Group 1: Report Overview - The report is titled "Asset - Backed Notes Product Report (January 2026)" and focuses on the asset - backed notes (ABN) market [3] Group 2: Industry Investment Rating - No industry investment rating is provided in the report Group 3: Core Viewpoints - In January 2026, the issuance scale of asset - backed notes increased slightly compared to the same period last year, with personal consumption finance products being the dominant force in the market. The secondary - market trading also showed an upward trend [3][4] Group 4: Issuance Situation - In January 2026, 40 ABN products were issued, with a total issuance scale of 29.43 billion yuan, a 4.01% increase in scale and 1 more in quantity compared to the same period last year. All were privately issued [4][5] - The top five sponsoring institutions in terms of issuance scale were CITIC Trust & Investment Co., Ltd. (4.256 billion yuan, 14.46%), Huaxin Trust Co., Ltd. (3.7 billion yuan, 12.57%), Xiamen International Trust Co., Ltd. (3 billion yuan, 10.19%), Huarong International Trust Co., Ltd. (2.764 billion yuan, 9.39%), and China Foreign Economic and Trade Trust Co., Ltd. (2.23 billion yuan, 7.58%). The top ten sponsoring institutions accounted for 81.65% of the total issuance scale [5] - The underlying asset types included personal consumption finance, micro - loans, accounts receivable, general financial leasing, and auto financial leasing. Personal consumption finance products accounted for 63.98% of the issuance scale [4][7] - The highest single - product issuance scale was 2 billion yuan, and the lowest was 70 million yuan. Products with a single - issuance scale between (5, 10] billion yuan had the largest number and scale, accounting for 69.87% [9] - The shortest product term was 0.48 years, and the longest was 4.99 years. Products with a term between (1, 2] years had the largest number and scale, accounting for 59.84% [10][11] - According to the issuance scale of notes at each level, AAAsf - rated notes accounted for 89.15%, AA + sf - rated notes accounted for 4.71%, A + sf - rated notes accounted for 0.10%, and Asf - rated notes accounted for 0.29% [11] - For one - year - around AAAsf - rated notes, the lowest issuance interest rate was 1.79%, the highest was 1.98%, and the interest - rate center was around 1.84% [4][13] - In January 2026, 12 ABCP products were issued, with a total issuance scale of 8.365 billion yuan, a 9.48% year - on - year decrease, accounting for 28.42% of the ABN issuance scale. Personal consumption finance ABCP accounted for 88.82% of the ABCP issuance scale [17] Group 5: Secondary - Market Trading Situation - In January 2026, there were 554 secondary - market transactions of asset - backed notes, a 7.78% year - on - year increase in the number of transactions, and the transaction amount was 46.585 billion yuan, a 5.12% year - on - year increase [4][18] - The more active underlying asset types in the secondary - market trading were personal consumption finance, accounts receivable, REIT - like products, micro - loans, and auto financial leasing, with transaction - amount proportions of 38.42%, 15.53%, 13.92%, 9.43%, and 4.53% respectively [18]

www.ccxi.com.cn 编号：2026-AT02 2026 年 2 月 11 日 联络人 jxu@ccxi.com.cn 负责人 结构融资部 评级总监 付春香 021-60330927 cxfu@ccxi.com.cn 中诚信国际 定期报告 资产证券化 个人消费金融及小微贷款类产品发行主体扩容，但 头部集中效应特征仍显著；整体发行规模稳步增长， 融资成本持续下行，二级市场交易活跃度明显提升 ——个人消费金融及小微贷款类资产支持证券产品报告（2025年度） 作者 结构融资部 徐 捷 021-60330988 概况1 根据中国资产证券化分析网（CNABS）、万得（WIND）及上海证券交易所（简称"上交所"）、深圳证 券交易所（简称"深交所"）网站的数据综合来看，2025年交易所市场共发行个人消费金融及小微贷款类资 产证券化产品2 439单，同比增加55单；发行规模3,437.45亿元，同比上升29.61%；占同期交易所市场企业资 产证券化产品发行总规模的比重为23.52%，同比上升2.30个百分点。 从细分基础资产类型来看，个人消费金融类占据主导地位，2025年共发行个人消费金融类资产证券化产 品332单 ...

