CSC: Five departments issue a document to support consumption infrastructure development, and commercial real estate enters a stage of stock quality improvement.

CSC Financial research report states that on October 30, the National Development and Reform Commission and four other departments jointly issued the "Guiding Opinions on Strengthening Consumption Infrastructure Construction and Promoting Benign Interaction Between Consumption and Investment," supporting the construction of consumption infrastructure across six aspects: renovation, services, transportation, circulation, green and digitalization, and safeguards. Currently, commercial real estate has entered a stage of stock quality improvement, and the industry may diverge in the future. Branded asset-light operators, commercial real estate companies with ample capital and low financing costs, and those holding projects in prime locations may benefit first. The "Opinions" expand the positioning of REITs into a composite mechanism that combines market-based exit with operational standardization constraints, and the market space for consumption infrastructure and commercial real estate REITs is expected to further open up in the future.