"A year ago, we announced three ambitious strategic actions – outsourcing servicing, divesting our business processing businesses, a non- strategic asset, and a more cost efficient and streamlined structure. We are pleased to say that we achieved our 2024 objectives against an aggressive timeline. These actions provide clear line of sight to our expense reduction targets, deliver value and position us for the future. We accomplished these steps while at the same time achieved strong loan origination growth, ...

// 债市综述 // 1. 公开市场操作 央行公告称， 6 月 23 日以固定利率、数量招标方式开展了 2205 亿元 7 天期逆回购操作，操作利率 1.40% ，投标量 2205 亿元，中标量 2205 亿元。 Wind 数据显示，当日 2420 亿元逆回购和 1000 亿元国库现金定存到期。 （*数据来源：Wind-央行动态PBOC） 2. 资金面 资金面整体偏宽，存款类机构隔夜质押式回购利率微幅下行，但仍位于 1.37% 附近，七天质押式回购利率则上行超 1 个 bp 。 4. 银行间主要利率债收益率 | | 1Y | | 2Y | | ЗУ | | ટેત્ર | | 7Y | | 10Y | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 国債 | 1.3550 0.00 | 71 | 1.3725 0.15 | 62 | 1.4000 0.25 | 43 | 1.4820 0.45 | 266 | 1.5700 0.30 | 282 | 1.6400 0.20 | 805 | | ...

Core Insights - Pagaya Technologies Ltd. (PGY) raised its 2025 revenue outlook to between $1.175 billion and $1.3 billion after a strong Q1 performance, with revenues and other income increasing by 18% [1][10] - The Zacks Consensus Estimate for 2025 and 2026 revenues is $1.23 billion and $1.42 billion, indicating growth rates of 19.9% and 15.7% respectively [2] Revenue Estimates - The company anticipates second-quarter total revenues and other income to be in the range of $290 million to $310 million [5] - Current Zacks Consensus Estimates for the upcoming quarters are as follows: - Q2 2025: $298.10 million - Q3 2025: $307.66 million - Full Year 2025: $1.23 billion - Full Year 2026: $1.42 billion [3] Business Strategy - Pagaya is expanding its product offerings beyond personal loans to include auto lending and point-of-sale (POS) financing, which helps mitigate cyclical risks [6] - The company has established a network of over 135 institutional funding partners to support its asset-backed securities (ABS) sales, utilizing forward flow agreements for stable capital sources [7] Competitive Position - Pagaya's competitive advantage lies in its proprietary data and product suite, including a Pre-screen solution that allows lenders to offer pre-approved loans with minimal marketing costs [8] - In contrast, competitors like LendingTree and LendingClub have lowered their revenue outlooks for 2025, indicating a more challenging environment for them [9][10] Financial Performance - Pagaya's stock has surged 102.9% year-to-date, outperforming competitors LendingTree and LendingClub, which have seen declines of 10.7% and 30.7% respectively [12] - The current price-to-book (P/B) ratio for Pagaya is 3.23X, which is below the industry average of 3.47X, suggesting the stock is trading at a discount [15] Earnings Estimates - The Zacks Consensus Estimate for earnings in 2025 and 2026 has increased to $2.45 and $3.13 respectively, indicating significant growth of 195.2% and 28% [16] - Management projects net income (GAAP) for 2025 to be in the range of $10 million to $45 million [19]

这家头部消费金融机构持续"补血"中。6月11日，北京商报记者注意到，中国货币网日前披露，马上消费金融拟发行"安逸花"2025年第二期个人消费贷款资 产支持证券（ABS），发行总规模为10亿元人民币。 综合来看，年内已有4家消费金融机构累计发行84.58亿元ABS，发行数量以及规模较上年同期均有增长。而在部分机构火热发行ABS的同时，消费金融行业 融资赛道上的两极分化特征同样明显。有分析人士指出，能否在公开市场持续获取低成本资金、拥有更充分的对客定价权，是衡量消金公司市场竞争力的重 要维度。 马上消费金融再发ABS 按照规划，马上消费金融本期ABS定于2025年6月17日在全国银行间债券市场发行，发行总规模10亿元，持续购买期为7个月，结构分为优先档和次级档。其 中，优先档资产支持证券包括7.75亿元优先A档和0.75亿元优先B档，合计8.5亿元，将采用簿记建档方式发行；次级档资产支持证券规模为1.5亿元，将由马 上消费金融自持。 | 分档情况 | 评级 (中债资信/ | 金额 | 证券本金 | 还本 | 利息支付 | 利率类型 | 预期 | 法定 | | --- | --- | --- | --- | --- ...

