上半年 领略另类投资大气象
<div class="wx_rich_media_content" id="jsWxContainer"><section style='box-sizing: border-box; text-align: justify; font-size: 16px;'><section style='box-sizing: border-box;' powered-by="xiumi.us"><section style='width: 578px;max-width: 100%;display: inline-block;box-sizing: border-box;'><section style='max-width: 100%;vertical-align: middle;display: inline-block;line-height: 0;box-sizing: border-box;width: 578px;'><span class="wxart_image" wx-style='display:inline-block;vertical-align: middle;max-width: 100%;width: 100%;box-sizing: border-box;'></span></section></section></section><section style='box-sizing: border-box;' powered-by="xiumi.us"><p style='box-sizing: border-box;'><br style='box-sizing: border-box;'></p></section><section style='text-align: center;justify-content: center;box-sizing: border-box;' powered-by="xiumi.us"><section style='font-size: 17px; color: rgb(204, 28, 27); letter-spacing: 1px; line-height: 1.4; box-sizing: border-box;'><p style='box-sizing: border-box;'><strong style='box-sizing: border-box;'>2020年半年度另类投资行业</strong></p><p style='box-sizing: border-box;'><strong style='box-sizing: border-box;'>发展动态分析报告</strong></p></section></section><section style='text-align: center; margin-right: 0%; margin-bottom: 10px; margin-left: 0%; font-size: 0px; box-sizing: border-box;' powered-by="xiumi.us"><section style='display: inline-block;width: 100%;height: 3px;vertical-align: top;overflow: hidden;background-color: rgb(204, 28, 27);box-sizing: border-box;'><section style='margin-right: 0%; margin-left: 0%; transform: translate3d(-10px, 0px, 0px); box-sizing: border-box;' powered-by="xiumi.us"><section style='display: inline-block; vertical-align: top; transform: matrix(1, 0, -0.2, 1, 0, 0); border: 0px none rgb(62, 62, 62); border-radius: 0px; background-color: rgba(255, 255, 255, 0); width: 100%; height: auto; box-sizing: border-box;'><section style='margin-right: 0%; margin-left: 0%; box-sizing: border-box;' 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style='float:left;line-height:0;width:0;vertical-align:top;'></svg></section></section></section></section></section></section><section style='display: inline-block;vertical-align: top;width: auto;flex: 0 0 0%;align-self: flex-start;height: auto;box-sizing: border-box;'><section style='box-sizing: border-box;' powered-by="xiumi.us"><section style='display: flex;flex-flow: row nowrap;box-sizing: border-box;'><section style='display: inline-block; width: auto; vertical-align: top; flex: 0 0 0%; height: auto; align-self: flex-start; padding-right: 2px; padding-left: 1px; box-sizing: border-box;'><section style='box-sizing: border-box;' powered-by="xiumi.us"><section style='display: inline-block;width: 3px;height: 55px;vertical-align: top;overflow: hidden;background-color: rgb(0, 0, 0);box-sizing: border-box;'><svg viewBox="0 0 1 1" style='float:left;line-height:0;width:0;vertical-align:top;'></svg></section></section></section></section></section></section></section></section></section></section></section></section></section></section><section style='margin: 20px 0% 10px;text-align: right;justify-content: flex-end;box-sizing: border-box;' powered-by="xiumi.us"><section style='display: inline-block; width: 98%; vertical-align: top; border: 1px solid rgb(127, 127, 127); border-radius: 0px; box-shadow: rgb(219, 47, 46) -3px 3px 0px; padding-right: 20px; padding-bottom: 15px; padding-left: 20px; height: auto; box-sizing: border-box;'><section style='margin: -10px 0% 10px;box-sizing: border-box;' powered-by="xiumi.us"><section style='text-align: left; font-size: 20px; letter-spacing: 0px; line-height: 1; box-sizing: border-box;'><p style='box-sizing: border-box;'><br style='box-sizing: border-box;'></p></section></section><section style='text-align: justify;letter-spacing: 1px;line-height: 1.7;color: rgb(62, 62, 62);box-sizing: border-box;' powered-by="xiumi.us"><p style='box-sizing: border-box;'>【摘要】2020 年上半年，受新冠疫情影响，中国资本市场受到较大影响，波动剧烈。二季度以来，随着疫情逐渐得到控制，经济逐步恢复，股权和不动产投资有所恢复，但仍大幅低于去年同期水平。股权投资市场活跃度显著降低，投资案例数与投资金额均同比下降超 30%，投资行业重点集中在 IT、生物技术/医疗健康、互联网等领域。不动产投资领域，商铺租金水平在短期内依然承压，商业写字楼受疫情冲击租金持续下降，但降幅放缓。基础设施投资领域，在制造业疲软和“房住不炒”的政策基调下，基建投资是今年逆周期调节的主要抓手，中央和地方基建项目申报自 3 月份以来均显著提速。</p></section></section></section><section style='box-sizing: border-box;' powered-by="xiumi.us"><p style='box-sizing: border-box;'><br style='box-sizing: border-box;'></p></section><section style='box-sizing: border-box;' powered-by="xiumi.us"><section style='display: flex;flex-flow: row nowrap;margin: 10px 0% 2px;box-sizing: border-box;'><section style='display: inline-block; vertical-align: bottom; width: auto; min-width: 10%; max-width: 100%; flex: 0 0 auto; height: auto; align-self: flex-end; padding-right: 2px; padding-left: 2px; box-sizing: border-box;'><section style='text-align: center;font-size: 27px;color: rgb(58, 66, 94);line-height: 1.2;letter-spacing: 0px;box-sizing: border-box;' powered-by="xiumi.us"><p style='box-sizing: border-box;'><strong style='box-sizing: border-box;'>一</strong></p></section><section style='margin-right: 0%; margin-bottom: 8px; margin-left: 0%; box-sizing: border-box;' powered-by="xiumi.us"><section style='background-color: rgb(58, 66, 94);height: 2px;box-sizing: border-box;'><svg viewBox="0 0 1 1" style='float:left;line-height:0;width:0;vertical-align:top;'></svg></section></section></section><section style='display: inline-block;vertical-align: bottom;width: auto;flex: 100 100 0%;align-self: flex-end;height: auto;box-sizing: border-box;'><section style='margin-right: 0%; margin-left: 0%; box-sizing: border-box;' powered-by="xiumi.us"><section style='font-size: 17px; color: rgb(202, 29, 24); padding-right: 3px; padding-left: 3px; letter-spacing: 1px; line-height: 2; box-sizing: border-box;'><p style='box-sizing: border-box;'><strong style='box-sizing: border-box;'>行业发展动态</strong></p></section></section><section style='margin-right: 0%; margin-bottom: 8px; margin-left: 0%; box-sizing: border-box;' powered-by="xiumi.us"><section style='background-color: rgb(202, 29, 24);height: 2px;box-sizing: border-box;'><svg viewBox="0 0 1 1" style='float:left;line-height:0;width:0;vertical-align:top;'></svg></section></section></section></section></section><section style='box-sizing: border-box;' powered-by="xiumi.us"><p style='box-sizing: border-box;'><br style='box-sizing: border-box;'></p></section><section style='box-sizing: border-box;' powered-by="xiumi.us"><section style='display: flex;flex-flow: row nowrap;margin: 15px 0% -20px;text-align: left;justify-content: flex-start;transform: translate3d(-9px, 0px, 0px);-webkit-transform: translate3d(-9px, 0px, 0px);-moz-transform: translate3d(-9px, 0px, 0px);-o-transform: translate3d(-9px, 0px, 0px);box-sizing: border-box;'><section style='display: inline-block;vertical-align: top;width: auto;align-self: flex-start;flex: 0 0 0%;height: auto;box-sizing: border-box;'><section style='text-align: center; font-size: 0px; transform: translate3d(6px, 0px, 0px); margin-top: -8px; margin-right: 0%; margin-left: 0%; box-sizing: border-box;' powered-by="xiumi.us"><section style='display: inline-block;width: 14px;height: 24px;vertical-align: top;overflow: hidden;background-color: rgb(224, 70, 70);box-shadow: rgb(255, 255, 255) 0px 0px 0px;border: 3px solid rgb(255, 255, 255);border-top-left-radius: 0px;border-bottom-right-radius: 0px;border-bottom-left-radius: 0px;border-top-right-radius: 0px;box-sizing: border-box;'><svg viewBox="0 0 1 1" style='float:left;line-height:0;width:0;vertical-align:top;'></svg></section></section></section><section style='display: inline-block;vertical-align: top;width: auto;background-color: rgb(246, 246, 246);flex: 0 0 auto;align-self: flex-start;min-width: 10%;max-width: 100%;height: auto;box-shadow: rgb(0, 0, 0) 0px 0px 0px;border-right-style: solid;border-right-width: 3px;border-top-right-radius: 0px;border-right-color: rgb(255, 255, 255);box-sizing: border-box;'><section style='transform: translate3d(4px, 0px, 0px);-webkit-transform: translate3d(4px, 0px, 0px);-moz-transform: translate3d(4px, 0px, 0px);-o-transform: translate3d(4px, 0px, 0px);box-sizing: border-box;' powered-by="xiumi.us"><section style='text-align: justify; padding-right: 17px; padding-left: 17px; color: rgb(204, 28, 27); letter-spacing: 1px; line-height: 2; box-sizing: border-box;'><p style='box-sizing: border-box;'><strong style='box-sizing: border-box;'>（一）股权投资</strong></p></section></section></section></section></section><section style='display: inline-block;width: 100%;vertical-align: top;background-color: rgba(255, 255, 255, 0);border: 1px solid rgb(240, 240, 240);border-top-left-radius: 0px;border-bottom-right-radius: 0px;border-bottom-left-radius: 0px;border-top-right-radius: 0px;padding: 30px 20px 20px;box-shadow: rgb(0, 0, 0) 0px 0px 0px;box-sizing: border-box;' powered-by="xiumi.us"><section style='font-size: 15px; color: rgb(88, 88, 88); line-height: 1.8; letter-spacing: 1px; box-sizing: border-box;' powered-by="xiumi.us"><p style='box-sizing: border-box;'><strong style='box-sizing: border-box;'><span style='font-size: 16px;color: rgb(204, 28, 27);box-sizing: border-box;'> 2020 年上半年，受到新冠疫情影响，全球资本市场波动剧烈，股权投资大幅减少，“募资难”情况依旧严重。