2025 年融资租赁 ABS 存续期表 现——融资租赁 ABS 市场运行 稳健，证券兑付情况良好 联合资信 结构评级二部 |郭 燕 |刘书畅 www.lhratings.com 研究报告 1 一、融资租赁 ABS 相关政策 2025 年上半年，市场延续了 2024 年的政策基调，鼓励融资租赁公司服务实体经 济、支持中小微企业融资；资产证券化相关业务服务进一步规范。 （一）资产证券化相关政策 2025 年 5 月，上海证券交易所修订形成了《上海证券交易所公司债券和资产支 持证券发行上市挂牌业务指南（2025 年 5 月修订）》，重点规范公司债券（含企业债 券）和资产支持证券发行上市挂牌业务流程，提升业务办理质效。 2025 年 5 月，上海证券交易所发布《关于试点公司债券续发行和资产支持证券 扩募业务有关事项的通知》，试点开展公司债券续发行和资产支持证券扩募发行相关 业务，提升债券发行效率及市场流动性。 相关政策内容如下表所示。 数据来源：联合资信整理 （二）支持中小微企业融资 2025 年 5 月，国家金融监管总局、中国人民银行、证监会等八部门联合发布《支 持小微企业融资的若干措施》（金发〔2025〕21 号 ...

政策红利全面释放，中小微企业融资迎来"春天" 2025年，国家金融监督管理总局发布《关于做好2025年小微企业金融服务工作的通知》，明确要求普惠型小微企业贷款增速不得低于各项贷款平均增速， 大型商业银行、股份制银行需发挥"头雁效应"。 与此同时，国有四大行（工行、农行、中行、建行）联合推出"数字助农贷"专项信用贷款，以全国线上接单、材料极简、审核宽松、利率低至3.2%、额度 最高5000万元为核心优势，为中小微企业破解融资难题注入强劲动能。 一、额度天花板突破传统限制， 5000万信用贷精准 面对扩产、供应链周转等多元资金需求，国有四大行创新推出纯信用贷款产品，单户最高可贷5000万元，无需抵押担保即可覆盖制造业、科技型、商贸流 通等全行业。 以深圳某科技公司为例，凭借营业执照和纳税记录，仅用3天即获批500万元信用贷款，利率低至2.98%，项目研发资金难题迎刃而解。 二、利率创历史新低， 综合融资成本直降30% 依托央行结构性货币政策工具及财政贴息政策，四大行信用贷年化利率低至3.2%，较市场同类产品节省30%成本。 以1000万元贷款为例，按一年期计算，企业可节省利息支出超30万元。 叠加省级财政贴息（最 ...

目前，资金流信息平台已接入279家银行，免费向中小微企业和金融机构提供查询服务。该平台有 助于解决传统线下打印资金流水带来的企业跑腿难、银行尽调成本高等问题，实现"企业少跑路，数据 多跑路"。 资金信息流平台由中国人民银行组织金融机构建设的重要金融信息基础设施，由中国人民银行征信 中心负责建设、运行及管理，在全国范围内统一共享资金流信用信息，全生命周期的动态反映企业经营 状况、收支状况、偿债能力、履约行为等，旨在丰富企业信用图景、助力中小微企业融资。 网商银行接入后，小微企业主通过支付宝的网商银行小程序完成"企业银流"授权后，其经营信息等 数据可实时生成"信用评分"，最快1分钟就能获得纯信用贷款，无需再手动提交经营资料，让申请贷款 变得便捷高效。 近日，网商银行接入"全国中小微企业资金流信用信息共享平台"（以下简称"资金信息流平台"）， 成为率先接入该平台的互联网银行。 （责任编辑：华青剑） 网商银行的接入，促进该平台与银行的数据互补。网商银行共享自身积累的小微经营数据，可以丰 富平台数据源。同时，网商银行从平台获得更多权威数据，其大数据风控系统能够更精准高效地评估企 业信用。 作为一家专注服务小微经营者的数 ...

