近日，广连高速持有型不动产资产支持专项计划（简称"广连高速项目"）在上交所成功发行。本次项目 发行规模达150亿，盘活底层资产估值超400亿，本项目是单笔发行规模最大、首单获政策性银行审批通 过的机构间REITs（又称为持有型不动产ABS）。本交易作为中交集团深化产融协同的战略性举措，不 仅为中交集团"十五五"发展提供了坚实的权益资本支撑，更为金融服务实体经济、持续推动基础设施项 目投资建设打造了可复制、可推广的案例。广连高速项目由中信证券股份有限公司担任计划管理人，中 交第四航务工程局有限公司、中国公路工程咨询集团有限公司作为原始权益人，中交资本控股有限公司 作为总协调人。（中国基金报） ...

本报讯 （记者毛艺融）近日，广连高速持有型不动产资产支持专项计划（简称"广连高速项目"）在上交所成功发行。本次 项目发行规模达150亿元，盘活底层资产估值超400亿元，本项目是单笔发行规模最大、首单获政策性银行审批通过的机构间 REITs（又称"持有型不动产ABS"）。 本交易作为中交集团深化产融协同的战略性举措，不仅为中交集团"十五五"发展提供了坚实的权益资本支撑，更为金融服 务实体经济、持续推动基础设施项目投资建设打造了可复制、可推广的案例。 广连高速项目由中信证券股份有限公司担任计划管理人，中交第四航务工程局有限公司、中国公路工程咨询集团有限公司 作为原始权益人，中交资本控股有限公司作为总协调人。 据有关人士介绍，本项目意义重大，具有一定的突破与引领效果。一是盘活超大规模存量资产，服务国家战略转型。项目 构建了"投资—融资—建设—管理—退出"的完整闭环，实现了基础设施资产从开发建设到资本退出的全周期价值管理。通过资 产证券化手段将重资产转化为流动性更强的金融产品，中交集团得以提前回收权益资金，显著提升了资本周转效率与再投资能 力，为持续扩大有效投资奠定了坚实基础。 二是丰富机构间REITs产品，打造多层 ...

据有关人士介绍，本项目意义重大，具有一定的突破与引领效果：一是盘活超大规模存量资产，服务国 家战略转型。项目构建了"投资—融资—建设—管理—退出"的闭环，实现了基础设施资产从开发建设到 资本退出的全周期价值管理。通过资产证券化手段将重资产转化为流动性更强的金融产品，中交集团得 以提前回收权益资金，显著提升了资本周转效率与再投资能力，为持续扩大有效投资奠定了坚实基础。 四是创新交易机制设计，提升产品的流动性。项目存续期间，计划管理人将引入做市商提供双边报价、 交易撮合、定价参考等流动性支持服务，有效降低产品折价风险，完善价格发现机制，提升二级交易活 跃度。产品设置了灵活的扩募机制，可持续将优质高速公路项目注入该资产上市平台。 近日，广连高速持有型不动产资产支持专项计划(简称"广连高速项目")在上交所成功发行。该项目发行 规模达150亿元，盘活底层资产估值超400亿元，本项目是单笔发行规模最大的机构间REITs(又称为持有 型不动产ABS)。 本交易作为中交集团深化产融协同的战略性举措，不仅为中交集团"十五五"时期发展提供了坚实的权益 资本支撑，更为金融服务实体经济、持续推动基础设施项目投资建设打造了可复制、可推 ...

2025年，中国新能源行业正处于从"规模扩张"向"提质增效"切换的关键阶段。随着平价上网全面铺开与 电力市场化交易深化，行业贝塔（Beta）红利逐步消退，企业阿尔法（Alpha）能力的构建成为了资本 市场关注的核心。 该基金的设立，是协合新能源向资产管理领域迈进的一步，强化了企业的增长逻辑，尽管这一角色升级 的成效仍需市场长期检验，但已为协合新能源新的增长曲线带来了想象空间。 这一阶段的行业分化与转型诉求愈发凸显，无论是储能技术的商业化落地能力，还是光伏电站的度电成 本控制、风电项目的运维效率提升，每一个新增量的挖掘，都可能成为衡量企业阿尔法的核心标尺。 在此背景下，12月3日，协合新能源集团及旗下协合资管，携手泰康，共同发起设立18亿人民币新能源 投资基金，释放出了企业发展层面的积极信号。 笔者认为，这不仅是应对行业周期压力的战术动作，更是业务迈向"投资运营+专业管理"双轮驱动的一 次升维，有望重构公司的盈利逻辑。 一、绿电行业逻辑切换："规模红利"转向"以运营为核心" 关于协合新能源与泰康共同设立18亿新能源投资基金背后的逻辑，必须将其置于行业环境下看待。 2025 年以来，绿电行业呈现"装机高增与盈利承 ...

