Core Viewpoint - Inner Mongolia Power Group is seeking asset securitization and plans to list its core business, positioning itself as a significant player in the energy sector alongside the State Grid and Southern Power Grid [1][2]. Group 1: Company Strategy and Plans - Inner Mongolia Power Group held high-level discussions with Shanghai and Shenzhen Stock Exchanges regarding energy enterprise listings, capital operations, and green finance [1][2]. - The company aims to diversify its industrial structure and equity by planning the listing of its energy storage and information technology business segments [1][5]. - The company has initiated the procurement of legal services for its IPO operations, with a budget of 2.8 million yuan [2]. Group 2: Financial Performance - As of the end of 2024, the total assets of the Inner Mongolia Power Group are 147.2 billion yuan, with net assets of 59.54 billion yuan [3]. - The projected operating revenue for 2024 is 121.81 billion yuan, with a total profit of 4.517 billion yuan [3]. Group 3: Renewable Energy Achievements - The company achieved a total electricity sales volume of 3,140.38 billion kWh in 2024, with a maximum supply load exceeding 48.87 million kW [4]. - In the first half of this year, the renewable energy generation (wind and solar) reached 73.1 billion kWh, marking a 41% year-on-year increase, ranking second among provincial power grids in China [4]. Group 4: Storage and Asset Securitization - Inner Mongolia Power Group plans to independently list its storage and information technology business segments, focusing on enhancing revenue capabilities through effective management [5]. - The company has already operationalized over 0.5 GW/2 GWh of independent energy storage stations and has more than 2 GW/8 GWh in the bidding and planning stages [6]. - The company is actively promoting the securitization of pumped storage assets through public REITs and is exploring financing cooperation with the stock exchanges [6].

Core Viewpoint - The issuance scale of asset-backed securities (ABS) in China has significantly decreased in 2023 compared to the previous year, primarily due to regulatory tightening, economic uncertainties, and reduced demand from financial institutions [1][2]. Group 1: Market Overview - As of May 30, 2023, the total number of newly issued ABS in China reached 546, with a cumulative issuance scale of 676.74 billion yuan, representing a decrease of approximately 63% compared to the same period last year [1]. - The credit ABS market saw 42 issuances totaling 135.40 billion yuan, down by 260.34 billion yuan year-on-year [1]. - The corporate ABS market had 341 issuances amounting to 323.58 billion yuan, a decline of 202.56 billion yuan from the previous year [1]. - The asset-backed notes (ABN) market recorded 163 issuances totaling 217.76 billion yuan, an increase of 32.48 billion yuan year-on-year [1]. Group 2: Reasons for Decline - Regulatory policies regarding ABS have tightened since last year, leading to a noticeable drop in total issuance [2]. - Overall credit levels in China remain uncertain, which does not support high levels of ABS issuance [2]. - Factors such as the pandemic have resulted in insufficient supply of underlying assets for ABS, while demand from the real economy remains weak [2]. - Banks are maintaining a medium to high leverage level, with some city commercial banks and joint-stock banks continuing to deleverage, reducing their enthusiasm for issuing ABS [2]. Group 3: Product Breakdown - Among credit ABS products, personal auto loans accounted for the largest share, with an issuance scale of 94.16 billion yuan, representing approximately 69.53% of the total [3]. - Housing mortgage loans contributed 24.54 billion yuan, making up about 18.12% of the total issuance [3]. - Small and micro enterprise loans totaled 10.78 billion yuan, accounting for 7.95% of the total [3]. - Personal consumption loans reached 3.31 billion yuan, representing 2.44% of the total [3]. - Non-performing asset restructuring ABS amounted to 2.62 billion yuan, constituting 1.93% of the total [3]. Group 4: Future Outlook - The future issuance scale of ABS is expected to maintain a cautiously optimistic outlook, particularly for ABS related to non-performing asset disposal, influenced by real estate and deleveraging processes in financial institutions [3]. - The growth potential for small and micro enterprise loan ABS is uncertain due to insufficient market demand and the need for further regulatory support [3].

