Core Viewpoint - Blackstone Group's investment philosophy emphasizes being greedy when others are fearful, which is reflected in its strategic acquisitions, including a recent bid for TechnoPro in Japan, indicating a strong belief in the long-term value of the Asian market and technology services [1][3]. Group 1: Acquisition Details - Blackstone announced its intention to acquire TechnoPro for 507 billion yen (approximately $3.5 billion), representing a premium of over 25% compared to TechnoPro's recent stock price [1][2]. - TechnoPro is a leading IT service provider in Japan, specializing in engineering and technical personnel outsourcing, with over 28,000 engineers and more than 2,500 clients across various industries [2]. Group 2: Market Context - The Japanese stock market has been steadily rising, with foreign investments from firms like Blackstone and Buffett contributing to a "Japan asset boom" [1]. - Japan's current deflationary environment has led to long-term damage to corporate valuations, particularly for emerging tech firms like TechnoPro, which may be undervalued due to limited funding channels and market reforms [3]. Group 3: Strategic Rationale - Blackstone's acquisition is driven by two main factors: the potential of the Asian market amidst global economic pressures and the diversification strategy to mitigate risks associated with the U.S. market [3][12]. - The partnership with TechnoPro aligns with Blackstone's focus on high-quality IT service providers that can benefit from digitalization and AI advancements [4]. Group 4: Broader Investment Strategy - Blackstone has been actively investing in Japan since the 1990s, with a focus on real estate and more recently expanding into healthcare and technology sectors [8][9]. - The firm has completed seven private equity investments in Japan, diversifying its portfolio to include commercial real estate, biopharmaceuticals, IT services, and data centers [9]. Group 5: Future Outlook - Blackstone plans to expand its private asset fund sales channels in Japan and aims to launch a yen-denominated fund by the end of 2025, reflecting its commitment to the Japanese market [10][11]. - The Japanese government's recent policy shifts to attract foreign investment present significant opportunities for Blackstone, particularly in asset management and capitalizing on Japan's vast financial assets [11].

Core Viewpoint - The successful issuance of the Wuxi Economic Development Zone National Sensor Information Industry Park asset-backed securities (ABS) project marks a significant milestone as the first industrial park holding-type ABS in China, with a scale of 660 million yuan [1][2]. Group 1: Project Overview - The underlying asset of the project is located in the Wuxi Economic Development Zone, focusing on industries such as intelligent connected vehicles, sensors, and the Internet of Things, with a good overall occupancy rate [2][3]. - The project includes a diverse tenant base, comprising one listed company and over 60 large-scale enterprises, demonstrating significant industrial clustering effects [2]. Group 2: Market Impact - The successful launch of the Wuxi project expands the asset categories within the holding-type real estate ABS market, providing diverse and high-quality investment targets for the capital market [2][3]. - The project serves as a new benchmark for revitalizing existing assets in quality industrial parks and establishes a new path for the securitization of similar projects nationwide [2][3]. Group 3: Financial and Strategic Value - The project enhances the asset structure of the issuing entity, improves funding operation capabilities, and provides new equity financing options for local state-owned enterprises [3]. - Financially, the securitization allows for the off-balance-sheet treatment of existing assets, effectively reducing the asset-liability ratio [3]. - Strategically, the issuance injects new momentum into the creation of a professional asset operation platform, facilitating a virtuous cycle of investment, financing, construction, and management [3]. Group 4: Investor Participation - The issuance attracted a wide range of medium- to long-term capital from various market participants, with total subscriptions exceeding five times the offering, laying a solid foundation for future liquidity in the secondary market [4]. - The project enriches the investment choices within the holding-type real estate ABS market and promotes the diversification of market participants [4]. Group 5: Future Developments - The Shanghai Stock Exchange plans to continue supporting the development of the holding-type real estate ABS market, focusing on high-quality development of central enterprises and revitalization of local state-owned assets [4][5]. - There will be an emphasis on enhancing asset quality and innovating operational models, aiming to create benchmark holding-type real estate ABS projects that effectively revitalize existing assets and expand effective investments [5].

