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]

8 FI TF 15 F E 3 或用官文教育系列主 孙 越、张紫睿、汤志宇、吴宇 擎、杜 润 琛、孙 飞 帆 王 一 凡 、刘 玉 、唐 元 懋 、郑 子 勋 、顾 一 格 、王 宇 辰 +86-01053827720( 全球 )、+852-51089680( 中国香港 )、+886-277083288( 中国台湾 )； | 15:30-16:10 | 债券量化择时框架与因子筛选初步 | | --- | --- | | | 唐元懋 / 孙越 - 固定收益领域负责人 / 分析师 | | 16:20-17:00 | 突破新高,转债估值和机构行为 | | | 刘 玉 - 固定收益分析师 | | 17:10-17:50 | 穿越牛熊,转债择时和择券框架 | | | 顾一格 - 固定收益分析师 | | | 晚间 | | 19:30-20:10 | 公募 REIT:低息环境下的攻守之道 刘 玉 / 汤志宇 - 固定收益分析师 | | 20:20-21:00 | 南向通新政策、海外利率体系和债券资产 | | | 王一凡 - 固定收益分析师 | | 日本文日 | DECTOR | 更多国泰海通研究和服务 亦可联系对口销售获 ...

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].