Core Viewpoint - The successful listing of the first low-altitude economy asset-backed securities (ABS) in China, with a total issuance scale of 584 million yuan, marks a significant financial innovation aimed at supporting the development of the low-altitude economy and aerospace industry in Guangzhou [1][3][5]. Group 1: Financial Innovation and Market Impact - The ABS, named "Jinyuan-Guojun-Science City Leasing Greater Bay Area Intelligent Manufacturing Integration (Phase II)," is the first of its kind in the low-altitude economy sector, with securities codes 146523, 146524, and 146525 [3][5]. - The underlying assets of the ABS primarily consist of helicopters and related leasing equipment, providing a strong foundation for regional low-altitude economic development [5][10]. - The issuance achieved a record low interest rate for the priority A1 tranche at 1.9%, with a total subscription multiple of 4.17, indicating strong investor confidence [10][12]. Group 2: Strategic Development and Future Prospects - The chairman of Science City (Guangzhou) Leasing emphasized the company's rapid growth in the general aviation sector, with a fleet exceeding 20 aircraft and a comprehensive service model covering various applications [7][8]. - The low-altitude economy is projected to exceed 580 billion yuan by March 2025 and potentially reach 3.5 trillion yuan by 2035, highlighting the sector's growth potential [8][14]. - The establishment of the ABS is seen as a new paradigm for financing in the low-altitude industry, providing a replicable model for future financial innovations [14][15]. Group 3: Regional Development and Collaboration - Guangzhou Development Zone and Huangpu District are becoming key areas for low-altitude economic development, with a current industry scale of approximately 15 billion yuan and over 50 related enterprises [14][15]. - The local government has introduced supportive policies, such as the "Low Altitude 11 Articles," to enhance financial support and services for the low-altitude economy [14][15]. - Science City Leasing is actively fostering regional economic growth through an "investment-leasing-recruitment" service mechanism, successfully attracting general aviation companies to the Huangpu area [15].

Core Viewpoint - The introduction of the new market value management regulations has led to significant developments in investor relations management, with 644 listed companies implementing value management systems or valuation enhancement plans since November 2022 [1] Group 1: Current State of Central State-Owned Enterprises (SOEs) - As of 2024, 492 central SOEs account for 9.14% of A-share listed companies but contribute 36.32% of total market value, 43.74% of revenue, and 59.03% of net profit, highlighting their critical role in the national economy [1] - There is a notable disparity within central SOEs, with companies valued over 50 billion yuan contributing nearly 80% of market value and over 90% of net profit, while smaller companies (under 10 billion yuan) represent 36.79% of the total but only 2.82% of market value [2] Group 2: Challenges and Recommendations for Small and Medium-Sized SOEs - Small and medium-sized central SOEs face dual pressures on profitability and valuation, with challenges including outdated capital tools and insufficient innovation [2] - Recommendations for regulatory bodies include differentiated assessments focusing on R&D conversion rates for tech companies and flexible regulations for companies in economically challenged regions [2][3] Group 3: Strategies for Transformation - For tech companies, strategies include binding core technologies to teams, establishing innovation incubation mechanisms, and creating suitable incentive systems [3] - Traditional industries are encouraged to upgrade production capacity, integrate supply chains, and pursue asset securitization [3] - Public service companies should focus on value reconstruction, achieving ESG premiums, and transitioning to smart services [3] Group 4: Implementation of Capital Tools - Companies can create a collaborative matrix of capital tools such as buybacks, ESG disclosures, and supply chain integration to enhance market value management [4] - Successful case studies include improvements in R&D efficiency and valuation recovery through innovative practices [4] Group 5: Long-term Goals - Short-term goals include restoring the valuation of 30 underperforming companies to a price-to-book ratio of 1.0 and reducing the overall discount rate of central SOEs by 15% by 2026 [5] - Mid-term objectives aim for a 15% increase in buyback amounts and a 25% rise in institutional holdings in small and medium-sized SOEs by 2027 [5] - Long-term aspirations include achieving a 6% R&D intensity and surpassing 500 billion yuan in overall R&D investment by 2030, with a total market value of central SOEs exceeding 100 trillion yuan [5]

