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].

Group 1 - Linyi Chengfa Holding Co., Ltd. has been established with a registered capital of 500 million yuan [1] - The company's business scope includes investment activities, land remediation services, municipal facility management, new material technology research and development, engineering management services, park management services, supply chain management services, and sales of non-ferrous metal alloys [1] - The company is wholly owned by the State-owned Assets Supervision and Administration Commission of Linyi Municipal People's Government [1]

Group 1 - The Shanghai Municipal Housing and Urban-Rural Development Committee's Science and Technology Committee has completed nearly 30,000 important projects over the past 40 years, contributing significantly to high-quality urban development in Shanghai [1] - The establishment of the Shanghai Construction Technology Development Foundation aims to facilitate the funding, management, and allocation of resources necessary for construction technology development, creating a positive cycle [3][5] - The Science and Technology Committee serves as a consulting body for major scientific and technological issues and policy recommendations, enhancing the macro-management capabilities of government departments [2][5] Group 2 - The Asia-Pacific Urban Technology Cooperation Network was established to strengthen horizontal connections among cities in the Asia-Pacific region, promoting international cooperation in various fields [8] - The Shanghai Municipal Construction Committee has initiated the establishment of four specialized research centers focusing on carbon neutrality, urban underground space utilization, water resource protection, and smart city management [23][25] - The recent Shanghai Housing and Urban-Rural Development Industry Technology Conference emphasized the theme "Empowering Technology, Innovative Development," aligning with national development strategies and promoting high-quality development in the Yangtze River Delta region [35][37]

Key Points - The core viewpoint of the article is the promotion of new urban infrastructure construction that is digital, networked, and intelligent, aimed at enhancing urban operational safety and risk monitoring capabilities [2][3]. Group 1: Action Plan for Urban Infrastructure - The action plan, issued by the Ministry of Housing and Urban-Rural Development and eight other departments, aims to implement the opinions on building resilient cities through new urban infrastructure from 2025 to 2027 [2]. - The plan emphasizes the integration of new-generation information technology with urban infrastructure to strengthen urban governance and safety [2][3]. - By the end of 2027, significant progress is expected in key tasks related to new urban infrastructure, with replicable and promotable experiences formed [2]. Group 2: Specific Tasks Outlined - The action plan details nine categories and 32 specific tasks, including: 1. Implementation of intelligent municipal infrastructure construction and renovation [3]. 2. Development of smart city infrastructure in coordination with intelligent connected vehicles [3]. 3. Advancement of smart residential areas and community service facilities [3]. 4. Enhancement of smart management in building safety throughout the lifecycle [3]. 5. Promotion of digital family construction and interconnectivity of digital family products [3]. 6. Collaboration between intelligent construction and industrialization [3]. 7. Improvement of the City Information Model (CIM) platform [4]. 8. Establishment of a comprehensive urban operation management service platform [4]. 9. Implementation of supportive measures including technology empowerment and talent cultivation [4].

Report Summary 1. Report Industry Investment Rating - No information provided 2. Core View of the Report - On September 29, 2025, three new policy-based financial instrument companies were registered, and funds started to be disbursed on the same day. The funds have been disbursed in provinces and cities such as Jiangsu, Zhejiang, Guangdong, Hainan, Guangxi, Fujian, Anhui, Shandong, Sichuan, Chongqing, and Inner Mongolia [2]. 3. Summary by Relevant Catalog Features of the Instruments - Long - term: Some project financing terms are 20 years or 15 - 20 years [2]. - Low - interest rate: The capital interest rate of a project is lower than the current LPR, setting a new record for the lowest financing cost among all financing channels since the group's establishment [2]. Investment Fields - The disclosed project fields include infrastructure areas such as transportation and logistics, green - low - carbon transformation, municipal and industrial parks, as well as scientific and technological innovation fields such as artificial intelligence [3]. Proportion in Total Investment - In some projects, the amount obtained accounts for less than or equal to 10% of the total project investment (less than or equal to 50% of the project capital) [4]. Project Approval Rate - The project approval rate in some areas may be low. For example, in a certain place in Zhejiang, the approval rate from the city to the province is 40%, and from the province to the state is 13% [5]. Disbursement Situation as of October 8 - Multiple projects in various provinces and cities have received new policy - based financial instrument funds, with specific amounts and project details as shown in the table. For example, the Wuxi - Yixing Intercity Rail Transit Project in Wuxi, Jiangsu received 31.99 billion yuan; the Taicang Water Supply Co., Ltd. Expansion and Booster Station Project in Taicang, Jiangsu received 0.2076 billion yuan, accounting for 10% of the total project investment of 2.0766 billion yuan [6].

