中石光芯成立于2019年6月10日，注册地址位于福建省泉州市石狮市，法定代表人为苏辉，注册资本24123.6463万元，经营范围包括光电子器 件研发及制造、加工，以及自营和代理各类商品及技术的进出口业务等。截至2025年10月31日，该公司总资产68729.69万元，净资产41218.93 万元；2025年1-10月实现营业收入24718.27万元，净利润-11576.89万元。股权结构方面，跃岭股份以2425.5977万元认缴注册资本持股 10.05%，公司创始人苏辉为第一大股东，持股比例18.22%。 关于交易安排，跃岭股份表示，转让资产所得款项将用于补充公司流动资金或主营业务相关投资。公司董事会已授权董事长或其授权代理人 全权负责交易具体实施工作，包括办理挂牌手续、沟通意向受让方、签署交易合同、办理产权过户等，若首次挂牌未成交，转让底价最大下 调幅度不超过20%。此外，截至公告披露日，公司尚未取得中石光芯其他股东放弃优先购买权的声明，其他股东在符合规定条件下可行使优 先购买权。 跃岭股份在公告中明确，本次转让标的股权不属于公司核心主营业务相关资产，交易目的是盘活存量资产、回笼资金、优化资产结构，提高 资 ...

Core Viewpoint - The initiation of commercial real estate REITs pilot programs marks a significant shift in China's REITs market from exploration to systematic development, providing strong financial impetus for revitalizing existing assets and constructing a new model for real estate development [1][2]. Group 1: Policy and Market Development - The new policies expand the coverage of REITs from traditional infrastructure to commercial real estate, enabling ordinary investors to participate in real estate investments [2]. - The estimated scale of commercial real estate in China is approximately 40 trillion yuan, indicating a substantial opportunity for revitalizing dormant assets through the pilot program [2]. - The new regulations aim to create a comprehensive system for REITs, enhancing market construction and regulatory optimization [1][3]. Group 2: Financial Mechanisms and Investment Opportunities - The introduction of commercial real estate REITs is expected to alleviate financial pressures on real estate companies by providing effective exit channels and improving cash flow [2][4]. - The policies encourage the entry of long-term funds, such as insurance and social security funds, into the REITs market, aiming to enhance market liquidity and investor structure [3][4]. - The REITs market is projected to grow significantly, with the potential to unlock substantial value in existing assets and provide stable capital support for the real economy [5][6]. Group 3: Market Resilience and Future Outlook - The new policies establish a three-dimensional framework for market resilience, focusing on asset supply, funding introduction, and product innovation [3]. - The REITs market is expected to evolve into a mainstream asset class, enhancing market depth and resilience through increased participation from institutional investors [3][5]. - The strategic focus for future investments in commercial real estate REITs should prioritize stable cash flow, asset appreciation, and expansion capabilities, particularly in core urban areas [6].

Core Viewpoint - The introduction of commercial real estate REITs in China is expected to enhance cash flow from previously underutilized commercial properties, providing a new investment channel and supporting the real estate market's stability and development [1][2]. Group 1: Announcement and Implementation - The China Securities Regulatory Commission (CSRC) announced the pilot program for commercial real estate investment trusts (REITs) on December 31, 2025, aiming to enrich capital market financing tools and support a new model for real estate development [1][4]. - The announcement includes a notification to accelerate the development of the REITs market, emphasizing the expansion of the market and the construction of a REITs system [1][2]. Group 2: Market Dynamics and Opportunities - The launch of commercial real estate REITs is seen as a practical implementation of the "14th Five-Year Plan" to revitalize existing assets and optimize new investments, injecting vitality into the REITs market and promoting sustainable industry development [2][3]. - The new REITs will allow eligible commercial properties, such as retail spaces, office buildings, and hotels, to be listed, thus expanding the scope of public REITs beyond infrastructure to include commercial real estate [3][4]. Group 3: Regulatory Framework and Support - The regulatory framework for commercial real estate REITs is structured as "1+3+N," which includes one announcement, one notification, and three work regulations, along with 17 supporting rules from various regulatory bodies [4]. - The CSRC aims to treat all types of enterprises equally, supporting private companies in revitalizing existing assets and broadening equity financing channels through REITs [5]. Group 4: Market Growth and Statistics - As of the end of 2025, China's public REITs market is projected to have a total of 79 products with a total issuance scale exceeding 210 billion yuan, indicating significant growth in the sector [4]. - The market is now the largest in Asia and the second largest globally, reflecting the increasing importance and potential of REITs in China's financial landscape [4].

