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]

Core Viewpoint - The company plans to initiate the issuance of a real estate asset-backed special plan in collaboration with CITIC Securities, focusing on indirectly held standard factory projects as underlying assets [1] Group 1 - The special plan is tentatively named "CITIC Securities - Waigaoqiao Group Real Estate Asset-Backed Special Plan" [1] - The issuance scale will be determined based on the valuation of the underlying assets and the final issuance results [1] - The target investors for the issuance are professional institutional investors, with the original rights holder or its affiliates subscribing for 10%-20% of the shares [1] Group 2 - The duration of the special plan will be determined according to the expiration date of the land use rights of the underlying assets [1] - The listing venue for the special plan will be the Shanghai Stock Exchange [1]

Core Viewpoint - The company aims to enhance liquidity by selling its entire stake in several wholly-owned subsidiaries engaged in rooftop photovoltaic power generation projects in China for approximately RMB 470 million [1] Group 1: Transaction Details - The company entered into an agreement on June 3, 2025, to sell its stake and outstanding loans related to the rooftop photovoltaic projects [1] - The total consideration for the sale is approximately RMB 470 million [1] - The company will also subscribe to part of the equity-level asset-backed securities issued under the second phase of the asset-backed special plan, amounting to RMB 24 million, which represents about 5.1% of the total principal amount of the asset-backed securities [1] Group 2: Use of Proceeds - The net proceeds from the sale will be used to invest in rooftop photovoltaic and energy storage projects, repay bank loans, and serve as general working capital [1]