近一周（截至2026年2月23日），铁建装备（01786.HK）交易清淡，仅2月20日有成交记录：当日收盘 价0.90港元，持平前日，成交额约50.56万港元，换手率0.11%。技术面显示股价处于横盘状态，MACD 柱状图微幅转正，但流动性较低。所属的轨道与列车设备板块同期上涨2.01%，恒生指数上涨2.44%。 以上内容基于公开资料整理，不构成投资建议。 经济观察网 中信建投证券于2026年2月23日发布研报指出，国有"三资"改革（资源、资产、资金）正推 动国企价值重估，重点关注国企并购重组、优质资产注入等领域。铁建装备作为轨道交通设备国企，可 能间接受益于改革深化带来的行业整合与资产证券化机会。当前机构目标均价为0.79港元，低于最新价 0.90港元。 近期事件 机构观点 2026年2月以来，基建领域政策利好频出：专项债发行进度加快（截至2月中旬发行6970亿元，同比多增 4278亿元），上海公布年度重大工程投资2550亿元计划。这些举措可能间接支撑轨道交通设备需求，但 未直接提及铁建装备具体项目。 ...

Core Viewpoint - The Chinese stock market has entered a long-term bull market, with current increases being merely restorative, and the conditions for a super bull market are fully in place [1][5] Group 1: Market Conditions - The global stock markets are experiencing significant growth, with the Dow Jones increasing by 6.81 times, Nasdaq by 17.54 times, and S&P 500 by 9.51 times since the 2008 financial crisis [3] - The Chinese stock market, after a prolonged bear market, began a recovery with a peak increase of 55.81% from the lowest point of 2689.70 in September 2024 [3][4] - However, the recent growth has been primarily driven by a few heavyweight stocks, with many stocks either stagnant or declining, indicating a lack of broad-based market strength [4][6] Group 2: Economic Implications - The long-term decline of the stock market has negatively impacted the Chinese economy, and a sustained bull market is essential for driving technological innovation and industrial upgrades [1][5] - The Chinese banking sector is unable to meet the high investment and risk demands of technological innovation, making the development of the stock market crucial for transitioning to a strong economy [5][6] Group 3: Investment Potential - As of January 2026, Chinese household bank savings reached 168.02 trillion yuan, representing 48.39% of the total M2 money supply, indicating a significant potential for investment in the stock market [5] - The asset securitization rate in China is only 82.7%, compared to 218.5% in the U.S., suggesting substantial room for growth in the Chinese stock market [6][7] Group 4: Structural Changes - The financial structure in China still reflects traditional market characteristics, with the banking sector holding 89.2% of total financial assets, while the securities sector only accounts for 3.2% [7] - Transitioning to a modern market economy requires strengthening the stock market, as a strong stock market is essential for becoming a financial powerhouse [7][8] Group 5: Competitive Landscape - The competition between China and the U.S. in various fields, particularly in capital markets, is intensifying, with the U.S. stock market dominated by technology companies while China's is led by traditional enterprises [8] - The upcoming bull market in China is expected to fundamentally alter the economic development model and enhance technological innovation [8]

记者丨凌晨 编辑丨巫燕玲 西北有色金属研究院（下称：西北院）的资本版图正迎来新一轮扩容。 随着旗下第6家上市后备力量浮出水面，这个已坐拥5家A股平台的科研系"巨头"，正试图通过资产证券化的深度进阶，完成从科研高峰到产业 群峰的闭环跨越。 近日，证监会官网披露，西安聚能超导磁体科技股份有限公司（简称"聚能磁体"）已向陕西证监局报送辅导备案登记材料，拟向不特定合格投 资者公开发行股票并上市，辅导机构为中信建投证券。 据辅导备案报告，西部超导持有该公司34.82%股权，为聚能磁体控股股东，这标志着超导磁体国产化的主力军开始新一轮冲刺。 西部超导为国内 超导材料龙头，截至2月13日收盘， 西部超导股价报82.7元/股，市值537亿元。 依托业绩支撑，公司在资本市场采取了"新三板挂牌+上市辅导"同步推进的策略。2025年12月底，聚能磁体取得新三板基础层挂牌资格，随后 于2026年初迅速报送上市辅导备案。 对于一家具备专精特新"小巨人"身份的硬科技企业而言，这种双轨并行的模式能够极大缩短融资周期，确保在技术迭代的关键期获得充足的现 金流支撑。 值得注意的是，在启动IPO辅导前，聚能磁体完成了一系列股权规范动作。2023 ...

