Group 1 - The report anticipates an increase in retirement REITs projects led by large insurance institutions, branded elderly care operators, or local state-owned enterprises in the next 3-5 years, with ABS/REITs becoming a regular component in the financial toolbox of the elderly care industry, fundamentally altering the capital structure and business model of the sector [1] - The elderly care industry, particularly retirement communities and large elderly care institutions, is characterized by heavy assets and long investment recovery periods, leading operators to face challenges such as significant capital lock-up, poor asset liquidity, and limited financing channels. Activating substantial existing assets is crucial for the sustainable development of the industry [1] - ABS and REITs are transitioning from pilot exploration to normalized issuance, providing opportunities for the elderly care industry to operate in a "lightweight" manner [1] Group 2 - For elderly care operators, issuing ABS/REITs allows them to "off-balance sheet" established and stable retirement communities, enabling a significant recovery of initial investments. This capital can be used to repay debts, reduce corporate leverage, or reinvest in new elderly care projects, facilitating "rolling development" and accelerating scale expansion and brand chain development [2] - This shift also encourages operators to transition from a "hold-operate" model to a "develop-operate-exit" or specialized "light asset operation" model, focusing more on improving service quality and operational efficiency [2]