作为企业的"设备管家"，在中资融资租赁公司和金融租赁公司的服务清单里，常年活跃着租期达3至5年 的中小微企业设备租赁项目，车辆租赁便是其中一类典型的普惠租赁业务场景。 例如，国银金租就将车辆直租视为贴近百姓生活、服务民生出行和消费升级的重要载体，在其2025年中 期业绩报告中披露，公司深入拓展商旅租车、网约车、试乘试驾车等车辆租赁细分领域市场，已累计提 供租赁车辆超过11万台。 除了车辆租赁外，农业机械、医疗器械、小型制造设备等租赁服务都是融资租赁行业持续深化普惠金融 战略布局的重要抓手，这一点在头部金融租赁公司的业务数据中得到了清晰的印证。 从江苏金租（600901）的农机租赁数据来看，截至2024年末，江苏金租合作厂家已近百家，售出农机超 4万台，服务农户超过3万家，累计投放金额达到151亿元。此外，民生金租的"零售+普惠类"融资租赁余 额也持续3年实现增长，比例由43%提升至2024年末的57%。 从车辆到农机再到设备，这类"小而散""中短周期"的普惠型租赁项目，在宏观经济波动、行业政策调整 时该如何稳企纾困？面对县域、乡村等下沉市场的服务空白，如何平衡运营成本与普惠覆盖面？种种问 题，考验着金融租赁公 ...

江苏金租 202509004 摘要 江苏金租上半年资产规模保持两位数增长，新增投放约 570 亿元，营业 净收入同比增长近 15%，净利润保持个位数增长，不良贷款率为 0.91%，整体经营情况稳健，显示出较强的增长韧性。 公司积极优化业务结构，高端装备、清洁能源和交通运输三大板块齐头 并进。清洁能源和交通运输板块新增投放均约 100 亿元，分别同比增长 25%和近 60%，多元化布局有效分散风险。 上半年新增融资利率约为 2.46%，公司通过加强短期融资（如线上拆借 和银票业务）和适量增加中长期融资工具，有效降低融资成本并缓解资 金错配风险。 手续费及佣金净支出大幅增加至 1.2 亿，主要由于汽车金融业务模式转 变，与主机厂合作增加。公司通过科技迭代和能力提升，积极应对消费 补贴政策效力减退的影响。 公司下半年将更关注新增投放项目的风险和收益组合，不盲目追求规模 增长，强调做强做大新培育细分市场，并审慎拓展新行业细分市场，以 保持收益水平。 Q&A 请简要介绍一下江苏金租在 2025 年上半年的经营亮点和挑战。 2025 年上半年，江苏金租在复杂的宏观环境中展现了强大的经营韧性。公司 坚持服务实体经济，回归租 ...

Investment Rating - The report maintains a "Buy" rating for the non-bank financial sector [2] Core Insights - The report highlights a "slow bull" new cycle, indicating a revaluation of the sector with significant growth in insurance premiums and profits for listed insurance companies in 2025 [7] - The insurance sector is experiencing rapid growth in bank insurance, improved cost structures, and increased allocation to equity assets, reflecting a trend of "deposit migration" and rising industry concentration [7] - Brokerage firms continue to show strong performance, with a notable recovery in investment banking activities and a significant increase in net profits [7] - Financial technology firms are seeing strong revenue elasticity in C-end businesses, while B-end businesses face challenges due to declining downstream demand [7] - The report recommends focusing on companies with strong long-term profitability potential and suggests long-term holdings in leading and high-dividend stocks within the industry [7] Summary by Sections Insurance: Gradual Validation of ROE Revaluation - The 2025 interim report for listed insurance companies shows significant growth in value and premiums, with a focus on bank insurance growth and improved cost structures [12] - The new business value (NBV) increased by 31% year-on-year, and the net investment yield decreased slightly [13] - The allocation to equity assets has increased, with a notable rise in stock and fund exposure [12][13] Brokerage: Stability of Leading Firms' Profitability - In the first half of 2025, brokerage firms achieved a total revenue of 2,518.94 billion and a net profit of 1,036.05 billion, representing year-on-year increases of 11.3% and 65.6%, respectively [41] - The brokerage business continues to show strong growth, particularly in proprietary trading and brokerage services [41] - The average return on equity (ROE) for the sector increased to 3.5%, with leading firms showing significantly higher ROE [47] Financial Technology: Strong Elasticity in C-end Business - C-end business revenues are driven by increased trading demand, leading to improved profit margins, while B-end businesses remain under pressure [7] - The competitive landscape among large platforms remains stable, with revenue primarily driven by trading-related services [7] Investment Recommendations - The report emphasizes the shift in industry valuation from short-term trading risks to long-term profitability potential, recommending companies with strong earnings stability and growth potential [7] - Specific stock recommendations include New China Life Insurance, China Life, and China Pacific Insurance for the insurance sector, and Jiufang Zhitu, Tonghuashun, and CITIC Securities for the brokerage and financial IT sectors [7]

