不过，自2020年4月份证监会、国家发展改革委联合发布《关于推进基础设施领域不动产投资信托基金（REITs）试点相关 工作的通知》以来，我国已成功上市的清洁能源类公募REITs仅有8只，总募资额约200亿元，这相较于全市场公募REITs数量及 规模，占比偏低。 在这一背景下，持有型不动产资产支持证券（持有型不动产ABS）逐步受到市场关注。市场期待，同属直接融资项下资产 证券化产品——持有型不动产ABS能够成为公募REITs的有力补充，进一步满足能源转型等特定投融资需求。 今年8月份，由远景能源有限公司、泰康资产、财通资管联合发起的"泰康资产—财通—远景新能源持有型不动产资产支持 专项计划（碳中和）"（以下简称"远景能源ABS"）于上海证券交易所成功挂牌。这是全国首单清洁能源持有型不动产资产支 持专项计划（即"持有型不动产ABS"），远景能源ABS的设立，被视为创新融资形式推动清洁能源基础设施高质量发展的一次 重要实践。 ■谢若琳 构建并完善绿色金融体系、推进能源转型，是"双碳"行动及促进经济社会绿色低碳转型的重要支撑和必由之路。 我国正持续优化绿色金融体系。今年2月份，证监会出台《关于资本市场做好金融"五篇大 ...

Core Insights - The successful issuance and listing of the "Yuanjing Energy ABS" marks a significant breakthrough in the securitization of wind power assets, paving the way for more high-quality wind power assets to be packaged into standardized products for the capital market [3][6] - The project aims to establish a standard trading mechanism for green infrastructure assets and promote the normalization of green asset securitization in the context of the wind power industry [3][9] Group 1: Project Overview - The underlying asset of Yuanjing Energy ABS is the Weixian Hengpeng Wind Power Project, which is set to achieve full capacity grid connection by the end of 2024 [5][6] - The project, located in Handan City, Hebei Province, has a total installed capacity of 100 MW, featuring 17 EN-200/5.5MW and 1 EN-182/6.5MW wind turbines [6][10] Group 2: Operational Innovations - The project has shifted its operational focus from "production" to "revenue," emphasizing revenue utilization rates (RBA) over energy utilization rates (EBA) [10][12] - Utilizing advanced weather prediction models, the project can accurately forecast annual electricity generation with an error margin of less than 5% [13][16] - The trading model leverages real-time market analysis to achieve higher settlement prices, with the project’s market trading price at 0.437 yuan/kWh, exceeding the benchmark price by approximately 0.01 yuan [14][23] Group 3: Risk Management and Performance - The project incorporates a comprehensive health monitoring system for key components, enhancing risk management and operational safety [15][19] - The integrated operation model allows for optimized planning and response to market signals, resulting in an annual revenue increase of 12 yuan/kW compared to traditional models [20][23] - Over the past six months, the Weixian Hengpeng project has generated 150 million kWh of electricity, achieving a utilization rate of 99.1% and an RBA above 95%, providing stable returns for investors [23]

Group 1 - The core viewpoint of the news is the successful issuance of the first clean energy real estate ABS in China, named "Yuanjing Energy ABS," which provides innovative solutions for companies with green electricity and ESG needs [1] - The issuance of Yuanjing Energy ABS effectively addresses the long-term financing challenges in clean energy, demonstrating the leverage value of financial tools for energy transition [1] - The project creates a standardized liquidity solution for existing renewable energy assets, shifting the industry from policy-driven to market-driven self-circulation [1] Group 2 - The project is supported by Caitong Securities, which acts as the financial advisor, leveraging its expertise in clean energy infrastructure [1] - Yuanjing Energy ABS is described as a key that opens a new door for wind power asset securitization, enhancing cash flow realization and funding efficiency for enterprises [1] - The innovative inclusion of green certificates in the asset pool increases the economic value of clean energy projects, exploring a new financial path for promoting green economic development [1] Group 3 - Caitong Asset Management, as a wholly-owned subsidiary of Caitong Securities, emphasizes the dual role of holding real estate ABS as both functional and market-oriented innovative tools [2] - The company aims to deepen exploration in investment and financing linkage, enhancing cooperation with the clean energy industry through innovative financial products [2] - Caitong Asset Management also plans to leverage its traditional advantages in consumer finance and leasing, focusing on innovation in technology and rural revitalization to contribute to high-quality economic development [2]

Core Viewpoint - The successful issuance of the "Yuanjing Energy ABS" marks a significant step in the securitization of wind energy assets, providing innovative financing solutions for companies with green electricity and ESG needs [1][4]. Group 1: Project Overview - The project has a total issuance scale of 285 million yuan, with a structure designed for a 50-year term and no open exit arrangements during its duration [1]. - The underlying asset is the Weixian Hengpeng Wind Farm in Hebei Province, with a capacity of 100 MW, generating revenue primarily from wind power feed-in tariffs and green environmental rights [1][2]. - The project is the first clean energy holding-type real estate asset-backed security (ABS) in the market, indicating a key advancement in the securitization of wind energy assets [1][4]. Group 2: Financial and Operational Aspects - The issuance of the holding-type ABS allows the company to monetize future stable cash flows, enhancing capital efficiency [2]. - The Weixian Hengpeng Wind Farm is expected to sell approximately 230 million kWh of green electricity annually, significantly contributing to the reduction of carbon emissions [5]. - The project is projected to reduce carbon dioxide emissions by approximately 179,837.46 tons annually compared to traditional coal-fired power generation [5]. Group 3: Market and Policy Context - The project aligns with national goals for carbon reduction and green transformation, as outlined in the 2025 Government Work Report [4]. - The China Securities Regulatory Commission emphasizes the need to enrich the product system for capital markets to support green and low-carbon transitions [4]. - The project is expected to facilitate collaboration among core enterprises and their suppliers, promoting a coordinated decarbonization process across the supply chain [4][6]. Group 4: Investor Engagement and Market Development - The ABS has received strong support from various investors, including insurance funds, banks, and foreign enterprises, indicating high recognition of the asset quality [7][8]. - The innovative structure of the ABS allows for a standardized and shareable investment mechanism, enhancing liquidity and valuation efficiency of the underlying assets [7][8]. - The project is part of a broader initiative by the Shanghai Stock Exchange to develop a multi-tiered REITs market, focusing on clean energy projects [10][12].