Core Viewpoint - The company, Qingtang City (600790.SH), aims to broaden its financing channels and optimize its capital structure by exploring asset securitization pathways and effectively revitalizing its existing fixed asset value through the issuance of asset-backed debt financing instruments (CB) in the interbank market, with a total issuance amount not exceeding RMB 1.5 billion [1] Group 1 - The company plans to register and issue asset-backed debt financing instruments in the interbank market [1] - The issuance amount is set to be no more than RMB 1.5 billion [1] - The initiative is part of the company's strategy to enhance its capital structure and unlock the value of existing assets [1]

创新询价发行夯实市场化定价基础 近日，协鑫集团能源项目持有型不动产ABS（机构间REIT）已启动询价发行工作。 该项目底层是协鑫集团旗下持有的新疆国信超临界燃煤火电机组，资产估值90亿元，本次发行规模预计 达63亿元，拟采用市场化询价方式发行。 突出权益属性彰显优质资产信用 协鑫项目作为全国首单火电机构间REIT，项目底层资产为新疆准东火电厂，采用"煤电一体化"运营模 式，与红沙泉露天煤矿直线距离仅约4公里，通过专用输煤廊道实现高效传输，构建起独特的成本竞争 优势，项目收益较为稳定。 该产品采用平层结构设计，在坚持"真实出售、有效盘活"的基本原则下，进一步突出"资产信用"和"权 益属性"，现金流完全来源于底层火电资产运营收入。项目通过完全剥离主体信用依赖，依托资产自身 稳定现金流实现投资人持续收益，为行业高质量发展提供了全新的融资范式。 据了解，多家投资机构已高度关注该产品，投资者类型涵盖保险、银行理财、券商自营、产业资本、公 募基金、私募股权基金、信托及地方AMC等。 机构间REITs是ABS框架下的权益型资产证券化产品，在机构投资者间发行，有较强的制度包容性，是 构建多层次REITs市场的重要一环，是贯彻 ...

近年来，随着国家对国有企业改革的持续推进，地方性国企改革概念受到资本市场广泛关注。山东省作 为我国重要的工业基地和经济大省，其国有企业在能源、制造、交通、化工等多个领域占据重要地位。 山东国企改革的核心目标在于提升企业运营效率、优化国有资本布局、增强市场竞争力，并通过混合所 有制改革、资产整合、管理层激励等多种方式实现高质量发展。 从产业链角度看，山东国企改革涉及多个关键行业。在能源领域，部分大型国企正推进绿色转型与资源 整合，提升传统能源利用效率的同时，积极布局新能源项目。在高端装备制造方面，通过技术升级和产 业链协同，推动智能制造和核心设备国产化。化工产业则聚焦安全环保与集约化发展，依托园区化管理 实现产能优化，提升行业集中度。此外，交通运输、基础设施建设以及金融服务等领域的国企也在加快 市场化改革步伐，探索产融结合的新模式。 改革过程中，资产证券化成为重要路径之一。通过整体上市、分拆优质资产注入上市公司等方式，提升 国有资产流动性，也为投资者提供了参与国企转型升级的机会。与此同时，引入战略投资者、实施员工 持股计划等举措，有助于改善公司治理结构，激发企业活力。 对投资者而言，理解区域国企改革的政策导向和 ...

