Core Viewpoint - China State Construction Sixth Engineering Division (CSCEC 6th Bureau) has issued a 5.04 billion yuan asset-backed security (ABS) for its headquarters building, the Zhongjian Center, located in Tianjin, as part of a strategy to enhance asset management and diversify financing options [1][2][4]. Group 1: Financial Product Details - The ABS issued is a type of real estate investment trust (REIT) known as an inter-institutional REIT, which allows for flexible asset admission and efficient issuance processes [6]. - The total area of the Zhongjian Center is approximately 57,000 square meters, featuring a 100% occupancy rate with various high-profile tenants [2][4]. - The issuance aims to create a model for a full-cycle commercial operation, enhancing the company's asset management capabilities [4]. Group 2: Financial Performance and Debt Situation - As of Q3 2025, CSCEC 6th Bureau reported total revenue of 54.759 billion yuan, a year-on-year increase of 1.92%, while net profit was 909 million yuan, up 3.73% [4]. - The company faces significant debt pressure, with short-term borrowings amounting to 15.624 billion yuan and non-current liabilities due within one year totaling 3.549 billion yuan, against cash reserves of only 11.275 billion yuan [4]. - The total bond issuance by CSCEC 6th Bureau stands at 5 billion yuan, with 4.5 billion yuan maturing within one year [4]. Group 3: Market Context and Future Outlook - The inter-institutional REIT market is expected to see explosive growth, with an estimated issuance scale of approximately 47.5 billion yuan by the end of 2025, marking a threefold increase from the previous year [6]. - The issuance of such financial products is seen as beneficial for companies, allowing them to realize profits from asset valuations and reduce overall liabilities [8][9]. - The regulatory environment is supportive, with recent policy updates expanding the types of assets eligible for REITs, including commercial office spaces and hotels [8].

三、对首次参加"金源致远3期"转让业务的投资者，本所会员应当在其参与转让业务前，进行全面的相 关业务规则介绍，充分揭示可能产生的风险，并要求其在参与转让业务前签署风险揭示书。 四、"金源致远3期"转让及相关事宜适用《深圳证券交易所债券交易规则》及其他相关规则。 各相关单位： 根据财达证券股份有限公司申请，本所自2025年12月26日起采用协商成交、点击成交、询价成交、竞买 成交方式为"金源华兴租赁致远3期资产支持专项计划（长江经济带）"（以下简称"金源致远3期"）提供 转让服务。现就有关事项公告如下： 一、持有深圳A股证券账户和基金账户的专业投资者可以参与"金源致远3期"的转让业务。 二、"金源致远3期"设立日期为2025年11月21日。优先级资产支持证券如下：证券简称"金源致远 03A1"，证券代码为"500115"，到期日为2026年12月3日，还本付息方式为存在提前兑付并支付对应部 分利息;证券简称"金源致远03A2"，证券代码为"500116"，到期日为2027年9月2日，还本付息方式为存 在提前兑付并支付对应部分利息。次优级资产支持证券如下：证券简称"金源致远03B"，证券代码 为"500117"， ...

发行首期资产支持专项计划可优化集团的资产负债结构，盘活存量资产，提升资产周转效率，拓宽融资 渠道，有利于进一步提升资金使用效率，保障集团的健康长远可持续发展。 格隆汇12月18日丨新特能源(01799.HK)公告，为配合首期资产支持专项计划之设立，于2025年12月18 日，合伙企业新疆风至新能源发电合伙企业(公司的非全资附属公司)转让协议已订立，据此内蒙古能源 (公司的非全资附属公司)将合伙企业之79.92%财产份额(对应认缴金额为人民币13.37亿元)转让予管理人 国信证券资产管理有限公司。 ...

高阳科技(00818)公布，于2025年12月16日正式设立资产支持专项计划二期，总发行规模人民币1.51亿 元。其中，优先级资产支持证券发行规模为1.27亿元，次优先级资产支持证券发行规模为2400万元。 发行资产支持证券所得款项将主要用作集团金融科技业务分类的一般营运资金。董事会相信，透过资产 支持专项计划发行资产支持证券，可有效拓宽集团融资渠道，获取低成本资金，进而优化公司融资结 构，促进经营活动及投资布局。 ...

