Core Viewpoint - The Chinese sports industry is experiencing a growing consumer interest, yet many sports enterprises face challenges in venue upgrades and event IP cultivation due to a lack of funding, which hinders the development of the sports sector [1] Group 1: Sports Industry Asset Securitization - The State Council's recent opinion supports asset securitization for qualifying sports enterprises, providing a pathway to convert "traffic" into funding [1] - Sports industry asset securitization involves transforming predictable cash flow assets, such as broadcasting rights and ticket revenues, into tradable securities, alleviating short-term cash flow pressures and injecting capital for long-term growth [1] - The exploration of asset securitization in China's sports industry began in 2018 with the issuance of the "Vanke Songhua Lake Trust Beneficiary Rights Asset Support Special Plan," focusing on ski resort operations [1] Group 2: Current State and Challenges - Despite the potential, sports industry asset securitization remains limited, contrasting sharply with the booming asset securitization market, which saw a 17.94% increase in issuance quantity and a 15.65% increase in scale this year [2] - Key challenges include a scarcity of quality underlying assets, a need for improved risk management systems, and a lack of clear policies regarding the ownership and transfer of intangible sports assets [2] Group 3: Recommendations for Development - Sports enterprises should focus on creating and optimizing assets, such as consolidating regional events into league IPs to stabilize cash flow and enhance asset appeal [3] - A dual protection system combining professional rating and dynamic management should be established to improve risk assessment and alleviate investor concerns [3] - Policies should be accelerated to clarify ownership and transfer rules for intangible sports assets, introduce tax incentives, and reduce transaction costs for sports asset securitization products [3] Group 4: Future Outlook - With coordinated efforts in asset creation, risk control, and supportive policies, asset securitization can become a crucial bridge connecting the "traffic" and "funding" of the sports industry, promoting a transition from "traffic heat" to "industry strength" [4]