift in fiscal policy, focusing on enhancing the "soft environment" for consumption rather than merely providing direct financial incentives to consumers [7][10] Group 3: Consumption Upgrade and Economic Impact - The pilot program is designed to enrich high-quality service supply and leverage consumption's ripple effect, promoting related industries such as culture, tourism, and transportation [3][4] - The initiative aims to create a sustainable consumption ecosystem that enhances urban competitiveness and fosters high-growth sectors like experience economy and cultural creativity [10][11] Group 4: Challenges and Recommendations - The implementation of the pilot program may face challenges such as avoiding homogenization, attracting social capital, and transitioning from reliance on fiscal subsidies to self-sustaining models [12][13] - Recommendations include investing in consumption infrastructure, optimizing public services, and creating a favorable institutional environment to support new consumption forms [13][14]

Core Viewpoint - The article discusses the announcement of 50 cities selected for the pilot program of new consumption formats, models, and scenarios, highlighting a shift in central fiscal policy towards enhancing consumption supply rather than merely providing subsidies to boost immediate consumer spending [1][3]. Group 1: Pilot Program Overview - The pilot program aims to address the insufficient supply of high-quality consumption and stimulate innovation in the consumption sector, with a focus on optimizing the consumption supply structure [1]. - The selected cities include 4 municipalities, 5 sub-provincial cities, and 41 other cities, each with tailored strategies based on their unique characteristics and resources [4]. Group 2: Fiscal Support and Strategy - The central government will provide substantial financial support, with a total of approximately 17 billion yuan allocated for the pilot program, which is about 5.6% of this year's 300 billion yuan subsidy for replacing old consumer goods [7]. - The fiscal support is designed to enhance the "soft environment" for consumption, focusing on innovative and diversified service consumption scenarios rather than traditional physical goods [6][8]. Group 3: Consumption Trends and Upgrades - There is a clear trend of increasing service consumption in China, with the proportion of per capita service consumption expected to rise by 5 percentage points from 2015 to 2024, reaching 46.1% [3]. - The pilot program emphasizes the creation of high-quality consumption ecosystems, including the establishment of flagship stores and first-release centers to enhance the quality of consumption [3][12]. Group 4: Challenges and Recommendations - The implementation of the pilot program faces challenges such as avoiding homogenization among cities, attracting social capital, and transitioning from fiscal dependency to self-sustaining consumption models [15]. - Recommendations include investing in consumption infrastructure and public services, optimizing regulatory frameworks, and creating a favorable institutional environment for new consumption formats [16][17].

（REITs）项目申报要求》，此次清单将基础设施REITs进一步扩围至更多行业领域和资产类型。具体 来看，在消费基础设施领域新增体育场馆项目，以及商旅文体健等多业态融合的商业综合体项目、四星 级及以上酒店项目。此外，新增商业办公设施，包括超大特大城市的超甲级、甲级商务楼宇项目；新增 城市更新设施，包括老旧街区、老旧厂区更新改造项目，以及涵盖上述多种资产类型的城市更新综合设 施项目。 国家发展改革委表示，清单范围内符合条件的项目应严格按照常态化推荐发行阶段有关政策要求进行申 报。各省级发展改革部门、有关中央企业要坚持"优中选优"，严格把关项目质量，强化风险意识，高质 量做好项目申报工作。 国家发展改革委政策研究室副主任、新闻发言人李超日前表示，将继续加强与证监会的协同配合，进一 步优化申报推荐流程，动态完善有关项目申报要求，提高工作质效，在严防风险、严把质量的基础上， 支持更多符合条件的项目发行上市，更好推动基础设施REITs支持实体经济发展。 （文章来源：中国证券报） 国家发展改革委12月1日消息，国家发展改革委对基础设施REITs发行范围作了进一步拓展，形成了 《基础设施领域不动产投资信托基金（REITs） ...

