Group 1 - In August 2025, a total of 99 new asset-backed special plans (ABS) were registered, with a combined scale of 875.92 billion yuan [1] - The top three ABS underlying assets by registration scale were accounts receivable (250.89 billion yuan), micro-loan receivables (213.01 billion yuan), and financing lease receivables (189.73 billion yuan) [1] Group 2 - As of the end of August 2025, there were 2,573 active ABS with a total scale of 21,891.65 billion yuan [2] - Among these, 80 ABS related to infrastructure public REITs had a total scale of 1,968.53 billion yuan [2] - The total scale of ABS with underlying assets such as accounts receivable, real estate holding ABS, CMBS, financing lease receivables, and micro-loan receivables accounted for 79.02% of the total active scale, amounting to 17,299.04 billion yuan [4]

Core Viewpoint - Nanjing Securities reported steady growth in net profit for the first half of 2025, building on last year's performance, while enhancing its professional capabilities and seeing positive developments across multiple business lines [1][2]. Group 1: Financial Performance - In the first half of 2025, Nanjing Securities achieved significant growth in new account openings, stock fund agency trading volume, and the scale of client wealth management products [1]. - The company’s securities investment business improved its research capabilities, optimizing asset allocation and exploring high dividend strategies, resulting in favorable investment returns [1]. Group 2: Business Development - Nanjing Securities focused on enhancing its functional role in supporting the real economy, successfully facilitating the issuance of innovative bonds and strengthening its business layout in various debt sectors [2]. - The company’s subsidiary, Jushi Venture Capital, launched Nanjing's first talent sub-fund to provide long-term financial support for technology enterprises [2]. Group 3: Investor Relations - Nanjing Securities maintains a consistent and proactive profit distribution policy, with a planned cash dividend for 2024 amounting to 47.11% of the net profit attributable to shareholders [2]. - The company is committed to investor education and protection, actively engaging in initiatives to safeguard investor rights [2]. Group 4: Strategic Direction - Nanjing Securities aims to embody the principles of Chinese financial culture, prioritizing financial services for the real economy and aspiring to become a leading investment bank [3].

Core Viewpoint - Xiangjiang Group has achieved breakthroughs in innovative financing models and revitalizing existing assets, particularly through the establishment of the "CICC - Xiangjiang Group Rental Housing Asset Support Special Plan" (similar to REITs), which has garnered significant attention from various media outlets [1] Group 1: Financing Innovations - The successful establishment of the asset support plan has been widely reported by mainstream media and industry experts, highlighting Xiangjiang Group's exploration in asset securitization [1] - Since 2018, Xiangjiang Group has built a comprehensive and multi-layered industrial financial service system, establishing 45 funds with a total scale of 46.7 billion yuan [21] - The group has successfully issued various innovative financing projects, including the first CMBS in Hunan Province and the first REITs project for state-owned enterprises, significantly broadening financing channels [25] Group 2: Economic Impact - Xiangjiang Group's financial support has enabled the growth of technology companies like Hunan Huisi Optoelectronics, which received 30 million yuan to overcome funding bottlenecks and expand production capacity [19] - The group has effectively driven social capital exceeding 30 billion yuan through various funds, fostering dozens of technology enterprises and strengthening key industrial chains in Changsha [21] - The total assets of Xiangjiang Group have doubled in less than six years, with revenue and profit increasing more than fivefold, reaching over 127 billion yuan by the end of 2024 [28] Group 3: Risk Management and Credit Ratings - Xiangjiang Group has maintained a strong credit rating matrix, achieving a domestic AAA rating and international investment-grade ratings from major agencies, which supports its market-based financing efforts [22] - The group has implemented a dual-driven model of market-based financing and policy-based funding, optimizing its financing structure and reducing costs significantly since 2018 [26]

