策略报告 | 投资策略 发改委提出积极支持民间投资项目发行 REITs 周观 REITs 国家发展改革委：积极支持更多符合条件的民间投资项目发行 REITs 8 月 16 日，中共国家发展和改革委员会党组在《求是》刊发题为《坚定推动 民营经济走高质量发展之路》的署名文章。文章提出，要完善民营企业参与 国家重大项目建设长效机制，持续推进基础设施竞争性领域向经营主体公平 开放，支持民营企业在新兴产业、未来产业投资布局，支持更多民间资本投 资铁路、核电、水利、公共服务等领域重大项目。规范实施政府和社会资本 合作（PPP）新机制，积极支持更多符合条件的民间投资项目发行基础设施 领域不动产投资信托基金（REITs），持续深化投贷联动合作。引导民营企业 更好参与"两重"建设和"两新"工作。 市场表现方面，本周 REITs 市场下行，中金重庆两江 REIT（+2.33%）领涨 本周（2025.8.18-2025.8.22），中证 REITs 全收益指数下跌 1.74%，REITs 总指 数下跌 1.77%，产权 REITs 指数下跌 2.06%，经营权 REITs 指数下跌 1.20%。大 类资产角度，REITs 总指数跑 ...

Core Viewpoint - The article emphasizes the importance of promoting the healthy and high-quality development of the private economy in China, with a focus on increasing private capital investment in key sectors and enhancing the competitive market environment [2][3]. Group 1: Support for Private Economy - The government aims to support more private capital investments in major projects such as railways, nuclear power, water conservancy, and public services [2][3]. - Continued support for private enterprises in stock issuance, refinancing, and bond financing is highlighted [2][4]. - The establishment of a national venture capital guidance fund is prioritized to encourage early, small, long-term, and hard technology investments [4]. Group 2: Market Environment Optimization - The article outlines efforts to optimize the fair competition market environment, including the implementation of a new negative list for market access and the evaluation of market access efficiency [3]. - It emphasizes the need for anti-monopoly and anti-unfair competition regulations, as well as the revision of the bidding law to address issues in the bidding process [3]. - The promotion of innovative practices such as remote evaluation and the application of artificial intelligence in bidding processes is encouraged [3]. Group 3: Support for Small and Micro Enterprises - There is a focus on enhancing the credit evaluation system for private enterprises and improving the national integrated financing credit service platform [4]. - Increased financing support for small and micro private enterprises is a key initiative [4]. - The article stresses the importance of integrating industry, academia, and research to foster leading technology enterprises [4]. Group 4: Legal Protection for Private Enterprises - The implementation of the Private Economy Promotion Law is crucial for protecting the legal rights of private enterprises and entrepreneurs [5]. - The article discusses the need for regulatory actions to address issues related to enterprise law enforcement and to reduce operational costs for businesses [5]. - Strengthening the management of intellectual property rights and protecting original innovations from infringement is emphasized [5].

Core Viewpoint - The article discusses the "Implementation Plan for Boosting Consumption in Guangzhou," which aims to activate the consumption market through 33 specific actions across various sectors, including employment, consumer support, and service quality enhancement [1]. Group 1: Income and Employment - Expanding channels for property income by organizing state-owned enterprises to report and remit state-owned asset revenues, and enhancing the market value management of state-owned listed companies [2]. - Implementing a minimum wage guarantee system with a standard of 2500 yuan/month and improving the wage growth mechanism for workers [2]. Group 2: Family and Event Support - Implementing national childcare subsidy policies to increase support for eligible families [3]. - Focusing on the successful organization of major events such as the 15th National Games and the Guangzhou Marathon, while promoting sports and tourism consumption [3]. Group 3: Tax and Retail Enhancements - Enhancing customs facilitation services, expanding the scope of tax refund stores, and promoting immediate tax refund services for departing travelers [3]. - Utilizing funds for replacing old consumer goods and increasing subsidies for categories like home appliances and automobiles [3]. Group 4: Housing and Real Estate Policies - Optimizing housing provident fund policies to support homebuyers and adjusting real estate policies by removing purchase and sale restrictions, as well as lowering down payment ratios and interest rates [4][5]. - The current mortgage down payment ratio for first and second homes is 15%, with interest rates around 3% for commercial loans and 2.6% for provident fund loans, indicating a relatively low borrowing cost [5]. Group 5: Financial Support and Consumer Loans - Encouraging banks to implement self-regulatory interest rate pricing and to increase personal consumption loan offerings while ensuring risk control [5]. - Supporting the development of financial products tailored for new consumption models in e-commerce, health, education, and digital services [5]. Group 6: Consumer Environment and Market Activation - Emphasizing the importance of increasing residents' income through higher minimum wages and job creation, particularly for youth, to stimulate consumer spending [6]. - Advocating for improved consumer conditions and supply, alongside policies that enhance consumer purchasing power, such as trade-in programs and subsidies for new purchases [6].

