Core Insights - The conference focused on the current state of China's office market and potential financial risks, discussing strategies for response and future development [1] Group 1: Market Conditions and Trends - The office market is currently in an adjustment phase with increasing supply and leasing activities primarily driven by corporate relocations [3] - Emerging business districts are achieving positive leasing performance due to their high cost-effectiveness despite overall market pressures [3] - The rise in vacancy rates and rental pressures in commercial office sectors presents challenges, yet lower interest rates enhance investment attractiveness due to higher capitalization rates [4] Group 2: Recommendations and Strategies - Experts suggest a multi-faceted approach to address risks, including long-term reliance on economic growth and industry upgrades, and short-term measures to control new supply and promote inventory reduction [3] - Recommendations include easing rental pricing regulations to encourage upgrades of older office buildings and exploring new uses such as rental housing and elderly care facilities [4] - The promotion of Real Estate Investment Trusts (REITs) in the office market is advised to enhance risk diversification and improve asset liquidity [5] Group 3: Policy and Regulatory Suggestions - There is a call for reducing new commercial land supply and encouraging the transformation of commercial properties into affordable rental housing [4] - Flexibility in land use conversion is seen as a viable channel for alleviating pressures in the office market, with examples of successful conversions to long-term rental apartments [5] - The need for a dynamic assessment mechanism and the establishment of stabilization funds to guide long-term capital into the market is emphasized [3]

编辑：刘润榕 云帆2期是中信金融资产在中信集团协同支持下，依托自身资产池和产品创新能力，推出的又一以服务 实体经济为导向的资产证券化项目。该项目基础资产涵盖公司特定应收账款债权、信托受益权及财产份 额，加权平均信用等级达AA/AA+，资产信用质量优良。此次发行不仅有效拓展公司融资渠道，也为公 司持续降低融资成本、优化债务结构提供有力支撑。 2025年上半年，中信金融资产按照"夯实基础、稳中求进、提质增效"总体思路，积极把握行业政策机 遇，经营业绩显著提升，实现总收入402亿元，同比增长21%，归母净利润61.68亿元，同比增长 15.7%，剔除金租出表影响同比增长27.5%，年化ROE达21.1%。2025年以来，中信金融资产积极把握市 场窗口，持续优化负债结构与融资成本，上半年新增平均融资利率同比下降50个基点，利息支出同比下 降12.3%，前期发行的云帆1期100.1亿元ABS，一举创下年内同类产品"规模最大、成本最低、利差最 窄"的市场纪录。此外，2025年上半年，公司主业新增投放879亿元，是上年同期的1.4倍，落地了一批 具有市场影响力的项目。 转自：新华财经 新华财经北京9月18日电（记者吴丛司） ...

Core Viewpoint - The People's Bank of China is actively supporting financial institutions in the service consumption sector by promoting the issuance of financial bonds and asset-backed securities to enhance consumer credit supply capabilities [1] Financial Support Policies - The People's Bank of China encourages qualified financial institutions to issue financial bonds and credit asset-backed securities to broaden funding sources [1] - The focus is on increasing the securitization of retail loans, including those for automobiles, consumption, and credit cards, to revitalize existing credit and reduce financing costs [1] Market Data - As of the end of July, automotive finance companies issued financial bonds totaling 21.5 billion yuan and credit asset-backed securities amounting to 48.4 billion yuan [1]

Core Viewpoint - ALCO HOLDINGS has signed a memorandum of understanding with Shenzhen Guoying Qianfeng Investment Holdings to collaborate on real-world assets and blockchain technology, aiming to enhance its 3C digital product leasing business and explore innovative financing models in the international capital market [1] Group 1: Strategic Collaboration - The memorandum outlines a strategic partnership to promote the leasing business and pilot asset tokenization, as well as to explore asset securitization and innovative financing models [1] - The collaboration will strengthen brand cooperation in areas such as the application of RWA tokenization and the development of digital leasing asset products for international markets [1] Group 2: Market Potential - The 3C digital leasing market is in a rapid growth phase, characterized by a large market size and low penetration, indicating significant blue ocean opportunities [1] - Guoying Qianfeng's investment project employs a mature no-deposit leasing operation model, creating a closed loop in customer acquisition, risk control, and capital recovery [1] Group 3: Benefits of Tokenization - The introduction of the RWA tokenization mechanism aims to accurately map leasing assets and digital equity, enhancing asset transparency and investor confidence [1] - On-chain registration and circulation are expected to improve liquidity, providing the company with ongoing synergistic effects and opportunities for capital market value discovery [1]

Core Viewpoint - ALCO HOLDINGS has signed a memorandum of understanding with Shenzhen Guoying Qianfeng Investment Holdings to collaborate on real-world assets and blockchain technology, aiming to enhance its 3C digital product leasing business and explore innovative financing models in international capital markets [1] Group 1: Strategic Collaboration - The memorandum outlines a strategic partnership to promote self-operated 3C digital product leasing and pilot asset tokenization [1] - The collaboration will strengthen brand cooperation, focusing on the application of RWA tokenization and the development of digital leasing asset products for international markets [1] Group 2: Market Potential - The 3C digital leasing market is in a rapid growth phase, characterized by a large market size and low penetration, indicating significant blue ocean opportunities [1] - Guoying Qianfeng's investment project employs a mature no-deposit leasing operation model, creating a closed loop in customer acquisition, risk control, and capital recovery [1] Group 3: Benefits of Tokenization - The introduction of the RWA tokenization mechanism aims to accurately map leasing assets and digital equity, enhancing asset transparency and investor confidence [1] - On-chain registration and circulation are expected to improve liquidity, providing the company with ongoing synergistic effects and opportunities for capital market value discovery [1]

