2025上半年消金融资图谱：金融债121亿、ABS近100亿，利率普降至2%创历史新低

Group 1 - Haier Consumer Finance successfully issued 1 billion yuan in financial bonds at a record low interest rate of 2.20%, following a previous issuance of 1.5 billion yuan in ABS with a rate as low as 2.03% [1] - In the first half of 2025, seven licensed consumer finance institutions raised a total of 12.1 billion yuan through financial bonds, with the issuance amount being less than half of the 25.5 billion yuan raised in the same period of 2024 [2] - The financial bond market is becoming a key tool for leading consumer finance companies to optimize their asset-liability structure, with Haier Consumer Finance indicating that the funds will be used to supplement long-term financing [2] Group 2 - Asset-backed securities (ABS) have become an important tool for consumer finance companies to improve capital turnover efficiency, with several companies issuing nearly 10 billion yuan in ABS this year [3][4] - The continuous decline in ABS issuance rates reflects market recognition of quality consumer credit assets, with rates dropping from 2.50% to 2.04% within a year for Zhongyuan Consumer Finance [3] - The funds raised through ABS are primarily used for new personal consumption loans, targeting underserved customer segments [3] Group 3 - Despite the expansion of financing channels and decreasing costs, the consumer finance industry faces challenges, including a decline in short-term consumer loans, which fell below 10 trillion yuan [5] - In May 2025, eight consumer finance institutions transferred over 8 billion yuan in non-performing assets, indicating a focus on asset disposal [6] - Companies are also seeking to replace high-cost liabilities with low-cost financing to strengthen their financial positions [7] Group 4 - The financing market in the first half of 2025 exhibited a "Matthew effect," with several institutions building competitive barriers through diversified financing channels [8] - Haier Consumer Finance raised a total of 12.2 billion yuan through six ABS and two financial bond issuances, with financing costs decreasing significantly [8] Group 5 - The financing environment for the consumer finance industry is expected to continue improving, with more companies likely to issue ABS and financial bonds regularly [9] - Regulatory focus is shifting towards enhancing consumer finance companies' customer acquisition and risk control capabilities, emphasizing the need for reasonable loan interest rates [9] - The future competition in the consumer finance sector will shift from scale expansion to refined operations, necessitating a transformation in business philosophy to effectively utilize low-cost funds [10]