2025年年末， 酒店资产被正式纳入REITs范畴，无论是基础设施公募REITs还是商业不动产REITs，都对 这类资产开放了大门。此次大同-中航-依云四季酒店文旅持有型不动产ABS项目，也意味着国内酒店资 产正式进入公募REITs和机构间REITs"双轨并行 " 的局面。 据了解，这是市场首单酒店持有型不动产ABS项目，也是深交所首单、市场第二单文旅类持有型不动产 ABS项目，市场首单贴标"百千万工程"的持有型不动产ABS项目。 该项目底层资产为位于惠州市的南昆山温德姆度假酒店和依云四季温泉，是温德姆在国内的首个温泉酒 店，获中国五星级温泉和优质珍稀温泉双品牌认证。项目所处位置在广东省重点发展的环南昆山—罗浮 山县镇村高质量发展引领区，也是广东省深入实施"百县千镇万村高质量发展工程"的标杆项目。 新华财经北京2月12日电据深交所官网显示，2月11日，大同-中航-依云四季酒店文旅持有型不动产ABS 项目正式申报并获受理。该项目原始权益人为惠州依云四季酒店管理有限公司，计划管理人为大同证券 有限责任公司，销售机构和财务顾问为中航证券有限公司，拟发行规模4.65亿元。 （文章来源：新华财经） ...

Core Viewpoint - The issuance of the asset-backed securities (ABS) by Guojin Asset Management and Xinjiang Guoxin marks a significant milestone as it is the first holding-type real estate ABS product in Xinjiang and the first thermal power holding-type real estate ABS in the country [1] Group 1: Issuance Details - The total issuance scale of the ABS is 5.46 billion yuan [1] - The original equity holder is Taicang Port Xiexin Power Co., Ltd. [1] - The project is managed by Guojin Asset Management [1] Group 2: Structural Design - The product features a flat structure design, meaning all security holders are in the same payment priority level [1] - Cash flows for the ABS are derived 100% from the operational income of the Quanzhong Thermal Power Plant [1]

Investment Rating - The investment rating for the company is "Accumulate" with a target price of 14.10 CNY [7]. Core Views - The company has seen revenue growth but a decline in profit, with a slight decrease in gross margin. The successful completion of a share issuance and the acceleration of real estate ABS issuance will help further activate existing assets [3][14]. - The company is adjusting its business structure, focusing on property management, trade and services, and gradually exiting real estate sales [14]. Financial Summary - Total revenue for 2023 is 7,695 million CNY, with a projected decrease to 7,240 million CNY in 2024, followed by a slight increase to 7,299 million CNY in 2025. The net profit attributable to shareholders is expected to decline from 929 million CNY in 2023 to 849 million CNY in 2025 [5][15]. - The gross profit margin is projected to decrease from 35.5% in 2023 to 29.7% in 2025, while the net profit margin is expected to decline from 12.4% to 11.9% over the same period [15]. Business Structure Adjustment - In property management, the company is experiencing both quantity and quality improvements, with steady project construction and effective collaboration in the pharmaceutical industry [14]. - In trade and services, the company is leveraging opportunities from the Silk Road e-commerce initiative and the Free Trade Zone enhancement strategy to expand its business scale [14]. - The company is gradually exiting real estate sales, focusing on the sale of commodity housing and accelerating the disposal of non-core assets such as parking spaces and shops [14]. Capital Raising and Asset Management - The company successfully completed a share issuance of 224 million shares at a price of 11.02 CNY per share, raising a total of 2.474 billion CNY. Additionally, the company issued various direct financing products totaling 6 billion CNY, with an average financing cost reduction of 33 percentage points [14]. - The ongoing push for real estate ABS issuance is expected to further activate existing assets and create a positive cycle in the development and operation of industrial parks [14].