Report Industry Investment Rating No information provided in the document. Core Viewpoints - The new regulations on commercial real - estate investment trusts (REITs) and a package of supporting documents have been implemented, marking a new chapter in the REITs market. The pilot of commercial real - estate REITs has been launched, and the market's institutional system has been further improved [3]. - Commercial real - estate REITs are expected to be accelerated. Investors are advised to actively follow the first - batch products. The double - track review system is expected to improve review efficiency and accelerate market expansion [3]. - Multiple mechanisms have been supplemented and improved, which will be applied to the entire REITs market and are expected to be implemented quickly in the commercial real - estate REITs pilot [3]. - Attention should be paid to the expansion of new sources of market funds. The CSRC's Document No. 63 proposes measures to attract more funds, and investors can expect market recovery and focus on undervalued heavy - weight stocks [3]. - In late 2025, the REITs market fluctuated. Investors are advised to focus on products with strong underlying asset demand and pay attention to expansion and fundraising [3]. Summary by Relevant Catalogs REITs Package Policy Documents Issued - On December 31, 2025, the CSRC, Shanghai and Shenzhen Stock Exchanges, and the Asset Management Association of China issued a package of policy documents to launch the commercial real - estate REITs pilot and improve the REITs market system [4]. - The CSRC issued two documents to promote the development of commercial real - estate REITs, improve basic systems, and strengthen supervision [4]. - The Shanghai and Shenzhen Stock Exchanges revised relevant business rules and guides, extended the scope of application of the "Real Estate Fund Business Measures" to commercial real - estate REITs, and exempted certain fees [4]. - The Asset Management Association of China revised two self - regulatory rules to provide guidance on due diligence and operation [4]. Commercial REITs Pilot Initiation - The official version of the "Announcement on Launching the Pilot of Commercial Real - Estate Investment Trust Funds" only supplements the product definition. The scope of commercial real - estate REITs is broad, including commercial complexes, retail, offices, and hotels [6]. - The CSRC's Document No. 63 and the "Notice on the Pilot of Commercial Real - Estate REITs in Shanghai and Shenzhen Stock Exchanges" promote the stable and healthy development of commercial real - estate REITs, accelerate the launch of high - quality products, and encourage asset mixing and expansion [8][9]. - The pilot aims to revitalize existing assets, increase direct financing, and support the new real - estate development model. The scope of original equity holders is expanded, and the use of recycled funds is restricted [11]. - The review process for commercial real - estate REITs is clear. The submission of application materials starts from December 31, 2025, and the review focuses on key aspects such as project information, operation, and finance [12][16]. Optimization of REITs Issuance and Information Disclosure Mechanisms - The CSRC's Document No. 63 and the "Notice on the Pilot of Commercial Real - Estate REITs in Shanghai and Shenzhen Stock Exchanges" optimize the REITs issuance and trading mechanisms, including improving the inquiry pricing,配售, and market - making mechanisms [21]. - The information disclosure system for REITs is strengthened, with clear requirements for different real - estate formats in annual, semi - annual, and quarterly reports [21]. - The revised rules for inquiry pricing and information disclosure are beneficial for market development, although they may increase the difficulty of pricing and trading strategies [22]. Further Improvement of REITs Rule System - The CSRC's Document No. 63 proposes three measures to expand the sources of funds: enriching the REITs index system, guiding long - term funds into the market, and including REITs in the Shanghai - Hong Kong and Shenzhen - Hong Kong Stock Connect [23]. - Historical data shows that the entry of incremental funds can boost the REITs market. The introduction of index funds and long - term funds is expected to improve market liquidity and stability [27]. - The expansion and merger mechanisms, market - based pricing mechanism, and other aspects are improved. Expansion is expected to be an important way for market expansion, and the pricing mechanism is moving towards marketization [31][32]. - The review process is optimized, and supervision and risk prevention are strengthened. The quality control system and supervision mechanism are improved to ensure the healthy development of the REITs market [34].