</span></strong><span style='font-size: 16px;color: rgb(62, 62, 62);box-sizing: border-box;'>根据清科私募通数据显示，2020 年第一季度中国私募股权投资市场共新募集 335 支可投资于中国大陆的私募股权投资基金,同比下降 22.6%，环比下降 24.6%，募资总额 1776.54 亿元</span><span style='color: rgb(62, 62, 62);font-size: 16px;background-color: rgba(254, 255, 255, 0);box-sizing: border-box;'>人民币，金额同比下降 11.2%，环比下降 42.9%，本季度“募资难”的情况依旧存在。基金募资数量方面，根据清科私募通数据显示，2020 年第一季度中国 PE 机构新募集基金数和募集金额同比均有所下降；受宏观经济金融环境以及监管政策影响，我国投资市场仍普遍面临募资困境；新冠疫情爆发，线下业务开展受限，同时企业投资者为维系自身业务运转，加强现金流把控，选择延缓出资或收紧额度，募资形势严峻。</span></p></section><section style='box-sizing: border-box;' powered-by="xiumi.us"><p style='box-sizing: border-box;'><br style='box-sizing: border-box;'></p></section><section style='font-size: 12px;color: rgba(62, 62, 62, 0.53);text-align: center;box-sizing: border-box;' powered-by="xiumi.us"><p style='box-sizing: border-box;'><span style='box-sizing: border-box;'>图 1 2011-2020 年一季度中国私募股权基金募集情况</span></p></section><section style='text-align: center; margin-top: 0.5em; margin-bottom: 0.5em; padding-left: 0.5em; padding-right: 0.5em; box-sizing: border-box;' powered-by="xiumi.us"><section style='box-sizing: border-box;width: 100%;-webkit-box-shadow: rgb(102, 102, 102) 0.2em 0.2em 0.5em;box-shadow: rgb(102, 102, 102) 3.2px 3.2px 8px;display: inline-block;line-height: 0;border-color: white;height: auto !important;'><span class="wxart_image" wx-style='display:inline-block;vertical-align: middle;max-width: 100%;box-sizing: border-box;'></span></section></section><section style='text-align: right;font-size: 12px;color: rgba(62, 62, 62, 0.53);box-sizing: border-box;' powered-by="xiumi.us"><p style='box-sizing: border-box;'>资料来源：私募通</p></section><section style='font-size: 15px; color: rgb(88, 88, 88); line-height: 1.8; letter-spacing: 1px; box-sizing: border-box;' powered-by="xiumi.us"><p style='box-sizing: border-box;'><span style='font-size: 16px;color: rgb(62, 62, 62);box-sizing: border-box;'> </span><strong style='box-sizing: border-box;'><span style='color: rgb(204, 28, 27);box-sizing: border-box;'><span style='font-size: 16px;box-sizing: border-box;'>投资总量方面，在资本寒冬和疫情的双重冲击下，中国私募股权投资市场的投资案例数与投资金额均同比下降超</span><span style='font-size: 16px;background-color: rgba(254, 255, 255, 0);box-sizing: border-box;'>30%，投资活跃度降低。</span></span></strong><span style='color: rgb(62, 62, 62);font-size: 16px;background-color: rgba(254, 255, 255, 0);box-sizing: border-box;'>根据清科数据，一季度中国私募股权投资市场共发生投资案例597起，同比下降 33.5%，环比下降18.8%，共涉及投资金额 833.15亿元人民币，同比下降38.7%，环比下降 54.4%，PE机构投资活跃度降低，且更加专注于优质项目。主要原因：一是因为疫情发生前整个行业处于项目难寻和资金难募的双重困境。二是疫情发生后无法展开必要的尽调和面访等线下环节，使得投资市场继续遇冷。根据清科私募通数据显示，从平均投资金额来看，上半年资金弹药补充不足，投资活跃度降低。</span></p><p style='box-sizing: border-box;'><span style='color: rgb(62, 62, 62);font-size: 16px;background-color: rgba(254, 255, 255, 0);box-sizing: border-box;'><br style='box-sizing: border-box;'></span></p><p style='box-sizing: border-box;'><span style='font-size: 16px;color: rgb(62, 62, 62);box-sizing: border-box;'> </span><strong style='box-sizing: border-box;'><span style='color: rgb(204, 28, 27);box-sizing: border-box;'><span style='font-size: 16px;box-sizing: border-box;'>投资行业方面，从投资一级行业来看，案例数位列前三</span><span style='font-size: 16px;background-color: rgba(254, 255, 255, 0);box-sizing: border-box;'>的行业是IT、生物技术/医疗健康、互联网。</span></span></strong><span style='color: rgb(62, 62, 62);font-size: 16px;background-color: rgba(254, 255, 255, 0);box-sizing: border-box;'>这三个行业已连续多个季度位列中国私募股权投资市场投资案例数前三甲。值得注意的是，本季度生物技术/医疗健康行业活跃度首次超过互联网行业，位居投资案例数第二；半导体及电子设备行业位居第四。</span></p><p style='box-sizing: border-box;'><span style='font-size: 16px;color: rgb(62, 62, 62);box-sizing: border-box;'><br style='box-sizing: border-box;'></span></p><p style='box-sizing: border-box;'><span style='font-size: 16px;color: rgb(62, 62, 62);box-sizing: border-box;'> </span><strong style='box-sizing: border-box;'><span style='color: rgb(204, 28, 27);box-sizing: border-box;'><span style='font-size: 16px;box-sizing: border-box;'>投资地域方面，北京、上海、广东三地的投资案例数处</span><span style='font-size: 16px;background-color: rgba(254, 255, 255, 0);box-sizing: border-box;'>于全国前三名，北上广三地依旧为投资案例发生的热门地区。</span></span></strong><span style='color: rgb(62, 62, 62);font-size: 16px;background-color: rgba(254, 255, 255, 0);box-sizing: border-box;'>根据清科数据，从投资金额看，一季度北京市以339.89亿元的投资金额占据榜首，其中，软银愿景基金一期向北京自如资产管理有限公司投资10亿美元、猿辅导完成最新一轮10亿美元融资、中国中车集团公司全资子公司中车产投获34亿人民币投资；广东省以139.71亿元人民币投资金额位居第二；上海市以129.87亿元人民币投资金额位居第三。</span></p></section></section><section style='box-sizing: border-box;' powered-by="xiumi.us"><p style='box-sizing: border-box;'><br style='box-sizing: border-box;'></p></section><section style='box-sizing: border-box;' powered-by="xiumi.us"><p style='box-sizing: border-box;'><br style='box-sizing: border-box;'></p></section><section style='box-sizing: border-box;' powered-by="xiumi.us"><section style='display: flex;flex-flow: row nowrap;margin: 15px 0% -20px;text-align: left;justify-content: flex-start;transform: translate3d(-9px, 0px, 0px);-webkit-transform: translate3d(-9px, 0px, 0px);-moz-transform: translate3d(-9px, 0px, 0px);-o-transform: translate3d(-9px, 0px, 0px);box-sizing: border-box;'><section style='display: inline-block;vertical-align: top;width: auto;align-self: flex-start;flex: 0 0 0%;height: auto;box-sizing: border-box;'><section style='text-align: center; font-size: 0px; transform: translate3d(6px, 0px, 0px); margin-top: -8px; margin-right: 0%; margin-left: 0%; box-sizing: border-box;' powered-by="xiumi.us"><section style='display: inline-block;width: 14px;height: 24px;vertical-align: top;overflow: hidden;background-color: rgb(224, 70, 70);box-shadow: rgb(255, 255, 255) 0px 0px 0px;border: 3px solid rgb(255, 255, 255);border-top-left-radius: 0px;border-bottom-right-radius: 0px;border-bottom-left-radius: 0px;border-top-right-radius: 0px;box-sizing: border-box;'><svg viewBox="0 0 1 1" style='float:left;line-height:0;width:0;vertical-align:top;'></svg></section></section></section><section style='display: inline-block;vertical-align: top;width: auto;background-color: rgb(246, 246, 246);flex: 0 0 auto;align-self: flex-start;min-width: 10%;max-width: 100%;height: auto;box-shadow: rgb(0, 0, 0) 0px 0px 0px;border-right-style: solid;border-right-width: 3px;border-top-right-radius: 0px;border-right-color: rgb(255, 255, 255);box-sizing: border-box;'><section style='transform: translate3d(4px, 0px, 0px);-webkit-transform: translate3d(4px, 0px, 0px);-moz-transform: translate3d(4px, 0px, 0px);-o-transform: translate3d(4px, 0px, 0px);box-sizing: border-box;' powered-by="xiumi.us"><section style='text-align: justify; padding-right: 17px; padding-left: 17px; color: rgb(204, 28, 27); letter-spacing: 1px; line-height: 2; box-sizing: border-box;'><p style='box-sizing: border-box;'><strong style='box-sizing: border-box;'>（二）不动产投资</strong></p></section></section></section></section></section><section style='display: inline-block;width: 100%;vertical-align: top;background-color: rgba(255, 255, 255, 0);border: 1px solid rgb(240, 240, 240);border-top-left-radius: 0px;border-bottom-right-radius: 0px;border-bottom-left-radius: 0px;border-top-right-radius: 0px;padding: 30px 20px 20px;box-shadow: rgb(0, 0, 0) 0px 0px 0px;box-sizing: border-box;' powered-by="xiumi.us"><section style='color: rgb(62, 62, 62); line-height: 1.8; letter-spacing: 1px; box-sizing: border-box;' powered-by="xiumi.us"><p style='box-sizing: border-box;'><strong style='box-sizing: border-box;'><span style='color: rgb(204, 28, 27);box-sizing: border-box;'> 第二季度,随着疫情得到有效控制,消费市场不断复苏,但国内经济、消费市场和实体商业恢复到去年同期水平仍需时间，商铺租金水平在短期内依然承压。</span></strong>写字楼市场方面，<span style='background-color: rgba(254, 255, 255, 0);box-sizing: border-box;'>虽然 2020年二季度国内经济逐步复苏，但当前境外疫情对世界经济的巨大冲击继续发展演变，外部风险挑战明显增多。在国内经济恢复面临压力以及世界经济不确定性增加的背景下，我国经济稳定运行仍面临较多挑战，消费、投资等主要指标均低于上年同期水平。此外，受国内宏观经济仍处于下行区间的影响，本季度全国重点城市主要商圈写字楼市场需求下降，租金环比继续下跌。2020 年上半年国内不动产市场呈现如下几个特点：</span></p><p style='box-sizing: border-box;'><br style='box-sizing: border-box;'></p><p style='box-sizing: border-box;'><strong style='box-sizing: border-box;'><span style='color: rgb(204, 28, 27);box-sizing: border-box;'> 一是产业升级和新基建拉动数据中心、城市更新、物流仓储、产业园区等多种业态的投资机会。