www.ccxi.com.cn 目录 | 要点 | 1 | | --- | --- | | 正文 | 2 | | 声明 | 14 | 联络人 作者 结构融资部 | 阎 玉 | 021-60330988 | | --- | --- | | | yyan01@ccxi.com.cn | | 于桐宇 | 021-60330988 | | | tyyu@ccxi.com.cn | 负责人 | 结构融资部 评级总监 | | --- | | 付春香 021-60330927 | cxfu@ccxi.com.cn 编号：2026-AT05 2026 年 2 月 25 日 中诚信国际 定期报告 资产证券化 类REITs发行节奏有所放缓，CMBS和机构间REITs 项目持续发力；存续期产品底层资产现金流大多不 及预期，并伴随估值下降 ——不动产类资产证券化产品报告（2025 年度） 要点 ◼ 发行情况：2025 年，CMBS 共发行 82 单，发行规模 1,049.74 亿元，分别同比大幅增长 43.86%和 66.11%， 发行主体主要为基础设施投融资公司；类 REITs 共发行 52 单，发行规模 977.35 亿元，分别 ...

www.ccxi.com.cn 国际宏观资讯双周报 2 月 3 日–2 月 25 日 ➢ 2026 年第 4 期 本周资讯一览 热点评论 ➢ 韩日政府关注美关税裁决后续动向 对美投资或将照常推进 经济 财政 政治 国际收支 ESG 主权信用 ➢ 惠誉将巴林主权信用等级由 B+下调至 B 评级展望稳定 主权与国际评级部 | 杜凌轩 | | 010-66428877-279 | | --- | --- | --- | | | | lxdu@ccxi.com.cn | | 王家璐 | | 010-66428877-451 | | | | jlwang@ccxi.com.cn | | 于 | 嘉 | 010-66428877-242 | | | | jyu@ccxi.com.cn | | 张晶鑫 | | 010-66428877-243 | | | | jxzhang@ccxi.com.cn | | 易 | 成 | 010-66428877-246 | | | | chyi@ccxi.com.cn | | 方菏阳 | | 010-66428877-567 | | | | hyfang@ccxi.com.cn | | ...

监测周报 2026 年 2 月 2 日—2026 年 2 月 8 日 总第 376 期 2026 年第 5 期 隐性债务监管高压态势不变强调防范"处置风险的风险" 地方政府债与城投行业 ◼ 要闻点评 ◼ 地方政府债与城投债交易情况 国常会研究促进有效投资措施 浙江鼓励常态化发行交通基础设施 REITs ——地方政府债与城投行业监测周报 2026 年第 5 期 本期要点 作者： 中诚信国际研究院 院长 袁海霞 hxyuan@ccxi.com.cn 【地方政府债与城投行业监测周报 2026 年第 4 期】中央 1 号文件再提"创新乡村 振兴投融资机制" ，辽宁甘肃融资平台 累计压降均超八成 2026-2-5 如需订阅研究报告，敬请联系 中诚信国际品牌与投资人服务部 赵 耿 010-66428731； gzhao@ccxi.com.cn www.ccxi.com.cn www.ccxi.com.cn 地方政府债与城投行业监测周报 2022 年第 9 期 【地方政府债券与城投行业监测周报 2022 年第 40 期】发改委支持民间投资参与基建，海南发行离岸 【地方政府债与城投行业监测周报 2026 年第 3 期】青海提 ...

10 年期国债阶段性高点或在 1.9%左右 ——1 月利率运行分析与展望 本期要点 1 月热点回顾：央行推出 8 项结构性货币政策组合工具，延续"精准滴灌"和"结构优 化"调控思路 专题研究 （2026 年 1 月） 利率研究 结构性降息落地， 作者： 中诚信国际 研究院 王肖梦 xmwang01@ccxi.com.cn 汪苑晖 yhwang@ccxi.com.cn 王临远（实习生） 中诚信国际 研究院院长 袁海霞 hxyuan@ccxi.com.cn 货币政策将延续支持性立场，收益率核心 区间或为 1.7%-1.9%，2026 年 1 月 关注二季度货币政策报告释放的四大信号， 2025 年 8 月 恢复征收国债等利息收入增值税的三点意 义——7 月利率运行分析与展望，2025 年 8 月 大而美法案通过外部环境仍复杂，降准降 息可期利率难改下行趋势，2025 年 7 月 买断式逆回购首次月初预告，流动性改 善关注短端利率机会，2025 年 6 月 中美关税博弈阶段性缓和，短期内收益率 或阶段性上行，2025 年 5 月 如需订阅研究报告，敬请联系 中诚信国际品牌与投资人服务部 赵 耿 010-664287 ...

