华为Mate 80系列 | Mate X7及全场景新品发布会 （原标题：英华号周播报|震荡市下，投资要重归"长期配置逻辑"？科技与高股息又该如何配置？） NO.3： 华为 # " 当期热文 NO.1 国泰基金 一只ETF的初心 NO.2 摩根士丹利基金 摩根士丹利基金市场洞察：全球股市下跌，长期逻辑资产或迎布局机会 NO.3 长城基金 长城"科技+" | 解码AI医疗："政策红利+产业迭代"的战略配置机会 （点击文章标题跳转原文，下同） # " 热转好文 NO.1 招商证券投教基地 投资基础设施REITs的收益来源丨投资一点通 NO.2 中银证券投教基地 银兜兜奇遇记：穿越宋朝悟出的财富真经，原来是。。。。。。 NO.3 华安基金 9月美国就业略偏弱，12月仍有较大概率降息 # " 趣投教 NO.1： 基金君走现场 价格翻倍都一货难求！基金君实探华强北：存储芯片缘何成为"黑金条"？ NO.2： 工银瑞信基金 走进工银瑞信基金系列视频|第12期 底线，生命线 NO.3： 对话 香港数码港郑松岩：数码港可协助企业对接资本市场 # " 热门直播 NO.1： 平安证券 把握中国资产确定性，共享高质量发展红利 NO.2 ...

【重点关注】 ·李强主持召开国务院常务会议研究深入实施"两重"建设有关工作部署增强消费品供需适配性进一步促 进消费政策措施 ·国务院办公厅印发《关于进一步促进民间投资发展的若干措施》 ·国家发展改革委主任郑栅洁主持召开民营企业座谈会就"十五五"时期服务业发展听取意见建议 ·国家发展改革委：83个基础设施REITs项目已发行上市预计可带动新项目总投资超过1万亿元 ·中国人民银行：做好逆周期和跨周期调节，提升宏观经济治理效能，持续稳增长、稳就业、稳预期 ·荷方代表是否已来华磋商安世半导体问题？商务部回应 ·历时不到4个月宇树科技IPO辅导完成 ·为平台经营者反垄断合规提供指引市场监管总局拟出台新规 ·多家航司发布日本航线客票处理通知：机票可免费退改 ·美国国会众议院通过临时拨款法案创纪录的美国联邦政府"停摆"闹剧落幕 【国内要闻】 ·国务院总理李强11月14日主持召开国务院常务会议。会议指出，要把"两重"建设放在"十五五"全局中谋 划和推进，牢牢把握战略性、前瞻性、全局性要求，强化部门协同，注重软硬结合，推动国家重大战略 深入实施、重点领域安全能力稳步提升。要以消费升级引领产业升级，以优质供给更好满足多元需求， ...

Group 1 - The report emphasizes maintaining duration as the year-end approaches, with a focus on medium to long-term credit varieties, particularly 4-5 year products which show marginal improvement in cost-performance despite still low spread levels [2][10][12] - The current yield range for long-term credit bonds (5 years and above) rated AA+ and above is between 2.16% and 2.66%, indicating a certain level of yield cost-performance [3][10] - The report notes that funds have significantly increased their allocation to 5-year and above credit bonds, reflecting a trend towards extending duration for yield [3][10] Group 2 - The report highlights key policies and events, including Tianjin's measures to support high-quality development of REITs, which aim to enhance capital market services for the real economy [4][19] - The upcoming revision of the "Commercial Bank M&A Loan Management Measures" is expected to broaden the scope of applicable loans and optimize loan conditions, which could facilitate mergers and acquisitions [4][19][24] - The report mentions that the National Development and Reform Commission has recommended 105 infrastructure REITs projects to the CSRC, with 83 already issued, indicating a normalization in the issuance of infrastructure REITs [4][19][24] Group 3 - The report indicates that the credit bond market has seen a majority of yields decline, with financial bonds performing better, while credit spreads have shown divergence [6][10] - The issuance scale of credit bonds this week was 269.9 billion, a decrease of 20.5 billion from the previous week, with net financing also down [7][10] - The report notes a decrease in trading activity in both the interbank and exchange markets for credit bonds, suggesting a decline in market liquidity [7][10]

Group 1: Core Views - The State Council issued measures to stimulate private investment, focusing on expanding access, addressing bottlenecks, and strengthening support through 13 targeted policy initiatives [1] - The measures emphasize the importance of digital transformation in enhancing operational efficiency and product quality, particularly among private enterprises [2][3] Group 2: Investment and Financial Policies - The measures include increased central budget investment support for eligible private investment projects and the effective use of new policy financial tools, with 500 billion yuan allocated to support key areas [4][5] - Government procurement policies will reserve over 40% of project budgets for small and medium enterprises, encouraging local governments to increase this share [4] Group 3: Credit and Direct Financing - The measures aim to improve credit access for small and medium enterprises by optimizing approval processes and promoting a credit scoring system for technology-driven companies [5] - The issuance of infrastructure REITs is highlighted as a method to revitalize existing assets, with 83 projects already listed, raising a total of 207 billion yuan, expected to drive over 1 trillion yuan in new investments [6] Group 4: Future Plans - The National Development and Reform Commission plans to enhance collaboration with the China Securities Regulatory Commission to support more private investment projects in issuing REITs, aiming to expand the market and improve service efficiency [7]