Report Title - ABS Investor Structure Changes - ABS Monthly Report (May 2025) [1] Report Industry Investment Rating - Not provided Core Viewpoints - In May 2025, the ABS issuance scale decreased, with the largest month - on - month decline in enterprise ABS. The trading volume and turnover rate of ABS decreased significantly, but the trading amount and turnover rate of credit ABS continued to grow. The holding proportions of major investors in different types of ABS changed, and the yields of ABS at all maturities declined while the spreads with medium - and short - term notes mostly continued to rise [2][3][4][5] Summary by Directory 1. Primary Issuance 1.1 Issuance Scale - In May 2025, the ABS issuance scale decreased by 28% month - on - month to 15.1533 billion yuan. Credit ABS, enterprise ABS, and ABN issuance scales were 2.3905 billion yuan, 8.321 billion yuan, and 4.4418 billion yuan respectively, with month - on - month declines of 2%, 35%, and 23% [2][9]. - Among credit ABS, the issuance scale of micro - enterprise loan ABS increased the most, and the issuance scale of non - performing loan ABS had a fast growth rate of 761%. In enterprise ABS, the issuance scales of shantytown renovation/affordable housing ABS and CMBS/CMBN increased the most, while the issuance scale of quasi - REITs decreased the most. In ABN, the issuance scale of general small - loan creditor's rights ABS increased more, and the issuance scale of preferred limited partnership shares ABS decreased the most [9] 1.2 Issuance Term and Interest Rate - In May 2025, the terms of newly issued ABS were mostly 9M - 1 year and 1 - 2 years, and the weighted coupon rate continued to decline. The weighted average coupon rate was 2.01%, a decrease of 6.68bp compared to April [11]. - For different types of ABS, the weighted terms of newly issued credit ABS, enterprise ABS, and ABN all increased compared to the previous month, and their weighted interest rates all decreased [11] 2. Secondary Trading - In May 2025, the trading volume and turnover rate of ABS decreased significantly, but the trading amount and turnover rate of credit ABS continued to grow. The monthly trading amount of ABS was 11.8623 billion yuan, a decrease of 27.09% compared to April. The monthly turnover rate of ABS was 3.6%, a decrease of 1.4 percentage points compared to April. ABN was the most actively traded ABS product type [3][17] 3. Investor Structure - In credit ABS, commercial banks and non - legal person products were the main holders, with holding proportions of 69% and 15% respectively. The holding proportions of commercial banks and non - legal person products decreased, while those of securities companies and overseas institutions increased [4][20] - In ABN, non - legal person products and commercial banks held the most, with holding proportions of 62% and 28% respectively, both decreasing compared to the previous month [4][20] - For enterprise ABS, trust institutions and bank self - operations were the main investors in Shanghai Stock Exchange enterprise ABS, with holding proportions of 31% and 26% respectively, both decreasing. In Shenzhen Stock Exchange enterprise ABS, general institutions and trust institutions were the main investors, with the holding proportion of general institutions increasing and that of trust institutions slightly decreasing [4][25] 4. Yield and Spread - In May, the yields to maturity of ABS at all maturities declined. The yields to maturity of 1 - year, 3 - year, 5 - year, and 10 - year AAA - rated asset - backed securities decreased by 7.6bp, 6.1bp, 4.9bp, and 4.4bp respectively compared to April 30, 2025 [5][27] - The spreads between ABS yields to maturity and medium - and short - term notes mostly continued to rise. The spreads of 1 - year, 3 - year, 5 - year, and 10 - year AAA - rated asset - backed securities with the same - maturity and same - rating medium - and short - term notes changed to 5.4bp, - 10.1bp, 0.0bp, and - 1.3bp respectively [5][27]

证券研究报告 东吴证券晨会纪要 东吴证券晨会纪要 2025-06-06 [Table_Tag] 宏观策略 [Table_MacroStrategy] 宏观深度报告 20250603：复盘 200 年，贸易战何去何从？ 通过复盘自 1800 年至今 200 余年的全球贸易历史，以及结合近期东部沿 海省份"造船厂-船东-船公司-货代及外贸公司-实体制造业"外贸产业链 调研反馈，我们的研究表明： 首先，复盘全球贸易历史看，汇率、非关 税壁垒可能取代关税成为更加关键的"贸易交锋"工具。 其次，国内多 数外贸企业认为由于在根本矛盾上的冲突，中美贸易谈判过程未来或将 "一波三折"，企业可能需要持续控制对美出口风险敞口。 再次，如果加 征关税无法实现美方贸易竞争的主要目的，那么参考过去 200 年全球贸 易历史特别是 1970s-1990s 美日德贸易竞争阶段的美方举措，未来美国政 府可能在非关税壁垒、汇率等方面发起更多挑战。 最后，在控制对美出 口风险敞口的过程中，拓展非美出口、"出口转内销"、"出海"等关键手 段仍待企业端摸索落地方式，年内外贸前景仍面临高度不确定性。 宏观深度报告 20250602：人民币汇率：会否升 ...