Core Viewpoint - Arbor Realty Trust, Inc. has successfully closed a $1.05 billion commercial real estate mortgage loan securitization, issuing approximately $933 million in investment grade-rated notes and retaining subordinate interests of about $117 million [1][4]. Group 1: Securitization Details - The securitization includes collateral of $1.05 billion, which consists of approximately $123 million in capacity to acquire additional loans within 180 days from the closing date [1]. - The investment grade-rated notes have an initial weighted average spread of 1.82% over Term SOFR, excluding fees and transaction costs [2]. - The facility allows for a replenishment period of approximately two years and six months, enabling reinvestment of principal proceeds from repayments into qualifying replacement assets [2]. Group 2: Financial Strategy - Arbor intends to maintain ownership of the portfolio of real estate-related assets through the securitization vehicle until maturity and plans to account for it as a financing on its balance sheet [4]. - Proceeds from the securitization will be utilized to repay existing borrowings, cover transaction expenses, and fund future loans and investments [4]. Group 3: Company Overview - Arbor Realty Trust, Inc. is a nationwide real estate investment trust and direct lender, specializing in loan origination and servicing for various commercial real estate assets [6]. - The company manages a multibillion-dollar servicing portfolio and is recognized as a leading lender for government-sponsored enterprise products [6].

Financing Overview - In July 2025, the total financing amount for 65 typical real estate companies reached 48.626 billion yuan, a month-on-month increase of 4.7% but a year-on-year decrease of 25.2%, marking a new high for 2025 [1] - From January to July 2025, the cumulative financing amount for these companies was 241.379 billion yuan, a year-on-year decrease of 26.6% [1] - In terms of financing structure, domestic debt financing in July was 37.975 billion yuan, up 57.5% month-on-month but down 34% year-on-year; overseas debt financing was 1.305 billion yuan, down 92.5% month-on-month and 43.8% year-on-year; asset securitization financing was 9.346 billion yuan, up 85.5% month-on-month and 99.2% year-on-year [1] Cost of Financing - The average cost of new bond financing for the 65 companies from January to July 2025 was 3.09%, an increase of 0.16 percentage points compared to 2024 [2] - The cost of overseas bond financing was 8.6%, up 4.42 percentage points from 2024, while the cost of domestic bond financing was 2.63%, down 0.28 percentage points from 2024 [2] - In July, no companies issued overseas bonds, and the domestic bond financing cost slightly increased by 0.13 percentage points to 2.35% [2] Company Performance - China Resources Land was the largest finisher in July, issuing two medium-term notes totaling 3 billion yuan and a CMBS of 5.1 billion yuan, along with a bank loan of 2 billion yuan [4] - The average financing amount for the top 10 real estate companies from January to July 2025 was 14.371 billion yuan, the highest among all tiers [4] - The financing cost for the top 51+ companies was the lowest at 2.55%, a decrease of 1.5 percentage points from 2024, while the highest financing cost was for the top 11-30 companies, which was 0.85 percentage points higher [4] Sales Performance - The top 100 real estate companies achieved a sales turnover of 211.16 billion yuan in July, with cumulative sales of 1,863.84 billion yuan from January to July 2025 [9] - The sales threshold for various tiers of companies decreased in July 2025, with the top 21-30 and top 31-50 tiers experiencing relatively smaller declines in cumulative sales [11] - Approximately 70% of the top 100 companies saw a month-on-month decrease in sales in July, with only a few companies like Vanke and Duhua Group reporting increases [12] Land Acquisition - In July, the land acquisition amount for monitored companies decreased month-on-month but increased year-on-year, with a total investment amount of nearly 57.7 billion yuan, down 9% month-on-month but up 64% year-on-year [17] - The land area acquired was 2.75 million square meters, down 16% month-on-month but up 62% year-on-year, with the average land price rising 9% to 20,962 yuan per square meter [17] - Major companies like China Overseas and Greentown actively acquired land in core cities, with monthly acquisitions exceeding 15 billion yuan [17] Organizational Changes - Significant personnel and organizational changes occurred in July, particularly with Greentown China appointing a new CEO and Vanke, China Resources, and Gemdale adjusting their organizational structures [21] - Greentown China appointed Zhao Hui as the new CEO, aiming to integrate resources and optimize strategic layouts [22] - Vanke announced a shift to a 2.5-level management structure, eliminating regional companies and enhancing operational efficiency [23][24]

