其二，是价格与收入韧性。此次反馈重点关注市场化交易电价下降趋势及国补电价到期的安排。 显然，在电力市场化改革和补贴退坡的背景下，公募REITs底层资产的项目收入是否具备韧性，估值模 型是否充分反映了政策变化，成为了审核焦点。 新华财经上海1月9日电 近日，上海证券交易所对"中航中核集团能源封闭式基础设施证券投资基金"及 其配套资产支持专项计划的上市申请，出具了详尽的反馈意见，引业界关注。 该审核函件关注的焦点，直指基础设施REITs的核心——即底层资产未来能否产生稳定、可持续的现金 流。 业内人士认为，交易所的反馈意见无异于为投资人提供了一份关键的"风险排查清单"，值得反复推敲， 其也为后续投资指明了正确的方向。 量化波动成因 据记者了解，中航中核集团能源封闭式基础设施证券投资基金是中航基金管理有限公司与中航证券有限 公司申报，中核汇能有限公司作为原始权益人的风电类公募REIT，底层资产为新疆北塔山与广西富川 协合风电项目，2025年11月25日获上交所受理，2026年1月7日的状态更新为"已反馈"，正处于审核阶 段，拟发行规模不超过20亿元。 可以看到，《关于中航中核集团能源封闭式基础设施证券投资基金上市及 ...

需指出，客群运营的精准施策离不开数字化系统的深度赋能与硬核支撑。2025年，百联又一城全面升级 客流分析系统，实现了全场店铺级别的数据精准捕捉与分析。该模型能通过多维度数据追踪，深挖消费 路径，还原消费习惯，使得运营团队得以精准诊断各品牌在经营各环节的短板，为获客力不足的品牌联 动公域资源引流，对转化力偏弱的品牌提供动线与陈列优化建议，并为会员运营待提升的品牌打通会员 体系以助力精准营销，真正让数据为精细化运营赋能。 这种数据驱动的定制化经营扶持模式，不仅显著提升了合作品牌的经营效益，也推动了项目整体运营效 率的跃升，使租户稳定性与租金收益能力形成良性循环，进一步巩固了资产的优质属性与可持续运营能 力。 当前，消费类基础设施REITs已从政策驱动的探索阶段，全面迈入价值驱动的精耕时代，核心逻辑在于 通过"资本+运营"双重赋能，将存量商业资产锤炼为符合REITs标准的优质标的。 记者了解到，该项目锚定"3+1"场景创新与客群深耕核心战略，以多元场域构建为运营核心方向，精准 聚焦品质家庭与年轻客群两大核心群体，通过整合分散的商业资源形成运营合力，全年新签品牌55家， 其中区域首店17家、上海首店3家；仅第四季度就 ...

特许经营权领跌，指数加速下探 [Table_Authors] 刘玉(分析师) REIT 策略周报 本报告导读： 当前市场普跌下也蕴含着配置机会，可关注超跌优质项目的反弹机会。 债 券 研 究 投资要点： 债券研究 /[Table_Date] 2025.12.21 | | 021-38038263 | | --- | --- | | | liuyu6@gtht.com | | 登记编号 | S0880523050002 | | | 汤志宇(分析师) | | | 021-38031036 | | | tangzhiyu@gtht.com | | 登记编号 | S0880525070031 | [Table_Report] 相关报告 转债估值及常规因子表现数据库（251215- 251219） 2025.12.20 年内地方债发行金额突破 10 万亿 2025.12.17 12 月第二周大行资金融出回升明显 2025.12.16 高速板块领跌，指数至阶段新低 2025.12.14 理解重要会议后的债市波动：三个层次的分析 2025.12.14 证 券 研 究 报 告 请务必阅读正文之后的免责条款部分 市 场 策 略 ...

近日，国家发展改革委办公厅对外发布《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）》（以下简称"2025版清单"），对基础设施REITs发行范围作了进一步拓展。国家发展 改革委有关负责人表示，将更好发挥基础设施REITs盘活存量资产、促进投资良性循环的作用，支持实 体经济发展。 促进投融资机制创新 REITs是指在证券交易所公开发行交易，通过证券化方式将具有持续、稳定收益的基础设施资产或权 益，转化为流动性较强的、可上市交易的标准化、权益型金融产品。 据介绍，基础设施REITs，即存量基础设施项目以公开募集基金的形式进行融资的一种金融工具，既有 利于盘活基础设施存量资产，回收资金用于新的项目建设；也有利于促进资金"脱虚向实"，提高金融服 务实体经济质量和效率。 2020年4月，基础设施REITs试点工作正式启动。2021年6月21日，首批9个基础设施REITs试点项目挂牌 上市。国家发展改革委投资司负责人此前介绍，基础设施REITs试点工作启动以来，制度规则持续完 善，发行规模稳步增长，资产类型不断丰富，市场表现总体稳健，各方面参与积极性不断提升，基础设 施REITs对促进投融 ...

