Mortgage-backed securities and project financing are both means of financing, but they differ in their specific implementation and characteristics. Mortgage-Backed Securities (MBS) are financial instruments typically associated with real estate mortgages. By pooling together a large number of individual home loans and selling them in packages, issuers can issue MBS and attract investors to purchase the bonds. The income of MBS comes from the repayment of principal and interest on mortgage loans, and its value is supported by the value of the mortgage assets. This approach allows financial institutions to transfer funds from mortgages to investors, thereby generating sufficient cash flow for a new round of lending. Project financing refers to financing activities carried out to support specific projects. In project finance, funds are typically used to implement specific projects, such as building infrastructure, developing real estate projects, or promoting expansion plans within a company. The characteristic of project financing is that the main basis for financing is the feasibility and expected return of the project itself, rather than debt assets like mortgage-backed securities. Common methods of project financing include bank loans, bond issuance, equity financing and private equity investment. Mortgage-backed securities are funded by packaging and selling mortgage loans, while project financing is raising funds for specific projects. There are differences between these two financing methods in terms of implementation methods, funding sources, and risk diversification. The specific choice should be determined based on actual needs and circumstances.