其中提到深圳市属国企资产证券化成效显著且经验全国推广，但存在资金闲置、管理不规范问题，并建 议健全制度、加强风控。 ··· 深圳市属国企探索资产证券化 日前，深圳市审计局向深圳市人大常委会作《深圳市2025年度绩效审计工作报告》，对科技、教育、金 融、文化、民生等重点领域改革事项进展情况进行绩效评价，剖析问题产生的原因并提出审计建议。 相关经验全国推广 三是管理制度不健全，1家国企子公司未制定知识产权质押融资业务制度，未规范价值评估、权属、质 押率等内容，也未健全证券化产品发行管理制度；另1家国企子公司未建立专项计划现金流闭环管理机 制，存在自有资金与专项计划资金混同使用情况。 本次重点审计市属国企不动产领域和知识产权领域资产证券化开展情况。深圳市属国企积极通过资产证 券化赋能实体经济。 截至2024年底，不动产领域已发行5只公募REITs产品，带动新项目投资967.24亿元，其中鹏华深圳能源 REIT为全国清洁能源行业首单；知识产权领域累计发行95期证券化产品，规模214.27亿元，盘活知识产 权2758项，"知识产权证券化特色品牌"作为综合改革试点典型经验向全国推广。 ··· 涉采购不规范、制度不健全等问 ...

公募REITs发售一般分为三种方式：战略配售、网下发售和公众发售。理财子公司等专业机构投资者主要通过前 两种方式介入，以获取份额并参与长期配置。今年以来，多家理财子公司积极布局REITs领域，其中三家机构累 计参与15只产品的配售，显示出对这一兼具稳健收益与长期增值潜力资产的浓厚兴趣。 分析认为，理财资金加速进入REITs市场，一方面源于资产配置多元化的需求，尤其在利率下行与市场波动加大 的背景下，基础设施、产业园区、仓储物流等底层资产带来的稳定现金流和分红回报，与理财资金追求稳健收益 的目标较为契合。另一方面，监管部门持续鼓励长期资金参与REITs投资，也为理财子公司提供了政策支持。 从市场表现看，尽管今年REITs发行数量与规模较去年有所放缓，但机构参与热度未减。理财子公司通过战略配 售不仅能以较低成本获取份额，还可作为长期资产纳入产品组合，增强理财产品的收益竞争力。此外，REITs与 传统股债资产的相关性较低，也有助于理财资金进一步分散风险、优化组合结构。（水手） 【环球网财经综合报道】随着公募REITs市场的快速发展，理财子公司正悄然成为这一领域的重要参与者。 Wind数据显示，截至12月12日，全市 ...

2025 年 12 月 05 日 晨会纪要 研究所： 证券分析师： 余春生 S0350513090001 yucs@ghzq.com.cn [Table_Title] 晨会纪要 ——2025 年第 207 期 观点精粹: 最新报告摘要 一级市场项目进展顺利，产业园区板块承压--资产配置报告 FY2026H1 营收稳健增长，看好旺季销售表现--波司登/服装家纺(03998/213502) 点评报告（港股美股） 证券研究报告 1、最新报告摘要 1.1、一级市场项目进展顺利，产业园区板块承压--资产配置报告 分析师：林加力 S0350524100005 分析师：许潇琦 S0350525080004 联系人：刘子路 S0350125080017 投资要点： 一级市场六单项目状态更新：截至 2025 年 11 月 30 日，年内公募 REITs 市场已成功发行 19 单产品，较去年 同期（截至 2024 年 11 月 30 日）减少 5 单，其中 11 月新成立 1 单。根据交易所最新披露信息，近三个月处 于已申报状态的 REITs 产品有 2 单、已受理状态 2 单、交易所已反馈意见 5 单、已通过审核 4 单。本月 ...

Group 1 - The public fund issuance market has experienced a significant recovery, with a total of 1,378 public funds issued by November 17, surpassing last year's total of 1,143 funds, marking the highest issuance in three years [1] - The average subscription period for new funds has decreased from 22.63 days last year to 16.31 days this year, indicating a faster fundraising cycle and increased market activity [1] - The main drivers for the recovery include positive overall performance in the A-share market, improved corporate profit expectations, ample market liquidity, and increased investor confidence [1] Group 2 - FOF (Fund of Funds) products have seen explosive growth, with 72 new FOF products issued this year, doubling from 33 last year, reflecting growing recognition of their value [2] - As the equity market rebounds, there has been a significant increase in the issuance of equity funds, while bond fund issuance has declined, demonstrating a typical "seesaw" effect between stocks and bonds [2] Group 3 - A total of 19 public REITs and 18 QDII funds have been issued this year, with index funds emerging as a major highlight in the issuance market, comprising 813 of the 1,378 new funds, nearly 60% [3] - Index investment has penetrated various fund categories, with over 90% of stock funds being index products and nearly 25% of bond funds being index bond funds, indicating a trend towards lower-cost, clearer-style products [3] - The industry remains highly concentrated, with 131 public institutions issuing new funds, and 22 institutions issuing 20 or more funds, led by Fortune Fund with 60 new funds [3]

