万科又获借款。 7月30日晚间，万科A（000002）发布公告称，公司第二十届董事会第二十次会议审议通过关于深铁集团向公 司提供不超过8.69亿元借款的议案。 根据公告，借款利率为每笔借款提款日前一工作日全国银行间同业拆借中心公布的1年期贷款市场报价利率 （LPR）减66个基点。公司将以持有的投资性房地产、固定资产的不动产产权和非上市公司股权为本次借款提 供资产抵质押担保。 版权声明 证券时报各平台所有原创内容，未经书面授权，任何单位及个人不得转载。我社保留追 究相关 行 为主体 法律责任的权利。 转载与合作可联系证券时报小助理，微信ID：SecuritiesTimes END 今年以来，深铁集团已多次向万科提供借款。就在7月3日，万科发布公告称，深铁集团向公司再提供不超过 62.49亿元借款，并同意对已有的8.9亿元借款予以展期。与此同时，在不久前的股东会上，万科管理层表示， 将进一步加强与大股东深铁集团的融合发展。 在业内人士看来，深铁集团的真金白银支持，为万科解了燃眉之急，起到了"止血"作用，至少在资本市场上稳 住了万科的信用底线。不过，万科要想真正走出困境，必须依靠自身"造血"，通过新项目的开发和新业 ...

Report Industry Investment Rating - No relevant information provided Core Viewpoints of the Report - In H1 2025, the issuance scale of asset - backed notes increased rapidly year - on - year, and the issuance cost decreased. Personal consumer finance and micro - loans were active among the underlying assets. Secondary market transactions also showed growth [3]. Summary by Related Catalogs Issuance Situation - In H1 2025, 280 asset - backed note products were issued, with a total issuance scale of 258.275 billion yuan, a year - on - year increase of 74 in quantity and 48.44% in scale. April had the highest issuance volume and scale [3][4]. - The top five issuing institutions in terms of issuance scale were SDIC Taikang Trust Co., Ltd., Beijing Jingdong Century Trading Co., Ltd., China National Foreign Trade Trust Co., Ltd., Huaxin International Trust Co., Ltd., and Huaneng Guicheng Trust Co., Ltd. The top five and top ten issuing institutions accounted for 42.97% and 62.85% of the total issuance scale respectively [6]. - In terms of underlying asset categories, debt - based ABNs dominated, with a scale of 231.007 billion yuan, a year - on - year increase of 52.45% and a scale share of 89.44%. The average issuance scale of other - type assets was the highest at 175.1 million yuan per unit [9]. - The underlying asset sub - types included personal consumer finance, micro - loans, accounts receivable, specific non - financial claims, and supply chains. Personal consumer finance had the largest scale share at 44.48% [11]. - The highest single - product issuance scale was 6.043 billion yuan, and the lowest was 90 million yuan. Products with a single - issuance scale in the (5, 10] billion yuan range had the largest number of issuances and the highest scale share [15]. - The shortest product term was 0.17 years, and the longest was 23.41 years. Products with a term in the (0, 1] year range had the largest number of issuances and the highest scale share [18]. - By rating level, AAAsf - rated notes accounted for 90.64% of the issuance scale [19]. - For one - year AAAsf - rated notes, the interest rate center was around 1.97%, and the median decreased by 34BP year - on - year [21]. - In H1 2025, 88 ABCP products were issued, with a total scale of 89.119 billion yuan, accounting for 34.51% of the ABN issuance scale [23]. Issuance Spread - Compared with the same - term treasury bonds, the issuance spread of 1 - year asset - backed notes narrowed, while that of 3 - year notes widened slightly. Compared with the same - term AAA - rated corporate bonds, the issuance spreads of both 1 - year and 3 - year asset - backed notes narrowed [27][29][32]. - For personal consumer finance, micro - loans, and accounts receivable, the issuance spreads showed different trends. The issuance costs of these three types of products decreased significantly compared with the previous year [32][34][36]. Secondary Market Transaction - In H1 2025, the total trading volume of asset - backed notes in the secondary market was 258.04 billion yuan, and the number of transactions was 2,840, with year - on - year increases of 23.34% and 21.89% respectively [39]. - The products with active secondary - market transactions were mainly personal consumer finance, class REITs, accounts receivable, micro - loans, and partnership shares [40]. Industry Dynamic Review - On March 14, 2025, the National Association of Financial Market Institutional Investors (NAFMII) issued the Action Plan for Further Supporting the High - quality Development of Private Enterprises in the Inter - bank Bond Market, which was conducive to optimizing the bond financing environment for private enterprises [42]. - On May 7, 2025, NAFMII issued the Notice on Launching Science and Technology Innovation Bonds and Building a "Science and Technology Board" in the Bond Market. On May 26, the first science and technology innovation asset - backed security was successfully issued, which was helpful for the bond market to serve the science and technology innovation field [43].

