Investment Rating - The report does not explicitly state an investment rating for the industry or region under review. Core Insights - Ningxia Hui Autonomous Region is strategically important in China's western development strategy, with a relatively low economic scale and per capita GDP compared to national averages [2][3] - The region's government debt has been increasing, but remains at a lower level compared to other provinces, with a general debt ratio [13][15] - Economic growth in 2023 was observed across various cities in Ningxia, with significant disparities in economic size and fiscal strength, particularly with Yinchuan leading [2][16] - Ningxia's local government relies heavily on upper-level subsidies for its fiscal revenue, indicating a weak self-sufficiency in financial resources [13][22] Summary by Sections 1. Economic and Fiscal Strength of Ningxia - Ningxia's economy is characterized by a small total economic output and a per capita GDP that ranks in the lower tier nationally, with a GDP of 5314.95 billion yuan in 2023, growing at a rate of 6.6% [5][7] - The region has a stable industrial structure, with industrial growth being the primary driver of economic expansion, particularly in coal, electricity, and chemical industries [8][10] 2. Fiscal Situation and Debt - In 2023, Ningxia's general public budget revenue was 460.15 billion yuan, with a growth rate of 13.7%, while the government debt balance reached 1996.8 billion yuan, resulting in a debt ratio of 112.2% [14][15] - The fiscal self-sufficiency rate is low, with significant reliance on upper-level subsidies, which accounted for a substantial portion of the region's financial resources [13][22] 3. Economic and Fiscal Conditions of Cities in Ningxia - Yinchuan remains the economic leader among Ningxia's cities, with a GDP of 2685.63 billion yuan and a growth rate of 7.20% in 2023 [21][22] - The fiscal strength of cities varies significantly, with Yinchuan's public budget revenue leading at 197.76 billion yuan, while other cities lag behind [22][23] 4. Debt Situation of Cities - All cities in Ningxia have seen an increase in government debt, with Yinchuan having the highest debt ratio exceeding 150% [26][27] - The report indicates a focus on controlling new debt and actively resolving existing debt issues to mitigate risks [26][28] 5. City Investment Companies' Debt Repayment Capacity - Ningxia has a limited number of investment companies, primarily located in Yinchuan, with most having an AA+ credit rating [28][29] - The debt structure of these companies is primarily based on direct financing, with a significant portion of their debt supported by special refinancing bonds and loans [33][34]

Industry Overview - Yunnan Province has significant regional importance and abundant resources, with a growing economy and GDP per capita ranking in the lower-middle range nationally [2] - The province's industrial structure is continuously optimizing, with the tertiary sector being the main driver of economic growth [3] - Yunnan's transportation network is well-developed, with significant investments planned during the 14th Five-Year Plan period, exceeding 1.3 trillion yuan [3][4] - The province has rich natural resources, including water, coal, minerals, and solar energy, ranking high nationally in several categories [6] Economic and Fiscal Strength - Yunnan's GDP in 2023 reached 3,002.112 billion yuan, ranking 18th nationally, with a growth rate of 4.4% [6] - The tertiary sector contributed 51.8% to the GDP in 2023, with significant growth in high-tech industries and tourism [7] - Yunnan's general public budget revenue in 2023 was 214.944 billion yuan, with a fiscal self-sufficiency rate of 31.94% [15] - The province's government debt ratio and debt burden are relatively high, ranking 30th and 23rd nationally, respectively [16] Regional Economic Disparities - Economic development in Yunnan is uneven, with the central Kunming-centered urban agglomeration being the strongest [17] - Kunming's GDP accounted for 26.20% of the province's total in 2023, significantly higher than other regions [20] - Yuxi City leads in GDP per capita, while Zhaotong City ranks last [20] - The central urban agglomeration accounts for 50.49% of the province's population, with relatively high urbanization rates [21] Local Government Debt and Fiscal Conditions - Local government debt balances increased across all regions in 2023, with Yuxi, Kunming, Lijiang, Dehong, and Baoshan having the heaviest debt burdens [29] - Kunming and Yuxi have relatively higher fiscal self-sufficiency rates, while other regions rely heavily on upper-level subsidies [23][25] - Government debt ratios in most regions exceed 30%, with Yuxi, Kunming, Lijiang, Dehong, and Baoshan having debt ratios above 200% [30] Urban Investment Enterprises (UIEs) - As of June 2024, Yunnan has 45 UIEs with outstanding bonds, primarily concentrated in Kunming [33] - In 2023, Yunnan's UIEs issued 70 bonds totaling 55.368 billion yuan, with Kunming accounting for 90.43% of the issuance [36] - The net financing of UIEs in 2023 was negative, but turned positive in the first half of 2024, with Kunming and Pu'er contributing significantly [36] - Most UIEs face significant short-term debt repayment pressures, especially in Kunming, where large bond maturities are expected in Q4 2024 and 2025 [38] Debt Support and Fiscal Capacity - The ratio of "UIE total debt + local government debt" to "comprehensive fiscal capacity" ranges from 100% to 600%, with Kunming nearing 600% and Yuxi exceeding 300% [41] - Fiscal revenues in regions like Honghe, Baoshan, Lijiang, and Dehong provide limited support for debt repayment, with ratios exceeding 200% [41]

