Core Viewpoint - CITIC Financial Asset's "Yunfan Series" ABS issuance totals 20 billion yuan, effectively optimizing the company's asset structure and enhancing its ability to empower the real economy and mitigate financial risks [1][3]. Group 1: ABS Issuance and Market Context - Asset securitization has become a popular area for financial institutions, encouraged by regulatory support, including relaxed restrictions on underlying asset types and expedited approval processes, leading to a significant increase in ABS issuance [3]. - In the first half of 2025, corporate ABS issuance reached 714.08 billion yuan, a year-on-year increase of 26.1% [3]. - On October 21, CITIC Financial Asset successfully issued the "Yunfan Phase 3 Entity Empowerment Asset-Backed Special Plan" on the Shanghai Stock Exchange, with a scale of 4.98 billion yuan and interest rates of 1.73% for six months and 1.78% for one year [3]. Group 2: Financial Performance and Strategic Initiatives - The Yunfan series ABS has a diversified asset base, including specific receivables, trust beneficiary rights, and property shares, focusing on high-quality sectors like renewable energy, with a weighted average credit rating at a high level [4]. - The three issuances have effectively expanded the company's financing channels, supported the reduction of financing costs, and optimized the debt structure [4]. - In August, CITIC Financial Asset announced plans to issue asset-backed notes (ABN) with a scale of up to 50 billion yuan, marking another significant move in asset securitization to enhance liquidity and asset quality [4]. - The company is accelerating its transformation into an "entity empowerment AMC" by leveraging the full-license synergy of its major shareholder, focusing on non-performing asset disposal, and enhancing asset deployment [4]. - For the first half of 2025, CITIC Financial Asset reported total revenue of 40.22 billion yuan, a year-on-year increase of 21.1%, and a net profit attributable to shareholders of 6.17 billion yuan, up 15.7% [4]. - Excluding the impact of financial leasing companies, net profit grew by 27.5% compared to the same period in 2024 [4]. - The company's stock price has increased by over 50% since 2025, outperforming the AMC industry amid improving asset quality [4].