坚定转型机器人全链条服务平台型公司，助力机器人企业商业化落地 公司持续深化机器人领域的战略布局，以"投资孵化、运营赋能、生态共建"三位一体的模式，系统推进 产业全周期服务能力建设。并围绕资本支持、应用场景、供应链协同三大支柱，为机器人企业提供从技 术验证到市场落地的全程赋能。 (1)在投资端，2025年前三季度，公司旗下多支产业基金已完成对宇树科技、云深处、星海图、加速进 化、松延动力、微分智飞、泉智博等产业链关键环节企业的投资覆盖，重点布局人形机器人、飞行机器 人及上游核心部件等前沿方向。 (2)在业务协同方面，本集团于2025年第三季度设立首程机器人先进材料产业有限公司，强化上游材料 领域的布局。此前在年初成立的北京首程机器人科技产业有限公司，已开展机器人销售代理、租赁服 务、行业咨询及供应链管理等多类业务。新设的材料公司将着力投入机器人先进材料及其他高协同性新 兴赛道，进一步完善产业链生态体系。 智通财经APP获悉，东北证券发布研报称，维持首程控股(00697)"买入"评级，前三季度业绩表现强劲， 营收与净利润分别同比增长30%和22%。公司正坚定转型为机器人全链条服务平台，通过投资孵化、运 营赋能和生 ...

近日，中国人民银行北京市分行等12部门联合印发《金融支持北京市提振和扩大消费的实施方案》（以 下简称《实施方案》），提出不断完善金融服务体系，提升金融服务能力，聚焦消费重点领域和环节加 大金融支持力度，力争到2030年北京市消费领域金融服务水平进一步提升。 加大重点领域金融支持 挖掘消费潜力 在优化银发群体消费服务模式上，鼓励辖内金融机构聚焦不同老龄群体消费金融需求，为不同阶段、不 同特征的老龄群体提供全方位金融服务，如开展老年助餐支付便利试点、发行和经营银发群体专属卡产 品等。 在提升境外来华人员在京消费服务水平上，支持相关支付机构和银行进一步扩大"外卡内绑"应用场景和 主体范围，加强产品创新和政策宣传，提升注册、绑卡、支付等各环节的友好度和便利性。 提升金融机构服务水平 扩大消费供给 《实施方案》构建了 "信贷、债券、股权"多元融资支持体系。 《实施方案》提出，加大商品消费信贷支持力度。积极开展汽车贷款业务，合理确定贷款发放比例、期 限和利率，适当减免汽车以旧换新过程中提前结清贷款产生的违约金。引导金融机构针对首次购买、以 旧换新、二手车等不同购车场景优化创新金融产品，加大对汽车特别是新能源汽车消费的金融 ...

《实施方案》提到，支持消费基础设施和商贸流通体系建设。鼓励辖内金融机构主动对接北京国际消费 中心城市建设重点项目及其他消费领域重大项目、重点工程，围绕商圈升级改造、商业业态更新、流通 体系建设等领域，优化金融产品和服务，根据借款人资信状况和偿债能力、项目投资回报周期等，优化 贷款审批条件，合理设置贷款期限，提供优惠贷款利率，降低市场主体融资成本。支持符合条件的消费 基础设施发行基础设施领域不动产投资信托基金（REITs）。 北京商报讯（记者 李海媛）11月18日，中国人民银行北京市分行等12部门关于印发《金融支持北京市 提振和扩大消费的实施方案》（以下简称《实施方案》）。 ...

Core Viewpoint - The article emphasizes the importance of private investment as a key driver for high-quality economic development in China, highlighting recent government measures aimed at promoting private investment through clear and actionable policies [1]. Group 1: Policy Framework - The "13 Measures for Promoting Private Investment" issued by the State Council aims to inject strong momentum into private investment by addressing market concerns with precise policy measures [1]. - The document focuses on "strengthening guarantees," which is a recurring theme throughout, establishing a comprehensive institutional framework that supports private investment from the stages of "daring to invest" to "able to invest" and "investing well" [1]. Group 2: Investment Participation - The measures allow for a minimum private capital holding of over 10% in traditional state-dominated sectors such as railways and nuclear power, marking a significant policy breakthrough that transforms abstract access permissions into clear property rights [2]. - The commitment to "improve the long-term mechanism for private enterprises' participation in major projects" signifies a shift from pilot openings to institutional openings, alleviating concerns about policy changes for private capital [2]. Group 3: Financial Tools - The measures propose increasing central budget investments to support eligible private investment projects and encourage the issuance of Real Estate Investment Trusts (REITs) for infrastructure projects, showcasing a diversified and precise financial support mechanism [3]. - The introduction of REITs provides a complete cycle for private capital to engage in large infrastructure projects, promoting a healthy investment cycle by revitalizing existing assets and releasing dormant funds [3]. Group 4: Financial Innovation - The measures address long-standing issues of financing difficulties by implementing a "duty of care exemption" and a "bad debt tolerance system," aiming to resolve the deep-seated contradictions in financial institutions' lending behaviors [4]. - A "green channel" for technology-based enterprises is established to facilitate their access to financing and mergers, creating a comprehensive financing system that supports both heavy and light asset projects [4]. Group 5: Service Optimization - The measures require banking institutions to set annual service goals for private enterprises and promote an "innovation points system" to guide financial resources towards technology-driven companies [6]. - Increasing the government procurement prepayment ratio to over 30% aims to alleviate cash flow pressures on private enterprises, reflecting a supportive policy environment at both macro and micro levels [6].

