分析师：蔡梦苑 登记编号：S0890521120001 分析师：周佳卉 登记编号：S0890525040001 投资要点 1.1 《银行保险机构资产管理产品信息披露管理办法》正式落地 收益率表现： 上周（2025.12.22-2025.12.28，下同）现金管理类产品近7日年化收益率录得 1.30%，环比上升3BP；同期货币型基金近7日年化收益率报1.21%，环比上行2BP。 上周各期限 纯固收和固收+产品收益普遍上升。 受益于人民币汇率走强（阶段性突破7.0关键关口）等因 素，权益市场震荡回暖，对债市形成阶段性扰动；但得益于资金面呵护托底，债市整体延续震 荡走势。全周来看，10年国债活跃券收益率较上周基本持平至1.84%，30年国债活跃券收益率 下行1BP至2.22%。 展望后市，债市情绪料将继续受到抑制，整体大概率维持震荡格局： 其 一，货币政策虽整体延续适度宽松基调，但市场对进一步宽松的预期分歧犹存；其二，当前债 市对基本面数据的敏感度持续偏低，利多消化空间有限；其三，尽管当前市场风险偏好较11月 前有所回落，但在低利率环境下，居民资产向权益市场转移的中长期趋势仍在延续，优质股权 资产作为新财富蓄水池的 ...

新华财经北京12月29日电（王菁）2025岁末回望，我国债券市场在复杂的内外部环境中，以扩容提质为 主轴，描绘出一幅波澜壮阔的创新开放画卷。 它是超196万亿元总规模稳居世界第二的坚实基座，也是科技创新债券精准滴灌的"试验田"；是十年期 国债在1.6%至1.9%区间"折返跑"的博弈舞台，也是跨境"玉兰债"与"中英柜台债"等品种连接世界的开放 窗口；是公募REITs与持有型不动产ABS的相辅相成，也是债券ETF规模一年激增超300%、快速突破 7000亿元成为"吸金"主力，更是吸引全球1187家境外机构、持债约3.6万亿元的"强磁场"...... 这一年，债券市场告别单边行情，在震荡中夯实韧性，在开放中重塑格局，以金融血脉的澎湃活力，为 经济高质量发展提供了坚实支撑。 宏观背景与政策基调：协同发力，护航实体 2025年，宏观政策在复杂环境中展现出精准的协同性与前瞻性。货币政策保持支持性立场，全年实 施"适度宽松"基调。中国人民银行综合运用降准、降息、公开市场操作与中期借贷便利（MLF）等多种 工具，维持流动性合理充裕。财政政策则更加积极有为，扮演了稳投资、促需求的"关键引擎"。全年超 长期特别国债与地方政府专项 ...

Core Viewpoint - The successful issuance of the Guanglian Expressway Real Estate Asset-Backed Securities (ABS) project, amounting to 15 billion yuan, marks a significant milestone as the largest single issuance and the first to receive approval from policy banks, showcasing a new paradigm for infrastructure financing in the Greater Bay Area [1][5][6]. Group 1: Project Overview - The Guanglian Expressway, connecting Guangzhou and Lianzhou, spans 231.7 kilometers and is a crucial part of Guangdong's highway network, enhancing strategic connectivity within the region [3]. - The project was officially accepted by the Shanghai Stock Exchange on August 6, 2025, and received approval on October 22, 2025, with CITIC Securities acting as the plan manager [3][4]. Group 2: Market Impact - The issuance of 15 billion yuan attracted over 10 core institutional investors, including insurance funds and asset management companies, indicating strong market confidence in the underlying asset quality [4]. - The project features an innovative performance assessment mechanism and liquidity support services, which are expected to enhance trading activity and pricing efficiency in the secondary market [4][5]. Group 3: Industry Trends - The market for holding-type real estate ABS has been expanding rapidly, with a total issuance of 22 projects amounting to 50.225 billion yuan by the end of November 2023, indicating a robust growth trajectory [8][9]. - The diverse asset classes within the ABS market, including commercial properties and infrastructure, provide a wide range of investment opportunities, contributing to the market's inclusivity [8][9]. Group 4: Future Outlook - Analysts believe that the holding-type real estate ABS market has significant growth potential, supported by favorable policies and a strong supply of quality projects, which could complement existing REITs structures [9].

