Core Viewpoint - The recent policy initiatives from the National Development and Reform Commission (NDRC) are aimed at promoting the issuance of Real Estate Investment Trusts (REITs) in the cultural tourism sector, addressing the urgent financing needs of the industry and facilitating a shift from heavy asset investment to a model that combines light asset operation with financial exit strategies [1][2][3]. Group 1: Policy Developments - The NDRC issued the "Notice on Further Improving the Normalized Application and Recommendation Work for Infrastructure REITs" (referred to as "Document 782"), which encourages the exploration of new asset types for REIT issuance, particularly in cultural tourism and elderly care facilities [1][3]. - Document 1014, released in 2024, expands the scope of eligible projects to include natural cultural heritage and 4A-level tourist attractions, significantly increasing the number of potential projects from over 300 to more than 4,500 [2][3]. Group 2: Market Potential - The total assets of state-owned enterprises in the cultural tourism sector amount to 12.7 trillion yuan, with 83% classified as non-current assets. The average debt ratio exceeds 65%, and interest expenses account for 38% of operating profits [2][3]. - If a 10% asset securitization rate is applied, the potential market size for cultural tourism REITs could exceed 1 trillion yuan [3]. Group 3: Project Initiatives - Over 20 cultural tourism REITs are currently in preparation, with notable projects including Lijiang Tourism Investment's plan to issue over 2.5 billion yuan in REITs based on the Yulong Snow Mountain [4]. - In the second quarter of 2025, six cultural tourism sites initiated REIT project tenders, reflecting a 50% increase from the previous quarter, indicating a strong demand for asset securitization in the industry [4]. Group 4: Challenges and Solutions - The issuance of cultural tourism REITs faces challenges such as asset ownership issues, where many scenic areas have natural resources owned by the state, complicating the securitization process [5][6]. - The regulatory environment is complex, with multiple departments involved in the management of high-quality scenic areas, leading to increased uncertainty and time costs for REIT projects [5][6]. Group 5: Future Directions - The inclusion of supporting hotels within scenic areas as eligible underlying assets provides a pathway for creating diversified revenue streams, reducing reliance on ticket sales [8]. - Private investment projects are highlighted as a potential breakthrough, as they often have clearer ownership structures and operational autonomy, which may facilitate quicker progress in REIT issuance [9][10].

Investment Rating - The report suggests a positive outlook on the RWA (Real World Assets) sector, indicating significant potential for growth and investment opportunities in the tokenization of real estate and other assets [5][12]. Core Insights - RWA represents an upgrade of asset securitization through blockchain technology, allowing for the tokenization of both tangible and intangible assets, thus enhancing liquidity and providing new financing channels [12][13]. - The global on-chain RWA market reached approximately $26.65 billion as of August 26, 2025, with private credit and U.S. Treasury bonds being the primary assets tokenized [5][10]. - The report emphasizes that the real estate sector is poised to become a key application area for RWA, driven by its inherent asset value retention and expected cash flow [5][12]. Summary by Sections 1. Definition and Advantages of RWA - RWA allows for the tokenization of real-world assets, breaking down investment barriers and enhancing liquidity [12][17]. - The advantages of RWA include increased asset liquidity, lower investment thresholds, and enhanced transaction transparency [17][19]. 2. Development History and Market Scale - RWA has evolved from concept to market realization since 2017, entering a rapid expansion phase since 2023 [5][10]. - The total scale of global on-chain RWA has surpassed $26.65 billion, with significant growth in issuance volumes [10][12]. 3. Issuance Process and Regulatory Environment - The RWA issuance process involves asset selection, on-chain integration, issuance and trading, and ongoing management [5][18]. - Regulatory frameworks vary globally, with strict regulations in Europe and the U.S., while regions like Hong Kong adopt more flexible approaches [5][18]. 4. Tokenization of Real Estate - The report highlights the potential of RWA in real estate, suggesting it could reshape investment logic and open new financing avenues [5][12]. - Case studies, such as the tokenization of a commercial property in Hong Kong, illustrate the practical applications and benefits of RWA in real estate [5][12]. 5. Investment Recommendations - The report recommends focusing on companies with substantial real estate holdings that can leverage RWA projects to enhance liquidity and asset valuation [5][12]. - Companies with regulatory advantages are also highlighted as potential leaders in the RWA space [5][12].

