转自：新华财经 草原沃野铺锦绣，金融"活水"润"三农"。中国光大银行呼和浩特分行作为深耕内蒙古的金融主力军，始 终锚定自治区"国家重要能源和战略资源基地、国家重要农畜产品生产基地"建设战略目标，坚守金融为 民初心，把普惠涉农金融服务摆在高质量发展的核心位置，持续加大信贷资源倾斜、创新金融产品服 务、优化涉农金融供给。 截至2025年末，呼和浩特分行普惠涉农信贷余额较年初增幅显著，取得增量预算任务完成率全行第一， 较各项贷款增速全行第二名的好成绩，创造分行建行以来普惠涉农最佳成绩。以实打实的金融举措为内 蒙古"两个基地"建设注入强劲金融动能，书写了金融助力乡村振兴、服务地方发展的北疆答卷。 中国光大银行呼和浩特分行立足内蒙古农牧业资源禀赋与能源产业发展特色，紧扣"国家重要农畜产品 生产基地"建设需求，依托总行"442"发展方案，深耕"藏粮于地、节水增效、种业振兴、春耕备耕、肉 库丰盈、奶业振兴"六大关键领域。针对农牧户、涉农小微企业、农业产业化龙头企业等不同主体的融 资需求，打破传统信贷壁垒，简化授信流程，创新推出贴合自治区奶业制造、奶牛养殖、牧草种植、饲 料加工、农田建设等特色产业的普惠涉农信贷产品，围绕"牧 ...

Core Viewpoint - The "Believe in Small Dreams" initiative by Fenqile, a subsidiary of Lexin (NASDAQ: LX), has been recognized as an excellent case in the 2025 Guangdong banking industry's inclusive finance innovation practices, highlighting its innovative approach in empowering small and micro enterprises through financial technology [1][5]. Group 1: Inclusive Finance and Its Importance - Inclusive finance is crucial for supporting the healthy development of small and micro enterprises and individual businesses, playing a key role in promoting high-quality economic and social development [3][7]. - Small and micro enterprises often face challenges such as financing difficulties and slow financing due to factors like financial irregularities and lack of collateral, which traditional risk control systems view as weak risk-bearing groups [3][7]. Group 2: "Believe in Small Dreams" Initiative - Launched at the end of 2024, the "Believe in Small Dreams" initiative aims to link over 10 billion yuan in funds to support the growth of small and micro enterprises and individual operators in county areas [3][7]. - The initiative utilizes financial technology to address information asymmetry and risk control challenges in small micro financing, establishing a dual risk control and service capability system that integrates online and offline approaches [3][7]. Group 3: Operational Mechanisms and Achievements - Fenqile's online data-driven risk control and offline localized verification mechanisms overcome the shortcomings of incomplete online loan information and expand the service boundaries of regional financial institutions, providing diverse inclusive financial solutions for small and micro enterprises [4][8]. - Over the past year since its launch, the initiative has assisted approximately 600,000 small micro users and injected financial resources into nearly 100 county-level characteristic industrial clusters [4][8]. - The recognition received at the Guangdong banking industry's inclusive finance innovation practice conference validates Fenqile's contributions in utilizing digital intelligence technology and expanding new financial service scenarios for small micro enterprises [4][8].

融资景气度保持平稳 分维度来看，12月，融资景气度指数为54.82点，较11月下降0.01点。信贷规模持续增长，融资成本 维持在历史低位，信贷结构优化趋势显著。中国人民银行数据显示，2025年全年新增贷款16.27万亿 元，适度宽松的货币政策发力显效，企业和居民有效信贷需求持续释放。其中，企（事）业单位贷款新 增15.47万亿元，金融服务精准对接了企业需求，科技、绿色、普惠、养老产业和数字经济产业等重点 领域贷款都保持了两位数增长。 经营景气度温和回升 12月，经营景气度指数为48.44点，较11月上升0.16点。12月制造业PMI、非制造业PMI、综合PMI 均升至扩张区间，市场主体经营活力增强，为上下游小微企业带来订单增量。同时，12月全国居民消费 价格指数同比上涨0.8%，一定程度上改善了企业的盈利预期，提振了市场信心。在政策红利持续释放 与市场内生动力逐步修复的双重驱动下，小微企业的经营韧性正逐步增强。 行业景气度：九大行业6升3降 2025年12月，普惠金融-景气指数达49.48点，较11月上升0.12点，高于去年同期0.61点。融资端政 策效能持续释放，金融支持精准有效，信贷规模稳步增长，为小微企 ...