Group 1 - The core viewpoint is that 2025 marks the end of the "14th Five-Year Plan," with a structural reversal in industry demand expected to continue until 2027 [1] - The military industry chain's upstream enterprises, which have a high asset securitization rate, have seen significant order growth since the Spring Festival, leading to a notable increase in stock prices from mid-February to mid-April [1] - Following a peak in orders for upstream component companies, stock prices have retreated since mid-April, while themes related to military trade exports, weaponry, deep-sea technology, commercial aerospace, and low-altitude economy have experienced high-frequency rotations since May [1] Group 2 - The upcoming September 3 military parade is expected to catalyze sentiment in the military industry sector due to its grand scale and high media attention [1] - The military ETF (512660) tracks the China Securities Military Index, which includes representative listed companies in the defense and military industry, reflecting the overall performance of the sector [1] - The index covers multiple subfields within the national defense and military industry, showcasing high industry concentration and distinct military characteristics [1]

Core Viewpoint - The article highlights the successful issuance of a significant CMBS project by Shanghai Real Estate Housing Development Co., marking a milestone in the development of affordable rental housing in Shanghai [1][2]. Group 1: Project Details - The CMBS project has an issuance scale of 3.299 billion yuan, a term of 21 years, and a coupon rate of 2.2% [1]. - This project is the largest of its kind in the country, showcasing the innovative financing model in the affordable housing sector [1]. Group 2: Company Overview - Shanghai Real Estate Housing Development Co. is a wholly-owned subsidiary of Shanghai Real Estate Group, focusing on the unified construction and operation of affordable and rental housing [1]. - The company aims to serve urban renewal, housing development, talent construction, and community support, positioning itself as a leader in the functional housing market in Shanghai [1]. Group 3: Financing Model - The CMBS project establishes a dual financing system of "equity + debt" in the housing rental sector, facilitating the transformation of housing rental from stagnant assets to liquid capital [1]. - This innovative approach provides a significant reference for the sustainable development of affordable rental housing and offers new ideas for capital market participation in the housing rental market [1]. Group 4: Strategic Importance - The successful issuance of this asset securitization product lays a solid foundation for further cooperation between the involved parties and is significant for the development of asset securitization business in the Yangtze River Delta region [2]. - It exemplifies the commitment of the company to innovate in asset securitization, aligning with domestic regulatory policies and contributing to the development of new models in this field [2].

Group 1 - Consumer finance is becoming an important force in driving domestic demand and promoting consumption upgrades, with small and diversified quality assets favored by investors [1] - Haier Consumer Finance Co., Ltd. issued the second phase of its 2025 "Enough Money" ABS with a scale of 1.5 billion yuan, where the priority A tranche has a coupon rate of 1.80%, setting a new annual low in the industry [1] - In March 2023, Haier Consumer Finance issued the first phase of its 2025 "Enough Money" ABS, also with a scale of 1.5 billion yuan, where the priority A tranche had a coupon rate of 2.03% and the priority B tranche had a rate of 2.17% [1] - The second phase of the 2025 "Enough Money" ABS is the seventh issuance since Haier Consumer Finance first issued ABS in 2023, raising a total of nearly 11.2 billion yuan [1] - Multiple consumer finance companies have increased their bond issuance frequency and diversified financing methods in 2025, with a notable decline in financing rates [1] Group 2 - In June 2025, the central bank and six departments jointly issued guidelines to support qualified consumer finance companies in issuing financial bonds and promoting the securitization of retail loan assets [2] - The expansion of consumer finance companies necessitates stable funding to support sustainable development, allowing them to optimize their asset-liability structure and reduce liquidity risks [2]