Core Viewpoint - The recent policies aimed at supporting infrastructure REITs in China signify a shift towards high-quality development, enhancing market efficiency and resilience, with expectations for long-term stable growth in the sector [1][2]. Group 1: Policy Support and Market Expansion - The Chinese government is actively promoting the issuance of infrastructure REITs by expanding the types of eligible projects, focusing on community commercial complexes and consumer infrastructure [2][3]. - As of September 23, 2023, there are 87 infrastructure public REITs in various stages of listing, with the majority being in park, transportation, and consumer infrastructure categories [1][4]. - The recent notification from the National Development and Reform Commission aims to streamline the application process for infrastructure REITs, thereby broadening the market's scope and depth [1][2]. Group 2: Mechanism Optimization and Asset Types - The optimization of the fundraising mechanism for existing REITs is a key focus, encouraging them to raise funds through expansion to acquire quality assets [2][3]. - The introduction of diverse asset types, such as market-oriented rental housing and elderly care facilities, is expected to attract a wider range of investors and enhance market vitality [2][3]. Group 3: Market Performance and Trends - The infrastructure public REITs market has shown a positive performance this year, with the CSI REITs Total Return Index increasing by 10.34% as of September 23, 2023, and 65 out of 74 listed REITs yielding positive returns [4][5]. - Notable performers include the Jia Shi Wu Mei Consumer REIT, which has surged by 48.40%, and other consumer infrastructure REITs showing significant gains [4]. - The market is characterized by high liquidity, stable returns, and a low correlation with other investment types, catering to investors seeking stable and diversified asset allocations [4][5].

Core Insights - The "Shenyang International Software Park REIT" has received approval from the China Securities Regulatory Commission, marking it as the first public REIT in the country to implement the Northeast revitalization strategy, which signifies a new phase in infrastructure financing reform in Northeast China [1][2] Group 1: Project Overview - The REIT focuses on infrastructure projects located in Shenyang's Hunnan District, comprising 13 industrial buildings with a total property area of 201,200 square meters, primarily for research and office use [2] - The project has maintained a weighted average occupancy rate of approximately 84% over the past three years, with average contract rental prices for office space exceeding 46 yuan per square meter per month, indicating strong operational resilience [2] Group 2: Strategic Importance - The project aligns closely with national strategies such as "Digital China" and "Northeast Revitalization," leveraging Shenyang's robust industrial base and talent resources to promote high-quality regional development [1][3] - Shenyang International Software Park serves as the largest R&D office industrial park in the city, playing a crucial role in the implementation of the digital economy and supporting the local economic landscape [1][2] Group 3: Management and Future Prospects - The original equity holders, Shenyang International Software Park Industrial Development Co., Ltd. and Shenyang International Software Park Co., Ltd., are part of the Shenyang Angli Holding Group, which has over 30 years of experience in software development and technology park operations [2] - The REIT is expected to facilitate a virtuous cycle of investment and financing through asset securitization, enhancing social benefits and long-term value [2][3]

Group 1 - The core viewpoint of the news is that Huazhong Securities successfully managed the first data asset-backed securities (ABS) project aimed at supporting intellectual property for technology innovation enterprises in industrial parks, setting a new benchmark for asset securitization [1] - The issuance scale of the ABS is 321 million yuan, with a priority ticket interest rate of 1.86%, marking the lowest historical rate for intellectual property ABS in China [1] - The product received widespread market attention and enthusiastic subscriptions, providing innovative financing solutions for 20 high-tech enterprises, with individual financing amounts ranging from 1 million to 80 million yuan [1] Group 2 - Xing Tai Leasing plans to further advance its technology innovation business transformation strategy, focusing on innovation as the core driving force to continuously optimize financial service solutions for small and medium-sized technology enterprises [2] - Huazhong Asset Management emphasizes its commitment to serving the real economy, aiming to drive corporate growth through specialized and comprehensive financial services, thereby injecting new momentum into the high-quality development of the regional economy [2]

