Group 1: Report's Investment Rating for the Industry - No information provided regarding the report's industry investment rating Group 2: Core Viewpoints of the Report - In Q3 2025, the issuance scale of enterprise asset - backed securities increased by 5.27% year - on - year, with the issuance cost decreasing, and the secondary market trading activity significantly rising [5][35] Group 3: Summary According to the Directory 1. Issuance Situation - In Q3 2025, 437 enterprise asset - backed securities were issued, with a total issuance scale of 410.177 billion yuan, an increase of 33 in quantity and 5.27% in scale compared to the same period last year. September had the highest issuance volume and scale [6] - In terms of issuance venues, the Shanghai Stock Exchange issued 307 products with a scale of 314.119 billion yuan (76.58% of the total), and the Shenzhen Stock Exchange issued 130 products with a scale of 96.058 billion yuan (23.42% of the total) [8] - The top five original equity holders in terms of issuance scale accounted for 20.58% of the total, and the top ten accounted for 31.27% [8] - The top five managers in terms of new management scale accounted for 49.30% of the total, and the top ten accounted for 69.03% [11] - In terms of basic asset categories, the issuance scale of debt - based ABS products was 317.391 billion yuan (77.38% of the total), real - estate ABS was 78.096 billion yuan (19.04% of the total), and revenue - based ABS was 114.65 billion yuan (2.80% of the total) [15] - The basic asset sub - types mainly included personal consumer finance, accounts receivable, enterprise financial leasing, micro - loans, and CMBS [18] - The product with the highest issuance scale was "CITIC Financial Asset Yunfan Phase 1 Entity Empowerment Asset - Backed Special Plan" at 10.01 billion yuan, and the lowest was "CITIC Securities - Shenzhen Guarantee Group - No. 3 Intellectual Property Asset - Backed Special Plan (Hetao Shenzhen - Hong Kong Science and Technology Innovation Cooperation Zone)" at 0.42 billion yuan. The products with a single - issuance scale in the (5, 10] billion yuan range had the highest number and scale [24] - The shortest - term product had a term of 0.48 years, and the longest was 59.97 years. Products with a term in the (1, 3] - year range had the highest number and scale [26] - AAAsf - rated securities accounted for 89.93% of the issuance scale. The median interest rate of 1 - year - old AAAsf - rated securities was 1.81%, a year - on - year decrease of about 33BP and a quarter - on - quarter decrease of about 20BP [29][31] 2. Filing Situation - In Q3 2025, 360 products were filed with the Asset Management Association of China, with a total scale of 328.049 billion yuan. The number of filings decreased by 3, and the scale decreased by 1.67% compared to the same period last year [54] 3. Secondary Market Trading and Position - Holding Situation - In Q3 2025, enterprise asset - backed securities had 11,887 transactions in the exchange market, with a total amount of 286.099 billion yuan, an increase of 3,855 in the number of transactions and 66.88% in the trading scale compared to the same period last year. September had the highest trading scale [57][59] - The basic asset types involved in secondary - market trading mainly included REITs, accounts receivable, CMBS, supply chains, and personal consumer finance [59] - As of the end of Q3 2025, the total position - holding scale of asset - backed securities in the Shanghai and Shenzhen Stock Exchanges was 2,093.452 billion yuan, a 7.26% increase from the end of 2024 [61] 4. Maturity Analysis for Q4 2025 - As of the end of September 2025, 539 outstanding enterprise asset - backed securities were expected to mature in Q4 2025, with a scale of 123.815 billion yuan. Accounts receivable - based products had the highest proportion of maturity scale [66]