据辅导备案报告，西部超导持有该公司34.82%股权，为聚能磁体控股股东，这标志着超导磁体国产化 的主力军开始新一轮冲刺。 值得一提的是，聚能磁体在IPO前夕便完成了关键的融资跨越与股权安排。通过多轮增资，注册资本扩 充至8500万元，并成功引入包括背靠国家大基金的中芯聚源、科创板上市企业晶升股份等多方资本。 伴随着IPO进程提速，聚能磁体正处于从实验室走向大规模商业化的临界点。凭借西部超导的产业链加 持与多元股东的资源导入，其在半导体与核聚变领域的想象空间正加速兑现。 资本腾挪：业绩规模扩张与"双路径"并行 西北有色金属研究院（下称：西北院）的资本版图正迎来新一轮扩容。 随着旗下第6家上市后备力量浮出水面，这个已坐拥5家A股平台的科研系"巨头"，正试图通过资产证券 化的深度进阶，完成从科研高峰到产业群峰的闭环跨越。 近日，证监会官网披露，西安聚能超导磁体科技股份有限公司（简称"聚能磁体"）已向陕西证监局报送 辅导备案登记材料，拟向不特定合格投资者公开发行股票并上市，辅导机构为中信建投（601066）证 券。 进入2025年，公司1月至4月研发支出已达383.12万元，占比维持在9.03%。这种稳定的投入规模， ...

Market Overview - In Q4 2025, the asset securitization market issued a total of 658 transactions, amounting to 6,920.4 billion yuan, representing a year-on-year growth of 7.8%[9] - The total issuance for the year reached 23,170.8 billion yuan, with a year-on-year increase of 13.4%[9] Market Composition - In Q4 2025, the composition of the market by issuance amount was as follows: Credit ABS at 15.2%, ABN at 22.8%, and Corporate ABS at 62.0%[9] - The issuance of Credit ABS in Q4 2025 was 1,049.1 billion yuan, showing a significant year-on-year growth of 32.2%[9] Product Performance - The issuance of auto loan ABS in Q4 2025 was 649.9 billion yuan, marking the first quarterly year-on-year rebound for the year[9] - NPAS products remained the most active, with 44 transactions and a slight year-on-year increase of 6.0% in issuance amount[9] ABN Market Trends - ABN issuance in Q4 2025 totaled 1,578.7 billion yuan, reflecting a year-on-year decline of 7.7%[10] - For the entire year, ABN issuance reached 5,680.8 billion yuan, an increase of 8.4% compared to 2024[10] Corporate ABS Highlights - Corporate ABS issuance in Q4 2025 reached 4,292.5 billion yuan, with a year-on-year growth of 9.6%, achieving the highest quarterly issuance since 2022[10] - The top four product types in Corporate ABS accounted for over 60% of the total issuance for the year[10] Secondary Market Activity - The total transaction amount in the secondary market for asset securitization in Q4 2025 was 4,769.1 billion yuan, a year-on-year increase of 10.8%[13] - The turnover rate for Credit ABS in Q4 was 9.2%, indicating a significant increase in market activity compared to the beginning of the year[13] Credit Enhancement Levels - The number of outstanding priority securities for Credit ABS increased in Q4 2025, with RMBS showing a stable distribution of credit enhancement levels primarily between 2%-6%[16] - No negative anomalies were observed in the credit enhancement levels for outstanding securities during the quarter[16] Future Outlook - New guidelines from the People's Bank of China regarding small loan companies may impact ABS financing, potentially leading to lower loan rates and tighter credit risk preferences[17]

2026年2月6日，中国证监会发布《监管指引》，正式确立"境内严禁、境外严管"的双线监管原则，以备案制取代灰色地带的野蛮生长，为境内资产境外 RWA发行划定了合规边界。本文系统梳理这一里程碑式监管框架的出台背景、核心条款与实践影响，解析在全球RWA市场爆发式增长背景下，中国企业 如何在新规下合法拥抱代币化融资机遇。 摘要 2026年2月6日，中国证监会发布《关于境内资产境外发行资产支持证券代币的监管指引》（证监会公告〔2026〕1号）（以下简称《监管指引》）。同 日，中国人民银行、国家发展改革委、工业和信息化部、公安部、市场监管总局、金融监管总局、中国证监会、国家外汇局八部门联合发布《关于进一步 防范和处置虚拟货币等相关风险的通知》（银发〔2026〕42号，以下简称《通知》）。《监管指引》配合《通知》，对以境内资产为基础、在境外发行资 产支持证券代币的行为进行事前备案监管。 本文将从法律实务角度，对《监管指引》的发布背景、RWA代币化的历史沿革、全球监管、技术架构、实践案例等角度进行分析，对《监管指引》的内 容逐条解读，为相关企业及从业者提供系统性参考。 一、发布背景 近年来，现实世界资产（Real Word ...

