新能源REITs底层资产正从单一的"风光场站"走向多元化。12月26日，全国首单光伏发电类REITs（不动产投资信托基金）——中航京能光伏封闭式基础设施 证券投资基金（下称"中航京能光伏REITs"）完成首次扩募。 本次扩募募集资金29.2215亿元，募集单价9.712元，扩募资产为苏家河口、松山河口两座水电站。扩容前，中航京能光伏REITs的底层资产为300MW（兆 瓦）榆林光伏项目和100MW晶泰光伏项目。 根据中航基金对上交所反馈意见的回复，扩募前基金内部收益率（IRR）为1.29%，扩募后IRR预计提升至3.94%，增加2.65个百分点，主要因水电资产带来 稳定收益。 中航基金不动产投资部总经理助理朱小东向经济观察报表示，扩募完成后，中航京能光伏REITs底层资产为"光伏+水电"，可以有效分散单一能源带来的气候 风险。 为何要扩容？ 新能源REITs通常以底层资产的电量收益作为未来现金流。在新能源发电全额保障时代，只需要计算发电量即可算出收益，但在新能源全面入市后，上网电 价、上网电量均有不确定性。 朱小东称，新能源电站政策敏感性高，受补贴、用地、电价政策影响显著，其中电价政策的调整，会直接影响资产收 ...

Group 1 - The central inspection team conducted a routine inspection of the Shenzhen Stock Exchange (SZSE) from April 17 to July 20, 2024, and provided feedback on October 18, 2024 [1] - The SZSE's Party Committee is committed to implementing the inspection rectification responsibilities, emphasizing political leadership and ideological correction [2][3] - A comprehensive rectification mechanism has been established, including leadership, process management, and supervision mechanisms to ensure effective implementation of rectification measures [3][4] Group 2 - The SZSE is focusing on enhancing its political and people-oriented values, aligning with the central government's strategic goals and improving its service to national major strategies [6][7][8] - The exchange is actively promoting the development of innovative financial products, such as Sci-Tech bonds and green bonds, to support technological innovation and sustainable development [7][8] Group 3 - The SZSE is committed to strict regulatory measures to ensure the quality of listed companies and enhance the effectiveness of the stock issuance registration system [9][10] - The exchange is optimizing its review mechanisms and enhancing the responsibilities of intermediary institutions to improve the overall quality of the market [10] Group 4 - The SZSE is focused on maintaining market stability and enhancing risk monitoring capabilities to prevent systemic risks [11][22] - The exchange is implementing measures to support the continuous growth of listed companies and improve their investment value [21][22] Group 5 - The SZSE is dedicated to strengthening its internal governance and enhancing the capabilities of its personnel to ensure effective execution of its responsibilities [19][23] - The exchange is committed to deepening the results of the inspection rectification and integrating these efforts into its daily operations and reform initiatives [24]