Core Insights - The issuance of new public funds is expected to continue its steady growth for two consecutive weeks in November, with 39 new funds launching this week, a slight increase of 5.41% from 37 last week [1] Group 1: Market Environment - The overall improvement in the A-share market has led to a significant rebound in the performance of equity funds, driving investor participation and increasing the issuance of new funds [2] - The asset management industry is undergoing a transformation towards net value and standardization, shifting residents' wealth management preferences from traditional savings to professional asset allocation, making public funds more appealing [2] - Ongoing reforms in public fund fee structures have effectively reduced investment costs, enhancing the trust between investors and fund managers, and expanding sales channels [2] Group 2: Fund Types - Equity funds dominate the new fund landscape, with 29 out of 39 new funds being equity products, accounting for over 70% of the total [2] - Among the equity funds, there are 22 stock funds, 6 equity-mixed funds, and 1 flexible allocation fund, indicating strong investor confidence in equity assets [2] Group 3: Fund Issuance Trends - The issuance of stock funds is particularly robust, with 22 products launching this week, more than half of all new funds, including 15 passive index funds and 7 enhanced index funds [3] - Mixed funds maintain a steady pace with 7 new products, primarily driven by 6 equity-mixed funds, while flexible allocation funds offer adaptability in asset allocation [3] - The issuance of Fund of Funds (FOF) remains high, with 5 new FOFs launched this week, reflecting a focus on stable returns, including 4 mixed bond funds and 1 bond fund [3] Group 4: Bond and REITs Funds - The issuance of bond funds remains stable with 4 new products, including 2 passive index bond funds and 2 mixed bond funds, catering to risk-averse investors [4] - Additionally, 1 new public REITs product has been introduced this week, expanding the variety of investment options available [4] Group 5: Issuing Institutions - The 39 new funds are launched by 30 different public fund institutions, with notable contributions from 9 institutions, each launching 2 products, while the remaining 21 institutions each issue 1 product [4]

Core Insights - The decline in the 10-year government bond yield to 1.75% and the narrowing returns from traditional investment channels have led life insurance companies to lower the preset interest rates for new products, highlighting the demand for stable long-term returns from the asset side [1] - The issuance scale of insurance-backed Asset-Backed Securities (ABS) reached 274.578 billion yuan in the first three quarters of 2025, marking a year-on-year growth of 25.1% [1][3] Group 1: ABS Market Dynamics - Leading insurance asset management institutions are significantly increasing their investment and issuance of ABS, with 15 insurance asset management companies issuing such products this year [3] - Major players like China Life, Ping An Insurance, and Taikang Life are actively participating in the ABS market, with notable projects including China Life's first exchange-traded ABS and Ping An's green leasing ABS [3][4] - The ABS products cover various sectors such as financing leasing, infrastructure toll rights, and policy loans, indicating a strategic shift towards ABS for asset allocation [4] Group 2: Benefits of ABS for Insurance Funds - ABS products are favored by insurance funds due to their higher yield compared to bonds, with an average yield increase of about 30 basis points for similar credit levels [5] - The structured design of ABS allows for risk control and enhances the safety and liquidity of insurance funds, making them an effective tool for asset-liability matching [5] - The growing benefits of ABS are expected to increase its proportion in insurance fund allocations, with the potential to activate a significant amount of existing assets in the market [6] Group 3: Impact on the Real Economy - ABS financing plays a positive role in revitalizing existing assets and reducing financing costs, particularly for state-owned enterprises facing high overseas financing costs [6] - The collaboration between insurance asset management and public funds in issuing public REITs based on infrastructure equity projects can further stimulate investment in the real economy [6] - The potential market for ABS is substantial, with estimates suggesting that even a small percentage of the existing asset scale could lead to a market size of approximately 2 trillion yuan for alternative investments [6]

Group 1 - The core point of the article highlights a significant surge in new fund issuances following the National Day holiday, with 51 new funds launched during the week of October 13-17 [1][2][3] Group 2 - On Monday, October 13, 31 out of the 51 new funds were issued, accounting for 60.78% of the week's total [2] - The longest subscription period for new funds was 21 days, while the average subscription period was 12.59 days, indicating a notable decrease compared to previous periods [2][3] Group 3 - The majority of new funds were equity funds, with 42 out of 51 classified as such, representing 82.35% of the total [4] - Among equity funds, 28 were index funds, making up 66.67% of the equity category, with several funds linked to Hong Kong Stock Connect indices [4] Group 4 - Only 3 bond funds were launched during the week, reflecting a decline in bond fund issuance amid a recovering equity market [5] - The "fixed income plus" funds have gained attention, suggesting a shift in investor preference towards more flexible investment strategies [5]

