据记者获悉，近日，"国金资管-新疆国信持有型不动产资产支持专项计划"在上交所成功设立，发行规 模54.6亿元，是全国首单火电行业持有型不动产ABS（以下称为机构间REITs）。 首单火电机构间REITs，构建多层次REITs市场新格局 本项目是全国首单以火电资产作为底层资产的机构间REITs，标志着能源基础设施领域资产证券化实现 关键突破。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。 上交所相关负责人表示："现阶段，上交所秉承发展与安全并重的理念，积极推动机构间REITs市场建 设。一方面，坚守安全底线，严把项目入口关，聚焦'货真价实'核心要求，确保底层资产真实可靠不造 假、信息披露准确完整不隐瞒、资产预期回报稳定合理不虚高。另一方面，尊重市场规律，激发内生动 力，充分保障投融资主体的市场化博弈与价格发现功能，对估值不作刚性限制，通过完善市场机制促进 资产真实价值的形成与发现，切实推动市场持续健康发展 ...

同时，项目还创新落地了联合销售做市机制。中金公司作为销售机构参与项目发行，并在二级市场持续 开展销售，持续服务提高产品流动性。引入专业做市商开展双边报价、询价撮合等服务，既有效维护了 市场稳定运行，又为投资者构建了高效透明的交易环境。做市商凭借专业研究能力提供的定价参考，将 进一步促进市场价格发现功能，助力实现资产合理估值。这一系列制度安排将显著提升产品流动性水 平，为投资者提供更优质的交易体验。 服务国家战略探索能源领域高质量发展新路径 创新机制协同保障多元化投资者踊跃参与 据悉，该项目采用了市场化询价发行机制，充分发挥了交易所市场投资者多元化优势，助力产品高效合 理定价。发行人面向市场机构，通过明确资产估值、询价区间等方式向多类投资机构开展询价。 值得一提的是，该方式与以往在不动产交易领域主要依靠寻找基石投资机构确定价格，并由其他投资机 构跟随投资的传统方式不同，有助于促进更加充分的市场博弈，推动有效的投融平衡，吸引了多元化投 资机构的积极参与，包括保险机构、信托机构、私募基金以及产业投资者等。 新华财经上海12月8日电 近日，"国金资管-新疆国信持有型不动产资产支持专项计划"在上交所成功设 立，发行规模 ...

全国首单火电机构间REITs发行 探索能源资产盘活新路径 中新网上海12月8日电 (高志苗)记者8日从上海证券交易所获悉，"国金资管-新疆国信持有型不动产资产 支持专项计划"近日在上交所成功设立，发行规模54.6亿元，是全国首单火电行业持有型不动产ABS(以 下称为机构间REITs)。 据介绍，本项目是全国首单以火电资产作为底层资产的机构间REITs，标志着能源基础设施领域资产证 券化实现关键突破。该产品采用平层结构设计，在"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方式。 来源：中国新闻网 编辑：王永乐 广告等商务合作，请点击这里 本文为转载内容，授权事宜请联系原著作权人 中新经纬版权所有，未经书面授权，任何单位及个人不得转载、摘编或以其它方式使用。 关注中新经纬微信公众号(微信搜索"中新经纬"或"jwview")，看更多精彩财经资讯。 机构间REITs定位于权益型上市产品，是构建多层次REITs市场的重要一环，是"盘活存量资产，扩大 ...