Core Viewpoint - Financial Street (000402.SZ) is set to hold its first extraordinary general meeting of shareholders in 2024 on February 28, to approve the proposal for issuing shelf CMBS [1] Group 1: Company Actions - The company received a no-objection letter from the Shenzhen Stock Exchange on December 27, 2024, confirming that the "Financial Street Commercial Real Estate Phase 1-5 Asset-Backed Special Plan" meets the listing conditions [1] - The issuance of the Financial Street Commercial Real Estate Phase 2 (Financial Street Center) Asset-Backed Special Plan (referred to as "Financial Street Center CMBS") was successfully completed on December 10, 2025 [1] Group 2: Financial Details - The actual subscription funds received for the Financial Street Center CMBS amounted to 8,100,000,000.00 yuan [1] - The principal amount in the special account for the Financial Street Center CMBS has reached the target fundraising scale as stipulated in the plan's prospectus [1]

Core Viewpoint - The company has approved the issuance of a shelf CMBS and received a no-objection letter from the Shenzhen Stock Exchange, with plans to complete the issuance of the "Financial Street Commercial Real Estate Phase II (Financial Street Center) Asset-Backed Special Plan" by 2025 [1] Group 1 - The actual subscription funds received for the special plan amount to 8.1 billion yuan [1] - The special plan will officially be established in 2025, consisting of both senior and subordinate asset-backed securities [1] - The scale of the senior and subordinate securities is 8.07 billion yuan and 30 million yuan, respectively, with both having a credit rating of AAA and a term of 18 years [1]

Core Insights - The issuance of the Citic Financial Asset Yunfan Phase 3 asset-backed securities (ABS) was successfully completed on the Shanghai Stock Exchange, with a total scale of 4.98 billion yuan [1] - The issuance rates were set at 1.73% for a six-month term and 1.78% for a one-year term, marking a successful launch with "three issues, three successes" [1] - The Yunfan series ABS is the largest product of its kind issued this year, with a cumulative issuance scale of 20 billion yuan, reflecting strong market confidence in the company's growth prospects [1] Summary by Categories Issuance Details - The scale of the Yunfan Phase 3 ABS is 4.98 billion yuan [1] - The issuance rates are 1.73% for six months and 1.78% for one year [1] Market Reception - The Yunfan series ABS has achieved a cumulative issuance of 20 billion yuan this year [1] - The product received high recognition and active subscriptions from various investors, including banks, wealth management firms, and funds [1] - The strong demand indicates a firm confidence in the company's development outlook [1]

Core Viewpoint - Mingyang Smart Energy (601615.SH) is actively responding to national policy initiatives by launching a special asset-backed plan to revitalize existing assets and reduce its debt ratio, thereby promoting high-quality development in infrastructure [1] Group 1: Company Actions - The company’s subsidiary, Beijing Jiyuan New Energy Investment Co., Ltd., plans to use its holdings in Shaanxi Jingbian Mingyang New Energy Power Co., Ltd. as the target project for the asset-backed plan [1] - The underlying asset for this plan will be the Shaanxi Jingbian Ningtiaoliang Wind Farm project, which is held by Jingbian Mingyang [1] - The implementation of this asset-backed plan is expected to further activate existing assets and unlock their potential value [1] Group 2: Industry Impact - The initiative is aimed at promoting a virtuous cycle of investment in the wind power infrastructure development and operation sector [1] - It is designed to facilitate a full lifecycle development model, ensuring sustainable and stable operations for the company [1] - The plan is anticipated to enhance the company's sustainable operational capabilities [1]

Core Viewpoint - Gaoyang Technology (00818) has announced the approval of a supply chain financial asset-backed special plan, which aims to issue asset-backed securities supported by specific loan trust rights within China, with a maximum issuance scale of RMB 217 million [1] Group 1: Announcement Details - The board of Ronghui Zhida Factoring has approved the issuance of asset-backed securities under the "Xingyao No. 2" supply chain financial asset-backed special plan [1] - The maximum issuance scale of the asset-backed special plan is set at RMB 217 million, which can be issued within 12 months from the approval date, specifically by September 3, 2026 [1] - The asset-backed special plan was officially established on September 19, 2025, with a total issuance scale of RMB 217 million [1] Group 2: Purpose of Fundraising - The proceeds from the issuance of asset-backed securities will primarily be used as general operating funds classified under the group's financial technology business [1] - The board believes that issuing asset-backed securities through the special plan will effectively broaden the group's financing channels and acquire low-cost funds, thereby optimizing the company's financing structure and promoting operational activities and investment layout [1]

Core Viewpoint - Gaoyang Technology (00818) has announced the approval of a special plan for asset-backed securities (ABS) under the "Ronghui Zhida" factoring board, aimed at issuing securities supported by specific loan trust rights within China [1] Summary by Relevant Sections Asset-Backed Securities Plan - The special plan for asset-backed securities has a maximum issuance scale of RMB 217 million, which can be issued within 12 months from the approval date, specifically by September 3, 2026 [1] - The asset-backed securities will be officially established on September 19, 2025, with a total issuance scale of RMB 217 million [1] Purpose of Fundraising - The proceeds from the issuance of asset-backed securities will primarily be used as general operating funds classified under the group's financial technology business [1] - The board believes that issuing asset-backed securities through this special plan will effectively broaden the group's financing channels, acquire low-cost funds, optimize the company's financing structure, and promote operational activities and investment layout [1]