Core Viewpoint - The company plans to utilize idle self-owned funds for cash management to enhance fund efficiency and returns for the company and its shareholders [1][5]. Group 1: Basic Situation of Cash Management - The investment purpose is to improve fund efficiency without affecting the company's main business operations [1]. - The company intends to use up to 1 billion RMB or equivalent foreign currency for cash management, with a rolling usage period until the 2025 annual general meeting [1][4]. - The investment types include low-risk financial products such as bank time deposits, structured deposits, and wealth management products [2]. Group 2: Funding Source and Implementation - The cash management will be funded by the company's idle self-owned funds, without involving raised funds or bank loans [2]. - The board of directors will seek authorization from the shareholders' meeting for cash management decisions, including investment product selection and contract signing [2]. Group 3: Impact on Daily Operations - The cash management will not affect the company's daily operations and will not harm the interests of shareholders, especially minority shareholders [3]. Group 4: Review Procedures and Opinions - The board of directors and the supervisory board have approved the cash management plan, confirming it aligns with the company's interests and complies with relevant regulations [4][5]. - The sponsor believes the cash management plan has undergone necessary approval procedures and does not harm the interests of shareholders [5].

Investment Rating - The investment rating for Jiangsu Jinzu (600901.SH) is "Buy" and is maintained [11]. Core Views - Jiangsu Jinzu has significant allocation value compared to bank stocks, driven by its strong profitability resilience and growth potential in the current declining interest rate environment, as well as the efficiency and stability advantages from its long-standing organizational structure and management [2][5][17]. Summary by Relevant Sections Dividend Perspective - Jiangsu Jinzu actively returns profits to shareholders, with a dividend payout ratio exceeding 50%, significantly higher than banks. The expected dividend yield for 2025 is 4.8%, with a projected net profit growth of 10.6% year-on-year [6][38]. ROE Perspective - Jiangsu Jinzu achieves a higher Return on Equity (ROE) of 3.1% in Q1 2025 with lower leverage compared to various banks, indicating strong asset profitability. The net interest margin for Jiangsu Jinzu is 3.91%, significantly higher than the average for state-owned and joint-stock banks [7][41][54]. Organizational Structure Perspective - The organizational structure of Jiangsu Jinzu is divided by industry, allowing for more efficient business processes. This structure supports a robust risk control system, enhancing asset quality compared to banks, which have a more regionally focused structure [8][66]. Regulatory Perspective - Jiangsu Jinzu is subject to stricter leverage regulations compared to banks, which enhances compliance and risk control. Recent regulatory changes are expected to improve the efficiency of financial leasing companies [9].

Investment Rating - The report maintains a "Positive" investment rating for the non-bank financial sector, highlighting the attractiveness of quality stocks in this area [7]. Core Insights - The second quarter shows a stable improvement in policy and market trading trends, suggesting that high-quality non-bank stocks remain a good investment choice based on profitability and dividend stability [2][4]. - Recommended stocks include Jiangsu Jinzheng, China Ping An, and China Pacific Insurance for their stable earnings and high dividend yields. Additionally, stocks like New China Life, China Life, Hong Kong Exchanges, CITIC Securities, Dongfang Wealth, Tonghuashun, and Jiufang Zhitu Holdings are recommended based on their earnings elasticity and valuation levels [2][4]. Summary by Sections Market Performance - The non-bank financial index increased by 1.2%, outperforming the CSI 300 by 1.4% this week, ranking 6th out of 31 sectors. Year-to-date, the non-bank financial index is down 4.2%, underperforming the CSI 300 by 2.4%, ranking 25th out of 31 [5]. Policy and Regulatory Updates - The Ministry of Finance issued a notice to further implement the new insurance contract accounting standards, which is expected to increase the demand for equity assets among some insurance companies during the transition [4][61]. Company Announcements - Guosen Securities announced a cash dividend of 3.50 yuan per 10 shares, totaling 3.364 billion yuan [6]. Insurance Sector Insights - In April 2025, the cumulative insurance premium income reached 259.54 billion yuan, a year-on-year increase of 2.25%. Property insurance income was 64.86 billion yuan, up 5.19%, while life insurance income was 194.69 billion yuan, up 1.31% [22][23]. Investment Business Trends - The report notes a recovery in market activity, with average daily trading volume reaching 1.3717 trillion yuan, up 13.47% week-on-week. The margin financing balance also increased to 1.82 trillion yuan, up 0.53% [40][47]. Financing Activities - In May 2025, equity financing decreased to 16.795 billion yuan, down 32.2% month-on-month, while bond financing was 72.7 billion yuan, down 7.3% [49][51].

