嘉宾建言资产证券化未来发展：夯实基础，回归价值｜2025债券市场高质量发展大会

Core Viewpoint - The conference on high-quality development of the bond market emphasizes the importance of asset securitization as a means to transform dormant assets into liquid financial products, aligning with the policy direction of optimizing incremental and revitalizing existing assets [1] Group 1: Strategic Importance of Asset Securitization - The General Manager of the Financial Management Department of Guangxi Tourism Development Group, Lin Baosheng, states that asset securitization is not merely a financing tool but a profound "asset revolution" and a catalyst for strategic transformation [3] - Lin Baosheng outlines the need for systematic internal asset assessment and categorization into five main types, including stable cash flow-generating physical assets and receivables, to design feasible securitization paths [5] Group 2: Key Considerations in Asset Securitization - Zeng Yingfeng, Vice President of Anrong Credit Rating Co., emphasizes three key attributes for quality underlying assets in securitization: predictability, diversification, and cyclical resilience [5] - The future of asset securitization hinges on accurate asset pricing, as stated by Pu Yi, Executive General Manager of the Sales and Trading Division at Ping An Securities, who calls for more issuers to engage in this product type [7] Group 3: Transformation and Local Industry Integration - Han Jian, General Manager of the Credit Enhancement Business at Henan Zhongyu, highlights the importance of transformation to shed ineffective assets and align with local industry characteristics to uncover high liquidity and high-yield quality assets [9] - Wu Lan, Deputy General Manager of Shanghai Yuanshuo Equity Investment Fund Management Co., suggests incorporating investment banking thinking from the project's planning and operational stages to ensure cash flow generation and capital operation potential [12] Group 4: Building Trust and Transparency - Zeng Yingfeng reiterates the need for enterprises to solidify their foundations and transparently disclose cash flows to withstand pressure tests, viewing ratings as a diagnostic tool to reveal value and risks [14] - Zhao Haotian, Executive General Manager of the Fixed Income Team at Ping An Trust, discusses the evolution from traditional corporate bonds to ABS and REITs, emphasizing the necessity of presenting genuine asset conditions to attract long-term capital [14] Group 5: Collective Insights on Asset Securitization - The six panelists, despite differing perspectives, converge on the idea that the vitality of asset securitization lies in the real value of assets, comprehensive information disclosure, forward-thinking strategies, and accountability across the entire chain [17]