</span></strong>上半年，包含5G基建、大数据中心、人工智能等新兴产业在内的“新型基础<span style='background-color: rgba(254, 255, 255, 0);box-sizing: border-box;'>设施建设”多次被中央提及，是全球需求下行下的“增量逻辑”行业。专项债资金投向将重点用于交通基础设施、能源项目等七大领域，特别是加快5G网络、数据中心、人工智能、物联网等新型基础设施建设。</span></p><p style='box-sizing: border-box;'><br style='box-sizing: border-box;'></p><p style='box-sizing: border-box;'><strong style='box-sizing: border-box;'><span style='color: rgb(204, 28, 27);box-sizing: border-box;'> 二是商业写字楼市场受疫情冲击尚未恢复，但大型机构<span style='background-color: rgba(254, 255, 255, 0);box-sizing: border-box;'>仍持续抄底一线城市优质资产。</span></span></strong><span style='background-color: rgba(254, 255, 255, 0);box-sizing: border-box;'>疫情有效控制后的北京写字楼市场依然处于租金高位盘整期，但租金下降速度明显放缓，市场租金开始逐步接近市场底部。上海和深圳市场二季度租赁情况有所回暖，空置率略有降低，但租金环比下降明显。根据戴德梁行的报告，上半年一线城市大宗交易受疫情影响同比成交额为884亿元，环比下跌30%，但仍较为活跃。按城市分，上海占比超过一半；按业态分，63%为办公和研发办公业态。买方多为资金期限较长的大型机构，体现了核心资产抵抗周期波动的优势。</span></p><p style='box-sizing: border-box;'><span style='background-color: rgba(254, 255, 255, 0);box-sizing: border-box;'><br style='box-sizing: border-box;'></span></p><p style='box-sizing: border-box;'><strong style='box-sizing: border-box;'><span style='color: rgb(204, 28, 27);box-sizing: border-box;'> 三是公募REITs获政策支持，资产证券化市场规模持续扩，但新发行规模和利率走低。</span></strong>4月 30日，国家发改委和证监会发布《关于推进基础设施领域不动产投资信托基金<span style='background-color: rgba(254, 255, 255, 0);box-sizing: border-box;'>（REITs）试点相关工作的通知》和《公开募集基础设施证券投资基金指引（试行）》。6 月，国家发改委要求尽快出台基础设施REITs试点项目申报工作通知，选择优质项目参加试点，国内期待已久的公募REITs市场扬帆起航。上半年发行存量资产ABS产品总规模约600.2亿元，同比下跌12%，票面利率也屡创新低。</span></p></section></section><section style='box-sizing: border-box;' powered-by="xiumi.us"><p style='box-sizing: border-box;'><br style='box-sizing: border-box;'></p></section><section style='box-sizing: border-box;' powered-by="xiumi.us"><p style='box-sizing: border-box;'><br style='box-sizing: border-box;'></p></section><section style='box-sizing: border-box;' powered-by="xiumi.us"><section style='display: flex;flex-flow: row nowrap;margin: 15px 0% -20px;text-align: left;justify-content: flex-start;transform: translate3d(-9px, 0px, 0px);-webkit-transform: translate3d(-9px, 0px, 0px);-moz-transform: translate3d(-9px, 0px, 0px);-o-transform: translate3d(-9px, 0px, 0px);box-sizing: border-box;'><section style='display: inline-block;vertical-align: top;width: auto;align-self: flex-start;flex: 0 0 0%;height: auto;box-sizing: border-box;'><section style='text-align: center; font-size: 0px; transform: translate3d(6px, 0px, 0px); margin-top: -8px; margin-right: 0%; margin-left: 0%; box-sizing: border-box;' powered-by="xiumi.us"><section style='display: inline-block;width: 14px;height: 24px;vertical-align: top;overflow: hidden;background-color: rgb(224, 70, 70);box-shadow: rgb(255, 255, 255) 0px 0px 0px;border: 3px solid rgb(255, 255, 255);border-top-left-radius: 0px;border-bottom-right-radius: 0px;border-bottom-left-radius: 0px;border-top-right-radius: 0px;box-sizing: border-box;'><svg viewBox="0 0 1 1" style='float:left;line-height:0;width:0;vertical-align:top;'></svg></section></section></section><section style='display: inline-block;vertical-align: top;width: auto;background-color: rgb(246, 246, 246);flex: 0 0 auto;align-self: flex-start;min-width: 10%;max-width: 100%;height: auto;box-shadow: rgb(0, 0, 0) 0px 0px 0px;border-right-style: solid;border-right-width: 3px;border-top-right-radius: 0px;border-right-color: rgb(255, 255, 255);box-sizing: border-box;'><section style='transform: translate3d(4px, 0px, 0px);-webkit-transform: translate3d(4px, 0px, 0px);-moz-transform: translate3d(4px, 0px, 0px);-o-transform: translate3d(4px, 0px, 0px);box-sizing: border-box;' powered-by="xiumi.us"><section style='text-align: justify; padding-right: 17px; padding-left: 17px; color: rgb(232, 57, 57); letter-spacing: 1px; line-height: 2; box-sizing: border-box;'><p style='box-sizing: border-box;'><span style='color: rgb(204, 28, 27);box-sizing: border-box;'><strong style='box-sizing: border-box;'>（三）基础设施投资</strong></span><br style='box-sizing: border-box;'></p></section></section></section></section></section><section style='display: inline-block;width: 100%;vertical-align: top;background-color: rgba(255, 255, 255, 0);border: 1px solid rgb(240, 240, 240);border-top-left-radius: 0px;border-bottom-right-radius: 0px;border-bottom-left-radius: 0px;border-top-right-radius: 0px;padding: 30px 20px 20px;box-sizing: border-box;' powered-by="xiumi.us"><section style='font-size: 15px; color: rgb(88, 88, 88); line-height: 1.8; letter-spacing: 1px; box-sizing: border-box;' powered-by="xiumi.us"><p style='box-sizing: border-box;'><span style='font-size: 16px;color: rgb(62, 62, 62);box-sizing: border-box;'> <strong style='box-sizing: border-box;'><span style='color: rgb(204, 28, 27);box-sizing: border-box;'>基建投资是今年逆周期政策的主要抓手，增速较去年明显回升已成为市场共识，但回升的幅度仍存在较大的不确定性。</span></strong>当前国内疫情总体趋于稳定，各类支持政策、各地投资</span><span style='color: rgb(62, 62, 62);font-size: 16px;background-color: rgba(254, 255, 255, 0);box-sizing: border-box;'>计划也已逐步明确。3月以来，基本面逐步复苏，而基建作为逆周期调节的重要手段在经济回暖过程中发挥了重要作用。5月，固定资产投资累计同比下行6.3%，季调后当月环比增长5.9%，分项来看基建投资、地产投资1-5月投资累计同比分别为-1.8%和-3.3%，而制造业1-5月投资累计同比为</span><span style='color: rgb(62, 62, 62);font-size: 16px;background-color: rgba(254, 255, 255, 0);box-sizing: border-box;'>-14.8%，在制造业疲软和“房住不炒”政策基调下，基建投资将发挥逆周期调节作用。3月以来，全国基建项目申报提速。2020 年1-4月，全国基建项目累计申报金额16.04万亿，</span><span style='color: rgb(62, 62, 62);font-size: 16px;background-color: rgba(254, 255, 255, 0);box-sizing: border-box;'>同比增长112.8%，其中中央项目申报金额为6395亿元，同</span><span style='color: rgb(62, 62, 62);font-size: 16px;background-color: rgba(254, 255, 255, 0);box-sizing: border-box;'>比增长 29.6%，地方项目申报金额为15.40万亿元，同比增</span><span style='color: rgb(62, 62, 62);font-size: 16px;background-color: rgba(254, 255, 255, 0);box-sizing: border-box;'>长118.6%。从申报节奏上看，中央和地方基建项目均在3、4月同比高速增长，疫情逐步缓和后政府基建投资意愿快速提升。</span></p><p style='box-sizing: border-box;'><span style='color: rgb(62, 62, 62);font-size: 16px;background-color: rgba(254, 255, 255, 0);box-sizing: border-box;'><br style='box-sizing: border-box;'></span></p><p style='box-sizing: border-box;'><span style='font-size: 16px;color: rgb(62, 62, 62);box-sizing: border-box;'> </span><strong style='box-sizing: border-box;'><span style='color: rgb(204, 28, 27);box-sizing: border-box;'><span style='font-size: 16px;box-sizing: border-box;'>从政策利好来看，基建领域政策支持不断，基建资金来</span><span style='font-size: 16px;background-color: rgba(254, 255, 255, 0);box-sizing: border-box;'>源有保障。</span></span></strong><span style='color: rgb(62, 62, 62);font-size: 16px;background-color: rgba(254, 255, 255, 0);box-sizing: border-box;'>根据财政预算报告，2020年财政赤字规模为11.6万亿，广义赤字率约为11.4%，较去年提升6.5个百分点。</span><span style='font-size: 16px;color: rgb(62, 62, 62);box-sizing: border-box;'>从资金筹集进度上看，6月18日1000亿元抗疫特别国债的</span><span style='color: rgb(62, 62, 62);font-size: 16px;background-color: rgba(254, 255, 255, 0);box-sizing: border-box;'>顺利发行，预计7月底前将完成1 万亿抗疫国债的发行；截至6月21日，地方政府新增专项债2.21万亿元，已经超过2019年全年水平。</span></p><p style='box-sizing: border-box;'><span style='color: rgb(62, 62, 62);font-size: 16px;background-color: rgba(254, 255, 255, 0);box-sizing: border-box;'><br style='box-sizing: border-box;'></span></p><p style='box-sizing: border-box;'><span style='font-size: 16px;color: rgb(62, 62, 62);box-sizing: border-box;'> <strong style='box-sizing: border-box;'><span style='color: rgb(204, 28, 27);box-sizing: border-box;'>从区域分布来看，西北地区投资增速显著提升。</span></strong>黑龙江、</span><span style='color: rgb(62, 62, 62);font-size: 16px;background-color: rgba(254, 255, 255, 0);box-sizing: border-box;'>山东、湖北、河北、陕西、天津等北方省份，重庆、贵州等西部省份的投资增速均超过了20%，其中黑龙江、山东近年来一直保持较高增速，而湖北可能与疫后重建有关，河北、陕西、天津、贵州的投资增速较 2019年提升较大。</span><span style='color: rgb(204, 28, 27);box-sizing: border-box;'><strong style='box-sizing: border-box;'><span style='font-size: 16px;background-color: rgba(254, 255, 255, 0);box-sizing: border-box;'>而另一方面，东南沿海多省下滑。</span></strong></span><span style='color: rgb(62, 62, 62);font-size: 16px;background-color: rgba(254, 255, 255, 0);box-sizing: border-box;'>福建、湖南、浙江、海南、广西等东部省份的重大项目投资增速均低于了-10%。而其余东南沿海省份如江苏、广东等投资增速也较低，不足5%，这可能反映了东部地区经济发达，基础设施已经较为完善，导致整体基建增速较低。</span></p><p style='box-sizing: border-box;'><span style='color: rgb(62, 62, 62);font-size: 16px;background-color: rgba(254, 255, 255, 0);box-sizing: border-box;'><br style='box-sizing: border-box;'></span></p><p style='box-sizing: border-box;'><span style='font-size: 16px;color: rgb(62, 62, 62);box-sizing: border-box;'> </span><strong style='box-sizing: border-box;'><span style='color: rgb(204, 28, 27);box-sizing: border-box;'><span style='font-size: 16px;box-sizing: border-box;'>从行业结构来看，上半年基建投资中各领域的占比发生</span><span style='font-size: 16px;background-color: rgba(254, 255, 255, 0);box-sizing: border-box;'>了明显变动。