Core Viewpoint - The company successfully issued a green asset-backed special plan to support its entry into the bond market, focusing on green energy and optimizing its asset-liability structure [1][3]. Group 1: Issuance Details - The issuance scale was 530 million RMB, marking the company's first foray into the bond market with significant market response [1]. - The underlying assets of the special plan are the electricity grid connection revenue rights from the company's sludge and biomass power generation units, which have stable operations and predictable cash flows [1][3]. Group 2: Financial Structure and Market Response - The issuance adopted a "1+1+1" term structure design, enhancing product flexibility [3]. - Despite recent market volatility, the plan attracted active subscriptions from banks and securities firms, achieving a low issuance interest rate of 1.75%, reflecting market recognition of high-quality green financial assets [3]. Group 3: Strategic Implications - The successful issuance represents a significant breakthrough in the company's green finance efforts, broadening its financing channels and creating a virtuous cycle of "green operation - asset revitalization - cash flow - reinvestment" [4]. - The company aims to continue deepening financial innovation and enhancing its green energy supply and service capabilities, contributing to the achievement of carbon peak and carbon neutrality goals [4].

这周有哪些大事要闻？ 发布了哪些重要政策、通知？ 国际货币基金组织上海中心开业仪式于12月8日举行。十二届全国政协副主席、中国人民银行原行长周 小川作主旨演讲。中国人民银行行长潘功胜、上海市市长龚正、国际货币基金组织总裁格奥尔基耶娃致 辞并揭牌。 一起来快速回顾一下吧！ 领导关心 1.李强同主要国际经济组织负责人举行"1+10"对话会 12月9日，国务院总理李强在北京钓鱼台国宾馆同主要国际经济组织负责人举行"1+10"对话会。新开发 银行行长罗塞芙、世界银行行长彭安杰、国际货币基金组织总裁格奥尔基耶娃、世贸组织总干事伊维 拉、联合国贸发会议秘书长格林斯潘、国际劳工组织总干事洪博、国际清算银行总经理德科斯、金融稳 定理事会主席贝利、亚投行行长金立群、经合组织副秘书长鲁日奇卡出席。对话会以"共商全球治理， 共谋全球发展"为主题开展讨论。 2.何立峰在全国金融系统工作会议上强调深入学习贯彻中央经济工作会议精神有力有序有效做好2026年 金融重点工作 全国金融系统工作会议12月12日在京召开。中共中央政治局委员、中央金融委员会办公室主任何立峰出 席会议并讲话。他强调，金融系统要深入学习贯彻中央经济工作会议精神，准确把 ...

ABS凭借其基础资产适配性和融资效率优势，正成为能源企业投融资"新宠"。 简单来说，ABS是把企业未来的稳定收益（比如电费、租金）打包，做成可交易的证券凭证发行，让企业可以提前回笼现金流。这与 REITs有何不同？ "ABS属于债务型融资，本质是企业拿未来的稳定收益做'抵押'，发行证券向投资者借钱。投资者买ABS相当于放贷，到期能拿到'本金 +利息'，企业拿到的是提前回笼的现金流，这笔钱会计入企业负债。企业只要有能产生收益的优质项目，都能通过ABS融资。这也让 ABS更为灵活，更受市场欢迎。"复旦大学绿色金融研究中心执行主任李志青向《中国能源报》记者解释。 "REITs则属于权益类产品，相当于把优质不动产打包成基金，投资者买REITs份额相当于'入股'了这些资产。它没有固定利息，收益全 靠资产运营的分红，而且资产升值后，份额价格上涨还能赚差价。对企业来说，虽然发行REITs不会增加负债，但要求资产能长期稳定 运营、持续产生效益，更适合有成熟项目的主体。"李志青进一步解释。 今年以来，我国清洁能源领域在资产证券化领域迎来多项进展。 ▲图片由AI制作 如今，资产证券化已成为能源企业盘活资产、拓宽融资渠道的重要方式 ...