12月2日，"十年共进 未来共创"——平安租赁汽车融资租赁十周年庆典在上海顺利举办。活动邀请中国人民大学区域国别研究院院长、国际关系学院副院长 翟东升，中国汽车流通协会副秘书长田甜，以及近200位汽车流通领域优秀企业代表齐聚一堂。 中国人民大学区域国别研究院院长、国际关系学院副院长翟东升作《百年变局下的世界格局与中国经济》主题演讲，围绕世界政治经济格局、人工智能时代 下的战略竞争、中国宏观经济发展趋势等议题展开分享，为业界理解当前复杂多变的国际局势、把握前进方向提供新视野、新思考。 平安租赁党委书记、总经理李文艺在活动致辞中表示，依托集团品牌支持、综合金融优势以及科技赋能，平安租赁坚守服务实体经济、推动行业进步、助力 产业升级的初心，充分发挥"融资+融物"的业务优势，坚持以专业创造价值，在创新中求发展，持续提升金融服务质效，累计投放超万亿元支持实体经济发 展。历经十年发展，平安租赁围绕汽车全产业链和全生命周期，对标国际领先商业模式，制定了一流的战略，组建了专业的团队，建立了完善的综合服务体 系，构建起汽车融资租赁行业独一无二的战略生态圈。截至目前，平安租赁汽车领域资产规模突破1000亿元，服务客户超300万， ...

初冬的清晨，在河北省石家庄市平山县西柏坡纪念馆外的广场上，中粮信托公司的干部员工从这里 踏上了红色精神的寻根之路。 正风肃纪、清风正气、凝聚合力，正是他们一行40余人来到这里的目的。 "我们想在这片红色土地上，感悟'转折时期的战略智慧'，汲取'攻坚阶段的精神力量'，找到'突破 瓶颈的实践方法'。"中粮信托有关负责人说。 走进西柏坡纪念馆，一个个镌刻初心的细节、一段段凝结担当的往事，共产党人在关键历史节点上 的清醒与坚韧，令大家深受触动。 从"要我做"到"我要做"的转变，正是红色精神内化于心的体现。黄文俊说："农粮产业链覆盖范围 广、客户需求差异大、产业细分场景多，既要通过产业特色措施控制风险，又要考虑模式可复制可推 广，哪个都是难啃的'硬骨头'。""只有真刀真枪打拼，多当几回'热锅上的蚂蚁'，才有机会打出产融特 色。"有了革命精神的激励，他对未来工作的热情和信心更足了。 党的二十届四中全会提出"激发干部队伍内生动力和整体活力""统筹推进各领域基层党组织建 设""把党的领导贯穿经济社会发展各方面全过程"，为信托行业党建工作锚定航向。 "中国共产党经过28年艰苦卓绝的斗争，1949年3月从西柏坡出发'进京赶考'… ...

Group 1 - The industrial development in Henan has evolved significantly, from establishing a foundation in heavy industry during the "First Five-Year Plan" to expanding manufacturing post-reform and embracing emerging industries in the new era [1] - The capital market plays a crucial role in Henan's industrial transformation by acting as both a "value discoverer" and a "resource integrator," facilitating high-quality development [1][2] - The number of A-share listed companies in Henan increased from 87 at the end of 2020 to 112, with 13 companies listed on the Beijing Stock Exchange, leading among the six provinces in Central China [1] Group 2 - Since 2021, Henan enterprises have consistently raised over 100 billion yuan through bond financing, with the total bond stock reaching 509.3 billion yuan, doubling since 2021 [1] - The average cost of bond issuance has decreased to 2.54%, down 224 basis points from its peak during the same period [1] - New bond varieties such as green bonds and technology innovation bonds have emerged, with issuance exceeding 21 billion yuan in the current year, a 135% increase compared to the previous year [1] Group 3 - Capital markets provide essential support for traditional industries to transform and upgrade, enabling them to achieve high-end, intelligent, and green development [2] - Companies like Luozhou Group and CITIC Heavy Industries have successfully leveraged capital market support for technological upgrades and transformation, resulting in significant improvements in product quality and operational efficiency [2] - The collaboration between traditional and emerging industries in Henan demonstrates the effectiveness of capital in creating a resilient and scalable industrial ecosystem [3]