"此次《通知》的发布，是上交所落实国办《关于进一步盘活存量资产扩大有效投资的意见》的举 措之一，将通过进一步推动资产证券化产品的发行，助力企业盘活存量资产，畅通投融资良性循 环。"上交所相关负责人表示，下一步，上交所将不断创新资产证券化盘活资产方式，拓宽资产证券化 市场服务深度和广度，提升服务实体经济质效，推进债券市场高质量发展。 三是加大融资服务，优化强化资产证券化市场支持举措。上交所将在资产证券化业务评价、创新业 务或产品试点等方面纳入相关指标，鼓励管理人积极提供证券化专业服务。 《证券日报》记者获悉，为充分调动和发挥市场合力，上交所近期统筹部署和推进通过资产证券化 等手段解决盘活资产的重难点问题，探索创新盘活资产的路径和方式。自6月份以来，已针对高速公 路、轨道交通、航运港口、电力能源等重点行业，及长三角、珠三角、京津冀等重点区域，组织开展10 场行业研讨会和区域盘活存量专题会，旨在发挥行业协会、地方政府和中介机构合力，进一步推动资产 证券化服务实体经济能力，提升盘活存量的效能。 【纠错】 【责任编辑:任想】 《通知》围绕盘活存量资产的重点方向，创新拓展资产证券化盘活存量具体方式，优化强化各项市 场支持 ...

数据显示，2019年，中保登上线资产支持计划注册系统。2019年至2022年，在中保登注册/登记的保险 资产支持计划数量分别为8只、24只、37只、65只，注册/登记规模分别为115亿元、713亿元、1562亿 元、3045亿元。 从需求层面看，光大永明资产表示，目前流动性较为充裕，包括银行资金特别是理财资金在内的资金方 对资产的需求较大。同时，行业普遍认为，以底层资产分散作为重要特征的ABS在风险收益的匹配上更 具性价比，且作为非标产品，险资版ABS与标品ABS相比，具有一定的收益率溢价。 人保资本保险资产管理有限公司（简称"人保资本"）党委书记、总裁万谊青近日在署名文章中提到，宏 观环境为险资版ABS业务发展提供了广阔空间。例如，稳经济专项政策在充实资产供给的同时，亦刺激 盘活存量资产的需求，市场对优质资产的需求强劲。同时，我国在基础设施等领域积累了大量优质存量 资产，亟待通过资产证券化的方式进行盘活，形成存量资产和新增投资的良性循环。 业内人士认为，当前，优质资产较为稀缺，险资版ABS市场具有增长快、空间大的特点，在供需双方的 共同推动下，市场规模还将持续快速增长。 11月30日，中保保险资产登记交易系 ...

Group 1 - The core financing method for internet micro-lending companies is through the issuance of Asset-Backed Notes (ABN), with a notable preference for this method observed in 2025, as seen in companies like Caifutong and Didi's West Coast Microloan [1] - In the first half of 2025, the number of ABS products issued by micro-lending companies increased significantly, with 50 products issued, a 61% increase from 31 in the same period of 2024, and the issuance amount reached 36.331 billion yuan, up 105% from 17.712 billion yuan in 2024 [2] - Major technology companies such as Tencent, Meituan, and JD.com are leading the ABS issuance, leveraging their parent company's credit advantages, with a diverse range of underlying assets including consumer installment loans and small business loans [2][3] Group 2 - The regulatory framework has been strengthened to promote the healthy development of the internet micro-lending industry, with the issuance of the "Interim Measures for the Supervision and Administration of Micro-lending Companies" aimed at standardizing operations and preventing risks [4] - The new regulations specify that micro-lending companies can leverage up to four times their net assets from the previous year when issuing ABS, thus expanding their financing capabilities while imposing necessary constraints [4][5] - Industry experts note that the regulatory measures are intended to mitigate financial risks while allowing compliant micro-lending companies to enhance their market value and contribute to the real economy [5]

Group 1 - The first clean energy holding-type real estate ABS in China, named "Yuanjing Energy ABS," was successfully listed on the Shanghai Stock Exchange, marking a structural innovation in the asset securitization of clean energy [1] - The issuance of Yuanjing Energy ABS provides innovative solutions for enterprises with green electricity and ESG needs, effectively addressing the long-term financing challenges of clean energy [1] - The project demonstrates the leverage value of financial instruments in energy transition and promotes a shift from policy-driven to market-driven self-circulation in the industry [1] Group 2 - Yuanjing Energy ABS is seen as a key to unlocking a new door for wind power asset securitization, enhancing cash flow realization and significantly improving capital efficiency for sustainable development [2] - The inclusion of green certificates in the asset pool increases the economic value of clean energy projects, exploring a new financial path for promoting green economic development [2] - The asset management company, as a wholly-owned subsidiary of a provincial state-owned securities firm, aims to actively practice the social value of financial institutions through innovative tools like holding-type real estate ABS [2]

