Core Viewpoint - China Pingmei Shenma Group is actively promoting asset securitization to establish an overseas financing platform to support its international expansion strategy [1] Group and Company Summary - Henan Pingmei Shenma Superhard Materials Co., Ltd. has initiated the Hong Kong listing process, expected to complete by September 2026 at the earliest [1] - Pingmei and Shenma plan to list in Hong Kong to achieve an "A+H" layout [1] - The group aims to have 6 to 7 listed companies by the end of the current party committee's term (by 2028) [1] - Currently, Pingmei Shenma Group has 4 listed companies: Pingmei Co., Shenma Co., Yicheng New Energy, and Silane Technology listed on the Beijing Stock Exchange [1] - By the end of 2024, the group will have 6 companies listed on the New Third Board, including Tiangong Technology, Shenma Huawei, Kunyiyuan, and Tianceng Environmental Protection [1] - The group is accelerating the process of asset capitalization and securitization through its subsidiaries, forming a tiered advancement pattern of "cultivating a batch, reserving a batch, and listing a batch" [1]

转自：新华财经 近日，人民银行重庆市分行推动发行重庆市首单公租房商业地产抵押贷款支持票据"重庆发展置业管理 有限公司2025年度第一期定向资产支持票据"，发行总规模5.2亿元，期限20年。 重庆农村商业银行以及中国建设银行、上海浦东发展银行、中信银行、华夏银行、兴业银行、中国民生 银行等多家金融机构积极参与认购，票面利率1.85%，创下国内同类产品新低。 票据发行以市级公租房配套商业设施为基础资产，借助证券化工具激活沉淀资产价值，突破传统融资模 式限制，构建存量资源与新增投资间的循环机制。 下一步，人民银行重庆市分行将继续协同各银行机构积极推动更多资产证券化项目落地，以创新金融工 具助力盘活国有资产，释放资产价值，为重庆市经济高质量发展贡献力量。（肖瑜媛） 编辑：穆皓 自重庆"三攻坚一盘活"改革（国企改革、园区开发区改革、政企分离改革攻坚，有效盘活国有资产）启 动后，重庆市属国企全面开展"止损、瘦身、提质、增效"攻坚行动。 针对重庆发展置业管理有限公司公租房商业资产盘活需求，人民银行重庆市分行积极协调中信银行重庆 分行、银行间市场交易商协会研究资产盘活工作方案，推动重庆市首单公租房商业地产抵押贷款支持票 据" ...

Core Viewpoint - Xiangjiang Group has achieved breakthroughs in innovative financing models and revitalizing existing assets, particularly through the establishment of the "CICC - Xiangjiang Group Rental Housing Asset Support Special Plan" (similar to REITs), which has garnered significant attention from various media outlets [1] Group 1: Financing Innovations - The successful establishment of the asset support plan has been widely reported by mainstream media and industry experts, highlighting Xiangjiang Group's exploration in asset securitization [1] - Since 2018, Xiangjiang Group has built a comprehensive and multi-layered industrial financial service system, establishing 45 funds with a total scale of 46.7 billion yuan [21] - The group has successfully issued various innovative financing projects, including the first CMBS in Hunan Province and the first REITs project for state-owned enterprises, significantly broadening financing channels [25] Group 2: Economic Impact - Xiangjiang Group's financial support has enabled the growth of technology companies like Hunan Huisi Optoelectronics, which received 30 million yuan to overcome funding bottlenecks and expand production capacity [19] - The group has effectively driven social capital exceeding 30 billion yuan through various funds, fostering dozens of technology enterprises and strengthening key industrial chains in Changsha [21] - The total assets of Xiangjiang Group have doubled in less than six years, with revenue and profit increasing more than fivefold, reaching over 127 billion yuan by the end of 2024 [28] Group 3: Risk Management and Credit Ratings - Xiangjiang Group has maintained a strong credit rating matrix, achieving a domestic AAA rating and international investment-grade ratings from major agencies, which supports its market-based financing efforts [22] - The group has implemented a dual-driven model of market-based financing and policy-based funding, optimizing its financing structure and reducing costs significantly since 2018 [26]

