创新询价发行夯实市场化定价基础 近日，协鑫集团能源项目持有型不动产ABS（机构间REIT）已启动询价发行工作。 该项目底层是协鑫集团旗下持有的新疆国信超临界燃煤火电机组，资产估值90亿元，本次发行规模预计 达63亿元，拟采用市场化询价方式发行。 突出权益属性彰显优质资产信用 协鑫项目作为全国首单火电机构间REIT，项目底层资产为新疆准东火电厂，采用"煤电一体化"运营模 式，与红沙泉露天煤矿直线距离仅约4公里，通过专用输煤廊道实现高效传输，构建起独特的成本竞争 优势，项目收益较为稳定。 该产品采用平层结构设计，在坚持"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范式。 据了解，多家投资机构已高度关注该产品，投资者类型涵盖保险、银行理财、券商自营、产业资本、公 募基金、私募股权基金、信托及地方AMC等。 机构间REITs是ABS框架下的权益型资产证券化产品，在机构投资者间发行，有较强的制度包容性，是 构建多层次REITs市场的重要一环，是贯彻 ...

山东墨龙（002490）(00568)发布公告，为盘活存量资产，提高资产使用价值，增强资产流动性，拓展 公司融资渠道，公司拟以所拥有的部分机器设备作为租赁标的物，与诚泰融资租赁(天津)有限公司开展 售后回租融资业务，融资金额不超过人民币8000万元，租赁期限不超过36个月。在租赁期内，公司以售 后回租的方式继续使用该部分生产设备，至合同约定的租赁期结束，标的资产所有权将转移至公司。 ...

格隆汇9月25日丨明阳智能(601615.SH)公布，为积极响应国家政策号召，有效盘活存量资产，进一步降 低资产负债率，促进基础设施高质量发展，公司控股子公司北京洁源新能投资有限公司(简称"北京洁 源")拟以其持有的陕西靖边明阳新能源发电有限公司(简称"靖边明阳")作为标的项目公司，并以靖边明 阳持有的陕西靖边宁条梁风电场项目作为底层资产，开展中信建投-明阳智能新能源持有型不动产资产 支持专项计划(简称"专项计划")的申报发行工作。 通过开展持有型不动产资产支持专项计划，公司将进一步盘活存量资产、释放存量资产的潜在价值，有 利于促进公司在风力发电基础设施开发运营领域投资的良性循环，打通全生命周期发展模式，促进持续 健康平稳运营，增强公司可持续经营能力。 ...

会议期间，由北京产权交易所和国投资产携手打造的"央国企资产处置盘活专区"正式上线。北京产权交 易所党委委员、副总经理梁献军在上线仪式中指出，作为产权市场领军机构，北京产权交易所多年来紧 紧围绕国资国企改革中心任务，积极助力盘活存量资产，推动各类要素资源在高效流转中实现优化配 置。为进一步畅通信息流转渠道、深化跨主体资源共享，北京产权交易所与国投资产携手打造了"央国 企资产处置盘活专区"，旨在以市场化、专业化手段提升国有资本配置效率，助力国有经济布局优化和 结构调整。 在项目推介环节，20余家中央企业集中释放130余个优质项目资源，覆盖能源、电力、生产制造、运 输、金融、商务服务等多个核心板块。会议特别遴选7家央企的13个重点项目进行现场路演，全方位展 示项目核心优势、市场前景与合作模式。 《证券日报》记者9月25日从北京产权交易所获悉，近日，中国产权协会资本投资运营专业分会二届二 次理事会暨项目推介会在京召开。本次会议由中国产权协会资本投资运营专业分会(以下简称分会)主 办、国投资产管理有限公司(以下简称国投资产)承办、北京产权交易所协办，旨在助力盘活存量资产、 扩大有效投资，共话国资央企高质量发展，推动全国 ...

Core Viewpoint - Shanghai Jiao Tong University Anli Co., Ltd. plans to lease its subsidiary's property, the Shanshui Jingyuan Clubhouse, to Shanghai Songtian Investment Management Co., Ltd. for a total amount of 13,783,716 yuan over a 10-year lease period, which is expected to enhance asset utilization and generate rental income for the company [2][3][16]. Transaction Overview - The Shanshui Jingyuan Clubhouse, developed in 2004, has a total area of 3,211.36 square meters, with 2,766.71 square meters available for lease [3]. - The lease agreement was approved by the company's board on September 22, 2025, with a unanimous vote of 6 in favor [4]. - The transaction does not constitute a related party transaction or a major asset restructuring [4]. Financial Details - The rental price is set at 1.4 yuan per square meter per day, aligning with the market rates of 1.2 to 1.5 yuan per square meter per day for similar properties in the vicinity [7]. - The monthly rent for the first five years is approximately 117,804 yuan, increasing to 123,705 yuan for the subsequent five years [10]. Lease Terms - The lease term is 10 years, starting from October 16, 2025, with a 6-month rent-free period for renovations [9]. - The lessee is responsible for all operational costs, including utilities and property management fees [12]. - The lessee must handle all necessary permits and licenses for operation, assuming all related risks [13]. Impact on the Company - Leasing the property is expected to improve asset efficiency and generate rental income, positively impacting the company's financial status [16]. - The transaction is conducted under fair and reasonable market principles, ensuring no harm to the company's or shareholders' interests [16].