重庆市地产集团相关负责人表示，下一步，集团将继续认真落实相关部署，在管控风险的前提下，积极 探索并拓展多元化、市场化的资本运作模式，持续提升自身市场化运营能力、资本运作效能和可持续发 展水平，致力于为全市国资国企改革深化、存量资产盘活和价值提升做出更大贡献，助力重庆经济高质 量发展行稳致远。（来源：重庆市地产集团） 本次专项计划的发行，是重庆市地产集团深化国资国企改革、创新融资模式的重要成果。通过资产证券 化手段，集团有效盘活了存量商业地产资产，显著降低了综合融资成本，为集团优化资产结构、增强流 动性提供了有力支持。较低利率的达成，不仅反映了发行人优质的底层资产和稳健的运营能力，更体现 了国内外投资者对重庆市经济持续向上向好、高质量发展前景的坚定信心。 近日，重庆市地产集团旗下"华泰-地产商业物业1期资产支持专项计划"在深圳证券交易所发行。本次发 行总规模达11.3亿元，产品期限24年，发行利率低至1.91%，全场认购倍数达1.97倍。值得关注的是， 该票面利率创下了全国储架式商业房地产抵押贷款支持证券（CMBS）的历史最低纪录。 ...

Investment Rating - The report indicates a positive outlook for the consumer loan ABS market, highlighting significant growth and maintaining its position as a supply leader in the ABS market [4][46]. Core Insights - The consumer loan ABS market experienced a notable increase in issuance, with a total of 545 transactions amounting to 465.08 billion yuan, representing a year-on-year growth of 29.45% and 35.05% respectively [4][46]. - The market share of consumer loan ABS within the overall ABS market rose to 20.42%, an increase of 3.51 percentage points from the previous year, solidifying its dominant position [4][46]. - The report emphasizes the ongoing head effect among leading issuers, with trust companies and internet institutions being the primary contributors to the issuance volume [12][14]. Summary by Sections 1. Issuance Situation of Consumer Loan ABS - The consumer loan ABS market remains a core segment, with a total issuance of 465.08 billion yuan in 2025, marking a 35.05% increase year-on-year [4]. - The exchange market is the most active venue for consumer loan ABS, accounting for 49.98% of the total issuance, with a growth of 43.79% [8][12]. - Internet institutions are the main asset suppliers, contributing to 88.59% of the total issuance volume [14][15]. 2. Characteristics of Underlying Assets - The underlying assets of consumer loan ABS are characterized by small, dispersed loans with high yields and short remaining terms, with 82.54% of the issuance involving over 100,000 loans [28][30]. - The average remaining term for the asset pools is predominantly under one year, indicating a focus on short-term lending [30]. 3. Credit Ratings and Issuance Costs - The majority of issued consumer loan ABS are rated AAAsf, with 88.50% of the total issuance falling under this category [19]. - The average issuance rates for AAAsf rated securities have decreased, with 1-year and below rates at 1.89%, down 27 basis points from the previous year [19][23]. 4. Market Outlook - The report anticipates that the growth rate of consumer loan ABS issuance may slow down in 2026 due to regulatory pressures aimed at reducing interest rates and enhancing risk control [46]. - Despite the expected slowdown, the overall market remains attractive due to favorable monetary policies and the quality of underlying assets [46][47].