Core Viewpoint - Inner Mongolia Power Group is actively pursuing asset securitization and plans to list its core business, focusing on capital market operations and green finance to support the development of the energy sector [1][2]. Group 1: Company Overview - Inner Mongolia Power Group is the third major power grid in China, following the State Grid and Southern Power Grid, and is seeking to enhance its capital structure through asset securitization [1]. - The company was established in 2002 during the restructuring of the national power sector, which led to the formation of two major grid companies and several power generation groups [2]. Group 2: Financial Performance - As of the end of 2024, Inner Mongolia Power Group reported total assets of 1,472 billion yuan and net assets of 595.40 billion yuan, with an operating income of 1,218.06 billion yuan and a total profit of 45.17 billion yuan [3]. - The company achieved a total electricity sales volume of 3,140.38 billion kWh in 2024, with a maximum supply load exceeding 48.87 million kW [4]. Group 3: Renewable Energy Initiatives - In the first half of 2024, the company's renewable energy generation (wind and solar) reached 731 billion kWh, marking a 41% year-on-year increase, positioning it second among provincial power grids in China [4]. - The company is focusing on the development of its energy storage and information technology sectors, with plans for independent listings of these business units [5]. Group 4: Capital Market Engagement - Inner Mongolia Power Group is engaging with both the Shanghai and Shenzhen Stock Exchanges to explore various capital market opportunities, including green bonds and public REITs [1][2]. - The company plans to issue up to 3 billion yuan in corporate bonds in 2025 to support debt repayment and renewable energy project development [5].

Group 1 - The company held its 36th meeting of the 9th Board of Directors on August 12, 2025, with all 9 directors present and voting [2][4] - The board approved a capital increase of 30 million RMB to its wholly-owned subsidiary, Xugong Marketing Co., Ltd., to enhance after-market capabilities and respond to diversified customer needs [3][4] - The board also approved a proposal to apply for an asset securitization project, which will require further approval from the shareholders' meeting [4][10] Group 2 - The company plans to issue asset-backed notes with a total amount not exceeding 10 billion RMB, which includes 5 billion RMB for the Shenzhen Stock Exchange market and 5 billion RMB for the interbank market [9][10] - The issuance aims to revitalize existing assets, accelerate cash flow, and optimize the company's debt structure [9][25] - The asset-backed notes will be based on accounts receivable and related collateral, with the issuance period not exceeding 5 years [15][16][25] Group 3 - The company will seek to utilize the interbank market for flexible, low-cost financing options, which will support sustainable business development [25] - The board has proposed to authorize the chairman or designated individuals to manage all matters related to the asset securitization project, including issuance timing and structure [26] - As of July 31, 2025, the company has issued 11 phases of accounts receivable asset-backed notes, indicating ongoing engagement in asset securitization [27]

Core Viewpoint - Inner Mongolia Power Group is seeking asset securitization and plans to list its core business, positioning itself as a significant player in the energy sector alongside the State Grid and Southern Power Grid [1][2]. Group 1: Company Strategy and Plans - Inner Mongolia Power Group held high-level discussions with Shanghai and Shenzhen Stock Exchanges regarding energy enterprise listings, capital operations, and green finance [1][2]. - The company aims to diversify its industrial structure and equity by planning the listing of its energy storage and information technology business segments [1][5]. - The company has initiated the procurement of legal services for its IPO operations, with a budget of 2.8 million yuan [2]. Group 2: Financial Performance - As of the end of 2024, the total assets of the Inner Mongolia Power Group are 147.2 billion yuan, with net assets of 59.54 billion yuan [3]. - The projected operating revenue for 2024 is 121.81 billion yuan, with a total profit of 4.517 billion yuan [3]. Group 3: Renewable Energy Achievements - The company achieved a total electricity sales volume of 3,140.38 billion kWh in 2024, with a maximum supply load exceeding 48.87 million kW [4]. - In the first half of this year, the renewable energy generation (wind and solar) reached 73.1 billion kWh, marking a 41% year-on-year increase, ranking second among provincial power grids in China [4]. Group 4: Storage and Asset Securitization - Inner Mongolia Power Group plans to independently list its storage and information technology business segments, focusing on enhancing revenue capabilities through effective management [5]. - The company has already operationalized over 0.5 GW/2 GWh of independent energy storage stations and has more than 2 GW/8 GWh in the bidding and planning stages [6]. - The company is actively promoting the securitization of pumped storage assets through public REITs and is exploring financing cooperation with the stock exchanges [6].

