Core Viewpoint - The issuance of the GCL-Poly Energy's real estate ABS (REIT) project has commenced, focusing on the underlying asset of a supercritical coal-fired power plant in Xinjiang, with an estimated asset value of 9 billion yuan and an expected issuance scale of 6.3 billion yuan [1]. Group 1 - The GCL project is the first inter-institutional REIT for coal-fired power in China, featuring a unique cost competitive advantage due to its "coal-electricity integration" operational model, with the power plant located only about 4 kilometers from the coal mine [2]. - The product emphasizes "asset credit" and "equity attributes," with cash flow entirely derived from the operational income of the underlying power assets, providing a new financing paradigm for high-quality industry development [2]. Group 2 - The project utilizes a market-oriented inquiry issuance mechanism, enhancing efficient and reasonable pricing by leveraging the diverse advantages of market investors [3]. - Multiple investment institutions, including insurance companies, bank wealth management, brokerage self-operated funds, industrial capital, public funds, private equity funds, trusts, and local AMCs, have shown significant interest in the product [3]. - Inter-institutional REITs are a type of equity asset securitization product under the ABS framework, playing a crucial role in building a multi-tiered REITs market and supporting the government's initiatives to revitalize existing assets and expand effective investments [3].