On December 20, the Shenzhen Stock Exchange released the "Shenzhen Stock Exchange Guidelines for the Review of Listing Conditions for Asset-Backed Securities No. 1 - Application Documents and Compilation Requirements" (hereinafter referred to as the "Guidelines for Application Documents and Compilation Requirements") and five other guidelines for the review of asset-backed securities, aiming to build a more "concise, clear, user-friendly, comprehensive and complete" rules system. This is an important measure by the Shenzhen Stock Exchange to implement the requirements of the 20th CPC National Congress on "preventing risks, strengthening supervision, and promoting the healthy and stable development of the Capital Markets". It standardizes the development of asset securitization business and enhances the bond market's service capacity for the real economy. The "Guidelines for Application Documents and Compilation Requirements" focus on information disclosure, reinforcing the verification and disclosure obligations of intermediary institutions, enhancing the standardization, relevance, and readability of information disclosure, and promoting the protection of investors' rights and interests. Firstly, it clarifies the list of application documents and optimizes the validity period regulations of financial statements; secondly, it refines the compilation requirements of the program prospectus, comprehensively standardizing the general compilation requirements for legal opinions, credit rating reports, cash flow forecast reports, and asset valuation reports; thirdly, it focuses on asset characteristics, specifying the special compilation contents for three categories of underlying assets: debt rights, future operating income, and mortgage loans.