Core Viewpoint - The company plans to acquire an 89.30% stake in Huaihe Energy Power Group through a combination of cash and stock issuance, with a total transaction value of approximately 1.169 billion yuan, aiming to enhance its core business in thermal power generation and improve operational efficiency [3][4][9]. Transaction Overview - The transaction involves the acquisition of Huaihe Energy Power Group, which operates in thermal and renewable power generation and owns a coal mine [3][9]. - The total transaction price is set at 1,169,412.85 thousand yuan, with cash payment of 175,411.93 thousand yuan and stock payment of 994,000.92 thousand yuan [4][5]. - The share issuance price is 3.03 yuan per share, resulting in the issuance of 3,280,531,105 shares, which will constitute 45.77% of the company's total share capital post-transaction [4][6]. Financial Impact - The acquisition is expected to increase the company's net profit attributable to shareholders from 85,779.77 thousand yuan to 179,303.58 thousand yuan for the fiscal year 2024, raising the basic earnings per share from 0.22 yuan to 0.25 yuan [9][11]. - The asset evaluation report indicates that the total equity value of the power group is 1,309,532.87 thousand yuan, with a premium rate of 22.23% [9][11]. Shareholding Structure - Post-transaction, Huainan Mining's shareholding will increase from 63.27% to 80.08%, solidifying its position as the controlling shareholder [6][8]. - The transaction will result in a significant change in the shareholding structure, with Huainan Mining holding 5,480,624,854 shares, representing 76.47% of the total [8]. Regulatory Approval - The transaction has received approval from the Anhui Provincial State-owned Assets Supervision and Administration Commission and has been passed by the company's shareholders' meeting, pending further review by the Shanghai Stock Exchange and registration with the China Securities Regulatory Commission [11].

Core Insights - The China Securities Investment Fund Association (CSRC) reported that in September 2025, 108 new asset-backed securities (ABS) were registered, with a total registration scale of 96.455 billion yuan [1] - The top three ABS underlying assets for new registrations were accounts receivable, micro-loan debts, and financing lease debts, with registration scales of 27.495 billion yuan, 23.714 billion yuan, and 18.462 billion yuan respectively [1] Registration Situation - As of the end of September 2025, there were 2,560 ABS in existence, totaling 218.2504 billion yuan [2] - Among these, 82 ABS related to infrastructure public REITs had a total scale of 20.2514 billion yuan [2] - The combined scale of ABS with underlying assets such as accounts receivable, real estate holding ABS, CMBS, financing lease debts, and micro-loan debts was 172.4202 billion yuan, accounting for 79.00% of the total existing scale [2] Additional Information - The total existing scale of ABS with other underlying assets was 25.5788 billion yuan, representing 11.72% of the total existing scale [4]

本次扩募标志着我国资产证券化市场平台化、常态化发展迈出关键一步。建信住房租赁基金表示，将与 各合作伙伴一道，在持续做好底层项目运营管理的基础上，不断培育优质资产，持续扩募，推动"建信 长租"资管平台做大做强，为投资人创造长期价值。 （文章来源：新华财经） 新华财经北京10月29日电建信住房租赁基金29日在上交所举行"建信住房租赁基金持有型不动产资产支 持专项计划"（下称"建信长租"）扩募挂牌仪式，宣布市场首单持有型不动产ABS扩募份额正式上市。 据了解，持有型不动产ABS定位于权益型ABS，是在资产支持证券产品大类框架下推出的创新产品。本 次扩募上市是"建信长租"持有型不动产ABS自2024年7月30日挂牌上市后的重要里程碑，标志着持有型 不动产ABS的信息披露、激励约束、流动性支持、二级交易、资产运营治理、持续扩募等"六大创新机 制"全面落地，其中持续扩募机制作为关键一环，为产品持续扩容、资产组合优化和长期价值提升奠定 了重要基础。 ...

Core Viewpoint - The launch of the "Jianxin Long-term Rental" real estate asset-backed securities (ABS) marks a significant milestone in China's asset securitization market, indicating a shift towards platform-based and normalized development in the sector [1] Group 1: Product Overview - The "Jianxin Long-term Rental" ABS is categorized as an equity-type ABS, also known as "inter-institutional REITs," representing an innovative product within the asset-backed securities framework [1] - This expansion listing is a crucial step following the initial listing on July 30, 2024, highlighting the successful implementation of six innovative mechanisms including information disclosure, incentive constraints, liquidity support, secondary trading, asset operation governance, and continuous expansion [1] Group 2: Market Implications - The continuous expansion mechanism is pivotal for the product's ongoing growth, asset portfolio optimization, and long-term value enhancement [1] - The Jianxin Housing Rental Fund aims to collaborate with partners to improve the management of underlying projects, cultivate quality assets, and promote the growth of the "Jianxin Long-term Rental" asset management platform to create long-term value for investors [1]

