ANSTEEL(SZ:000898) 申万宏源证券上海北京西路营业部·2025-09-30 02:12Core Viewpoint - The successful issuance of the first phase of the green technology innovation asset-backed securities by Jintai Chanyong (Beijing) Venture Capital Fund Management Co., Ltd. marks a significant milestone in the transition of traditional industries towards green and low-carbon operations, showcasing the potential of financial innovation in revitalizing existing assets and achieving transformation upgrades [2][3]. Group 1 - The issuance scale of the asset-backed securities is 1.406 billion yuan, with a priority rating of AAA and a coupon rate of 2.6% [2]. - This project is notable for being the first of its kind in multiple categories, including the first equity-type REITs for Shenwan Hongyuan Securities, Angang Group, the steel industry, the interbank market, and the first green and technology innovation bond-type REITs in the entire market [2]. - The underlying asset is an 80MW high-temperature and high-pressure gas power generation unit, which utilizes advanced technology to convert waste gas into green electricity and promotes resource recycling, thereby reducing greenhouse gas emissions [2]. Group 2 - Angang Group is recognized as one of China's first "innovative enterprises," with products widely used in major projects such as the "West-to-East Gas Transmission," Qinghai-Tibet Railway, Beijing-Tianjin High-speed Railway, and the Three Gorges Water Conservancy Project [3]. - The project represents a significant practice in the transformation of traditional industrial enterprises towards green, low-carbon, high-end, and light asset operation models, reflecting the proactive exploration of traditional heavy asset industries through financial innovation [3]. - In the future, Shenwan Hongyuan Securities aims to further utilize REITs and similar innovative products to better fulfill social responsibilities and achieve industry-leading effects [3].