中诚信国际行业专题研究 =----- 城投转型产投，如何实现债券首发融资 1 2025 年城投行业"十大"热词盘点 2026 年 2 月 中诚信国际行业专题研究 2025 年，城投行业政策框架延续了此前"风险可控前提下推动高质量发展"的核心导向，政策连续 性与稳定性特征显著。其中，"严控新增隐性债务、有序化解存量债务"（即"控增化存"）与"赋能地方 经济发展、培育市场化经营能力"（即"促发展"）构成政策设计的双重核心逻辑起点，二者形成"风险缓 释"与"发展赋能"的协同闭环。在此基础上，政策体系进一步呈现两大关键演进方向：一是债务管控的 "规范升级"，通过全口径监管强化、量化审核标准细化、差异化风险处置等举措，推动债务管理从"应 急处置"向"长效治理"转型；二是企业转型的"深化落地"，政策引导从"职能剥离"的表层要求，转向"造 血机制构建"的深层目标，倒逼城投平台加速向市场化、专业化的产投运营主体转型，实现从"政府融资 载体"到"区域发展引擎"的实质性跨越。由此，我们总结了 2025 年城投行业的"十大"高频热词。 一、统筹化债 2025 年"6+4"化债资金对应的债券发行，呈现进度前置、结构优化的显著特征。全 ...

Investment Rating - The investment outlook for the Chinese electronic components industry is stable, with overall credit quality expected to remain unchanged over the next 12 to 18 months [5][8]. Core Insights - The industry is driven by the recovery in consumer electronics, rapid growth in automotive electronics, and advancements in artificial intelligence, with traditional consumer electronics providing basic demand support but limited impact on overall growth [15][21]. - The industry is expected to gradually transition towards high-end products, with leading companies leveraging their high-end capacity and technological advantages to maintain a competitive edge [15][21]. - The overall credit risk in the electronic components industry is manageable, with no significant changes in ratings and no instances of bond extensions or defaults reported [22]. Industry Fundamentals Analysis - In 2025, domestic policies such as "trade-in" programs effectively boosted demand in the downstream market, helping to stabilize the electronic components industry amid fluctuating international trade conditions and tariff policies [9][11]. - The global competition landscape in the electronic components sector has remained stable, with significant growth in revenue and profits across various sub-sectors, although operating cash flow has declined [7][22]. - The industry is expected to see substantial order growth driven by automotive electronics and AI demand, with potential for upward adjustments in industry outlook if favorable conditions persist [7][8]. Credit Performance of Industry Enterprises - The financial performance of enterprises within the electronic components industry has improved, with revenue and profit growth reported, although operating cash flow has decreased [22][27]. - The average revenue growth for sample enterprises in the electronic components sector was 27.14% year-on-year, with significant contributions from AI-related demands [27][28]. - The debt scale of sample enterprises increased, but the overall financial leverage remains low, indicating good debt repayment capabilities [34][35].

Investment Rating - The semiconductor industry is rated as "stable improvement" for the next 12 to 18 months, with potential for upward adjustments based on demand growth from automotive electronics and artificial intelligence [5][7]. Core Insights - The semiconductor industry in China is expected to benefit from effective industrial support policies, accelerating domestic substitution processes, and a stable upward trend in credit quality [5][8]. - The competition in the semiconductor industry remains a key national focus, with ongoing support for high-end breakthroughs and supply chain management [7][9]. - The recovery of the semiconductor industry is driven by the mild recovery in consumer electronics and rapid development in automotive electronics and artificial intelligence [19][24]. - The global semiconductor sales reached approximately $697.18 billion in 2025, with a year-on-year growth of 11.22%, indicating a new recovery cycle after a previous downturn [20][24]. - The domestic semiconductor market in China is projected to reach $210.88 billion in 2025, growing by 14.68% year-on-year, driven by AI and automotive electronics [24]. Industry Fundamentals Analysis - The semiconductor industry is supported by a comprehensive policy framework that includes national and local government initiatives aimed at enhancing self-sufficiency and technological breakthroughs [9][10]. - The production of integrated circuits in China reached 484.3 billion units in 2025, a year-on-year increase of 87.28%, with exports also showing significant growth [11][24]. - The industry is characterized by a high degree of concentration, with the top ten chip design companies holding over 65% of the market share globally, predominantly led by U.S. firms [30][31]. Credit Performance of Industry Enterprises - The overall financial performance of the semiconductor industry has improved, with revenue, profit, and operating cash flow showing growth, while debt levels remain manageable [29]. - The industry has not experienced any bond extensions or defaults, indicating a stable credit environment [29]. - The chip design sector has seen rapid growth, particularly in AI chip manufacturers, which have outperformed other segments [31].

