| 债券名称 | 广连高速持有型不动产资产支持专项计划 | | --- | --- | | 品种 | ABS | | 拟发行金额(单位:亿元) | 150 | | 原始权益人 | 中交第四航务工程局有限公司,中国公路工程咨询集团有限公司 | | 计划管理人 | 中信证券股份有限公司 | | 交易所确认文件文号 | 上证函〔2025〕3390 号 | | 项目状态 | 通付 | | 更新日期 | 2025-10-22 | | 会理日期 | 2025-08-06 | 全市场单笔规模最大的持有型不动产ABS，正式发行。 12月8日，广连高速持有型不动产资产支持专项计划（下称"广连高速项目"）在上交所成功发行。本次项目发行规模达150亿元，盘活底层资产估值超400亿 元，成为目前单笔发行规模最大，也是首单获政策性银行审批通过的持有型不动产ABS。 在业内人士看来，广连高速以机构间REITs形式成功盘活，为大湾区基础设施投融资创新提供了新范式，是资本市场精准服务区域重大战略、推动产融协同 发展的有力证明。 持有型不动产ABS，又被称为"机构间REITs"。其定位于权益型上市产品，是构建多层次REITs市场的重要一环，也 ...

会议建议，积极践行金融报国、金融为民的发展理念，将自身发展与"十五五"战略布局紧密结合，进一 步提升服务实体经济、服务国家战略、服务居民财富管理、服务资本市场改革发展的能力。一是积极布 局算力资产、数据资产、绿色能源、养老基础设施等领域，进一步优化ABS市场结构，提升存量资产盘 活效率和规模，推动ABS市场高质量发展。二是加快推进多层次REITs市场建设，持续拓展机构间 REITs市场空间，支持资产运管平台建设，进一步拓宽对存量资产的覆盖。三是强化行业机构自身能力 建设，探索金融科技赋能业务路径，提升资产透明度与风险防控实效，提高存续期管理质量，促进行业 规范健康发展。 证监会债券司相关负责同志表示，近年来经过行业各方积极努力，ABS及多层次REITs提质扩容，为盘 活存量资产，助力资本市场服务实体经济提供了有效动能。下一步，将加强监管引导，围绕加快建设金 融强国目标，进一步发挥好ABS及多层次REITs市场服务国家战略与新质生产力的作用。增强制度包容 性和适应性，持续推动估值、做市等方面配套机制不断优化，鼓励金融科技赋能，积极营造良好的发展 格局，进一步推动行业健康发展。 责编:陈玉尧 | 审核:李震 | ...

(来源：标普信评) 标普信评带你看世界 结构融资：境外资产证券化市场回顾及热点洞察（一） 标普信评 S&P Global China Ratings 2025年12月 标普信评带你看世界 境外资产证券化市场回顾及热点洞察 01 市场概览 发行规模、资产类型 02 市场热点 资产担保债券如何打破主权评级"天花板" 03 市场洞察 复盘持有境内不动产的海外REITs 创新产品、发展趋势 标普信评 S&P Global China Ratings 市场概览 美国资产证券化市场发行概况 ロ 美国资产证券化产品占整体固定收益市场发行规模的比例由2021年巅峰时期的38%降至2024年19%左右，但依然是美国资 本市场重要的组成部分。 图表：美国固收市场历年发行规模和各类产品占比 2024年固收市场整体发行规模 公司债 19% 蛋螺机 构证券 国债 标普信评 S&P Global 资料来源:SIFMA,标青信评签用 ff; AI识图 w China Ratings 权©2025标普信用评级(中国)有限公司。版权所 10.43万亿美元 资产证券化产品占比 市场概览 04 市场展望 美国资产证券化市场发行概况 标普信评 S& ...

近日，上交所持有型不动产ABS信息披露机制建设迎来关键发展节点，建信长租等持有型不动产ABS常 态化披露了三季度资产管理报告。同时，首次向市场发布了核心要素表。 可以看到，核心要素表等信披文件聚焦于产品基本要素、机制安排、底层资产运营表现、估值数据及投 资价值参考指标等核心特征，在上交所持有型不动产ABS信息披露专区进行了集中展示，使投资者对于 产品的关键信息一目了然。 从多元探索到标准统一信披建设赋能精准服务 "过去，我们面对产品类型丰富的ABS市场，最大的挑战是缺乏格式统一的数据定位体系。随着市场发 展，客户对ABS标准化数据的需求日益迫切。投资者会要求我们提供可比、可验证的底层资产数 据。"某头部数据服务商负责人坦言，"不同项目采用不同指标，投资者难以横向比较，我们只能进行碎 片化处理，这也使得服务效率相对低下。" 2025年8月，上交所推出了持有型不动产ABS信息披露专区，旨在集中展示持有型不动产ABS项目的信 息披露文件，投资者可在专区查阅产品公告，有效提升获取信息的针对性和便捷性。此后，建信长租、 万国数据等产品率先发布了核心要素表，首次在一份信披文件中全面、清晰地呈现了产品的基本信息、 底层资产 ...