Company Overview - Arbor Realty Trust, Inc. (NYSE: ABR) is a nationwide real estate investment trust and direct lender, focusing on loan origination and servicing for multifamily, single-family rental portfolios, and other commercial real estate assets [4] - The company manages a multibillion-dollar servicing portfolio and specializes in government-sponsored enterprise products [4] - Arbor is recognized as a leading Fannie Mae DUS® lender, Freddie Mac Optigo® Seller/Servicer, and an approved FHA Multifamily Accelerated Processing (MAP) lender [4] Upcoming Financial Results - Arbor Realty Trust is scheduled to release its second quarter 2025 financial results before the market opens on August 1, 2025 [1] - A conference call to review the results will take place at 10:00 a.m. Eastern Time on the same day [1] Conference Call Details - A live webcast and replay of the conference call will be available on the company's investor relations website [2] - For those without web access, a telephonic option is available, with specific dial-in numbers provided for domestic and international callers [2] - A telephonic replay of the call will be accessible until August 8, 2025, with dedicated numbers for domestic and international callers [3]

Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints - In May 2025, 94 corporate asset - backed securities were issued, with a total issuance scale of 83.21 billion yuan. Compared with the previous month, the number of issuances decreased by 54, and the issuance scale dropped by 36.11%. Compared with the same period last year, the number of issuances increased by 19, and the issuance scale rose by 24.96%. The underlying asset types mainly included personal consumer finance, CMBS, corporate financial leasing, accounts receivable, and factoring claims. The interest rate center of AAAsf - rated securities with a term of about one year was roughly between 1.80% and 2.00%, and the median decreased by about 17BP month - on - month and about 37BP year - on - year [5][22]. 3. Summary by Directory 3.1 Issuance Situation - **Overall Issuance**: In May 2025, 94 corporate asset - backed securities were issued, with a total scale of 83.21 billion yuan. Compared with the previous month, the number decreased by 54, and the scale dropped by 36.11%. Compared with the same period last year, the number increased by 19, and the scale rose by 24.96% [5][6][22]. - **Issuance Venue**: In May 2025, the Shanghai Stock Exchange issued 68 products with an issuance amount of 64.898 billion yuan, accounting for 77.99%. The Shenzhen Stock Exchange issued 26 products with an issuance amount of 18.313 billion yuan, accounting for 22.01% [6]. - **Original Equity Holders**: The top five original equity holders in terms of issuance scale were Beijing Financial Street Investment (Group) Co., Ltd. (5.021 billion yuan, 6.03%), Shenghe (Shenzhen) Commercial Factoring Co., Ltd. (4.096 billion yuan, 4.92%), Shanghai Banghui Commercial Factoring Co., Ltd. (4 billion yuan, 4.81%), Shanghai Real Estate Housing Development Co., Ltd. (3.299 billion yuan, 3.96%), and China Railway Trust Co., Ltd. (3.277 billion yuan, 3.94%). The total issuance scale of the top five was 19.693 billion yuan, accounting for 23.67%, and that of the top ten was 33.11 billion yuan, accounting for 39.79% [7]. - **Managers**: The top five managers in terms of new management scale in May 2025 were Ping An Securities Co., Ltd. (15.40%), Huatai Securities (Shanghai) Asset Management Co., Ltd. (12.48%), Shanghai Guotai Junan Securities Asset Management Co., Ltd. (9.93%), CITIC Securities Co., Ltd. (9.77%), and China Merchants Securities Asset Management Co., Ltd. (7.67%). The total new management scale of the top five was 45.96 billion yuan, accounting for 55.23%, and that of the top ten was 62.748 billion yuan, accounting for 75.41% [9][14]. - **Underlying Asset Categories**: The underlying asset types of corporate asset - backed securities issued in May 2025 included personal consumer finance, CMBS, corporate financial leasing, accounts receivable, and factoring claims. Personal consumer finance had 22 products issued, accounting for 19.98% of the scale; CMBS had 7 products issued, accounting for 15.88%; corporate financial leasing had 12 products issued, accounting for 14.84% [12]. - **Product Scale Distribution**: Products with a scale of (5, 10] billion yuan had the largest number of issuances (42), accounting for 41.30% of the total scale [15]. - **Term Distribution**: The shortest - term product was 0.46 years, and the longest - term was 20.90 years. Products with a term of (1, 3] years had the largest number of issuances (47), accounting for 38.80% of the scale [15][17]. - **Level Distribution**: AAAsf - rated securities accounted for 88.12% of the issuance scale [17]. - **Issuance Interest Rate**: The interest rate center of one - year - around AAAsf - rated securities was roughly between 1.80% and 2.00%, with the median decreasing by about 17BP month - on - month and about 37BP year - on - year [20][22]. 3.2 Filing Situation In May 2025, 150 corporate asset - backed securities were filed with the Asset Management Association of China, with a total scale of 137.968 billion yuan [5][23] 3.3 Secondary Market Trading Situation - In May 2025, corporate asset - backed securities had 3,376 transactions in the exchange market, with a total transaction amount of 73.596 billion yuan. The number of transactions decreased by 10.40% month - on - month, and the transaction amount decreased by 27.89% month - on - month. Compared with the same period last year, the number of transactions increased by 44.71%, and the transaction amount increased by 40.72%. The Shanghai Stock Exchange had 2,672 transactions with an amount of 59.593 billion yuan (80.97%), and the Shenzhen Stock Exchange had 704 transactions with an amount of 14.003 billion yuan (19.03%) [5][24]. - The more active underlying asset types in the secondary market in May 2025 were class REITs, CMBS, supply chain, personal consumer finance, and corporate financial leasing, with transaction amount ratios of 26.06%, 12.37%, 11.83%, 10.25%, and 9.36% respectively [24]. 3.4 June 2025 Maturity Situation Analysis - As of the end of May 2025, 167 outstanding corporate asset - backed securities were due for repayment in June 2025, with a total scale of 43.924 billion yuan. - The main underlying asset categories of due securities in June 2025 were accounts receivable, supply chain, specific non - financial claims, and personal consumer finance, with due scale ratios of 36.64%, 19.23%, 17.01%, and 15.22% respectively. - Among the original equity holders, China Cinda Asset Management Co., Ltd. had 1 due security with a repayment scale of 4.03 billion yuan (9.18%); China Railway Capital Co., Ltd. had 1 due security with a repayment scale of 3.799 billion yuan (8.65%); China Orient Asset Management Co., Ltd. had 1 due security with a repayment scale of 3.441 billion yuan (7.83%) [26].