www.ccxi.com.cn 其他联络人 2026 年 2 月 联络人 作者 企业评级部 蒋 螣 027-87339288 tjiang@ccxi.com.cn 刘旭冉 027-87339288 xrliu@ccxi.com.cn 黎小琳 027-87339288 xlli@ccxi.com.cn | 目录 | | | --- | --- | | 摘要 | 1 | | 分析思路 | 2 | | 行业基本面 | 2 | | 样本企业表现 | 8 | | 结论 | 12 | | 附表 | 13 | 贺文俊 027-87339288 wjhe@ccxi.com.cn 中诚信国际 行业展望 房地产行业 中国房地产行业展望，2026 年 2 月 2025 年房地产行业政策力度同比减弱，但全年销售规模降幅收窄， 去库存亦取得一定进展，在商品房销售额尚未完全企稳的背景下， 供求平衡的修复仍面临挑战；2026 年预计行业销售及投资下行压力 仍存但节奏放缓，政策端或将进入常态化实施阶段，待售面积有望 出现拐点性下降，为"十五五"房地产市场触底企稳打下基础，预 计未来短期内头部房企的市场地位稳固，但行业颈部及腰部企业的 排序或 ...

1. Report Industry Investment Rating - No information provided about the industry investment rating 2. Core Viewpoints of the Report - In 2025, the issuance scale of green ABS products declined, with the structure of underlying asset types adjusted. Green financial leasing ABS rose to the top in issuance scale. Green REITs, renewable energy price subsidy ABS, and new - energy vehicle loan ABS still dominated the issuance, while new underlying assets like held real estate and consumer finance loans were added [5][35]. - Multiple departments coordinated to deepen the financial supply - side reform, continuously improving the green finance standard system and basic institutions, and promoting the high - quality development of green finance. The green ABS market is moving towards higher - quality and diversified development [5][30][35]. 3. Summary by Relevant Catalogs 3.1 Issuance - In 2025, 136 green ABS products were issued in China, a 7.48% year - on - year decrease, with a total issuance scale of 185.326 billion yuan, a 16.59% year - on - year decline. Green enterprise ABS, green ABN, and green credit ABS accounted for 50.72%, 38.01%, and 11.27% respectively [5][6]. - By underlying asset types, green financial leasing ABS ranked first with an issuance scale of 58.484 billion yuan (31.56% of the total). Green REITs, renewable energy price subsidy ABS, and new - energy vehicle loan ABS decreased but remained major issuers. Held real estate and consumer finance loans expanded the types of green underlying assets [5][14]. - In 2025, 53 carbon - neutral ABS products were issued, with a scale of 70.393 billion yuan, a 32.02% year - on - year decline, accounting for 37.98% of green ABS [5]. 3.2 Issuance Interest Rate - The issuance spread of green ABS products showed a narrowing trend. In 2025, the average spreads of AAAsf - rated green credit ABS, ABN, and enterprise ABS products to the benchmark rate were 16BP, 46BP, and 64BP respectively. The spread of green credit ABS was significantly lower than other credit ABS, while the difference between green ABN/enterprise ABS and non - green ABS was small [5][26]. 3.3 Policy - In 2025, multiple departments issued policies to deepen the financial supply - side reform, improve the green finance standard system, and promote the development of green asset securitization. Key policies included those from the China Securities Regulatory Commission, the National Administration of Financial Regulation and the People's Bank of China, etc [30][31]. 3.4 Conclusion - In 2025, the green ABS market saw a decline in issuance scale and an adjustment of underlying asset types. With policy support, the market is moving towards high - quality and diversified development. Emerging fields such as green consumer credit, carbon sink revenue rights, and held real estate may become new growth drivers [35]. 3.5 Schedule - The schedule lists the detailed issuance information of green asset - backed securitization products in 2025, including green credit ABS, green ABN, and green enterprise ABS [37][38][39].

中诚信国际 定期报告 资产证券化 融资租赁需求持续释放，融资成本稳步下行，二级市 场交易活跃度显著提升 ——融资租赁类资产支持证券产品报告（2025 年度） 要点 www.ccxi.com.cn 编号：2025-AT04 2025 年 2 月 13 日 目录 | 要点 | 1 | | --- | --- | | 正文 | 2 | | 声明 | 21 | 负责人 结构融资二部 评级总监 付春香 021-60330927 cxfu@ccxi.com.cn 联络人 作者 结构融资二部 陈 诺 021-60330988 nchen@ccxi.com.cn 发行情况：2025 年交易所市场共发行融资租赁类资产证券化产品 292 单，合计发行 规模 2,895.93 亿元；与上年相比，发行数量增加 41 单，发行规模上升 15.24%。其 中，企业融资租赁类产品发行 237 单，合计发行规模 2,238.87 亿元，与上年相比， 发行数量增加 40 单，发行规模上升 15.90%；汽车融资租赁类产品发行 55 单，合计 发行规模 657.05 亿元，与上年相比，发行数量增加 1 单，发行规模上升 13.04%。融 资成本 ...