策略报告 | 投资策略 商务部等 9 部门：优先支持社区商业等发行 REITs 周观 REITs 本周（2025.9.15-2025.9.19），中证 REITs 全收益指数上涨 0.12%，REITs 总指 数上涨 0.05%，产权 REITs 指数上涨 0.14%，经营权 REITs 指数下跌 0.13%。大 类资产角度，REITs 总指数跑赢沪深 300 指数 0.50 个百分点，跑赢中证全债 指数 0.04 个百分点，跑输南华商品指数 0.19 个百分点。个券层面，华夏基 金华润有巢 REIT、招商高速公路 REIT、易方达深高速 REIT 领涨，涨跌幅分别 为 2.20%、1.89%、1.57%。华夏特变电工新能源 REIT、华夏北京保障房 REIT、 工银蒙能清洁能源 REIT 领跌，涨跌幅分别为-2.73%、-1.79%、-1.70%。 流动性方面，本周 REITs 总体成交活跃度下降 成交额方面，本周 REITs 总成交额(MA5)为 4.68 亿元，环比上周下降 19.0%， 产权和经营权成交额(MA5)分别为 2.95 和 1.73 亿元，环比上周分别变化了 -20.9%和-15.7%。细 ...

Core Viewpoint - The article discusses the recent favorable policies aimed at boosting consumption in China, highlighting the government's commitment to enhancing the convenience of urban living through the development of "15-minute convenience living circles" [4][6][10]. Group 1: Policy Initiatives - On September 19, nine government departments released a notification to promote the construction and upgrade of urban convenience living circles, proposing 20 specific measures across six areas [6][7]. - The goal is to achieve a "hundred cities and ten thousand circles" initiative by 2030, establishing 100 pilot cities and creating 10,000 well-structured convenience living circles with a resident satisfaction rate of over 90% [6][8]. - The notification emphasizes the use of advanced technologies such as big data, AI, and IoT to develop smart stores and self-service facilities, enhancing the digital management of these living circles [6][7]. Group 2: Economic Impact - The article notes that the retail sales of consumer goods increased by 3.4% year-on-year in August, with a significant rise in sales related to trade-in programs [4][10]. - The service retail sector has shown robust growth, with a 5.1% increase in service retail sales in the first eight months of the year, outpacing the growth of goods retail [10][11]. - The contribution of domestic demand to GDP growth was 68.8% in the first half of the year, with final consumption expenditure accounting for 52%, indicating that consumption is a primary driver of economic growth [11]. Group 3: Future Outlook - The government plans to introduce additional policies to support high-quality development in the accommodation sector and the integration of railways and tourism, forming a comprehensive policy framework to stimulate consumption [10][11]. - As China's per capita GDP exceeds $13,000, the shift from goods consumption to service consumption is expected to accelerate, further enhancing market vitality and economic circulation [11].

Core Viewpoint - The Ministry of Commerce and nine other departments in China have issued a notice to enhance the construction and upgrade of the "15-minute convenient living circle" in urban areas, emphasizing financial and insurance support for community services [1] Financial Support - Financial institutions are encouraged to revitalize idle commercial facilities around communities, prioritizing services for the elderly and children [1] - The establishment of a long-term care insurance system is being accelerated, with a focus on determining the coverage and standards for subsidies for economically disadvantaged elderly individuals [1] - The policy aims to support community commercial complexes, neighborhood centers, department stores, and markets through the issuance of Real Estate Investment Trusts (REITs) [1] Policy Implementation - The government plans to utilize a 500 billion yuan service consumption and elderly care relending policy to guide financial institutions in increasing support [1] - There is an emphasis on implementing loan interest subsidy policies for service industry operators [1]

Core Viewpoint - The Ministry of Commerce and nine other departments have issued a notice on September 19 to enhance the construction and expansion of the "15-minute convenient living circle" in urban areas, emphasizing financial and insurance support for community services [1] Financial Support - Financial institutions are encouraged to revitalize idle commercial facilities in communities, prioritizing services for the elderly and children [1] - A long-term care insurance system is to be established, with a focus on determining the coverage and standards for subsidies for economically disadvantaged elderly individuals [1] - The policy aims to support community commercial complexes, neighborhood centers, department stores, and markets through the issuance of Real Estate Investment Trusts (REITs) [1] Policy Implementation - The government plans to utilize a 500 billion yuan policy for service consumption and elderly care re-loans to guide financial institutions in increasing support [1] - The implementation of loan interest subsidies for service industry operators is also part of the initiative [1]

