Core Insights - The bond underwriting business of CITIC Securities has shown strong momentum, with a cumulative underwriting scale exceeding 7.4 trillion yuan and over 18,500 bonds since 2021, ranking among the top two in the industry for five consecutive years [1] - The company has provided bond financing services to over 2,200 enterprises, covering various market entities including state-owned, private, and innovative companies [1] Group 1: Business Structure and Service Capability - CITIC Securities has demonstrated a multi-layered and comprehensive approach in serving the real economy and national strategies, with a cumulative underwriting scale of over 2.3 trillion yuan in the industrial bond sector, primarily funding strategic industries such as high-end manufacturing and green low-carbon technologies [2] - The company has ranked first in the market for asset securitization, with significant projects in renewable energy and infrastructure, including the first public REITs for central enterprises in the renewable energy sector [2] - In cross-border financing, CITIC Securities has underwritten over 700 offshore bonds, raising nearly 200 billion yuan, and has entered the top four among Chinese securities firms in Bloomberg's G3 currency underwriting rankings [2] Group 2: Focus on Innovation and Green Finance - CITIC Securities has increased its service efforts in the fields of technology innovation and green finance, leading the industry in bond underwriting for technology-themed bonds, with over 1,000 bonds and a scale exceeding 3.8 trillion yuan [3] - The company has also underwritten over 450 green-themed bonds, surpassing 2.3 trillion yuan, supporting projects in clean energy, marine economic protection, and low-carbon transitions in traditional industries [3] - The bond market has played a crucial role in expanding direct financing, optimizing financing structures, and reducing financing costs for the real economy, with CITIC Securities guiding funds towards national strategic priorities [3] Group 3: Future Outlook - The bond market is expected to further leverage its flexible terms and diverse varieties to inject more financial resources into the real economy as the construction of a financial power progresses [4]

Core Viewpoint - Guangdong Power A (000539.SZ) announced the approval of a plan to issue a series of REITs products with a total scale not exceeding 3 billion yuan, utilizing its subsidiary's renewable energy assets as the underlying assets [1] Group 1 - The company’s board approved the issuance of REITs products, with the first phase having a planned issuance scale of approximately 1.721 billion yuan [1] - The priority tranche of 1.72 billion yuan will be subscribed by qualified investors, while the subordinate tranche of 1 million yuan will be retained by Guangdong Wind Power Company [1]

Core Viewpoint - The company, Electric Power Investment and Financing (000958), announced the issuance of asset-backed notes (similar to REITs) based on the Shijiazhuang Liangcun Thermal Power Co., Ltd. with a total issuance scale of 1.77 billion yuan, set to mature in November 2025 [1] Group 1 - The company plans to issue a new series of asset-backed notes based on Liangcun Thermal Power, with an expected issuance scale not exceeding 1.74 billion yuan [1]

Core Points - The company has approved a plan to issue REITs based on its thermal and photovoltaic power generation projects through its wholly-owned subsidiaries [1][2] - The board meeting was held on August 28, 2025, with all voting members present, and the proposal received unanimous approval [1][2] - The company is authorized to negotiate and amend all legal documents related to the REITs plan, including partnership agreements and acquisition rights [2] Summary by Sections - **Board Meeting Details** - The eighth board meeting was convened on August 28, 2025, with 9 directors participating in the vote [1] - The meeting was chaired by Chairman Liu Wei, and the voting met legal and regulatory requirements [1] - **REITs Issuance Plan** - The company plans to apply for registration and issuance of REITs products, with a scale not exceeding the board's authorization [1] - The assets involved include thermal and photovoltaic power generation projects held by its subsidiaries [1] - **Authorization and Flexibility** - The company is granted the authority to revise the REITs plan based on market conditions and regulatory changes [1][2] - The authorization includes the ability to negotiate and sign all necessary legal documents related to the REITs [2]