Core Insights - The China Securities Investment Fund Industry Association reported that in October 2025, a total of 130 asset-backed special plans (ABS) were newly registered, amounting to a total scale of 1,338.60 billion yuan [1] - Among these, two ABS related to public REITs in infrastructure were registered, with a total scale of 26.82 billion yuan [1] Summary by Categories New Registrations - The top three ABS underlying assets for new registrations in October were micro-loan receivables, financing lease receivables, and accounts receivable, with registration scales of 329.23 billion yuan, 258.17 billion yuan, and 229.69 billion yuan respectively [3] Existing ABS - As of the end of October 2025, there were 2,596 existing ABS with a total scale of 22,373.77 billion yuan [5] - The existing ABS related to public REITs in infrastructure totaled 84, with a scale of 2,051.95 billion yuan [5] - The existing ABS with underlying assets such as accounts receivable, real estate holding ABS, CMBS, financing lease receivables, and micro-loan receivables accounted for a total scale of 17,621.94 billion yuan, representing 78.76% of the total existing scale [5] - The remaining ABS with other underlying assets had a total scale of 2,699.88 billion yuan, accounting for 12.07% of the total existing scale [5]

Core Insights - The issuance of the "Guotai Haitong - Zhongyuan Yuzhi Building Smart Building Commercial Property Asset-Backed Special Plan" by Yuzhi Guarantee Housing Company has successfully completed with a scale of 603 million yuan and a term of 18 years, achieving a record low coupon rate of 2.3% for 5-year CMBS in China [1] Group 1: Issuance Details - The issuance size is 603 million yuan with a term structure of 5+5+5+3 years [1] - The coupon rate of 2.3% marks the lowest in the history of 5-year CMBS in China [1] - The offering was oversubscribed by more than 3.4 times, indicating strong market demand [1] Group 2: Significance and Innovation - This issuance represents the first 5-year CMBS from a provincial state-owned enterprise in the past five years and is also the first of its kind in Henan Province [1] - The innovative cross-regional asset packaging model covers a diverse property portfolio across five provinces and five cities, addressing the challenges of financing for scattered regional assets [1] - The flexible structure of "1 large asset supporting 5 small assets" integrates core assets with multiple smaller properties, unlocking potential value and attracting attention from various investors including banks, insurance companies, trusts, and securities firms [1]

Report Industry Investment Rating - No relevant content provided Core Views - The "15th Five-Year Plan" draft proposes to support the development of innovative products such as asset securitization and promote the high - quality development of the real estate industry [2] - The "Action Plan" supports the issuance of REITs for eligible commercial real estate projects, which is conducive to revitalizing the stock assets in the commercial real estate field and promoting the recovery of the real estate industry [3] - In September 2025, the issuance of asset - securitized products in the whole market increased significantly, and the issuance costs of different types of products were differentiated [7] - The issuance scale of products in the inter - bank and exchange markets has increased, with the largest increase in credit ABS [16] - The trading activity of ABS products in the secondary market has generally increased, and products such as class REITs and micro - enterprise loans have relatively active transactions [19] Summary by Directory 1. Overall Market Issuance Situation - In September 2025, a total of 299 issues of asset - securitized products were issued in the whole market, with a total scale of 268.78 billion yuan, a 43% increase from the previous period [7] - The average issuance costs of policy - loan - based and micro - enterprise - loan - based products were relatively high, while those of personal auto - loan products were relatively low [7] - The secondary - stratification ratios of products such as trust - beneficiary rights, shantytown - renovation/affordable - housing, and accounts - receivable did not exceed 10%, while that of non - performing - loan products remained at a high level [7] - The stratification ratios of different products with underlying assets such as micro - enterprise loans and class REITs varied greatly [7] - Exchange - traded ABS: 191 issues were issued, with a total scale of 164.946 billion yuan, a 41% increase from the previous month. The coupon rates of priority products with disclosed credit ratings ranged from 1.65% to 3.95% [13] 2. Issuance Situation in the Inter - bank and Exchange Markets - Inter - bank market ABS: 38 issues of products were issued, with a scale of 36.569 billion yuan, a 72% increase from the previous month. The priority products were all rated AAAsf, and the highest coupon rate was 2.80% [16] - The secondary - stratification ratios of products ranged from 12% to 35%, and nearly 90% of inter - bank ABS products had a secondary - stratification ratio of over 20% [16] - Transaction - Association ABN: 70 issues were issued, with a total scale of 67.363 billion yuan, a 16% increase from the previous month. The coupon rates of priority products with disclosed credit ratings ranged from 1.60% to 3.80% [17] 3. Secondary Market - Inter - bank market ABS: The total trading volume was 20.378 billion yuan, and the trading activity increased significantly. Non - performing - loan products had the largest trading volume [19] - Exchange - traded ABS: The total trading volume was 104.656 billion yuan, and the trading scale increased significantly from the previous month. Class REITs products had the largest trading volume [22] - Transaction - Association ABN: The total trading volume was 54.07 billion yuan, and the trading scale further increased. Micro - enterprise loans and bank/Internet consumer loans had relatively active transactions [25]