香 港 交 易 及 結 算 所 有 限 公 司 及 香 港 聯 合 交 易 所 有 限 公 司 對 本 公 告 的 內 容 概 不 負 責，對其準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部 或任何部分內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 （於百慕達註冊成立之有限公司） （股份代號：328） 網址︰ http://www.alco.com.hk 自願公告 合作諒解備忘錄 本公告乃由Alco Holdings Limited（「本公司」，連同其附屬公司統稱為「本集團」）按 自 願 性 基 準 作 出 ， 以 將 本 集 團 業 務 發 展 之 最 新 消 息 告 知 本 公 司 股 東 及 潛 在 投 資 者。 合作諒解備忘錄 本公司董事會（「董事會」）欣然宣佈，於2025 年9月17 日（ 收市後 ），本公司間接全 資附屬公司深圳愛高創科控股有限公司與深圳國英潛豐投資控股有限公司（「國英 潛豐」）簽署訂立一份合作諒解備忘錄（「諒解備忘錄」）。 根據諒解備忘錄，訂約方達成共同於現實世界資產（「RWA」）及區塊鏈技術上進行 戰略合作，以推動自營3C數碼產品租賃業務，開展租賃資產 ...

Core Viewpoint - The People's Bank of China is actively supporting financial institutions to issue financial bonds and asset-backed securities to enhance consumer credit supply capabilities and reduce financing costs [1] Group 1: Policy Measures - The State Council Information Office held a press conference on September 17 to introduce policies aimed at expanding service consumption [1] - The People's Bank of China is promoting the securitization of retail loans, including auto loans, consumer loans, and credit card loans, to increase the supply of consumer credit [1] Group 2: Financial Data - From January to July this year, auto finance companies issued financial bonds totaling 21.5 billion yuan and asset-backed securities amounting to 48.4 billion yuan [1]

Core Viewpoint - The People's Bank of China is actively supporting qualified financial institutions in issuing financial bonds and credit asset-backed securities to broaden funding sources and enhance consumer credit supply capacity [1] Group 1: Financial Instruments - Financial bonds and credit asset-backed securities are being promoted to increase the supply of retail loans, including those for automobiles, consumption, and credit cards [1] - As of the end of July, automotive financial companies issued financial bonds totaling 21.5 billion and credit asset-backed securities amounting to 48.4 billion [1]

Core Insights - The report discusses asset tokenization as a new financial paradigm in the Web3.0 era, exploring its implications, development paths, and connections to past financial innovations [1][2][6]. Group 1: Asset Tokenization Overview - Asset tokenization involves packaging and segmenting both crypto assets and real-world assets into tokens on the blockchain, characterized by programmability, composability, and atomic settlement [2][6]. - The process of asset tokenization is similar to asset securitization, requiring the selection of blockchain platforms, smart contract development, and data integration [2][6]. - The emergence of decentralized finance (DeFi) based on asset tokenization is significant for the integration of virtual and real worlds, potentially leading to disintermediation of traditional financial systems [2][6]. Group 2: Regulatory Framework - Regulatory frameworks for asset tokenization have been established in regions like Europe and Hong Kong, with the U.S. passing three key bills in 2025 to create a foundational regulatory structure [2][6]. - The report highlights the systemic risks, moral hazards of intermediaries, and regulatory gaps associated with asset tokenization, particularly questioning the stability of stablecoins [2][6]. Group 3: Historical Context and Financial Innovation - The report draws parallels between asset tokenization and past financial innovations, such as asset securitization, which aimed to create a complete market despite the absence of perfect market conditions [1][2][6]. - Historical financial innovations have often been accompanied by risks and crises, suggesting that significant advancements towards a complete market require robust regulatory measures and risk management strategies [2][6]. Group 4: Future Implications - The report posits that humanity is entering a new era of virtual and real-world integration, where asset tokenization will play a crucial role in shaping the new economic and social landscape [2][6]. - It emphasizes the need for countries to balance regulation and innovation to seize opportunities presented by asset tokenization in the context of Web3.0 [2][6].

Core Viewpoint - The establishment of Ant Chain Letter signifies a significant opportunity in the green asset market, valued at 16 trillion, with service fees ranging from 0.8% to 3% [3]. However, there are concerns about retail investors lacking adequate tools to participate effectively in this high-end market [3]. Group 1: Market Trends and Risks - The current market buzz around sectors like new energy, blockchain, and AI is reminiscent of past market cycles, where retail investors often faced significant losses [3][4]. - Historical patterns indicate that retail investors should be cautious of four major pitfalls during bull markets: "holding stocks for appreciation," "focusing solely on hot sectors," "the strong getting stronger," and "buying on dips" [4]. Group 2: Institutional Insights - The concept of "institutional inventory" is crucial; active institutional participation in a stock suggests confidence, while a lack of participation indicates potential issues [6][7][8]. - Data shows that stocks with active institutional inventory tend to be more stable, while those with declining inventory may face further declines [6][9]. Group 3: Strategies for Retail Investors - Retail investors are advised to build their own quantitative observation pools rather than chasing trends, focusing on stocks with sustained institutional interest [11]. - Recent observations indicate that while the new energy vehicle sector has seen a downturn, certain lithium battery companies are experiencing rising institutional inventory, suggesting potential investment opportunities [11].