2025 年 07 月 23 日 打破资产边界：RWA 和数字资产全 解析 ——全球货币体系重构与人民币国际化系列之四 相关研究 《从稳定币应用场景展望人民币国 际化的未来——全球货币体系重塑 和人民币国际化系列之三》 2025/06/22 《美元"稳定币"未必"稳定"—— 全球货币体系重构与人民国际化系 列之二》 2025/06/02 证券分析师 金倩婧 A0230513070004 jinqj@swsresearch.com 冯晓宇 A0230521080005 fengxy2@swsresearch.com 林遵东 A0230524100005 linzd@swsresearch.com 涂锦文 A0230525070006 tujw@swsresearch.com 王胜 A0230511060001 wangsheng@swsresearch.com 联系人 涂锦文 (8621)23297818× tujw@swsresearch.com 本研究报告仅通过邮件提供给 中庚基金 使用。1 ⚫ 风险提示：底层资产风险、技术与安全风险、市场与流动性风险。 策 略 研 究 证 券 研 究 报 告 大 类 资 ...

Group 1 - The REITs market is transitioning from a "standardized path" to a "diversified approach," encompassing traditional infrastructure and emerging asset types like data centers and green energy [1][2] - Shoucheng Holdings (0697.HK) promotes the concept of "everything can be REITs," exploring new asset types that are "operable, priceable, and securitizable" [1][2] - The company has been active in the market since the REITs pilot program began, and is now advancing financialization attempts for new infrastructure as the regulatory framework improves [1] Group 2 - In June 2025, Shoucheng Holdings participated as a strategic investor in the Southern Wanguo Data Center REIT and Southern Runze Technology REIT, marking a breakthrough in the securitization of data centers [1] - The company is leveraging the flexibility of the REITs system and its operational capabilities to expand the boundaries of "securitizable" assets [2] - Shoucheng Holdings' approach to asset value reconstruction involves identifying original assets, reshaping operational models, and designing financial products, which is expected to broaden asset boundaries in the REITs market [2]

Core Viewpoint - The Shanghai Stock Exchange (SSE) has initiated the development of a holding-type real estate Asset-Backed Securities (ABS) market, which currently has six products with a total custody scale of approximately 12.096 billion yuan, and 14 projects under review. This market is diversifying its underlying asset types, including highways, affordable rental housing, office buildings, and data centers, marking a new phase of growth in the sector [1]. Market Development - The holding-type real estate ABS market in Shanghai has shown steady growth and continuous improvement, with an increase in the number and scale of issuances, and a diversification of product types covering various fields such as affordable rental housing, data centers, and transportation infrastructure [1]. - The market has attracted a diverse range of investors, including bank wealth management, brokerage proprietary trading, and insurance asset management, leading to enhanced market liquidity and activity [1]. Information Disclosure - The core feature of holding-type real estate ABS is its "equity attribute," which emphasizes the importance of information disclosure. The SSE has been optimizing the disclosure system to provide comprehensive and objective information for investors [2]. - In addition to annual report disclosures, the introduction of "annual report summaries" focuses on operational and financial information that is of concern to investors, enhancing the effectiveness of information disclosure [2]. Investor Engagement - The SSE encourages original rights holders and plan managers to voluntarily disclose information relevant to investors' value judgments and decision-making, aiming to improve the effectiveness of information disclosure and foster a trustworthy market ecosystem for holding-type real estate ABS [3]. - Regular online and offline investor communication events are encouraged to discuss industry hotspots, policy changes, and market trends, providing a professional platform for interpretation and exchange [3]. - A feedback mechanism for investor opinions is proposed to address inquiries and suggestions promptly, creating a positive interaction cycle that enhances investor decision-making and market liquidity [3].

