Core Insights - The public REITs market in China is thriving, with 20 new products and 5 expansions issued in 2025, raising a total of 47.335 billion yuan, leading to a total issuance of 79 products and a market size exceeding 210 billion yuan by the end of the year [1][4][5] Market Development - Over five years, China's REITs market has evolved from a nascent stage to becoming the largest in Asia and the second largest globally, transitioning from a financing tool to a significant mechanism for revitalizing existing assets [5][6] - The market has seen a shift from institutional dominance to increased participation from individual investors, indicating a broader acceptance of REITs as a viable investment option [5] Primary Market Activity - The primary market has experienced unprecedented subscription rates, with some products seeing subscription multiples in the hundreds, such as 320 times for the Huaxia Zhonghai Commercial REIT and 340 times for the Huaxia Zhonghe Clean Energy REIT [2][5] - This surge in interest reflects a growing recognition of the long-term investment value of public REITs [5] Secondary Market Performance - In the secondary market, public REITs showed a generally positive trend in 2025, with consumer REITs leading the market with an average increase of over 30% [2][6] - As of December 30, 2025, 58 out of 78 listed REITs had increased in value, highlighting the differentiation in asset quality and operational capabilities among public REITs [6] Fund Management and Market Position - Huaxia Fund has issued 19 public REIT products, raising a total of 45.4 billion yuan (excluding expansions), which accounts for 20% of the total issued public REITs in China, positioning it as the market leader [6] - The pricing of different asset types has begun to show reasonable differentiation, establishing a "value anchor" for public REITs based on the ability to generate stable cash flows and enhance asset potential through active management [6] Diversification and Record Fundraising - The market has seen diversification in asset types and issuers, with high-quality consumer assets becoming the main attraction for investors [3][6] - The Huaxia Kaide Commercial REIT, initiated by a well-known international asset management firm, set a record with a proposed fundraising of 2.2872 billion yuan and over 309.17 billion yuan in subscription funds, indicating strong market demand for well-managed assets [3][7]

新华财经北京12月31日电（王菁）临近岁末，当年内发行规模升至22801.08亿元、产品数量达到2389只时，2025年的资产证券化市场交出了一份创近四年高 点、结构显著优化的成绩单。这不仅是数字上的增长，更是一场从信贷驱动转向实体服务、从单一产品到多元生态的深刻变革。 与总量一同跃升的，是市场结构的持续进化。企业资产证券化（企业ABS）以14276.5亿元的规模占据62.6% 的绝对主导份额；资产支持票据（ABN）则以 5609.36亿元的发行量和24.6%的占比，成为增长最快的引擎；而传统主力信贷资产证券化（信贷ABS）占比调整至12.8%。 | 产量分类 总数 总会额(亿元) 行线 双 | | 存续含额(亿元) | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 全部 2389 22801.0800 2299 | | 20451.9000 | | | | | | | 信贷资产证券化 238 2915.2200 237 | | 2225.0700 | | | | | | | 个人汽车贷款 32 1185.4300 32 | | 9 ...

关键词：资本招商 在新形势下，招商引资的新模式新方法越来越多，招商引资+财政转型+资产证券化，地方国资入主上市公 司成为招商引资新范式。为了帮大家学习这种新模式，我们选取证券时报的资讯和案例供参考。 孚能科技日前复牌，广州工控新晋为控股股东，广州市人民政府成为新实际控制人，公司由此迎来由广州 工控多方位赋能的新周期。 这是地方国资"揽A"潮的又一例新鲜注脚。近来，地方国资入主上市公司热情空前，股权协议转让、表决 权委托、重整和拍卖等多元路径并进。有受访者认为，相较于产业园招商、基金招商等模式，国资"揽 A"更有利于将优质上市公司引进当地，进而发挥"头雁效应"，带动当地产业发展。 经历了纾困并购、杠杆并购等模式之后，国资入主上市公司逐渐向并购战略新兴产业转轨。在此过程中， 与单纯的证券化率提升指向不同，不少地方进化出"招商引资+财政转型+资产证券化"多位一体新范式。同 时，收购意愿从被动到主动切换，为当地产业集聚、技术突破和产业链做大做强，撑起新空间。部分受访 者认为，地方国资入主潮下，各地竞争发展要素力开始区隔出"不同层次"。 热潮之下，整合管理、隐性债务、迁址掣肘等多重挑战也伴生出现。业内判断，国资入主新范 ...

