ooo[Table_ReportInfo] 2025 年 12 月 05 日 证券研究报告•宏观定期报告 宏观周报（12.1-12.5） 新型城镇化构建融合新格局，美国 ADP 就业数据不及预期 摘要 [Table_Summary] 一周大事记 国内：盘活基础设施资产，推进城乡融合发展。12 月 1 日，国家发展改革委 发布《基础设施领域不动产投资信托基金（REITs）项目行业范围清单（2025 年版）》，通过拓宽底层资产范围，推动 REITs 市场结构更趋完善，并为多维 度拓展消费场景提供支撑；12 月 2 日，发改委联合四部门出台《关于加强数 据要素学科专业建设和数字人才队伍建设的意见》，旨在缓解数字人才供给与 产业需求不匹配的结构性矛盾，补齐人才短板，促进数字经济高质量发展；12 月 3日，文化和旅游部与民航局共同印发《文化和旅游与民航业融合发展行动 方案》，围绕航旅融合的基础条件与发展趋势，推动形成"需求牵引供给、供 给创造需求"的良性循环机制；同日，国务院以"推进新型城镇化"为主题进 行专题学习。国务院总理李强在会上强调了城镇化对推动经济高质量发展的作 用。"十五五"期间，新型城镇化将成为扩大内需和 ...

Core Insights - The National Development and Reform Commission has expanded the scope of infrastructure REITs to include commercial office facilities and urban renewal projects, which will enhance the public REITs market in China [1] - The China Securities Regulatory Commission has proposed a pilot program for commercial real estate REITs, aiming to revitalize a large amount of existing assets and improve resource allocation [1][2] - As of November 2025, China has issued 77 infrastructure REITs with a total fundraising scale of approximately 220 billion yuan, indicating a small scale compared to the vast existing assets [1] Group 1: Infrastructure REITs Expansion - The inclusion of sports venues, commercial complexes, and four-star hotels in the infrastructure REITs category is expected to stimulate supply-side improvements and innovation, thereby boosting consumption [2] - The integration of urban renewal projects into the REITs framework will address funding challenges in urban renewal, promoting a cycle of investment, construction, operation, exit, and reinvestment [2] Group 2: Commercial Real Estate REITs - Commercial real estate investment faces challenges due to long recovery periods and heavy reliance on debt financing, with over one trillion yuan of assets tied up in real estate companies and local state-owned enterprises [3] - REITs can provide a channel for asset exit and cash flow recovery for real estate companies, helping to revitalize existing assets and optimize capital structures [3] Group 3: Market Dynamics and Challenges - The REITs market is highly market-driven, with regions like the Yangtze River Delta and Guangdong-Hong Kong-Macau Greater Bay Area attracting more investment due to strong asset operation capabilities and stable cash flows [3] - The current low savings and bond yields enhance the attractiveness of REITs, which offer high mandatory dividend payouts, although there are structural factors limiting large-scale issuance [3] Group 4: Operational Improvements - There is a need to focus on improving project operational capabilities, optimizing governance structures, and transitioning from asset holding to asset operation and capital management to enhance supply quality and attract more social capital [4]

近期，国家发展改革委相关负责人提出将从技术攻关、场景开放、算力支持三方面推动智能终端与智能 体应用普及。将人工智能等纳入基础设施REITs发行范围，可在一定程度上为"人工智能+"行动提供支撑 保障，加速数字经济与实体经济融合。 据悉，目前，我国基础设施REITs发行范围已涵盖12大行业的52个资产类型，其中10个行业领域的18个 资产类型已实现首单发行上市。 12月1日，国家发展改革委办公厅印发《基础设施领域不动产投资信托基金(REITs)项目行业范围清单 (2025年版)》(下称《清单》)。 《清单》呈现多重亮点，将消费与服务型基础设施作为重点纳入范围。业内人士分析，体育场馆、四星 级及以上酒店、养老设施等消费载体被纳入范围，既响应了《提振消费专项行动方案》要求，又精准契 合居民消费升级与民生保障的核心需求。 值得关注的是，《清单》还将数据中心类、人工智能基础设施项目，5G、通信铁塔、物联网、工业互 联网、宽带网络项目，智能交通、智慧能源、智慧城市项目纳入范畴，这与国务院部署的"人工智能 +"行动形成呼应。 根据市场公开数据统计，截至目前，全市场共有77单产品上市，发行规模2070亿元(含扩募)，总市值约 ...

Core Viewpoint - The National Development and Reform Commission (NDRC) is promoting the regular application and recommendation of infrastructure Real Estate Investment Trusts (REITs), focusing on new asset types and enhancing the quality and efficiency of project approvals [1][2][3]. Group 1: New Asset Types - The NDRC is actively exploring the issuance paths for new asset types such as railways, ports, ultra-high voltage transmission, communication towers, market-oriented rental housing, cultural tourism, specialized markets, and elderly care facilities [2]. - The promotion of these new asset types aligns with national economic growth and social development strategies, providing innovative financial models and promoting sustainable development in these sectors [2]. Group 2: Support for Private Investment - The NDRC encourages the issuance of REITs for private investment projects, establishing a coordination service mechanism at the provincial level to facilitate the issuance process [2]. - This initiative aims to help private investment projects meet regulatory requirements and accelerate the resolution of issues during project cultivation [2]. Group 3: Expansion of Existing REITs - The NDRC supports the acquisition of new projects by existing infrastructure REITs, allowing for the integration of assets across regions to strengthen the REITs market [3]. - Projects with a higher proportion of net recovery funds relative to the total fund amount will be prioritized for recommendation, enhancing the investment cycle [3]. Group 4: Financial Innovation and Investment Stability - Utilizing REITs can effectively revitalize existing assets and raise construction funds, creating a positive cycle between existing assets and new investments [4]. - The focus on key industries and regions, along with policy coordination and innovative models, aims to provide low-cost, long-term, and stable financing channels [4].