Group 1 - Company Guizhou Kanshe Ecological Environment Technology Co., Ltd. plans to apply for a bank loan of RMB 2.8 million to support its business development, with the company providing a guarantee of RMB 2.1 million based on its 75% ownership [1] - The company has signed a maximum guarantee contract with the creditor, and this guarantee does not require additional approval from the board or shareholders as it falls within the approved guarantee limits [1] - As of the announcement date, the total guarantee amount provided by the company for its wholly-owned and controlling subsidiaries is approximately RMB 719 million, accounting for 23.97% of the company's audited net assets for 2024 [1] Group 2 - For the year 2024, the revenue composition of the company is as follows: 67.61% from the highway industry, 21.68% from the construction industry, 7.39% from water transport and other industries, 3.01% from the municipal industry, and 0.31% from other businesses [2] Group 3 - The current market capitalization of the company is RMB 2.6 billion [3]

Company Summary - The company, 勘设股份, announced a provision for asset impairment totaling 99.5483 million yuan, which will reduce the total profit in the consolidated financial statements for the first half of 2025 by the same amount [1] - The asset impairment has already been reflected in the company's financial report for the first half of 2025 [1] Industry Overview - For the year 2024, the revenue composition of the company is as follows: 67.61% from the highway sector, 21.68% from the construction sector, 7.39% from water transport and other sectors, 3.01% from the municipal sector, and 0.31% from other businesses [1]

Policy Background - The new PPP mechanism emphasizes the exclusive use of the concession model for projects, focusing on user-pay projects while strictly limiting government-pay and feasibility gap subsidy projects, prioritizing market-based returns [4] Key Audit Points Project Admission Conditions - Projects are limited to those with operational revenue potential, such as transportation, environmental protection, and municipal services, prohibiting disguised debt under the PPP guise [6] - User fees must cover construction and operational costs, with future cash flow forecasts requiring third-party evaluation [7] - A negative list prohibits packaging public welfare projects like schools and hospitals as concession projects [8] Concession Scheme Review - The concession period generally should not exceed 40 years, aligning with industry characteristics and investment recovery cycles [9] - The government does not guarantee minimum returns, placing the primary operational risk on social capital [10] - Competitive bidding is mandatory, ensuring transparency and equal participation for foreign enterprises [11] Fiscal Risk Prevention - New hidden debts are prohibited, and any government payment obligations must be included in the medium-term fiscal plan [12] - Feasibility gap subsidies, if necessary, require joint approval from provincial development and reform commissions and finance departments [13] Full Process Supervision Requirements - Payment is strictly linked to project performance, with deductions for unmet standards [14] - Clear exit mechanisms for social capital and asset disposal methods are required to prevent project failures [15] Policy Impact and Trends Impact on Local Governments - The new mechanism enforces strict project quality control, compelling local governments to select genuinely viable projects and reducing impulsive project launches [17] - Strengthened fiscal discipline will lead to audits and accountability for non-compliant projects [17] Impact on Social Capital - Companies with operational capabilities, particularly in environmental and energy sectors, will find new opportunities, while pure construction firms will gradually exit [18] - Foreign enterprises can participate through competitive processes but must adapt to China's specific concession rules [18] Future Trends - There will be an increase in PPP project proportions in sectors like transportation (toll roads) and renewable energy (charging stations) [19] - Financial tools such as REITs and project revenue bonds may further integrate with the new PPP mechanism [19] Local Implementation Suggestions - Enhance value-for-money assessments and fiscal capacity evaluations to avoid merely "approvable reports" [20] - Engage professional legal teams for contract design, clarifying concession terms and dispute resolution mechanisms [20] - Utilize information platforms for dynamic monitoring of project operational data to provide timely risk alerts [21]

Group 1 - The core viewpoint of the article is the launch of the "Zhengzhou Major Infrastructure Construction Special Action Plan" aimed at accelerating the construction of 75 major infrastructure projects across various sectors including transportation, water conservancy, energy, municipal, and new infrastructure [1][2][3] Group 2 - The plan emphasizes the completion of ongoing projects and the initiation of new ones, creating a continuous and efficient construction momentum [1] - In the transportation sector, the focus is on expediting the construction of rail transit lines 6, 7, and 8, with all projects expected to be completed within the year [1] - The plan includes significant road and waterway projects, such as the completion of the Anlu Expressway and the construction of the G310 highway segment, with various projects set to commence within the year [1][2] Group 3 - In the water conservancy sector, the plan aims to accelerate the implementation of the Qili River flood diversion project and ensure the commencement of the Miaowan Reservoir project by the end of June [2] - The energy sector will see increased investment, particularly in the construction of the Houzihua Pumped Storage Power Station and related projects [2] - Municipal infrastructure projects will be prioritized, including the rapid construction of key roadways and drainage systems to address urban flooding [2] Group 4 - The plan also highlights the importance of new infrastructure, particularly the construction of 5G base stations to enhance network capacity [3]