9月18日晚间，美芝股份（002856）发布公告，拟转让50项房产，"回血"近4000万元。 公告显示，为盘活存量资产、优化资源配置，美芝股份拟通过在广东联合产权交易中心公开挂牌的方 式，转让50项房地产，建筑面积合计为3,097.90平方米。 房产分别位于建信天宸花园、螺蛳湾中心、那香山雨林度假村、武汉玺院，账面价值合计4,670.25万 元，拟以中联资产评估集团有限公司出具的评估报告中所确定标的资产评估值3,931.06万元为底价（评 估基准日为2025年8月31日），以公开挂牌方式转让，最终交易价格以公开挂牌结果为准。 美芝股份称，本次交易为公开挂牌转让资产，目前尚未签署交易合同或协议。本次出售标的资产，有利 于公司高效盘活资产，提升经营效率，降低管理成本，回笼资金聚焦主业发展，增强公司的盈利能力和 抗风险能力，本次出售标的资产不会影响公司的正常经营活动。 公司表示，鉴于本次出售标的资产是以公开挂牌方式转让，处置完成情况存在不确定性，预计获得的损 益及对上市公司本期和未来财务状况和经营成果的影响暂无法确定，具体影响金额以处置完成后会计师 年度审计结果为准。 卖房背后，是美芝股份近年连续亏损。 公开资料显 ...

Core Viewpoint - The National Development and Reform Commission (NDRC) has issued a notification aimed at promoting the high-quality development of infrastructure Real Estate Investment Trusts (REITs), focusing on revitalizing existing assets and expanding effective investment [1] Group 1: Market Expansion and Support - The notification prioritizes the expansion of the REITs market by consolidating mature asset advantages and exploring new fields, while also opening channels for private investment [2] - It encourages the submission of high-quality infrastructure projects that align with national strategies and policies, and accelerates the application process for mature asset types such as toll roads and clean energy [2] - New asset types such as railways, ports, and cultural tourism are identified for exploration, with a focus on resolving challenges to meet issuance conditions [2] Group 2: Dynamic Project Management - A dynamic mechanism is emphasized, requiring provincial development and reform commissions to establish project ledgers for promising infrastructure projects, ensuring compliance from the planning stage [3] Group 3: Simplified Processes and Asset Range - The notification introduces support policies to enhance the asset integration capabilities of listed REITs, lowering operational thresholds and broadening asset boundaries [4] - It allows listed infrastructure REITs to apply for new projects six months after their initial issuance, streamlining the approval process [4] - The notification supports the acquisition of similar and related projects across different sectors, promoting the consolidation of existing assets [4] Group 4: Compliance and Fund Utilization - The notification emphasizes a balanced focus on project compliance, procedural integrity, and fund utilization efficiency to ensure healthy market development [5] - It outlines key conditions for project recommendations, including clarity of ownership and stability of operations, while aligning with national strategies [5] - The NDRC encourages projects with a high ratio of net recovery funds to total fund issuance, and mandates tracking of fund usage for listed projects [5]

Core Insights - Hengli Group ranks 3rd in the 2025 China Private Enterprises 500 Strong list with a revenue of 871.5 billion yuan, marking its fifth consecutive year in this position [1] - The company has a workforce of 210,000, significantly larger than Tencent's 112,100 employees, highlighting its substantial scale in the industry [1] Group 1: Business Strategy - Hengli Group has established a complete industrial chain from crude oil to consumer products, including petrochemicals and textiles, which is rare in the industry [2] - The company began its journey in 1994 by acquiring a local textile factory for 3.69 million yuan, quickly turning it profitable within a year [2] - In 2002, Hengli expanded into upstream chemical fiber production, investing 2.2 billion yuan to establish Jiangsu Hengli Chemical Fiber Co., becoming a leader in the chemical fiber industry [4] Group 2: Market Adaptation - Hengli's strategic moves during economic downturns, such as acquiring production lines during the 1997 Asian financial crisis and investing in equipment during the 2008 financial crisis, allowed it to capitalize on recovery periods [8] - The company entered the petrochemical sector in 2010 with the establishment of the Dalian Changxing Island Industrial Park, which became a significant project for private enterprises in China's refining industry [4] Group 3: Recent Developments - Hengli is currently expanding into shipbuilding through Hengli Heavy Industry, acquiring the idle STX (Dalian) shipyard and building large oil tankers and bulk carriers [8][9] - The shipbuilding division has already launched over 70 vessels and has orders scheduled until 2029, positioning itself as a major player in the global shipbuilding market [9] - Hengli Heavy Industry is also preparing for a backdoor listing, with leadership transitions indicating a focus on nurturing the next generation of management [12]

Core Viewpoint - Jiahe Intelligent Technology Co., Ltd. is taking steps to enhance the operational efficiency of its assets by leasing out idle assets from its wholly-owned subsidiary, Dongguan Jiahe Acoustic Technology Co., Ltd. [1] Summary by Relevant Sections - **Asset Leasing Details** - The company plans to lease out part of its idle assets located at No. 151, Shipaizhen Dongyuan Avenue, Dongguan City, Guangdong Province [1] - The rental fee will increase by 10% every three years, with the first rental period from January 1, 2026, to December 31, 2028, set at a monthly rent of 235,930.5 yuan (including tax) [1] - The subsequent rental period from January 1, 2029, to December 31, 2031, will have a monthly rent of 259,523.55 yuan (including tax) [1] - The total contract amount for the lease is 17.8363 million yuan [1]

Group 1 - The company, Jiahe Intelligent (300793), announced that its wholly-owned subsidiary, Dongguan Jiahe Acoustic Technology Co., Ltd., plans to lease out part of its idle assets located at No. 151, Dongyuan Avenue, Shipa Town, Dongguan City, Guangdong Province, for industrial factory purposes [1] - This leasing of idle assets is expected to help the company activate its existing assets and improve asset utilization [1]