Core Viewpoint - The successful issuance of the "Hua'an-Xingtai Leasing-Data Asset Supporting Intellectual Property ABS" marks a significant milestone in the asset-backed securities (ABS) market, specifically aimed at supporting technology innovation enterprises in industrial parks [1] Group 1: ABS Product Development - Xingtai Holdings has issued a total of 5 ABS products with a cumulative scale of 1.783 billion yuan, targeting various types of enterprises including small and medium-sized enterprises and technology-driven companies [1] - The recent ABS product features a coupon rate of 1.86%, making it the first of its kind in the country to support intellectual property for technology innovation [1] - The ABS "Xingtai Model" has emerged, characterized by a diverse product matrix that effectively revitalizes various asset classes, including financing leasing and commercial factoring [2] Group 2: Data Empowerment and Risk Control - The "Xingtai Model" utilizes data empowerment to create risk profiles for enterprises, enhancing the credibility of investment in ABS products through a risk control model based on the "Research Value Score" [2][3] - This model aims to lower financing costs for enterprises by providing a one-stop ABS financing service that connects asset value with capital market opportunities [2] Group 3: Intellectual Property as Financial Assets - Intellectual property ABS products have transformed "paper patents" into "development funds," enabling companies to leverage high-value patents for financing [4] - Xingtai Leasing has issued approximately 691 million yuan in intellectual property ABS products, facilitating financing for nearly 100 technology companies [4] - The AAA-rated guarantee from Xingtai ensures a stable operation of the ABS products, providing a safety net for investors while supporting low-cost financing for enterprises [4] Group 4: Support for SMEs and Innovation - The Shanghai Stock Exchange (SSE) is actively promoting financial support for small and medium-sized enterprises and technology-driven companies through various initiatives, including the "Five Major Financial Articles" action plan [6][7] - The ongoing development and replication of the ABS "Xingtai Model" are expected to enable more enterprises to utilize asset securitization tools to activate existing assets and attract low-cost capital for economic development [7] - The SSE plans to enhance product case promotion to help SMEs and technology enterprises better understand and utilize asset securitization products to reduce financing costs and broaden funding channels [7]

Core Viewpoint - The launch of the "Jianxin Long-term Rental" real estate asset-backed securities (ABS) marks a significant milestone in China's asset securitization market, indicating a shift towards platform-based and normalized development in the sector [1] Group 1: Product Overview - The "Jianxin Long-term Rental" ABS is categorized as an equity-type ABS, also known as "inter-institutional REITs," representing an innovative product within the asset-backed securities framework [1] - This expansion listing is a crucial step following the initial listing on July 30, 2024, highlighting the successful implementation of six innovative mechanisms including information disclosure, incentive constraints, liquidity support, secondary trading, asset operation governance, and continuous expansion [1] Group 2: Market Implications - The continuous expansion mechanism is pivotal for the product's ongoing growth, asset portfolio optimization, and long-term value enhancement [1] - The Jianxin Housing Rental Fund aims to collaborate with partners to improve the management of underlying projects, cultivate quality assets, and promote the growth of the "Jianxin Long-term Rental" asset management platform to create long-term value for investors [1]

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]