Core Insights - The value of a "good house" is shifting from a one-time sale to a financial asset that generates stable, sustainable cash flow [1][4] - The housing rental industry in China is transitioning from a fragmented "second landlord" model to a more financialized, institutionalized, and professionalized phase [1][3] - The current market drivers include the expansion of affordable rental housing, the need for state-owned enterprises to revitalize idle assets, and the desire of long-term capital like insurance REITs to seek stable returns amid an "asset shortage" [1][3] Industry Transformation - Leading companies are reducing renovation costs by 15% to 20% and increasing net operating income by 3% to 5% through modular renovations and digital operations, indicating a structural shift rather than a temporary efficiency gain [2][6] - The REITs market's stringent requirements for cash flow stability and predictability are forcing the entire industry to quantify the four dimensions of a "good house"—physical space, functional setup, community environment, and service system—into clear financial data [2][7] Role of State-Owned Enterprises - State-owned enterprises, with their vast holdings of idle land and old properties, are central to this asset revolution, benefiting from location and cost advantages but facing challenges in market-oriented operations and cost control [3][12] - Financial instruments like REITs and ABS provide a channel for asset realization and act as a "reform benchmark," pushing these enterprises towards internal optimization and professional transformation [3][12] Cash Flow and Valuation Metrics - The valuation logic has shifted from land appreciation to operational cash flow, with key metrics for assessing a "good house" now being NOI (Net Operating Income) and EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization) [1][5] - NOI reflects property operational efficiency and real cash flow, while EBITDA indicates management capability and scalability, emphasizing a transition from developer thinking to asset management thinking [5][6] Market Dynamics and Competition - The competition in the housing rental market is expected to focus on "brand premium ability" and "extreme operational efficiency" over the next three to five years, leading to a dual structure of state-owned enterprises and specialized brands [3][20] - The rental housing market is characterized by a natural demand for housing, making it a defensive asset that can withstand economic fluctuations, unlike commercial real estate [16][17] Institutionalization and Future Outlook - The institutionalization rate of China's housing rental market is currently around 10%, with expectations of reaching a healthy level of 30% to 40% in the next 5 to 10 years as the market transitions from a "development logic" to a "holding and operation logic" [18] - The market is moving towards a more rational and professional long-termism phase, with competition shifting from price wars to quality and efficiency battles [19][20]

Core Viewpoint - The article discusses the "15th Five-Year Plan" proposed by the Central Committee of the Communist Party of China, emphasizing high-quality economic development, technological self-reliance, and the establishment of a robust domestic market as key objectives for the next five years [1]. Economic Development - The plan prioritizes "significant achievements in high-quality development" while de-emphasizing specific economic growth targets, allowing for greater flexibility in macroeconomic policy [2]. - It aims to increase the resident consumption rate and enhance the level of technological self-reliance through policy coordination and institutional optimization [3]. Capital Market Functionality - The plan calls for improving the inclusiveness and adaptability of the capital market, focusing on balancing investment and financing functions to better serve the real economy [4]. - It emphasizes the need for a modern capital market system that aligns with high-quality development and supports innovation and green development [5]. Financial Strength - The plan outlines the goal of accelerating the construction of a financial powerhouse, enhancing the central bank's system, and optimizing monetary policy transmission mechanisms [6]. - It stresses the importance of a comprehensive macro-prudential management system to prevent systemic risks [7]. Industrial Foundation - The plan places a strong emphasis on building a modern industrial system and consolidating the foundation of the real economy, with a focus on maintaining a reasonable proportion of manufacturing [9]. - It outlines strategies for upgrading key industries and fostering emerging industries through intelligent, green, and integrated development [10]. Technological Self-Reliance - The plan advocates for accelerating high-level technological self-reliance to support new quality productivity, emphasizing the integration of technological and industrial innovation [12]. - It highlights the importance of focusing on key areas such as artificial intelligence and quantum information to drive forward-looking technological advancements [15]. Domestic Market Development - The plan identifies a strong domestic market as a strategic foundation for modernization, promoting the interaction between consumption and investment [16]. - It includes measures to enhance consumption and investment, such as implementing special actions to boost consumption and establishing management methods for new consumption scenarios [17]. Fiscal Sustainability - The plan emphasizes the role of proactive fiscal policy in enhancing fiscal sustainability, advocating for improved fiscal management and budgetary coordination [18]. - It suggests establishing a long-term mechanism for government debt management that aligns with high-quality development [19][20].