Investment Rating - The report does not explicitly state an investment rating for the industry or region under review. Core Insights - Liaoning Province, located in Northeast China, is a significant old industrial base with key industries including equipment manufacturing, metallurgy, and petrochemicals. The province's economic total ranks in the middle of the country, while its per capita GDP is below the national average. In 2023, the province's general public budget revenue ranked 18th nationally, showing strong stability but a low fiscal self-sufficiency rate. The real estate market's downturn has led to a decline in government fund income, with substantial reliance on upper-level subsidies for local financial strength. The province faces high government debt and liability rates, but national policies supporting the revitalization of Northeast China present development opportunities [2][10]. Summary by Sections 1. Economic and Fiscal Strength of Liaoning Province - Liaoning Province is rich in mineral resources and has a well-established transportation system. It is a crucial old industrial base in China, with a GDP of 30,209.4 billion yuan in 2023, reflecting a growth rate of 5.3%. The province's economic structure is shifting towards a more significant contribution from the tertiary sector, which accounted for 52.4% of the GDP in 2023 [3][5][7]. 2. Fiscal Situation and Debt - In 2023, Liaoning's general public budget revenue was 275.53 billion yuan, with a growth rate of 9.1%. The province's fiscal self-sufficiency rate was 41.91%, indicating a reliance on upper-level subsidies, which contributed 53.21% to local financial resources. The local government debt rate was 187.98%, ranking third nationally, indicating a heavy debt burden [10][11][13][28]. 3. Economic and Fiscal Strength of Cities in Liaoning Province - Economic development in Liaoning's cities is uneven, with Shenyang and Dalian showing significantly higher economic strength. In 2023, Shenyang and Dalian accounted for 29.11% and 27.01% of the province's GDP, respectively. The GDP growth rates among cities varied, with the lowest being 1.6% in Liaoyang and the highest at 6.1% in Shenyang [14][20][21]. 4. Debt Situation of Cities - By the end of 2023, all cities in Liaoning saw an increase in government debt compared to the previous year, with Dalian and Shenyang having the highest debt balances. The debt rates for cities like Panjin and Yingkou exceeded 400%, indicating significant financial pressure [27][28]. 5. City Investment and Financing - The number of bond-issuing urban investment enterprises in Liaoning is limited, primarily at the city level. In 2023, the issuance of bonds by these enterprises decreased, with a notable net outflow of financing. However, in early 2024, Shenyang's urban investment enterprises saw a significant increase in bond issuance, indicating a potential recovery in financing conditions [29][31].

Investment Rating - The report indicates a stable credit risk outlook for the power industry, with overall credit risk being controllable [24]. Core Viewpoints - The power supply in China is secure and stable, with a balanced supply-demand situation expected for 2024, despite some regional tightness during peak summer periods [1][24]. - The transition towards a greener and low-carbon power structure is evident, driven by the continuous advancement of market reforms and carbon neutrality goals [1][24]. - The profitability of thermal power companies has improved due to falling coal prices and sustained high grid prices, although they still face cost control pressures during the winter storage phase [1][24]. - The clean energy sector, particularly wind and solar power, is rapidly expanding, contributing to the overall growth in power generation capacity [1][24]. Summary by Sections 1. Power Industry Operation in H1 2024 - National electricity consumption reached 4.66 trillion kWh, a year-on-year increase of 8.1%, with significant growth in high-tech manufacturing and internet data services [3][5]. - The second industry accounted for 65.9% of total electricity consumption, with notable increases in high-tech sectors such as electrical machinery and photovoltaic equipment manufacturing [5][6]. 2. Power Production and Supply - Total investment in the power sector was 598.1 billion yuan, a year-on-year increase of 10.6%, with grid investment rising by 23.7% [6][7]. - New installed capacity reached 153 million kW, with solar power accounting for 67.1% of new installations [6][7]. - The average utilization hours for various power generation types decreased, but overall generation increased by 5.2% to 4.44 trillion kWh [8]. 3. Policy and Dynamics - The government has issued guidelines to enhance energy storage and smart grid capabilities, supporting the integration of renewable energy [9][10]. - New policies aim to ensure the full purchase of renewable energy and promote the development of wind and solar projects in rural areas [11][12]. 4. Financial Performance of Power Companies - In H1 2024, the power sector saw a significant bond issuance of 289.5 billion yuan, primarily from high-credit-rated companies [14][15]. - The average cost of short-term financing bonds decreased to approximately 1.90%-2.00% [15][17]. - The overall financial health of power companies improved, with increased revenue and profitability driven by favorable coal prices and high grid prices [17][19]. 5. Credit Risk Outlook - The overall credit risk for the power industry remains manageable, supported by strong financing capabilities and government backing for state-owned enterprises [24].