Group 1: Report Industry Investment Rating - There is no information about the report industry investment rating in the provided content. Group 2: Core Views of the Report - REITs are investment funds that pool capital through issuing shares or beneficiary certificates, with funds managed by specialized institutions and returns distributed to investors. Originating in the US in the 1960s, they have since expanded globally, providing ordinary investors access to the real - estate market [4]. - China's REITs market, initiated in 2014 with the first quasi - REITs product, has developed a multi - level market including Pre - REITs, quasi - REITs, infrastructure public REITs, and hold - type real - estate ABS, offering diverse investment options and meeting the needs of both financiers and investors [2]. - These REITs products share commonalities in tax planning, capital weakening structures, and financial statement optimization, but also have significant differences in product positioning, categories, rating roles, investor types, and underlying asset types [49][57]. - Looking ahead, China's multi - level REITs market will continue to develop, with infrastructure public REITs expanding through the expansion mechanism, quasi - REITs maintaining their characteristics, and hold - type real - estate ABS filling market gaps [65]. Group 3: Summary by Directory 1. Introduction - REITs are investment funds that pool capital from investors, managed by specialized entities, and distribute returns proportionally. They originated in the US in the 1960s and have grown globally after the 1986 tax reform [4]. 2. China's Multi - level REITs Market (1) Pre - REITs Products - Pre - REITs target infrastructure/real - estate assets that are not yet eligible for public or quasi - REITs but have potential for future development. They use private investment vehicles and aim to exit through public REITs or quasi - REITs [5]. - The development of Pre - REITs is driven by the strict entry requirements of public and quasi - REITs. For example, public REITs have requirements on asset ownership, cash - flow stability, and operator creditworthiness [6]. - The Huaxi Zhangjiang Guangdayuan project is a successful case where Pre - REITs achieved exit through public REITs. During the incubation period, the project adjusted tenant structure and increased revenue to meet public REITs requirements [8][9]. (2) Quasi - REITs Products - As of September 2025, 309 quasi - REITs worth 608.977 billion yuan were issued in China. They are important in the ABS market, with a common dual - SPV structure and can be classified into equity - biased and debt - biased types [14]. - The dual - SPV structure involves an asset - backed special plan and a private fund/trust. For projects with existing debt, the private fund acquires project company equity and repays the debt; for projects without debt, an additional SPV is introduced [15][19]. - Equity - biased and debt - biased quasi - REITs differ in product term, repayment method, LTV, location, and credit enhancement measures [21][24]. (3) Hold - type Real - estate ABS - Hold - type real - estate ABS fills the gap between quasi - REITs and infrastructure public REITs, targeting projects that do not meet public REITs criteria but can operate independently of the issuer's credit. As of September 2025, 14 such products worth 2.1381 billion yuan were listed [25][26]. - It emphasizes asset credit and equity attributes, with a simple transaction structure, long - term nature, and an open - exit mechanism. It also allows higher leverage and does not require mandatory credit rating [28][29]. (4) Infrastructure Public REITs - Since the launch of the first 9 infrastructure public REITs in 2021, as of September 2025, 75 public REITs have been listed in various infrastructure sectors [34]. - They adopt a "public fund + asset - backed security" dual - SPV structure, which inherits and develops from quasi - REITs. The public fund can invest 80% of its assets in infrastructure asset - backed securities and can borrow for project operations [35][36]. - The equity + debt structure can be constructed in multiple ways, including project company capital reduction, accounting policy adjustment, and deferred payment of equity transfer fees [37]. 3. Commonalities of Various REITs Products (1) Tax Planning - REITs product construction may incur additional tax costs, mainly during the real - estate restructuring phase. The state has issued policies to address major taxes such as land value - added tax, VAT, and corporate income tax [49][50]. (2) Capital Weakening Structure - REITs products use an equity + debt structure to achieve capital weakening and take advantage of tax shields. However, there are regulatory limits on the debt - to - equity ratio [54]. (3) Financial Statement Optimization - All REITs products have the potential to optimize financial statements. Quasi - REITs can use off - balance - sheet and on - balance - sheet arrangements, while hold - type real - estate ABS and infrastructure public REITs can reduce leverage through asset sales [56]. 4. Differences among Various REITs Products (1) Product Positioning - Pre - REITs are non - standard products, acting as a "reservoir" for public REITs. Quasi - REITs are standardized fixed - income products, and hold - type real - estate ABS can avoid the high entry barriers of public REITs [58]. (2) Product Categories - Quasi - REITs are divided into equity - biased and debt - biased types. Hold - type real - estate ABS can be evaluated based on cash - flow stability, and infrastructure public REITs are divided into property - right and franchise - right types [59]. (3) Rating Roles - Pre - REITs and infrastructure public REITs do not require rating agencies. Quasi - REITs need credit ratings, while hold - type real - estate ABS can have investment ratings at investors' request [60]. (4) Investor Types - Pre - REITs are suitable for institutional investors with industrial backgrounds. Quasi - REITs are for investors seeking fixed income. Hold - type real - estate ABS attracts long - term institutional investors, and infrastructure public REITs have a diverse investor base [61]. (5) Underlying Asset Types - Pre - REITs' underlying assets are similar to those of infrastructure public REITs but are less mature. Quasi - REITs have a wide range of underlying assets, while hold - type real - estate ABS and infrastructure public REITs have more specific requirements [62]. 5. Summary and Outlook - China has established a closed - loop REITs business model, covering fixed - income and equity products, which meets the needs of market participants and is a financial innovation within the existing legal framework [64]. - In the future, infrastructure public REITs will grow through expansion, quasi - REITs will maintain their position, and hold - type real - estate ABS will fill market gaps [65].

