Industry Overview - The financing leasing industry is defined as a non-bank financial form where the lessor purchases the selected leased object from a third party at the request of the lessee and enters into a lease contract to rent it to the lessee for a fee [1] - Financing leasing can be categorized based on the nature of the enterprise into financial leasing, domestic leasing, and foreign leasing [2] Industry Chain Analysis - The industry chain involves three main parties: suppliers, lessors, and lessees. The upstream includes suppliers and banks providing financial support, the midstream consists of financing leasing companies, and the downstream lessees are primarily in sectors like aviation, construction, printing, medical, and automotive leasing [3] Industry Development History - The financing leasing business in China began around 1980, transitioning through various phases including initial growth, adjustment, and regulation. From 2011 to 2017, the industry experienced rapid growth, but since 2018, the number of enterprises has stabilized, and the total balance of leasing contracts has slightly declined, indicating a period of adjustment [7] Policy Background - The National Financial Regulatory Administration is the main regulatory body overseeing the financing leasing industry, responsible for formulating and implementing operational and regulatory rules. Recent government policies have focused on supporting green financing, equipment financing, and financing for small and medium-sized enterprises [10][12] Current Industry Status - The total balance of financing leasing contracts has been declining since 2019, with an estimated balance of approximately 54,600 billion RMB by the end of 2024, reflecting a decrease of about 1,800 billion RMB or 3.2% from 2023 [13] - Financial leasing continues to dominate the market, accounting for 43.0% of the total contract balance, while domestic leasing holds 35.5% and foreign leasing 17.3% as of mid-2024 [14] - The number of financing leasing enterprises is approximately 8,671, showing a stable trend overall [16] - Foreign leasing enterprises remain a significant force, but their proportion has slightly decreased, with domestic leasing enterprises increasing from 2.86% in 2016 to 5.19% by mid-2024 [17] Market Scale and Competition - The financing leasing market in China has shown stable demand, with a projected scale exceeding 30 trillion RMB in 2024. Major players include companies like Far East Horizon, China Merchants Jinling, and Industrial Bank Leasing [25] - The competitive landscape is characterized by a multi-tiered structure, with high-end markets predominantly led by international brands [21] Future Development Trends - The financing leasing industry is expected to evolve towards greater standardization, greening, digitization, and concentration, adapting to policy and market changes to promote sustainable growth [27][28] - Despite a slowdown in overall development since 2024, the market demand remains stable, with an anticipated annual growth rate of around 5% over the next six years [31]

Group 1 - The global economic situation in 2025 is complex, with significant challenges and opportunities in the financial sector, including a notable increase in global economic volatility and a restructuring of international trade order [2] - The domestic economy is undergoing important adjustments, with a focus on stabilizing internal demand and managing the transition between old and new growth drivers, while preventing overheating in emerging industries and capacity excess [2] - Financial risks in areas such as the real estate market, local government debt, and small financial institutions remain key areas of concern [2] Group 2 - The 2025 "Excellent Financial Award" aims to comprehensively review the development of the financial system across various sectors, including banking, insurance, securities, and fintech, leveraging the influence of mainstream financial media [3] - The evaluation process will follow principles of independence, objectivity, and scientific rigor, ensuring fairness and social value through multiple layers of assessment, including market indicators and expert reviews [3][4] - Award categories include various segments such as annual bank awards, insurance company awards, and fintech awards, reflecting a wide range of financial services [4] Group 3 - Evaluation dimensions include policy responsiveness to financial supply-side structural reforms, industry leadership in financial metrics, innovation in financial technology, and support for the real economy, particularly in promoting inclusive finance for small and micro enterprises [4]