原标题：优化服务，为民营企业"输血"强身 ——细读"民间投资13条"③ 项目资本金是项目开工的先决条件。新型政策性金融工具全部用于补充项目资本金，能够有效促进更多民间投资和民间资本参与项目加快开工实施， 同时这一工具还能进一步引导带动商业银行共同参与投融资，发挥"四两拨千斤"的效应。 民间投资，钱从哪里来？促进民间投资，资金支持是重要方面。 细读"民间投资13条"，若说扩大准入、打通堵点的一系列政策旨在更好打开民营企业的投资空间，那么强化保障的一系列服务性举措瞄准的则是进一 步拓宽投融资渠道，为民营企业"输血"强身、增强投资能力。 先看政策性金融。 政策性金融聚焦国家战略需求、提供中长期资金，能够有效提振民间投资的积极性。《关于进一步促进民间投资发展的若干措施》（以下简称《若干 措施》）提出，用好新型政策性金融工具，支持一批符合条件的重要行业、重点领域民间投资项目，补充项目资本金。 今年4月25日召开的中共中央政治局会议强调，"设立新型政策性金融工具，支持科技创新、扩大消费、稳定外贸等"。这一新型政策性金融工具随后 便紧锣密鼓地筹备落地。目前，5000亿元新型政策性金融工具资金已全部投放完毕，其中安排一定规模 ...

证券研究报告 | 2025年11月16日 公募 REITs 周报（第 42 期） 小幅回暖，跑赢含权指数 核心观点 固定收益周报 主要结论：本周 REITs 指数小幅上涨，跑赢主要含权指数，保障房、交通、 消费板块涨幅领先。产权类 REITs 和特许经营权类 REITs 平均周涨跌幅为 +0.7%、+1.0%。从主要指数周涨跌幅对比来看，中证 REITs>中证转债>中证 全债>沪深 300。截至 2025 年 11 月 14 日，产权 REITs 股息率比中证红利股 股息率均值低 6BP,经营权类 REITs 内部收益率均值与十年期国债收益率利 差为 253BP。 中证 REITs 指数周涨跌幅为+0.8%，年初至今涨跌幅为 3.6%。截至 2025 年 11 月 14 日，中证 REITs（收盘）指数收盘价为 818.17 点，整周 （2025/11/7-2025/11/14）涨跌幅为+0.8%，表现强于中证转债指数（+0.5%）、 中证全债指数（+0.1%）和沪深 300 指数（-1.1%）。年初至今，各类主要指 数涨跌幅排序为：中证转债（+18.6%）>沪深300（+17.6%）>中证REITs（+3. ...

Core Insights - The report highlights the Chinese government's support for private investment projects to issue Real Estate Investment Trusts (REITs), aiming to enhance financing for infrastructure projects [1][6]. - The REITs market has shown positive performance recently, with the CICC Lian Dong Science and Technology REIT leading the gains at +6.24% during the week of November 10 to November 14, 2025 [1][14]. - The overall REITs index outperformed the CSI 300 index by 1.92 percentage points, indicating strong relative performance in the market [1][14]. Industry Dynamics - On November 10, 2025, the State Council issued measures to further promote private investment, emphasizing the establishment of a "green channel" for technology companies to access financing through listings and mergers [6]. - As of November 14, 2025, the total issuance scale of listed REITs reached 199.3 billion yuan, with 77 REITs issued [6][7]. Market Performance - For the week of November 10 to November 14, 2025, the CSI REITs total return index increased by 0.86%, while the overall REITs index rose by 0.84% [1][14]. - Individual REITs such as CICC Lian Dong Science and Technology REIT, CICC Shandong Expressway REIT, and China Merchants Shekou Rental Housing REIT saw significant gains, with increases of 6.24%, 5.18%, and 4.10% respectively [1][14]. - Conversely, some REITs like Huatai Nanjing Jianye REIT and CICC Chongqing Liangjiang REIT experienced declines of -6.58% and -5.21% [1][14]. Liquidity - The total trading volume of REITs for the week was 569 million yuan, reflecting a 1.2% decrease from the previous week [2][36]. - The largest segment by trading volume was park infrastructure REITs, accounting for 21.9% of the total trading volume [2][36]. Valuation - The report does not provide specific valuation metrics or insights, focusing instead on market performance and liquidity trends [41].

