以资本市场生态护航发展行稳致远 良好的市场生态是高质量发展的基础，天津在政策供给、服务体系和监管护航上协同发力。 天津市"十五五"规划建议明确提出"用好资本市场"、"发挥期货工具作用"，为未来工作指明了方向。 2025年，天津密集出台覆盖并购重组、创业投资、科技金融、期现联动等多维度的专项政策，构建了全 链条政策支撑体系。 上市培育方面，天津建立拟上市企业"四张清单"，覆盖超400家企业。并购重组方面，搭建政策、案 例、标的、项目"四库"系统，并组建资本市场服务联盟，提供全链条金融服务。融资对接方面，深化投 贷联动2.0，升级京津冀投资机构合作清单，助力187家私募投后企业获得流动资金贷款超31亿元。各类 专班、联盟、清单共同构成"N+N"机制保障体系。 央广网北京1月29日消息（记者 牛谷月）随着"十四五"的收官，2025年，天津证监局以推动资本市场改 革举措在津落地为主线，全力服务实体经济向新提质、行稳致远，交出了一份亮眼的年度答卷。 以资本市场活力赋能产业创新升级 2025年以来，天津证监局紧密围绕服务新质生产力发展，聚焦科技创新与产业升级，推动资本市场功能 持续深化。 企业上市量质齐升，梯次格局稳固成 ...

Core Insights - The event "Haiyun Tide Rising · Gathering Strength in Penglai" was held to support the high-quality development of Penglai District through bond market services, with over 100 representatives from 74 key enterprises attending [1] - Experts from the Shanghai Stock Exchange conducted on-site research to understand the operational status, capacity planning, and asset revitalization of local enterprises, addressing their financing needs and development bottlenecks [1][2] - The afternoon session featured a "policy interpretation + case analysis + interactive exchange" format, focusing on various innovative bond types such as Sci-Tech bonds, green bonds, and low-carbon transition bonds, along with asset securitization tools [2] Group 1 - The Shanghai Stock Exchange experts provided tailored financing solutions to help enterprises overcome development bottlenecks and broaden their financing perspectives [1][2] - The event aimed to enhance enterprises' understanding of the latest bond market policies and various financing products, promoting the issuance of innovative bond types [2] - The focus was on transforming Penglai's industrial and asset advantages into developmental and competitive advantages through deep integration of industry and capital [2] Group 2 - Penglai District plans to deepen strategic cooperation with core capital market platforms like the Shanghai Stock Exchange, optimizing financial service supply and delivering policy benefits [3] - The district aims to revitalize existing assets, expand financing channels, optimize financing structures, and innovate financing methods to inject strong financial momentum into its high-quality development [3]

Core Viewpoint - The article highlights the achievements of Shenwan Hongyuan Securities and its subsidiary Hongyuan Huizhi at the "2025 Multi-level REITs Investor Conference Annual Meeting," emphasizing their recognition as leading institutions in the REITs market and their contributions to the development of the multi-level REITs market in China [2][4]. Group 1 - Shenwan Hongyuan Securities was awarded "Annual Excellent Investment Institution in Inter-Institutional REITs Market," while Hongyuan Huizhi received the title of "Annual Excellent Investment Institution in Real Estate Private Fund Market" [2]. - The "Zhonglian Fund - New Consumption Infrastructure Fund Acquisition of Chengdu Outlets Project," in which Hongyuan Huizhi participated, was recognized as the "Annual Market Benchmark Transaction in Real Estate Private Fund Market" [2]. - The evaluation was organized by the China REITs Forum and the Ruisi Real Estate Financial Research Institute, aimed at recognizing significant contributions in public REITs, inter-institutional REITs, and real estate private funds [4]. Group 2 - Shenwan Hongyuan has been deeply involved in the construction of China's multi-level REITs market, covering public REITs, inter-institutional REITs, and real estate private funds, leveraging its "investment + investment banking" synergy [4]. - Hongyuan Huizhi focuses on investing in core asset categories such as affordable rental housing, industrial plants, shopping centers (including outlets), and data centers, employing diverse strategies to enhance the defensive capability and value elasticity of its investment portfolio [5]. - Shenwan Hongyuan Securities' FICC division acts as a market maker for all public REITs and several inter-institutional REITs products, providing professional support to enhance market liquidity and reasonable pricing [5].