近期，国家发展改革委相关负责人提出将从技术攻关、场景开放、算力支持三方面推动智能终端与智能 体应用普及。将人工智能等纳入基础设施REITs发行范围，可在一定程度上为"人工智能+"行动提供支撑 保障，加速数字经济与实体经济融合。 据悉，目前，我国基础设施REITs发行范围已涵盖12大行业的52个资产类型，其中10个行业领域的18个 资产类型已实现首单发行上市。 12月1日，国家发展改革委办公厅印发《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)》(下称《清单》)。 《清单》呈现多重亮点，将消费与服务型基础设施作为重点纳入范围。业内人士分析，体育场馆、四星 级及以上酒店、养老设施等消费载体被纳入范围，既响应了《提振消费专项行动方案》要求，又精准契 合居民消费升级与民生保障的核心需求。 值得关注的是，《清单》还将数据中心类、人工智能基础设施项目，5G、通信铁塔、物联网、工业互 联网、宽带网络项目，智能交通、智慧能源、智慧城市项目纳入范畴，这与国务院部署的"人工智能 +"行动形成呼应。 根据市场公开数据统计，截至目前，全市场共有77单产品上市，发行规模2070亿元(含扩募)，总市值约 ...

Core Insights - The National Development and Reform Commission (NDRC) has expanded the scope of infrastructure REITs to include urban renewal projects, which encompasses the renovation of old neighborhoods and factories, as well as comprehensive urban renewal facilities [1][2] - The integration of urban renewal with market-oriented rental housing is expected to revitalize existing assets and meet housing demands in major cities, while avoiding large-scale demolitions [2][3] - The updated list of eligible projects now includes new asset types such as hotels and sports venues, with specific guidelines on their inclusion in the REITs framework [3][4] Summary by Categories Policy Expansion - The newly released list includes urban renewal facilities and commercial office facilities as new sectors for REITs [3] - The inclusion of urban renewal is seen as a strategic move to support the transformation of the real estate industry towards a new development model focused on operation and revitalization of existing assets [1][2] Market Dynamics - The combination of urban renewal and rental housing aligns well with the financing characteristics of REITs, which require stable, long-term funding for projects with significant upfront investment and long cultivation periods [2][3] - The NDRC has been actively working to expand the infrastructure REITs market since its initiation in 2020, with 12 major industries and 52 asset types now included, and 18 asset types having already achieved their first issuance [2][3] Project Guidelines - The new guidelines specify that the initiators of projects in rental housing, consumer infrastructure, commercial office facilities, elderly care facilities, and urban renewal must be independent legal entities focused on long-term operations rather than short-term sales [4] - The maximum allowable area for hotels and commercial office spaces within the underlying assets of a REIT project is set at 30%, with exceptions allowing up to 50% in special cases [3][4]

1. Report Industry Investment Rating - No relevant content provided. 2. Core Viewpoints of the Report - The report presents a weekly analysis of public - offering infrastructure REITs from November 24 to November 28, 2025, including secondary - market price - volume performance, valuation, market correlation, and primary - market tracking [1][2]. 3. Summary by Relevant Catalogs 3.1 Secondary - market Price - volume Performance - Various REITs' performance data are provided, including weekly return, year - to - date return, turnover rate, trading volume, etc. For example, in the warehousing and logistics sector, the weekly return of Hongtu Innovation Yantian Port REIT was 1.24%, and the year - to - date return was - 1.07% [9]. 3.2 Secondary - market Valuation Situation 3.2.1 Valuation of Equity - type REITs - As of this Friday, the top three products in terms of internal rate of return (IRR) are E Fund Guangzhou High - tech Industrial Park REIT, CICC Hubei KeTou Optics Valley REIT, and Huaxia HeDa High - tech REIT, with corresponding IRRs of 8.74%, 8.45%, and 7.66% respectively. Some REITs have P/FFO and P/NAV indicators lower than the industry average, and the top three in expected cash distribution rate are CJGX Shounong REIT, E Fund Guangzhou High - tech Industrial Park REIT, and CICC Hubei KeTou Optics Valley REIT [19][20][21]. 3.2.2 Valuation of Concession - type REITs - As of this Friday, the top three products in terms of IRR are Huaxia China Communications Construction REIT, Ping An Guangzhou Guanghe REIT, and CICC Anhui Expressway REIT, with corresponding IRRs of 9.46%, 9.45%, and 6.94% respectively. Some REITs have P/FFO and P/NAV indicators lower than the industry average, and the top three in expected cash distribution rate are E Fund Shenzhen Expressway REIT, ICBC Inner Mongolia Energy Clean Energy REIT, and Zheshang Shanghai - Hangzhou - Ningbo REIT [22][23][24]. 3.3 Market Correlation Statistics - At the level of the correlation coefficient between REITs and major asset classes, this week, the correlation coefficient between REITs and the Shanghai Composite Index was the highest at 0.20. The correlation coefficients between REITs and other major asset classes such as CSI 300, ChiNext Index, etc., are also provided. Different types of REITs have different correlation coefficients with major asset classes [25][26]. 3.4 Primary - market Tracking - As of November 28, 2025, there are 12 REIT products still in the exchange acceptance stage and 1 in the passed - to - be - listed state. This week, Dongfanghong Tunnel Road Expressway REIT and Ping An Xi'an High - tech Industrial Park REIT were submitted to the exchange [28][29].

