Financing Overview - In May, the total bond financing for real estate companies reached 28.88 billion, a year-on-year increase of 23.5% [1] - The financing structure shows that credit bond financing was 11.17 billion, up 5.8% year-on-year, accounting for 38.7% of the total; ABS financing was 17.71 billion, up 38.1% year-on-year, making up 61.3% [1][3] - The average bond financing interest rate in May was 2.35%, down 0.43 percentage points year-on-year and down 0.41 percentage points month-on-month [1][4] Year-to-Date Financing Data - From January to May 2025, the total bond financing for real estate companies was 196.47 billion, a year-on-year decrease of 18.5% [3] - The financing structure during this period included credit bond financing of 120.98 billion (61.6%), overseas bond financing of 3.59 billion (1.8%), and ABS financing of 71.91 billion (36.6%) [3] Credit Bond Issuance - In May, the issuance of credit bonds saw slight growth, primarily from central and state-owned enterprises [3] - Notable issuances included Poly Development at 3 billion, China Overseas at 1.5 billion, and Jianfa at 1.2 billion [3][5] - The average issuance term for credit bonds was 4.08 years, with a focus on 1-3 year and over 3-year bonds [3] ABS Issuance - The ABS issuance scale in May was 17.71 billion, showing growth compared to the previous month [3] - CMBS/CMBN represented the largest category of asset securitization products, accounting for 56.0%; followed by affordable housing at 20.8%, supply chain ABS at 19.9%, and REITs at 3.3% [3] Interest Rate Trends - The average interest rate for credit bonds was 2.29%, down 0.44 percentage points year-on-year and down 0.42 percentage points month-on-month [4] - The average interest rate for ABS was 2.38%, down 0.43 percentage points year-on-year and down 0.52 percentage points month-on-month [4]

"千里之堤毁于蚁穴"在当今资本市场中，上市公司面临的"库存+账期+现金荒"三大困局，恰如那微小的蚁穴，一旦被忽视，企业的资金链和经营运转便可能 受到致命影响。如何破解这些困局，实为摆在企业家和投资者面前的一道难题。 在全球经济形势复杂多变的背景下，尤其是2025年市场环境的充满不确定性，如何在"库存+账期+现金荒"三重压力下保持资本运作的安全性和效率，成为 了上市公司生死存亡的关键。美国更好并购集团（Goheal）通过深度研究并整合现代资本运作的最佳实践，提出了一系列系统性的解决方案，帮助企业从根 本上突破这三大瓶颈，实现资金的良性循环与资本的稳步增值。 一、库存积压破局：从智能预测到资产证券化 库存积压，往往是许多上市公司资金链紧张的根源之一。当库存不能迅速周转，企业的现金流便被严重拖累。而随着企业产品种类和市场需求的多样化，传 统的库存管理模式早已无法满足市场需求的变化。 资产证券化也是盘活库存的有效手段。将积压库存打包发行供应链ABS（资产证券化证券），能够为企业注入急需的资金，降低传统融资方式的融资成本。 例如，某汽车零部件企业通过该方式成功释放资金8.7亿元，融资成本较传统贷款低了2.3个百分点，为 ...