Group 1 - Dongyangguang Pharmaceutical has completed its last trading day and officially launched the first case of "H-share absorption merger privatization + introduction listing" in the Hong Kong market [1] - The company plans to list on the Hong Kong Stock Exchange on August 7 under the name "Dongyangguang Pharmaceutical" (06887), creating a new paradigm for asset securitization in Chinese innovative pharmaceutical companies [1] - The absorption merger allows Dongyangguang Pharmaceutical to issue H-shares to minority shareholders of its subsidiary Dongyangguang Changjiang Pharmaceutical, facilitating overall listing [1] Group 2 - Industry insiders note that this move breaks traditional capital operation time barriers, reduces friction costs in acquisitions, and effectively safeguards shareholder rights [1] - The listing is seen as a response to the national strategy of optimizing capital market structure and provides a reference model for industrial integration and international development [1] - After the listing, Dongyangguang Pharmaceutical is expected to gain long-term capital support and achieve integrated industry upgrades, creating a closed loop of "research and development - production - sales" [1][2] Group 3 - Dongyangguang Pharmaceutical is engaged in drug research, production, and commercialization, focusing on innovative drugs, including modified new drugs, generic drugs, and biosimilars [2] - The company adheres to principles of innovation, internationalization, and sustainability, with a strategic focus on treating infections, chronic diseases, and tumors [2] - Dongyangguang Pharmaceutical aims to become a world-class innovative pharmaceutical company with a mature and well-circulated business model [2]

Group 1: Capital Market Trends - The A-share market is showing signs of continuous optimization, with trading volume exceeding 1 trillion yuan for 44 consecutive days and nearly 700 companies engaging in buybacks [1] - The China Securities Regulatory Commission (CSRC) aims to stabilize and activate the capital market, focusing on creating a market ecosystem that rewards investors and promotes innovation [1] Group 2: Mergers and Acquisitions - In the first half of the year, the State Administration for Market Regulation concluded 339 cases of operator concentration, a year-on-year increase of 14.1%, indicating active domestic mergers and acquisitions [2] - The total transaction amount for these cases exceeded 1.3 trillion yuan, with significant activity in the automotive and chemical raw materials sectors [2] Group 3: Hong Kong Market Performance - Southbound capital has seen a record net inflow of over 840 billion HKD this year, significantly contributing to the positive performance of the Hong Kong stock market, with the Hang Seng Index rising over 27% [3] - Major stocks like Xiaomi and Tencent have shown substantial gains, with Xiaomi increasing over 60% and Tencent over 34% [3] Group 4: State-Owned Enterprises - The establishment of China Chang'an Automobile Group in Chongqing marks the formation of a new central enterprise in the automotive sector, aimed at enhancing competitiveness and supporting the development of smart and connected new energy vehicles [4] Group 5: Securities Firms' Strategies - Securities firms are focusing on regional economic services, business transformation, and digital innovation as key areas for development in the second half of the year [5] Group 6: Asset Management Trends - In July, several large overseas China stock ETFs attracted over 2.7 billion USD, reflecting growing interest from foreign investors in Chinese assets [6][7] Group 7: Share Buybacks - Listed companies have repurchased nearly 90 billion yuan worth of shares this year, with July alone seeing buybacks of 14.01 billion yuan, marking a 12.06% increase from the previous month [8] Group 8: Corporate Performance - Among the companies that reported positive performance in the first half of the year, 31 stocks have a rolling P/E ratio below 30, indicating potential undervaluation [9] Group 9: Economic Outlook - The International Monetary Fund (IMF) has significantly raised its growth forecast for China's economy, citing stronger-than-expected economic activity in the first half of the year [10] Group 10: Asset Securitization - The asset securitization market is expanding, with the largest corporate ABS product issued this year reaching 10.01 billion yuan, contributing to a total issuance of 714.08 billion yuan across 807 products [11] Group 11: Stock Ratings Adjustments - In July, securities firms adjusted ratings for 25 stocks upward, reflecting the impact of companies' performance in the first half of the year [12] Group 12: Small Metals Sector Performance - Companies in the small metals sector, such as Northern Rare Earth and Zhejiang Huayou Cobalt, reported significant profit increases, with Northern Rare Earth expecting a net profit growth of over 1882% [14]