园区建设、市政水务占比提升。</span></span></strong><span style='color: rgb(62, 62, 62);font-size: 16px;background-color: rgba(254, 255, 255, 0);box-sizing: border-box;'>其中，园区建设提升最大，占比由 2019年的7%提升至2020年的26%，这背后或反映了政策鼓励新基建发展的影响。市政水务占比由5%提升至13%，可能体现了疫情后市政设施补短板的影响。<strong style='box-sizing: border-box;'><span style='background-color: rgba(255, 255, 255, 0);color: rgb(204, 28, 27);box-sizing: border-box;'>交通物流、环保占比下降。</span></strong>其中，交通物流下降最多，占比由 2019年的52%下降至2020年的35%左右，可能受到疫情下交通需求减少的影响。</span></p></section></section><section style='box-sizing: border-box;' powered-by="xiumi.us"><p style='box-sizing: border-box;'><br style='box-sizing: border-box;'></p></section><section style='box-sizing: border-box;' powered-by="xiumi.us"><p style='box-sizing: border-box;'><br style='box-sizing: border-box;'></p></section><section style='box-sizing: border-box;' powered-by="xiumi.us"><section style='display: flex;flex-flow: row nowrap;margin: 10px 0% 2px;box-sizing: border-box;'><section style='display: inline-block; vertical-align: bottom; width: auto; min-width: 10%; max-width: 100%; flex: 0 0 auto; height: auto; align-self: flex-end; padding-right: 2px; padding-left: 2px; box-sizing: border-box;'><section style='text-align: center;font-size: 27px;color: rgb(58, 66, 94);line-height: 1.2;letter-spacing: 0px;box-sizing: border-box;' powered-by="xiumi.us"><p style='box-sizing: border-box;'><strong style='box-sizing: border-box;'>二</strong></p></section><section style='margin-right: 0%; margin-bottom: 8px; margin-left: 0%; box-sizing: border-box;' powered-by="xiumi.us"><section style='background-color: rgb(58, 66, 94);height: 2px;box-sizing: border-box;'><svg viewBox="0 0 1 1" style='float:left;line-height:0;width:0;vertical-align:top;'></svg></section></section></section><section style='display: inline-block;vertical-align: bottom;width: auto;flex: 100 100 0%;align-self: flex-end;height: auto;box-sizing: border-box;'><section style='margin-right: 0%; margin-left: 0%; box-sizing: border-box;' powered-by="xiumi.us"><section style='font-size: 17px; color: rgb(202, 29, 24); padding-right: 3px; padding-left: 3px; letter-spacing: 1px; line-height: 2; box-sizing: border-box;'><p style='box-sizing: border-box;'><strong style='box-sizing: border-box;'>监管政策动态</strong></p></section></section><section style='margin-right: 0%; margin-bottom: 8px; margin-left: 0%; box-sizing: border-box;' powered-by="xiumi.us"><section style='background-color: rgb(202, 29, 24);height: 2px;box-sizing: border-box;'><svg viewBox="0 0 1 1" style='float:left;line-height:0;width:0;vertical-align:top;'></svg></section></section></section></section></section><section style='box-sizing: border-box;' powered-by="xiumi.us"><p style='box-sizing: border-box;'><br style='box-sizing: border-box;'></p></section><section style='box-sizing: border-box;' powered-by="xiumi.us"><section style='display: flex; flex-flow: row nowrap; margin-top: 5px; margin-right: 0%; margin-left: 0%; box-sizing: border-box;'><section style='display: inline-block; vertical-align: bottom; width: auto; flex: 0 0 auto; align-self: flex-end; min-width: 10%; max-width: 100%; height: auto; border-bottom: 1px solid rgba(230, 18, 18, 0.79); border-bottom-right-radius: 0px; padding-bottom: 5px; box-sizing: border-box;'><section style='display: inline-block;width: 100%;vertical-align: top;background-color: rgba(242, 115, 95, 0.3);border-width: 0px;box-sizing: border-box;' powered-by="xiumi.us"><section style='color: rgba(242, 115, 95, 0.79); padding-right: 10px; padding-left: 10px; letter-spacing: 1px; box-sizing: border-box;' powered-by="xiumi.us"><p style='box-sizing: border-box;'><strong style='box-sizing: border-box;'><span style='color: rgb(204, 28, 27);box-sizing: border-box;'>（一）股权投资</span></strong><br style='box-sizing: border-box;'></p></section></section></section><section style='display: inline-block; vertical-align: bottom; width: auto; align-self: flex-end; flex: 100 100 0%; height: auto; padding-left: 5px; box-sizing: border-box;'><section style='text-align: center;font-size: 0px;box-sizing: border-box;' powered-by="xiumi.us"><section style='display: inline-block;width: 100%;height: 9px;vertical-align: top;overflow: hidden;background-color: rgba(242, 115, 95, 0.3);box-sizing: border-box;'><svg viewBox="0 0 1 1" style='float:left;line-height:0;width:0;vertical-align:top;'></svg></section></section></section></section></section><section style='display: inline-block; width: 100%; vertical-align: top; border-left: 1px solid rgb(204, 28, 27); border-bottom-left-radius: 0px; padding-left: 4px; box-sizing: border-box;' powered-by="xiumi.us"><section style='margin-top: 4px; margin-right: 0%; margin-left: 0%; box-sizing: border-box;' powered-by="xiumi.us"><section style='display: inline-block;width: 100%;vertical-align: top;border-left-style: solid;border-left-width: 7px;border-bottom-left-radius: 0px;border-left-color: rgba(255, 255, 255, 0.18);padding: 10px 10px 20px 15px;box-sizing: border-box;'><section style='font-size: 15px;color: rgb(111, 83, 49);line-height: 1.8;letter-spacing: 1px;box-sizing: border-box;' powered-by="xiumi.us"><p style='box-sizing: border-box;'><strong style='box-sizing: border-box;'><span style='font-size: 16px;color: rgb(204, 28, 27);box-sizing: border-box;'> 保险资管新规发布，进一步规范保险资管产品监管标准，有效防范金融风险。</span></strong><span style='color: rgb(62, 62, 62);font-size: 16px;box-sizing: border-box;'>3月25日，银保监会下发《保险资产管理产品管理暂行办法》（以下简称《办法》），自5月1日起施行。《办法》的制定坚持保险资管产品的私募定位、严控风险的底线思维、保险资管产品的中长期特色以及原则导向和规则细化相结合的四个基本原则。自2018年4月《关于规范金融机构资产管理业务的指导意见》发布以来，银保监会、证监会分别就商业银行理财业务、证券期货经营机构私募资产管理业务出台了实施细则。此次《办法》的推出是对 2018 年资管新规的进一步落实，意味着补全监管空白，统一监管标准，引导保险机构更好服务实体经济，有效防范金融风险。后续，银保监会将以本《办法》为基础，分别制定债权投资计划、股权投资计划和组合类保险资产管理产品的配套细则。</span></p></section></section></section></section><section style='box-sizing: border-box;' powered-by="xiumi.us"><section style='display: flex; flex-flow: row nowrap; margin-top: 15px; margin-right: 0%; margin-left: 0%; box-sizing: border-box;'><section style='display: inline-block; vertical-align: bottom; width: 33%; flex: 0 0 auto; align-self: flex-end; height: auto; border-style: none; border-width: 0px; border-radius: 0px; border-bottom-color: rgb(255, 164, 30); box-sizing: border-box;'><section style='margin-right: 0%; margin-left: 0%; box-sizing: border-box;' powered-by="xiumi.us"><section style='height: 1px;box-sizing: border-box;'><svg viewBox="0 0 1 1" style='float:left;line-height:0;width:0;vertical-align:top;'></svg></section></section></section><section style='display: inline-block; vertical-align: bottom; width: auto; align-self: flex-end; flex: 100 100 0%; height: auto; padding-left: 5px; box-sizing: border-box;'><section style='text-align: center; font-size: 0px; margin-right: 0%; margin-bottom: -4px; margin-left: 0%; box-sizing: border-box;' powered-by="xiumi.us"><section style='display: inline-block;width: 100%;height: 9px;vertical-align: top;overflow: hidden;box-sizing: border-box;'><svg viewBox="0 0 1 1" style='float:left;line-height:0;width:0;vertical-align:top;'></svg></section></section></section></section></section><section style='margin-right: 0%; margin-bottom: 10px; margin-left: 0%; box-sizing: border-box;' powered-by="xiumi.us"><section style='display: inline-block; width: 100%; vertical-align: top; border-left: 1px solid rgb(204, 28, 27); border-bottom-left-radius: 0px; padding-left: 4px; box-sizing: border-box;'><section style='margin-top: 4px; margin-right: 0%; margin-left: 0%; box-sizing: border-box;' powered-by="xiumi.us"><section style='display: inline-block; width: 100%; vertical-align: top; border-left: 7px solid rgba(255, 255, 255, 0.18); border-bottom-left-radius: 0px; padding-top: 10px; padding-left: 15px; box-sizing: border-box;'><section style='display: inline-block; width: 100%; vertical-align: top; border-style: none solid solid none; border-width: 1px; border-radius: 0px; border-color: rgb(255, 164, 30) rgb(204, 28, 27) rgb(204, 28, 27) rgb(255, 164, 30); padding-top: 6px; padding-right: 16px; padding-bottom: 20px; box-sizing: border-box;' powered-by="xiumi.us"><section style='color: rgb(62, 62, 62);line-height: 1.8;letter-spacing: 1px;box-sizing: border-box;' powered-by="xiumi.us"><p style='box-sizing: border-box;'><strong style='box-sizing: border-box;'><span style='color: rgb(204, 28, 27);box-sizing: border-box;'> 基础设施领域REITs试点通知发布，国内公募 REITs拉开序幕。</span></strong>4月3日，中国证监会、国家发改委联合发布《关于推进基础设施领域不动产投资信托基金（REITs）试点相关工作的通知》，同时证监会推出了《公开募集基础设施证券投资基金指引（试行）》（征求意见稿），对公募基础设施REITs的试点范围、项目要求、融资用途、产品设计等方面做出相应规定。重点包括：一是聚焦基建补短板行业，项目需符合具备持续稳定现金流、不依赖第三方补贴等非经常性收入等较高条件；二是产品结构设臵为公募基金+单一基 础设施资产支持证券；三是强化基金管理人资质要求，基金管理人负责基建项目日常运营管理；四是定价与发售安排与IPO 类似，更具权益性特征；五是信息披露程度要求较高，重点关注基础设施项目与原始权益人等信息。