Investment Rating - The report does not explicitly state an investment rating for the financing leasing industry Core Insights - The number of financing leasing entities in the country continues to decline, and the balance of financing leasing business is also decreasing, indicating an uneven development among various types of financing leasing companies [1][5][7] - Regulatory policies for the financial leasing industry are becoming more detailed, with an emphasis on the suitability of leasing assets, pushing the industry back to its core functions, leading to business transformation pressures for some financial leasing companies [7][8] - The bond issuance scale in the financing leasing industry has slightly decreased compared to the same period last year, with non-structured products slightly higher than structured products, primarily issued by AAA-rated entities [15][16] Summary by Sections Industry Credit Review - As of June 2024, there are approximately 8,671 financing leasing companies in China, a decrease of about 180 from the end of 2023, representing a decline of 2.3% [5] - The total balance of financing leasing contracts is approximately 56,060 billion RMB, a decrease of about 340 billion RMB or 0.6% from the end of 2023 [5] - Financial leasing companies account for 45% of the total business volume, while domestic leasing companies account for 37%, and foreign leasing companies account for 18% [5] Regulatory Policies - The new regulatory framework for financial leasing companies has higher requirements for minimum registered capital and risk resistance capabilities, with a focus on enhancing governance and compliance [7][8] - Policies encourage financial leasing companies to return to their core functions and reduce investments in government platform-related businesses, directing resources towards critical equipment and technology [9][10] Bond Issuance - In 2024, the total bond issuance by financing leasing companies reached 8,320.61 billion RMB, with non-structured products accounting for 54.78% of the total [15][16] - AAA-rated entities dominate the issuance of non-structured products, with 88.77% of the issuance scale [19][22] - The report highlights significant differences in issuance rates and spreads among AAA-rated commercial leasing companies, reflecting varying investor recognition [23][25]
融资租赁行业2024年信用回顾与2025年展望
2025-01-23 12:23