Group 1: Report Overview - The report is titled "Enterprise Asset - Backed Securities Product Report (August 2025)" and is a regular report from CCXI [5]. Group 2: Industry Investment Rating - No industry investment rating is provided in the report. Group 3: Core Viewpoints - In August 2025, the issuance scale of enterprise asset - backed securities shrank, with a 8.81% decline compared to the previous month and a 20.69% decline compared to the same period last year. The trading activity in the secondary market decreased month - on - month but still increased year - on - year. The downward trend of financing costs slowed down [5][23]. Group 4: Issuance Situation - In August 2025, 125 single enterprise asset - backed securities were issued, with a total issuance scale of 117.181 billion yuan. Compared with the previous month, the number of issuances increased by 3, but the scale decreased by 8.81%. Compared with the same period last year, the number decreased by 10, and the scale decreased by 20.69% [5][6]. - In terms of issuance venues, the Shanghai Stock Exchange issued 81 products with an amount of 80.279 billion yuan (68.51% of the total), and the Shenzhen Stock Exchange issued 44 products with an amount of 36.902 billion yuan (31.49% of the total) [6]. - The top five original equity holders in terms of issuance scale were China Railway Capital Co., Ltd. (7.465 billion yuan, 6.37%), China Great Wall Asset Management Co., Ltd. (7.32 billion yuan, 6.25%), China Railway Trust Co., Ltd. (6.611 billion yuan, 5.64%), Huaxin International Trust Co., Ltd. (5.4 billion yuan, 4.61%), and China National Foreign Trade Trust Co., Ltd. (5.165 billion yuan, 4.41%). The total issuance scale of the top five was 31.961 billion yuan, accounting for 27.27% [7]. - The top five managers in terms of new management scale were Shanghai Guotai Haitong Securities Asset Management Co., Ltd. (17.66%), Ping An Securities Co., Ltd. (10.61%), CITIC Securities Co., Ltd. (10.33%), China International Capital Corporation Limited (8.23%), and Shenwan Hongyuan Securities Asset Management Co., Ltd. (6.98%). The total new management scale of the top five was 63.05 billion yuan, accounting for 53.81% [9][10]. - The underlying asset types mainly included personal consumer finance, accounts receivable, enterprise financial leasing, CMBS, and micro - loans. Personal consumer finance accounted for 22.74% of the scale, accounts receivable accounted for 19.13%, and enterprise financial leasing accounted for 14.13% [12]. - The highest single - product issuance scale was 5.1 billion yuan, and the lowest was 0.51 billion yuan. The products with a single - issuance scale in the range of (5, 10] billion yuan had the largest number and scale, with 53 products and an amount accounting for 36.84% [15]. - The shortest term was 0.71 years, and the longest was 39.02 years. The products with a term in the range of (1, 3] years had the largest number and scale, with 67 products and an amount accounting for 44.37% [16][17]. - In terms of grade distribution, AAAsf - rated securities accounted for 90.95% [17]. - The lowest issuance interest rate of one - year - around AAAsf - rated securities was 1.71%, and the highest was 2.48%. The interest rate center was approximately between 1.70% and 1.90%, with the median decreasing by about 2BP month - on - month and about 28BP year - on - year [20]. Group 5: Filing Situation - In August 2025, 99 single enterprise asset - backed securities were filed with the Asset Management Association of China, with a total scale of 87.592 billion yuan [5][24]. Group 6: Secondary Market Trading Situation - In August 2025, enterprise asset - backed securities traded 3,566 times on the exchange market, with a total transaction amount of 77.112 billion yuan. The number of transactions decreased by 743 month - on - month and increased by 1,076 year - on - year. The transaction amount decreased by 24.39% month - on - month and increased by 47.56% year - on - year. The Shanghai Stock Exchange accounted for 79.09% of the amount, and the Shenzhen Stock Exchange accounted for 20.91% [5][25]. - The more active underlying asset types in the secondary market were class REITs (27.38%), CMBS (12.44%), supply chain (11.89%), accounts receivable (11.83%), and personal consumer finance (9.53%) [25]. Group 7: Maturity Situation in September 2025 - In September 2025, 172 outstanding enterprise asset - backed securities were due for repayment, with a total scale of 49.737 billion yuan. The main underlying assets were accounts receivable (46.63%), supply chain (16.31%), policy loan (11.26%), and personal consumer finance (8.35%) [27]. - In terms of original equity holders, China Railway Capital Co., Ltd. had 7 due securities with a repayment scale of 6.583 billion yuan (13.24%), China Railway Trust Co., Ltd. had 4 due securities with a repayment scale of 6.012 billion yuan (12.09%), and China Pacific Life Insurance Co., Ltd. had 6 due securities with a repayment scale of 5.602 billion yuan (11.26%) [27].