Core Insights - The public REITs market in China has shown significant growth in 2025, with a total issuance of 20 new products and 5 expansions, raising a total of 473.35 billion yuan, leading to a cumulative issuance scale exceeding 2.1 trillion yuan by the end of the year [1][15][29] - The market has become the largest REITs market in Asia and the second largest globally, reflecting a robust development trajectory over the past five years [1][15] - The first market has experienced record-high subscription multiples, with the 华夏中海商业REIT and 华夏中核清洁能源REIT achieving effective subscription multiples of 320 times and 340 times, respectively [1][4][15] - Consumer REITs have led the secondary market with an average increase of over 30% in 2025, attracting more investors to consider the allocation value of public REITs [1][15] Group 1: Primary Market Highlights - The public REITs market in 2025 witnessed a "new issue" frenzy, with subscription multiples often reaching several hundred times, indicating a growing recognition of long-term investment value [2][16] - The 华夏凯德商业REIT set a record with over 3.09 billion yuan in subscription funds, far exceeding previous records, showcasing the market's capacity to handle large and complex core assets [4][18] - The diversification of asset types and issuers has been a key trend, with high-quality consumer assets becoming the main attraction for investors [4][18] Group 2: Secondary Market Developments - The secondary market for public REITs has shown a generally positive trend, although it has experienced rational adjustments after an initial surge in the first half of the year [5][21] - The 中证REITs total return index rose nearly 10% from the beginning of the year to August, followed by a correction due to disappointing macroeconomic data [5][21] - By December 30, 2025, among 78 listed REITs, 58 saw price increases while 20 experienced declines, highlighting the differentiation in asset quality and operational capabilities [5][21] Group 3: Innovations and Future Outlook - The expansion of public REITs in 2025 has shown strong innovation and high market recognition, with diverse asset types and improved pricing mechanisms [6][20] - The 华夏华润有巢 REIT achieved a high subscription rate of 99.51% through a unique method of offering shares to existing holders, indicating a shift towards long-term asset value management [6][20] - The market is expected to evolve into a multi-layered, high-quality public REITs ecosystem, with ongoing collaboration among market participants [5][20] Group 4: Industry Leadership and ESG Initiatives - 华夏基金 has emerged as a leader in the public REITs sector, having issued 19 products with a total issuance of 45.4 billion yuan, accounting for 20% of the total market [9][24] - The company has implemented a proactive dividend strategy, distributing over 3.9 billion yuan to investors through 97 dividend payments by the end of 2025 [9][24] - In March 2025, 华夏基金 led the first simultaneous release of ESG reports for multiple REITs, marking a significant milestone in the domestic REITs market [11][26]

Core Viewpoint - The company, Shanghai Zhangjiang Hi-Tech Park Development Co., Ltd., plans to invest in the "Jianghe Yaochen Enterprise Management Center (Limited Partnership)" with a maximum contribution of RMB 1.4 billion as part of a larger fundraising effort not exceeding RMB 7 billion [2][3]. Investment Overview - The investment is initiated by China Galaxy Investment Management Co., Ltd. and Huaan Future Asset Management (Shanghai) Co., Ltd. [2][3] - The company will participate as a limited partner in the partnership, with a total fundraising scale of up to RMB 7 billion, and its contribution will not exceed RMB 1.4 billion [2][3]. Partner Information - China Galaxy Investment Management Co., Ltd. was established on August 22, 2000, with a registered capital of RMB 4.5 billion, focusing on investment and asset management [4]. - Huaan Future Asset Management (Shanghai) Co., Ltd. was founded on October 1, 2013, with a registered capital of RMB 278.7 million, specializing in asset management for specific clients [6]. Partnership Structure - The partnership will have a duration of 2 years for investment and 3 years for exit, with a possible extension of 2 years [7]. - The investment decision-making body will consist of a committee with representatives from the involved companies, requiring unanimous agreement for decisions [7]. Investment Strategy - The partnership aims to invest in guaranteed rental housing and other state-owned assets within Zhangjiang Science City, enhancing asset liquidity and supporting the transformation of state-owned enterprises [7][8]. - Exit strategies include issuing public REITs, inter-institutional REITs, and transferring projects to qualified buyers [7]. Impact on the Company - By participating in the partnership, the company can leverage social capital and innovative financial tools to revitalize existing rental housing assets and other state-owned assets, thereby enhancing liquidity and promoting transformation [8]. - The company’s extensive experience in operating industrial parks and supporting properties will play a crucial role in asset acquisition and management, contributing to revenue generation [8].