Core Insights - The industrial development of Henan reflects a resilient journey, evolving from establishing a heavy industry foundation during the "First Five-Year Plan" to expanding manufacturing post-reform and embracing emerging industries in the new era [1] Group 1: Capital Market Role - The capital market plays a crucial role in the transformation of traditional industries and the growth of emerging sectors in Henan, acting as both a "value discoverer" and a "resource integrator" [1] - The multi-level capital market system supports innovative enterprises, enabling a "capital + industry" dual-drive model that accelerates the development of new and future industries in Henan [2] Group 2: Growth of Listed Companies - The number of A-share listed companies in Henan has increased from 87 at the end of 2020 to 112, with 13 companies listed on the Beijing Stock Exchange, leading among the six provinces in Central China [2] - Since 2021, Henan enterprises have consistently raised over 100 billion yuan through bond financing, with the total bond stock reaching 509.3 billion yuan, doubling since 2021 [2] Group 3: Transformation of Traditional Industries - Traditional industries in Henan are transitioning towards high-end, intelligent, and green production, with capital markets facilitating this transformation through financing, mergers, and resource allocation [2] - Companies like Luozhou Group and CITIC Heavy Industries are leveraging capital market support to enhance their operations, with Luozhou investing over 2 billion yuan in smart upgrades and achieving a 40% market share in wind power main shafts [3] Group 4: Future Development and Competitiveness - The collaboration between traditional and emerging industries in Henan is creating a resilient industrial ecosystem, demonstrating that capital can effectively drive growth and innovation [3] - Henan's approach to integrating production and finance is expected to enhance its competitiveness and secure a broader future in the context of national industrial upgrades [3]

Core Insights - The conference "DCE. Industry Action - Focusing on Monthly Average New Tools, Building the Resin Industry Chain" was successfully held in Guangzhou, attracting nearly 200 industry professionals [1] - The establishment of the "Industry Research Service Department" by Jinyuan Futures is a recognition of its commitment to industry services and research empowerment, marking a significant step in connecting futures services with real industry needs [1][2] Company Initiatives - Jinyuan Futures, as the first futures institution in Hainan to join the Industry Service Alliance, aims to leverage its location advantages and deepen its services in core industries such as rubber, copper, steel, and oil through a "five-in-one" service system [2] - The company plans to enhance its service effectiveness to the real economy by focusing on five areas: building an industrial collaborative ecosystem, establishing a precise service response mechanism, collaborating with exchanges for special activities, implementing enterprise training programs, and promoting options tools for risk management [2] Industry Trends - The futures market is undergoing a transformation period focused on serving the real economy and managing risks within the industrial chain [4] - The Industry Service Alliance is integrating resources to provide strong support for high-quality industry development, aiming to help enterprises reduce costs and improve efficiency while optimizing institutional rules [4]

Core Insights - Chengdu Bank won the "Best Innovative Service City Commercial Bank" award at the "2025 First Financial Value List (CFV)" ceremony, highlighting its achievements in financial services and innovation [1][2] - The award signifies Chengdu Bank's commitment to high-quality development through innovation, particularly in the context of digital finance and inclusive finance [1][2] Group 1: Financial Services and Innovation - Chengdu Bank, established in 1996 and listed in 2018, is the first listed bank in Sichuan Province and the eighth city commercial bank listed on A-shares in China [2] - The bank has integrated its development into national and regional strategies, providing over 1 trillion yuan in credit to the Chengdu-Chongqing economic circle over the past five years, with a projected 300 billion yuan for major projects in 2024 [2][3] - Chengdu Bank has supported over 28 billion yuan in rail transit and TOD projects in 2024, contributing to significant infrastructure developments [2] Group 2: Industry Focus and Support - The bank focuses on industrial collaboration in sectors such as electronic information, aerospace, green low-carbon, and health, providing over 15 billion yuan in credit to more than 200 core technology enterprises in Sichuan [3] - Chengdu Bank has pioneered cultural and creative finance, establishing the first specialized branch in the Midwest and launching innovative products like "Cultural Creative Pass" and the first asset-backed note (ABN) project backed entirely by copyrights [3] Group 3: Financial Innovation Practices - Chengdu Bank has actively engaged in the "Five Major Financial Articles" initiative, demonstrating how finance can drive local economic development through innovative measures [4] - The bank established a technology branch in 2009, creating a specialized team and products to support technology finance, becoming a hub for innovation in Sichuan [4] - In green finance, Chengdu Bank has launched various products such as "green bonds" and "carbon emission rights pledge loans," increasing credit support for clean energy and environmental protection [4] Group 4: Inclusive and Elderly Finance - The bank has developed diverse financial products for the elderly, enhancing services through partnerships with communities and institutions, and utilizing big data and AI for personalized services [5] - Chengdu Bank has introduced products tailored for small and medium-sized enterprises, such as "Growth Loan" and "Cultural Creative Pass," streamlining processes and reducing costs to promote inclusive finance [5] - The recognition as the "Best Innovative Service City Commercial Bank" reflects both an honor and a responsibility, positioning Chengdu Bank as a model for transformation in the city commercial banking sector [5]