Core Insights - Trust companies are increasingly participating in the consumer finance market, integrating it with inclusive finance as a key direction for business transformation [1][3] - The tightening of risk control and compliance regulations poses challenges for trust companies in the consumer finance sector, leading to more cautious selection of partner institutions [1][6] Group 1: Consumer Finance Business Expansion - The "放心借" product allows borrowers to apply for personal loans from lenders like Yunnan Trust, with loan amounts and interest rates determined by the lender's assessment [2] - Trust companies have cumulatively lent over 1 trillion yuan in the consumer finance sector, with significant contributions from companies like Huaxin Trust and Guomin Trust [3] - The shift towards consumer finance is seen as a response to government policies aimed at boosting consumption, with multiple initiatives launched to support this sector [4] Group 2: Operational Strategies and Challenges - Trust companies are adopting a more selective approach in choosing lending partners, focusing on asset scale and profitability [3][4] - The industry faces high complaint volumes and compliance pressures, with significant consumer complaints reported by companies like Guomin Trust and Tianjin Trust [6] - The competition in consumer finance is intensifying, with challenges such as product homogeneity and high customer acquisition costs for smaller institutions [6] Group 3: Technological Integration and Future Outlook - Trust companies are expected to enhance their risk control systems and leverage technology to meet diverse customer needs [7] - The integration of artificial intelligence and other technologies is anticipated to drive innovation in trust products and services [7] - Strengthening cooperative ecosystems and customer management is seen as crucial for trust companies to effectively navigate the evolving consumer finance landscape [6][7]