Core Viewpoint - The successful establishment of the first industrial factory-based asset-backed securities (ABS) in China marks a significant milestone in the development of the inter-institutional REITs market, demonstrating strong investor confidence and providing a new financing channel for state-owned enterprises [1][2][3]. Group 1: Project Overview - The project, initiated by CITIC Construction Investment and Waigaoqiao Group, has an issuance scale of 1.83 billion yuan, making it the first inter-institutional REITs in China backed by industrial factory assets [1][2]. - The underlying assets consist of four standard factory projects located in the Waigaoqiao Free Trade Zone, with a total construction area of approximately 190,600 square meters and an average occupancy rate of 93.16% [2][3]. - The main tenants include companies from the IDC data center, smart manufacturing, and biopharmaceutical research sectors, aligning with regional industrial development strategies [2]. Group 2: Financial and Operational Mechanisms - The project utilized a pricing inquiry mechanism, achieving a final issuance size of 1.83 billion yuan, which reflects a premium of about 3% over the equity valuation of the project company [1][2]. - A revenue assessment mechanism and an incentive structure for the operational management team were established to enhance operational efficiency [3][4]. - The project features a unique distribution mechanism of "benchmark return + excess return," which is expected to attract potential investors continuously [4]. Group 3: Market Impact and Future Developments - This project is expected to serve as a model for revitalizing state-owned assets and expanding financing channels for local state-owned enterprises, showcasing strong demonstration effects [2][3]. - The Shanghai Stock Exchange has reported a total of 50 projects submitted for approval, with a cumulative issuance scale nearing 120 billion yuan, indicating robust market activity and interest in inter-institutional REITs [5]. - Future plans include enhancing the operational management of underlying assets through the introduction of fund manager systems and improving market mechanisms to ensure the sustainable development of the inter-institutional REITs market [4][5].

Group 1 - The core viewpoint of the news is the establishment of the "CITIC Construction Investment - Waigaoqiao Group Holding Real Estate Asset Support Special Plan," which is the first industrial plant-based asset-backed security (ABS) in the inter-institutional REITs market in China, with a total issuance scale of 1.83 billion yuan [1] - This project expands the asset range of inter-institutional REITs and creates a new equity financing channel for local state-owned enterprises, demonstrating a significant effect [1] - The underlying assets consist of four standard factory projects held by Waigaoqiao Group, located in the Waigaoqiao Free Trade Zone, with a total construction area of approximately 190,600 square meters and an average occupancy rate of 93.16% [1] Group 2 - Inter-institutional REITs are positioned as equity-type listed products and are an important part of building a multi-tiered REITs market, serving as an innovative tool for revitalizing existing assets and expanding effective investment [2] - Since the launch of the first inter-institutional REITs in 2023, the Shanghai Stock Exchange has successfully issued 20 projects with a total issuance scale exceeding 45 billion yuan, with nearly 1,200 billion yuan in total application scale [2] - The Shanghai Stock Exchange is committed to developing the inter-institutional REITs market while ensuring safety and focusing on the authenticity and reliability of underlying assets, as well as accurate and complete information disclosure [3] Group 3 - The Shanghai Stock Exchange aims to stimulate market vitality and ensure the market's sustainable and healthy development by respecting market rules and enhancing the market mechanism [3] - Future efforts will focus on organizing and building the inter-institutional REITs market ecosystem, promoting project implementation, and improving relevant mechanisms and supporting rules [3]

