近日，上交所持有型不动产ABS信息披露机制建设迎来关键发展节点，建信长租等持有型不动产ABS常 态化披露了三季度资产管理报告。同时，首次向市场发布了核心要素表。 可以看到，核心要素表等信披文件聚焦于产品基本要素、机制安排、底层资产运营表现、估值数据及投 资价值参考指标等核心特征，在上交所持有型不动产ABS信息披露专区进行了集中展示，使投资者对于 产品的关键信息一目了然。 从多元探索到标准统一信披建设赋能精准服务 "过去，我们面对产品类型丰富的ABS市场，最大的挑战是缺乏格式统一的数据定位体系。随着市场发 展，客户对ABS标准化数据的需求日益迫切。投资者会要求我们提供可比、可验证的底层资产数 据。"某头部数据服务商负责人坦言，"不同项目采用不同指标，投资者难以横向比较，我们只能进行碎 片化处理，这也使得服务效率相对低下。" 2025年8月，上交所推出了持有型不动产ABS信息披露专区，旨在集中展示持有型不动产ABS项目的信 息披露文件，投资者可在专区查阅产品公告，有效提升获取信息的针对性和便捷性。此后，建信长租、 万国数据等产品率先发布了核心要素表，首次在一份信披文件中全面、清晰地呈现了产品的基本信息、 底层资产 ...

Core Viewpoint - The market for holding-type real estate ABS is steadily expanding, with a focus on enhancing information disclosure and investor management mechanisms under the guidance of the China Securities Regulatory Commission [1][7]. Group 1: Market Development - The holding-type real estate ABS market is emerging, characterized by a focus on asset credit and equity attributes, which distinguishes it from traditional securitization products [2]. - Currently, there are 6 existing holding-type real estate ABS products with a total custody scale of approximately 12.096 billion, and 14 projects are under review [2]. - The underlying asset types for holding-type real estate ABS are becoming increasingly diverse, including highways, affordable rental housing, office buildings, and data centers [2]. Group 2: Information Disclosure - Information disclosure is crucial for holding-type real estate ABS, emphasizing operational quality and results [3]. - The Shanghai Stock Exchange is enhancing its disclosure system to provide comprehensive and objective information for investors [3]. - In 2024, the annual report will include a summary focusing on operational and financial information that reflects the equity attributes of the products [3]. Group 3: Investor Communication - The communication model for holding-type real estate ABS is evolving, with a focus on direct engagement with investors through various formats [6]. - A recent performance briefing for the Jianxin Long-term Rental Fund attracted over 35 institutional investors, enhancing their understanding of the asset's operational value [6]. - The holding-type real estate ABS market is improving transparency and market trust, which is essential for the professional and standardized development of the asset securitization market [6]. Group 4: Future Outlook - The Shanghai Stock Exchange aims to continue enhancing information disclosure and investor communication to support the development of the holding-type real estate ABS market [7][8]. - There is an encouragement for regular investor exchange meetings to discuss industry trends and provide professional insights [8]. - A feedback mechanism for investors will be established to address inquiries and suggestions, fostering a positive interaction cycle [8].