Core Insights - The issuance of the Citic Financial Asset Yunfan Phase 3 asset-backed securities (ABS) was successfully completed on the Shanghai Stock Exchange, with a total scale of 4.98 billion yuan [1] - The issuance rates were set at 1.73% for a six-month term and 1.78% for a one-year term, marking a successful launch with "three issues, three successes" [1] - The Yunfan series ABS is the largest product of its kind issued this year, with a cumulative issuance scale of 20 billion yuan, reflecting strong market confidence in the company's growth prospects [1] Summary by Categories Issuance Details - The scale of the Yunfan Phase 3 ABS is 4.98 billion yuan [1] - The issuance rates are 1.73% for six months and 1.78% for one year [1] Market Reception - The Yunfan series ABS has achieved a cumulative issuance of 20 billion yuan this year [1] - The product received high recognition and active subscriptions from various investors, including banks, wealth management firms, and funds [1] - The strong demand indicates a firm confidence in the company's development outlook [1]

Core Viewpoint - Mingyang Smart Energy (601615.SH) is actively responding to national policy initiatives by launching a special asset-backed plan to revitalize existing assets and reduce its debt ratio, thereby promoting high-quality development in infrastructure [1] Group 1: Company Actions - The company’s subsidiary, Beijing Jiyuan New Energy Investment Co., Ltd., plans to use its holdings in Shaanxi Jingbian Mingyang New Energy Power Co., Ltd. as the target project for the asset-backed plan [1] - The underlying asset for this plan will be the Shaanxi Jingbian Ningtiaoliang Wind Farm project, which is held by Jingbian Mingyang [1] - The implementation of this asset-backed plan is expected to further activate existing assets and unlock their potential value [1] Group 2: Industry Impact - The initiative is aimed at promoting a virtuous cycle of investment in the wind power infrastructure development and operation sector [1] - It is designed to facilitate a full lifecycle development model, ensuring sustainable and stable operations for the company [1] - The plan is anticipated to enhance the company's sustainable operational capabilities [1]

Core Viewpoint - Gaoyang Technology (00818) has announced the approval of a supply chain financial asset-backed special plan, which aims to issue asset-backed securities supported by specific loan trust rights within China, with a maximum issuance scale of RMB 217 million [1] Group 1: Announcement Details - The board of Ronghui Zhida Factoring has approved the issuance of asset-backed securities under the "Xingyao No. 2" supply chain financial asset-backed special plan [1] - The maximum issuance scale of the asset-backed special plan is set at RMB 217 million, which can be issued within 12 months from the approval date, specifically by September 3, 2026 [1] - The asset-backed special plan was officially established on September 19, 2025, with a total issuance scale of RMB 217 million [1] Group 2: Purpose of Fundraising - The proceeds from the issuance of asset-backed securities will primarily be used as general operating funds classified under the group's financial technology business [1] - The board believes that issuing asset-backed securities through the special plan will effectively broaden the group's financing channels and acquire low-cost funds, thereby optimizing the company's financing structure and promoting operational activities and investment layout [1]

于2025年9月19日正式成立资产支持专项计划，总发行规模为人民币2.17亿元。 发行资产支持证券所得款项将主要用作集团金融科技业务分类的一般营运资金。董事会相信，透过资产 支持专项计划发行资产支持证券，可有效拓宽集团融资渠道，获取低成本资金，进而优化公司融资结 构，促进经营活动及投资布局。 智通财经APP讯，高阳科技(00818)发布公告，融汇智达保理董事会已批准随信云链-星耀二号供应链金 融资产支持专项计划及于中国境内发行以特定贷款信託项下债权及附属权利(包括但不限于本金、利 息、违约金及担保权益的权利)支持的资产支持证券。根据上海证券交易所出具的无异议函，资产支持 专项计划发行的规模上限为人民币2.17亿元，可于获批当日起的12个月内，即2026年9月3日前发行。 ...

Group 1 - The company held its 15th meeting of the 10th Board of Directors on September 10, 2025, to discuss key financial strategies [1][2][3] - The Board approved a proposal to participate in the issuance of an asset-backed special plan with a total issuance amount not exceeding 3 billion yuan [10][12] - The proposal aims to enhance financing channels, revitalize existing assets, and improve working capital turnover efficiency [2][26] Group 2 - The company plans to hold the second extraordinary general meeting of shareholders on September 26, 2025, to further discuss the approved proposals [5][30] - The meeting will allow shareholders to vote both in person and online, ensuring broad participation [32][34] - The company emphasizes compliance with legal and regulatory requirements for the meeting [31][33] Group 3 - The asset-backed special plan will involve the transfer of receivables from original creditors to the special plan, managed by CITIC Securities [10][16] - The plan will be structured to include both senior and subordinated asset-backed securities, with specific terms to be detailed in the plan documentation [14][16] - The company will act as a guarantor for any payment shortfalls related to the special plan [21][25]