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has announced the pilot program for Commercial Real Estate Investment Trusts (REITs), aiming to enhance the market's capacity and efficiency in managing commercial real estate assets [1][2]. Group 1: Regulatory Developments - The CSRC has released a draft announcement for the pilot of Commercial Real Estate REITs, with exchanges actively working on rule revisions and project cultivation [1]. - The Shanghai Stock Exchange (SSE) plans to advance the pilot program under CSRC's guidance, focusing on quality commercial real estate and risk prevention [1]. - The Shenzhen Stock Exchange (SZSE) will optimize REITs rules and collaborate with market participants to ensure the successful implementation of the pilot [1]. Group 2: Market Context - As of now, there are 77 REITs products listed in the market, with a total issuance scale of 207 billion yuan, indicating a growing market capacity and a mature investor base [1]. - Since 2024, nearly 100 billion yuan worth of CMBS, quasi-REITs, and holding-type real estate ABS products have been issued, reflecting a consensus on valuation logic and operational management in the commercial real estate sector [2]. - The pilot program for public REITs has been in place for five years, demonstrating significant achievements and the potential to further activate existing assets and stimulate economic growth [2].

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 Insights - The establishment of the "Taibao Asset - Century Internet Data Center Holding Type Real Estate Green Asset Support Special Plan" marks a significant innovation in the multi-level REITs market for internet data centers (IDC) with a total issuance scale of 860 million yuan [1] - This project is the first green holding-type real estate ABS in the national data center industry and the second holding-type real estate ABS product for data centers in the country, showcasing a practical case for enhancing financial services to the real economy [1] - The cash flow from IDC operations is stable and predictable, primarily derived from service fees during the contract period, aligning with the essential characteristics of ABS underlying assets [1] Industry Developments - The Shanghai Stock Exchange has developed a diversified product system including public REITs, holding-type real estate ABS, quasi-REITs, technology innovation special bonds, and exchangeable corporate bonds to match data center assets with appropriate financing channels [2] - Future efforts will focus on promoting the construction of the holding-type real estate ABS market, enhancing project implementation, and improving related mechanisms and supporting rules to drive high-quality development in this market [2]

Summary of ABS Market Analysis Industry Overview - The Chinese ABS market is divided into interbank and exchange markets, with credit ABS previously dominant, now followed by the rise of exchange ABS and ABN. [1][7] - Currently, enterprise products dominate the market, influenced by macroeconomic factors and real estate, leading to an overall decline in scale. However, consumer finance products are performing strongly, with an annual issuance of approximately 2 trillion RMB and a total stock of about 3.5 trillion RMB. [1][7] Key Insights and Arguments - **Growth Areas**: - General consumer finance ABS is expected to become a growth segment, benefiting from policies aimed at expanding domestic demand and promoting consumption. [1][10] - Accounts receivable/supply chain finance ABS are expanding into emerging fields such as new energy, data, and overseas supply chain notes. [1][10] - Leasing ABS activity is increasing with new entities emerging, while city investment assets are decreasing in supply. [1][10] - Non-performing ABS is growing rapidly, primarily driven by banks' off-balance-sheet needs, and is expected to continue increasing in the short to medium term. [1][10] - **Market Dynamics**: - The ABS market is transitioning from a phase of rapid growth to one of high-quality development, with limited growth in CNBS but active participation from city investment entities. [2][7] - The liquidity of ABS has improved, attributed to the stability of products and the expansion of trading investors, although monthly turnover rates remain lower than traditional bonds. [12][13] - **Investment Opportunities**: - Current investment opportunities in the ABS market include basis spreads in general consumer finance, term spreads in leasing and fee income rights, seasonal premiums, new issuance premiums, and discounts from bundled sales rules. [19][21] Important but Overlooked Content - **Risk and Return Characteristics**: - Different types of ABS products have unique risk-return profiles, and investors should assess them based on specific circumstances. [21][22] - Retail ABS performance shows a divergence, with lower default rates in mortgage and auto loans compared to higher rates in consumer loans and microloans, yet small diversified assets remain stable. [15][22] - **Challenges**: - The ABS market faces challenges such as valuation pricing difficulties and trading complexities. Investors need to conduct in-depth research on cash flow models and underlying asset performance. [21][22] - **Investor Preferences**: - The main investors in ABS include banks, public funds, bank wealth management, and insurance companies, each with different preferences based on their investment strategies and risk appetites. [24][22] This summary encapsulates the key points from the ABS market analysis, highlighting the current state, growth opportunities, and challenges within the industry.