Group 1: Core Insights - Hubei Province is advancing the "Three Assets and Three Transformations" reform to revitalize state-owned assets and enhance local economic vitality, reflecting a strong commitment from local government to activate dormant resources and convert them into active capital [1][2][3] - The reform aims to optimize existing resources and improve financing channels through innovative financial tools, such as Asset-Backed Securities (ABS) and public Real Estate Investment Trusts (REITs), which are becoming increasingly mature [2][3] - The local government is addressing the dual challenges of resource underutilization and funding gaps, with a focus on asset securitization to unlock the value of state-owned resources [3][4] Group 2: Implementation Cases - Since 2025, Hubei has accelerated the "Three Assets and Three Transformations" reform, successfully issuing multiple projects like the Wuhan Hongshan Artificial Intelligence Building CMBS and ABS for affordable rental housing, raising over 500 million yuan [5][6] - Notable cases include transforming abandoned mines into hydrogen energy warehouses and integrating various rights for tourism projects, showcasing innovative approaches to resource assetization [5][6] - The establishment of a risk compensation fund of 1 billion yuan by the provincial government has facilitated credit loan reforms, significantly increasing the scale of credit loans issued to small and micro enterprises [5][6] Group 3: Impact on Bond Market - The reform is expected to diversify the types of securitized assets, expanding beyond traditional categories to include new asset classes like data assets and forestry carbon credits [7][8] - The asset securitization market in Hubei has seen a nearly twofold increase in issuance scale since 2025, driven by targeted policies that clarify securitization pathways for different asset types [8] - The transformation of local investment platforms from financing and construction to operation and activation is anticipated to enhance the efficiency of managing existing assets, thereby improving cash flow and supporting industrial transformation [8][9] Group 4: Broader Implications - The successful implementation of the "Three Assets and Three Transformations" reform in Hubei may serve as a model for other provinces, promoting a nationwide trend of revitalizing dormant assets [9] - By converting idle resources into tradable and financeable assets, the reform is expected to provide local governments with additional financial resources, alleviating current debt pressures [9] - The reform's clear pathways for resource-asset-capital transformation may attract more capital market interest in regions demonstrating strong asset revitalization capabilities [9]

Report Summary 1. Report Industry Investment Rating There is no information provided regarding the report industry investment rating in the given content. 2. Core Viewpoints - Overseas: Ahead of the China - US negotiations, the US is considering restricting exports of products made with US software to China. The overnight US stock market's major indices closed down slightly, and the market showed strong resistance to this news. Inflation data will be released the next day, and other asset performances were relatively stable. Attention should be paid to tariff - related news and economic data [2]. - Domestic: On Wednesday, the broader market slightly declined, with the Shenzhen Component Index and the ChiNext Index falling more significantly. The market still lacks a clear main line, and the profit - making effect of individual stocks is poor. Policy - oriented signals from the learning newspaper have given the market some confidence. The real estate and state - owned enterprise reform concepts are strengthening, indicating that funds are betting on the development of deep - earth economy, resource assetization, and asset securitization. The stock index is expected to continue to fluctuate, and in the short term, it may retest the 20 - day moving average [3]. 3. Summary by Directory 3.1 Important News - US Senate: The 12th rejection of the temporary appropriation bill led to a "shutdown" [5]. - Japan: The newly - appointed Japanese Prime Minister, Hayase Sanae, plans a procurement package to please Trump [5]. - Tariffs: India and the US are about to reach a trade agreement, reducing tariffs on India to 15% - 16%. The Trump administration is preparing a drug investigation to pave the way for new tariffs [5]. - Russia - Ukraine Situation: The EU approved the 19th round of sanctions against Russia, including a liquefied natural gas import ban. The US is reported to allow Ukraine to use long - range missiles against Russia, but Trump called it fake news. The US Treasury sanctioned two major Russian oil companies, and Trump cancelled his meeting with Putin in Budapest [5]. - China - US Trade: Trump said that China and the US will reach a trade agreement at the APEC summit, but the foreign ministry has no information to provide [5]. - Shenzhen: It aims to exceed 20 trillion yuan in the total market value of domestic and overseas listed companies by the end of 2027 [6]. - Fund Rules: A draft for soliciting opinions on the performance comparison benchmark rules for public funds is about to be released [7]. - Foreign Exchange: In the first three quarters of this year, China's foreign - related payment and receipt totaled 11.6 trillion US dollars, a record high for the same period, with a year - on - year increase of 10.5%. Cross - border capital inflows were 119.7 billion US dollars, and the bank settlement and sales surplus was 63.2 billion US dollars, both higher than the previous year [7]. 3.2 Futures Market Tracking - Performance: The performance of various stock index futures contracts, including the Shanghai 50, CSI 300, CSI 500, and CSI 1000, is presented, showing the closing price, settlement price, change, change rate, basis, etc. [9]. - Trading Volume and Open Interest: The trading volume, trading volume change, turnover, turnover change, open interest, and open interest change of each contract are provided, along with the net position of the top 20 members [10]. 3.3 Spot Market Tracking - Index Performance: The current points, daily, weekly, monthly, and annual changes, trading volume, and price - to - earnings ratios of major indices such as the Wind All - A, Shanghai Composite Index, Shenzhen Component Index, and others are shown [29]. - Sector Performance: The performance of different sectors, including upstream, mid - stream, consumer, TMT, financial, and public utility sectors, is analyzed, including their price changes, trading volumes, and price - to - earnings ratios [29]. - Market Style Impact: The impact of market styles (cycle, consumption, growth, finance, stability) on the Shanghai 50, CSI 300, CSI 500, and CSI 1000 indices is presented, including the number of stocks, weights, and daily, weekly, monthly, and annual contributions [30][31]. - Valuation: The valuations and historical quantiles of major indices and Shenwan sectors are shown [33][36]. - Market Activity: The Sunday average trading volume, Sunday average turnover rate, number of rising and falling stocks, and index trading volume changes are presented [38]. 3.4 Liquidity Tracking - Central Bank Operations: The central bank's open - market operations, including money injection, money withdrawal, and net money injection, are shown [44][45]. - Interest Rates: The Shibor interest rate levels are presented [44][46].

Core Viewpoint - The Hubei Provincial Water Resources Department has issued a pilot plan for the asset reform of water resources and water engineering, aiming to transform water advantages into economic and ecological advantages through innovative measures [1][2]. Group 1: Reform Objectives - The plan focuses on "resource assetization, asset securitization, and financial leverage" as its main line, with a systematic layout of reform tasks [1]. - It aims to clarify the status of water resources, assets, and funds comprehensively, ensuring data authenticity and identifying resources that can be revitalized [1]. Group 2: Implementation Strategies - The plan includes six categories of 16 typical models for pilot projects, such as direct trading models based on water ecological product value realization and water rights trading, and green finance models like water loans and water-saving loans [2]. - A roadmap for reform is outlined, requiring local governments to develop implementation plans by July 10 and complete pilot tasks by November 30 [2]. Group 3: Management and Oversight - The Provincial Water Resources Department will establish a working group for the asset reform, providing case guidance, professional training, and work scheduling to ensure progress [2].