Core Viewpoint - Shandong Road and Bridge (000498.SZ) aims to broaden financing channels and enhance working capital turnover efficiency through the issuance of an asset-backed special plan, with a total issuance amount not exceeding 3 billion yuan [1] Group 1: Financing Strategy - The company plans to utilize its subsidiaries, Shandong High Commercial Factoring (Tianjin) Co., Ltd. and Zhongnuo Commercial Factoring (Shenzhen) Co., Ltd., as original equity holders for the issuance [1] - The special plan will be issued in a series, with specific names to be confirmed upon final approval, indicating a structured approach to financing [1] Group 2: Financial Commitment - The company will act as the differential payment guarantor for the special plan, indicating a commitment to support the financial structure of the issuance [1] - The total issuance amount is capped at 3 billion yuan, with the specific scale of each issuance to be detailed in the respective plan's explanatory document [1]

2025年9月10日，山东高速路桥集团股份有限公司第十届董事会第十五次会议通讯召开，应出席董事未 提及人数，实际出席10人，由董事长林存友主持。会议审议通过两项议案，一是拟参与发行资产支持专 项计划，子公司山高保理等拟作原始权益人，公司拟作差额支付承诺人，计划采取储架额度分期发行， 总额不超30亿元，尚需提交股东大会审议；二是拟定于9月26日召开2025年第二次临时股东大会。两项 议案表决均为10票同意，0票反对，0票弃权。相关详情见指定报刊及巨潮资讯网公告。 ...

Core Insights - China Great Wall Asset successfully issued the "Changxing No. 19 Asset-Backed Special Plan" on the Shanghai Stock Exchange, with a total issuance scale of 4.02 billion yuan [1] - The product attracted significant interest from various investors, including bank wealth management subsidiaries, brokerages, and fund companies, with a subscription multiple exceeding two times [1] - This issuance marks the fourth asset-backed security (ABS) product under a 50 billion yuan asset-backed plan framework established by China Great Wall Asset, achieving the lowest issuance rates in the history of the "Changxing" series for corresponding maturity tranches [1] Financial Details - The issuance includes two priority tranches: A1 with a term of 0.48 years and a coupon rate of 1.92%, and A2 with a term of 0.98 years and a coupon rate of 1.99% [1] - Both priority tranche issuance rates have entered the "1" range, reflecting strong market confidence in the brand and high-quality development of China Great Wall Asset [1]

Core Viewpoint - The company aims to revitalize its existing assets, improve its capital structure, and ensure sustainable development through a series of financial maneuvers involving its subsidiary and asset-backed securities [1][2] Group 1: Asset Management and Financial Strategy - The company approved the issuance of an asset-backed special plan (similar to REITs) with a scale not exceeding 38.01 billion yuan, with a term of no more than 30 years, using the Dongguan Ningzhou site as the underlying asset [1] - The company will provide operational support and performance guarantees for its subsidiary, Guangdong Yue Electric Binhai Bay Energy Co., Ltd., not exceeding 4.3 billion yuan [1] - The company plans to invest up to 950 million yuan as a limited partner in a newly established limited partnership with Guangdong Yue Electric Linghang Energy Co., Ltd. and China Kangfu International Leasing Co., Ltd. [1] Group 2: Equity and Debt Structure Adjustments - The company will transfer 100% equity of Binhai Bay Energy Co., Ltd. to the limited partnership through a non-public agreement and adjust the subsidiary's equity and debt structure as needed [2] - The company will hold priority acquisition rights for the equity and debt of Binhai Bay Energy Co., Ltd., as well as for the priority asset-backed securities and limited partnership agreement shares [2] - After the issuance of the asset-backed securities, Binhai Bay Energy Co., Ltd. may issue entrusted loans to the company, not exceeding 1.3 billion yuan [2]

Group 1 - The People's Bank of China conducted a 131 billion yuan 7-day reverse repurchase operation at an interest rate of 1.40%, maintaining the previous rate, resulting in a net withdrawal of 275.5 billion yuan due to 406.5 billion yuan of reverse repos maturing on the same day [1] - The Shanghai Interbank Offered Rate (Shibor) saw declines across all maturities, with the 7-day and 14-day rates leading the drop; specifically, the overnight Shibor fell by 5.50 basis points to 1.3670%, the 7-day Shibor decreased by 23.30 basis points to 1.5300%, and the 14-day Shibor dropped by 1.10 basis points to 1.7660% [1][2] Group 2 - In the interbank pledged repo market, the R001 rate plummeted by over 80 basis points, with significant increases in transaction volumes; the weighted average rates for DR001 and R001 fell by 14.3 basis points and 84.6 basis points, respectively, with transaction amounts rising to 9.64 billion yuan and 222.68 billion yuan [6] - The money market rates showed a trend towards easing, with overnight rates trading around 1.40% and 7-day rates around 1.58% by the end of the day, indicating a shift to a more relaxed liquidity environment [10] Group 3 - The China Banking Research Institute reported that the net interest margin for commercial banks in the first quarter of 2025 was 1.43%, a year-on-year decrease of 0.11 percentage points, marking a historical low; however, the decline rate has narrowed compared to the same period in 2024 [13] - The China Fund Industry Association indicated that in May 2025, 132 new asset-backed special plans were registered, with a total new registration scale of 120.619 billion yuan [13]