Report Information - Report Title: Credit ABS Market Characteristics and Investment Opportunities Inventory - Report Date: September 22, 2025 - Analysts: Liao Zhiming, Zhang Yifan 1. Industry Investment Rating The report does not mention the industry investment rating. 2. Core Viewpoints - The issuance volume of credit ABS has decreased in recent years due to factors such as weak social financing demand and slow credit scale growth in China. In H1 2025, 102 credit ABS were issued, with a total issuance scale of RMB 95.885 billion, a year-on-year decrease of 22.9% and a decrease of about 77% compared to H1 2021. Since 2023, no RMBS products have been issued, and NPL ABS and auto mortgage ABS have become increasingly important, accounting for 37.8% and 35.8% of the total credit ABS issuance scale in H1 2025 respectively [3][6]. - The investor structure of credit ABS is relatively concentrated, with commercial banks being the largest investors, holding RMB 651.102 billion, accounting for 67.3% of the total credit ABS scale as of the end of July 2025. Different types of investors have different motivations and constraints for investing in credit ABS [3]. - The NPLS issuance scale reached a record high in 2024, and the RMBS performance has been relatively stable, with the early repayment pressure easing since H2 2024. The issuance proportion of green Auto ABS has been increasing year by year [3]. - There are investment opportunities in credit ABS. For NPLS, investors can focus on individual bonds with a ChinaBond valuation higher than 2.1%, a sub - layer ratio exceeding 24.5%, an actual/expected recovery ratio greater than 1.2, more than 5,200 underlying assets, and a bond rating of AAA. For RMBS, investors can focus on individual bonds with a bond rating of AAA, a ChinaBond valuation exceeding 1.9%, a sub - layer ratio higher than 12%, an expected recovery ratio exceeding 50%, more than 2,000 underlying assets, and a cumulative default rate lower than 0.5% [3]. 3. Summary by Directory 3.1 Credit ABS Product Characteristics 3.1.1 Primary Market Supply Characteristics - Since 2005, China has carried out credit asset securitization business, which has developed rapidly and diversified. In recent years, due to weak social financing demand and slow credit scale growth, the issuance volume of credit ABS has decreased. In H1 2025, 102 credit ABS were issued, with a total issuance scale of RMB 95.885 billion, a year - on - year decrease of 22.88% in scale and an increase of 18.60% in the number of issuances compared to the previous year, and a decrease of about 77% compared to H1 2021 [6]. - As of the end of July 2025, the custody scale of credit ABS products was RMB 966.822 billion, a decrease of 14.53% compared to the end of 2024. The significant reduction in RMBS issuance is the key factor for the contraction of credit ABS scale [9]. - Credit ABS is regulated by the National Financial Regulatory Administration, and its initiators include various financial institutions. Its trading venue is the inter - bank market, and it can be publicly or privately offered. The underlying assets can be divided into retail loans, corporate loans, and non - performing loans [12]. - From 2015 to 2021, the issuance scale of credit ABS grew rapidly, but since 2021, it has declined. Currently, auto mortgage ABS, small and micro - enterprise loan ABS, and NPLS are growing, and NPL ABS and auto mortgage ABS have become increasingly important, accounting for 37.79% and 35.82% of the total credit ABS issuance scale in H1 2025 respectively [14]. 3.1.2 Secondary Market Trading Characteristics - Since 2020, credit ABS has maintained a higher yield than policy financial bonds and credit bonds of the same term, but the yield spread has been narrowing [17]. - Before 2016, the secondary market trading of credit ABS was mainly concentrated in corporate loan ABS. After 2016, RMBS became the mainstream due to the booming real estate market. However, since 2023, the early repayment rate of RMBS has increased, leading to a contraction in its scale and a shift in trading focus to other products [19]. 3.2 Credit ABS Investor Structure Characteristics - As of the end of July 2025, commercial banks were the largest investors in credit ABS, holding RMB 651.102 billion, accounting for 67.34% of the total credit ABS scale. The investment direction of non - legal person products also generally represents the investment preference of commercial banks [23]. 3.2.1 Motivation and Constraints for Commercial Banks to Participate in Credit ABS Investment - The risk capital measurement rules have an important impact on commercial banks' investment in credit ABS. The new rules have refined the risk weight calculation methods, and the risk weights of high - rated and senior - tranche asset - backed securities have decreased significantly. However, commercial banks have a low investment willingness for non - performing loan securitization products and non - senior tranches due to their high risk weights [25][26]. 3.2.2 Influencing Factors for Other Types of Investors to Participate in Credit ABS Investment - **Mutual Funds**: Asset - backed securities are classified as illiquid assets, so mutual funds have a low participation rate. The investment proportion limit also restricts the investment of fund special accounts and securities company collective asset management products in credit ABS [31]. - **Asset Management Products**: Investment proportion restrictions limit the possibility of asset management products participating in securitized sub - products. However, trust plans and private funds have become more active investors in sub - products [32]. - **Insurance Companies**: After the implementation of the second - generation solvency regulations, the risk capital occupation of ABS is the same as that of bonds, and the scope of ABS products and managers that insurance institutions can invest in has been broadened. However, insurance institutions are prohibited from investing in ABS sub - shares, NPL ABS, and credit ABS with watch - list loans as underlying assets. In practice, insurance institutions have limited participation in credit ABS investment due to the short - term nature of ABS not matching their long - term liabilities [39][40]. 3.3 Credit ABS Sub - product Credit Performance - RMBS has maintained a relatively low cumulative default rate, and the early repayment pressure has eased since H2 2024. Due to the weak real estate market, the possibility of a significant increase in RMBS issuance scale is low [43]. - In recent years, the pressure on commercial banks to dispose of non - performing assets has increased. In 2024, the issuance scale of public NPLS in the inter - bank market reached a record high of RMB 50.867 billion, mainly composed of non - performing personal housing mortgage loans and non - performing credit card loans, with an increasing proportion of non - performing small and micro - enterprise loans [47]. - Since 2024, the average current issuance interest rates of small and micro - enterprise loan ABS and non - performing loan ABS have been relatively high, while that of personal auto loan ABS has been the lowest [48]. 3.4 Credit ABS Investment Opportunities Inventory - **NPLS**: Due to the higher actual recovery value of existing NPLS than the expected value, the market may underestimate its recovery ability. Institutions with strong due diligence and asset valuation capabilities can build a diversified NPLS investment portfolio to earn excess returns. It is recommended to focus on individual bonds with a ChinaBond valuation higher than 2.1%, a sub - layer ratio exceeding 24.5%, an actual/expected recovery ratio greater than 1.2, more than 5,200 underlying assets, and a bond rating of AAA [51]. - **RMBS**: In a low - interest - rate and volatile market environment, RMBS has high - quality collateral, a low default rate, and enhanced cash - flow stability. It is recommended to focus on individual bonds with a bond rating of AAA, a ChinaBond valuation exceeding 1.9%, a sub - layer ratio higher than 12%, an expected recovery ratio exceeding 50%, more than 2,000 underlying assets, and a cumulative default rate lower than 0.5% [51][54].