Report Summary 1. Report Industry Investment Rating There is no information provided regarding the report industry investment rating. 2. Core Viewpoint of the Report In November 2025, the issuance scale of asset - backed notes decreased both year - on - year and month - on - month, and the issuance rhythm of personal consumer finance and micro - enterprise loan assets slowed down. The secondary - market trading volume and transaction amount also declined significantly compared with the previous month and the same period last year [3][4][19]. 3. Summary According to the Directory 3.1 Issuance Situation - **Overall Issuance**: In November 2025, 48 asset - backed note products were issued, with a total issuance scale of 43.08 billion yuan. The number of issuances remained the same as the previous month, but the scale decreased by 16.25%. Compared with the same period last year, the number of issuances decreased by 13, and the scale decreased by 32.29%. Only 2 products were publicly issued, and the rest were privately placed [4][5]. - **Top Issuing Institutions**: Xiamen Trust ranked first in terms of issuance scale in November 2025, with an issuance scale of 3.00 billion yuan, accounting for 6.96%. The top ten issuing institutions had a total issuance scale of 22.636 billion yuan, accounting for 52.54% [5]. - **Underlying Asset Types**: The underlying asset types of the issued products mainly included accounts receivable, subsidies, personal consumer finance, micro - enterprise loans, and general financial leasing. Among them, accounts receivable products accounted for 19.69% of the scale, and subsidy products accounted for 17.98% [7]. - **Issuance Scale Distribution**: The highest single - product issuance scale was 2.069 billion yuan, and the lowest was 0.201 billion yuan. The number and scale of products with a single - issuance scale in the range of (5, 10] billion yuan were the largest, with 27 products issued, accounting for 53.70% of the scale [9]. - **Term Distribution**: The shortest - term product was 0.21 years, and the longest was 18.01 years. The number and scale of products with a term in the range of (0, 1] years were the largest, with 18 products issued, accounting for 34.67% of the scale [11][13]. - **Rating Distribution**: According to the issuance scale of notes at each rating level, AAAsf - rated notes accounted for 87.39%, AA + sf - rated notes accounted for 5.62%, and A + sf - rated notes accounted for 0.12% [13]. - **Issuance Interest Rate**: The minimum issuance interest rate of one - year - around AAAsf - rated notes was 1.65%, the maximum was 2.45%, and the interest - rate center was approximately 1.77% [15]. - **ABCP Product Issuance**: In November 2025, 17 ABCP products were issued, with a total issuance scale of 15.977 billion yuan, a year - on - year decrease of 46.29%, accounting for 37.09% of the ABN issuance scale. The underlying assets mainly included five types, and subsidy - related ABCP accounted for 48.49% of the ABCP issuance scale [18]. 3.2 Secondary - Market Trading Situation In November 2025, there were a total of 478 secondary - market transactions of asset - backed notes. The number of transactions decreased by 21.51% month - on - month and 25.08% year - on - year. The transaction amount was 39.842 billion yuan, a month - on - month decrease of 13.65% and a year - on - year decrease of 42.76%. The more actively traded categories in the secondary market were mainly REITs - like products, accounts receivable, micro - enterprise loans, personal consumer finance, and subsidies [19].

Summary of Key Points from the Conference Call Industry Overview - The media industry has undergone 8 years of clearing and 6 years of bottoming out, with some central state-owned enterprises (SOEs) nearing their license value, indicating potential for revaluation [1] - Since 2023, transaction volumes have increased, yet the allocation ratio of active equity funds remains at historical lows, suggesting investment opportunities [1] Core Insights and Arguments - Central SOEs in the media sector are expected to lead in the application of new technologies due to policy support and resource advantages [1][5] - Historical data shows that these enterprises have stable dividends, with 38 companies maintaining a dividend payout ratio exceeding 30% over the past six years [3] - The commercialization paths for AI differ significantly between domestic and international markets, with the former needing to explore copyright protection and tax audits to find suitable development paths [1][6] - The AR/VR technology is anticipated to undergo a process from mass entrepreneurship to resource integration and asset securitization, with central SOEs playing a crucial role in resource allocation and policy guidance [1][7] - The value of print media and cable networks may return in the AI era, with leading companies like Mango TV and China Film already having plans for resource assetization and securitization [1][8] - New content forms are expected to emerge post-2027, potentially merging film and gaming into large-scale interactive content [1][9] Investment Recommendations - Recommended central SOE media stocks include Xinhua News Agency, China Central Television, Gehua Cable, Cultural Investment Holdings, Guigang Network, Guomai Culture, Zhejiang Digital Culture, and China Film, suggesting a diversified investment approach [2][19] Additional Important Insights - The increasing attention on central SOEs in the media sector is attributed to their significant presence in the industry, with 56 central SOEs accounting for 43% of all listed media companies [3] - The unique development environment and market positioning of these enterprises make them suitable for investment, especially in the context of emerging business models driven by government-backed entities [5] - The differences in commercialization paths for AI highlight the need for domestic companies to adapt to local market demands and regulatory environments [6] - The future of AR/VR technology is expected to enhance the position of professional creators and integrate key resources from major tech companies [7] - The potential for value recovery in traditional media sectors is supported by the current market conditions and the ability of central SOEs to mobilize resources effectively [8][10] - The evolution of content forms will likely focus on the integration of film, music, and gaming, enhancing user engagement and retention [18]