Core Viewpoint - The newly implemented measures aim to promote private investment in China by expanding access, addressing bottlenecks, and strengthening support mechanisms for private capital participation in key sectors [1][4][6]. Group 1: Key Areas for Private Investment - The measures encourage private capital participation in state-led sectors such as railways, nuclear power, hydropower, oil and gas pipelines, and water supply, allowing for a shareholding ratio of over 10% for eligible projects [4][6]. - The government plans to enhance policies for private capital in the energy sector, focusing on long-term mechanisms for private participation in major projects [6][39]. Group 2: Support for High-Value Services and Innovation - The initiative extends to high-tech research and innovation sectors, promoting private investment in industrial design, common technology services, inspection, and quality certification [9][11]. - The government aims to support the transformation of manufacturing services, encouraging private enterprises to explore pathways for service-oriented manufacturing [9][11]. Group 3: Infrastructure REITs and Financing Channels - The government has been actively supporting the issuance of infrastructure REITs for eligible private investment projects, with 14 projects already listed, raising nearly 30 billion yuan [12][14]. - The measures aim to broaden financing channels for private enterprises, facilitating a virtuous cycle of investment and financing [14][42]. Group 4: Development of Pilot Platforms - The government has issued a notification to accelerate the establishment of high-level pilot platforms in manufacturing, targeting key industries and sectors [15][18]. - There are over 2,400 pilot platforms established, with 241 prioritized for development, supporting nearly 25,000 service projects [21][22]. Group 5: Policy Clarity and Institutional Support - The new measures provide clear guidelines for private enterprise participation in major projects, including specific requirements for feasibility studies [28][32]. - The government emphasizes the importance of precise and actionable policies to enhance private sector engagement in critical areas [35][39]. Group 6: Comprehensive Financing Services - The government plans to create a national comprehensive financing service platform to improve the efficiency of investment and financing for private enterprises [40][44]. - Enhanced collaboration with various funding channels and financial services is expected to increase the effectiveness of policies promoting private investment [42][44].

基础设施REITs是通过公开市场有效盘活基础设施存量资产的重要方式。截至目前，国家发展改革委已 累计向证监会推荐105个项目，83个项目已发行上市，发售基金总额共2070亿元，预计可带动新项目总 投资超1万亿元。 "下一步，国家发展改革委将加强与证监会协同配合，在严防风险、严把质量的基础上，通过积极推动 市场扩围扩容、加强专项协调服务、提高工作质效等，支持更多符合条件的民间投资项目发行上市，进 一步拓宽民营企业融资渠道、促进形成投融资良性循环。"关鹏说。 国务院办公厅日前印发《关于进一步促进民间投资发展的若干措施》，从扩大准入、打通堵点、强化保 障3方面提出13条政策措施。国家发展改革委固定资产投资司副司长关鹏介绍，《若干措施》充分释放 促进民间投资发展信号。聚焦重点领域明确政策范围且突出具有一定收益，并要求在项目的前期工作阶 段就要研究论证引入民间资本事宜，为民间资本提供更多参与机会。同时，强调结合实际，在每一个重 大项目引入民间资本时，结合项目实际、民营企业参与意愿、有关政策要求等确定具体项目持股比例， 对具备条件的项目支持提高持股比例。 为进一步加大对民间投资的投融资政策支持，《若干措施》强化投资、财政 ...

Core Viewpoint - The National Development and Reform Commission (NDRC) is promoting private investment development by detailing requirements for private capital participation in project construction and encouraging investments in high-value service industries [1][2]. Group 1: Encouragement of Private Investment - The NDRC has introduced measures to encourage private capital participation in key projects, allowing for a shareholding ratio of over 10% in certain qualified projects, with some nuclear power projects reaching up to 20% [2][6]. - The NDRC aims to support various types of economic entities in project construction, promoting complementary advantages among different ownership types [2][3]. Group 2: Focus on Productive Service Industries - The NDRC is directing private capital towards high-value service sectors, including industrial design and quality certification, to enhance participation in productive service projects [2][4]. - There is an emphasis on the integration of advanced manufacturing and modern service industries, encouraging regions to innovate policies that support the service-oriented transformation of manufacturing [3][5]. Group 3: Support for Major Pilot Platforms - The NDRC is advocating for the establishment of significant pilot platforms by private enterprises, which are crucial for linking innovation with industry [4]. - The NDRC encourages collaboration between state-owned enterprises, universities, and research institutions to provide market-oriented pilot services to private companies [4][5]. Group 4: Expansion of Financing Channels - The NDRC is actively supporting the issuance of infrastructure REITs for qualified private investment projects, with 14 out of 18 recommended projects already listed, raising nearly 30 billion yuan [6]. - Future efforts will focus on expanding the market for private investment projects, facilitating the listing of new asset types, and establishing a supportive coordination mechanism for REITs [6].