1. Report Industry Investment Rating There is no information provided in the report regarding the industry investment rating. 2. Core Views of the Report - The National Development and Reform Commission issued Document No. 782 on September 12, 2025, aiming to further improve the normalized application mechanism and promote the expansion of the public - offering REITs market in terms of scale, scope, and fund - raising [4][6]. - As of September 12, 2025, 74 public - offering REITs had their initial public offerings, and 6 conducted additional fund - raising. The overall listing rhythm is normal, but the number of accepted projects has decreased, and it is necessary to accelerate project reserves [4][17]. - Document No. 782 simplifies procedures to support mixed - asset additional fund - raising, which is expected to speed up the process, widen the range of available assets, and diversify risks, but also places higher requirements on fund managers [4][12]. - The document encourages large - scale projects and those with a high proportion of net recovered funds. The launch of an information platform is expected to enhance the transparency of application and approval [4][7]. - The release of Document No. 782 is expected to further accelerate the expansion of the public - offering REITs market, especially in additional fund - raising. It is recommended to focus on leading enterprises with abundant operating assets and strong intentions for additional fund - raising, new projects with a significant spread between issuance yield and secondary - market yield, and projects with a high safety margin for distributable yield [4]. 3. Summaries Based on Relevant Catalogs 3.1. Adding Force to Expand Scale, Scope, and Encouraging Large - Scale and High Net - Recovered - Fund - Ratio Projects - The National Development and Reform Commission issued Document No. 782 to promote the normalized application and issuance of public - offering REITs and further improve the application mechanism [6]. - In terms of scale, large - scale projects can significantly promote market expansion, have cost advantages at the issuance end, meet the investment needs of large - scale institutional investors, and reduce trading difficulty and costs. Projects with a high proportion of net recovered funds will be prioritized for recommendation [7]. - In terms of types, it is necessary to accelerate the normalized application of mature asset - type projects, explore the issuance of new asset - type projects, and support the issuance and listing of private investment projects [9]. 3.2. Simplifying Procedures to Support Mixed - Asset Additional Fund - Raising - Document No. 782 shortens the interval between the initial public offering and additional fund - raising application, which helps more initial projects conduct additional fund - raising and requires fund managers to identify potential projects in advance [12]. - It allows mixed - asset additional fund - raising, widens the range of available assets, and diversifies risks but also poses higher management requirements. Additional fund - raising is a standard feature in mature global REITs markets, and leading enterprises will have more advantages [12]. 3.3. Emphasizing Public - Offering REITs and Strengthening Project Reserves - As of September 12, 2025, the issuance and review speed of public - offering REITs in 2025 is progressing steadily, but it is necessary to strengthen subsequent project reserves. The number of accepted projects has decreased compared to the same period last year [17]. - Document No. 782 requires provincial development and reform departments and relevant central enterprises to attach importance to REITs and strengthen project reserves, which is conducive to promoting local application and approval and increasing project reserves [17]. 3.4. Launching an Information Platform to Enhance Application and Approval Transparency - Document No. 782 proposes to launch an information system for infrastructure REITs projects, standardize and digitize the entire application process, and improve the policy system through regular communication [21]. - The information platform is expected to enhance the transparency of application and approval. Issuers/fund managers can input project information and upload compliance documents, and keep track of the project status during the review process [21]. 3.5. Overview of Valuations of Listed Public - Offering REITs - The report provides detailed information on listed public - offering REITs, including their asset types, market values, prices, yields, and other indicators, which helps investors understand the performance and valuation of different REITs [24].

中国发展网讯 日前，国务院发布《关于全国部分地区要素市场化配置综合改革试点实施方案的批复》 （国函〔2025〕86号），同意自即日起2年内开展北京城市副中心、苏南重点城市、杭甬温、合肥都市 圈、福厦泉、郑州市、长株潭、粤港澳大湾区内地九市、重庆市、成都市等10个要素市场化配置综合改 革试点。 成都具体实施方案如下： 成都市要素市场化配置综合改革试点实施方案 试点范围包括四川省成都市全域。 一、激发技术要素创新活力 （一）深化职务科技成果权属改革。开展科技成果评价改革，规范第三方评价。完善技术类无形资产评 估评价，健全挂牌交易、公开拍卖与成交信息公示制度。推动高校、科研院所建立专业化技术转移机 构。鼓励政府与高校、科研院所共同设立和发展中试研发平台。进一步完善知识产权托管服务，推动专 利开放许可，促进高校、科研院所开展知识产权转让和实施许可。 （二）优化科技创新资源配置。改革科研项目立项和组织方式，推动西部（成都）科学城在从事基础 性、前沿性、公益性研究的独立法人科研机构探索实施经费包干制，推进新型研发机构实行"预算+负 面清单"管理模式。探索科研资金跨行政区域使用，促进科技资源跨区域开放共享。健全成都科技创新 ...