泰康资产-财通-远景新能源持有型不动产资产支持专项计划（碳中和）于2025年6月17日成功设立，发行规模2.85亿元，产品期限约为50年。作为市场首单清 洁能源类持有型不动产资产支持证券，该项目的成功发行不仅标志着风电资产证券化迈出关键一步，也为有绿色电力和ESG需求的企业提供了创新解决方 案，是上交所推动绿色金融创新发展的又一标志性产品。 本专项计划的发起人为远景能源，原始权益人为发起人全资子公司远景创业投资（海南）有限公司（以下简称"远景海南"），本专项计划的底层资产是远景 海南子公司运营的位于河北省邯郸市的魏县恒朋风电场项目，该项目为100MW保障性并网风电场，主要收入来源为风电上网电费收入，其产生的电力为清 洁能源，有助于减少碳排放，符合碳中和的政策导向和目标。本专项计划设置了信息披露机制、二级市场活跃机制、持续扩募机制、产品治理和激励机制等 多项创新市场化机制，促进投融双方互信，是存量资产真实盘活的又一成功案例。 【环球网财经综合报道】8月8日，"泰康资产-财通-远景新能源持有型不动产资产支持专项计划（碳中和）"（证券代码：265472）（以下简称"本专项计 划"） 挂牌仪式在上海证券交易所（以下简 ...

1. Report Industry Investment Rating No information provided. 2. Core View of the Report In July 2025, the issuance pace of asset - backed notes slowed down, while personal consumer finance assets were active. The issuance volume and scale decreased compared to the previous month, and the secondary - market transaction amount also declined year - on - year [4][21]. 3. Summary by Relevant Catalogs 3.1 Issuance Situation - **Overall Issuance**: 52 asset - backed note products were issued, with a total issuance scale of 39.43 billion yuan. Compared with the previous month, the number of issuances decreased by 6, and the scale dropped by 28.68%. Compared with the same period of the previous year, the number increased by 5, but the scale decreased by 13.20%. Only 2 were publicly issued, and the rest were privately placed [4][5]. - **Top - Ten Issuing Institutions**: Huaxin International Trust Co., Ltd. ranked first with an issuance scale of 5 billion yuan (12.81%). The top - ten issuing institutions had a total issuance scale of 29.644 billion yuan, accounting for 75.93% [5]. - **Underlying Asset Categories**: Personal consumer finance products accounted for 49.40% in terms of scale (23 issuances), followed by small - and - micro loans (27.66%, 13 issuances), supply chain (5.27%, 6 issuances), etc. [7]. - **Issuance Scale Distribution**: Single - product issuance scale ranged from 121 million yuan to 1.5 billion yuan. Products with a single - issuance scale of (5, 10] billion yuan had the largest number of issuances (33) and scale (78.53%) [10]. - **Term Distribution**: The shortest term was 0.27 years, and the longest was 9.55 years. Products with a term of (1, 2] years had the largest number of issuances (24) and scale (49.97%) [12][15]. - **Level Distribution**: AAAsf - rated notes accounted for 88.56% of the issuance scale [15]. - **Issuance Interest Rate**: For one - year - around AAAsf - rated notes, the lowest issuance rate was 1.73%, the highest was 3.20%, and the rate center was around 1.78% [4][17]. - **ABCP Issuance**: 12 ABCP products were issued, with a total scale of 7.209 billion yuan, accounting for 18.46% of the ABN issuance scale. Personal consumer finance ABCP accounted for 55.34% of the ABCP issuance scale [20]. 3.2 Secondary - Market Transaction Situation - **Transaction Volume and Amount**: There were 533 secondary - market transactions in July 2025. The number of transactions increased by 12.21% month - on - month and 0.57% year - on - year, while the transaction amount decreased by 5.11% month - on - month and 25.73% year - on - year [21]. - **Underlying Asset Type Distribution**: The most active underlying asset types in the secondary - market transactions were personal consumer finance (34.99%), small - and - micro loans (13.89%), etc. [21].