中国目前的资产证券化市场仍处于起步阶段，相较发达国家发展空间巨大。此次新规的出台，一是有利于开拓地方政府公募“类股权化”融资渠道，有利于进一步释放地方政府风险，解决地方政府专项债等融资渠道的可持续性问题。二是给了现有地方政府基建投资相关主体退出渠道，将极大地盘活现有地方政府基础建设存量资产，为新领域投资增加资金。三是有利于构建实体经济和资本市场新的联通渠道，将大大拓展资产管理行业的规模和空间。</p></section></section></section></section></section></section><section style='box-sizing: border-box;' powered-by="xiumi.us"><p style='box-sizing: border-box;'><br style='box-sizing: border-box;'></p></section><section style='box-sizing: border-box;' powered-by="xiumi.us"><p style='box-sizing: border-box;'><br style='box-sizing: border-box;'></p></section><section style='box-sizing: border-box;' powered-by="xiumi.us"><section style='display: flex;flex-flow: row nowrap;margin: 25px 0% 10px;box-sizing: border-box;'><section style='display: inline-block; width: auto; vertical-align: top; border-width: 0px 1px 0px 0px; border-right-style: solid; border-top-right-radius: 0px; border-right-color: rgb(204, 28, 27); flex: 100 100 0%; align-self: flex-start; height: auto; margin-right: 8px; box-sizing: border-box;'><section style='box-sizing: border-box;' powered-by="xiumi.us"><section style='display: flex; flex-flow: row nowrap; transform: translate3d(8px, 0px, 0px); margin-top: -15px; margin-right: 0%; margin-left: 0%; box-sizing: border-box;'><section style='display: inline-block;vertical-align: bottom;width: auto;flex: 0 0 0%;align-self: flex-end;height: auto;border-style: solid solid none none;border-width: 1px;border-top-left-radius: 0px;border-color: rgb(204, 28, 27) rgb(204, 28, 27) rgb(255, 164, 30) rgb(255, 164, 30);border-bottom-right-radius: 0px;border-bottom-left-radius: 0px;border-top-right-radius: 0px;line-height: 1.6;box-sizing: border-box;'><section style='text-align: center;font-size: 0px;margin: -1px 0% -10px;transform: translate3d(-8px, 0px, 0px);-webkit-transform: translate3d(-8px, 0px, 0px);-moz-transform: translate3d(-8px, 0px, 0px);-o-transform: translate3d(-8px, 0px, 0px);box-sizing: border-box;' powered-by="xiumi.us"><section style='display: inline-block;width: 8px;height: 20px;vertical-align: top;overflow: hidden;border-width: 1px 0px 0px 1px;border-left-style: solid;border-bottom-left-radius: 0px;border-left-color: rgb(204, 28, 27);border-top-style: solid;border-top-left-radius: 0px;border-top-color: rgb(204, 28, 27);box-sizing: border-box;'><svg viewBox="0 0 1 1" style='float:left;line-height:0;width:0;vertical-align:top;'></svg></section></section></section><section style='display: inline-block;vertical-align: bottom;width: auto;align-self: flex-end;flex: 100 100 0%;border-width: 0px 0px 1px;border-bottom-style: solid;border-bottom-right-radius: 0px;border-bottom-color: rgb(204, 28, 27);height: auto;box-sizing: border-box;'><section style='box-sizing: border-box;' powered-by="xiumi.us"><section style='display: flex; flex-flow: row nowrap; margin-right: 0%; margin-bottom: 4px; margin-left: 0%; box-sizing: border-box;'><section style='display: inline-block; width: auto; vertical-align: top; background-color: rgba(242, 115, 95, 0.3); flex: 100 100 0%; align-self: flex-start; height: auto; margin-left: 4px; box-sizing: border-box;'><section style='margin-right: 0%; margin-left: 0%; box-sizing: border-box;' powered-by="xiumi.us"><section style='color: rgb(204, 28, 27); letter-spacing: 2px; padding-right: 6px; padding-left: 6px; box-sizing: border-box;'><p style='box-sizing: border-box;'><strong style='box-sizing: border-box;'>（二）不动产投资</strong></p></section></section></section></section></section></section></section></section><section style='margin-top: 30px; margin-right: 0%; margin-left: 0%; box-sizing: border-box;' powered-by="xiumi.us"><section style='display: inline-block;width: 100%;vertical-align: top;border-width: 1px;border-top-left-radius: 0px;border-style: none none solid solid;border-color: rgb(255, 164, 30) rgb(255, 164, 30) rgb(204, 28, 27) rgb(204, 28, 27);border-bottom-right-radius: 0px;border-bottom-left-radius: 0px;border-top-right-radius: 0px;box-sizing: border-box;'><section style='margin-top: -20px; margin-right: 0%; margin-left: 0%; box-sizing: border-box;' powered-by="xiumi.us"><section style='display: inline-block;width: 100%;vertical-align: top;padding: 6px 20px 16px;border-width: 0px;box-shadow: rgb(0, 0, 0) 0px 0px 0px;box-sizing: border-box;'><section style='font-size: 15px;color: rgb(111, 83, 49);line-height: 1.8;letter-spacing: 1px;box-sizing: border-box;' powered-by="xiumi.us"><p style='box-sizing: border-box;'><strong style='box-sizing: border-box;'><span style='font-size: 16px;color: rgb(204, 28, 27);box-sizing: border-box;'> 上半年，包含5G基建、大数据中心、人工智能等新兴产业在内的“新型基础设施建设”多次被中央提及，是全球需求下行下的“增量逻辑”行业。</span></strong><span style='font-size: 16px;color: rgb(62, 62, 62);box-sizing: border-box;'>推出“新基建”，有助于</span><span style='color: rgb(62, 62, 62);font-size: 16px;box-sizing: border-box;'>稳增长、稳就业，释放中国经济增长潜力，提升长期竞争力。第三批提前下达的专项债资金投向也将重点用于交通基础设施、能源项目等七大领域，特别是加快5G网络、数据中心、人工智能、物联网等新型基础设施建设。</span></p><p style='box-sizing: border-box;'><span style='color: rgb(62, 62, 62);font-size: 16px;box-sizing: border-box;'><br style='box-sizing: border-box;'></span></p><p style='box-sizing: border-box;'><strong style='box-sizing: border-box;'><span style='font-size: 16px;color: rgb(204, 28, 27);box-sizing: border-box;'> 证监会、发改委正式发布基础设施领域不动产投资信托基金试点通知，境内公募REITs 正式起步。</span></strong><span style='font-size: 16px;color: rgb(62, 62, 62);box-sizing: border-box;'>在疫情给经济增</span><span style='color: rgb(62, 62, 62);font-size: 16px;box-sizing: border-box;'>长造成冲击的大环境下，基础设施REITs的推出不仅将释放国内巨量基础设施存量市场，同时也为资本市场提供了固定收益属性与权益收益属性兼具的投资品种。根据《通知》，本次试点聚焦于新基建、交通、能源、仓储物流、环境保护、信息网络、园区开发七大领域，为数据中心、产业园区和物流产业等不动产业态的创新投资带来历史性机遇。</span></p><p style='box-sizing: border-box;'><span style='color: rgb(62, 62, 62);font-size: 16px;box-sizing: border-box;'><br style='box-sizing: border-box;'></span></p><p style='box-sizing: border-box;'><strong style='box-sizing: border-box;'><span style='font-size: 16px;color: rgb(204, 28, 27);box-sizing: border-box;'> 城市群是新时代支撑中国经济高质量发展的主要平台。</span></strong><span style='color: rgb(62, 62, 62);font-size: 16px;box-sizing: border-box;'>6月，中央印发了《海南自由贸易港建设总体方案》，支持住房租赁金融业务创新和规范发展，支持发展房地产投资信托基金（REITs）。同月，长三角一体化发展重大合作事项签约在浙江湖州举行，涉及19 项重大合作事项，推动长三角实现更高质量一体化发展。以京津冀协同发展、长三角一体化、粤港澳大湾区、海南自贸区等为代表的新一轮区域经济发展规划的落地，将带来多种不动产业态和周边二三线城市的投资机会。</span></p><p style='box-sizing: border-box;'><span style='color: rgb(62, 62, 62);font-size: 16px;box-sizing: border-box;'><br style='box-sizing: border-box;'></span></p><p style='box-sizing: border-box;'><strong style='box-sizing: border-box;'><span style='color: rgb(204, 28, 27);box-sizing: border-box;'><span style='font-size: 16px;box-sizing: border-box;'> 中央继续坚持房住不炒和“不将房地产作为短期刺激经</span><span style='font-size: 16px;box-sizing: border-box;'>济的手段”的基本原则，住房租赁市场和老旧小区改造得到多项政策支持。</span></span></strong><span style='color: rgb(62, 62, 62);font-size: 16px;box-sizing: border-box;'>中央及多个地方政府对住房租赁市场非常重视，陆续出台了一系列政策，体现了政府建立多层次住房保障体系，构建房地产长效机制的决心。受疫情影响，多地提出了缓解房企流动性压力的扶持政策，然而，中央依旧严控资金流入房地产行业，包括禁止专项债券用于土地收储和与房地产相关的项目等，但将城镇老旧小区改造纳入了支持范围。两会期间的政府工作报告中提出，各地应增加改造城镇老旧小区数量，提升居民居住环境，稳定房地产市场需求。</span></p></section></section></section></section></section></section></section></section><section style='box-sizing: border-box;' powered-by="xiumi.us"><p style='box-sizing: border-box;'><br style='box-sizing: border-box;'></p></section><section style='box-sizing: border-box;' powered-by="xiumi.us"><p style='box-sizing: border-box;'><br style='box-sizing: border-box;'></p></section><section style='box-sizing: border-box;' powered-by="xiumi.us"><section style='margin: 10px 0% 12px;display: flex;flex-flow: row nowrap;box-sizing: border-box;'><section style='display: inline-block; vertical-align: bottom; width: auto; background-color: rgba(242, 115, 95, 0.3); line-height: 1; letter-spacing: 0px; min-width: 10%; max-width: 100%; flex: 0 0 auto; height: auto; padding-right: 20px; align-self: flex-end; box-shadow: rgb(0, 0, 0) 0px 0px 0px; box-sizing: border-box;'><section style='margin-right: 0%; margin-bottom: 3px; margin-left: 0%; text-align: center; justify-content: center; box-sizing: border-box;' powered-by="xiumi.us"><section style='text-align: justify; line-height: 1.6; color: rgb(204, 28, 27); letter-spacing: 0px; padding-right: 10px; padding-left: 10px; box-sizing: border-box;'><p style='text-align: left; box-sizing: border-box;'><span style='box-sizing: border-box;'><strong style='box-sizing: border-box;'> （三）基础设施投资</strong></span></p></section></section></section><section style='display: inline-block; vertical-align: bottom; width: auto; align-self: flex-end; flex: 0 0 0%; height: auto; margin-left: -13px; box-sizing: border-box;'><section style='text-align: center; font-size: 