Key Points - Over 60% of financing platforms have cleared their hidden debts, indicating accelerated reform and transformation in the financing platform sector [1] - The Ministry of Finance has issued 4 trillion yuan of the 6 trillion yuan special debt limit, reducing average debt interest costs by over 2.5 percentage points, saving over 450 billion yuan in interest expenses [1] - The National Development and Reform Commission is promoting the expansion of the REITs market, focusing on infrastructure assets such as toll roads and clean energy [1][2] - The People's Bank of China has announced a new evaluation method for primary dealers, effective from 2025, to enhance monetary policy transmission [4] - The State Council is implementing measures to promote private investment, focusing on expanding access and removing barriers for private capital in new infrastructure and emerging service sectors [6] - As of August, M2 growth was 8.8% and M1 growth was 6%, indicating a narrowing gap between the two [7] - The People's Bank of China will conduct a 600 billion yuan reverse repurchase operation, indicating ongoing liquidity management [9] - The Ministry of Finance plans to issue 2.42 trillion yuan in government bonds, including 820 billion yuan in ultra-long-term special bonds [20] - The issuance of green corporate bonds and other innovative debt instruments is on the rise, reflecting a focus on sustainable financing [17][22]

Core Viewpoint - The article emphasizes the importance of promoting the regular application and recommendation of infrastructure REITs to enhance effective investment and support high-quality development in the infrastructure sector [1]. Group 1: Market Expansion and Project Recommendations - Continuous efforts are being made to expand the market for infrastructure REITs, with a focus on orderly project application and recommendation, leading to steady growth in issuance scale and asset types [2][3]. - There is a push for the regular application of mature asset types, prioritizing high-quality infrastructure projects that align with national strategies and policies [2][3]. - New asset types such as railways, ports, and cultural tourism are being explored for issuance pathways, with efforts to resolve existing challenges [3]. Group 2: Support for Private Investment Projects - Provincial development and reform departments are encouraged to establish mechanisms to support private investment projects in issuing infrastructure REITs, ensuring compliance and accelerating project development [3]. Group 3: Project Cultivation and Reserve - A systematic approach is recommended for project cultivation, including maintaining a dynamic project inventory and ensuring compliance with investment management procedures [3][4]. Group 4: New Asset Acquisition and Fundraising - The process for applying for new asset acquisitions through existing REITs is being simplified, allowing for the purchase of quality assets after the initial listing period [4]. - The scope for new asset acquisitions is being broadened to include similar and related projects across different sectors [4]. Group 5: Project Quality Assurance - The focus remains on ensuring project quality by adhering to market-oriented and legal principles, with strict criteria for project recommendations [5][6]. - Emphasis is placed on the importance of complete investment management procedures and compliance with regulatory requirements [6]. Group 6: Organizational Support and Efficiency - There is a call for improved efficiency in project submissions, with a focus on enhancing professional capabilities and optimizing workflows [7]. - The establishment of an information management system for infrastructure REITs is underway to standardize and streamline the project application process [7][8]. Group 7: Communication and Policy Improvement - Regular communication with local development departments and industry stakeholders is encouraged to gather feedback and continuously improve the policy framework for infrastructure REITs [8].

【国家发改委：积极研究探索铁路、港口、特高压输电、通信铁塔等尚无推荐发行案例的新资产类型 REITs项目的发行路径】智通财经9月12日电，国家发展改革委办公厅发布关于进一步做好基础设施领 域不动产投资信托基金（REITs）常态化申报推荐工作的通知，积极推动新资产类型项目推荐发行。积 极研究探索铁路、港口、特高压输电、通信铁塔、市场化租赁住房、文化旅游、专业市场、养老设施等 尚无推荐发行案例的新资产类型项目的发行路径，加大力度协调解决难点堵点问题，帮助项目尽快满足 发行条件。 转自：智通财经 ...

Core Viewpoint - The National Development and Reform Commission (NDRC) has issued a notice to enhance the regular application and recommendation process for Real Estate Investment Trusts (REITs) in the infrastructure sector, focusing on new asset types [1] Group 1 - The notice emphasizes the promotion of new asset type projects for recommendation and issuance [1] - It highlights the exploration of issuance paths for asset types that currently lack recommended issuance cases, including railways, ports, ultra-high voltage transmission, communication towers, market-oriented rental housing, cultural tourism, specialized markets, and elderly care facilities [1] - The NDRC aims to strengthen coordination to resolve existing challenges and expedite projects in meeting issuance conditions [1]