Core Insights - The establishment of the CITIC Financial Asset Cloud Sail Phase 1 Asset-Backed Securities (ABS) project marks a significant milestone, with a total issuance scale of 100.10 billion yuan, making it the largest corporate ABS product issued this year and setting a record in the trust beneficiary rights ABS sector [1] - The overall corporate ABS market has seen substantial growth in 2023, with 807 corporate ABS products established, totaling 7140.77 billion yuan, reflecting increases of 22.64% and 26.10% year-on-year, respectively [1][2] Market Expansion - The asset securitization market in China is experiencing accelerated development, with significant expansion in issuance scale and market activity [2] - The supply structure in the primary market is continuously optimizing, with innovative categories emerging, such as intellectual property and affordable housing ABS, which have seen year-on-year growth rates of 61.45% and 100%, respectively [3] Product Innovation - The introduction of data asset ABS has enriched the product matrix and laid the groundwork for future product exploration, providing new financing pathways for technology-driven enterprises [3] - The active participation of various institutions, including securities firms and trusts, has led to a notable increase in issuance pace, with 329 companies participating in corporate ABS issuance this year, a 26.54% increase from the previous year [4] Investor Engagement - The secondary market has seen a significant increase in transaction activity, with a year-on-year growth of 48.85% in transaction amounts, driven by the attractiveness of ABS products in a low-interest-rate environment [4] - The yield of asset securitization products typically enjoys a liquidity premium, making them slightly more attractive than comparable credit bonds [4] Support for SMEs - The primary goal of launching corporate ABS is to address the financing difficulties faced by small and medium-sized enterprises (SMEs) by converting illiquid assets into securities, thus optimizing financial structures and providing low-cost financing channels [5] - The issuance scale of small loan debt ABS and bank/internet consumer loan ABS has reached 990 billion yuan and 602 billion yuan, respectively, accounting for over 20% of the corporate ABS market [5] Regulatory Support - Regulatory bodies have expressed strong support for the corporate ABS market, emphasizing the exploration of intellectual property asset securitization [6] - Initiatives such as the "green channel" mechanism have been introduced to simplify the approval process for eligible SME ABS products, reducing issuance costs and enhancing market accessibility [7] Future Development - The future of the corporate ABS market may focus on continuous breakthroughs in issuance mechanisms, particularly in the interplay between public REITs, holding-type real estate ABS, and quasi-REITs [7] - Holding-type ABS can serve as a bridge between pre-REITs and public REITs, enhancing market liquidity and enriching the underlying asset matrix [7]

Financial Data and Key Metrics Changes - The company reported a revenue growth of 15% in Q2 2025, reaching $78.2 million compared to $61 million in Q2 2024 [14] - Earnings per share (EPS) guidance for 2024 is maintained at $2.1 to $2.5, with basic and diluted EPS for Q2 2025 at $0.53 and $0.52 respectively [22][25] - The cost of funds at the bank decreased by 28 basis points to 3.71%, while the net interest margin increased by 56 basis points [16][17] Business Line Data and Key Metrics Changes - Business deposits grew by $50 million sequentially, with most funds coming from demand deposit accounts [16] - Losses in Newtek Small Business Finance decreased from $10.7 million to $3.7 million over recent quarters [18] - The alternative loan program (ALP) has completed three successful securitizations and is growing with high-quality loans [19][20] Market Data and Key Metrics Changes - The company serves over 33 million independent business owners in the U.S., contributing to 43% of U.S. GDP [9] - The company has supported over 110,000 jobs through its lending activities over the past five and a half years [9] Company Strategy and Development Direction - The company aims to leverage technology and artificial intelligence to enhance customer acquisition and service delivery [12][28] - The focus is on providing integrated financial solutions to small and medium-sized businesses, moving away from traditional banking models [7][12] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in maintaining a billion dollars in SBA loan originations for the year despite market challenges [95][104] - The company anticipates an increase in provisions in the second half of the year, reflecting a cautious approach to credit quality [122][123] Other Important Information - The company has a strong pre-provision earnings profile, benefiting from wider lending spreads and healthy fee income [53] - The efficiency ratio improved year-over-year from 66.3% to 60.3% [25] Q&A Session Summary Question: What helped bring in $50 million of growth on the commercial deposit side? - Management attributed the growth to the competitive offerings of business accounts and the integration of banking services with lending and payroll solutions [61][64] Question: What were the total charge-offs this quarter for the held-for-investment portfolio? - Total charge-offs were reported at $5 million, consistent with the previous quarter [65][66] Question: Can you break down the various drivers that went through the net fair value line item? - The primary component of the negative $11.7 million was the reversal of previous unrealized gains on ALP loans, which were written down to par [69][71] Question: Will the net gain in residuals and securitizations only occur with ALP securitizations? - Management confirmed that this is the first time they own 100% of the residual, which differs from previous joint ventures [92] Question: What are the expectations for SBA loan volumes following recent rule changes? - Management does not expect a drop in volumes, maintaining guidance for $1 billion in SBA loans for the year [95][104]