作为扎根合肥的金融企业，兴泰租赁长期踏实服务区域实体经济，协同华安证券及资管子公司积极构建 多维度的ABS产品矩阵，打通投融资关键环节。本期产品的成功发行，既是兴泰租赁深化知识产权融资 优势、拓展科创企业金融服务的重要实践，也是华安资管在资产证券化领域的专业能力与创新意识的集 中体现。 未来，兴泰租赁将深入推进科创业务转型战略,以创新为核心驱动力持续优化金融服务方案，为中小科 创融资提供更优质高效的服务。华安证券与华安资管将始终坚守金融服务实体经济的初心使命，以"做 好金融五篇大文章"为指引，以专业化、综合化的金融服务推动企业成长，坚守服务实体经济的使命， 为区域经济高质量发展不断注入新动能，展现国企金融机构的担当与作为。（CIS） 9月17日，由华安资管担任计划管理人的华安-兴泰租赁-数据资产助力产业园区科创企业知识产权第二 期资产支持专项计划（科技创新）成功簿记。本期专项计划为全国首单数据资产助力产业园区科创企业 知识产权ABS，开创多维度赋能资产证券化新标杆。 本期专项计划发行规模3.21亿元，优先级票面利率1.86%，创全国知识产权ABS历史最低利率。产品受 到市场广泛关注和投资者踊跃认购，共计为20 ...