Core Viewpoint - The core feature of auto loan ABS is the presence of collateral, with underlying assets characterized by high homogeneity, a large number of transactions, and short durations, resulting in very low credit risk. However, current investor concerns about asset quality have significantly impacted the issuance scale of auto loan ABS. Despite this, the default risk remains low, and the existing tiered structure provides strong support for priority levels. In the medium to long term, the automotive industry, including humanoid robots, has a promising outlook and could potentially replace real estate in the economy, making auto loan ABS a leading securitization product [2]. Group 1 - The issuance scale of auto loan ABS has been significantly affected by investor concerns regarding asset quality [2] - The default risk of auto loan ABS remains low, supported by a robust tiered structure [2] - The automotive industry, including humanoid robots, has a broad outlook and may replace real estate's position in the economy [2] Group 2 - An online seminar titled "Deconstructing Asset Securitization Series: Standing Tall Against the Wind - Credit Risk Outlook for Auto Loan ABS in the Second Half of 2025" is scheduled for August 12, 2025 [2] - The seminar will cover forecasts for the second half of the year, analysis of the automotive industry, the status of auto loans, and key points for credit analysis of auto loan ABS [2] - The event will be broadcasted live on multiple platforms, welcoming participation from issuers, investors, intermediaries, and media [2]

Core Insights - The launch of the first public REITs for data centers, namely Southern Runze Technology Data Center REIT and Southern Wanguo Data Center REIT, marks a significant expansion of public REITs' underlying assets, filling a gap in the data center sector [1][3] - Both REITs experienced a strong debut, with each reaching a 30% increase on their first trading day, indicating robust market interest and active trading [1][2] Fundraising and Asset Details - Southern Runze Technology Data Center REIT issued 1 billion shares, raising 4.5 billion yuan, with proceeds primarily allocated for the construction of the Chongqing Runze (Southwest) International Information Port project [2] - Southern Wanguo Data Center REIT issued 800 million shares, raising 2.4 billion yuan [2] - The underlying asset for Southern Runze is an A-18 data center in Langfang, Hebei, with projected service fee income of 540 million yuan and a net profit of approximately 257 million yuan for 2024 [2] - Southern Wanguo's underlying asset is the Guojin Data Cloud Computing Data Center in Kunshan, with projected service fee income of 164 million yuan and a net profit of about 47.33 million yuan for 2024 [2] Investor Interest and Market Dynamics - The issuance of the first public data center REITs saw enthusiastic investor participation, with the public offering for Southern Runze closing within a day and a low confirmation ratio of effective subscription applications [2] - The strong demand for these REITs is seen as a precursor to their successful market performance [2] Policy Support and Future Outlook - The successful launch of these REITs is attributed to strong policy support from regulatory bodies, which have encouraged the development of new infrastructure projects, including data centers [3] - The China Securities Regulatory Commission has expressed ongoing support for technology companies to utilize new asset classes for asset securitization and REITs [3] - The emergence of more data center public REITs is expected to evolve into a broader industry phenomenon, promoting a shift from mere scale expansion to value creation in the data center sector [3][4] Expansion of Public REITs - The public REITs market has been expanding, with a growing range of asset classes being included, from industrial parks to data centers [4] - The issuance of public REITs is seen as a vital tool for empowering the real economy, with potential future expansions into additional asset types such as elder care facilities [4][5]