● 本报记者 欧阳剑环 国家发展改革委12月1日消息，国家发展改革委对基础设施REITs发行范围作了进一步拓展，形成了 《基础设施领域不动产投资信托基金（REITs）项目行业范围清单（2025年版）》，以更好发挥基础设 施REITs盘活存量资产、促进投资良性循环的作用。 （REITs）项目申报要求》，此次清单将基础设施REITs进一步扩围至更多行业领域和资产类型。具体 来看，在消费基础设施领域新增体育场馆项目，以及商旅文体健等多业态融合的商业综合体项目、四星 级及以上酒店项目。此外，新增商业办公设施，包括超大特大城市的超甲级、甲级商务楼宇项目；新增 城市更新设施，包括老旧街区、老旧厂区更新改造项目，以及涵盖上述多种资产类型的城市更新综合设 施项目。（下转A02版） （上接A01版）国家发展改革委表示，清单范围内符合条件的项目应严格按照常态化推荐发行阶段有关 政策要求进行申报。各省级发展改革部门、有关中央企业要坚持"优中选优"，严格把关项目质量，强化 风险意识，高质量做好项目申报工作。 国家发展改革委政策研究室副主任、新闻发言人李超日前表示，将继续加强与证监会的协同配合，进一 步优化申报推荐流程，动态完善有关项 ...

Group 1 - The core viewpoint of the articles highlights the significant growth and potential of private investment in China, driven by relaxed market access and strengthened resource guarantees [1] - In the first ten months of this year, private investment in infrastructure has increased by 4.5% year-on-year, accounting for 22.6% of total infrastructure investment, which is a 1 percentage point increase compared to the same period last year [1] - Over 2,000 projects have attracted private capital participation, with a total investment exceeding 2.6 trillion yuan [1] Group 2 - Private investment is accelerating in new fields and sectors, with the highest private capital share in nuclear power projects in Guangdong reaching 20% [3] - In Henan, 5.3 billion yuan of every 10 billion yuan in private investment this year has been directed towards emerging industries [3] - The private investment in the automotive manufacturing, railway, shipbuilding, aerospace, and other transportation equipment manufacturing sectors has shown double-digit growth in the first ten months [3]

文 | 国家发改委 1 2 月 1 日 ， 国 家 发 改 委 办 公 厅 发 布 《 关 于 印 发 〈 基 础 设 施 领 域 不 动 产 投 资 信 托 基 金 （REITs）项目行业范围清单（2 0 2 5年版）〉的通知》，旨在拓展基础设施REITs的发行 范围，盘活存量资产，促进投资良性循环。 并发布了符合条件的1 5类可申报项目，包含能源基础设施，具体包括风电、太阳能发电、 水力 发 电、 天然 气 发 电 、 生 物质发 电、核 电 等 清洁 能 源 项 目 ； 储 能 设 施 项 目 ； 清 洁 低 碳、灵活高效的燃煤发电（含热电联产煤电）项目；特高压输电项目，增量配电网、微电 网、充电基础设施项目。 文件原文如下 | | | 国家发展改革委办公厅关于印发《基础设施领域不动产投资信托基金（REITs）项目行业 范围清单（2025年版）》的通知 发改办投资〔2025〕991号 各省、自治区、直辖市及计划单列市、新疆生产建设兵团发展改革委，有关中央企业： 为贯彻落实党中央、国务院决策部署，根据《中共中央、国务院关于推动城市高质量发展 的意见》《中共中央办公厅、国务院办公厅关于持续推进城市更新行动的 ...

12月1日，国家发改委发布的《基础设施领域不动产投资信托基金（REITs）项目行业范围清单（2025年版）》指出的能源基础设 施，包括风电、太阳能发电、水力发电、天然气发电、生物质发电、核电等清洁能源项目；储能设施项目；清洁低碳、灵活高效的燃 煤发电（含热电联产煤电）项目；特高压输电项目，增量配电网、微电网、充电基础设施项目。 以下为原文 国家发展改革委办公厅关于印发《基础设施领域不动产投资信托基金（REITs）项目行业范围清单（2025年版）》的通知 发改办投资〔2 0 25〕991号 各省、自治区、直辖市及计划单列市、新疆生产建设兵团发展改革委，有关中央企业： 为贯彻落实党中央、国务院决策部署，根据《中共中央、国务院关于推动城市高质量发展的意见》《中共中央办公厅、国务院办公厅关 于持续推进城市更新行动的意见》以及中共中央办公厅、国务院办公厅印发的《提振消费专项行动方案》等要求，更好发挥基础设施领 附件： 域不动产投资信托基金（以下简称"基础设施REITs "）盘活存量资产、促进投资良性循环的作用， 我委对基础设施REITs发行范围作 了进一步拓展 ，形成了《基础设施领域不动产投资信托基金（REITs）项目 ...

