政策评论 畅通企业绿色转型融资渠道 助力美丽中国建设 ——交易商协会《关于进一步优化绿色及转型债券相关机制的通 知》简评 绿色认证部 王力 摘要：近日，交易商协会发布了《关于进一步优化绿色及转型债券相关机制 的通知》。在前期绿色及转型债券相关发行指引要求上，交易商协会进一步优化 绿色工作机制、丰富转型金融产品，强化配套机制，提高服务质效，以满足企业 绿色转型融资诉求，精准引导资金流向绿色转型领域，助力做好绿色金融大文章。 2024 年 10 月 10 日，中国银行间市场交易商协会（简称"交易商协会"）发 布了《关于进一步优化绿色及转型债券相关机制的通知》（中市协发〔2024〕109 号）（简称"《通知》"），以贯彻落实党中央、国务院关于绿色发展政策精神及《中 共中央 国务院关于加快经济社会发展全面绿色转型的意见》相关要求，做好绿 色金融大文章。《通知》拟完善绿色及转型债券相关工作机制，优化信息披露、 增加配套措施、健全全环链管理机制，精准引导资金流向绿色转型领域，全面推 进美丽中国建设。 一、 优化绿色债券工作机制 新世纪评级版权所有 绿色金融是经济绿色低碳转型的重要推手，绿色债券是绿色金融的重要组成 部分。 ...

Group 1: Macroeconomic Trends - The Federal Reserve has reported a loss exceeding $200 billion, with a current deficit of $201.2 billion as of October 2, 2024, primarily due to interest payments to financial institutions during the rate hike cycle[2] - The IMF forecasts a significant economic impact from escalating conflicts in the Middle East, predicting an 86% GDP decline in Gaza and a 25% decline in the West Bank for the first half of 2024[1] - Global foreign exchange reserve managers sold $155 billion in dollar assets in Q2 2024, marking the largest sell-off since Q3 2023, driven by a rebound in the dollar[1] Group 2: Economic Indicators in the US - The ISM Manufacturing PMI for September is reported at 47.2, below the expected 47.5, while the Non-Manufacturing PMI reached 54.9, the highest since February 2023[2] - Non-farm payrolls increased by 254,000 in September, surpassing the expected 140,000, with the unemployment rate dropping to 4.1%, the lowest since June 2024[2] Group 3: European Economic Developments - The Eurozone's September CPI preliminary value shows a year-on-year increase of 1.8%, matching expectations, but a month-on-month decrease of 0.1%, the largest drop since January 2024[3] - Germany's September Manufacturing PMI final value is reported at 40.6, exceeding expectations of 40.3[4] Group 4: China's Economic Performance - China's R&D expenditure for 2023 reached ¥33,357.1 billion, a year-on-year increase of 8.4%, positioning it as the second-largest globally after the US[11] - The official Manufacturing PMI for China in September is reported at 49.8, a 0.7 percentage point increase from the previous month, marking the first rise in five months[12]

Investment Rating - The report does not explicitly state an investment rating for the automotive finance industry Core Insights - In 2023, the automotive production and sales in China maintained a growth trend driven by the increase in new energy vehicles and automotive exports, with production and sales reaching 30.16 million and 30.09 million units respectively, representing year-on-year growth of 11.6% and 12.0% [2][3] - The automotive finance companies experienced fluctuations in operations due to declining production from manufacturers and increased competition among financial institutions, leading to a rise in non-performing loan rates [2][3] - The financing channels for automotive finance companies remain limited, primarily relying on the issuance of asset-backed securities and financial bonds, as well as loans from financial institutions [2][3][9] - The capital adequacy ratio of automotive finance companies is generally above regulatory requirements, indicating minimal short-term pressure for capital replenishment [9][12] Industry Operational Data Review - In 2023, automotive finance companies issued retail loans for 6.3685 million vehicles, amounting to over 541.706 billion yuan, with new car loans accounting for 543,040 vehicles, representing 18.04% of national automotive sales [3][5] - The total asset scale of 25 automotive finance companies was 964.818 billion yuan at the end of 2023, a year-on-year decrease of 2.46% [3][5] - The retail loan balance of automotive finance companies was 746.625 billion yuan at the end of 2023, a decrease of 4.92%, with new energy vehicle loans increasing to 165.334 billion yuan, a rise of 627.99 million yuan [5][6] Asset Quality Overview - The non-performing loan balance for automotive finance companies was 50.64 billion yuan at the end of 2023, with a non-performing loan rate of 0.58%, indicating a stable asset quality [6][12] - The provision coverage ratio for non-performing loans was 472.60% at the end of 2023, exceeding regulatory standards [6][12] Capital Supplementation and Financing - From 2021 to 2023, three automotive finance companies completed capital increases in 2021 and 2023, with total registered capital increases of 56 billion yuan, 60 billion yuan, and 48 billion yuan respectively [9][12] - The capital adequacy ratios for automotive finance companies were 21.40%, 21.79%, and 23.31% at the end of 2021, 2022, and 2023 respectively [9][12] Regulatory Developments - On February 19, 2024, the National Financial Regulatory Administration introduced the "Automotive Finance Company Regulatory Rating Method," which includes governance, capital management, risk management, professional service capability, consumer rights protection, and information technology management as key evaluation factors [18][19] - The regulatory rating results will reflect the operational status, professional service capability, risk management ability, and risk level of automotive finance companies, guiding regulatory resource allocation and supervision [19][20] Credit Rating Distribution - As of June 2024, there were 10 entities in the automotive finance industry with outstanding bonds, of which 9 had an AAA credit rating and 1 had an AA+ rating [20][21] - There were no changes in credit ratings for bond-issuing entities during the reporting period [20][21]