Group 1 - The Issuer, AKROPOLIS GROUP, UAB, is a leading shopping and entertainment centre development and management company in the Baltic countries [1] - The Issuer has mandated Citigroup Global Markets Europe AG, ING Bank N.V., and Skandinaviska Enskilda Banken AB to arrange fixed income investor meetings starting on May 6, 2025, with a potential benchmark EUR-denominated Green RegS only senior unsecured offering to follow [1] - The Notes are expected to be rated BB+ by S&P and BB+ by Fitch, with Citigroup Global Markets Europe AG and ING Bank N.V. acting as Green Finance Structuring Banks [1] Group 2 - The Issuer plans to allocate the net proceeds from the offering of the Notes to refinance existing EUR 300,000,000 2.875% Guaranteed Notes due 2026, in line with the Green Finance Framework [2] - The proceeds from the Existing Notes were used to finance a portfolio of Eligible Green Projects and/or to finance and refinance Eligible Green Assets as defined in the Green Finance Framework [2] Group 3 - If the transaction is completed on satisfactory terms, the Issuer intends to exercise the make-whole redemption option for its Existing Notes [3]

Core Viewpoint - Shanghai and Hong Kong are not in a competitive relationship but are interdependent and collaborative, with Shanghai serving as a strong support and important complement to Hong Kong's status as an international financial center [1] Group 1: Impact of Offshore Finance Development - The development of offshore finance in Shanghai may divert some offshore financial business from Hong Kong due to favorable policies and reduced operational costs in mainland China [2] - The rapid growth of Shanghai's offshore finance creates job opportunities and may attract financial talent from Hong Kong if Shanghai offers better compensation and career advancement [2] - Increased competition from Shanghai's financial institutions in offshore financial products challenges Hong Kong's traditional advantages, particularly in offshore RMB products [2] Group 2: Positive Collaborative Effects - Hong Kong's experience in RMB clearing and trading, combined with Shanghai's policy support, presents significant cooperation potential in cross-border RMB flow and offshore financial product innovation [3] - The development of Shanghai's offshore finance strengthens financial ties between the two cities, with Hong Kong acting as a bridge to international markets for mainland enterprises [3] - Shanghai's offshore finance can enhance Hong Kong's financial institutions' innovation in products and services, providing a stabilizing effect on Hong Kong's financial center [3] Group 3: Strategies for Collaborative Development - Hong Kong should leverage its advantages in the offshore RMB market to enhance services in clearing, trading, and investment, focusing on promoting RMB internationalization [4] - Strengthening cooperation mechanisms between Shanghai and Hong Kong can optimize cross-border payment systems and enhance collaboration in emerging fields like green finance [5] - Both cities should invest in talent development, with Hong Kong focusing on cultivating interdisciplinary financial talent and Shanghai optimizing its talent attraction mechanisms [6] Group 4: Shanghai's Role as a Supportive Partner - Shanghai's robust real economy and industrial resources provide extensive business opportunities for Hong Kong financial institutions, particularly in manufacturing and technology sectors [7] - Shanghai's financial policy innovations can serve as a reference for optimizing Hong Kong's financial policies, enhancing cross-border regulatory cooperation [7] - Strengthening cooperation in securities markets and financial derivatives can improve risk management capabilities for both cities [7] Group 5: Enhancing Offshore Financial Cooperation - Expanding interconnectivity mechanisms like "Shanghai-Hong Kong Stock Connect" and "Bond Connect" can increase trading varieties and enhance market efficiency [8] - Jointly developing offshore financial products, such as offshore bonds and funds, can attract global investment and support green development initiatives [8] - Establishing a platform for regular financial talent exchange can facilitate knowledge sharing and enhance the professional capabilities of financial personnel in both cities [9] Group 6: Regulatory Coordination - Establishing regular communication mechanisms between financial regulators in Shanghai and Hong Kong can ensure policy alignment and prevent regulatory arbitrage [10] - Collaborative efforts in monitoring cross-border financial risks and sharing information can enhance the stability of financial markets in both regions [10] - Utilizing technology for risk monitoring can help prevent cross-border financial crimes and ensure market security [10] Group 7: Regional Collaboration - Hong Kong's active participation in the Guangdong-Hong Kong-Macao Greater Bay Area development can strengthen financial cooperation with Shanghai and other cities in the Yangtze River Delta [11] - Optimizing cross-border payment systems and enhancing collaboration in green finance can create a competitive financial industry cluster [11] - Leveraging the influence of both cities in international finance can provide financial support for offshore economic projects in related countries [11]

Paris, 15 April 2025 Capitalised terms used herein shall have the meaning specified for such terms in the Caisse Française de Financement Local base prospectus to the €75,000,000,000 Euro Medium Term Note Programme dated 8 July 2024 (the “Base Prospectus”). Caisse Française de Financement Local has decided to issue on 17 April 2025 – Euro 1,000,000,000 Fixed Rate Obligations Foncières due 17 April 2035. The net proceeds of this issue will be used to finance and/or refinance, in whole or in part, the Eligib ...