Company Movements - China National Offshore Oil Corporation (CNOOC) has appointed Zhang Chuanjiang as the new Chairman and Party Secretary of the company [5] - Geely Holding Group's Chairman Li Shufu stated that the global automotive industry is facing serious overcapacity, and Geely will not build new car production facilities to avoid redundant construction [6] - Hong Hao, a well-known strategist, has resigned as CEO of Huafu International (Hong Kong) Financial Holdings Limited and will focus on managing his hedge fund at Lotus Asset Management [6] - HNA Group announced a significant asset acquisition involving the purchase of 100% equity in Hainan Tianyu Flight Training Co., Ltd. for 799 million yuan, which constitutes a major asset restructuring [6] Investment News - A-share listed companies are expanding their repurchase and increase share loan support, with 11 companies including Longbai Group and BOE Technology Group disclosing related information this week [3] - Over 200 listed companies have announced plans for mid-term dividends for 2025, with companies like Gaoxin Development and Upway New Materials leading the announcements [3] - 13 smart wearable concept stocks have been investigated by institutions more than six times this year, with 15 stocks expected to see net profit growth exceeding 20% in the next two years [3] Macro Economy - The Ministry of Commerce reported that discussions between Minister Wang Wentao and European Commissioner Shevchovich regarding the electric vehicle case have progressed significantly, with negotiations entering the final stage [2] - As of May 2025, China's foreign exchange reserves reached 328.53 billion USD, an increase of 3.6 billion USD from April, reflecting a growth rate of 0.11% [2] - The Shenzhen Municipal Government has issued a plan to boost consumption, proposing 39 specific measures to support various sectors including retail and tourism [2] International Dynamics - U.S. President Trump warned that Elon Musk could face serious consequences if he funds Democratic candidates opposing Republican budget proposals, indicating a breakdown in their relationship [7] - The Chinese Consulate in Chicago has lodged a formal protest against the U.S. for politically manipulating the case of two Chinese students accused of smuggling dangerous bacteria [7]

Core Insights - The growth rate of real estate loans in China is recovering, with a balance of 53.54 trillion yuan as of Q1 2025, showing a year-on-year increase of 0.04% and a quarterly increase of 619.7 billion yuan [1] - The increase in real estate loans is attributed to effective financial support for both existing and new demand, with a focus on ensuring housing delivery and urban renewal projects [1] - The real estate market is undergoing a transformation, with pressures in certain regions and a growing demand for high-quality housing, particularly in the context of upgrading old residential areas [1] Group 1: Financial Support and Loan Management - Financial institutions are encouraged to develop financing systems that align with new real estate development models, including management methods for real estate development, personal housing, and urban renewal loans [2] - There is a need for precise financial services tailored to different stakeholders and project stages, with the establishment of a project list management system for urban renewal loans [2] Group 2: Collaborative Financing and Risk Management - Real estate finance is a systemic endeavor that requires collaboration among various financing tools, including fiscal funds, structural monetary policy tools, and market-based financing models [3] - Financial support for the real estate market should adhere to market-oriented and legal principles, ensuring that financial institutions set appropriate loan terms while managing risks effectively [3]

Core Viewpoint - The transition to normalized issuance of infrastructure REITs in China marks the end of a four-year pilot program, indicating a new phase for the market and the need for further reforms in the investment and financing system [2][5]. Group 1: Market Development - The National Development and Reform Commission (NDRC) has issued a notice to promote the normalized issuance of infrastructure REITs, which has garnered significant market attention [2]. - Since the pilot program began in June 2021, the NDRC has recommended 67 projects to the China Securities Regulatory Commission (CSRC), with 44 projects successfully issued, raising a total of 128.5 billion yuan [5]. - The normalized issuance is expected to enhance the market's stability and maturity, allowing for a more market-driven investment behavior [5]. Group 2: Regulatory Changes - The new notice adjusts the application rules for REITs, eliminating the requirement for future yield rates, which has raised concerns about potential risks in project financing [3]. - The simplification of the application process and the expansion of asset types eligible for REITs, including clean and efficient coal-fired power and elderly care facilities, are aimed at optimizing the regulatory framework [4]. - The reforms are based on the improved professional capabilities of REITs operators and the enhanced quality of project applications, aligning with market principles [4]. Group 3: Financial Performance - The infrastructure REITs have generated over 51 billion yuan in net recovery funds for new investments and are expected to drive total new project investments exceeding 640 billion yuan [5]. - Cumulatively, listed infrastructure REITs have distributed over 13 billion yuan in dividends to investors, with the CSI REITs total return index rising by 8.65% in the first half of 2024 [5].

