财通资管叶晓明：投融联动探索差异化发展，精耕细作试写“五篇大文章”

Core Insights - Asset securitization has become a crucial battleground for financial institutions to serve the real economy, with firms holding both brokerage and asset management licenses having a competitive advantage [1] - Financial institutions are increasingly focusing on innovative financing methods, such as linking intellectual property and digital assets to asset-backed securities (ABS), to support technology-driven enterprises [2][3] - The issuance of ABS products by financial institutions is on the rise, with significant growth in new issuance scale and industry rankings [1][3] Group 1: Financial Performance and Market Position - In 2024, the new issuance scale of ABS reached a historical high of 428.42 billion yuan, ranking eighth in the industry, with a continuous growth rate of over 30% for three consecutive years [1] - As of June 30, 2024, the company has issued a total of 206 ABS products, with a cumulative issuance scale of 1,650.9 billion yuan [1] Group 2: Innovation in Financing - The company is actively developing a full-cycle product matrix that includes ABS, Pre-ABS, private REITs, and public REITs, providing comprehensive services from asset selection to financing design and subsequent operations [3] - The company aims to support technology enterprises through innovative financing solutions, including the securitization of digital assets and intellectual property [2][3] Group 3: Case Studies and New Initiatives - A notable project is the "Caitong-Hangzhou Binjiang Intellectual Property Phase 1 Asset-Backed Special Plan (Technology Innovation)," which achieved direct financing of 1.04 million yuan and involved 13 specialized enterprises [4][8] - The project highlights the complexity of valuing diverse intellectual properties and the collaborative efforts among various stakeholders, including local government and financial institutions, to facilitate financing [8][9] Group 4: Future Opportunities in Digital Assets - The company sees significant potential in the digital asset market, emphasizing the need for improved infrastructure and valuation methods to unlock financing opportunities [10][11] - The recent approval of data center REITs by regulatory authorities indicates a growing recognition of the importance of digital assets in the financing landscape [11] Group 5: REITs Market Development - The public REITs market is experiencing a resurgence, with multiple new products achieving significant market interest, indicating a shift towards more sustainable financing solutions [12][13] - The company is focusing on expanding its REITs offerings across various sectors, including green finance and technology, to enhance investment opportunities [12][13]