Core Viewpoint - The National Development and Reform Commission (NDRC) has issued the "Industry Scope List for Real Estate Investment Trusts (REITs) in the Infrastructure Sector (2025 Edition)", expanding the scope of projects eligible for REITs to include various clean energy and infrastructure projects [1][2]. Group 1: Project Categories - The eligible project categories include: 1. **Transportation Infrastructure**: Toll roads, railways, airports, and port projects [4]. 2. **Energy Infrastructure**: Clean energy projects such as wind, solar, hydro, natural gas, biomass, and nuclear power; energy storage facilities; and flexible, low-carbon coal power projects [4]. 3. **Municipal Infrastructure**: Urban water supply, gas, heating projects, and parking facilities [4]. 4. **Environmental Protection Infrastructure**: Urban sewage and waste treatment facilities, hazardous waste treatment, and solid waste recycling projects [4]. 5. **Warehouse and Logistics Infrastructure**: Warehouses providing storage services, including general and cold storage [4]. 6. **Park Infrastructure**: R&D platforms, industrial plants, and incubators located in free trade zones and national-level development zones [5][6]. 7. **New Infrastructure**: Data centers, AI infrastructure, 5G, communication towers, IoT, and smart city projects [6]. 8. **Rental Housing**: Affordable rental housing projects in major cities, public rental housing, and market-oriented rental housing for enterprises [7]. 9. **Water Conservancy Facilities**: Projects with water supply and power generation functions [7]. 10. **Cultural and Tourism Infrastructure**: Projects related to natural and cultural heritage, including tourism hotels within designated areas [7]. 11. **Consumer Infrastructure**: Urban commercial projects such as shopping centers, markets, and sports venues [7]. Group 2: Project Quality and Submission - Projects must adhere to strict quality standards and risk awareness during the application process, emphasizing the importance of high-quality project submissions [2]. - The NDRC will revise the list and project submission requirements as needed to better support the development of the real economy [2].

Core Viewpoint - The article emphasizes the importance of strengthening infrastructure planning and construction in China, focusing on optimizing layout, promoting integration, and enhancing safety resilience and operational sustainability [1] Group 1: Infrastructure Planning and Coordination - The need for coordinated planning and construction of infrastructure across various fields and regions is highlighted, addressing structural issues such as imbalances in development between urban and rural areas, and between different regions [2] - Specific areas of concern include the outdated infrastructure in rural areas, lack of essential facilities, and the disparity in investment between public and commercial infrastructure [2] Group 2: Integration and Sharing of Infrastructure - The article notes significant achievements in infrastructure development, such as the world's largest high-speed rail and highway networks, but points out the persistent challenges in collaborative planning and integration [3] - Issues like increased construction costs and reduced operational efficiency due to fragmented infrastructure development are discussed, emphasizing the need for integrated infrastructure systems [3] Group 3: Safety Resilience and Security - The article discusses the advancements in construction technology leading to enhanced safety in major infrastructure projects, yet it stresses the need for improved resilience against natural disasters and emergencies [4] - Concerns are raised regarding the adequacy of infrastructure in meeting national security requirements and the reliance on imported technology, which affects operational safety [4] Group 4: Sustainability of Infrastructure Operations - The article addresses issues such as excessive forward-looking designs and the overheating of investments in new infrastructure, advocating for sustainable operational practices [5] - It emphasizes the importance of balancing new infrastructure development with efficient utilization and the need for modernization and digital transformation of traditional infrastructure [5]