全年各类主体通过沪深北交易所发行债券（包括公司债券、企业债券、资产支持证券、国债和地方政府 债券）筹资16.3万亿元。沪深交易所共上市基础设施领域不动产投资信托基金（REITs）20只，募集资 金402亿元。年末全国中小企业股份转让系统挂牌公司5960家，全年挂牌公司累计股票筹资74亿元。 其中指出，全年沪深交易所A股累计筹资12583亿元，比上年增加8332亿元。沪深交易所首次公开发行 上市A股90只，筹资1242亿元，比上年增加620亿元，其中科创板股票19只，筹资381亿元；沪深交易所 A股再融资（包括公开增发、定向增发、配股、优先股、可转债转股）11341亿元，增加7712亿元。北 京证券交易所公开发行股票26只，筹资76亿元，再融资4亿元。 2月28日，国家统计局官网发布《中华人民共和国2025年国民经济和社会发展统计公报》。 ...

国务院办公厅日前印发《加快培育服务消费新增长点工作方案》。其中提出，统筹利用现有资金渠道支 持发展服务消费、培育服务消费新增长点。优化实施服务业经营主体贷款贴息政策。引导金融机构加大 对服务消费新增长点领域经营主体的信贷投放力度，合理确定贷款利率水平，创新开发特色金融产品和 服务。支持符合条件的文化、旅游、教育、体育、家政等服务消费领域企业发行债券，支持符合条件的 消费基础设施项目发行基础设施领域不动产投资信托基金（REITs）。加大消费信贷支持力度，引导金 融机构与商家合作开发适合服务消费特点的产品和服务。 ...

2026.01. 22 本文字数：2727，阅读时长大约4分钟 作者 | 第一财经 祝嫣然 作为"十五五"开局之年，2026年年初以来，中国稳投资政策密集加力。 新年首场国务院常务会议部署实施财政金融协同促内需一揽子政策；围绕支持民间投资，实施中小微 企业贷款贴息政策，设立民间投资专项担保计划，建立支持民营企业债券风险分担机制，优化实施设 备更新贷款财政贴息政策，进一步降低企业融资门槛和成本。 1月22日，国家发改委发布消息称，2026年第一批936亿元超长期特别国债支持设备更新资金已经 下达，支持工业、能源电力等领域约4500个项目，带动总投资超过4600亿元；同时，采取直接向地 方下达资金的方式，继续支持老旧营运货车报废更新、新能源城市公交车更新、老旧农机报废更新。 纵观"十四五"时期，积极扩大有效投资取得显著成效。从总量看，固定资产投资（不含农户）从 2021年的46万亿元增长到2025年的48.5万亿元；从结构看，制造业投资占比总体稳定，绿色能源 等领域投资高速增长，投资结构持续优化。 面向未来，中国投资潜力和空间依然巨大。国家发改委表示，"十五五"时期我国发展环境面临深刻 复杂变化，投资领域新旧动能 ...

去年底的中央经济工作会议明确"推动投资止跌回稳"。 作为"十五五"开局之年，2026年年初以来，中国稳投资政策密集加力。 "十四五"时期，政府投资有效发挥了投资引导作用。过去五年，累计安排近3.4万亿元中央预算内投资，重点支持补短板调结构 惠民生的公共领域项目建设。累计发行约16万亿元地方政府专项债券用于投资建设，扩大投向领域和用作资本金范围。其中， 2024～2025年共安排1.5万亿元超长期特别国债，支持国家重大战略实施和重点领域安全能力建设（"两重"建设）。 2022年、2025年分别投放7399亿元政策性开发性金融工具、5000亿元新型政策性金融工具，有力补充重大项目资本金。 国家发改委介绍称，将"十四五"规划102项重大工程作为推动规划实施和扩大有效投资的重要抓手，着力加强项目资金和要素保 障，积极吸引社会资本参与。白鹤滩水电站、中老铁路、"梦想"号大洋钻探船等重大项目建成投运，川藏铁路、雅下水电工 程、三峡水运新通道、黄河古贤水利枢纽等重大项目稳步推进或实现开工，城市更新、城市地下管网建设改造、"双一流"高 校、"三北"工程等项目建设有序推进，102项重大工程如期完成规划目标任务。 在提振民间投资 ...

Core Viewpoint - The Ministry of Natural Resources and the Ministry of Housing and Urban-Rural Development have issued measures to further support urban renewal actions, emphasizing diversified financing methods and increased central budget investments [1][2]. Financing Support - The government plans to enhance support through ultra-long-term special bonds for eligible projects, with central financial backing for urban renewal initiatives [1][2]. - Local governments are encouraged to increase fiscal input and consolidate relevant funds, utilizing special local government bonds for qualifying urban renewal projects while prohibiting illegal debt financing [1][2]. Tax and Financial Policies - Implementation of tax and fee reduction policies related to urban renewal is highlighted [1][2]. - Various financial institutions are encouraged to actively participate in urban renewal under the conditions of legal compliance, risk control, and commercial sustainability, with a focus on strengthening credit support [1][2]. Market Participation - The measures aim to improve market-oriented financing models to attract social capital for urban renewal projects [1][2]. - Eligible projects are encouraged to issue real estate investment trusts (REITs), asset-backed securities, and corporate credit bonds in the infrastructure sector [1][2].