Core Insights - Xi'an's economy in 2025 shows "asymmetric" characteristics with a GDP exceeding 1.3 trillion yuan, returning to the top 20 cities in China, while fixed asset investment declines by 15.3% [1] - The city has announced investment attraction plans and major project layouts, which have garnered market attention [1] Investment and Economic Performance - In 2025, Xi'an's actual use of domestic capital reached 141 billion yuan, a year-on-year increase of 7.5%; actual foreign investment was 816 million USD, up 11.1%, outpacing the provincial growth rate of 4.7% [1] - The quality of foreign investment continues to improve, with foreign and Hong Kong, Macao, and Taiwan investments totaling 24.28 billion yuan, a growth of 72.1% [1] - Major multinational companies such as Samsung, Micron, and Pepsi are increasing their investments in Xi'an [1] Key Projects and Initiatives - Xi'an has developed a targeted investment guide focusing on key industrial chains, successfully attracting 105 key projects, including significant projects from BYD and China Eastern Airlines [2] - The city is revitalizing state-owned industrial platforms, with 110 state-owned industrial parks being optimized, and the issuance of public REITs and ABS projects [2] - In 2025, 103 state-owned industrial parks achieved over 5 billion yuan in revenue, with an average turnover rate of 77.66%, an increase of 13.66 percentage points from 2024 [2] Strategic Planning for Future Growth - Xi'an aims to enhance its investment attraction strategy by revising positive and negative lists to guide compliant investment practices [3] - The city plans to attract over 110 industrial chain projects and more than 510 projects with over 100 million yuan in investment by 2026 [3] - The target for actual foreign investment in 2026 is set at 816 million USD, maintaining growth at the national average level [4]

Core Viewpoint - The company is focused on its asset securitization strategy for 2025, which includes the organization of additional assets and the promotion of pre-REITs funds, along with accelerating the progress of intended projects [1] Group 1 - The company is adhering to the information disclosure obligations as per the regulations of the Shanghai Stock Exchange [1] - Investors are encouraged to refer to the company's official disclosures for accurate information regarding asset organization and project progress [1]

中诚信国际 定期报告 资产证券化 融资租赁需求持续释放，融资成本稳步下行，二级市 场交易活跃度显著提升 ——融资租赁类资产支持证券产品报告（2025 年度） 要点 www.ccxi.com.cn 编号：2025-AT04 2025 年 2 月 13 日 目录 | 要点 | 1 | | --- | --- | | 正文 | 2 | | 声明 | 21 | 负责人 结构融资二部 评级总监 付春香 021-60330927 cxfu@ccxi.com.cn 联络人 作者 结构融资二部 陈 诺 021-60330988 nchen@ccxi.com.cn 发行情况：2025 年交易所市场共发行融资租赁类资产证券化产品 292 单，合计发行 规模 2,895.93 亿元；与上年相比，发行数量增加 41 单，发行规模上升 15.24%。其 中，企业融资租赁类产品发行 237 单，合计发行规模 2,238.87 亿元，与上年相比， 发行数量增加 40 单，发行规模上升 15.90%；汽车融资租赁类产品发行 55 单，合计 发行规模 657.05 亿元，与上年相比，发行数量增加 1 单，发行规模上升 13.04%。融 资成本 ...

| 时间 | 主题 | | 地点 | | | --- | --- | --- | --- | --- | | 2月 | 国际局势动荡下航运企业应对策略 | | 上海 | | | 3月 | 融资租赁赋能上市公司产融沙龙 | | 上海 | | | 4月 | 租赁+储能行业闭门会 | | 北京 | | | 5月 | 汽车租赁业务管理与风险 | | 上海/北京 | | | 6月 | 具身智能租赁联动研讨 | | 上海 | | | | 【详细时间及内容,以实际预告为准】 | | 3 . . | . | | | 12 | | . 120 | | | | 1 Status and States 2 | 2017 | | | | | | | The Real Property | | 注：活动动态以官方预告为准，报名请留意后续通知 详情及合作咨询 CONTACT INFORMATION 2025年由第一财经、上海市融资租赁行业协会和上海交易集团联合打造的"融资租赁产融讲坛"系列 公益活动，获得业内关注和租赁机构积极参与，全年围绕跨境租赁、资产证券化、生物医药、文旅 产融租赁、低空与航空租赁、科创租赁认股权等主题，尝试助力融资 ...