Investment Rating - The report emphasizes the importance of developing carbon finance in the banking and insurance sectors to support green and low-carbon economies, aligning with national dual carbon goals [2][7]. Core Insights - The report outlines a comprehensive plan for enhancing green finance, focusing on carbon market construction and innovative financial services related to carbon accounts [2][8]. - It highlights the necessity of integrating climate investment and financing into the financial system, addressing both mitigation and adaptation strategies for climate change [14][15]. Summary by Sections Section 1: Supporting Carbon Market Construction - The report discusses the implementation of the "High-Quality Development Implementation Plan for Green Finance in Banking and Insurance," which aims to strengthen financial support for key areas, including carbon market development [2][8]. - It identifies carbon trading as a market-based policy tool to encourage companies to reduce carbon emissions and adjust energy structures [7][9]. Section 2: Innovating Financial Services Around Carbon Accounts - Carbon accounts are becoming essential for financial pricing, with banks using them to monitor and manage emissions and reduction efforts [10][11]. - The report encourages banks to leverage carbon account data to create innovative financial products, such as "carbon loans," which provide differentiated support based on carbon reduction performance [10][12]. Section 3: Climate Investment and Financing - The report defines climate investment and financing as crucial for achieving national low-carbon development goals, focusing on both mitigation and adaptation efforts [14][15]. - It outlines various strategies for mitigating climate change, including optimizing energy structures and supporting carbon capture technologies [16][17]. - The report also emphasizes the importance of financing agricultural projects that enhance climate resilience, such as high-standard farmland construction [17].

Core Viewpoint - The article emphasizes the importance of financial support, monetary and fiscal policies, and government reforms in achieving sustainable development goals, highlighting their feasibility and expected positive effects [1][15]. Financial Support Policy Framework - The policy framework focuses on innovative tools and structural optimization to support sustainable development [2]. - Structural monetary policy tools, such as "swap convenience" and "repo increase re-lending," are expected to expand operations to over 300 billion yuan in 2025, targeting technology innovation, green transformation, and support for small and micro enterprises [3]. Monetary Policy - The report advocates for a moderately loose monetary policy, with measures like interest rate cuts and reserve requirement ratio reductions to maintain liquidity and align social financing with economic growth [3][5]. - The expected outcome includes a more favorable financing environment for sustainable development projects, reducing costs and attracting investments in green energy and environmental protection [5]. Fiscal Policy - A more proactive fiscal policy is proposed, with a deficit rate set at 4% for 2025, increasing the deficit scale to 5.66 trillion yuan, which will support infrastructure investment and housing projects [6][8]. - Special bonds and local government bonds are emphasized to ensure funds are directed towards significant strategic areas, enhancing the effectiveness of fiscal spending [6][8]. Capital Market Reform - The report suggests deepening capital market reforms to attract long-term funds and optimize market ecology, including easing restrictions on social security and insurance funds in equity markets [4]. - The introduction of digital finance into the financial standard system aims to enhance resource allocation efficiency and guide capital towards high-value-added sectors [4]. Real Estate Financial Strategies - Strategies include lowering mortgage rates and down payment ratios to stabilize the real estate market, with a focus on preventing debt default risks [7][11]. - Investments in new urbanization and high-standard farmland construction are highlighted as crucial for sustainable development [7]. Reform and Market Dynamics - The report calls for breaking down institutional barriers and enhancing market vitality through reforms in tax collection and financial standards [10][12]. - Strengthening financial regulation and promoting a unified national market are essential for risk prevention and resource allocation efficiency [12]. Conclusion - The combination of financial support, policy coordination, and deepened reforms is positioned as a sustainable development pathway, with a focus on achieving a GDP growth target of 5% for 2025 and enhancing the contribution of green and digital industries to the economy [14][15].