Core Viewpoint - The issuance scale of asset-backed securities (ABS) in China has significantly decreased in 2023 compared to the previous year, primarily due to regulatory tightening, economic uncertainties, and reduced demand from financial institutions [1][2]. Group 1: Market Overview - As of May 30, 2023, the total number of newly issued ABS in China reached 546, with a cumulative issuance scale of 676.74 billion yuan, representing a decrease of approximately 63% compared to the same period last year [1]. - The credit ABS market saw 42 issuances totaling 135.40 billion yuan, down by 260.34 billion yuan year-on-year [1]. - The corporate ABS market had 341 issuances amounting to 323.58 billion yuan, a decline of 202.56 billion yuan from the previous year [1]. - The asset-backed notes (ABN) market recorded 163 issuances totaling 217.76 billion yuan, an increase of 32.48 billion yuan year-on-year [1]. Group 2: Reasons for Decline - Regulatory policies regarding ABS have tightened since last year, leading to a noticeable drop in total issuance [2]. - Overall credit levels in China remain uncertain, which does not support high levels of ABS issuance [2]. - Factors such as the pandemic have resulted in insufficient supply of underlying assets for ABS, while demand from the real economy remains weak [2]. - Banks are maintaining a medium to high leverage level, with some city commercial banks and joint-stock banks continuing to deleverage, reducing their enthusiasm for issuing ABS [2]. Group 3: Product Breakdown - Among credit ABS products, personal auto loans accounted for the largest share, with an issuance scale of 94.16 billion yuan, representing approximately 69.53% of the total [3]. - Housing mortgage loans contributed 24.54 billion yuan, making up about 18.12% of the total issuance [3]. - Small and micro enterprise loans totaled 10.78 billion yuan, accounting for 7.95% of the total [3]. - Personal consumption loans reached 3.31 billion yuan, representing 2.44% of the total [3]. - Non-performing asset restructuring ABS amounted to 2.62 billion yuan, constituting 1.93% of the total [3]. Group 4: Future Outlook - The future issuance scale of ABS is expected to maintain a cautiously optimistic outlook, particularly for ABS related to non-performing asset disposal, influenced by real estate and deleveraging processes in financial institutions [3]. - The growth potential for small and micro enterprise loan ABS is uncertain due to insufficient market demand and the need for further regulatory support [3].

Core Viewpoint - The Shanghai Stock Exchange (SSE) has issued a notice to enhance the asset securitization market's role in revitalizing existing assets, aligning with national policies to boost effective investment [1][2]. Group 1: Key Directions and Innovations - The SSE aims to support asset securitization in key sectors, regions, and enterprises, encouraging innovation in business models and the use of funds for reinvestment [1]. - Specific asset types suitable for securitization will be identified, including those related to PPP projects and intellectual property [1]. Group 2: Investor Protection and Market Support - The SSE emphasizes strengthening investor protection mechanisms, including detailed bankruptcy isolation and information disclosure requirements [1]. - The SSE will incorporate relevant indicators into the evaluation of asset securitization businesses and encourage managers to provide specialized services [2]. Group 3: Industry Engagement and Collaboration - Since June, the SSE has organized 10 industry seminars and regional meetings focused on revitalizing assets in key sectors such as highways, rail transit, and energy [2]. - The initiative aims to leverage the collaboration of industry associations, local governments, and intermediaries to enhance the effectiveness of asset revitalization [2].

数据显示，2019年，中保登上线资产支持计划注册系统。2019年至2022年，在中保登注册/登记的保险 资产支持计划数量分别为8只、24只、37只、65只，注册/登记规模分别为115亿元、713亿元、1562亿 元、3045亿元。 从需求层面看，光大永明资产表示，目前流动性较为充裕，包括银行资金特别是理财资金在内的资金方 对资产的需求较大。同时，行业普遍认为，以底层资产分散作为重要特征的ABS在风险收益的匹配上更 具性价比，且作为非标产品，险资版ABS与标品ABS相比，具有一定的收益率溢价。 人保资本保险资产管理有限公司（简称"人保资本"）党委书记、总裁万谊青近日在署名文章中提到，宏 观环境为险资版ABS业务发展提供了广阔空间。例如，稳经济专项政策在充实资产供给的同时，亦刺激 盘活存量资产的需求，市场对优质资产的需求强劲。同时，我国在基础设施等领域积累了大量优质存量 资产，亟待通过资产证券化的方式进行盘活，形成存量资产和新增投资的良性循环。 业内人士认为，当前，优质资产较为稀缺，险资版ABS市场具有增长快、空间大的特点，在供需双方的 共同推动下，市场规模还将持续快速增长。 11月30日，中保保险资产登记交易系 ...

Group 1 - The core financing method for internet micro-lending companies is through the issuance of Asset-Backed Notes (ABN), with a notable preference for this method observed in 2025, as seen in companies like Caifutong and Didi's West Coast Microloan [1] - In the first half of 2025, the number of ABS products issued by micro-lending companies increased significantly, with 50 products issued, a 61% increase from 31 in the same period of 2024, and the issuance amount reached 36.331 billion yuan, up 105% from 17.712 billion yuan in 2024 [2] - Major technology companies such as Tencent, Meituan, and JD.com are leading the ABS issuance, leveraging their parent company's credit advantages, with a diverse range of underlying assets including consumer installment loans and small business loans [2][3] Group 2 - The regulatory framework has been strengthened to promote the healthy development of the internet micro-lending industry, with the issuance of the "Interim Measures for the Supervision and Administration of Micro-lending Companies" aimed at standardizing operations and preventing risks [4] - The new regulations specify that micro-lending companies can leverage up to four times their net assets from the previous year when issuing ABS, thus expanding their financing capabilities while imposing necessary constraints [4][5] - Industry experts note that the regulatory measures are intended to mitigate financial risks while allowing compliant micro-lending companies to enhance their market value and contribute to the real economy [5]