Investment Rating - The report initiates coverage with a "Buy" rating for the company, setting a target price of 7.23 RMB based on a 1.62x PB for 2025 [3]. Core Insights - The overall leasing industry in China has a penetration rate of approximately 12%, significantly lower than that of developed countries, indicating substantial room for growth [12][20]. - The company benefits from a dual strategy of volume and price, achieving steady growth through a "manufacturer + regional" approach, with a receivable leasing balance expected to reach 127.3 billion RMB by the end of 2024, reflecting an 11.80% year-on-year increase [23][24]. - The company maintains a net interest margin of over 3.6%, with asset yield significantly outperforming peers, supported by strong bargaining power with small and micro clients [30][38]. - The risk control system is robust, with a non-performing loan ratio consistently below 1%, and a provision coverage ratio of 430.27%, well above regulatory requirements [45]. Industry Overview - The leasing industry is characterized by a low market penetration rate, with significant potential for growth as regulatory measures tighten and the market consolidates [20]. - Enhanced regulatory frameworks are expected to benefit high-quality companies that can adapt to compliance and risk management requirements [20]. Company Advantages - The company employs a "manufacturer + regional" dual-line strategy to achieve stable growth, leveraging a network of over 5,800 manufacturers and dealers to enhance customer acquisition and risk mitigation [25][29]. - The net interest margin remains resilient, with a downward trend in funding costs contributing to improved profitability [30][39]. - The company has established a comprehensive risk control framework, ensuring asset quality remains high and non-performing loans are kept at minimal levels [45]. Profit Forecast and Valuation - Revenue projections for 2025, 2026, and 2027 are estimated at 5.826 billion RMB, 6.428 billion RMB, and 7.106 billion RMB, respectively, with year-on-year growth rates of approximately 10.4%, 10.3%, and 10.6% [3][6]. - The forecasted net profit for the same years is 3.268 billion RMB, 3.613 billion RMB, and 4.003 billion RMB, with growth rates of 11.0%, 10.6%, and 10.8% [3][6].

Group 1: Jiangsu Financial Leasing Co., Ltd. (江苏金租) - Jiangsu Financial Leasing is actively exploring green finance by providing a "financing + leasing" model to support environmental enterprises in equipment procurement and upgrades [1] - The company has successfully facilitated the procurement of 69 sanitation vehicles for Shunfeng Erhai Environmental Technology Co., Ltd., with a total cooperation amount of nearly 20 million yuan over four years [3] - Jiangsu Financial Leasing has served over 2,000 sanitation enterprises across 247 cities in China, demonstrating its commitment to the sanitation and environmental sectors [4] Group 2: Shunfeng Erhai Environmental Technology Co., Ltd. (顺丰洱海) - Shunfeng Erhai faced funding challenges for equipment procurement due to long project cycles and insufficient asset collateral, which Jiangsu Financial Leasing addressed with a rapid financing solution [2] - The company has processed over 500,000 tons of waste annually, producing more than 3 million tons of organic fertilizer and nearly 40 million cubic meters of biogas, contributing to ecological sustainability [3] Group 3: Jiangxi Huayu General Aviation Co., Ltd. (华宇通航) - Jiangxi Huayu General Aviation introduced a KA-32A11BC helicopter for forest protection, enhancing fire risk response capabilities in the region [5][6] - Jiangsu Financial Leasing provided a financing solution of 75 million yuan to support the procurement of the helicopter, enabling efficient project execution without utilizing core assets [6] Group 4: Shenzhen Tianying Environmental Energy Co., Ltd. (深圳天楹) - Shenzhen Tianying upgraded its waste incineration plant to handle 1,600 tons of waste daily and generate over 300,000 kWh of green electricity [7] - The company utilized a sale-leaseback model with Jiangsu Financial Leasing to secure 270 million yuan in financing for equipment upgrades, enhancing operational efficiency [8] - Jiangsu Financial Leasing has supported over 100 GW of renewable energy projects, providing financing exceeding 100 billion yuan, thus playing a crucial role in the green transition of various industries [8]