中新网北京12月30日电 (陶思阅)中新网30日从上海证券交易所获悉，"中邮—曲靖经开投水务供水收费 收益权资产支持专项计划"于近日成功设立发行。本期项目发行总规模3.12亿元，由中邮证券有限责任 公司担任计划管理人及独家承销机构。 据了解，上述项目实现了"双首创"突破，其既是曲靖市历史上落地的首单资产证券化(ABS)项目，也是 云南省地级市中首单以水务公用事业收费收益权为基础资产的资产证券化产品。 该项目的基础资产为国家级曲靖经济技术开发区水务供水收费收益权，凭借其现金流持续、稳定、可预 测的突出特性，通过证券化这一创新金融工具，成功将未来稳定收益转化为当期可用资金，有效盘活了 存量基础设施资产，为地方公用事业建设精准引入了金融活水。 中邮证券项目负责人侯奉惠表示，此次ABS的成功发行，不仅为发行人开辟了高效直达资本市场的融资 新途径，助力其优化财务结构，更是金融服务国家战略、助力地方盘活存量资产、畅通经济循环的典型 案例。 作为原始权益人及运营方，曲靖经开投水务投资有限公司则通过本次发行，成功拓宽了市场化直接融资 渠道，优化了企业资本结构，是积极响应国家关于盘活存量资产、扩大有效投资政策号召的生动实践。 ...

北京商报讯（记者 马换换 李佳雪）12月30日晚间，维业股份（300621）披露公告称，为提高资金使用 效率，充分利用金融市场融资工具，拓宽融资渠道，公司拟以公司及下属子公司的应收账款债权及附属 权益作为基础资产，开展应收账款资产证券化业务，总体额度不超过20亿元，额度可循环使用。 维业股份表示，鉴于本次应收账款资产证券化业务开展过程中可能聘请华金证券股份有限公司（以下简 称"华金证券"）担任计划管理人、销售推广机构，华金证券与公司属于受珠海华发集团有限公司同一控 制下的关联方，事项可能涉及关联交易。 ...

（文章来源：北京商报） 北京商报讯（记者马换换李佳雪）12月30日，北京商报记者了解到，由协鑫集团主导发起的"国金资管 －新疆国信持有型不动产资产支持专项计划"正式在上交所挂牌上市（代码：266682.SH）。 作为本次新疆国信发行持有型不动产ABS证券产品原始权益人控股股东，协鑫集团是一家以风光储氢氨 醇等多种形式的新能源、清洁能源与可再生能源为主体的绿色低碳科技企业。截至目前，协鑫集团资产 规模超2000亿元，年度营业收入近2000亿元。 据了解，作为全国首单具备火电机构间REITs属性的持有型不动产ABS，该项目发行规模达54.6亿元， 填补了国内火电基础设施资产证券化领域的空白。 此次挂牌的专项计划以位于新疆准东的协鑫集团新疆国信火电厂为核心底层资产，依托其"煤电一体 化"协同优势与高效运营模式，构建起稳定可持续现金流支撑体系。为进一步贴合市场化投资需求、保 障投资者权益，产品采用平层结构设计，实现风险共担与收益共享，面向二级市场合格投资者进行交 易，募集资金将定向投入清洁能源技术研发。 ...

