Report Industry Investment Rating - Not provided in the content Core Viewpoints - The State Council Executive Meeting on February 6 focused on promoting effective investment through coordinated efforts in fund guarantee, project layout, and implementation entities, aiming to enhance the quality and efficiency of investment and support stable economic growth [6][8]. - Zhejiang Province issued an opinion on February 4 to support diversified financing in the transportation infrastructure field and encourage the regular issuance of REITs in this area [6][13]. - This week, 15 urban investment enterprises declared to become market - oriented business entities or exit the financing platform list, 17 urban investment enterprises prepaid bond principal and interest, and 1 urban investment bond was postponed for issuance [6]. Summary by Directory 1. News Review (1) State Council Executive Meeting on Promoting Effective Investment - **Fund Guarantee**: The meeting proposed to innovate and improve policies, make good use of central budgetary investment, ultra - long - term special treasury bonds, local government special bonds, and new policy - based financial instruments. In 2025, fiscal investment increased, and various funds promoted investment in key areas. In the future, bond tools should be optimized in terms of quantity, project investment, risk management, and efficiency [6][9]. - **Project Layout**: Focus on key areas such as infrastructure, urban renewal, public services, emerging industries, and future industries. The overall progress of major projects conforms to the policy of front - loaded efforts. In 2026, relevant project lists and investment plans have been issued, involving a large number of projects and driving significant investment [10][11]. - **Implementation Entities**: Support the development of private investment to form a joint force with state - owned and central enterprises. In the future, cooperation models between state - owned and private capital will be innovated, and financial support policies will continue to release dividends to stimulate private investment [12]. (2) Zhejiang's Support for Diversified Financing in Transportation Infrastructure - Zhejiang requires making full use of policy funds, promoting the securitization of existing assets (especially the regular issuance of REITs in transportation infrastructure), strengthening indirect financing, and promoting the transformation and development of investment and financing entities [13][14]. (3) Tracking of Urban Investment Enterprises "Exiting the Platform" - This week, 15 urban investment enterprises declared to become market - oriented business entities or exit the financing platform list. Since October 2023, a total of 1034 enterprises have made such declarations, mainly in eastern provinces, with AA + as the main credit rating and infrastructure investment and financing as the main industry [15]. (4) Pre - payment of Bond Principal and Interest by Urban Investment Enterprises - 17 urban investment enterprises prepaid bond principal and interest this week, involving 17 bonds with a total scale of 41.65 billion yuan. The main credit rating of these enterprises is AA [17]. (5) Cancellation of Bond Issuance - Due to large market fluctuations, the issuance of "26 Shaanxi Transportation MTN001" was cancelled this week [19]. 2. Issuance of Local Government Bonds and Urban Investment Enterprise Bonds (1) Local Government Bonds - This week, the issuance and net financing scale of local government bonds increased. A total of 90 local bonds were issued, with a scale of 579.673 billion yuan, and the net financing amount was 579.373 billion yuan. As of February 8, the outstanding local bond scale was 55.89 trillion yuan. The issuance structure included new bonds and refinancing bonds. The issuance term was mainly 10 - year, and the weighted average issuance term was 16.12 years. The weighted average issuance interest rate decreased, and the spread widened [20]. (2) Urban Investment Bonds - This week, the issuance and net financing scale of urban investment bonds increased. A total of 181 urban investment bonds were issued, with a scale of 131.152 billion yuan, and the net financing amount was 84.372 billion yuan. As of February 8, the outstanding urban investment bond scale was 14.25 trillion yuan. The overall issuance interest rate decreased, and the spread narrowed. The issuance was mainly private bonds, and the weighted average issuance term was 4.17 years. The issuer's main credit rating was AA +. Two overseas urban investment bonds were issued, with a total scale of 1.03 billion yuan [24][25]. 3. Trading of Local Government Bonds and Urban Investment Enterprise Bonds - This week, the central bank conducted 1005.5 billion yuan of reverse repurchase operations in the open market, with 1761.5 billion yuan of reverse repurchases maturing, resulting in a net withdrawal of 756 billion yuan. Short - term capital interest rates mostly declined. There were no changes in the credit ratings of urban investment enterprises, and no urban investment credit risk events occurred. The trading scale of local government bonds increased by 20.08% to 460.403 billion yuan, and the maturity yields fluctuated, with an average increase of 1.25BP. The trading scale of urban investment bonds decreased by 7.29% to 273.332 billion yuan, and the maturity yields fluctuated, with an average increase of 0.69BP. The spreads of 3 - year and 5 - year AA + urban investment bonds widened, while that of 1 - year AA + urban investment bonds narrowed. There were 11 abnormal transactions of 10 bonds of 9 urban investment entities [30][31]. 4. Important Announcements of Urban Investment Enterprises - This week, 48 urban investment enterprises issued announcements regarding changes in senior management, legal representatives, directors, supervisors, controlling shareholders, actual controllers, equity/asset transfers, and changes in the use of raised funds [35].

- The report focuses on the annual performance of public REITs in 2025, highlighting that the issuance scale and number of REITs declined year-on-year, with a total of 78 REITs listed by the end of 2025, amounting to an issuance scale of 2,109.11 billion yuan[4][5][6] - The REITs market in 2025 saw the addition of new asset categories, including municipal facilities and new infrastructure, with warehouse logistics, consumer infrastructure, and park infrastructure being the primary issuance sectors[13][14][15] - Consumer infrastructure REITs had the largest issuance scale in 2025, totaling 104.45 billion yuan, followed by warehouse logistics REITs at 103.10 billion yuan, while park infrastructure REITs maintained a stable issuance scale of 91.57 billion yuan[15][17][30] - The report highlights the operational performance of various REITs categories, noting that consumer infrastructure REITs showed significant growth in revenue and distributable income, while energy infrastructure REITs faced challenges due to policy changes and reduced electricity settlement prices[18][19][44] - The first municipal facilities REIT, focusing on municipal heating infrastructure, was launched in 2025, with its performance closely tied to seasonal characteristics[47][50] - New infrastructure REITs, launched in 2025, focused on data center facilities, benefiting from the growing demand for intelligent computing power, with tenants primarily being major telecom operators[50] - The report emphasizes the potential of commercial real estate REITs, which were introduced in late 2025, to revitalize existing commercial assets and support the transformation of the real estate industry towards a sustainable "hold-and-operate" model[11][53][54]