本报讯 记者郭光锐 通讯员曹晓俞报道 记者从中国人民银行天津市分行获悉，近日，在该行指导 下，由天津银行等主承销的"中交建筑集团有限公司2025年度3号第一期科技创新定向资产支持证券"在 银行间债券市场成功发行，发行规模7.61亿元，期限1年，票面利率1.79%。这是京津冀地区落地的首只 科技创新资产支持证券，为金融支持科技创新和实体经济发展开辟了新路径。 记者了解到，科技创新资产支持证券是支持科技创新领域的一项金融产品，专门以科技创新相关资 产作为基础资产发行资产支持证券，是资产证券化金融工具在科技创新领域的具体应用和实践，进一步 丰富了债券市场"科技板"产品体系。据悉，中交建筑集团有限公司作为国家高新技术企业，在房建、公 路、桥梁、隧道、大型城市综合开发等领域具备较强创新能力，拥有多项专利技术，多项技术成果达到 国际先进水平。 中国人民银行天津市分行相关负责人表示，将继续深入实施银行间债券市场扩面提质专项行动，引 导金融机构运用市场化机制将债券市场资金活水引入科技创新等重点领域，为科技型企业提供全链条、 全生命周期金融服务。 责任编辑：袁浩 ...

Core Insights - The asset securitization market is experiencing a decline in both existing and new issuance volumes, yet the number of trust companies participating in this sector continues to grow, indicating a shift in focus towards asset securitization as a mainstream business for the trust industry [1][2] Group 1: Knowledge Property Securitization - In April 2023, a significant knowledge property securitization project led by China Foreign Trade Trust was successfully issued, with a total framework size of 1 billion yuan, marking it as the largest project in Chongqing covering nine high-tech enterprises [2][3] - From 2018 to August 2024, a total of 153 knowledge property securitization products have been issued in China, with a cumulative scale of 29.148 billion yuan, highlighting the growing interest in this area despite overall market adjustments [3][4] Group 2: Asset Types and Regulations - The implementation of the "Three Classification New Regulations" in 2023 has diversified the types of assets that can be securitized, including loans, receivables, and royalties, which can generate predictable cash flows [4][5] - The green asset securitization market has seen significant growth, with a scale reaching 90.947 billion yuan, reflecting the industry's commitment to supporting green initiatives [4] Group 3: Challenges and Opportunities - Trust companies face increasing competition in the asset securitization space, necessitating improvements in their full-chain service capabilities and professional expertise to enhance their market position [6][7] - There is a growing trend for trust companies to explore personal consumption loan asset securitization, driven by the demand from internet platforms for new issuance opportunities [5][6]

Core Viewpoint - The progress of asset-backed plan business by insurance asset management institutions is accelerating, with a significant increase in the number and scale of registered plans in 2023 compared to the previous year [1][2]. Group 1: Asset-Backed Plans Overview - As of April 17, 2023, 10 insurance asset management institutions have registered 19 asset-backed plans with a total scale of 769.41 billion yuan, representing a 57% year-on-year increase [1][2]. - Asset-backed plans are financial products where insurance asset management institutions act as custodians, raising funds from investors to invest in low liquidity but predictable cash flow underlying assets, often referred to as "insurance version ABS" [2]. Group 2: Advantages for Insurance Asset Management Institutions - Insurance asset management institutions have a dual role: they allocate assets on behalf of insurance funds and also act as investment banks to package assets, allowing them to access new investable assets beyond traditional debt and equity products [3]. - The fixed income characteristics and diversified cash flow sources of asset-backed plans align with the risk preferences of insurance funds, providing new investment avenues amid an "asset shortage" environment [3]. Group 3: Diversification of Underlying Assets - The underlying asset categories for asset-backed plans have expanded to include green assets, small consumer loans, and financing leases, driven by the need for liquidity and the demand to revitalize existing assets [4]. - Insurance companies can achieve better asset-liability matching and risk diversification through the multi-allocation of asset-backed plans, optimizing investment returns and cash flow [4]. Group 4: Support for Real Economy - Asset-backed plans offer channels for insurance funds to strengthen the construction of technology financial product systems and support the development of the real economy [5]. - The emergence of asset securitization products signifies a mature financial system, providing enterprises with financing channels beyond equity and debt, particularly beneficial for managing risks associated with extended accounts receivable cycles [5]. Group 5: Future Outlook - The asset-backed plan business is expected to continue growing, with a trend towards diversification in the types of underlying assets and an increase in the number and scale of plans [6].