Investment Rating - The industry investment rating is "Overweight" [1] Core Viewpoints - The report indicates that the non-bank financial sector continues to benefit from a rebound in new account openings, with a year-on-year increase of 23% in May. The overall performance of the non-bank sector has outperformed the market, particularly in the insurance segment, driven by expectations of benchmark recovery and easing trade tensions [3][4] - The report anticipates that the brokerage sector will maintain good growth momentum in the upcoming interim reports, supported by low base effects and improving trading volumes. The insurance sector is expected to see a slight decline in growth rates due to elevated performance bases in the second quarter [3][4] - The report highlights specific investment opportunities in Hong Kong Exchanges and Clearing (HKEX) and Jiangsu Jinzhong Leasing, which are expected to benefit from the expansion of the Hong Kong market and high dividend yields [3] Summary by Sections Brokerage Sector - In May, the average daily trading volume for stock funds reached 14.2 trillion yuan, an increase of 8.4% month-on-month. The number of new A-share accounts opened in May was 1.5556 million, a year-on-year increase of 23%, with a cumulative total of 10.9514 million new accounts opened from January to May, reflecting a 30% year-on-year growth [3] - The report notes that the valuation and institutional holdings in the brokerage sector are currently low, and macroeconomic measures to stabilize the stock market are expected to continue, creating favorable conditions for growth [3] Insurance Sector - China Ping An announced plans to issue zero-coupon convertible bonds totaling 11.765 billion HKD, aimed at supporting its future business development and capital needs. The initial conversion price is set at 55.02 HKD per share, representing a premium of approximately 18.45% over the closing price [4] - The insurance sector is currently underrepresented in public fund allocations compared to the CSI 300 index, with favorable PB and ROE ratios. The report expects a rebound in new business value (NBV) growth in the second half of the year, although overall growth rates may decline compared to 2024 [4] Recommended and Beneficiary Stocks - Recommended stocks include Jiangsu Jinzhong Leasing, Hong Kong Exchanges and Clearing, and China Pacific Insurance. Beneficiary stocks include Guosen Securities, Jiufang Zhitu Holdings, China Galaxy Securities, and others [5]

江苏金融租赁股份有限公司 2024年年度权益分派实施公告 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法律责任。 重要内容提示： 每股分配比例 证券代码：600901 证券简称：江苏金租 公告编号：2025-037 A 股每股现金红利0.27元 相关日期 | 股份类别 | 股权登记日 | 除权（息）日 | 现金红利发放日 | | --- | --- | --- | --- | | Ａ股 | 2025/6/12 | 2025/6/13 | 2025/6/13 | 差异化分红送转： 否 一、 通过分配方案的股东大会届次和日期 本次利润分配方案经公司2025 年 5 月 19 日的2024年年度股东大会审议通过。 二、 分配方案 截至股权登记日下午上海证券交易所收市后，在中国证券登记结算有限责任公司上海分 公司（以下简称"中国结算上海分公司"）登记在册的本公司全体股东。 3. 分配方案： 本次利润分配以方案实施前的公司总股本5,792,379,763股为基数，每股派发现金红利 0.27元（含税），共计派发现金红利1,563,942,536. ...

Investment Rating - The report maintains a "Buy" rating for several key stocks in the financial and manufacturing sectors, including 贝壳-W, 华润置地, 江苏金租, 杭州银行, 宁德时代, 奥普特, 菲利华, 思摩尔国际, 瀚蓝环境, and 广电计量 [47][50]. Core Insights - The macroeconomic environment shows a rebound in manufacturing PMI, indicating improved supply and demand, but price pressures continue to affect profitability [12][13]. - In the real estate sector, there is a focus on stable cash flow and high dividend yields amidst ongoing policy adjustments [14]. - Non-bank financial institutions are expected to benefit from policy optimizations that may lower funding costs [22]. - The banking sector is recommended for active public fund allocation, particularly favoring quality city commercial banks [24]. - The electric new energy sector is witnessing a bottoming out, with attention on new technological developments [28]. - The machinery sector is poised to benefit from AI applications, particularly in industrial inspection [30]. - The military industry is expected to see growth driven by the "14th Five-Year Plan" and changes in military trade dynamics [34]. - The light industry is focusing on new consumer trends and low valuation recovery [36]. - Environmental protection sectors are highlighted for investment opportunities in waste management and sanitation [41][43]. Summary by Sections Macro Analysis - Manufacturing PMI rose by 0.5 percentage points to 49.5%, driven by improved supply and demand dynamics [12]. - New export orders increased by 2.8 percentage points to 47.5%, indicating stronger export demand [12]. - Price indices for raw materials and factory outputs continue to decline, suggesting ongoing deflationary pressures [13]. Real Estate - The report emphasizes the need for stable cash flow and high dividend yields in real estate investments, particularly in low-valuation state-owned enterprises and quality property firms [14][15][20]. Non-Bank Financials - The report notes a targeted reserve requirement reduction for financial leasing companies, which is expected to lower funding costs and enhance liquidity [22][23]. Banking - City commercial banks are highlighted as key beneficiaries of institutional fund allocations, with expectations of market share gains [24][25][27]. Electric New Energy - The report identifies a bottoming out in the electric new energy sector, with a focus on solar, storage, and wind energy technologies [28][29]. Machinery - AI applications are expected to enhance industrial inspection processes, particularly in the 3C sector [30][32]. Military - The military sector is projected to grow due to the ongoing development of new equipment and military trade opportunities [34][35]. Light Industry - New consumer trends in light industry, particularly in tobacco and IP derivatives, are expected to drive growth [36][37][40]. Environmental Protection - Investment opportunities in waste management and sanitation are highlighted, with a focus on electric and intelligent equipment [41][43][45].