1月21日晚间，兴业银行发布2025年度业绩快报公告。报告显示，2025年兴业银行实现营业收入2127.41亿元，同比增长0.24%；实现归母净利润774.69亿 元，同比增长0.34%。 在资产规模上，截至2025年末，兴业银行总资产突破11万亿，达11.09万亿元，较上年末增长5.57%。值得一提的是，兴业银行第四季度单季表现亮眼，推动 全年营收增速转正。 | | | | | 早い: 八大川日 // // | | --- | --- | --- | --- | --- | | 项目 | 2025 年 | | 2024 年 | 增减变动幅度 | | | (未经审计) | | (经审计) | (%) | | 营业收入 | 212, 741 | | 212, 226 | 0. 24 | | 营业利润 | 89, 948 | | 87, 197 | 3.15 | | 利润总额 | 89, 973 | | 87, 120 | 3.27 | | 归属于母公司股东的净利润 | 77, 469 | | 77, 205 | 0. 34 | | 归属于母公司股东扣除非经 | | 77,064 | 76,772 | 0. 38 ...

Core Insights - The Inclusive Finance Prosperity Index reached 49.48 points in December 2025, an increase of 0.12 points from November and 0.61 points higher than the same period last year, indicating a stable financial support for small and micro enterprises [1] Financing Dimension - The financing prosperity index stood at 54.82 points in December, a slight decrease of 0.01 points from November, with continuous growth in credit scale and historically low financing costs [2] - In 2025, new loans totaled 16.27 trillion yuan, with corporate loans accounting for 15.47 trillion yuan, reflecting effective credit demand from enterprises and residents [2] Operating Dimension - The operating prosperity index increased to 48.44 points in December, up by 0.16 points from November, with manufacturing and non-manufacturing PMIs indicating expansion [3] - The consumer price index rose by 0.8% year-on-year in December, improving corporate profit expectations and boosting market confidence [3] Industry Prosperity - Among nine major industries, six showed an increase in operating prosperity, particularly in agriculture and transportation due to seasonal demand, while three industries experienced a decline [6] - The real estate sector showed some improvement, while industrial, construction, and wholesale retail sectors saw a decrease in operating prosperity [6] Regional Prosperity - Among seven regions, three experienced an increase in operating prosperity, specifically Northeast, South China, and Southwest regions, while four regions saw a decline [7] - The indices for North China, East China, Central China, and Northwest regions were lower, indicating regional disparities in economic performance [7]

Core Viewpoint - Food security is a critical pillar for national stability and people's livelihoods, and financial support during the autumn grain harvest season is essential for strengthening this security [1] Group 1: Financial Product Introduction - Postal Savings Bank's Xinxiang branch launched the "Grain Cluster e-loan" product to address the financial needs of local grain enterprises, providing timely financial support for the grain industry [1][2] - The "Grain Cluster e-loan" product allows for the recognition of personal business transaction records and integrates tax data to assess enterprise income, easing the stringent requirements of traditional credit products [1] Group 2: Impact on Local Enterprises - A grain purchasing company in Fengqiu County faced significant funding pressure during the peak grain purchasing season, requiring daily advances of hundreds of thousands of yuan, which was insufficient for their operational needs [1] - After applying for the loan, the company received 3 million yuan within three days, enabling them to increase their temporary grain storage capacity and enhance their daily purchasing volume from 50 tons to 80 tons [2] Group 3: Broader Agricultural Development - Xinxiang's agricultural modernization is crucial for the agricultural development of Henan and the entire country, with the bank's financial innovations playing a vital role in this process [2] - The bank's proactive service approach through the "Thousand Enterprises, Ten Thousand Households" initiative has effectively addressed funding bottlenecks for grain storage enterprises, fostering a positive interaction between finance and the grain industry [2] Group 4: Future Plans - The bank plans to continue enhancing inclusive financial services and optimizing specialized financial products, focusing on the entire grain production, storage, processing, and sales chain to ensure efficient financial support for agricultural development [2]