Core Viewpoint - Drip Irrigation Investment, a new financial innovation, aims to provide a financing channel for small and micro enterprises in mainland China through cash flow investments, leveraging its unique model and the backing of experienced founders [2][3][4]. Group 1: Company Overview - Drip Irrigation Investment was established less than a month ago and is seeking to list on the Hong Kong Stock Exchange [2]. - The company was incubated by Drip Irrigation, founded by Li Xiaojia and Zhang Gaobo, with a focus on cash flow investment [3][4]. - Following a Series C funding round in 2023, Drip Irrigation's valuation reached $1.7 billion, making it a unicorn [4]. Group 2: Financial Performance - As of July 1, 2025, Drip Irrigation has raised a total of 5.573 billion Macanese Patacas (approximately 4.937 billion RMB) [4]. - The company has invested 4.4 billion RMB of its own funds into small micro stores [21]. - The funding structure primarily consists of nearly 90% self-funding, indicating limited cash flow financing capabilities [23]. Group 3: Investment Model - Drip Irrigation's investment model involves two phases: initially investing in small micro stores and later securitizing these investments for public market release [30][32]. - The company plans to issue 3 billion shares, with the issuance price yet to be determined [26]. - The investment strategy targets three types of investments: business-type, asset-type, and enterprise-type [46]. Group 4: Regulatory Environment - Drip Irrigation Investment is pursuing an IPO under Chapter 21 of the Hong Kong Stock Exchange rules, which allows companies without actual business operations to list [7][14]. - The last case of a Chapter 21 company listing occurred 14 years ago, leading to market skepticism regarding Drip Irrigation's IPO prospects [16][17]. Group 5: Risk and Transparency - Concerns exist regarding the transparency of cash flow investments, as investors may struggle to assess the financial health of the underlying businesses [47][49]. - Drip Irrigation plans to implement a digital system called "Drip Star" to enhance transparency and investor access to information [51][60]. - The company aims to address potential moral hazards and ensure accurate tracking of cash flows through partnerships with payment systems and e-commerce platforms [48][50].

Core Viewpoint - The market for holding-type real estate ABS is steadily expanding, with a focus on enhancing information disclosure and investor management mechanisms under the guidance of the China Securities Regulatory Commission [1][7]. Group 1: Market Development - The holding-type real estate ABS market is emerging, characterized by a focus on asset credit and equity attributes, which distinguishes it from traditional securitization products [2]. - Currently, there are 6 existing holding-type real estate ABS products with a total custody scale of approximately 12.096 billion, and 14 projects are under review [2]. - The underlying asset types for holding-type real estate ABS are becoming increasingly diverse, including highways, affordable rental housing, office buildings, and data centers [2]. Group 2: Information Disclosure - Information disclosure is crucial for holding-type real estate ABS, emphasizing operational quality and results [3]. - The Shanghai Stock Exchange is enhancing its disclosure system to provide comprehensive and objective information for investors [3]. - In 2024, the annual report will include a summary focusing on operational and financial information that reflects the equity attributes of the products [3]. Group 3: Investor Communication - The communication model for holding-type real estate ABS is evolving, with a focus on direct engagement with investors through various formats [6]. - A recent performance briefing for the Jianxin Long-term Rental Fund attracted over 35 institutional investors, enhancing their understanding of the asset's operational value [6]. - The holding-type real estate ABS market is improving transparency and market trust, which is essential for the professional and standardized development of the asset securitization market [6]. Group 4: Future Outlook - The Shanghai Stock Exchange aims to continue enhancing information disclosure and investor communication to support the development of the holding-type real estate ABS market [7][8]. - There is an encouragement for regular investor exchange meetings to discuss industry trends and provide professional insights [8]. - A feedback mechanism for investors will be established to address inquiries and suggestions, fostering a positive interaction cycle [8].