Summary of Key Points Core Viewpoint - The financing leasing industry in China has seen significant growth, with over 20 listed companies, primarily concentrated in the Hong Kong market due to its more flexible listing environment compared to mainland China [1]. Group 1: Overview of Listed Companies - The majority of financing leasing companies are listed in Hong Kong, where the listing requirements are relatively lower, attracting many firms to seek financing through this market [1]. - Only two financing leasing companies, Bohai Leasing and Jiangsu Jinzu, have successfully listed in the A-share market due to stricter regulations [1]. Group 2: Company Profiles and Business Layout - Jiangsu Jinzu (600901.SH) is a leading financial leasing company focusing on automotive finance and green energy, backed by strong shareholders [2]. - Guoyin Jinzu (01606.HK) is a top financial leasing company, globally leading in aircraft leasing [2]. - Bohai Leasing (000415.SZ) is a global leader in aircraft and container leasing, with a significant asset scale [5]. - China Aircraft Leasing (01848.HK) is the largest independent aircraft leasing company in China and the first listed in Asia [5]. - Far East Horizon (03360.HK) is a comprehensive financing leasing leader covering multiple sectors including healthcare and education [5]. Group 3: Financial Performance and Business Metrics - The revenue of Bohai Leasing for 2024 is projected at 384.31 billion, while Far East Horizon is expected to generate 377.49 billion [6]. - Guoyin Jinzu anticipates a revenue of 120.92 billion with a net profit margin of 15.88% for 2024 [14]. - Jiangsu Jinzu's revenue is projected at 39.59 billion with a net profit margin of 56.25% [14]. - The financing leasing business of China Aircraft Leasing is expected to generate 43.50 billion (HKD) with a net profit margin of 7.49% [14]. Group 4: Future Business Plans and Strategies - Jiangsu Jinzu plans to deepen its equipment leasing business and expand its customer base among small and medium enterprises [17]. - Guoyin Jinzu aims to focus on digital transformation and expand its vehicle retail financial services [17]. - Bohai Leasing intends to optimize its business structure and explore new areas such as green leasing [17]. - Far East Horizon will continue to deepen its presence in healthcare, education, and infrastructure sectors [17]. - China Aircraft Leasing plans to enhance its aircraft leasing capabilities and explore new business models [17]. Group 5: Industry Trends and Developments - The financing leasing industry is increasingly focusing on technology empowerment and digital transformation to support the real economy and green development [15]. - Companies are expected to enhance risk management and compliance to improve their core competitiveness and market influence [15].

Summary of Key Points Core Viewpoint - BNP Paribas Lease Group has reduced its stake in Jiangsu Financial Leasing Co., Ltd. by 30,300,000 shares, representing 0.523% of the company's total share capital, as part of a planned divestment following the expiration of a lock-up period [1][2]. Shareholder Holding Situation - Before the reduction plan, BNP Paribas Lease Group held 213,545,175 shares, accounting for 3.69% of the total share capital of Jiangsu Financial Leasing [1]. - The shares were acquired through an IPO and subsequent capital increase, with 152,532,268 shares obtained prior to the IPO and 61,012,907 shares acquired through a capital reserve conversion in 2022 [2]. Reduction Plan Implementation Results - The reduction plan was announced on March 3, 2025, and the shares were sold through a centralized bidding process over a period ending on May 30, 2025 [2]. - The total number of shares reduced was 30,300,000, with a price range of 5.17 to 5.34 yuan per share, resulting in a total amount of approximately 159.57 million yuan [2]. - After the reduction, BNP Paribas Lease Group holds 183,245,175 shares, which is 3.16% of the total share capital [2][3].