Core Viewpoint - The market for holding-type real estate ABS is steadily expanding, with a focus on enhancing information disclosure and investor management mechanisms under the guidance of the China Securities Regulatory Commission [1][7]. Group 1: Market Development - The holding-type real estate ABS market is emerging, characterized by a focus on asset credit and equity attributes, which distinguishes it from traditional securitization products [2]. - Currently, there are 6 existing holding-type real estate ABS products with a total custody scale of approximately 12.096 billion, and 14 projects are under review [2]. - The underlying asset types for holding-type real estate ABS are becoming increasingly diverse, including highways, affordable rental housing, office buildings, and data centers [2]. Group 2: Information Disclosure - Information disclosure is crucial for holding-type real estate ABS, emphasizing operational quality and results [3]. - The Shanghai Stock Exchange is enhancing its disclosure system to provide comprehensive and objective information for investors [3]. - In 2024, the annual report will include a summary focusing on operational and financial information that reflects the equity attributes of the products [3]. Group 3: Investor Communication - The communication model for holding-type real estate ABS is evolving, with a focus on direct engagement with investors through various formats [6]. - A recent performance briefing for the Jianxin Long-term Rental Fund attracted over 35 institutional investors, enhancing their understanding of the asset's operational value [6]. - The holding-type real estate ABS market is improving transparency and market trust, which is essential for the professional and standardized development of the asset securitization market [6]. Group 4: Future Outlook - The Shanghai Stock Exchange aims to continue enhancing information disclosure and investor communication to support the development of the holding-type real estate ABS market [7][8]. - There is an encouragement for regular investor exchange meetings to discuss industry trends and provide professional insights [8]. - A feedback mechanism for investors will be established to address inquiries and suggestions, fostering a positive interaction cycle [8].

Core Insights - The REITs market in China has rapidly developed over the past four years, with a total issuance scale exceeding 180 billion yuan and a market capitalization surpassing 200 billion yuan, making it the largest in Asia [1][2][6] - The Shanghai Stock Exchange (SSE) has become the leading platform for REITs, with 44 listed products and a market value of approximately 137 billion yuan, accounting for about 70% of the total market [1][3][6] - The market has experienced a complete cycle, transitioning from initial enthusiasm to a more rational focus on asset value, aided by a market-driven pricing mechanism [3][6] Market Development - The SSE has established a robust ecosystem for REITs, focusing on market-oriented pricing and continuous improvement of institutional frameworks, which has facilitated high-quality development [2][11] - The market has seen a significant increase in the number of REITs, with 66 products currently listed, and ongoing expansion efforts are expected to further enrich the product offerings [8][10][15] - The introduction of innovative products such as REITs index funds and ETFs is anticipated to enhance market liquidity and attract more investment [7][8] Performance Metrics - The REITs market has demonstrated strong performance, with an average price increase of approximately 30% since issuance, and some projects have seen price increases exceeding 90% [5][6] - The total dividends distributed by the REITs in the SSE have reached 15.1 billion yuan, with a dividend yield of 5.7% based on year-end market capitalization [6][7] - The secondary market has shown an average price increase of about 14%, with certain sectors like municipal water conservancy and housing showing exceptional performance [7] Investor Engagement - The REITs market has attracted a diverse range of investors, including insurance companies, brokerage firms, and private equity funds, leading to a more varied investment strategy landscape [7][8] - The SSE has actively facilitated communication between investors and REITs project sponsors through various events, enhancing investor understanding and engagement [12][11] Future Outlook - The REITs market is expected to continue expanding, with 21 projects currently under review or awaiting issuance, primarily on the SSE, which will enhance market depth and capacity [8][10] - The ongoing development of a multi-tiered REITs market is anticipated to provide a broader range of investment options and improve resource allocation efficiency [14][15]