Core Viewpoint - The article highlights the achievements of Shenwan Hongyuan in the multi-level REITs market, showcasing its recognition as a leading investment institution in various categories at the 2025 Multi-level REITs Investor Conference [1][4]. Group 1: Awards and Recognition - Shenwan Hongyuan's FICC division and Hongyuan Huizhi received multiple honors at the conference, including "Outstanding Investment Institution in the Inter-Institutional REITs Market" and "Outstanding Investment Institution in the Real Estate Private Fund Market" [1]. - The "Zhonglian Fund - New Consumption Infrastructure Fund's acquisition of Chengdu Outlets Project" was recognized as the "Benchmark Transaction of the Year in the Real Estate Private Fund Market" [1]. Group 2: Market Contribution - The evaluation was co-hosted by the China REITs Forum and the Ruisi Real Estate Financial Research Institute, aimed at recognizing significant contributions in public REITs, inter-institutional REITs, and real estate private funds [4]. - Shenwan Hongyuan has been deeply involved in the construction of China's multi-level REITs market, covering public REITs, inter-institutional REITs, and real estate private funds, leveraging its "investment + investment banking" synergy [4]. Group 3: Investment Strategy - In the real estate private fund sector, Hongyuan Huizhi focuses on core asset categories such as affordable rental housing, industrial plants, shopping centers (including outlets), and data centers, employing diverse strategies to enhance portfolio resilience and value elasticity [5]. - The FICC division acts as a market maker for all public REITs and several inter-institutional REITs products, providing professional support for market liquidity and pricing [5]. Group 4: Future Outlook - Looking ahead, Shenwan Hongyuan aims to implement major decisions from the central government, focusing on technology finance, green finance, inclusive finance, pension finance, and digital finance to support national development strategies [5].

Core Viewpoint - China State Construction Sixth Engineering Division (CSCEC 6th Bureau) has issued a 5.04 billion yuan asset-backed security (ABS) for its headquarters building, the Zhongjian Center, located in Tianjin, as part of a strategy to enhance asset management and diversify financing options [1][2][4]. Group 1: Financial Product Details - The ABS issued is a type of real estate investment trust (REIT) known as an inter-institutional REIT, which allows for flexible asset admission and efficient issuance processes [6]. - The total area of the Zhongjian Center is approximately 57,000 square meters, featuring a 100% occupancy rate with various high-profile tenants [2][4]. - The issuance aims to create a model for a full-cycle commercial operation, enhancing the company's asset management capabilities [4]. Group 2: Financial Performance and Debt Situation - As of Q3 2025, CSCEC 6th Bureau reported total revenue of 54.759 billion yuan, a year-on-year increase of 1.92%, while net profit was 909 million yuan, up 3.73% [4]. - The company faces significant debt pressure, with short-term borrowings amounting to 15.624 billion yuan and non-current liabilities due within one year totaling 3.549 billion yuan, against cash reserves of only 11.275 billion yuan [4]. - The total bond issuance by CSCEC 6th Bureau stands at 5 billion yuan, with 4.5 billion yuan maturing within one year [4]. Group 3: Market Context and Future Outlook - The inter-institutional REIT market is expected to see explosive growth, with an estimated issuance scale of approximately 47.5 billion yuan by the end of 2025, marking a threefold increase from the previous year [6]. - The issuance of such financial products is seen as beneficial for companies, allowing them to realize profits from asset valuations and reduce overall liabilities [8][9]. - The regulatory environment is supportive, with recent policy updates expanding the types of assets eligible for REITs, including commercial office spaces and hotels [8].

