Core Viewpoint - The yield of debt investment plans has significantly declined in recent years, with new products averaging expected yields of "3%+" and high-quality asset projects dropping below 3% [2][3]. Summary by Sections Yield Trends - The average yield of newly registered debt investment plans has fallen to a range of 3.6% to 3.9% this year, with yields above 4% becoming rare [3][4]. - Historical data shows a clear downward trend in yields over the past decade, with infrastructure debt plans averaging 6.61% in 2015 and real estate debt plans at 7.25% [4][5]. Market Dynamics - The decline in yields is attributed to reduced financing demand from traditional sectors like real estate and infrastructure, which are currently in an adjustment phase [6]. - The competition among financing methods, including trust plans and bank loans, has intensified, making it challenging for debt investment plans to maintain competitive yields [7][8]. New Investment Opportunities - There is a slight yield advantage for debt plans targeting new infrastructure projects, with yields approximately 40 basis points higher than traditional sectors [6]. - The focus is shifting towards new economic sectors, such as 5G, IoT, and data centers, which are seen as potential growth areas for long-term investment [6]. Perpetual Debt Plans - Perpetual debt plans are gaining traction due to their favorable characteristics for both issuers and investors, offering a more "friendly" financing method for asset-liability ratios [7][8]. - Several perpetual debt plans have been registered recently, indicating a growing interest in this financing structure [7].