GCM Grosvenor (GCMG) FY Conference June 04, 2025 09:40 AM ET Speaker0 Good morning, everyone. Thank you for joining us. We've got a really, really, what I call, cool company, Grossner. First, Adam Klauber, obviously with William Blair. Real quick compliance. Please see our disclosures for any compliance or or that sort of stuff. But Grozner is, you know, clearly an industry leader and, you know, really differentiated model with showing great track record of really nice compounding growth over time. And, you ...

证券研究报告·固定收益·固收深度报告 固收深度报告 20250603 结构化融资再观察：城投 ABS 市场回顾与前 瞻（政策篇） [Table_Tag] [Table_Summary] 观点 ◼ 风险提示：政策超预期调整；市场超预期波动；数据和信息披露不足。 执业证书：S0600519040001 010-66573671 liyong@dwzq.com.cn 证券分析师 徐津晶 执业证书：S0600523110001 xujj@dwzq.com.cn 相关研究 《周观：交易主线缺位，债市难逃脱 震荡行情（2025 年第 21 期）》 2025 年 06 月 03 日 证券分析师 李勇 2025-06-02 《建议转债配置维持稳健》 2025-06-01 东吴证券研究所 1 / 12 请务必阅读正文之后的免责声明部分 ◼ 发展历程及政策回顾: 1）对于城投平台发行 ABS，通常要求其基础资产 必须具备真实、合法、权属清晰、可产生稳定现金流等特点，禁止将不 具备上述条件的资产进行证券化。在当前地方政府债务监管趋严、传统 融资渠道收窄的形势下，城投平台面临着前所未有的融资挑战。而 ABS 凭借其盘活存量资产、创新 ...

Core Viewpoint - The consumer finance industry in 2025 is characterized by a dual approach of "increasing revenue" and "cost-saving" under the pressures of asset quality optimization and liquidity management. Institutions are accelerating the disposal of non-performing assets while utilizing asset-backed securities (ABS) to open low-cost financing channels, creating differentiated paths for capital replenishment [2][11]. Group 1: Non-Performing Asset Management - The market for transferring non-performing assets in the consumer finance sector has been heating up, with 8 consumer finance companies listing 37 non-performing asset packages in May alone, including major players like Zhaolian Consumer Finance and Ant Consumer Finance [2][3]. - As of the end of the first quarter, consumer finance companies have become the second-largest sellers in the personal loan non-performing asset market [2]. - In May 2025, 8 licensed consumer finance companies collectively transferred non-performing assets exceeding 8 billion yuan [3]. Group 2: Asset-Backed Securities (ABS) Issuance - In 2025, consumer finance companies have issued a total of 15 ABS products, with a total issuance amount of 7.458 billion yuan, and some products have seen interest rates drop below 2%, reaching as low as 1.9% [2][9]. - The issuance of ABS is seen as a crucial method for consumer finance companies to optimize their liability structure and enhance asset liquidity, thereby improving their ability to withstand risks [12]. - The People's Bank of China has supported the issuance of financial bonds by consumer finance companies and is studying the increase of registration quotas for consumer credit asset securitization [11][12].

Core Viewpoint - The consumer finance industry is accelerating the disposal of non-performing assets and issuing asset-backed securities (ABS) to replenish capital, driven by intensified competition, slowing economic growth, and declining asset quality [1][6]. Group 1: Non-Performing Asset Disposal - Consumer finance institutions are rapidly clearing non-performing assets, with a trend of "quick clearance and quick transfer" becoming the norm [2]. - Ant Financial recently listed a personal non-performing loan asset package with a total unpaid principal and interest of 600 million yuan, starting at a price of only 72.1 million yuan, reflecting a discount rate as low as 12% [2]. - The average overdue days for this asset package is 335.8 days, and it has been fully classified as a "loss" category [2]. - The average unpaid principal and interest balance for borrowers in a non-performing asset package is over 5,000 yuan, with an average of 2.62 loans per person [3]. - Institutions like Zhaolian Consumer Finance are adopting a "write-off and sell, all non-litigation" approach, transferring 464,693 non-performing assets with an average overdue period exceeding 600 days [3][4]. - The trend of low-price transfers of non-performing assets has become a common practice among consumer finance companies, with transfer volumes reaching historical highs [4]. Group 2: Asset-Backed Securities (ABS) Issuance - Consumer finance companies are accelerating ABS issuance to broaden financing channels, with a total of 15 ABS products issued by May 29, amounting to 7.458 billion yuan, a 45% increase compared to the same period in 2024 [6][10]. - The majority of ABS issued are personal consumption loan ABS, accounting for 72.4% of the total [6]. - The issuance rates for ABS have reached new lows, with some products like "25 Nanyin Fabai 1A" having a ticket rate of only 3.15% [6][9]. - Regulatory support is a significant factor driving ABS issuance, with the People's Bank of China encouraging consumer finance companies to issue financial bonds and expand the scope of securitizable assets [10][11]. - ABS issuance is seen as a cost-effective financing method, helping consumer finance companies optimize their liability structure and enhance capital resilience against risks [11].