Core Insights - The establishment of the national small and micro enterprise fund flow credit information sharing platform has significantly improved financing access for small and micro enterprises in Fujian Province since its trial launch in October 2024, facilitating 4,851 loans totaling 21.762 billion yuan by April 2025 [1] - The platform addresses the challenges faced by "credit white households" (enterprises without credit records) by providing a comprehensive data account that reflects the operational and financial status of enterprises, thus enabling precise credit assessments [3][4] - The platform allows enterprises to use their fund flow information as collateral instead of fixed assets, thereby assisting those without sufficient collateral to secure loans [4] Financing Challenges - Small and micro enterprises are crucial to the national economy but face persistent issues of high financing costs and difficulties in obtaining loans due to incomplete credit records [2] - Many small and micro enterprises lack continuous and stable high-quality credit information, making it challenging for financial institutions to provide accurate credit assessments [2] Platform Functionality - The fund flow information platform enables financial institutions to access real-time data on enterprises, streamlining the loan application process and reducing the need for repetitive information submissions [5][6] - The platform integrates cross-bank transaction data, tax records, and social security payment data to create a dynamic credit assessment model that reflects the true operational data of enterprises [3] Efficiency Improvements - The platform has led to significant reductions in loan approval times, with some cases seeing loan disbursement in as little as four days, representing a 60% acceleration compared to traditional approval processes [5] - Financial institutions are encouraged to optimize their approval processes by embedding the platform's applications into their credit business workflows, enhancing overall efficiency for small and micro enterprises [5][6]

Core Viewpoint - The People's Bank of China has launched a national credit information sharing platform for small and micro enterprises to facilitate the sharing of cash flow credit information among financial institutions, which is crucial for supporting financing for these enterprises [1] Group 1: Platform Development and Implementation - The Sichuan branch of the People's Bank of China has prioritized the promotion and application of the cash flow information platform, integrating it into the annual key work agenda [1] - Local banks, including Sichuan Tianfu Bank and Sichuan Rural Commercial Bank, have been encouraged to accelerate their integration with the platform, serving as models for other banks [2] - A total of 17 local banks have officially connected to the platform, with 6 banks already issuing 42 loans amounting to 487 million yuan, demonstrating the platform's effectiveness in supporting financing [2] Group 2: Growth in Usage and Financing - The platform has seen a significant increase in usage, with 21,100 queries made by banks and 2,677 loans facilitated, totaling 13.672 billion yuan, with 39.56% being credit loans [3] - The second quarter showed a remarkable growth in queries by 215.52% and a 149.25% increase in loan amounts compared to the first quarter, indicating a positive trend in the platform's adoption [3] Group 3: Future Directions - The Sichuan branch plans to guide financial institutions in leveraging the platform to support the "Five Major Financial Articles," focusing on enhancing financing for small and micro enterprises [4] - There will be a comprehensive promotion of the platform through various outreach activities to help enterprises understand and utilize the platform effectively [4] - The development of specialized credit products based on cash flow credit information will be explored, particularly for sectors like technology innovation and agriculture, to enhance financing support [4]

Core Insights - In 2025, national policies continue to support small and micro enterprises, with state-owned banks launching a "Corporate Credit Loan" program offering up to 30 million with interest rates as low as 2.78%. However, over 60% of enterprises miss out due to "information blind spots" [1] Group 1: Reasons for Loan Rejection - Three main reasons for loan rejection include: 1. Weak credit foundation leading banks to hesitate in lending, especially for new enterprises under 2 years old or those with significant tax drops [1] 2. Confusing operational data that makes it difficult for banks to assess repayment ability, including irregular financial statements and inflated cash flow [2] 3. Violating policy restrictions, such as being in high pollution or high energy consumption industries, or having legal disputes that terminate loan applications [3] Group 2: Strategies to Overcome Loan Rejection - Three steps to transition from "loan rejection" to "instant approval": 1. Repair credit issues by accumulating performance data through supply chain cooperation and proper tax planning to achieve A/B tax ratings [4] 2. Standardize operational data by hiring professional accountants to highlight revenue growth and cash flow stability, and prepare necessary documentation [5] 3. Precisely match policy products to access "low-interest fast approval" channels, with specific offerings from major banks designed for different sectors [5] Group 3: Overview of State-Owned Banks' "Credit Loan" - State-owned banks provide "no-collateral pure credit" loans with low thresholds, high efficiency, and strong guarantees, focusing on compliant enterprises across various sectors [6] - Interest rates are generally below market levels, with post-loan fund tracking to ensure compliance and reduce risks [6] - The financing landscape for small and micro enterprises has entered a "policy + technology" dual-driven era, with state-owned banks creating green channels for compliant businesses [6]