Core Viewpoint - State-owned enterprises are crucial for the economic and social development of the capital and are the core force driving high-quality development. The "14th Five-Year Plan" emphasizes the need to deepen state-owned asset and enterprise reform to strengthen and optimize state-owned enterprises and capital [1] Group 1: Market Development and Trends - The REITs market in China has seen significant growth, with over 20 institutional REITs products issued, surpassing a total scale of 50 billion yuan, covering diverse assets such as highways, renewable energy, commercial properties, and rental housing [2] - The development of a multi-level REITs market is seen as a new pathway for state-owned enterprises to revitalize assets, upgrade, and expand investments, aligning with national strategies to activate existing assets and increase effective investments [1][2] Group 2: Case Study of Financial Services - China Merchants Bank's Beijing branch has actively engaged in the reform of state-owned enterprises by providing tailored financial services, exemplified by its support for Jingneng International, a subsidiary of Jingneng Group, in exploring diversified asset revitalization paths [2][3] - The successful issuance of the "CICC-Jingneng International Energy Infrastructure Holding Real Estate Asset Support Special Plan" on December 18, 2025, with a scale of 1.161 billion yuan, marks a significant milestone as the first institutional REITs for mixed renewable energy assets in the market and the first off-balance-sheet institutional REITs for a state-owned enterprise in Beijing [3] Group 3: Future Directions - The Beijing branch of China Merchants Bank aims to continue focusing on customer-centric service, leveraging professional capabilities and innovative solutions to support the financing needs of state-owned enterprises and key project construction, contributing to the high-quality development of the capital's economy and society [4]

Core Viewpoint - The article discusses the comprehensive reforms and developments in Tianjin's capital market during the "14th Five-Year Plan" period, emphasizing risk prevention, regulatory strength, and high-quality development [35]. Group 1: Market Expansion - The number of listed companies increased from 60 to 71, an 18% growth compared to the end of the "13th Five-Year Plan" [6]. - The total market value of listed companies rose from 920.3 billion yuan to 1,656.6 billion yuan, an 80% increase compared to the end of the "13th Five-Year Plan" [6]. - The number of companies listed on the New Third Board reached 118, with 39 in the innovation layer, a 1.29 times increase year-on-year [7]. - The bond market's outstanding scale reached 12.8 trillion yuan, ranking among the top in the country [8]. - The total assets of eight securities, fund, and futures institutions reached 113.7 billion yuan, with net assets growing by 22% and 20% respectively compared to the end of the "13th Five-Year Plan" [8][9]. Group 2: Structural Optimization - The focus is on enhancing quality and efficiency, with a strong emphasis on technology innovation and industrial upgrades [10]. - There are 49 high-tech and specialized new listed companies in Tianjin, accounting for 69% of the total, with a total market value share of 78% [12]. - Cumulative R&D investment by listed companies exceeded 100 billion yuan, an 80% increase compared to the "13th Five-Year Plan" [12]. - The overall R&D intensity of listed companies is projected to be 3.01% in 2024, with key industry chain companies at 7.64% [12]. Group 3: Capital Market and Industry Renewal - 40 listed companies belong to key industrial chains in Tianjin, accounting for nearly 70% of the total market value [14]. - Six listed companies have undergone major asset restructuring to eliminate inefficient assets and transition to emerging industries [14]. - Nearly 20% of listed companies are expanding production or investing in weak links of the industrial chain through refinancing [14]. - The amount of mergers and acquisitions by listed companies exceeded 26 billion yuan after the release of the "Six Merger Guidelines" in September 2024 [14]. Group 4: Asset Activation - Two public REITs were issued, with one revitalizing 220,000 square meters of industrial park assets and another raising 2.5 billion yuan for highway expansion projects [17]. - The outstanding scale of ABS products in the region reached 72.1 billion yuan, ranking among the top in the country [18]. Group 5: Function Enhancement - Over the past five years, the region has utilized multi-level capital markets to finance 1.6 trillion yuan, 1.6 times the total financing amount during the "13th Five-Year Plan" [21]. - Among 14 new listed companies, 11 were issued through the registration system, and 10 were listed on the "Two Innovation Boards" and the Beijing Stock Exchange [21]. - The wealth management scale of capital market institutions in the region exceeded 2.2 trillion yuan [23]. Group 6: Ecological Improvement - The regulatory framework for the capital market has been established, guiding further comprehensive reforms [26]. - The implementation of the "New National Nine Articles" and the "1+N" policy has led to the introduction of various supportive measures for high-quality development [28]. - A specialized working group has been established to implement capital market reform policies and coordinate high-quality development of listed companies [29].