Group 1: Overall Industry Outlook - The issuance of asset - backed securitization products has significantly increased, and the primary and secondary markets of ABS have clearly recovered [2][4] - CMBS issuance has seen a rise in popularity, with multiple first - of - its - kind products launched recently, and it is expected to become an important financing and debt - resolution tool for urban investment companies [2][3] Group 2: Market - wide Issuance Situation - In March 2025, 114 issues of asset - backed securitization products were issued, with a total scale of 172.728 billion yuan, doubling compared to the previous period. There is a differentiation in the issuance costs of different types of products [4] - Supply chain accounts receivable and commercial real estate mortgage loan products have relatively low sub - layer ratios, while non - performing loan products have high sub - layer ratios [4] Group 3: Bank - to - Bank and Exchange Market Issuance Bank - to - Bank Market ABS - 27 issues were issued, with a scale of 18.6 billion yuan, a significant increase from the previous month. The product priority is all AAAsf - rated, with a coupon rate between 1.83% and 2.55% [7] - Non - performing loan products have the largest issuance scale, accounting for about 60%. Consumer loan and micro - enterprise loan products have relatively small issuance scales [9] Transaction Association ABN - 32 issues were issued, with a total scale of 44.267 billion yuan, a 56% increase from the previous month. The coupon rate of the priority products with disclosed credit ratings is between 2.02% and 4.63% [12] - Commercial real estate mortgage loan products have the highest average issuance cost, while specific non - financial claim products have the lowest [14] Exchange ABS - 55 issues were issued, with a total scale of 109.86 billion yuan, an 88% increase from the previous month. The highest coupon rate of the priority products with disclosed credit ratings is 4.50% [19] - Small - loan products have the highest issuance scale, accounting for over 40%. Policy - loan - against - policy products have the highest average issuance cost [19] Group 4: Secondary Market - The trading volume in the secondary market has significantly increased, and products such as quasi - REITs have relatively high trading popularity [23] - The bank - to - bank market ABS had a trading volume of 7.5 billion yuan. Products based on non - performing loans had the largest trading scale [24] - The Transaction Association ABN had a trading volume of 60.731 billion yuan. Among products with disclosed underlying assets, quasi - REITs and bank/internet consumer loan products had relatively large trading scales [24] - The exchange ABS had a trading volume of 117.233 billion yuan, doubling from the previous month. Quasi - REITs, CMBS/CMBN, small - loans, and accounts receivable products had relatively high trading popularity [29][31]

