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 ...

Core Viewpoint - The public REITs market is expanding with the first tunnel public REITs application submitted by Dongfanghong Tunnel Co., marking a significant development in the infrastructure investment sector [1][2]. Group 1: Dongfanghong Tunnel Public REITs - The Dongfanghong Tunnel Intelligent Operation and Maintenance High-Speed REIT has been officially submitted, representing the first tunnel public REITs and the first REITs project under Dongfanghong Asset Management [1][3]. - The project is initiated by Shanghai Infrastructure Construction Development (Group) Co., Ltd., with Shanghai Dongfang Securities Asset Management Co., Ltd. as the fund manager [3]. - The underlying asset for this REIT is the Qianjiang Tunnel, a major highway tunnel in Zhejiang Province, which is 4.45 kilometers long and the first of its kind in the province using shield tunneling technology [4]. Group 2: China National Nuclear Corporation REITs - The China National Nuclear Corporation (CNNC) Energy Public REIT has been accepted for review, initiated by CNNC Huineng Co., Ltd., with management by AVIC Fund and AVIC Securities [5][6]. - The REIT will focus on renewable energy infrastructure projects, specifically wind power projects in Guangxi and Xinjiang, with an estimated initial capacity of around 200,000 kilowatts and a valuation of approximately 1.5 billion [5]. - This marks the fifth public REIT application by AVIC Fund and AVIC Securities, following the formal submission of the AVIC Tianhong Consumption REIT [6]. Group 3: Ping An Xi'an High-Tech Industrial Park REITs - The Ping An Xi'an High-Tech Industrial Park REIT has been submitted, representing the first local REIT project in Shaanxi Province [7][8]. - The project is initiated by Xi'an High-tech Zone Infrastructure Development Co., Ltd., with management by Ping An Fund and Ping An Securities [7]. - The underlying assets include 13 buildings with a total construction area of 325,000 square meters, with a net assessed value of 1.36 billion and expected net recovery funds of approximately 414 million after issuance [8].

Core Viewpoint - The public REITs market in China is expanding, with significant new projects being submitted for approval, including the first tunnel public REIT and local projects in Shaanxi [2][3][4]. Group 1: First Tunnel Public REIT - The Oriental Red Tunnel Intelligent Operation and Maintenance High-Speed REIT has been officially submitted, marking it as the first tunnel public REIT in China and the first REIT project under Oriental Red Asset Management [2][5][6]. - The project is initiated by Shanghai Infrastructure Construction Development (Group) Co., Ltd., with management by Shanghai Dongfang Securities Asset Management Co., Ltd. [6][7]. Group 2: New Energy Public REIT - The China Aviation Nuclear Group Energy Public REIT has been accepted for review, initiated by China Nuclear Energy Holdings Limited and managed by China Aviation Fund [8][9]. - The underlying assets for this REIT include wind power projects in Guangxi and Xinjiang, with an estimated initial capacity of around 200,000 kilowatts and a valuation of approximately 1.5 billion yuan [11]. Group 3: Local REIT in Shaanxi - The Ping An Xi'an High-tech Industrial Park REIT has been submitted, representing the first local REIT project in Shaanxi [3][12]. - The project is initiated by Xi'an High-tech Zone Infrastructure Development Co., Ltd., managed by Ping An Fund, and involves 13 buildings with a total construction area of 325,000 square meters, valued at 1.36 billion yuan [13][16].