Group 1: Core Insights - Hubei Province is advancing the "Three Assets and Three Transformations" reform to revitalize state-owned assets and enhance local economic vitality, reflecting a strong commitment from local government to activate dormant resources and convert them into active capital [1][2][3] - The reform aims to optimize existing resources and improve financing channels through innovative financial tools, such as Asset-Backed Securities (ABS) and public Real Estate Investment Trusts (REITs), which are becoming increasingly mature [2][3] - The local government is addressing the dual challenges of resource underutilization and funding gaps, with a focus on asset securitization to unlock the value of state-owned resources [3][4] Group 2: Implementation Cases - Since 2025, Hubei has accelerated the "Three Assets and Three Transformations" reform, successfully issuing multiple projects like the Wuhan Hongshan Artificial Intelligence Building CMBS and ABS for affordable rental housing, raising over 500 million yuan [5][6] - Notable cases include transforming abandoned mines into hydrogen energy warehouses and integrating various rights for tourism projects, showcasing innovative approaches to resource assetization [5][6] - The establishment of a risk compensation fund of 1 billion yuan by the provincial government has facilitated credit loan reforms, significantly increasing the scale of credit loans issued to small and micro enterprises [5][6] Group 3: Impact on Bond Market - The reform is expected to diversify the types of securitized assets, expanding beyond traditional categories to include new asset classes like data assets and forestry carbon credits [7][8] - The asset securitization market in Hubei has seen a nearly twofold increase in issuance scale since 2025, driven by targeted policies that clarify securitization pathways for different asset types [8] - The transformation of local investment platforms from financing and construction to operation and activation is anticipated to enhance the efficiency of managing existing assets, thereby improving cash flow and supporting industrial transformation [8][9] Group 4: Broader Implications - The successful implementation of the "Three Assets and Three Transformations" reform in Hubei may serve as a model for other provinces, promoting a nationwide trend of revitalizing dormant assets [9] - By converting idle resources into tradable and financeable assets, the reform is expected to provide local governments with additional financial resources, alleviating current debt pressures [9] - The reform's clear pathways for resource-asset-capital transformation may attract more capital market interest in regions demonstrating strong asset revitalization capabilities [9]

Core Viewpoint - The Central Committee of the Communist Party of China has released recommendations for the 15th Five-Year Plan, emphasizing the importance of developing direct financing methods such as equity and bonds, and promoting the steady growth of futures, derivatives, and asset securitization [1] Group 1 - The recommendations highlight the need for active development of direct financing methods, including equity and bond markets [1] - There is a focus on the gradual development of futures and derivatives markets [1] - The plan also emphasizes the importance of asset securitization as a means to enhance financial stability and efficiency [1]

Group 1: Policy Insights - The report categorizes policies into three stages: thematic expectations, policy execution, and policy implementation, indicating that current local policies are still in the early expectation phase [1] - In October 2025, policies from Hubei and Shenzhen aimed at promoting state-owned enterprise (SOE) restructuring and securitization have caused market fluctuations, with Hubei advocating for the assetization and securitization of state resources [1] Group 2: Industry Characteristics - The coal sector in A-shares has a state-owned capital share of 85.4%, while the public utility sector has a state-owned capital share of approximately 72.5%, providing these enterprises with unique advantages in asset injection and listing reforms [2] - Major state-owned enterprises like China Energy Group and China Power Investment Group are initiating asset restructuring and listing, with local SOEs also encouraged to integrate quality assets into listed platforms [2] Group 3: Leading Enterprises - China Power Investment Group is advancing the professional integration of various resources, with potential transformations into nuclear power operation platforms and other initiatives, leading to significant stock price increases for several listed companies [3] - The restructuring and securitization efforts in Shenzhen and Hubei are expected to catalyze further developments in SOE and central SOE reforms [3] Group 4: Industry Stability Measures - The National Energy Administration initiated checks on coal production to stabilize supply, while the State-owned Assets Supervision and Administration Commission emphasized "stable electricity prices" and "stable coal prices" as core topics in discussions [4] - These measures are aimed at enhancing the profitability stability of enterprises, thereby laying a financial foundation for restructuring and integration [4]