Core Viewpoint - The article discusses the evolution and diversification of renewable energy REITs, highlighting the recent expansion of the Zhonghang Jingneng photovoltaic REITs and the implications of market changes on asset performance [2][4]. Group 1: Expansion of Renewable Energy REITs - The Zhonghang Jingneng photovoltaic REITs completed its first expansion, raising 2.92215 billion yuan with a share price of 9.712 yuan, adding hydropower assets to its portfolio [2]. - The internal rate of return (IRR) for the fund is expected to increase from 1.29% to 3.94% due to the stable income from hydropower assets, representing a 2.65 percentage point increase [2]. - The diversification into hydropower is aimed at mitigating climate risks associated with relying solely on solar and wind energy [2]. Group 2: Market and Policy Impacts - The renewable energy sector is sensitive to policy changes, particularly regarding subsidies and electricity pricing, which can significantly affect asset yield and valuation [4]. - A recent policy change by the National Development and Reform Commission and the National Energy Administration has shifted renewable energy pricing to a market-based system, eliminating guaranteed pricing [4][5]. - This policy shift has led to a decline in revenues for some renewable energy stations, with projections indicating a potential 60% drop in revenue for projects after 2034 due to subsidy reductions [5]. Group 3: Operational Considerations - The performance of renewable energy assets is influenced by grid capacity and natural conditions, with specific projects facing challenges due to reduced solar radiation and increased competition from new installations [5][6]. - The inclusion of hydropower assets is seen as a strategy to stabilize revenue fluctuations, with specific measures in place to manage water resources effectively [6]. - The management of these assets requires a strong operational team and strategic planning to ensure high efficiency and adaptability to grid demands [7]. Group 4: Investment Landscape - The recent expansion of Zhonghang Jingneng photovoltaic REITs attracted eight strategic investors, including trust funds, insurance companies, and asset management firms [9]. - Institutional investors are the primary participants in renewable asset securitization, seeking low-risk products with stable returns, which aligns with the characteristics of renewable REITs [10]. - Prior to the emergence of renewable REITs, state-owned enterprises were the main buyers of renewable energy assets, with significant acquisitions occurring to meet national energy goals [11]. Group 5: Challenges in Asset Securitization - Developers of renewable energy projects face challenges such as lengthy approval processes and high compliance requirements, complicating the asset securitization landscape [12]. - To improve the efficiency of the approval process, companies are advised to focus on clear asset ownership, stable cash flows, and strong compliance [13].