Group 1 - The average residential rent in 50 key cities in China decreased by 1.37% in the first half of 2025, with all city tiers experiencing a decline, although first-tier cities saw a relatively smaller drop [1] - The rental market shows significant seasonal effects, with a temporary stabilization in February followed by a decline from March onwards [1] - The main demographic of renters consists of highly educated young individuals, particularly recent graduates who prefer long-term rental apartments [1] Group 2 - Over 80 housing rental policies were introduced by various local governments in the first half of 2025, enhancing support for both supply and demand sides, which aims to improve rental housing quality and stimulate rental demand [1] - The development of affordable rental housing is progressing well, with many regions nearing their "14th Five-Year Plan" targets, and future developments will focus on demand-driven construction [2] - The public REITs for affordable rental housing are experiencing stable operations, although overall returns have slightly decreased due to short-term rent adjustments [2] Group 3 - The housing rental market is transitioning from large-scale construction to improving existing stock, with progress in acquiring existing properties for affordable rental housing [3] - The concept of "good housing" has been incorporated into government work reports, indicating a shift towards quality transformation in the rental market [3] - Companies are encouraged to leverage policy opportunities to revitalize existing assets and utilize financial tools like REITs for asset securitization and capital recovery [3]

Core Viewpoint - The first two data center REITs in China have completed their inquiry phase and are set to launch subscriptions, indicating strong interest from institutional investors and brokers, with both products being priced at the upper limit of their inquiry ranges [1][4]. Inquiry and Subscription Details - The inquiry for the Southern Runze Technology Data Center REIT received a total subscription of 350.82 billion shares, 167.06 times the initial offline issuance amount, while the Southern Wanguo Data Center REIT had a total subscription of 279.05 billion shares, 166.10 times the initial offline issuance amount [2]. - The inquiry price range for the Southern Runze Technology Data Center REIT was set between 3.020 and 4.531 yuan per share, with a final pricing of 4.5 yuan per share, aiming to raise approximately 4.5 billion yuan. The Southern Wanguo Data Center REIT had a price range of 2.014 to 3.021 yuan per share, with a final price of 3 yuan per share, targeting around 2.4 billion yuan [3]. Market Dynamics - Both REITs were priced at the upper limit of their inquiry ranges, which were already 20% higher than the proposed fundraising prices. This trend indicates a significant premium in the inquiry phase compared to historical data [4]. - The participation in the inquiry phase included 131 investors for the Southern Runze REIT and 119 for the Southern Wanguo REIT, with a high number of brokerage asset management plans involved [5]. Broker Participation - Over 40 brokerage proprietary accounts participated in the inquiry for both REITs, with major firms like CITIC Securities and Huatai Securities acting as strategic investors [6]. - Huatai Securities committed to purchasing 16.85 million shares of the Southern Runze REIT, representing 1.685% of the total issuance, highlighting the strategic interest from leading brokerages [6]. Future Outlook for Data Centers - The demand for data centers is expected to grow significantly, driven by advancements in AI and data economy, positioning them as essential infrastructure for technological innovation [7]. - The data center industry is viewed as a stable cash flow generator, making it an attractive asset class for public REITs, especially in a declining interest rate environment [8]. Comparison with Traditional REITs - Data center REITs differ from traditional property REITs in terms of operational models, revenue stability, and valuation logic, with data center assets offering more stable returns due to high customer concentration and long lease terms [9].

目录 | 要点 | 1 | | --- | --- | | 正文 | 2 | | 声明 | 8 | | 联络人 | | | 作者 | 结构融资部 | | 游进达 021-60330988 | jdyou@ccxi.com.cn | 负责人 www.ccxi.com.cn 编号：2025-AM06 2025 年 6 月 30 日 结构融资部 董事总经理 王 立 010-66428877-523 lwang03@ccxi.com.cn 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 发行节奏同比持续恢复，融资成本进一步下行 ——企业资产支持证券产品报告（2025 年 5 月） 要点 ◼ 发行情况：2025 年 5 月共发行企业资产支持证券 94 单，合计发行规模 832.10 亿元。 与上月相比，发行数量减少 54 单，发行规模下降 36.11%；与上年同期相比，发行数 量增加 19 单，发行规模上升 24.96%。发行产品涉及的基础资产类型主要为个人消 费金融、CMBS、企业融资租赁、应收账款和保理债权等。融资成本方面，一年期左 右 A ...