11 Uni 第十一届资产证券化与调券介绍奖 优秀ABCP发行人 th网金谷国际信托有限责任公司 日前，财视中国主办的"第十一届结构性融资与资产证券化论坛"在上海启幕，第十一届资产证券化与债券·介甫奖颁奖典礼同步揭晓。金谷信托凭借卓越实 力，一举斩获"优秀 ABCP 发行人"与"杰出绿色 ABN 产品"双项殊荣，续写资产证券化领域辉煌篇章。 未来，金谷信托将以此次获奖为新起点，继续以创新为翼、以专业为舵，在资产证券化的蓝海中扬帆远航，为中国金融市场的繁荣与可持续贡献更多"金谷 力量"，书写属于新时代的金融篇章！ 回望往昔，金谷信托在资产证券化赛道上始终步履铿锵。近十年间，公司多次获得"年度中国债券市场优秀成员"、"中国债券市场资产支持证券优秀发行 人"、"优秀ABS发行人"、"优秀ABN发行人"，发行产品屡获"中国资产证券化论坛十佳交易奖"、"优秀不良资产重组ABS产品"、"杰出创新性ABN产 品"、"杰出物业费及运营收益权ABS/ABN奖"、"优秀案例奖"。如今双料大奖再入囊中，印证了公司在产品创新与发行能力上的持续突破，这不仅是行业对 公司综合实力的权威认证，更是对公司"守正创新、追求卓越"精神的肯定。 ...

The provided content does not contain any specific quantitative models or factors, nor does it include detailed construction processes, formulas, or backtesting results related to quantitative analysis. The documents primarily discuss the issuance, policy updates, and market performance of REITs and ABS products, along with their structural characteristics and market trends. Therefore, no quantitative models or factors can be summarized from the given content.

新华财经北京9月29日电 当公募REITs市场历经多年探索日趋成熟，其"私募兄弟"——持有型不动产ABS也在加速成长。作为连接不动产市场与资本市场的 金融桥梁，这类产品正悄然成为存量时代下企业优化资本结构、降低资产负债率、盘活资产的重要金融工具。 今年以来，持有型不动产ABS发行明显提速，截至目前，上交所公告产品已累计35只、697.86亿元。在商业地产、工业园区、高速公路、基础设施等不少知 名资产通过证券化方式实现盘活之后，越来越多的企业开始关注并探索这一创新融资渠道。 业内人士表示，在公募REITs众多发展经验的积累与更多支持政策的引导之下，持有型不动产ABS市场活力将进一步释放。亦有机构指出，未来五年持有型 不动产ABS规模有望突破万亿元，各界在税收、流动性、资产类别等方面的深入探索也必将转化为适宜我国资本市场的可复制模式。 融资"新势力"迅猛成长持有型不动产ABS加速扩容 据新华财经梳理，今年以来持有型不动产ABS市场发展突飞猛进。截至2025年9月28日，上交所持有型不动产ABS挂网产品共计35只、697.86亿元，其中有 29只产品为年内接受受理，此前2024年仅有5只产品、2023年仅有1只产品 ...

Core Viewpoint - The infrastructure REITs market in China is expected to experience long-term stable development due to continuous supportive policies and strong performance in the secondary market [1][2]. Group 1: Supportive Policies - As of September 26, there are 87 infrastructure REITs in various stages of listing, with the majority being park, transportation, and consumer infrastructure types [2]. - Recent policies from the National Development and Reform Commission and other departments aim to expand project types and optimize mechanisms, enhancing the breadth and depth of the infrastructure REITs market [2]. - The policies encourage the regular listing of mature assets that can generate stable cash flows, facilitating a positive investment cycle by allowing funds to be reinvested into new projects [2][3]. Group 2: Market Performance - The infrastructure REITs market has shown a volatile adjustment trend recently, with the CSI REITs Total Return Index down 0.65% as of September 26, but it has increased by 9.97% year-to-date [4]. - Among the 74 listed REITs, 65 have achieved positive returns, with 39 showing gains exceeding 10% [4]. - Specific REITs, such as the Jiashi Wumei Consumer REIT, have seen significant year-to-date increases, with a rise of 45.19% [4]. Group 3: Market Characteristics - The infrastructure REITs market is characterized by high liquidity, relatively stable returns, and strong safety features, making it attractive for investors seeking stable investments and diversified asset allocation [4][5]. - The introduction of diverse asset types is expected to meet varying investor preferences and attract a broader range of capital into the market [3].