Core Viewpoint - Jiangsu Jinzu (600901) announced plans to hold a semi-annual performance briefing on September 12, 2025, from 14:00 to 15:20 [1] Company Summary - The company is scheduled to conduct a performance explanation meeting for the first half of 2025 [1]

Group 1 - The company will hold a half-year performance briefing on September 12, 2025, from 14:00 to 15:20 [1][2] - The meeting will be conducted in a hybrid format, including both an on-site meeting and a live online broadcast [2] - Investors can submit questions via email to the company before September 10, 2025, and the company will address common concerns during the briefing [1][2] Group 2 - The briefing will feature participation from the company's chairman, senior management, and independent director representatives [2] - Investors can access the live broadcast through a provided link or by scanning a QR code [2] - After the briefing, a video replay will be available for investors to view [2]

证券代码：600901 证券简称：江苏金租 公告编号：2025-045 （二）会议召开方式：现场会议+网络直播 江苏金融租赁股份有限公司 关于召开 2025 年半年度业绩说明会的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 重要内容提示： 投资者可于 2025 年 9 月 10 日（星期三）17:00 前将有关问题通 过电子邮件形式发送至公司邮箱 info@jsleasing.cn。公司将在说明 会上对投资者普遍关注的问题进行回答。 一、说明会类型 江苏金融租赁股份有限公司（以下简称"公司"）已于 2025 年 8 月 16 日发布公司 2025 年半年度报告，为便于广大投资者更全面深 入地了解公司 2025 年半年度经营成果、财务状况，公司计划于 2025 年 9 月 12 日下午 14:00-15:20 举行 2025 年半年度业绩说明会，就投 资者关心的问题进行交流。 二、说明会召开的时间、地点 （一）会议召开时间：2025 年 9 月 12 日下午 14:00-15:20 会议召开时间：2025 年 9 ...

Market Overview - On September 2, the Jiangsu state-owned enterprise reform sector fell by 0.85% compared to the previous trading day, with Lianhuan Pharmaceutical leading the decline [1] - The Shanghai Composite Index closed at 3858.13, down 0.45%, while the Shenzhen Component Index closed at 12553.84, down 2.14% [1] Stock Performance - Notable gainers in the Jiangsu state-owned enterprise reform sector included: - Huami Environmental Energy (600475) with a closing price of 23.86, up 10.00% [1] - Zhongsheng High-Tech (002778) with a closing price of 20.94, up 5.23% [1] - Nanjing Port (002040) with a closing price of 10.03, up 3.62% [1] - Major decliners included: - Lianhuan Pharmaceutical (600513) with a closing price of 21.96, down 6.63% [2] - Tongxingbao (301339) with a closing price of 16.73, down 4.35% [2] - Nanjing Chemical Fiber (600889) with a closing price of 15.16, down 4.29% [2] Capital Flow - The Jiangsu state-owned enterprise reform sector experienced a net outflow of 720 million yuan from institutional investors, while retail investors saw a net inflow of 409 million yuan [2][3] - The capital flow for specific stocks showed: - Huami Environmental Energy (600475) had a net inflow of 1.421 billion yuan from institutional investors [3] - Jiangsu Jinzhu (002091) had a net inflow of 12.13 million yuan from institutional investors [3] - Nanjing Travel (600250) had a net inflow of 10.72 million yuan from institutional investors [3]