2024 年半年度再保险行业分析 联合资信金融评级一部 www.lhratings.com 研究报告 1 2023 年，直保公司保费收入整体实现较快发展，对再保险行业发展起推动作用。 再保险业务基于原保险合同展开，再保险业务覆盖直保公司人身险及财产险全险种业 务，直保行业的发展对再保险行业发展具有推动作用。人身险行业方面，2023 年，在 预定利率调整预期及居民购买储蓄型险种需求上升的背景下，储蓄类寿险业务实现较 好发展，带动人身险公司保费收入实现较好增长，但其中医疗、重疾等保障型产品增 长较为乏力；三季度以来，随着高预定利率产品的陆续停售，人身险公司保险业务收 入增速有所下降；同时 2023 年 8 月以来，为进一步规范银行代理渠道业务，监管在 人身险公司银保渠道施行"报行合一"，要求保险产品佣金等实际费用与备案材料保 持一致，银保渠道手续费用下降且部分保险公司在制度实施初期短暂暂停银保新单业 务开展，"报行合一"的实施对人身险公司银保业务保费收入及对市场竞争情况影响 需保持关注。财产险行业方面，2023 年以来，在国内新车销量快速增长的带动下，车 险业务保费收入稳步增长；但受政策变动因素影响，责任险及健康 ...

2024 年半年度人身保险行业分析 联合资信 金融评级一部 www.lhratings.com 研究报告 1 2023 年，在预定利率调整预期及居民购买储蓄型险种需求上升的背景下，人身 险公司保费收入实现较好增长；随着高预定利率产品的陆续停售，需关注未来人身险 公司原保险保费收入变动情况，同时"报行合一"要求对人身险公司银保业务保费收 入影响及对市场竞争情况影响需保持关注。2023 年初，得益于市场对预定利率调整 的预期，市场对寿险产品需求得到一定程度的集中释放；同时，在资本市场波动、利 率持续下行的外部环境影响下，居民购买储蓄型保险产品需求亦有所上升，上述因素 叠加影响，2023 年上半年人身险公司原保费收入增速较上年同期大幅提升；三季度 以来，随着高预定利率产品的陆续停售，人身险公司原保险保费收入增速有所下降。 另一方面，2023 年 8 月以来，为进一步规范银行代理渠道业务，监管在人身险公司 银保渠道施行"报行合一"要求，要求保险产品佣金等实际费用与备案材料保持一致， 部分保险公司在施行上述要求的过程中，暂停了银保新单业务的开展；同时，在"报 行合一"要求下，银保渠道费用下降可能会影响相关业务开展积极性 ...