（王梦汐为马上消费研究院首席研究员） 日本消费金融行业起步早于中国，历经多轮市场周期沉淀，已形成成熟完善的发展体系。其依托独特银 企关系，走出了一条由流通业引领，逐步向消金公司、商业银行延伸的特色发展路径，为全球消费金融 行业提供了宝贵的实践样本，也印证了消费金融在经济发展中的重要价值与广阔前景。 一、日本消费金融行业的发展历程 （一）经济腾飞期：流通系消金崛起，激活消费增长动能 日本在1945年之后的三十年间实现了经济快速复苏与腾飞，1960至1975年间GDP增速长期稳定在15%以 上，居民收入与财富水平同步攀升，消费需求迎来爆发式增长。汽车、冰箱、电视、洗衣机等耐用消费 品成为市场主流需求，为消费金融的兴起提供了肥沃土壤。在此背景下，消费金融行业顺势扩张，90% 以上的汽车分销商推出分期付款服务，松下、东芝等流通业巨头纷纷布局消金板块，中小企业则通过 与"信贩公司"合作、组建商业企业协会，实现消费金融业务的规范化运营。市场活力持续释放，大量经 营消金业务的主体涌现，20世纪70年代末相关企业数量超20万家，其中以小额消费贷为核心的企业快速 成长，标志性企业武富士（Takefuji）公司应运而生并迅速崛起 ...

Group 1: Community and Cultural Activities - The community emphasizes the need for diverse cultural activities for the elderly, such as calligraphy, opera appreciation, and handicraft skills, along with the involvement of more cultural volunteers and professional instructors to enhance activity quality [1] - There is a call for stronger grassroots transmission of intangible cultural heritage, particularly in paper art, to engage more young people and integrate traditional skills into schools and communities [2] Group 2: Financial Services - The financial sector highlights the importance of supportive policies for microfinance services, aiming for more precise and comprehensive guidance to bolster the development of microfinance in Huzhou [3] Group 3: Manufacturing and Industry - The manufacturing sector seeks targeted support policies for the digital transformation of traditional industries, focusing on high-end talent cultivation, smart research and development, and industry chain collaboration [4] Group 4: Agriculture and Rural Development - The tea industry, particularly white tea, is identified as a key economic driver for rural areas, with a request for more attention to the development of rural specialty industries and improvements in transportation and logistics to enhance the tea industry's vitality [5] Group 5: Health and Wellness Industry - The travel and wellness industry calls for more recommendations from representatives to improve service standards and encourage social participation in creating unique travel and wellness products [6]