Core Viewpoint - The asset securitization market in China is experiencing significant growth, with a notable increase in the issuance of asset-backed securities (ABS), particularly in the renewable energy sector, driven by favorable policies and market demand [1][2][3]. Group 1: Market Growth and Trends - As of June 10, 2023, there have been 583 ABS issued, totaling 508.501 billion yuan, representing year-on-year growth of 33.18% in quantity and 31.81% in scale [2]. - The first ABS product backed by photovoltaic assets has been accepted for filing, indicating a diversification of underlying asset types in the market [1][2]. - The original rights holders of ABS are becoming increasingly diverse, including large enterprises, financial institutions, and small to medium-sized enterprises, which enhances market vitality [2][3]. Group 2: Policy and Demand Drivers - The growth in the ABS market is attributed to dual support from policy guidance and market demand, with regulatory bodies optimizing approval processes and lowering market entry barriers [3][4]. - Companies are actively seeking to optimize their financial structures and enhance asset liquidity, leading to a sustained demand for asset securitization tools [3][4]. Group 3: Innovations in ABS - The design of holding-type real estate ABS incorporates six major mechanisms to promote investment and financing exchanges, enhancing liquidity and market participation [4]. - The introduction of liquidity support mechanisms allows for partial investor exit under specific conditions, improving product liquidity [4]. Group 4: Future Outlook - Recent policy announcements have further supported the development of holding-type real estate ABS, positioning them as effective financial tools for revitalizing existing assets [5]. - Recommendations for future growth include broadening the types of underlying assets eligible for ABS, optimizing secondary market trading mechanisms, and improving foundational policies related to valuation and information disclosure [5].

Group 1 - The current structured financing market for urban investment ABS is primarily dominated by enterprise ABS, with a small scale of ABN, reflecting significant structural differentiation and regional concentration [1][2] - As of April 2025, the outstanding balance of enterprise ABS is 30.744 billion yuan, accounting for 91%, while ABN accounts for only 9% [1][2] - The weighted average interest rate of urban investment ABS is 3.25%, which is 42 basis points lower than urban investment bonds, indicating a "low coupon rate dominates scale, high coupon rate dominates quantity" characteristic [1][3] Group 2 - The distribution of remaining maturities shows a significant long-term characteristic, with 37.79% of ABS having a remaining maturity of over 10 years, aligning with the long return cycle of underlying assets [1][3] - The rating structure is highly concentrated in AAA (77.87%) and AA+ (17.73%) ratings, with low-rated products accounting for less than 2%, indicating high credit quality of issuers [1][3][33] Group 3 - The main types of underlying assets are fee income rights (56%) and debt rights (40%), with real estate accounting for only 4% [2][3] - The eastern coastal regions dominate the market, with Jiangsu, Zhejiang, and Shandong provinces accounting for over 60% of the outstanding balance, reflecting strong economic strength and low debt ratios [2][3] Group 4 - In 2024, the total issuance of ABS reached 2.04 trillion yuan, a year-on-year increase of 8.87%, with urban investment issuance only 13.082 billion yuan, accounting for less than 1% [3][4] - The market activity is recovering in 2025, with transaction volume exceeding that of the same period in 2024, and turnover rate rebounding to 16.91% [3][4]

- The report focuses on the analysis of accounts receivable securitization products, highlighting their dominant position in the market in 2024, with a total issuance of 571 deals and a scale of 4,385.82 billion yuan, accounting for 25.53% of the enterprise ABS and ABN market share[2][3][5] - The products are primarily issued by central state-owned enterprises (SOEs), which accounted for 54.31% of the issuance scale in 2024, with the construction industry being the main sector, contributing 29.88% of the issuance scale[7][8] - The innovation in 2024 includes the issuance of the first engineering machinery accounts receivable ABS, the first separated guarantee asset transfer ABS, and the first foreign currency-denominated overseas asset ABN, showcasing advancements in structure design, policy alignment, and internationalization[16][17][18][20] - The first engineering machinery accounts receivable ABS, issued by Guangxi Liugong Machinery Co., Ltd., embedded advanced manufacturing assets into insurance ABS, aligning with the "Made in China" strategy and supporting high-end manufacturing[17] - The first separated guarantee asset transfer ABS, issued in December 2024, introduced a design that enhances asset liquidity through guarantee credit enhancement and asset isolation, addressing cash flow issues for SMEs and enabling banks to reduce capital occupation[18] - The first foreign currency-denominated overseas asset ABN, issued by XCMG Group, represents a significant step in the internationalization of Chinese enterprises, with a total issuance scale of 39.26 billion yuan and priority asset ratings of AAAsf[20] - The accounts receivable securitization products in 2024 maintained a low weighted average issuance rate of 2.45%, with the lowest rate at 1.79% and the highest at 4.79%, reflecting the overall loose interest rate environment and policy support for supply chain finance[6][9][10] - The products were predominantly short-term, with 62.04% of the issuance scale having a maturity of one year or less, which aligns with the market preference for high-rated, short-term products[10][11] - The secondary market for accounts receivable securitization products was active, with a total transaction volume of 2,884.26 billion yuan and 7,356 transactions, making it the most traded asset class in the ABS market[12][15]