Investment Rating - The report maintains a "Positive" investment rating for the investment banking and brokerage industry [7] Core Insights - The report highlights strong mid-year performance from 42 listed brokerages, with total revenue and net profit attributable to shareholders reaching CNY 251.89 billion and CNY 103.61 billion, respectively, reflecting year-on-year increases of 11.3% and 65.6% [2][4] - The insurance sector's mid-year disclosures confirm trends of deposit migration, increased equity allocation, and improved new policy costs, enhancing the certainty of long-term ROE improvement and potential valuation recovery [4] - Recommendations include focusing on high-performing stocks such as New China Life, China Life, Hong Kong Exchanges and Clearing, CITIC Securities, Eastmoney, Tonghuashun, and Jiufang Zhitu Holdings based on performance elasticity and valuation levels [4] Summary by Sections Industry Overview - The non-bank financial index decreased by 0.8% this week, underperforming the CSI 300 by 3.5%, ranking 23rd out of 31 sectors [5] - Year-to-date, the non-bank financial index has increased by 13.5%, with a relative underperformance of 0.8% against the CSI 300, ranking 19th out of 31 sectors [5] Market Performance - Market activity has shown signs of recovery, with average daily trading volume across both exchanges reaching CNY 298.31 billion, up 15.29% week-on-week [5][36] - The margin financing balance increased to CNY 2.24 trillion, reflecting a week-on-week rise of 4.52% [5][42] Brokerage Data Tracking - The report notes a recovery in trading activity, with the average daily trading volume exceeding the 2024 average, indicating a gradual improvement in brokerage business profitability [36] - The report emphasizes the importance of monitoring the stock and bond market fluctuations for brokerage self-operated income [40] Insurance Sector Insights - The insurance industry reported a cumulative premium income of CNY 420.85 billion in July 2025, marking a year-on-year increase of 6.75% [20][21] - The total assets of the insurance sector reached CNY 39.59 trillion, with a month-on-month increase of 0.95% [25][26] Investment Banking Activity - In July 2025, equity financing decreased significantly to CNY 53.38 billion, down 90.2% month-on-month, while bond financing totaled CNY 783 billion, down 11.3% [44] - The report anticipates an increase in stock underwriting scale due to the advancement of refinancing regulations [47] Asset Management and Derivatives - The report indicates a decline in new issuance of collective asset management products, with July 2025 issuance at 5.489 billion units, down 43.6% [49] - The futures market saw a significant increase in trading volume, with July 2025 transactions reaching CNY 62.23 trillion, up 34.02% [54]

Market Overview - On August 27, the city commercial bank sector fell by 1.48%, with Guiyang Bank leading the decline [1] - The Shanghai Composite Index closed at 3800.35, down 1.76%, while the Shenzhen Component Index closed at 12295.07, down 1.43% [1] Individual Stock Performance - Chengdu Bank closed at 18.04, up 1.01% with a trading volume of 527,700 shares and a transaction value of 958 million [1] - Guiyang Bank closed at 6.16, down 2.53% with a trading volume of 713,000 shares and a transaction value of 44.5 million [2] - Beijing Bank closed at 6.08, down 2.41% with a trading volume of 2,160,300 shares and a transaction value of 1.329 billion [2] - Jiangsu Bank had a closing price of 10.81, down 1.91% with a trading volume of 1,934,200 shares and a transaction value of 2.11 billion [2] Capital Flow Analysis - The city commercial bank sector experienced a net outflow of 911 million from institutional investors, while retail investors saw a net inflow of 502 million [2] - The table of capital flow indicates that Chongqing Bank had a net outflow of 36.1 million from institutional investors, while Chengdu Bank had a net inflow of 9.59 million [3] - The overall trend shows that institutional investors are withdrawing funds while retail investors are increasing their positions in certain banks [2][3]

Core Insights - The company reported a net operating income of 3.006 billion yuan, an increase of 14.91% year-on-year, and a net profit attributable to shareholders of 1.564 billion yuan, up 9.04% year-on-year [1] - The company maintains a stable asset quality with a non-performing loan ratio of 0.91% and a provision coverage ratio of 401.49% [2] - The company is focusing on a "retail + technology" dual-leading strategy, targeting core areas such as clean energy and high-end equipment, with projected revenue growth for 2025-2027 [3] Financial Performance - The company achieved a net interest income of 3.041 billion yuan, reflecting an 18.51% increase year-on-year, while maintaining a stable net interest margin of 3.71% [2] - The cost-to-income ratio was 9.68%, up 0.22 percentage points year-on-year, indicating ongoing investments in the "retail + technology" strategy [2] - The total assets reached 156.808 billion yuan, a 14.25% increase from the beginning of the year, with financing lease assets growing by 15.88% [1] Asset Quality and Risk Management - The company reported a stable asset quality with a focus on risk mitigation, as evidenced by a provision for bad debts of 581 million yuan, a 36.73% increase year-on-year [2] - The attention rate decreased to 2.36%, down 39 basis points from the end of the previous year, indicating improved asset quality [2] - The company has optimized its liabilities, with interest-bearing liabilities reaching 126.277 billion yuan, a 19.27% increase from the beginning of the year [1] Strategic Outlook - The company is expected to generate revenues of 6 billion yuan, 6.557 billion yuan, and 7.073 billion yuan for the years 2025, 2026, and 2027, respectively, with net profits projected at 3.248 billion yuan, 3.594 billion yuan, and 3.928 billion yuan [3] - The earnings per share (EPS) are forecasted to be 0.56 yuan, 0.62 yuan, and 0.68 yuan for the same period, with corresponding price-to-earnings (PE) ratios of 10.29, 9.30, and 8.51 [3]