Core Insights - The conference focused on revitalizing state-owned assets in Shanghai, aiming to enhance the quality and efficiency of these assets through collaboration and strategic partnerships [1][2] Group 1: Conference Overview - The Shanghai State-Owned Asset Project Promotion Conference was held on November 26, 2025, emphasizing the theme of "Revitalization of Stock Assets and Value Discovery" [1] - The event served as a high-end platform for policy interpretation, problem discussion, experience sharing, and project matching [1] Group 2: Company Involvement - Jianyuan Trust participated as a financial institution representative, with its chairman, Qin Yi, signing a strategic cooperation agreement with Shanghai Guosheng Group [1] - Vice President Li Lin delivered a key speech on the role of trust tools in revitalizing stock assets and shared Jianyuan Trust's practical achievements [1] Group 3: Service Model and Strategies - Jianyuan Trust has developed a systematic service model in the field of stock asset revitalization, focusing on four main areas: 1. Diversified financing methods to address special funding needs of enterprises [2] 2. Asset securitization to promote asset revitalization, including participation in pre-REITs investments and CMBS issuance [2] 3. Customized solutions to alleviate financial reporting pressures and enhance capital turnover [2] 4. Management and disposal of non-performing assets through trust establishment for professional management and value enhancement [2] Group 4: Future Outlook - The Shanghai State-Owned Assets Supervision and Administration Commission emphasized that revitalizing stock assets is essential for deepening state-owned enterprise reform and optimizing the layout of state-owned economy [2] - Jianyuan Trust aims to leverage its unique advantages in the trust system and its expertise in special assets to contribute to the high-quality development of the real economy and the revitalization of Shanghai's stock assets [2]

Core Viewpoint - The article discusses various strategies and frameworks for bond investment in a low-interest-rate environment, focusing on macro and micro pricing, liquidity analysis, and investment strategies for different types of bonds [4][6]. Group 1: Bond Market Analysis - The session on "Bond Market under Low Interest Rates: How Macro and Micro Price" emphasizes the importance of understanding both macroeconomic factors and micro-level pricing strategies in the current bond market [4]. - A new liquidity analysis framework post monetary policy reform is introduced, which aims to provide insights into the changing dynamics of liquidity in the bond market [4]. Group 2: Investment Strategies - The "National Debt Futures Strategy Basics: Hedging, Arbitrage, and Yield Enhancement" session outlines strategies for managing risks and enhancing returns through national debt futures [4]. - The analysis framework and investment strategies for urban investment bonds and technology innovation bonds are discussed, highlighting the unique characteristics and opportunities within these segments [4]. - The session on "Public REITs: Strategies in a Low-Interest Environment" focuses on how to navigate investment opportunities and risks in Real Estate Investment Trusts under current economic conditions [6]. Group 3: Quantitative Frameworks - A preliminary framework for bond quantitative timing and factor selection is presented, which aims to improve decision-making in bond investments [6]. - The session on "Convertible Bonds Valuation and Institutional Behavior" explores the valuation of convertible bonds and the behavior of institutional investors in this market [6]. - The "Timing and Selection Framework for Convertible Bonds through Market Cycles" provides insights into how to effectively time investments in convertible bonds across different market conditions [6].

Core Viewpoint - The rapid growth of the "Technology Board" in China's bond market since May highlights the importance of technology in advancing Chinese modernization, with various market participants actively supporting innovation financing [2][3]. Group 1: Market Development - The "Technology Board" aims to address long-standing financing challenges in critical sectors such as semiconductors, quantum computing, and biomedicine, representing a breakthrough in financial supply-side structural reform [3]. - The issuance of technology bonds is not new, but the recent developments expand the scope of issuers and the use of raised funds, introducing innovative settings and regulations for more niche areas [3][4]. Group 2: Company Initiatives - The company has significantly increased its support for technology bond issuance, with over 2,700 billion yuan in underwriting for technology bonds in 2024, positioning itself among the market leaders [4]. - The company has facilitated the issuance of various pioneering technology bonds, including the first exchangeable company bond in Guangdong and the first public REIT for private industrial park infrastructure in China [4]. Group 3: Investment and Market Ecosystem - Following the rapid issuance of representative technology bonds, institutions are focusing on secondary market activities, enhancing their roles as investors and market makers, which creates new opportunities for development [6]. - The company utilizes digital tools to enhance pricing systems for technology bonds, improving liquidity and matching suitable investors with issuers [6][7]. Group 4: Future Outlook - The company anticipates that technology bonds will become a core financial tool supporting technological innovation, with ongoing efforts to align with national strategies and explore sustainable paths for risk-sharing and profit-sharing [8].