Caitong Securities(SH:601108) 券商中国·2025-09-03 07:09Core Viewpoint - Asset securitization has become a crucial battleground for financial institutions to serve the real economy, with companies like Caitong Asset Management leveraging their dual licenses in brokerage and asset management to enhance their capabilities in this area [1][2]. Group 1: Asset Securitization Growth - Caitong Asset Management achieved a historical high in both the issuance scale and ranking of Asset-Backed Securities (ABS) in 2024, with a new issuance scale of 42.842 billion yuan, ranking eighth in the industry, and maintaining over 30% growth for three consecutive years [2]. - As of June 30, 2024, Caitong Asset Management has issued a total of 206 ABS products, with a cumulative issuance scale of 165.09 billion yuan [2]. Group 2: Support for Sci-Tech Enterprises - The company is focusing on supporting sci-tech enterprises through innovative financing methods, particularly by integrating intangible assets like intellectual property into ABS structures, which can provide a more sustainable financing route for these companies [3][4]. - Caitong Asset Management has developed a comprehensive product matrix covering ABS, Pre-ABS, private REITs, and public REITs, offering full-chain services from asset selection to financing design and subsequent operations [4]. Group 3: Innovative Projects - A notable project is the "Caitong-Hangzhou Binjiang Intellectual Property Phase 1 Asset-Backed Special Plan (Technology Innovation)," which raised 10.4 million yuan and involved 13 specialized enterprises, marking a significant step in intellectual property securitization [5][9]. - The project faced challenges due to the complexity of valuing diverse intellectual properties, but it successfully garnered support from local government and financial institutions, resulting in a favorable financing rate of 1.43% [8][9]. Group 4: Digital Asset Opportunities - The market for digital assets is emerging, with expectations for improved valuation and monetization as infrastructure develops, although challenges remain in integrating various digital assets across platforms [10][11]. - The recent approval of the first two data center REITs in China indicates a growing recognition of the potential for securitizing new asset classes, including data and digital assets [11]. Group 5: REITs Market Potential - The public REITs market is gaining momentum, with Caitong Asset Management focusing on expanding its involvement in this area, aiming to cover a wide range of economic entities from state-owned to large private companies [12][14]. - The current global REITs market is valued at approximately $1.8 trillion, while China's public REITs market is still in its infancy, valued at around 220 billion yuan, presenting significant growth opportunities [13].