Market Performance - The Shanghai Composite Index rose by 0.29%, while the Shenzhen Component Index fell by 0.25% on November 27[2] - The net inflow of funds into the Shanghai market was 110.51 billion CNY, and 29.69 billion CNY into the Shenzhen market[4] Sector Trends - Leading sectors included communication equipment, consumer electronics, and batteries, while software development, IT services, and film and television saw the largest outflows[4] - The technology sector shows a clear long-term upward trend, although short-term fluctuations are expected[1] Policy Impact - The Ministry of Industry and Information Technology emphasized the importance of aligning supply and demand to stimulate consumption potential[5] - The Ministry of Commerce is promoting new consumption models and encouraging businesses to launch new products and stores[8] Consumer Insights - As of mid-2023, the user base for generative AI products in China reached 515 million, indicating a growing market for AI-driven consumer products[10] - The Ministry of Culture and Tourism plans to support the introduction of high-quality cultural and tourism products to meet consumer demand[11] Investment Opportunities - Investors are advised to focus on companies with clear market scale, technological advantages, and favorable policy directions as year-end performance and policies gain attention[1]

Group 1: Humanoid Robot Industry - The National Development and Reform Commission (NDRC) is focusing on preventing a "bubble" in the humanoid robot industry by conducting in-depth research and planning to strengthen policy guidance, accelerate technological breakthroughs, and promote application of results [1][2] - The humanoid robot industry is experiencing rapid growth, with a projected market size of 100 billion yuan by 2030, driven by innovation and demand [2] - There are currently over 150 humanoid robot companies in China, with more than half being startups or companies from other sectors, which presents both opportunities and risks of product redundancy [2][3] Group 2: Infrastructure REITs - The NDRC is actively promoting the expansion of infrastructure Real Estate Investment Trusts (REITs) to include more asset types such as urban renewal facilities, hotels, sports venues, and commercial office spaces [4] - Since the launch of infrastructure REITs in 2020, the NDRC has expanded the issuance scope to cover 12 industries and 52 asset types, with 18 asset types already achieving their first issuance [4] - The NDRC aims to enhance collaboration with the China Securities Regulatory Commission to optimize the project application process and support more qualified projects while ensuring risk management and quality control [4] Group 3: "Two Heavy" Construction - The NDRC is integrating "Two Heavy" construction into the broader context of the 14th and 15th Five-Year Plans, emphasizing strategic and forward-looking investments [5][6] - Significant funding has been allocated for "hard investment" projects, with 700 billion yuan and 800 billion yuan arranged for the last two years, respectively, to support various infrastructure developments [6] - Key areas of focus include urban infrastructure, major transportation projects along the Yangtze River, food security initiatives, and improvements in social welfare and education facilities [6][7]

Core Viewpoint - The macroeconomic environment faces increasing pressure and challenges due to external demand slowdown and weakened domestic demand, but positive factors are accumulating, indicating that the annual economic growth target remains achievable [1] Economic Performance - From January to October, profits of industrial enterprises above designated size increased by 1.9% year-on-year, with cumulative growth maintained for three consecutive months since August [1][2] - The revenue of industrial enterprises above designated size grew by 1.8% year-on-year, creating favorable conditions for profit recovery [2] - High-tech and equipment manufacturing sectors are the main driving forces, with profits in the equipment manufacturing sector rising by 7.8% and high-tech manufacturing profits increasing by 8.0% [2] Industrial Profit Trends - In specific sectors, profits in graphite and carbon products manufacturing, biochemical pesticides, and cultural information chemicals manufacturing saw significant increases of 77.7%, 73.4%, and 19.1% respectively [3] - The report from Guotai Junan Securities suggests that sustained profit improvement requires ongoing supply-side structural optimization and effective demand expansion policies [3] Physical Indicators - Social electricity consumption reached 857.2 billion kWh in October, a year-on-year increase of 10.4%, marking the highest monthly growth rate this year [4] - Railway freight volume reached a historical high of 3.378 billion tons from January to October, with a year-on-year growth of 3% [5] - The express delivery business volume grew by 16.1% year-on-year, reaching 162.68 billion pieces in the first ten months [5] - Excavator sales increased by 17% year-on-year, with domestic sales up by 19.6% and exports up by 14.4% [5][6] Policy Support - The "Two Heavy" construction initiative is a key focus for expanding effective investment and fostering new productive forces, with significant funding allocated for major projects [7][8] - The National Development and Reform Commission is promoting the expansion of infrastructure REITs, covering various sectors including logistics, public utilities, and clean energy [9] - New policy financial tools have been fully deployed, supporting over 2,300 projects with a total investment of approximately 7 trillion yuan, focusing on digital economy and urban renewal [10]