Core Viewpoint - The article discusses the development and transformation of Tianjin's capital market during the "14th Five-Year Plan" period, emphasizing the integration of capital market reforms with economic needs and technological innovation. Group 1: Market Growth and Structure - During the "14th Five-Year Plan," Tianjin's capital market has seen a steady expansion, with the number of listed companies increasing to 71, an 18% growth compared to the end of the "13th Five-Year Plan" [7] - By the end of November 2025, the total market capitalization of listed companies in Tianjin is projected to reach approximately 1.66 trillion yuan, an 80% increase [7] - The bond financing channel has become prominent, with 109 bond issuers and a total bond scale of 1.28 trillion yuan, ranking among the top in the country [7] Group 2: Technological Innovation and R&D - The capital market in Tianjin has deeply integrated with technological innovation, with 14 new companies listed on the A-share market in the past five years, nearly 80% of which are technology-oriented [11] - Cumulatively, listed companies in Tianjin have invested over 100 billion yuan in R&D, an increase of nearly 80% compared to the "13th Five-Year Plan" [11] - The overall R&D intensity of key industry chain listed companies reached 7.64%, while companies on the "Two Innovation Boards" and the Sci-Tech Innovation Board had R&D intensities of 13.53% and 28.16%, respectively [11] Group 3: Mergers, Acquisitions, and Risk Management - Tianjin's capital market has introduced policies to support listed companies in accelerating technological upgrades and extending industrial chains through mergers and acquisitions [12] - In 2024, the "Six Merger Guidelines" were released, leading to over 26 billion yuan in merger and acquisition activities among listed companies [12] - Nearly 4,800 industrial enterprises have actively utilized the futures market for risk management, with participation increasing 2.3 times compared to the "13th Five-Year Plan" [12] Group 4: Financing and Investment - Over the past five years, enterprises in Tianjin have utilized multi-level capital markets for direct financing totaling 1.6 trillion yuan, 1.6 times the total financing amount during the "13th Five-Year Plan" [14] - The public fund fee reform has been fully implemented in Tianjin, with significant growth in the scale of equity funds managed by Tianhong Fund, reaching 213.4 billion yuan, a 173% increase [14] - Listed companies in Tianjin have implemented cash dividends exceeding 170 billion yuan, 7.5 times that of the "13th Five-Year Plan," with an average annual dividend yield of 3.08% [15] Group 5: Regulatory and Ecological Improvements - The regulatory framework for Tianjin's capital market has been established, with a "1+N" policy system guiding further reforms [17] - The Tianjin Securities Regulatory Bureau has strengthened collaboration with various departments to enhance enforcement and regulatory measures, resulting in significant penalties for financial misconduct [18] - The market has seen a reduction in key risks, with effective measures taken to address issues in the private equity sector and the exit of underperforming companies [18]