Group 1 - The article emphasizes the active promotion of market expansion and capacity enhancement, focusing on increasing the submission and recommendation of mature asset types and facilitating the listing of new asset types to gradually include various assets suitable for issuance, thereby promoting steady market growth [1] - It highlights the importance of strengthening specialized coordination services, guiding localities to establish a sound REITs coordination service mechanism for private investment projects, and accelerating the resolution of difficulties and issues in the cultivation of private investment projects [1] - The article discusses the continuous improvement of work efficiency, promoting the institutionalization, standardization, and normalization of project recommendation and issuance, while ensuring the quality of underlying assets [1] Group 2 - The document outlines measures to encourage private capital participation in specific projects requiring national approval, such as railways, nuclear power, and water supply, emphasizing the need for specialized feasibility studies to assess the viability of private investment [2] - It encourages and supports private capital involvement, suggesting that the specific shareholding ratio for private enterprises can exceed 10% for eligible projects, thereby signaling a strong commitment to promoting private investment [2] - The article stresses the importance of early-stage research and demonstration regarding the introduction of private capital, providing more opportunities for private investment participation [2]

Core Insights - The article discusses the slowdown in private investment in China due to changes in the international environment and adjustments in the real estate market, while highlighting a 2.1% year-on-year growth in private project investment excluding real estate in the first three quarters of the year [1] - The State Council has issued measures to further promote private investment, focusing on enhancing the vitality of private investment and addressing issues related to rights protection and innovation support for private enterprises [1][3] Investment Trends - Private investment is a key indicator of economic stability, with significant contributions from private enterprises in the renewable energy sector [3] - In the energy sector, measures have been introduced to support the development of private capital, including a series of policies aimed at improving market order and reducing investment costs [3][6] Nuclear Power Sector - The introduction of private capital into nuclear power projects has been emphasized, with private capital participation expected to reach 10% in 2024 and increase to 10%-20% by 2025 [4][5] - Some nuclear power projects have already seen private capital participation as high as 20% [5] Policy Measures - The new measures allow for private capital to hold more than 10% in projects, with no upper limit specified, aiming to expand the scope of private investment [5] - The measures also include enhanced regulatory oversight to protect the rights of private enterprises in energy infrastructure [5][6] Government Support - The government is increasing procurement support for small and medium-sized enterprises (SMEs), mandating that at least 40% of project budgets for engineering procurement over 4 million yuan be reserved for SMEs [7][8] - Financial policies are being coordinated to improve access to credit for private enterprises, including the promotion of innovative financing mechanisms [8][9] Communication and Service Improvement - The establishment of a comprehensive service platform for private economic development aims to facilitate communication between the government and private enterprises [10] - A closed-loop process for addressing issues faced by private enterprises has been implemented, ensuring timely feedback and resolution of problems [11] Innovation and Testing Support - The measures encourage the construction of major pilot testing platforms by private enterprises, linking innovation with industry needs [12] - Collaboration between state-owned enterprises, universities, and research institutions with private enterprises is being promoted to enhance market-oriented pilot testing services [12]

Core Viewpoint - The State Council's recent measures aim to stimulate private investment, particularly in infrastructure REITs, to enhance economic growth, employment stability, and investment expectations [1][6]. Group 1: Policy Measures - The document outlines 13 targeted policy measures to promote private investment, including encouraging private capital participation in key sectors like railways and nuclear power, and clarifying shareholding ratios [1][6]. - The National Development and Reform Commission (NDRC) has recommended 105 projects to the China Securities Regulatory Commission, with 83 projects already listed, raising a total of 207 billion yuan, expected to drive over 1 trillion yuan in new investments [5][6]. Group 2: Investment Trends - In the first three quarters of the year, national fixed asset investment (excluding rural households) reached 37,153.5 billion yuan, a year-on-year decrease of 0.5%, with private fixed asset investment down 3.1% [6]. - However, excluding real estate, private project investment grew by 2.1%, with infrastructure investment up by 7% and manufacturing investment up by 3.2%, indicating stable growth [6]. Group 3: Encouragement of Private Capital - The measures specify that for certain projects requiring national approval, feasibility studies must include assessments of private capital participation, with potential shareholding ratios exceeding 10% [7][8]. - The NDRC emphasizes the importance of private capital in long-term, public-interest projects, with recent initiatives successfully attracting private investment in nuclear and hydropower projects [7][8]. Group 4: Financial Support and Mechanisms - The NDRC plans to enhance financial support for eligible private investment projects, utilizing various funding channels and financial services to improve policy effectiveness [13][14]. - A total of 500 billion yuan in new policy financial tools has been allocated, with a portion supporting qualified private investment projects [13][14]. Group 5: Service Industry Development - The measures aim to eliminate unreasonable entry barriers in the service industry, encouraging private capital to flow into high-value sectors such as industrial design and digital transformation [10][11]. - The NDRC highlights the significant growth potential in the service industry during the 14th Five-Year Plan period, advocating for private enterprises to engage in high-value service sectors [10][12].