保利发展 20251209 摘要 保利发展 2025 年 1-10 月一二线城市认购占比达 88%，上海、广州、 北京累计认购额分别超过 330 亿、450 亿和 200 亿元，显示出核心城 市市场的强劲需求。 2025 年 11 月保利发展整体推货规模 258 亿元，环比增加 73%，同比 下降 8%。全年新推去化率约 47%，但 11 月新推去化率达 60%，一线 城市去化率更高达 68%，表明短期销售效率提升。 截至 2025 年 11 月底，保利发展新增有息负债平均成本为 2.6%，新增 1,261 亿元，1-11 月新增开发贷平均融资成本 2.56%，其中 11 月份 2.42%。存量有息负债 3,463 亿元，综合成本 2.75%，较上个月持平， 比年初下降 44 个基点，融资成本控制良好。 保利发展 2025 年 1-11 月累计拓展 42 个项目，总建筑面积 374 万方， 同比增长 40%；总金额 672 亿元，同比增长 16%；权益拓展金额 587 亿元，权益比例 87%，显示出积极的扩张态势。 保利发展承认 2023 年上半年获取的部分增量项目存在压力，但总体盈 利能力仍优于存量项目，平 ...

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 ...

同时，项目还创新落地了联合销售做市机制。中金公司作为销售机构参与项目发行，并在二级市场持续 开展销售，持续服务提高产品流动性。引入专业做市商开展双边报价、询价撮合等服务，既有效维护了 市场稳定运行，又为投资者构建了高效透明的交易环境。做市商凭借专业研究能力提供的定价参考，将 进一步促进市场价格发现功能，助力实现资产合理估值。这一系列制度安排将显著提升产品流动性水 平，为投资者提供更优质的交易体验。 服务国家战略探索能源领域高质量发展新路径 创新机制协同保障多元化投资者踊跃参与 据悉，该项目采用了市场化询价发行机制，充分发挥了交易所市场投资者多元化优势，助力产品高效合 理定价。发行人面向市场机构，通过明确资产估值、询价区间等方式向多类投资机构开展询价。 值得一提的是，该方式与以往在不动产交易领域主要依靠寻找基石投资机构确定价格，并由其他投资机 构跟随投资的传统方式不同，有助于促进更加充分的市场博弈，推动有效的投融平衡，吸引了多元化投 资机构的积极参与，包括保险机构、信托机构、私募基金以及产业投资者等。 新华财经上海12月8日电 近日，"国金资管-新疆国信持有型不动产资产支持专项计划"在上交所成功设 立，发行规模 ...

全国首单火电机构间REITs发行 探索能源资产盘活新路径 中新网上海12月8日电 (高志苗)记者8日从上海证券交易所获悉，"国金资管-新疆国信持有型不动产资产 支持专项计划"近日在上交所成功设立，发行规模54.6亿元，是全国首单火电行业持有型不动产ABS(以 下称为机构间REITs)。 据介绍，本项目是全国首单以火电资产作为底层资产的机构间REITs，标志着能源基础设施领域资产证 券化实现关键突破。该产品采用平层结构设计，在"真实出售、有效盘活"的基本原则下，进一步突 出"资产信用"和"权益属性"，现金流完全来源于底层火电资产运营收入。项目通过完全剥离主体信用依 赖，依托资产自身稳定现金流实现投资人持续收益，为行业高质量发展提供了全新的融资方式。 来源：中国新闻网 编辑：王永乐 广告等商务合作，请点击这里 本文为转载内容，授权事宜请联系原著作权人 中新经纬版权所有，未经书面授权，任何单位及个人不得转载、摘编或以其它方式使用。 关注中新经纬微信公众号(微信搜索"中新经纬"或"jwview")，看更多精彩财经资讯。 机构间REITs定位于权益型上市产品，是构建多层次REITs市场的重要一环，是"盘活存量资产，扩大 ...

新华财经上海12月8日电 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。 据悉，本次项目的发行规模达150亿元，盘活底层资产估值超400亿元。该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）。 作为中交集团深化产融协同的战略性举措，发行机构间REITs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。 记者了解到，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。 多位业内专家向记者表示，本单项目落地的意义重大，具有一定的突破与引领效果。 首先，是盘活超大规模存量资产，服务国家战略转型。该项目构建了 "投资—融资—建设—管理— 退"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 ...