0px; margin-right: 0%; margin-bottom: 8px; margin-left: 0%; box-sizing: border-box;' powered-by="xiumi.us"><section style='display: inline-block;width: 20px;height: 7px;vertical-align: top;overflow: hidden;border-style: solid none solid solid;border-width: 1px;border-top-left-radius: 0px;border-color: rgb(204, 28, 27) rgb(255, 164, 30) rgb(204, 28, 27) rgb(204, 28, 27);border-bottom-right-radius: 0px;border-bottom-left-radius: 0px;border-top-right-radius: 0px;box-sizing: border-box;'><svg viewBox="0 0 1 1" style='float:left;line-height:0;width:0;vertical-align:top;'></svg></section></section></section><section style='display: inline-block; vertical-align: bottom; width: auto; align-self: flex-end; flex: 100 100 0%; border-right: 1px solid rgb(204, 28, 27); border-top-right-radius: 0px; margin-bottom: -12px; box-sizing: border-box;'><section style='margin-right: 0%; margin-bottom: 26px; margin-left: 0%; box-sizing: border-box;' powered-by="xiumi.us"><section style='background-color: rgb(204, 28, 27);height: 1px;box-sizing: border-box;'><svg viewBox="0 0 1 1" style='float:left;line-height:0;width:0;vertical-align:top;'></svg></section></section></section></section></section><section style='margin-right: 0%; margin-bottom: 10px; margin-left: 0%; box-sizing: border-box;' powered-by="xiumi.us"><section style='display: inline-block;width: 100%;vertical-align: top;padding: 6px 20px 16px;border-width: 1px;border-style: none solid solid;border-top-left-radius: 0px;border-color: rgb(255, 164, 30) rgb(204, 28, 27) rgb(204, 28, 27);border-bottom-right-radius: 0px;border-bottom-left-radius: 0px;border-top-right-radius: 0px;box-sizing: border-box;'><section style='font-size: 15px;color: rgb(111, 83, 49);line-height: 1.8;letter-spacing: 1px;box-sizing: border-box;' powered-by="xiumi.us"><p style='box-sizing: border-box;'><span style='font-size: 16px;color: rgb(62, 62, 62);box-sizing: border-box;'> 近年来，我国基础设施投资增速一直保持低位增长，自2019年开始，中央已经出台各类文件受新冠肺炎疫情影响，</span><span style='color: rgb(62, 62, 62);font-size: 16px;box-sizing: border-box;'>2020年第一季度宏观经济增速为-6.8%，基础设施投资成为“</span><span style='color: rgb(62, 62, 62);font-size: 16px;box-sizing: border-box;'>稳增长”的重要抓手。由于疫情在全球范围扩散，对内压制消费、对外冲击出口，“三驾马车”中的投资将在稳增长中扮演更重要角色，而制造业投资呈现明显的顺周期性，因此政府主导的基建投资仍是众望所归。为有效对冲疫情影响，扩大基建投资更显必要和紧迫，各地方政府纷纷提高基建投资力度提振经济。可以说，2020年的重要任务依然是稳投资，而稳投资的关键依旧是稳基建。未来一段时间，随着地方专项债额度进一步下达，基建投资增速也会随之上升。而新基建投资则在新一轮基建投资中扮演重要角色。</span></p></section></section></section><section style='box-sizing: border-box;' powered-by="xiumi.us"><p style='box-sizing: border-box;'><br style='box-sizing: border-box;'></p></section><section style='box-sizing: border-box;' powered-by="xiumi.us"><p style='box-sizing: border-box;'><br style='box-sizing: border-box;'></p></section><section style='box-sizing: border-box;' powered-by="xiumi.us"><section style='display: flex;flex-flow: row nowrap;margin: 10px 0% 2px;box-sizing: border-box;'><section style='display: inline-block; vertical-align: bottom; width: auto; min-width: 10%; max-width: 100%; flex: 0 0 auto; height: auto; align-self: flex-end; padding-right: 2px; padding-left: 2px; box-sizing: border-box;'><section style='text-align: center;font-size: 27px;color: rgb(58, 66, 94);line-height: 1.2;letter-spacing: 0px;box-sizing: border-box;' powered-by="xiumi.us"><p style='box-sizing: border-box;'><strong style='box-sizing: border-box;'>三</strong></p></section><section style='margin-right: 0%; margin-bottom: 8px; margin-left: 0%; box-sizing: border-box;' powered-by="xiumi.us"><section style='background-color: rgb(58, 66, 94);height: 2px;box-sizing: border-box;'><svg viewBox="0 0 1 1" style='float:left;line-height:0;width:0;vertical-align:top;'></svg></section></section></section><section style='display: inline-block;vertical-align: bottom;width: auto;flex: 100 100 0%;align-self: flex-end;height: auto;box-sizing: border-box;'><section style='margin-right: 0%; margin-left: 0%; box-sizing: border-box;' powered-by="xiumi.us"><section style='font-size: 17px; color: rgb(202, 29, 24); padding-right: 3px; padding-left: 3px; letter-spacing: 1px; line-height: 2; box-sizing: border-box;'><p style='box-sizing: border-box;'><strong style='box-sizing: border-box;'>行业发展趋势与判断</strong></p></section></section><section style='margin-right: 0%; margin-bottom: 8px; margin-left: 0%; box-sizing: border-box;' powered-by="xiumi.us"><section style='background-color: rgb(202, 29, 24);height: 2px;box-sizing: border-box;'><svg viewBox="0 0 1 1" style='float:left;line-height:0;width:0;vertical-align:top;'></svg></section></section></section></section></section><section style='box-sizing: border-box;' powered-by="xiumi.us"><p style='box-sizing: border-box;'><br style='box-sizing: border-box;'></p></section><section style='box-sizing: border-box;' powered-by="xiumi.us"><section style='display: flex;flex-flow: row nowrap;margin: 10px 0% 5px;box-sizing: border-box;'><section style='display: inline-block;vertical-align: bottom;width: 45px;align-self: flex-end;flex: 0 0 auto;height: auto;box-sizing: border-box;'><section style='box-sizing: border-box;' powered-by="xiumi.us"><section style='display: flex; flex-flow: row nowrap; margin-right: 0%; margin-bottom: -3px; margin-left: 0%; box-sizing: border-box;'><section style='display: inline-block; width: auto; vertical-align: top; border-bottom: 10px solid rgba(241, 65, 65, 0.1); border-bottom-right-radius: 0px; flex: 100 100 0%; align-self: flex-start; height: auto; margin-right: 4px; line-height: 1; letter-spacing: 0px; box-sizing: border-box;'><section style='opacity: 0.99; margin-right: 0%; margin-bottom: -7px; margin-left: 0%; box-sizing: border-box;' powered-by="xiumi.us"><section style='text-align: center; font-size: 17px; color: rgb(204, 28, 27); line-height: 1; letter-spacing: 1px; box-sizing: border-box;'><p style='box-sizing: border-box;'><br style='box-sizing: border-box;'></p></section></section></section></section></section><section style='text-align: center; font-size: 0px; margin-right: 0%; margin-bottom: -6px; margin-left: 0%; box-sizing: border-box;' powered-by="xiumi.us"><section style='display: inline-block;width: 100%;height: 7px;vertical-align: top;overflow: hidden;border-style: none solid solid none;border-width: 1px;border-top-left-radius: 0px;border-color: rgb(252, 104, 104) rgb(204, 28, 27) rgb(204, 28, 27) rgb(252, 104, 104);border-bottom-right-radius: 0px;border-bottom-left-radius: 0px;border-top-right-radius: 0px;box-sizing: border-box;'><svg viewBox="0 0 1 1" style='float:left;line-height:0;width:0;vertical-align:top;'></svg></section></section></section><section style='display: inline-block;vertical-align: bottom;width: auto;align-self: flex-end;flex: 100 100 0%;box-sizing: border-box;'><section style='opacity: 0.99;box-sizing: border-box;' powered-by="xiumi.us"><section style='color: rgb(204, 28, 27); padding-right: 5px; padding-left: 5px; line-height: 1.5; letter-spacing: 1px; box-sizing: border-box;'><p style='box-sizing: border-box;'><strong style='box-sizing: border-box;'>（一）股权投资</strong></p></section></section><section style='margin-right: 0%; margin-left: 0%; box-sizing: border-box;' powered-by="xiumi.us"><section style='background-color: rgb(204, 28, 27);height: 1px;box-sizing: border-box;'><svg viewBox="0 0 1 1" style='float:left;line-height:0;width:0;vertical-align:top;'></svg></section></section></section></section></section><section style='margin-right: 0%; margin-bottom: 10px; margin-left: 0%; box-sizing: border-box;' powered-by="xiumi.us"><section style='display: inline-block;width: 100%;vertical-align: top;border-style: none solid solid;border-width: 1px;border-top-left-radius: 0px;border-color: rgb(252, 104, 104) rgb(204, 28, 27) rgb(204, 28, 27);border-bottom-right-radius: 0px;border-bottom-left-radius: 0px;border-top-right-radius: 0px;box-sizing: border-box;'><section style='display: inline-block; width: 100%; vertical-align: top; padding-right: 20px; padding-bottom: 15px; padding-left: 20px; box-sizing: border-box;' powered-by="xiumi.us"><section style='margin-right: 0%; margin-bottom: 20px; margin-left: 0%; font-size: 0px; text-align: right; justify-content: flex-end; transform: translate3d(20px, 0px, 0px); box-sizing: border-box;' powered-by="xiumi.us"><section style='display: inline-block;width: 70%;vertical-align: top;height: auto;box-sizing: border-box;'><section style='margin-right: 0%; margin-left: 0%; box-sizing: border-box;' powered-by="xiumi.us"><section style='background-color: rgb(204, 28, 27);height: 1px;box-sizing: border-box;'><svg viewBox="0 0 1 1" style='float:left;line-height:0;width:0;vertical-align:top;'></svg></section></section></section></section><section style='font-size: 15px;line-height: 1.8;letter-spacing: 1px;box-sizing: border-box;' powered-by="xiumi.us"><p style='box-sizing: border-box;'><span style='font-size: 16px;color: rgb(62, 62, 62);box-sizing: border-box;'> <strong style='box-sizing: border-box;'><span style='color: rgb(204, 28, 27);box-sizing: border-box;'>一是关注疫苗行业、医疗设备行业的股权投资机会。