Core Viewpoint - The "14th Five-Year Plan" period marks the beginning of Tianjin's comprehensive construction of a modern socialist metropolis and a critical phase for systemic reforms in the capital market, focusing on risk prevention, strong regulation, and promoting high-quality development [1] Group 1: Scale Expansion - During the "14th Five-Year Plan" period, the stock issuance registration system reform accelerated, leading to a steady expansion of the capital market in Tianjin, with the number of listed companies reaching 71, an 18% increase from the end of the "13th Five-Year Plan" [2] - By the end of November 2025, the total market value of listed companies is projected to be approximately 1.66 trillion yuan, an 80% increase [2] - The bond financing channel has become prominent, with 109 bond issuers and a total bond scale of 1.28 trillion yuan, ranking among the top in the country [2] Group 2: Structural Optimization - The capital market in Tianjin has deeply integrated with technological innovation, with 14 new companies listed on the A-share market in the past five years, nearly 80% of which are technology-oriented [3] - Cumulatively, listed companies have invested over 100 billion yuan in R&D, an increase of nearly 80% compared to the "13th Five-Year Plan" period [3] - The overall R&D intensity of key industry chain listed companies reached 7.64%, while companies on the "Two Innovation Boards" and the Sci-Tech Innovation Board had R&D intensities of 13.53% and 28.16%, respectively [3] Group 3: Function Enhancement - The capital market in Tianjin has strengthened its financing support, with enterprises utilizing multi-level capital markets for direct financing totaling 1.6 trillion yuan, 1.6 times that of the "13th Five-Year Plan" period [6] - Among the 14 newly listed companies, 11 utilized the registration system for their listings, and 10 were listed on the "Two Innovation Boards" and the Beijing Stock Exchange [6] - The Tianjin market has seen the emergence of innovative bond products, including technology innovation bonds and green bonds, contributing to a diverse financing landscape [6] Group 4: Investment Returns - Listed companies in Tianjin have implemented cash dividends totaling over 170 billion yuan, 7.5 times that of the "13th Five-Year Plan" period, with an average annual dividend yield of 3.08% [7] - Approximately 45% of listed companies have maintained continuous dividends for five years, and over 60% for three years [7] - In 2024, 20 companies repurchased shares totaling nearly 3.8 billion yuan, with several companies utilizing share repurchase and shareholder increase tools to stabilize market expectations [7] Group 5: Ecological Improvement - The regulatory framework for the capital market in Tianjin has been established, with a "1+N" policy system guiding further reforms [8] - In November 2024, a joint initiative was launched to enhance the quality of listed companies and promote the development of private equity funds [8] - The Tianjin Securities Regulatory Bureau has established over 50 collaborative mechanisms with various departments to strengthen enforcement and regulatory practices [9]

Core Viewpoint - The establishment of the first privately issued real estate asset-backed securities (ABS) in China, with a scale of 616 million yuan, marks a significant development in the commercial real estate sector, providing new financing channels for asset holders and enhancing the market for institutional REITs [1][2]. Group 1: Market Development - The issuance of the 616 million yuan ABS by Guojin Asset Management for Wuyue Plaza is the first of its kind for privately held real estate companies in China and the first consumer-oriented institutional REIT in the market [1]. - The project expands the asset range for institutional REITs, creating new equity financing channels for existing enterprises holding consumer-related assets [1]. - The project includes a mechanism for expansion and reserves a pathway for integration with public REITs, facilitating a closed-loop business model for commercial real estate [1]. Group 2: Industry Insights - The commercial real estate sector in China has undergone a value reassessment, with stable performance indicators such as occupancy rates and rental levels in prime assets located in core urban areas [1]. - The ongoing urbanization and development of new productive forces suggest that commercial real estate has long-term appreciation potential, especially in a market environment characterized by overall declining interest rates [1]. - The Shanghai Stock Exchange emphasizes the importance of ensuring the authenticity and reliability of underlying assets, accurate information disclosure, and stable expected returns to promote a healthy and vibrant REITs market [2]. Group 3: Regulatory Framework - The Shanghai Stock Exchange is committed to balancing development and safety in promoting the institutional REITs market, focusing on genuine asset quality and market-driven valuation mechanisms [2]. - Future efforts will include improving business rules, fostering market cultivation, and encouraging high-quality commercial real estate projects to participate in pilot programs while ensuring risk prevention [2]. - The goal is to create an efficient, controllable risk, and healthy ecosystem for the REITs market, enhancing the vitality of market participants [2].