Group 1: New Energy Business Development - The company is actively expanding its new energy business through its subsidiary China Nuclear Technology, focusing on distributed photovoltaic and energy storage projects [2] - As of June 2025, China Nuclear Technology has completed the construction and grid connection of the 100MW/200MWh energy storage project in Linxiang, and operates a total of 117 power stations, including 103 wind and solar stations and 14 energy storage stations, with a total operational scale of 2,030MW [2][4] - The company aims to enhance the "green" aspect of its industrial parks by implementing rooftop photovoltaic projects [2] Group 2: Real Estate and Market Strategy - The company is committed to avoiding competition with its controlling shareholder in real estate development and will address any potential conflicts through asset injection or management delegation [3] - The Xi'an Fengxi project, acquired in 2024, is currently under construction and has begun pre-sales [3] - The company plans to deepen its presence in key markets such as the Yangtze River Delta and the Guangdong-Hong Kong-Macao Greater Bay Area, despite facing performance pressures from market conditions [3][4] Group 3: Financial Performance and Asset Management - The company conducts annual asset impairment assessments to ensure accurate financial reporting [4] - The marine engineering business, operated by its subsidiary Shenzhen Chiwan Shengbao Wang Engineering Co., achieved a revenue of 691 million yuan in 2024 [4] - The company is exploring the issuance of additional public REITs to enhance asset management and operational efficiency [4]

Core Insights - The Chinese office market is experiencing significant challenges, including oversupply, high vacancy rates, and declining rental prices, leading to a deep adjustment phase [1][2][3] - There is a notable market differentiation, with core areas in first-tier cities also facing tenant demands for rent reductions [2][3] - Financial risks are emerging due to low asset yields, shrinking valuations, and difficulties in large transactions and REITs exits, indicating potential debt defaults and increased bad debts for financial institutions [1][2] Group 1: Market Conditions - The office market is under pressure with increasing supply and decreasing demand, resulting in a rise in vacancy rates and a decline in rental levels [2][3] - New emerging business districts are showing positive leasing performance due to high cost-effectiveness, despite overall market challenges [3][4] - The transition from a high-leverage model to a cash flow-oriented model in real estate is underway, with a focus on sustainable investment strategies [4][5] Group 2: Financial Risks and Recommendations - The need for careful evaluation of collateral values in mortgage lending is emphasized to prevent overvaluation and excessive lending [2][3] - Recommendations include reducing new office supply, promoting the conversion of old office buildings to rental housing, and enhancing operational efficiency [5][6] - The establishment of a multi-tiered REITs market is suggested to facilitate asset circulation and encourage long-term capital investment [4][6] Group 3: Policy and Structural Changes - Government policies play a crucial role in the office market, with recent initiatives aimed at flexible land use and urban renewal to optimize space and functionality [7][8] - The flexibility in land use conversion is seen as a potential solution to alleviate the office market's challenges, allowing for the transformation of inefficient office spaces into long-term rental apartments [7][8] - The importance of enhancing collaboration among various government departments to adapt planning and zoning regulations to market changes is highlighted [6][7]

Group 1 - The core viewpoint is that the debt restructuring process for distressed real estate companies has entered a new phase, with significant progress observed in September 2025 [1][3][9] - Several companies, including CIFI Holdings, Kaisa Group, and R&F Properties, have achieved key breakthroughs in their debt restructuring efforts, indicating a positive trend [3][4] - As of August 2025, 20 distressed real estate companies have received approval for debt restructuring, with a total debt relief scale exceeding 1.2 trillion yuan [5][6][7] Group 2 - CIFI Holdings' restructuring plan was approved on September 15, 2025, with a cash repayment ratio increased to 20% and a debt extension period shortened to 7-8 years [3][6] - Kaisa Group's restructuring plan has come into effect, resulting in an estimated debt reduction of approximately 8.6 billion USD and an average debt extension of five years [3][6] - R&F Properties is actively advancing its debt restructuring, proposing a comprehensive plan that includes cash buybacks and asset disposals [3][6] Group 3 - The debt-to-equity swap has become a preferred method for many companies, reflecting its applicability and effectiveness in the current market environment [5][6] - A diversified approach to debt restructuring has emerged, with companies employing various strategies such as cash buybacks, debt extensions, and asset disposals [6][8] - The financial sector is supporting distressed companies through various channels, including asset management institutions and public REITs, which help reduce leverage and promote transformation [8][9] Group 4 - The market is showing signs of recovery, with policies aimed at stimulating buyer interest, leading to improved operational conditions for real estate companies [9][10] - The traditional peak sales season in September is expected to accelerate the pace of project launches in core cities, potentially boosting market activity [10]