Core Viewpoint - The article emphasizes the importance of establishing a diversified financing mechanism to support urban renewal, highlighting both policy-based financial support and market-oriented social financing as essential components [2][3][4]. Group 1: Urban Renewal Goals and Progress - The "Opinions on Continuing to Promote Urban Renewal Actions" was introduced by various government departments, aiming for significant progress in urban renewal by 2030, including improved systems and enhanced service efficiency [2]. - In 2024, over 60,000 urban renewal projects were implemented in China, with an investment of approximately 2.9 trillion yuan [2]. Group 2: Financing Mechanisms - Successful examples of financing mechanisms include cities like Chengdu and Tangshan, which have allocated special fiscal funds for direct investment and subsidies, while Chongqing and Yantai have issued government bonds to provide long-term, low-cost funding [3]. - The Ministry of Finance plans to expand the scope of local government special bonds and increase support for urban renewal projects, while also encouraging policy banks to provide financial support under controlled risks [3][4]. Group 3: Role of Social Capital - The importance of social capital in urban renewal is highlighted, with encouragement for private enterprises to participate in infrastructure and public utility projects [5]. - The article notes that urban renewal's characteristics, such as strong public welfare attributes and long return periods, make it less attractive to social capital, necessitating more efforts to engage suitable market participants [5]. Group 4: International Best Practices - The article suggests that successful international experiences, such as the Denver Union Station project in the U.S., can be referenced to improve urban renewal financing models in China [5]. Group 5: Conclusion - Urban renewal is a comprehensive strategy requiring significant financial resources, balancing government and market roles, and necessitating continuous innovation in financing approaches [6].

Core Viewpoint - The article emphasizes the importance of establishing a diversified financing mechanism to support urban renewal initiatives in China, highlighting both policy-based financial support and market-oriented social financing as essential components [1][2]. Group 1: Policy and Government Support - The Chinese government has been consistently addressing urban renewal in annual work reports since 2021, with specific goals set for significant progress by 2030 [1]. - The Ministry of Housing and Urban-Rural Development reported that over 60,000 urban renewal projects are planned for 2024, with an estimated investment of approximately 2.9 trillion yuan [1]. - The Ministry of Finance plans to expand the scope of local government special bonds to support urban renewal projects, emphasizing the need for policy-based financial institutions to provide backing under manageable risk conditions [2][3]. Group 2: Market and Social Financing - Various cities, such as Chengdu and Tangshan, have initiated beneficial explorations by allocating special fiscal funds to support urban renewal through direct investments and subsidies [2]. - The article highlights the necessity of attracting social capital for urban renewal, despite the challenges posed by the public welfare nature of these projects, which often have long payback periods and low returns [3][4]. - Successful international examples, such as the Denver Union Station project in the U.S., illustrate the potential of public-private partnerships (PPP) in financing urban renewal [4]. Group 3: Financial Institutions and Products - Financial institutions are encouraged to develop tailored financial products and services to meet the diverse needs of urban renewal projects, ensuring compliance with legal and risk management standards [3][4]. - The article suggests that banks should set appropriate loan terms and conditions based on the characteristics of different projects to facilitate financing [4][5].

Core Viewpoint - The Shanghai Municipal Government is implementing a special action plan to boost consumption by enhancing government investment in various sectors, including education, healthcare, and cultural tourism, while also supporting the issuance of REITs in eligible projects [1] Group 1: Government Support - The Shanghai government is increasing investment in projects related to education, healthcare, skills training, elderly care, and cultural tourism [1] - There is a specific focus on supporting the issuance of Real Estate Investment Trusts (REITs) for projects in the consumption, cultural tourism, and elderly care sectors [1]

Investment Rating - The report indicates a positive outlook for the REITs industry, particularly following the recent government initiatives to promote the issuance of infrastructure REITs and other asset-backed securities [2][8]. Core Insights - The report highlights the recent government policy aimed at enhancing market-oriented financing models to attract private capital for urban renewal projects, which includes the promotion of REITs [2][8]. - The REITs market has shown strong performance, with the total REITs index rising by 1.92% during the week of May 12 to May 16, 2025, outperforming major indices such as the Shanghai Shenzhen 300 and the China Bond Index [3][16]. - The liquidity in the REITs market has improved, with a total trading volume of 488 million yuan, reflecting a 6.4% increase from the previous week [4][36]. Industry Dynamics - The Central Committee and the State Council have issued opinions to continuously promote urban renewal actions, emphasizing the need for market-oriented investment and financing models [2][8]. Primary Market - As of May 16, 2025, the total issuance scale of listed REITs reached 173 billion yuan, with 65 products issued [9][15]. Market Performance - The report notes that the China REITs total return index increased by 1.39%, with specific REITs such as Huaxia Nanjing Expressway REIT leading the gains at 9.13% [3][16]. - The report provides comparative performance data, showing that the REITs total index outperformed the Shanghai Shenzhen 300 index by 0.81 percentage points [3][26]. Liquidity - The report indicates an increase in trading activity, with the average trading volume for REITs rising to 1.12 billion shares, a 5.0% increase from the previous week [4][36]. Valuation - The report includes valuation metrics for various REITs, indicating a range of bond yield rates and price-to-NAV ratios, which provide insights into the relative valuation of different asset types within the REITs sector [42].