Report Summary 1. Investment Rating No investment rating for the industry is provided in the report. 2. Core Viewpoint In November 2025, the issuance scale of enterprise asset - backed securities increased significantly month - on - month, the financing cost slightly rebounded, and the secondary market activity improved. A total of 136 enterprise asset - backed securities were issued, with a total issuance scale of 141.683 billion yuan. Compared with the previous month, the number of issuances increased by 31, and the issuance scale increased by 49.00%. Compared with the same period of the previous year, the number of issuances remained the same, and the issuance scale increased slightly by 1.62%. The interest rate median of one - year - around AAAsf - rated securities rose by about 2BP month - on - month and decreased by about 42BP year - on - year [4][22]. 3. Summary by Directory 3.1 Issuance Situation - **Overall Issuance**: In November 2025, 136 enterprise asset - backed securities were issued, with a total scale of 141.683 billion yuan. The number of issuances increased by 31 month - on - month, and the scale increased by 49.00%. Year - on - year, the number remained the same, and the scale increased by 1.62%. The Shanghai Stock Exchange issued 102 products worth 115.213 billion yuan (81.32% of the total), and the Shenzhen Stock Exchange issued 34 products worth 26.47 billion yuan (18.68% of the total) [4][5]. - **Original Equity Holders**: The top five original equity holders in terms of issuance scale were China National Foreign Trade Trust Co., Ltd. (8.2 billion yuan, 5.79%), Huaxin International Trust Co., Ltd. (6.5 billion yuan, 4.59%), China Kangfu International Leasing Co., Ltd. (6.333 billion yuan, 4.47%), China Railway Capital Co., Ltd. (5.866 billion yuan, 4.14%), and Taicang Port GCL Power Generation Co., Ltd. (5.46 billion yuan, 3.85%). The total issuance scale of the top five was 32.359 billion yuan (22.84%), and that of the top ten was 55.093 billion yuan (38.88%) [6]. - **Managers**: The top five managers in terms of new management scale were CITIC Construction Investment Securities Co., Ltd. (15.46%), CITIC Securities Co., Ltd. (11.45%), Shanghai Guotai Haitong Securities Asset Management Co., Ltd. (9.72%), Huatai Securities (Shanghai) Asset Management Co., Ltd. (7.96%), and Ping An Securities Co., Ltd. (7.11%). The total new management scale of the top five was 73.244 billion yuan (51.70%), and that of the top ten was 104.39 billion yuan (73.68%) [8][9]. - **Underlying Asset Categories**: The underlying asset types of the issued securities included class REITs, accounts receivable, enterprise financial leasing, micro - loans, and specific non - financial claims. Class REITs had 9 issuances, accounting for 14.66% of the scale; accounts receivable had 19 issuances, accounting for 13.60%; and enterprise financial leasing had 20 issuances, accounting for 11.11% [11]. - **Product Scale Distribution**: The highest single - product issuance scale was 5.46 billion yuan, and the lowest was 0.75 billion yuan. The products with a single - issuance scale in the (5, 10] billion yuan range had the largest number of issuances (52) and the largest scale (28.69% of the total) [13]. - **Term Distribution**: The shortest term was 0.69 years, and the longest was 44.35 years. Products with a term in the (1, 3] - year range had the largest number of issuances (68) and the largest scale (43.17% of the total) [14][15]. - **Level Distribution**: According to the issuance scale of each level of securities, AAAsf - rated securities accounted for 95.38%, AA + sf - rated securities accounted for 4.02%, and other levels accounted for relatively small proportions [15][18]. - **Issuance Interest Rate**: The lowest issuance interest rate of one - year - around AAAsf - rated securities in November 2025 was 1.72%, and the highest was 3.15%. The interest rate center was approximately between 1.80% and 2.00%, with the median rising by about 2BP month - on - month and decreasing by about 42BP year - on - year [19]. 3.2 Filing Situation In November 2025, 140 enterprise asset - backed securities were filed with the Asset Management Association of China, with a total scale of 105.283 billion yuan [4][23]. 3.3 Secondary Market Transaction In November 2025, enterprise asset - backed securities had 4,131 transactions in the exchange market, with a total transaction amount of 91.726 billion yuan. The number of transactions increased by 668 month - on - month and 737 year - on - year, and the transaction amount increased by 19.29% month - on - month and 21.71% year - on - year. The Shanghai Stock Exchange had 3,259 transactions worth 73.582 billion yuan (80.22% of the total), and the Shenzhen Stock Exchange had 872 transactions worth 18.144 billion yuan (19.78% of the total). The more active underlying asset types in the secondary market were class REITs, accounts receivable, personal consumer finance, CMBS, and supply chains [4][24]. 3.4 December 2025 Maturity Analysis As of the end of November 2025, 220 outstanding enterprise asset - backed securities were due for repayment in December 2025, with a total scale of 57.924 billion yuan. The main underlying assets of the due securities were accounts receivable, supply chains, personal consumer finance, and specific non - financial claims. From the perspective of original equity holders, China Railway Capital Co., Ltd. had 13 due securities with a repayment scale of 13.669 billion yuan (23.60%), China Railway Construction Commercial Factoring Co., Ltd. had 6 due securities with a repayment scale of 6.784 billion yuan (11.71%), and Shenghe (Shenzhen) Commercial Factoring Co., Ltd. had 10 due securities with a repayment scale of 3.233 billion yuan (5.58%) [26].