Core Viewpoint - The insurance asset management sector is experiencing significant growth in asset-backed securities (ABS) registration, driven by favorable market conditions and regulatory support [1][2][3]. Group 1: Asset-Backed Securities Growth - Zhongbao Insurance Asset Registration and Trading System Co., Ltd. reported that four asset-backed plans registered by insurance asset management institutions totaled 13 billion yuan [1]. - In the first seven months of this year, 50 asset-backed plans were registered, with a total scale of 221.877 billion yuan, marking a year-on-year increase of 50.4% [1][2]. - In July alone, 12 asset-backed plans were registered, up from 6 in the same month last year, with a total registration scale of 41.781 billion yuan, reflecting a year-on-year growth of 71.7% [2]. Group 2: Market Drivers - The growth in asset-backed plans is attributed to their risk characteristics aligning with insurance capital preferences and the ongoing decline in interest rates, prompting insurers to seek quality assets [2][4]. - The flexibility of product structure, clear repayment cash flows, and low correlation with equities and bonds make asset-backed plans attractive to insurers [2][3]. Group 3: Regulatory Support and Innovation - In April, the National Financial Supervision Administration and other departments issued a plan to support banks and insurance institutions in increasing investments in technology-driven bonds and asset-backed plans [3]. - Asset-backed plans are expanding into new segments, including steam charging rights, data asset charging rights, and new energy electricity revenue rights, indicating ongoing product innovation [3]. Group 4: Future Outlook - The insurance sector is expected to continue increasing the scale of registered asset-backed plans, with a broader variety of underlying assets [5]. - As investment scales grow, insurers will enhance their asset judgment capabilities and accumulate more experience in risk management and disposal related to asset-backed plans [5].

Core Viewpoint - The successful listing of Southern Runze Technology Data Center REIT marks a significant milestone in the asset securitization of China's data center industry, reflecting profound changes in the digital infrastructure sector [1][5]. Group 1: Underlying Asset Logic - The core value of Southern Runze Technology REIT lies in its ownership of the A-18 data center, which has a unique geographical advantage, being only 20 kilometers from Beijing's South Sixth Ring and 29 kilometers from Daxing Airport, catering to the high demands of the Beijing region [2]. - The A-18 data center has 5,897 cabinets and a total power of 42.5 MW, achieving a 100% signing rate and over 99% listing rate for three consecutive years since its operation began in December 2020, positioning it as a leader among similar projects in China [2]. Group 2: Model Innovation - The REIT's success is attributed to its unique "data center + green electricity" model, which addresses the challenges of heavy asset investment and long payback periods in the data center industry [3]. - By securitizing the A-18 data center with a valuation of 3.725 billion yuan, the company has created a virtuous cycle of "investment-operation-securitization-reinvestment," allowing for accelerated national computing network layout without significantly increasing debt [3][4]. Group 3: Industry Significance - The REIT model provides a replicable framework for the industry, enabling companies to transition from heavy asset holders to light asset operators, focusing on high-value-added services like computing power scheduling and customer service [4]. - The introduction of REITs allows for the transformation of illiquid fixed assets into tradable standardized products, reducing corporate debt ratios and providing social capital with access to the digital economy's benefits [4]. Group 4: Policy and Market Resonance - The successful listing of Southern Runze Technology REIT is supported by a robust policy framework, including the 2024 notice from the National Development and Reform Commission promoting the regular issuance of REITs in infrastructure [5]. - The REIT's launch enhances the multi-tiered capital market system in China, with a total of 68 public REITs issued by June 2025, expanding the asset spectrum to include technology-intensive assets like data centers [6]. Group 5: Valuation Logic Restructuring - The emergence of REITs introduces a new valuation method based on NAV (Net Asset Value), shifting the focus from PE (Price-to-Earnings) ratios, which are volatile due to heavy asset characteristics [7]. - This shift may lead the industry to prioritize operational efficiency and cash flow stability over mere scale competition [7]. Group 6: New Opportunities from Asset Securitization - The listing of Southern Runze Technology REIT initiates a new wave of asset securitization in the data center sector, vital for supporting the construction of digital infrastructure during the 14th Five-Year Plan period [8]. - The REIT model creates a closed loop of "construction-operation-securitization," potentially becoming a crucial financial infrastructure for building a digital China [8]. Group 7: Industry Development and Green Transition - The successful issuance of data center REITs promotes healthy development across the industry, with third-party IDC service providers holding over 50% market share, indicating room for increased concentration [9]. - The green attributes of the A-18 project, recognized as a "National Green Data Center," are essential for its approval, and future REITs will likely consider green metrics as key valuation factors [9].