Investment Rating - The report indicates a stable growth in the property insurance sector, with a focus on the performance of various insurance types, particularly auto insurance, which remains the primary revenue source for property insurers [2][3]. Core Insights - In 2023, the property insurance sector saw a total insurance business income of 15,868 billion yuan, reflecting a year-on-year growth of 6.73%, although the growth rate decreased by 1.98 percentage points compared to the previous year [2][3]. - The auto insurance segment generated a premium income of 8,673 billion yuan, marking a growth of 5.64% year-on-year, while non-auto insurance segments like liability and health insurance experienced slower growth rates due to policy changes [2][3]. - The market concentration in the property insurance industry remains high, with the top three insurers holding over 60% of the market share, indicating a stable competitive landscape [2][3][6]. Summary by Sections Premium Income and Growth - In 2024 H1, property insurers achieved a premium income of 9,176 billion yuan, a year-on-year increase of 4.53%, with auto insurance contributing 4,311 billion yuan, up 2.77% [3][6]. - Health insurance premiums reached 1,475 billion yuan, growing by 12.08%, while agricultural insurance premiums were 1,063 billion yuan, up 6.30% [3]. Market Dynamics - The report highlights the increasing contribution of non-auto insurance to overall premium income, driven by rising public awareness and favorable policies [2][3]. - The competitive landscape remains stable, with leading insurers maintaining their market positions despite regulatory changes and market fluctuations [2][3][6]. Investment and Financial Performance - Property insurers' investment income has shown improvement, with a comprehensive investment return rate of 2.87% in 2023, higher than the previous year [5][6]. - The total investment balance of property insurers reached 2.02 trillion yuan by the end of 2023, with bonds and bank deposits being the primary asset classes [5][6]. Regulatory Environment - The regulatory framework for internet insurance is tightening, which may impact the rapid expansion of internet insurance businesses, but is expected to lead to a more standardized market in the long run [4][9]. - The solvency levels of property insurers remain adequate, with an average comprehensive solvency ratio of 238.2% as of the end of 2023, indicating a strong financial position [7][9].

www.lhratings.com 研究报告 1 2024 年半年度证券行业分析 联合资信 金融评级二部 一、证券行业概况 2023 年，股票市场指数震荡下行，交投活跃程度同比下降，期末两融余额较上年末有所增 长，全年股权融资进度同比明显放缓；债券市场发行增势不减，收益率震荡下行，期末债券市场 指数较年初小幅上涨。2024 年上半年，股票市场指数波动较大，交投活跃程度较低迷；债券市场 收益率震荡下行，期末债券市场指数较年初小幅上涨。 股票市场方面，2023 年，股票市场指数震荡下行，交投活跃程度同比略有下降。截至 2023 年末，上证指数收于 2974.93 点，较年初下跌 3.70%；深圳成指收于 9524.69 点，较年初下跌 13.54%。 根据交易所公布数据，截至 2023 年末，我国上市公司总数 5346 家，较年初增加 267 家；上市公 司总市值 77.76 万亿元，较年初下降 1.58%。根据 Wind 统计数据，2023 年全部 A 股成交额 212.10 万亿元，同比减少 5.27%。截至 2023 年末，市场融资融券余额 1.65 万亿元，较上年末增长 7.17%， 其中融资余额占比 9 ...

Investment Rating - The report categorizes leasing companies into three types: industrial leasing companies, platform leasing companies, and comprehensive leasing companies, with varying growth rates and financial health indicators [2][3][4]. Core Insights - Industrial leasing companies are experiencing significant growth in total assets and equity due to increased industry demand and favorable policy guidance, while platform leasing companies are facing a slowdown in asset growth and profit [2][3][4]. - The report highlights a shift in asset allocation from urban investment platforms to various industries, with industrial leasing companies benefiting from this transition [2][3][4]. - The profitability of platform leasing companies is expected to decline further, while comprehensive leasing companies may see slight profit growth as they adapt to industry changes [2][3][4]. Summary by Sections Company Classification - The report identifies 64 leasing companies, with 29 classified as industrial, 9 as platform, and 26 as comprehensive, reflecting a diverse range of asset allocations and credit ratings [3][4]. - Industrial leasing companies primarily focus on sectors like power, renewable energy, and aviation, while platform leasing companies are more regionally focused on public utilities and infrastructure [3][4]. Financial Performance - As of the end of 2023, industrial leasing companies showed a significant increase in total assets, while platform and comprehensive leasing companies experienced a slowdown in growth [7][9]. - The average asset growth rates from 2021 to 2023 for industrial, platform, and comprehensive leasing companies were 11.74%, 13.58%, and 1.81%, respectively, indicating a stark contrast in performance [9][27]. Risk and Asset Quality - The report notes that industrial leasing companies have a higher single-client concentration compared to other types, which poses a transformation pressure, while comprehensive and platform leasing companies maintain lower concentration levels [12][21]. - As of the end of 2023, the non-performing asset ratios for industrial and platform leasing companies showed slight improvements, while comprehensive leasing companies had the highest non-performing asset ratio among the three categories [21][23]. Leverage and Liquidity - Industrial leasing companies have a higher leverage ratio compared to platform and comprehensive leasing companies, which have seen a decline in their leverage levels [14][17]. - The liquidity position of industrial leasing companies is stronger due to their long-term asset focus, while platform leasing companies face some asset-liability mismatches [19][21].

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