Core Viewpoint - The recent meeting of the Asset Securitization Business Committee of the China Securities Investment Fund Industry Association emphasizes the development of holding-type real estate ABS, which is gaining momentum under policy support [1]. Mechanism Innovation - Since the first holding-type real estate ABS was launched in December 2023, the market has seen continuous expansion and quality improvement, with a total issuance scale exceeding 160 billion yuan by May 17, 2025 [2]. - The financial regulatory authorities allow asset-backed special plans to retain external liabilities and do not require a set expected return rate, which enhances the flexibility of these products [2]. - The holding-type real estate ABS can revitalize existing assets and provide capital for new projects, creating a virtuous investment cycle [2]. Policy Coordination - The support for holding-type real estate ABS has evolved from a broad framework to detailed regulations, forming a multi-tiered product system that includes public REITs and holding-type real estate ABS [4]. - Holding-type real estate ABS serves as a "nursery" for public REITs, nurturing projects and investors, ultimately leading to the issuance of public REITs [4]. - Both holding-type real estate ABS and public REITs share similar operational mechanisms, raising funds through a fund structure and investing in capital-intensive sectors [4][5]. Expansion Outlook - The asset scope of holding-type real estate ABS is broad, including highways, energy, scenic spots, and various types of real estate, indicating significant potential for further expansion [8]. - The renewable energy sector is highlighted as a promising area, with wind and solar power installations growing over 15% annually, providing stable cash flows and serving as quality underlying assets [7]. - Three potential growth areas are identified: data centers, long-term rental apartments, and commercial properties, all of which require ongoing support from the capital market [7].

保理融资类、基础设施收费类等类别的不同产品之间分层比例存在较大差异 图说资产证券化产品 ——2025年3月 CMBS发行热度提升，ABS一二级市场明显回暖 近期CMBS发行热度提升，有多只首单产品落地。4月15日，洛阳市发行首单CMBS"洛阳国晟商业发展第一期资产支持 专项计划"，总规模13.01亿元，底层资产为洛阳市核心商圈写字楼综合体与商业资产，原始权益人为洛阳国晟商业发展有 限公司，河南中豫信用增进有限公司提供差额支付承诺。产品拥有AAA级信用增信公司担保和现金流双重支持，在提振市场 信心、支持产品发行方面起到积极作用。4月22日，全国首单推动文体旅高质量发展CMBS"兴证圆融-厦门国有资本资产支 持专项计划"簿记，规模为1.11亿元，优先级、次优先级票面利率分别为2.15%和2.28%，原始权益人为厦门国有资本运营 有限责任公司，为国有资本公司盘活文体旅领域存量资产的重要探索。4月25日，湖南建投集团成功发行湖南省属国企首单 商业不动产抵押贷款支持证券（CMBS），募集资金11.01亿元，发行利率2.65%，优先级产品为AAA级，原始权益人为建投地 产，底层资产为建投地产部分经营性物业未来收益权。项目 ...