2021年6月21日，首批9只公募REITs上市。四年"蝶变"，公募REITs从试点到突破2000亿元市值，实 现加速跃迁，共上市66只公募REITs产品。 与此同时，公募REITs独特的分红机制为投资者带来实实在在的收益。Wind数据显示，从2021年至 今，公募REITs分红金额逐年增长，合计接近220亿元。机构配置需求旺盛，投资者结构逐步实现多类 型机构的生态共荣。 在业内人士看来，伴随市场建设与投资需求共振，公募REITs呈现螺旋式上升发展趋势。在低利率 环境下，公募REITs或被更多资金认可，在大类资产配置格局中占据愈发重要的战略地位。 公募REITs仍处政策红利期 "总体而言，公募REITs市场当前仍处于政策红利期。"中金固收研究团队表示。 自2024年以来，公募REITs驶入发展快车道。2024年7月，国家发展改革委发布《关于全面推动基 础设施领域不动产投资信托基金（REITs）项目常态化发行的通知》，标志着公募REITs市场迈入常态 化阶段。 《通知》将底层资产扩容至13个大类，覆盖交通、能源、市政、生态环保、仓储物流、园区、文化 旅游、消费等领域基础设施。《通知》为推动公募REITs规模可持 ...

Group 1 - The public REITs market in China has rapidly developed, with a total market value exceeding 200 billion yuan and 66 products listed, making it the largest in Asia [1][4] - Since 2021, the total dividend amount from public REITs has approached 22 billion yuan, reflecting strong institutional demand and a diverse investor structure [1][7] - The market is currently in a policy dividend period, with new regulations expanding the underlying asset categories for REITs, which is expected to sustain growth [2][3] Group 2 - The introduction of new accounting guidelines has allowed investors to treat REITs as equity instruments, potentially increasing long-term investment from institutions [3] - The diversity of underlying assets has increased, with new types such as data center REITs being approved, indicating a trend towards more varied investment opportunities [5][6] - The attractiveness of public REITs is rising due to their stable dividend yields of 3%-5%, especially in a low-interest-rate environment [8]

Core Viewpoint - The successful listing of the Southern Runze Technology Data Center REIT marks a significant expansion of public REITs' underlying assets in China, particularly in the data center sector, providing an innovative financing model for the industry [1][2]. Group 1: REIT Overview - The Southern Runze Technology Data Center REIT is one of the first data center REIT products in China, with its underlying asset being the A-18 data center located in Langfang, Hebei Province [1]. - The A-18 data center has a total of 5,794 standard cabinets with a power capacity of 7.04 kW, 100 high-power cabinets at 16.5 kW, and 3 ultra-high-power cabinets at 30.36 kW, offering integrated server hosting services [1]. - The REIT raised 4.5 billion yuan by issuing 1 billion shares, with the funds primarily allocated for the construction of the Chongqing Runze (Southwest) International Information Port project [1]. Group 2: Investor Interest and Market Response - The REIT received significant interest from investors, with over 40,000 effective subscriptions during the issuance period, leading to a sell-out of the public offering portion in one day [2]. - Institutional investors held 93.94% of the fund's shares, with Runze Technology being the largest holder, owning over 30% of the shares [2]. - The issuance process was supported by favorable policies from the China Securities Regulatory Commission aimed at promoting REITs in technology and infrastructure sectors [2][3]. Group 3: Industry Implications - The issuance of the Southern Runze Technology Data Center REIT is expected to enhance the company's financing channels and reinvestment capabilities, providing a solid financial foundation for long-term development [3]. - The successful launch of this REIT is anticipated to lead to a broader trend in the industry, transitioning from mere scale expansion to value creation within the data center sector, thereby injecting sustainable financial resources into the digital economy [4].