Core Viewpoint - The introduction of "Puxin Loan" by Shanghai Pudong Development Bank provides a significant opportunity for small and micro enterprises to overcome financing challenges, with a maximum credit limit of 30 million yuan tailored for technology and innovation-driven businesses [3][4]. Group 1: Loan Features - "Puxin Loan" offers a maximum credit limit of 30 million yuan, specifically designed for technology and innovation-oriented small and micro enterprises [3]. - The annual interest rate starts as low as 3.16%, benefiting from national interest subsidy policies, representing a reduction of over 40% compared to traditional financing costs [3]. - The loan has flexible terms ranging from 1 to 5 years, with various repayment options such as "interest first, principal later" and "equal principal and interest" [4]. Group 2: Application Process - The loan application requires no collateral; it only needs the tax records of the past two years, allowing compliant taxpayers to access financing easily [6]. - The approval process is expedited, with funds disbursed within three working days through a fully digital operation [6]. Group 3: Market Context - The current national interest subsidy policy and inclusive finance benefits are being released simultaneously, with a deadline approaching in 2025, urging eligible enterprises to secure low-interest loans promptly [6][7].

Core Viewpoint - The National Market Supervision Administration has issued a notice to enhance quality financing and credit enhancement efforts to better support small and micro enterprises, which are crucial for employment and economic stability [1] Group 1: Policy Measures - Recent measures have been implemented to support financing for small and micro enterprises, extending coverage to 125 million individual businesses, with a maximum single credit limit raised to 50 million yuan and a minimum loan interest rate set at 2.9% [2] - A dual loan model combining "entrepreneurial guarantees" and "employment stabilization" has been introduced, reducing approval times by 50% [2] Group 2: Challenges and Solutions - Structural challenges remain for financing small and micro enterprises due to inadequate assessment and incentive systems, necessitating reforms in mechanisms and ecosystem [2] - Financial institutions face a long-term imbalance in risk and return, leading to a "fear of lending" mentality, which can be addressed by improving assessment incentives and implementing a liability exemption system for inclusive credit [3] Group 3: Credit Assessment and Regulation - A new credit assessment ecosystem is being developed to address the lack of collateral and financial reports by integrating various government and market data to create comprehensive credit profiles [4] - A balanced regulatory approach is proposed to allow for innovation while ensuring risk control, including the use of blockchain for tracking fund flows and establishing a credit repair mechanism for small and micro enterprises [4]

Core Insights - Minsheng Bank's Guiyang branch is actively promoting the national small and micro enterprise fund flow credit information sharing platform to address financing challenges for small and micro enterprises [1][3] - The platform has successfully provided financing solutions to 30 enterprises, with loan amounts exceeding 20 million yuan [1] - The bank has implemented a combination of online and offline promotional strategies to enhance awareness and understanding of the platform among enterprises [3] Group 1 - The platform has enabled a resource recovery enterprise to secure a credit loan of 3.5 million yuan in just five days, showcasing its efficiency in resolving financing issues [1] - A coal enterprise benefited from the platform by receiving a loan of 1 million yuan within two working days, facilitating its business expansion [1] - The promotion of the platform has significantly improved the perception of financial services among participating enterprises [1] Group 2 - Minsheng Bank has organized events like the "Inclusive Big Lecture" to educate 150 enterprises about the platform's features and its integration with the bank's credit products [3] - The bank's promotional activities include interactive Q&A sessions to build trust and encourage usage of the platform among enterprises [3] - Future plans include increasing the promotion of the fund flow credit information sharing platform and optimizing financial services to support the high-quality development of the real economy [3]

Core Insights - The establishment of the national small and micro enterprise fund flow credit information sharing platform has significantly aided financing for small and micro enterprises in Hubei province [1][2][3] - The platform allows banks to access companies' fund flow credit information, enabling them to match suitable loan products for businesses that have never received loans before [1][2] - Innovative financing solutions, such as patent pledge loans, have been developed to assist asset-light enterprises in overcoming financing challenges [2][3] Group 1 - As of the end of May, 19 pilot banks in Hubei have conducted 20,200 queries on the fund flow credit information platform, granting credit of 12.213 billion yuan and disbursing loans of 4.325 billion yuan to 997 enterprises [1] - A small e-commerce enterprise, previously classified as a "credit white household," successfully obtained a loan of 1.8 million yuan through the platform after its fund flow credit information was assessed [1] - A textile company utilized intellectual property pledges to secure financing of 5.173 million yuan, facilitated by real-time data from the fund flow information platform [2] Group 2 - An agricultural technology company received a credit loan of 1.5 million yuan after being evaluated through the fund flow information platform, which allowed for a more favorable assessment than traditional methods [3] - The fund flow information platform officially launched in October 2024, establishing credit profiles for small and micro enterprises, with 56 million enterprises and individual businesses covered by the end of 2024 [3]