Group 1 - The core viewpoint of the articles emphasizes the significant growth and development of the public REITs market in China, highlighting the role of financial institutions like CICC Fund in promoting high-quality development through innovative financial tools [1][2][4] - Since the launch of the first batch of public REITs in June 2021, the total issuance scale of China's REITs market has exceeded 180 billion, with a total market value surpassing 200 billion [1][2] - CICC Fund has successfully issued and listed 11 public REITs products, covering key sectors of the real economy such as transportation, industrial parks, and affordable rental housing, thereby enhancing the integration of financial capital with the real economy [2][3] Group 2 - CICC Fund is actively engaged in the digital transformation of its REITs business, establishing a digital management platform to improve operational efficiency and reduce risks associated with long asset cycles and complex asset forms [3][4] - The company aims to create an industry-leading full lifecycle management platform for public REITs, focusing on three dimensions: adapting to diverse scenarios, technological innovation, and compliance management [4] - CICC Fund is committed to supporting the national strategy and the real economy, contributing to the stable development of the public REITs market and enhancing the liquidity of the capital market [4]

Core Insights - The public fund industry in China has shown a strong growth trajectory, with total assets reaching 32.83 trillion yuan by the end of 2024, marking an increase of 5.23 trillion yuan or 18.95% year-on-year [1] - The number of public fund products has risen to 12,367, an increase of 839 from the end of 2023, indicating a diversification in offerings [1] Group 1: Performance of Leading Institutions - Leading public fund institutions demonstrated resilience, with seven top firms, including E Fund, Tianhong Fund, and Southern Fund, collectively contributing 43% of the net profit for the industry, despite facing pressure from fee reductions [2] - E Fund led the industry with a revenue of 12.11 billion yuan and a net profit of 3.9 billion yuan, achieving a net profit growth of 15.33% year-on-year [2] - Tianhong Fund and Southern Fund also reported significant net profit growths of 19.29% and 16.92%, respectively, with Tianhong Fund's total management scale reaching 1.20 trillion yuan by the end of 2024 [2][3] Group 2: Strategies of Small and Medium Institutions - Smaller public funds, such as Dongwu Fund and Zhongjin Fund, achieved remarkable growth, with net profit increases exceeding 45%, driven by differentiated strategies [4] - Dongwu Fund's net profit surged by 274.84% through a "fixed income + equity" dual-drive strategy, while Zhongjin Fund's focus on public REITs led to a 170.17% increase in net profit [4] - The growth of index funds and the inclusion of these products in personal pension plans have provided additional opportunities for smaller institutions [4][5] Group 3: Pathways to High-Quality Development - The public fund industry is increasingly focusing on high-quality development, with institutions enhancing their core investment research capabilities and asset allocation skills [6] - Institutions like Huaxia Fund are investing in digital transformation and customer service optimization to improve investor experience [6] - The industry is at a crossroads, with leading firms needing to leverage their scale for innovation while smaller firms must focus on niche differentiation to survive [6] Group 4: Strategic Recommendations - Public fund institutions are advised to focus on product innovation, particularly in index-based investments and fixed income products, while also exploring green finance and ESG investments [7] - Enhancing research capabilities and investor engagement are critical for creating long-term value and improving investor satisfaction [7] - Institutions should implement refined management practices to counteract the pressures from fee reforms and maintain profitability [7]

Group 1 - The core viewpoint of the articles highlights a resurgence in the public fund industry, with the Shanghai Composite Index returning to 3600 points and a significant increase in new fund issuance, reaching a total of 1.34 trillion yuan in 2023, a year-on-year increase of over 60% [1][2] - As of May 30, 2023, there were 672 new funds launched this year, with a total issuance scale of 1.34 trillion yuan, compared to only 543 funds and 797.56 billion yuan during the same period last year [1][2] - The recent launch of the Oriental Red Qi Heng three-year holding mixed fund, which raised over 400 billion yuan on its first day, marks the first equity fund in over three months to exceed 100 billion yuan in fundraising [2][3] Group 2 - Despite the recent surge in fund sales, some industry insiders express caution, indicating that signs of a full recovery in the market are not yet clear, with many new funds still facing challenges in sales [3] - As of May 30, 2023, there are currently 169 new funds in the issuance process and 123 funds awaiting issuance, along with nine public REITs products set to be launched [3] - Market experts believe that while there are opportunities in the new fund sales market, there may still be a divergence in performance, with some products experiencing strong sales while others may struggle [3]