港交所（香港联合交易所）作为全球主要金融中心之一，其上市公司资本运作方式高度市场化、国际化，且规则体系成熟。以 下从股权融资、债权融资、并购重组、资产证券化、股权激励、分拆上市、私有化及其他创新工具等维度，系统梳理港交所上 市公司常见的资本运作方式及核心要点： 一、股权融资：直接权益融资工具 港股市场的股权融资以灵活、高效著称，既支持IPO首发融资，也提供多样化的再融资渠道。 1. 首次公开发行（IPO） 2. 再融资工具 2. 可转换债券（Convertible Bond, CB） 特点：企业通过公开发行新股登陆港交所，是早期最主要的股权融资方式。港股IPO采用注册制，注重信息披露，审核效 率高（通常6-12个月），吸引全球投资者（国际配售占比超50%）。 适用场景：企业需满足盈利、市值或现金流等上市条件（如主板要求最近一年盈利≥2000万港元，或市值≥50亿港元+最近 一年营收≥5亿港元）。 配股（Placing）：向特定投资者（如机构）配售新股，无需向全体股东发出要约。通常由承销商牵头，发行对象不超过 100名，适用于快速融资（如腾讯历史上多次配股）。 供股（Rights Issue）：向全体股东按持股 ...

Core Viewpoint - The strategic restructuring of Henan Energy Group and China Pingmei Shenma Group is aimed at enhancing operational efficiency and expanding their market presence, with both companies being significant players in the energy sector of Henan Province [1][2]. Group 1: Company Overview - China Pingmei Shenma Group and Henan Energy Group are both controlled by the Henan Provincial State-owned Assets Supervision and Administration Commission, with projected revenues of 168.8 billion yuan and 121 billion yuan respectively by the end of 2024 [1]. - Henan Energy Group has a registered capital of 21 billion yuan and operates in coal, chemical new materials, electricity, and renewable energy, with coal reserves of 28.4 billion tons and a chemical production capacity of nearly 10 million tons [1][2]. - China Pingmei Shenma Group was formed from the merger of Pingmei Group and Shenma Group in 2008 and has several listed subsidiaries, including six on the New Third Board [1][2]. Group 2: Strategic Developments - The restructuring aims to promote asset securitization and establish overseas financing platforms to support international expansion, with plans to have 6 to 7 listed companies by 2028 [3]. - Pingmei Shenma Group is actively pursuing listings in Hong Kong, with specific plans for Henan Pingmei Shenma Superhard Materials Co., Ltd. to complete its listing process by September 2026 [3]. Group 3: Recent Transactions and Projects - On September 25, 2023, Shenma Co. announced a plan to acquire a 2.16% minority stake in its subsidiary, Henan Shenma Nylon Chemical Co., increasing its ownership from 72.06% to 74.22% [4]. - Shenma Co. has made significant investments in its nylon chemical subsidiary, including a previous acquisition of a 10.27% stake for 952 million yuan, raising its total stake to 72.06% [4]. Group 4: Innovations and Achievements - Shenma Co. has made advancements in high-temperature nylon materials, with the first batch of equipment for a 1,000-ton/year high-temperature nylon 6T resin project arriving, which is expected to fill a gap in high-performance nylon materials in China [5]. - The company has successfully developed an 11-dtex ultra-high-strength nylon 66 industrial yarn, marking a significant technological achievement in the aviation tire material sector [5].