Core Viewpoint - The establishment of the "CITIC Construction Investment - Waigaoqiao Group Holding Real Estate Asset-Backed Special Plan" marks the first issuance of an industrial plant-based asset-backed security (ABS) in the inter-institutional REITs market, with a total issuance scale of 1.83 billion yuan [1][2]. Group 1: Project Overview - This project is the first inter-institutional REITs for industrial plants in China and also the first for a local state-owned enterprise in Shanghai, expanding the asset range of inter-institutional REITs and creating new equity financing channels for local state-owned enterprises [2][3]. - The underlying assets consist of four standard plant projects held by Waigaoqiao Group, located in the Waigaoqiao Free Trade Zone, with a total building area of approximately 190,600 square meters and an average occupancy rate of 93.16% [2][3]. Group 2: Financial and Operational Aspects - The project utilized a pricing inquiry mechanism, achieving a final issuance scale of 1.83 billion yuan, which is approximately 3% higher than the equity valuation of the project company, attracting 21 investors from various sectors including insurance, bank wealth management, and local state-owned assets [3][4]. - The project features a distribution mechanism of "benchmark return + excess return," which is expected to attract diverse institutional investors and enhance secondary market liquidity [5]. Group 3: Strategic Implications - Waigaoqiao Group aims to revitalize its existing assets through equity financing tools in the capital market, addressing significant funding needs for ongoing project development amid limited debt financing options [3][4]. - The project is positioned as a key innovation tool for revitalizing existing assets and expanding effective investment, contributing to the construction of a multi-tiered REITs market [5][6]. Group 4: Market Development and Future Outlook - The Shanghai Stock Exchange is committed to developing the inter-institutional REITs market while ensuring safety and market integrity, focusing on genuine asset quality and accurate information disclosure [6]. - As of now, there have been 50 project applications with a total scale of nearly 120 billion yuan, and 20 projects have been successfully issued, totaling over 45 billion yuan [5][6].

"机构间REITs作为创新权益融资工具，是构建多层次REITs市场的重要一环，具备更广泛的准入资产类 型及更灵活的机制设置，可作为工业厂房类资产在资本市场开展权益融资的重要渠道。"业内人士称。 "当前公司仍持续推动外高桥区域内重点项目开发建设，面临较大的开发资金需求，在举债融资空间有 限的背景下，可通过资本市场权益融资工具，盘活存量资产，满足投资发展需求。"外高桥集团相关负 责人如是评价机构间REITs的积极意义。 中经记者 孙汝祥 夏欣 北京报道 11月25日，中信建投—外高桥集团持有型不动产资产支持专项计划在上交所成功设立，发行规模18.30 亿元。 工业厂房类资产首次入池 投融双赢 记者获悉，中信建投—外高桥集团工业厂房机构间REIT底层资产为外高桥集团持有的4个标准厂房项 目，均位于上海市外高桥保税区，合计建筑面积约19.06万平方米，平均出租率93.16%，聚集了多家外 资企业在中国的分拨中心、研发总部等，契合区域产业发展导向和战略部署。 业内人士对《中国经营报》记者表示，本项目是全国首单以工业厂房作为底层资产的持有型不动产ABS （以下简称"机构间REITs"），也是上海地方国企首单机构间REIT ...

Core Viewpoint - The establishment of the "CITIC Construction Investment - Waigaoqiao Group Holding Real Estate Asset-Backed Special Plan" marks the first issuance of an industrial factory-based real estate ABS in the market, with a total issuance scale of 1.83 billion yuan, expanding the asset range of institutional REITs and creating new financing channels for local state-owned enterprises [1][2]. Group 1: Project Overview - This project is the first institutional REITs for industrial factory assets in the country and also the first for local state-owned enterprises in Shanghai, demonstrating strong exemplary effects [2]. - The underlying assets consist of four standard factory projects held by Waigaoqiao Group, located in the Waigaoqiao Free Trade Zone in Shanghai, with a total construction area of approximately 190,600 square meters and an average occupancy rate of 93.16% [2]. - Major tenants include multinational companies such as GDS, SKF, Carl Zeiss, and Huayong Pharmaceutical Research, covering industries like IDC data centers, smart manufacturing, and biopharmaceutical research [2]. Group 2: Financing and Market Mechanism - The project adopted a pricing inquiry mechanism with an issuance range of 1.776 billion to 1.83 billion yuan, ultimately achieving the full issuance amount, which reflects a premium of about 3% over the equity valuation of the project company [4]. - A total of 21 investors participated, including insurance, bank wealth management, securities firms, and local state-owned enterprises, indicating broad interest from various types of institutional investors [4]. - The project features a "benchmark return + excess return" distribution mechanism, which is expected to attract market attention and enhance secondary market liquidity [4]. Group 3: Future Development and Market Construction - CITIC Construction Investment plans to introduce a fund manager system in institutional REITs, aiming to enhance the operational management of underlying assets during the project's duration [5]. - The institutional REITs are positioned as equity-type listed products, playing a crucial role in building a multi-tiered REITs market and serving as an innovative tool for revitalizing existing assets and expanding effective investment [5]. - As of now, there have been 50 project applications with a total scale of nearly 120 billion yuan, and 20 projects have been successfully issued, totaling over 45 billion yuan [6].