中德证券执行董事 产业研究部负责人 崔雷 我国作为制造业大国、强国，产业园区在推进新型工业化方面发挥了重要作用：据工信部有关负责人在 国新办发布会上介绍，我国制造业增加值占全球比重已接近30%，总体规模连续15年保持全球第一； 2024年，178家国家高新区占全国GDP的比重达到14.3%，汇聚了全国33%的高新技术企业、46%的专精 特新"小巨人"企业。 推动产业园区向绿电化、零碳化的方向发展，具有重要的社会价值。金融具有募集资金、分散风险、配 置资源等三方面的核心功能，能够成为产业园区建设、发展、持续服务过程中的重要一环。 二、对金融赋能的理解：发挥三重功能，全周期协同发展 （一）金融赋能的必要性：战略共建、风险共担、价值共创 产业园区由空间开发阶段迈向生态运营阶段，构建起涵盖政务服务、专业服务、金融服务、科创服务的 全要素服务体系。全生命周期的金融服务体系，已从产业园区发展的"加分项"转变为"必选项"。就服务 于产业园区而言，金融主要在募集资金、分散风险和配置资源三个维度发挥作用。 一、对绿电园区的理解：重要的产业抓手与比较优势 （一）国际视角：政策与技术重塑产业格局 碳中和议题与"人类命运共同体"休戚 ...

Core Insights - The rise of technology is profoundly reshaping the financial landscape, with the integration of technology and finance driving innovation and providing robust services to the real economy [1][2] - The discussion around Real World Asset (RWA) tokenization is gaining traction, focusing on low liquidity standardized financial assets, non-standard financial assets, and non-financial entity assets [1][5] Group 1: RWA Tokenization - RWA tokenization refers to mapping real-world assets like real estate, bonds, and art onto the blockchain, represented by a digital certificate [1] - The essence of RWA is to tokenize compliant real-world assets, allowing them to enter the Web3 space, with a focus on improving liquidity and providing new financing channels [5][6] - RWA can lower investment thresholds, making previously exclusive projects accessible to ordinary investors, thus diversifying asset allocation [6] Group 2: Regulatory Considerations - The global regulatory understanding of RWA risks is still in its early stages, necessitating a classification-based regulatory approach based on the underlying asset's attributes and market liquidity [2][10] - Regulatory frameworks should avoid limitations that stifle innovation while ensuring adequate oversight to prevent risks associated with RWA activities [10][11] - The need for a robust compliance framework, including KYC and AML, is essential for managing RWA effectively [10] Group 3: Challenges and Opportunities - While RWA tokenization offers potential benefits, it also faces challenges such as the need for clear property rights and stable asset values to ensure true on-chain value [9] - The liquidity of low-liquidity assets may not be significantly improved if underlying issues persist, indicating that not all assets are suitable for tokenization [7] - The focus should be on enhancing the stability of on-chain financial activities by providing stable underlying assets for decentralized finance (DeFi) [6]

Core Viewpoint - The article discusses the challenges faced by different stakeholders in the PPP (Public-Private Partnership) sector, highlighting the need for new regulatory frameworks to address existing issues and improve project execution [2][11]. Group 1: Challenges Faced by Stakeholders - Social capital faces issues such as local governments delaying payments for completed work [11]. - Local governments encounter multiple challenges, including delays in project completion settlements, difficulties in loan interest rate adjustments, and unclear allocation of special funds [11]. - The lack of a clear policy framework has led to compliance issues, affecting the confidence of financial institutions and social capital, which in turn impacts project progress [11][12]. Group 2: Historical Context and Development of PPP - The PPP model was heavily promoted starting in 2014, with the aim of providing new financing channels for local governments and improving public service efficiency [7][8]. - At its peak, the total investment in the PPP management library exceeded 16 trillion yuan, covering various public service sectors [3][7]. - The transition from promotion to regulation began in 2017, with the government implementing measures to clean up the PPP market and address issues of "abuse" and "overextension" [8][9]. Group 3: Recent Developments and New Mechanisms - On August 20, 2023, the State Council issued new guidelines to regulate the construction and operation of existing PPP projects, aiming to restore confidence in the sector [2][13]. - The new guidelines provide strong support for existing PPP projects through various funding sources, including general bonds and special bonds [13]. - The guidelines encourage equal communication and cooperation among social capital, financial institutions, and government entities to optimize project implementation and reduce operational costs [15][16]. Group 4: Future Outlook - The article raises concerns about the future of public service and infrastructure funding as the PPP model gradually declines [18]. - As of August 2025, only 254 new mechanism projects have been registered, primarily focused on user-pay projects, indicating a significant reduction compared to the peak period [19]. - The industry is exploring alternative financing methods, but no large-scale replicable solutions have emerged to replace the original PPP model [19].

Group 1 - The central government and local authorities are implementing a series of policies to stabilize and expand investment, focusing on public-private partnerships (PPP) as a key strategy [1][3][5] - A significant number of major projects are being launched, with Hebei province starting 336 projects with a total investment of 104.6 billion yuan, reflecting a 10.1% year-on-year increase in planned investment for major projects across 20 provinces [2][3] - The government aims to accelerate the issuance and utilization of special bonds, with a target of 3.45 trillion yuan in special bonds to be issued by the end of June, which is expected to enhance local government financial capacity [4][5] Group 2 - There is a notable increase in private investment, with Hunan province reporting a 12.6% year-on-year growth in private investment from January to April, outpacing overall investment growth [4][5] - The government is encouraging private investment in urban infrastructure through various incentives, including investment subsidies and capital injections [5][6] - The PPP model is being emphasized to leverage government funds to attract more social capital, with 178 new projects added to the national PPP database this year, amounting to an investment of 328.1 billion yuan [6][8] Group 3 - The focus on enhancing the "pulling power" of PPP projects is crucial, especially in the current economic environment, with calls for more flexible financing solutions to attract private capital [7][8] - Local governments, such as Zhejiang and Guangdong, are promoting the PPP model for railway construction and other infrastructure projects, highlighting the advantages of existing projects over new ones in terms of quality and cash flow [8] - The need for a more competitive market environment and relaxed entry barriers for private investment in infrastructure is emphasized to stimulate economic growth [8]