Group 1 - The State Council has issued measures to further promote private investment development, emphasizing the need for industry authorities and local governments to specify requirements for private capital participation in project construction [1] - The measures encourage private capital involvement in new urban infrastructure projects with profit potential, particularly in smaller cities [1] - There is an increased support for eligible private investment projects through central budget investments and new policy financial tools, with banks required to set annual service targets for private enterprises [1] Group 2 - The policy explicitly encourages private capital participation in profitable infrastructure projects such as railways, nuclear power, hydropower, oil and gas pipelines, and water supply, supporting a minimum holding ratio of over 10% [1] - The real estate sector is experiencing rising policy expectations, with forecasts indicating a stabilization of the real estate market by 2026, focusing on companies with balance sheet recovery [2] - Research from China International Capital Corporation suggests that there are opportunities for Hong Kong-funded real estate companies to experience a second upward trend [2]

Core Viewpoint - The State Council issued measures to promote private investment, addressing current challenges and proposing 13 policy initiatives aimed at enhancing private sector participation in key projects [1] Group 1: Policy Initiatives - The measures encourage private capital participation in specific sectors such as railways, nuclear power, hydropower, and oil and gas pipelines, with a potential share of over 10% for qualified projects [1] - Emphasis is placed on conducting feasibility studies to assess the viability of private investment in these projects, ensuring alignment with actual project conditions and private sector interest [1] Group 2: Infrastructure REITs - The National Development and Reform Commission (NDRC) has supported 18 private investment projects for infrastructure REITs, with 14 projects successfully listed, raising nearly 30 billion yuan [2] - Future efforts will focus on enhancing collaboration with the China Securities Regulatory Commission to facilitate more private investment projects in REITs, thereby broadening financing channels for private enterprises [2] Group 3: Service Industry Development - The measures highlight support for private capital in sectors like industrial design, common technology services, and digital transformation, aiming to elevate the quality and capacity of the service industry [3] - The NDRC plans to implement actions to encourage private enterprises to engage in high-value-added technology services and participate in key projects within the productive service industry [3]

Core Viewpoint - The new Securities Law has significantly transformed China's bond market over the past five years, enhancing its marketization, rule of law, and internationalization, thereby injecting strong momentum into the high-quality development of the Chinese economy [1][2]. Group 1: Legal Foundation - The new Securities Law has unified the regulation of corporate credit bonds, eliminating regulatory arbitrage and establishing a solid legal foundation for the bond market [2]. - The law emphasizes a shift from administrative approval to a market-oriented registration system for bond issuance, significantly simplifying issuance conditions [3][4]. Group 2: Issuance and Disclosure - The registration system under the new law focuses on the issuer's qualifications and the authenticity of information disclosure, enhancing transparency and accountability [4]. - The average time for bond registration has been reduced to 7 working days in 2023, an 80% decrease compared to the previous approval system [4]. Group 3: Trading and Risk Pricing - The new law aims to break the myth of rigid repayment, fostering a risk pricing mechanism that respects market principles and enhances the contract spirit [5][6]. - The bond market has seen a significant reduction in the rolling default rate from 0.88% in 2019 to 0.05% in 2023, indicating a shift towards rational pricing [6]. Group 4: Regulatory Enhancements - The new Securities Law has increased penalties for securities violations, enhancing the deterrent effect against illegal activities in the capital market [7][8]. - Regulatory bodies have adopted a zero-tolerance approach to fraud and misconduct, significantly improving market integrity and investor protection [8]. Group 5: Economic Impact - The bond market has played a crucial role in stabilizing the economy during crises, such as the issuance of 1 trillion yuan in special bonds to counter the impact of the COVID-19 pandemic [9][10]. - The issuance of green bonds has surged from 201.8 billion yuan in 2016 to 683.3 billion yuan in 2024, supporting the transition to a low-carbon economy [10]. Group 6: Market Structure and Innovation - The bond market has diversified its product offerings, including green bonds and innovative financial instruments, to meet the financing needs of various sectors [11][12]. - Digital transformation initiatives, including the use of blockchain technology, are enhancing operational efficiency and transparency in the bond market [12][13]. Group 7: Internationalization and Openness - The bond market has accelerated its internationalization, with the issuance of panda bonds exceeding 1 trillion yuan, reflecting growing foreign interest [14][15]. - The inclusion of Chinese government bonds in major global indices has enhanced the international influence of the renminbi [15]. Group 8: Future Outlook - The bond market must continue to strengthen risk prevention measures and enhance its regulatory framework to address challenges such as local government debt [16][17]. - Ongoing reforms should focus on improving the market's resilience and aligning with international standards to enhance competitiveness [21][22].