Investment Rating - The industry investment rating is "Positive" and maintained [9] Core Insights - On February 6, the China Securities Regulatory Commission (CSRC) announced the "Regulatory Guidelines for the Offshore Issuance of Asset-Backed Securities Tokens for Domestic Assets" [2][5]. - The guidelines emphasize strict compliance with laws and regulations regarding cross-border investment, foreign exchange management, and data security [5]. - The introduction of these guidelines is expected to lead to a regulatory framework for the tokenization of virtual currencies and real-world assets, indicating that the RWA industry may enter a phase of standardized development [7]. Summary by Sections Regulatory Framework - The guidelines aim to strictly regulate the issuance of asset-backed securities tokens for domestic assets in offshore markets, highlighting a cautious approach by the CSRC to prevent speculative risks and protect financial order and public property [7][12]. - The guidelines provide a compliant pathway for domestic entities to engage in real-world asset tokenization activities abroad, suggesting that while strict regulation will continue, there is potential for future optimization of regulatory frameworks as technology develops [7]. Market Opportunities - The report suggests focusing on investment opportunities in the RWA industry, particularly on entities holding RWA assets, RWA issuers, and related supporting industries [2][7]. - The regulatory framework is seen as a step towards establishing a more structured environment for RWA projects, which could accelerate their implementation under regulatory oversight [7]. Hong Kong's Role - Hong Kong is expected to issue relevant licenses and may become an important pilot window for RWA tokenization, with the Hong Kong Monetary Authority already evaluating applications for issuer licenses [7]. - The region's proactive approach to digital financial innovation positions it as a key player in the future of asset securitization [7].

Core Insights - The global data center industry is experiencing sustained high growth, with total capacity expected to increase from 103 GW in 2023 to 200 GW by 2030, nearly doubling in size [1] - The Asia-Pacific region's capacity is projected to grow from 32 GW to 57 GW, with a compound annual growth rate (CAGR) of 12% [1] - Major players are driving growth through a dual strategy of "self-built + leased" facilities [1] Industry Growth and Trends - China's data center market has expanded rapidly, entering a super investment cycle in sync with global trends, but faces constraints from energy infrastructure and supply chain risks [4] - By 2024, China's data center electricity consumption is expected to exceed 1,660 billion kWh, accounting for 1.68% of total electricity consumption, with a year-on-year growth of 10.7% [4] - In a high scenario, AI growth could push China's computing center electricity consumption to over 7,000 billion kWh by 2030, representing 5.3% of total electricity consumption [4] Technological Developments - Companies are increasingly adopting hybrid architecture that integrates local facilities, third-party hosting services, large-scale cloud platforms, and distributed edge nodes to meet security, compliance, and performance requirements [5] - AI workloads are projected to account for half of global data center capacity by 2030, with inference workloads surpassing training workloads around 2027 [6] - The power density of individual racks is expected to rise to 40-100+ kW, necessitating the adoption of liquid cooling systems as a standard [6] Market Dynamics - The global data center utilization rate is projected to reach 97% by the end of 2025, with 77% of ongoing projects already pre-leased, indicating a healthy market without signs of excessive vacancy [7] - The demand for data centers is not solely reliant on AI, as data generation, storage, network traffic, and cloud service revenues are all maintaining a long-term CAGR of over 20% [7] Investment Landscape - Data centers are currently one of the most attractive asset classes in commercial real estate, with direct investment transactions reaching approximately $75 billion since 2020 [9] - The issuance of asset-backed securities (ABS) and commercial mortgage-backed securities (CMBS) backed by data centers has been doubling annually since 2020, with expectations to reach $50 billion by 2026 [15] - In China, the first public REITs for data centers were launched in August 2025, reflecting growing confidence in this asset class [16]

Core Viewpoint - The company announced the sale of 100% equity in three wholly-owned subsidiaries to 招盈能合 for approximately RMB 517.8 million, aimed at enhancing asset liquidity and optimizing capital structure [1] Group 1: Transaction Details - The sale involves three subsidiaries: 曲靖聚隆, 五河聚合, and 安徽泰合, all engaged in wind power project investment and operation in China [1] - The subsidiaries include a 300 MW wind farm and a 30 MW/60 MWh energy storage project in 曲靖, a 50 MW wind farm in 蚌埠, and a 51 MW wind farm project in 亳州 [1] Group 2: Strategic Rationale - The transfer of operational power plant assets to 招盈能合 is intended to open pathways for asset securitization and value release [1] - The transaction is expected to increase the liquidity of the company's assets, accelerate asset turnover and capital recovery, and help optimize the capital structure while reducing the debt-to-asset ratio [1] - The board believes that the overall sale is a prudent business decision, with fair and reasonable terms that align with the interests of the company and all shareholders [1]