免责声明 发行人 中铁信托有限责任公司 是经中国银行保险监督管理委员会批准，以金融信 托为主营业务的非银行金融机构，公司业务范围涵盖资金信托、动产信托、 不动产信 托 、 有价证券信托 、投资基金、证券承销、 投资银行业务 等 ，拥有 40 年持续经营 的历史。公司注册资本 50 亿元，建立以成都总部为核心，北上深汉渝为支点，"立足 四川、面向全国"的现代金融服务网络，获准建立有信托行业第三家、四川省内金融机 构第一家博士后创新实践基地，与西南财大联合建立中国信托研究中心。 此次资产证券化产品的成功发行为未来双方进一步深化合作奠定了坚实的基础， 对申万宏源持续资产证券化业务市场具有重要意义 。未来，申万宏源将继续为广大实 体企业提供深湛优良的综合金融服务，把落实国家战略与企业使命深度结合，为助力实 体经济高质量发展贡献金融央企力量。 7 月 22 日 ，由申万宏源担任 销售机构 的 中铁信托先锋 13 号应收账款资产支 持专项计划 项目成功发行 。 本期 资产证券化产品 优先 A 级 ， 发行规模 9.09 亿 元，期限 2.75 年 ，票面利率 2.09 % ， 债项评级 AAA ，无外部增信。优先 B 级 ...

Group 1 - The core viewpoint of the article highlights the successful issuance of the asset-backed securities by China Railway Trust, which lays a solid foundation for future cooperation between the parties involved [2][4]. - The asset-backed securities include three classes: - Class A with a scale of 909 million yuan, a term of 2.75 years, a coupon rate of 2.09%, and a AAA rating [2]. - Class B with a scale of 794 million yuan, a term of 0.92+1+1 years, a coupon rate of 1.85%, and a AAA rating, supported by China Railway No. 5 Engineering Group [2]. - Class C with a scale of 990 million yuan, a term of 1+1+1 years, a coupon rate of 1.77%, and a AAA rating, supported by China Railway [2]. Group 2 - China Railway Trust Co., Ltd. is a non-bank financial institution approved by the China Banking and Insurance Regulatory Commission, with a registered capital of 5 billion yuan and a 40-year operational history [3]. - The company has established a modern financial service network centered in Chengdu, with a focus on national outreach, and has created a post-doctoral innovation practice base in collaboration with Southwest University of Finance and Economics [3]. - The successful issuance of the asset-backed securities is significant for Shenwan Hongyuan's ongoing asset securitization business and its commitment to providing comprehensive financial services to real economy enterprises [5].

7月18日，复旦大学经济学院联合复旦大学国际金融研究中心、复旦大学绿色金融研究中心举办"稳定币 的商业机遇：来自业界的声音"南土国际金融政策圆桌会。此次会议是复旦大学围绕稳定币主题开展的 第三场专题研讨，汇聚了金融学界、区块链产业、金融机构等领域的十余位专家，深入探讨稳定币在全 球金融格局中的发展现状、商业潜力及监管挑战。 殷剑峰特别提到，中国庞大的工业互联网基础为资产代币化提供了独特场景，若能实现链下资产数据与 链上的有效映射，制造业的物流、信息流与资金流有望实现全链条数字化革新，推动Web3.0在实体经 济中快速落地。 殷剑峰指出，它类似货币市场基金，但最大的缺陷在于缺少最后贷款人支持。而目前美国的GEIUS法案 和香港《稳定币条例》，都没给稳定币发行机构这样的支持。他认为，三五年内，稳定币领域很有可能 会出现重大变局。 以下为殷剑峰发言全文（已经发言人审定）： 我研究稳定币问题期间，读了大量国际清算银行（BIS）的研究报告，今天和大家分享一些体会。 我认为，现在讨论稳定币必须清楚一点：稳定币只是资产代币化（RWA）这个大叙事中的一小部分。 所谓资产代币化的概念，就是将资产转化为代币（token）的过程， ...