</span></strong>医</span><span style='font-size: 16px;box-sizing: border-box;'>护类行业所受影响不一而论。首先，口罩、消毒液等卫生防护类产品，以及医药的需求在短期内爆发。但随着疫情消退，相关产品需求将随之下降，甚至由于居民过度囤货导致需求透支、存货积压风险。其次，疫苗行业相对受益，即便疫情</span><span style='font-size: 16px;box-sizing: border-box;'>过后，国家仍或延续对疫苗研发的支持力度。最后，医疗设备类行业显著受益。突发的疫情暴露了当前医院及医疗设备仍相对紧缺，根据卫健委数据，截至2018 年我国每千人医</span><span style='font-size: 16px;box-sizing: border-box;'>疗机构床位仅约6张。今年国家基建补短板中，医院将会是重点领域，催生医疗设备类需求。家用医疗设备的需求也会因疫情而增长。</span></p><p style='box-sizing: border-box;'><span style='font-size: 16px;box-sizing: border-box;'><br style='box-sizing: border-box;'></span></p><p style='box-sizing: border-box;'><span style='font-size: 16px;color: rgb(62, 62, 62);box-sizing: border-box;'> </span><strong style='box-sizing: border-box;'><span style='color: rgb(204, 28, 27);box-sizing: border-box;'><span style='font-size: 16px;box-sizing: border-box;'>二是重点关注绿色食品、环保、汽车等行业的股权投资</span><span style='font-size: 16px;box-sizing: border-box;'>机会。</span></span></strong><span style='font-size: 16px;box-sizing: border-box;'>疫情可能改变消费观念，绿色环保、大健康、私享经济受益，影响较小但更持久。首先，新冠肺炎与当年的SARS病毒均来自于野生动物，“病从口入”的观念再次加深，因此疫情过后，居民可能更注重食品的安全性，追求绿色食品。其次，病毒扩散自然会增加居民对生存环境的关注，提高环保意识。环保型建材、垃圾处理与污水净化等设备都将受益。此外，居民对健康更加重视，保健品、体育用品受益。最后，居民对公共交通等公共型、共享型产品或心存余悸，可能刺激汽车等私享型消费需求。</span></p></section></section></section></section><section style='box-sizing: border-box;' powered-by="xiumi.us"><p style='box-sizing: border-box;'><br style='box-sizing: border-box;'></p></section><section style='box-sizing: border-box;' powered-by="xiumi.us"><section style='display: flex; flex-flow: row nowrap; margin-top: 10px; margin-right: 0%; margin-left: 0%; box-sizing: border-box;'><section style='display: inline-block;vertical-align: bottom;width: 22px;flex: 0 0 auto;align-self: flex-end;height: auto;box-sizing: border-box;'><section style='margin-right: 0%; margin-left: 0%; box-sizing: border-box;' powered-by="xiumi.us"><section style='background-color: rgb(204, 28, 27);height: 1px;box-sizing: border-box;'><svg viewBox="0 0 1 1" style='float:left;line-height:0;width:0;vertical-align:top;'></svg></section></section></section><section style='display: inline-block;vertical-align: bottom;width: auto;align-self: flex-end;min-width: 10%;max-width: 100%;flex: 0 0 auto;height: auto;box-sizing: border-box;'><section style='opacity: 0.99;box-sizing: border-box;' powered-by="xiumi.us"><section style='color: rgb(204, 28, 27); padding-right: 10px; padding-left: 10px; line-height: 1; letter-spacing: 1px; box-sizing: border-box;'><p style='box-sizing: border-box;'><strong style='box-sizing: border-box;'>（二）不动产投资</strong></p></section></section><section style='text-align: center;font-size: 0px;margin: -8px 0% -3px;box-sizing: border-box;' powered-by="xiumi.us"><section style='display: inline-block;width: 90%;height: 10px;vertical-align: top;overflow: hidden;background-color: rgba(241, 65, 65, 0.1);box-sizing: border-box;'><svg viewBox="0 0 1 1" style='float:left;line-height:0;width:0;vertical-align:top;'></svg></section></section><section style='text-align: center; font-size: 0px; margin-right: 0%; margin-bottom: -6px; margin-left: 0%; box-sizing: border-box;' powered-by="xiumi.us"><section style='display: inline-block;width: 100%;height: 7px;vertical-align: top;overflow: hidden;border-style: none solid solid;border-width: 1px;border-top-left-radius: 0px;border-color: rgb(252, 104, 104) rgb(204, 28, 27) rgb(204, 28, 27);border-bottom-right-radius: 0px;border-bottom-left-radius: 0px;border-top-right-radius: 0px;box-sizing: border-box;'><svg viewBox="0 0 1 1" style='float:left;line-height:0;width:0;vertical-align:top;'></svg></section></section></section><section style='display: inline-block;vertical-align: bottom;width: auto;align-self: flex-end;flex: 100 100 0%;box-sizing: border-box;'><section style='margin-right: 0%; margin-left: 0%; box-sizing: border-box;' powered-by="xiumi.us"><section style='background-color: rgb(204, 28, 27);height: 1px;box-sizing: border-box;'><svg viewBox="0 0 1 1" style='float:left;line-height:0;width:0;vertical-align:top;'></svg></section></section></section></section></section><section style='margin-right: 0%; margin-bottom: 10px; margin-left: 0%; box-sizing: border-box;' powered-by="xiumi.us"><section style='display: inline-block;width: 100%;vertical-align: top;border-style: none solid solid;border-width: 1px;border-top-left-radius: 0px;border-color: rgb(252, 104, 104) rgb(204, 28, 27) rgb(204, 28, 27);border-bottom-right-radius: 0px;border-bottom-left-radius: 0px;border-top-right-radius: 0px;box-sizing: border-box;'><section style='display: inline-block;width: 100%;vertical-align: top;padding: 20px 20px 15px;border-width: 0px;box-sizing: border-box;' powered-by="xiumi.us"><section style='font-size: 15px;line-height: 1.8;letter-spacing: 1px;box-sizing: border-box;' powered-by="xiumi.us"><p style='box-sizing: border-box;'><strong style='box-sizing: border-box;'><span style='font-size: 16px;color: rgb(204, 28, 27);box-sizing: border-box;'> 二季度虽然复产复工已经加快，但需求端的萎缩叠加海外疫情扩散，不动产市场整体情况仍不乐观。</span></strong><span style='font-size: 16px;color: rgb(62, 62, 62);box-sizing: border-box;'>写字楼市场预</span><span style='font-size: 16px;box-sizing: border-box;'>计吸纳率有所提升，但考虑新增供应量逐渐入市，经济面尚未恢复，租金水平在未来几个季度均将面临进一步下降的风险，但降幅预计可控。随着国内疫情的有效控制，商场、购物中心陆续恢复营业，消费与客流将继续迎来较大幅度回升，为市场带来补偿性增长。</span></p><p style='box-sizing: border-box;'><br style='box-sizing: border-box;'></p><p style='box-sizing: border-box;'><span style='font-size: 16px;color: rgb(62, 62, 62);box-sizing: border-box;'> 随着国内疫情的缓解，投资者信心正逐步恢复，与此同时全球的疫情形势依旧严峻，延缓了外资进入中国的步伐，给内</span><span style='font-size: 16px;box-sizing: border-box;'>资机构提供了投资窗口期。短期来看，应采用相对防御性的配置策略，重点关注核心城市的优质物业，加大不动产类固收投资，积极参与公募REITs试点。投资于核心城市、成熟区域，支持代表国家产业升级方向的企业，关注拥有优质租户组合的资产类型，有较稳定经营现金流抵抗周期波动，同时享有长期资产的增值收益。另一方面，房地产行业仍是定向紧缩的融资环境，受租金收入预期下降的影响，银行等金融机构对地产项目风险偏好下调，融资难度增大，类固收投资仍然具有有利的时间窗口。投资于以优质底层不动产资产和优质主体支持的结构化中长久期不动产类固收产品（包括夹层基金和证券化等产品投资），在投资风险低于股权投资的同时，可取得较好的现金收益率，对冲利率下行。</span><strong style='box-sizing: border-box;'><span style='color: rgb(204, 28, 27);font-size: 16px;box-sizing: border-box;'>中长期来看，应采用比较积极的配置策略，把握中国经济和产业转型升级和新基建带来的趋势性机会。</span></strong><span style='font-size: 16px;box-sizing: border-box;'>尤其关注包含5G基建、大数据中心、人工智能等新兴产业在内的“新型基础设施建设”、服务于科技转型升级的科技园区研发办公设施，以及持续受益于消费升级和食品安全的冷链物流、医疗健康地产等。其中，服务于科技转型升级的科技地产，包括数据中心、科技园区研发办公设施等，将成为新的需求增长点。</span></p></section></section></section></section><section style='box-sizing: border-box;' powered-by="xiumi.us"><p style='box-sizing: border-box;'><br style='box-sizing: border-box;'></p></section><section style='box-sizing: border-box;' powered-by="xiumi.us"><section style='display: flex; flex-flow: row nowrap; margin-right: 0%; margin-bottom: 5px; margin-left: 0%; box-sizing: border-box;'><section style='display: inline-block; vertical-align: bottom; width: 100px; flex: 0 0 auto; align-self: flex-end; height: auto; margin-right: -95px; box-sizing: border-box;'><section style='text-align: center;font-size: 0px;box-sizing: border-box;' powered-by="xiumi.us"><section style='display: inline-block;width: 100%;height: 16px;vertical-align: top;overflow: hidden;border-width: 1px;border-top-left-radius: 0px;border-style: none none solid solid;border-color: rgb(252, 104, 104) rgb(252, 104, 104) rgb(204, 28, 27) rgb(204, 28, 27);border-bottom-right-radius: 0px;border-bottom-left-radius: 0px;border-top-right-radius: 0px;box-sizing: border-box;'><svg viewBox="0 0 1 1" style='float:left;line-height:0;width:0;vertical-align:top;'></svg></section></section></section><section style='display: inline-block;vertical-align: bottom;width: auto;align-self: flex-end;min-width: 10%;max-width: 100%;flex: 0 0 auto;height: auto;box-sizing: border-box;'><section style='transform: translate3d(6px, 0px, 0px); margin-right: 0%; margin-bottom: -7px; margin-left: 0%; box-sizing: border-box;' powered-by="xiumi.us"><section style='color: rgb(204, 28, 27); line-height: 1.2; letter-spacing: 1px; padding-right: 6px; padding-left: 6px; box-sizing: border-box;'><p style='box-sizing: border-box;'><strong style='box-sizing: border-box;'>（三）基础设施投资</strong></p></section></section><section style='text-align: center; font-size: 0px; margin-right: 0%; margin-bottom: 5px; margin-left: 0%; box-sizing: border-box;' powered-by="xiumi.us"><section style='display: inline-block;width: 100%;height: 12px;vertical-align: top;overflow: hidden;background-color: rgba(241, 65, 65, 0.1);box-sizing: border-box;'><svg viewBox="0 0 1 1" style='float:left;line-height:0;width:0;vertical-align:top;'></svg></section></section></section></section></section><section style='display: inline-block;width: 100%;vertical-align: top;padding: 5px 20px 17px;border-width: 0px 0px 0px 1px;border-left-style: solid;border-bottom-left-radius: 0px;border-left-color: rgb(204, 28, 27);box-sizing: border-box;' powered-by="xiumi.us"><section style='font-size: 15px;line-height: 1.8;letter-spacing: 1px;box-sizing: border-box;' powered-by="xiumi.us"><p style='box-sizing: border-box;'><span style='font-size: 16px;color: rgb(62, 62, 62);box-sizing: border-box;'> 根据国泰君安证券研究预测，2020年全年广义基建增速大概为7%-10%，在增量资金在极限使用情况下，基建投资增速或达11左右，不确定性主要取决于专项债资本在资本金中的比例变化以及资金流向比例。