Core Viewpoint - The Ministry of Commerce and nine other departments have jointly issued a notice to promote green consumption, outlining 20 specific measures across seven areas to support the development of a green economy and society. Group 1: Green Consumption Initiatives - The notice proposes the establishment of a green consumption infrastructure project library to regularly recommend quality projects to financial institutions [1] - It supports the issuance of Real Estate Investment Trusts (REITs) for eligible projects in the infrastructure sector [1] - The Ministry of Commerce will guide localities in implementing green consumption initiatives and summarizing successful practices to further expand green consumption [1] Group 2: Promotion of Green Products - The notice emphasizes promoting green consumption in the automotive sector, supporting the purchase of new energy vehicles, and exploring the potential of the second-hand car market and new consumption models like RV camping and car-sharing [1] - It encourages the purchase of certified green smart home appliances and green building materials, focusing on energy efficiency and sustainability [1] Group 3: Green Agricultural Products - The initiative encourages enterprises to expand the procurement of green food, organic products, and geographical indication products, and to establish dedicated sales areas for these products [2] - It promotes direct sourcing activities between green agricultural production bases and large supermarkets or restaurants to increase market supply [2] Group 4: Innovation in Green Consumption Models - The notice advocates for the integration of artificial intelligence with green consumption to innovate smart products and enhance resource utilization through advanced technology [2] - It calls for stronger policy integration to support green consumption initiatives alongside modern commerce and retail innovations [2] Group 5: Financial Support for Green Consumption - The notice encourages financial institutions to increase support for green consumption loans and to provide convenient services for users with good green consumption records [2] - It promotes the development of insurance products for green consumption and the establishment of a project library for green consumption infrastructure [3]

Core Viewpoint - The Ministry of Commerce and nine other departments have issued a notice to implement actions promoting green consumption, emphasizing increased credit support for green consumption loans [1][2] Group 1: Credit Support - Financial institutions are encouraged to enhance support for green consumption loans that meet specific standards [1][2] - Banks are urged to provide convenient services for users with good records in green consumption [1][2] Group 2: Collaboration and Innovation - Financial institutions are encouraged to collaborate with trade and circulation enterprises to expand the application scenarios for green consumption loans [1][2] - There is a push for innovation in financial products, including insurance guarantees for green consumption [1][2] Group 3: Infrastructure and Investment - The establishment of a project library for green consumption infrastructure is being explored, with regular recommendations of quality projects to financial institutions [1][2] - Support is provided for eligible projects to issue Real Estate Investment Trusts (REITs) in the infrastructure sector [1][2]

Group 1 - The core viewpoint of the news is the implementation of a green consumption promotion action plan by the Ministry of Commerce and other departments, which includes 20 specific measures across seven areas [1][2] Group 2 - In terms of enriching the supply of green products, the plan encourages the expansion of green food, organic agricultural products, and high-quality goods, as well as the establishment of dedicated sales areas for green agricultural products [1] - The plan promotes green consumption in the automotive sector by supporting the purchase of new energy vehicles and exploring the potential of the used car market and new consumption models such as RV camping and self-driving tours [1] Group 3 - The plan emphasizes the innovation of green consumption models by promoting green supply chains and encouraging the use of environmentally friendly products and packaging [2] - It also calls for increased policy support, including enhanced credit support for green consumption loans and collaboration between financial institutions and trade enterprises [2] - The plan encourages the development of innovative financial products to support green consumption, including insurance and the establishment of a project library for green infrastructure [2]

Core Viewpoint - Urban renewal is receiving unprecedented strategic upgrades in 2025, with significant attention from high-level meetings and documents, surpassing the focus on real estate [2][3]. Group 1: Policy Developments - The central government has issued multiple documents emphasizing urban renewal, including the "Opinions on Continuing to Promote Urban Renewal Actions," which outlines a clear timetable and roadmap for the initiative [2][4]. - Urban renewal is increasingly linked to expanding domestic demand, as highlighted in the Central Economic Work Conference, which identifies it as a crucial tool for economic growth [3][4]. Group 2: Financial Support and Investment - The central government is providing substantial financial support for urban renewal, with 20 cities selected for funding in 2025, receiving up to 12 billion yuan based on their region [6][7]. - A diversified funding mechanism is essential for urban renewal projects, with an emphasis on leveraging social capital and market mechanisms to enhance investment efficiency [8]. Group 3: Market Outlook - The urban renewal market in China is projected to exceed 8.6 trillion yuan in 2025, reflecting an 18.3% year-on-year growth, with expectations of reaching a 10 trillion yuan market by 2030 [8].

Core Viewpoint - The National Development and Reform Commission and the National Energy Administration have issued opinions to promote the large-scale development of solar thermal power, aiming to support the construction of a new power system and enhance the investment and financing cycle in the sector [1][2]. Group 1: Policy Measures - The opinions propose a series of policy measures to address the bottlenecks in solar thermal power development, emphasizing problem and goal orientation [2]. - It includes the issuance of real estate investment trusts (REITs) and asset-backed securities to revitalize existing assets [1]. - The policies aim to strengthen land and policy support for solar thermal projects, ensuring a coordinated development layout for renewable energy [1][2]. Group 2: Development Goals - The overall goal is to actively promote the construction of solar thermal power projects, with a target of achieving a total installed capacity of approximately 15 million kilowatts by 2030 [1]. - The cost of electricity generated from solar thermal power is expected to be comparable to that of coal power by 2030 [1]. - The industry aims to achieve international leadership in technology and fully autonomous control, fostering a market-oriented and industrialized development [1]. Group 3: Market and Application - The opinions highlight the dual functions of solar thermal power as both a peak-shaving power source and long-duration energy storage, which can support the power system [2]. - It emphasizes the potential of solar thermal power to replace traditional energy sources safely and reliably, contributing to the construction of a new power system [2]. - The solar thermal power industry chain is extensive, and its large-scale development is expected to become a new growth point for China's renewable energy sector [2].