Core Insights - The successful launch of the first inter-institutional REITs project in Tianjin marks a significant step in financial service innovation for the Hexi District [1][3] - The project involved the Tianjin Rail Transit Group and was facilitated by proactive engagement from local authorities, demonstrating a commitment to improving the business environment [2][3] Group 1: Project Overview - The project involved the issuance of asset-backed securities (ABS) for the International Shipping Building, a prime asset in Hexi District with a total area of 60,300 square meters [1] - The Tianjin Rail Transit Group's subsidiary faced challenges in navigating the new financial product issuance, prompting local authorities to provide tailored support [1][2] Group 2: Implementation Process - The Hexi District government actively engaged with the company and financial institutions to address various challenges, ensuring a smooth project progression [2] - The registration of the project SPV company was expedited through optimized administrative processes, significantly reducing approval times [2] Group 3: Impact and Future Directions - The project's success serves as a replicable model for revitalizing state-owned assets and enhancing asset quality in Tianjin [3] - Hexi District plans to continue exploring new financial avenues and improving service mechanisms to bolster regional economic development [3]

Investment Rating - The report assigns an "Accumulate" rating for Guilin Tourism (000978) for the first time [1]. Core Insights - Guilin Tourism is positioned as a diversified tourism group based in Guilin, focusing on integrating cultural and tourism resources to enhance its market presence [8][13]. - The tourism market is experiencing a strong recovery, supported by favorable policies and increasing consumer demand for travel [45][53]. - The company is actively optimizing its asset structure and launching new projects to drive growth, leveraging its core tourism resources to build competitive advantages [54][64]. Summary by Sections Company Overview - Guilin Tourism was established in April 1998 and listed in May 2000, focusing on scenic tourism, cruise operations, and hotel services [13]. - In 2024, the company received 5.68 million visitors, with a revenue of 432 million yuan, reflecting a year-on-year decrease of 7.58% [21][23]. Tourism Market Recovery - The domestic tourism market is recovering robustly, with a 15% increase in domestic travel in 2024 compared to the previous year [45][48]. - During the 2025 National Day and Mid-Autumn Festival, domestic travel reached 888 million trips, a 16% increase from 2024 [48] . Core Tourism Resources and Development Initiatives - Guilin Tourism has established a competitive edge through its core tourism resources, including key attractions like the Two Rivers and Four Lakes and Silver Cave [54][58]. - The company is enhancing its service offerings and operational efficiency through asset optimization and innovative project launches, such as the high-end hotel "Lijiang·Waterfall Hotel" [64]. Financial Analysis - The report forecasts the company's net profit for 2025-2027 to be 0.3 billion, 0.4 billion, and 0.5 billion yuan, respectively, with corresponding P/E ratios of 104, 89, and 67 [1][19]. - The company's revenue for 2024 is projected at 432 million yuan, with a slight recovery expected in subsequent years [1][21]. Investment Recommendations - Given the company's strong market position and growth potential, the report recommends an "Accumulate" rating, anticipating valuation premiums due to its status as a leading tourism player in Guangxi [1][64].

智通财经APP获悉，12月31日，中国证监会印发关于推动不动产投资信托基金(REITs)市场高质量发展 有关工作的通知。其中提出，推进市场扩容扩围。持续加大优质REITs供给，推动市场业态不断丰富、 规模有序增长。完善REITs扩募制度安排与市场化定价机制，积极探索多元、高效的扩募实施路径。支 持运营稳健、治理有效、信息披露质量较高的上市REITs通过购入资产、扩募、合并等方式做优做强， 有序提升单只REITs资产规模和风险抵御能力，不断增强其长期价值创造的内生动力。平等对待各种所 有制企业，支持民营企业通过REITs盘活存量资产，拓宽权益融资渠道。 一、推动商业不动产REITs平稳健康发展 (一)深刻认识发展商业不动产REITs的重要意义。推动商业不动产REITs市场发展是资本市场落实党中 央、国务院关于"盘活存量、做优增量""提高直接融资比重"决策部署的重要举措，是通过市场化机制支 持构建房地产发展新模式的有效手段，对于推动REITs市场健康发展、促进REITs功能发挥、不断提高 资本市场制度的包容性和适应性具有重要意义。各单位要高度重视、精心组织，督促REITs市场各主 体、各参与方、各环节严格落实有关 ...