1. Report Investment Rating for the Industry No information regarding the industry investment rating is provided in the report. 2. Core Viewpoints of the Report - In 2025, with the dual - wheel drive of policy guidance and market demand, the financial leasing ABS market developed steadily, with an increase in the proportion of micro - leasing ABS, an expansion of specific - label products, and obvious leading effects among issuers. The market is expected to see continuous optimization of business structures, an increase in the diversity of issuers, and a growth in the market's recognition and activity [8][39]. - The policy environment in 2025 was favorable, with multiple departments introducing policies to support the financial leasing industry, promoting its return to the origin of "financing + leasing of physical assets" and strengthening support for key areas of the real economy [4]. 3. Summary by Relevant Catalogs 3.1 Financial Leasing ABS - Related Policy Summaries - **Asset Securitization - Related Policies**: In March 2025, the Asset Management Association of China issued the "Detailed Rules for Due Diligence in the Securitization Business of Debt - Type Assets". In May 2025, the Shanghai Stock Exchange revised relevant guidelines and issued a notice on pilot projects for bond re - issuance and asset - backed securities expansion [5]. - **Support for Key Areas**: Throughout 2025, relevant departments issued policies to support new industrialization, small and micro - enterprise financing, and green and low - carbon development, guiding the industry to return to its origin and strengthen support for key areas and weak links of the real economy [6]. 3.2 Market Operation of Financial Leasing ABS - **Market Issuance**: In 2025, 251 financial leasing ABS were issued, with a total issuance scale of 225.72 billion yuan, representing year - on - year increases of 11.06% and 6.93% respectively. The exchange market was the main issuance venue, and the proportion of micro - leasing ABS increased [9][11][13]. - **Issuing Entities**: In 2025, there were 118 issuing entities in the financial leasing ABS market, with 37 new ones compared to 2024. The top ten issuing entities accounted for 40.67% of the total issuance scale, with a slight decrease of 4.53 percentage points [19]. - **Leased Assets**: In 2025, the leased assets in financial leasing ABS were mainly mechanical equipment. The proportion of public - service - related leased assets decreased, while that of mechanical equipment increased. Green and intelligent leased assets and emerging industrial leased assets showed growth [23]. - **Credit Enhancement Methods**: In 2025, 94.75% of financial leasing ABS introduced external credit enhancement methods. Parent companies/shareholders, original equity holders, and third - party professional institutions provided credit enhancements, with high - credit - grade entities as the main credit enhancers [26]. - **Issuance Interest Rates**: In 2025, the average issuance interest rates of AAAsf and AA + sf priority securities of financial leasing ABS decreased by 40bps and 20bps respectively compared to the previous year [29]. - **Initial Ratings**: In 2025, AAAsf and AA + sf priority securities accounted for 90.02% and 2.88% of the total scale respectively, with the proportion of AAAsf remaining stable [32]. - **Rating Adjustments**: By the end of 2025, among the 866 outstanding priority securities of financial leasing ABS, 14 had their ratings upgraded, with no downgrades [35]. - **Secondary - Market Transactions**: In 2025, the total trading volume of financial leasing ABS in the whole market was 150.005 billion yuan, a year - on - year increase of 12.51%. It accounted for 8.50% of the total trading volume of asset - backed securities, ranking fifth in the market [38]. 3.3 Future Outlook for Financial Leasing ABS - **Business Structure Optimization**: Financial leasing companies will continue to optimize their business structures to better serve the real economy. - **Diversification of Issuing Entities**: Local state - owned financial leasing companies will gradually participate in the issuance of financial leasing ABS, while leading comprehensive leasing companies will maintain their leading positions. - **Asset Type and Label Changes**: In the short term, the proportion of micro - leasing ABS may continue to increase. In the long term, mechanical equipment - type leased assets will grow steadily, and specific - label products will continue to expand. - **Market Recognition and Activity**: The quality of underlying assets in financial leasing ABS is expected to improve, and the market's recognition and activity are likely to increase [39][41].

Core Insights - The People's Bank of China (PBOC) in Qujing has implemented a comprehensive approach to address financing difficulties under information barriers, resulting in a total financing of 29 billion yuan for various market entities by the end of November 2023, with a loan balance of 290.27 billion yuan, reflecting a year-on-year growth of 7.17% [1] Group 1: Financing Mechanisms - The PBOC has established a long-term financing coordination mechanism to alleviate bottlenecks in financing and information barriers, promoting policies such as the "Implementation Opinions on Financial and Fiscal Linkage to Support High-Quality Development" [1] - A "government-bank-enterprise guarantee" financing coordination mechanism has been set up, utilizing multiple policy tools to lower financing thresholds and costs for market entities [1] Group 2: Demand Response Mechanism - A financing demand response mechanism has been developed, focusing on local industrial characteristics and updating financing demand lists for various sectors, including technology and agriculture [2] - A full-process closed-loop management model has been established to ensure precise matching between supply and demand in financing [2] Group 3: Financing Events and Activities - The PBOC has organized 62 financing matching events since 2025, facilitating financing intentions of 290 enterprises amounting to 4.582 billion yuan, enhancing the coverage and effectiveness of financing connections [2] - Specialized financing matching events have been conducted in areas such as technology, green finance, and digital finance, resulting in 69 enterprises signing agreements for a total of 6.132 billion yuan [3] Group 4: Targeted Financial Support - The PBOC has focused on providing targeted financial services to address specific challenges faced by enterprises, coordinating over 30 financing issues through various initiatives [3] - Financial resources have been directed to county-level economies, with 39 financing agreements amounting to 1.522 billion yuan facilitated through direct engagement with local market entities [4]