Core Viewpoint - The company, Xiehe New Energy, announced the sale of 100% equity in several subsidiaries to Zhaoying Energy for approximately RMB 518 million, aiming to enhance asset liquidity and optimize capital structure [1] Group 1: Transaction Details - The sale involves multiple wholly-owned subsidiaries, including Wuhu Aggregated Wind Power Co., Qujing Julong New Energy Technology Co., Shizong Aggregated Wind Power Co., and Anhui Taihe New Energy Technology Co., along with its wholly-owned Bozhou Aggregated Wind Power Co. [1] - The total consideration for the transaction is approximately RMB 518 million [1] Group 2: Strategic Implications - The transfer of operational power plant assets to Zhaoying Energy opens avenues for asset securitization and value release, which is expected to increase the liquidity of the group’s assets [1] - The transaction is anticipated to accelerate asset turnover and capital recovery, thereby optimizing the capital structure and reducing the debt-to-asset ratio [1] - The board of directors considers the overall sale a prudent business decision, with fair and reasonable terms that align with the interests of the company and all shareholders [1]

Core Insights - The recent ownership change of Beijing Huiju Shopping Center, a commercial complex owned by Ingka Group, reflects the current trend of insurance capital investing in commercial real estate as a stable asset class amid declining interest rates [1][2] - Insurance capital is increasingly utilizing diverse investment tools such as public REITs, ABS, and Pre-REITs to enhance their investment strategies and align with long-term liabilities [1][5] Investment Trends - Insurance capital has shown a strong appetite for high-quality commercial real estate, including office buildings, shopping centers, and hotels, particularly in prime locations [2][3] - Notable transactions include China Post Life Insurance's acquisition of a core property in Shanghai for 10.8 billion yuan, setting a record for insurance capital investments in real estate for that year [3] Financial Performance - The capitalization rates for office and retail assets in Beijing are significantly higher than the 10-year government bond yields, providing a compelling case for insurance capital to invest in commercial real estate [4] - The expected growth in the REITs market and the increasing supply of quality commercial properties in core cities will continue to expand investment opportunities for insurance capital [9] Investment Strategies - The investment approach has evolved from direct ownership to a collaborative model where insurance capital acts as financial landlords while original owners manage operations, enhancing asset value and reducing operational risks [8] - The use of Pre-REITs and holding-type ABS has become a prominent strategy, allowing insurance capital to engage in the early stages of asset development and improve liquidity [6][7] Future Outlook - The insurance sector is expected to maintain its focus on commercial real estate, driven by the maturation of the REITs market and the need for stable cash flows to match long-term liabilities [9] - As insurance capital continues to play a vital role in the transformation of the commercial real estate market, it is positioned as a significant force in enhancing liquidity and supporting the sector's evolution [9]

每周 一 景 ：甘孜藏族自治州四川省贡嘎雪山 点击右上角菜单，收听朗读版 【宏观 】 黄金大跌：后续如何看 短期：为何大跌？主因不是美联储。 首先，我们认为贵金属大跌的最主要的原因来自于前期的非理性超涨。在此情况下，获利止盈需求的累积使得较小的边 际扰动也会带来剧烈的回调压力。其次，非理性上涨时期积累的散户杠杆资金成为了波动放大器。"沃什交易"只是引爆贵金属情绪转向的导火索之一，而非主 要原因。 中期：关注超跌带来的机会。 前期黄金的上涨主要集中在亚洲与美洲交易时段。在此轮下跌中，美盘与亚盘内黄金价格已有明显调整，欧洲交易时段内黄金 价格有所企稳。后续随着各个交易所去杠杆进程的结束，黄金价格有望逐渐企稳。总体来看，黄金中长期行情仍没有结束，建议关注超跌所带来的黄金布局机 会。 白银短期稀缺，长期不稀缺。白银短期压力偏大，白银短期供给具有稀缺性，是"投机"黄金的工具： 黄金涨的时候，白银涨的更多；黄金跌的时候，白银跌 的更多。而长期来看，白银供给并不那么稀缺，所以银铜比将长期保持稳定，金银比将长期上涨。 长期：黄金行情仍有支撑。 本轮贵金属价格的大幅下跌是对年初以来非理性上涨的技术性调整，而非黄金长期牛市的终结 ...