Core Viewpoint - The public REITs market in China has surpassed 150 billion yuan in issuance, evolving into a dual-driven model of "initial issuance + expansion" and becoming a crucial financial tool for revitalizing existing assets and supporting the real economy [1] Group 1: Business Background - The public REITs market has expanded to over 10 asset types, with a significant focus on infrastructure projects [1] - The issuance of public REITs has entered a normalization phase following the release of government notifications aimed at promoting regular issuance [1] - Infrastructure public REITs typically adopt a "debt structure" to establish cash flow, ensuring regular distribution of distributable amounts to investors [2] Group 2: Tax Observations - Current regulations regarding corporate income tax interest expense deductions are influenced by the commercial rationale and the interest rate levels of the debt structure [3] - Tax authorities may question the commercial rationale of interest expenses and their relevance to the company's operations [2] - There is a lack of uniformity among tax authorities regarding the recognition of "financial enterprises' same-type loan rates," leading to potential disputes over interest expense deductions [2] Group 3: VAT and Property Tax - The new VAT law will take effect on January 1, 2026, but there is uncertainty regarding the tax rate for "old projects" and the transition from existing VAT regulations [4] - The public REITs market is experiencing downward trends in rental income due to economic fluctuations, which may impact property tax calculations and actual tax burdens [5][6] - Changes in property tax calculation methods could introduce compliance risks and affect cash flow distributions for project companies [8] Group 4: Income Tax Considerations - Public funds and special plans are not subject to corporate income tax, but income distributed to investors is subject to taxation based on their legal status [9] - Different tax regulations apply to corporate and individual investors regarding dividend income and capital gains from fund share transfers [10] - Continuous monitoring of tax policy changes is essential for managing tax risks associated with public REITs and their multi-layered structures [10]

Core Viewpoint - The listing of Southern SF Logistics REIT on the Shenzhen Stock Exchange marks the seventh public REIT product since 2025, indicating a growing trend in the public REITs market and its potential as a financial tool for revitalizing existing assets and new infrastructure development [1] Group 1: Market Development - The expansion of the stock of existing assets, coupled with policy support for asset revitalization, has led to an increase in companies opting for asset securitization products like CMBS and REITs to meet financing needs [1][2] - The market has seen a shift in perception, with original equity holders recognizing the importance of public REITs in enhancing brand strength and establishing a comprehensive investment and financing strategy [2] Group 2: Challenges and Opportunities - High issuance requirements for public REITs necessitate stable cash flow and a minimum valuation of 1 billion yuan (or 800 million yuan for affordable rental housing), leading to challenges in asset selection and compliance [2] - The lack of a mature secondary market for underlying assets has made it difficult to obtain fair asset value data, necessitating rigorous valuation processes [2] Group 3: Future Prospects - Despite being the largest public REIT market in Asia, the market's value-to-stock ratio is only 0.14%, compared to around 2% in mature international markets, indicating significant growth potential [3] - Future market development is expected to focus on expanding product scale and diversifying product types, with new projects anticipated in sectors like hotels and elder care following recent regulatory relaxations [3][4] Group 4: Information Disclosure and Industry Trends - Enhanced information disclosure is crucial for improving public REIT products, as current rules require high operational transparency but often fail to capture market trends effectively [4] - The real estate industry is transitioning from development to operation, necessitating a balance between maintaining core values and embracing innovation to seize opportunities in a changing market [4]