从重大项目角度来看，投资主要集中在基础设施（交通、能源、城市建设）、产业项目（先进制造、现代服务业），其中东部地区对基建项目</span><span style='font-size: 16px;box-sizing: border-box;'>多，中部与西部产业项目相对较多；从专项债使用角度来看，基建、产业/工业园区、收费公路等领域较为集中。<strong style='box-sizing: border-box;'><span style='color: rgb(204, 28, 27);box-sizing: border-box;'>在消费复苏分化、外需疲弱的状态下，基建投资全年实现10%的增长可能性较高。</span></strong></span></p><p style='box-sizing: border-box;'><span style='font-size: 16px;box-sizing: border-box;'><br style='box-sizing: border-box;'></span></p><p style='box-sizing: border-box;'><strong style='box-sizing: border-box;'><span style='font-size: 16px;color: rgb(204, 28, 27);box-sizing: border-box;'> 保险资金应积极参与国内重大基础设施项目建设，着手布局新基建领域。一是大力支持核心区域的老基建建设。</span></strong><span style='font-size: 16px;color: rgb(62, 62, 62);box-sizing: border-box;'>今</span><span style='font-size: 16px;box-sizing: border-box;'>年，在不进一步增加地方政府隐性债务的同时，各地政府拟计划新建的老基建资产仍然需要大量的资金支持。保险资金应当紧抓经济不断下行以及基建增量资金短缺的窗口期，适当降低定价标准，全力支持核心区域的优质基础设施资产建设，重点关注人口流入量较大、城镇化进程较快的地区，以及与人民生活紧密联系的行业。如高速公路、铁路、污水处理、固废处理、能源电力、产业园区、市政公共设施等。</span><strong style='box-sizing: border-box;'><span style='color: rgb(204, 28, 27);font-size: 16px;box-sizing: border-box;'>二是着手布局新基建领域，特别是城际高速铁路、城际轨道交通和特高压输电线路板块。</span></strong><span style='font-size: 16px;box-sizing: border-box;'>保险资金可重点关注上述领域，因其业务模式较为简单且具有实物资产。高铁城轨板块：是传统基建的新兴部分，未来发展潜力非常巨大。根据2019年9月国务院外发《交通强国建设纲要》，要求至2035 年全国基本形成“123出行圈”（都市区1小时通勤、城市群2小时通达、全国主要城市3小时覆盖），推进干线铁路、城际铁路、市域（郊）铁路、城市轨道交通融合发展。特高压输电线路板块：特高压输电线路能够推进国内清洁能源的高效利用和逐渐减少火力发电的规模，是支持国家绿色金融发展的重要体现；另外，项目规模相对较大，一般在100-300亿元左右，且项目周期较长，平均在30年左右，再结合其自身现金收益稳定的特点，与保险资金具备体量大、久期长、对投资收益要求稳定等特性天然匹配。</span></p></section></section><section style='text-align: left;justify-content: flex-start;margin: 10px 0%;box-sizing: border-box;' powered-by="xiumi.us"><section style='display: inline-block;width: auto;vertical-align: top;min-width: 10%;max-width: 100%;height: auto;box-shadow: rgb(0, 0, 0) 0px 0px 0px;box-sizing: border-box;'><section style='text-align: center;box-sizing: border-box;' powered-by="xiumi.us"><section style='display: inline-block; width: auto; vertical-align: top; min-width: 10%; max-width: 100%; height: auto; padding-right: 10px; padding-left: 10px; box-sizing: border-box;'><section style='text-align: justify;color: rgb(97, 97, 97);font-size: 14px;box-sizing: border-box;' powered-by="xiumi.us"><p style='box-sizing: border-box;'>本文作者：国寿投资公司战略管理部</p></section></section></section></section></section><section style='box-sizing: border-box;' powered-by="xiumi.us"><section style='display: flex;flex-flow: row nowrap;text-align: right;justify-content: flex-end;margin: 10px 0% -10px;transform: translate3d(-10px, 0px, 0px);-webkit-transform: translate3d(-10px, 0px, 0px);-moz-transform: translate3d(-10px, 0px, 0px);-o-transform: translate3d(-10px, 0px, 0px);opacity: 0.66;box-sizing: border-box;'><section style='display: inline-block;width: auto;vertical-align: top;flex: 0 0 0%;height: auto;line-height: 0;align-self: flex-start;box-sizing: border-box;'><section style='text-align: center; margin-right: 0%; margin-left: 0%; box-sizing: border-box;' powered-by="xiumi.us"><section style='display: inline-block;width: 40px;height: 20px;vertical-align: top;overflow: hidden;background-size: contain;background-attachment: scroll;box-sizing: border-box;background-position: 50% 50%;background-repeat: no-repeat no-repeat;'><svg viewBox="0 0 1 1" style='float:left;line-height:0;width:0;vertical-align:top;'></svg></section></section></section></section></section><section style='box-sizing: border-box;' powered-by="xiumi.us"><section style='display: flex; flex-flow: row nowrap; margin-right: 0%; margin-bottom: 10px; margin-left: 0%; box-sizing: border-box;'><section style='display: inline-block;vertical-align: bottom;width: auto;align-self: flex-end;box-shadow: rgb(0, 0, 0) 0px 0px 0px;flex: 0 0 0%;height: auto;line-height: 0;letter-spacing: 0px;box-sizing: border-box;'><section style='text-align: right; margin-right: 0%; margin-bottom: -1px; margin-left: 0%; justify-content: flex-end; transform: translate3d(6px, 0px, 0px); box-sizing: border-box;' powered-by="xiumi.us"><section style='display: inline-block;width: 18px;height: 13px;vertical-align: top;overflow: hidden;line-height: 0;letter-spacing: 0px;box-shadow: rgb(0, 0, 0) 0px 0px 0px;box-sizing: border-box;'><section style='text-align: center; margin-right: 0%; margin-left: 0%; box-sizing: border-box;' powered-by="xiumi.us"><section style='max-width: 100%;vertical-align: middle;display: inline-block;line-height: 0;box-shadow: rgb(0, 0, 0) 0px 0px 0px;box-sizing: border-box;'><svg xmlns="http://www.w3.org/2000/svg" x="0px" y="0px" viewBox="0 0 37.7 24.9" style='vertical-align: middle;max-width: 100%;box-sizing: border-box;' width="100%"><path d="M37.7,19v6H3.2c-3.3,0-4.4-4.4-1.6-6L2,18.7C2.4,18.9,2.8,19,3.2,19H37.7z" fill="rgb(254,188,0)" style='box-sizing: border-box;'></path><path d="M37.7,0v19H3.2c-0.4,0-0.8-0.1-1.2-0.2L37.7,0z" fill="rgb(254,227,95)" style='box-sizing: border-box;'></path></svg></section></section></section></section></section><section style='display: inline-block;vertical-align: bottom;width: auto;border: 0px none rgb(62, 62, 62);border-top-left-radius: 10px;border-bottom-right-radius: 10px;border-bottom-left-radius: 0px;border-top-right-radius: 10px;box-shadow: rgb(254, 188, 0) -3px -3px 0px inset;padding: 5px 10px;flex: 100 100 0%;align-self: flex-end;height: auto;box-sizing: border-box;'><section style='box-sizing: border-box;' powered-by="xiumi.us"><section style='display: flex; flex-flow: row nowrap; text-align: left; justify-content: flex-start; margin-right: 0%; margin-left: 0%; opacity: 0.66; box-sizing: border-box;'><section style='display: inline-block;width: auto;vertical-align: top;flex: 0 0 0%;height: auto;line-height: 0;align-self: flex-start;box-sizing: border-box;'><section style='text-align: center; margin-right: 0%; margin-left: 0%; box-sizing: border-box;' powered-by="xiumi.us"><section style='display: inline-block;width: 50px;height: 6px;vertical-align: top;overflow: hidden;line-height: 0;box-sizing: border-box;'><section style='margin-right: 0%; margin-left: 0%; box-sizing: border-box;' powered-by="xiumi.us"><section style='max-width: 100%;vertical-align: middle;display: inline-block;line-height: 0;width: 100%;height: auto;box-sizing: border-box;'><svg xmlns="http://www.w3.org/2000/svg" x="0px" y="0px" viewBox="0 0 94.8 7.9" style='vertical-align: middle;max-width: 100%;width: 100%;box-sizing: border-box;' width="100%"><path d="M62.2,7.9H4c-2.2,0-4-1.8-4-4v0c0-2.2,1.8-4,4-4l58.2,0c2.2,0,4,1.8,4,4v0C66.2,6.1,64.4,7.9,62.2,7.9z" fill="rgb(255, 252, 239)" style='box-sizing: border-box;'></path><path d="M90.9,7.9H78.6c-2.2,0-4-1.8-4-4v0c0-2.2,1.8-4,4-4l12.3,0c2.2,0,4,1.8,4,4v0C94.8,6.1,93.1,7.9,90.9,7.9z" fill="rgb(255, 252, 239)" style='box-sizing: border-box;'></path></svg></section></section></section></section></section></section></section></section></section></section><section style='box-sizing: border-box;' powered-by="xiumi.us"><section style='display: inline-block;vertical-align: top;width: 80%;box-sizing: border-box;'><section style='text-align: right;justify-content: flex-end;box-sizing: border-box;' powered-by="xiumi.us"><section style='display: inline-block;vertical-align: top;width: 23%;height: auto;box-sizing: border-box;'><section style='margin-top: 3px; margin-right: 0%; margin-left: 0%; box-sizing: border-box;' powered-by="xiumi.us"><section style='text-align: center;font-size: 13px;color: rgb(62, 62, 62);font-family: Optima-Regular, PingFangTC-light;box-sizing: border-box;'><p style='box-sizing: border-box;'><br></p></section></section></section></section></section></section></section><p>转载声明：本文转载自「中国人寿投资控股」，搜索「chinalifeinvest」即可关注，[<a target="_blank" href="https://mp.weixin.qq.com/s/F7S1nUBWjP5uJlR-Ap4MZQ">阅读原文</a>]。</p></div><p></p>
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