Core Viewpoint - The current real estate market in China is undergoing a deep adjustment and transformation, with a focus on revitalizing existing assets, ensuring public welfare, and restoring market confidence. The intervention of the financial "national team" plays a crucial role in supporting the revival of major complex projects [1]. Group 1: Project Overview - The "Baidaitou Riverside Park" project, located in the core area of Yangpu Riverside in Shanghai, is a typical example of rebirth through bankruptcy restructuring. Initially recognized for its high-quality residential community, the project faced stagnation due to financial issues of the original developer [1][2]. - The project is strategically positioned within the "One River, One River" world-class waterfront area and is considered a prime asset in the city, located approximately 300 meters from the Huangpu River [2]. Group 2: Financial Intervention - China Great Wall Asset Management Co., Ltd. intervened as a restructuring investor, injecting new funds to restart the project, which is part of a systematic risk resolution and asset revitalization plan [3]. - The company adheres to the core principles of "ensuring delivery, safeguarding livelihoods, and maintaining stability," forming a comprehensive restructuring plan for debt resolution and subsequent project operations [3]. Group 3: Project Progress - Under the guidance and support of the Yangpu District government, construction has fully resumed, with significant works on residential renovations and public area enhancements underway to ensure high-quality delivery of sold units [3]. - An unsold building within the project is expected to be reintroduced to the market following progress in construction [3]. Group 4: Broader Implications - The revival of the "Baidaitou Riverside Park" project highlights the political responsibility of financial state-owned enterprises in mitigating financial risks and fulfilling social responsibilities, serving as a practical example of revitalizing scarce core assets in first-tier cities and contributing to high-quality urban development [4].

Core Viewpoint - The company, Shanghai Zhangjiang Hi-Tech Park Development Co., Ltd., plans to invest in the "Jianghe Yaochen Enterprise Management Center (Limited Partnership)" with a maximum contribution of RMB 1.4 billion as part of a larger fundraising effort not exceeding RMB 7 billion [2][3]. Investment Overview - The investment is initiated by China Galaxy Investment Management Co., Ltd. and Huaan Future Asset Management (Shanghai) Co., Ltd. [2][3] - The company will participate as a limited partner in the partnership, with a total fundraising scale of up to RMB 7 billion, and its contribution will not exceed RMB 1.4 billion [2][3]. Partner Information - China Galaxy Investment Management Co., Ltd. was established on August 22, 2000, with a registered capital of RMB 4.5 billion, focusing on investment and asset management [4]. - Huaan Future Asset Management (Shanghai) Co., Ltd. was founded on October 1, 2013, with a registered capital of RMB 278.7 million, specializing in asset management for specific clients [6]. Partnership Structure - The partnership will have a duration of 2 years for investment and 3 years for exit, with a possible extension of 2 years [7]. - The investment decision-making body will consist of a committee with representatives from the involved companies, requiring unanimous agreement for decisions [7]. Investment Strategy - The partnership aims to invest in guaranteed rental housing and other state-owned assets within Zhangjiang Science City, enhancing asset liquidity and supporting the transformation of state-owned enterprises [7][8]. - Exit strategies include issuing public REITs, inter-institutional REITs, and transferring projects to qualified buyers [7]. Impact on the Company - By participating in the partnership, the company can leverage social capital and innovative financial tools to revitalize existing rental housing assets and other state-owned assets, thereby enhancing liquidity and promoting transformation [8]. - The company’s extensive experience in operating industrial parks and supporting properties will play a crucial role in asset acquisition and management, contributing to revenue generation [8].

在这一过程中，招商银行北京分行积极响应政策导向与市场需求，以专业金融服务深度融入首都国企改 革实践。以服务京能集团旗下核心子公司京能国际为例，此前，京能集团积极响应国家战略与北京市国 资委号召，加快推进核心子公司京能国际探索多元化资产盘活路径，旨在实现权益融资拓渠、负债结构 优化、盈利效能提升及轻资产模式转型的多重目标。 秉持"以客户为中心"的服务理念，招商银行北京分行快速响应企业多元化资产盘活诉求，迅速整合行内 资源，为京能国际量身打造"投商行一体化"综合服务方案。2025年12月18日，"中金－京能国际能源基 础设施持有型不动产资产支持专项计划"成功发行，规模达11.61亿元——该项目不仅是全市场首单风光 混合新能源资产机构间REITs，更是北京市属国企首单出表型机构间REITs，两项"首单"的突破性落地， 既实现了企业、金融机构、资本市场的多方共赢，也充分彰显了招商银行北京分行精准锚定市场趋势的 前瞻视野、深耕资本市场的硬核专业实力，以及服务实体经济的责任担当。 值得一提的是，在项目推进过程中，该行依托"全国做一家，全行一盘棋"的经营模式，以项目安排人、 投资人、托管行及融资贷款银行等多重角色全程深度参 ...