小额信贷公司资产证券化融资的可行性分析 摘要 与国外较为成熟的通过发行信贷资产支持证券的融资模式相比，我国资产证券化还处于探索阶段，但随 着证券产品总量的快速增长，从更有效的方式来看，资产对行业的吸引力越来越大，本文对小额信贷公 司提供的融资进行了具体研究，通过证券投资为小额融资公司提供更好的服务。根据小额信贷公司试点 项目的指导意见，小额供资公司的结余不得超过其净资本的50%，也不得用于吸引政府存款，因此，小 额供资公司面临长期的融资问题和资金短缺。对此，对小额信贷公司的证券融资能力进行了简要分析， 并提出了相应的建议，预计会给相关行业带来一些动力。 关键词：小额信贷公司；资产证券化融资；融资模式创新 一、资产证券化融资方式的特点 资产证券化作为一种金融技术，其载体和方法越来越复杂。它们与传统的融资形式（股票、债券、银行 贷款等）有很大的不同。 资产证券化是一种创新的融资模式，介于直接融资方案和间接融资方案之间。而直接融资模式减少了与 融资者的贸易联系，直接面向市场，降低融资成本或在无法获得贷款的情况下获得融资，投资者的风险 更高，而风险的评估和管理主要取决于借款人本身。在间接融资过程中，银行负责贷款项目的 ...

Core Viewpoint - 九州通 is undergoing a strategic transformation towards light asset operations and aims to become a dual-listed company on A-shares and public REITs, enhancing its market position in the biopharmaceutical industry [1][2]. Group 1: Strategic Transformation - 九州通 is focusing on a "three new and two modernization" strategy in 2024, achieving significant results in new products, new retail, new medical services, digitalization, and real estate securitization [2]. - The company has established a multi-level real estate equity capital operation platform, marking its transition from heavy assets to light assets [3]. Group 2: Financial Performance - In 2024, 九州通's total revenue reached 151.81 billion yuan, a year-on-year increase of 2.58%, while net profit attributable to shareholders was 2.507 billion yuan, up 39.88% [2]. - In Q1 2025, the company reported revenue of 42.016 billion yuan, a 3.82% increase year-on-year, and a net profit of approximately 970 million yuan, reflecting an 80.38% growth [2]. Group 3: Product Pipeline Expansion - 九州通's product pipeline is expanding with the approval of "Betamethasone Sodium Phosphate Injection," which is expected to enhance market share and strengthen the company's competitive position in the injection product market [1][4]. - The company achieved sales revenue of 3.007 billion yuan from its self-produced and OEM pharmaceutical business in 2024, marking a 21.49% increase [5]. Group 4: Research and Development - 九州通's R&D investment in 2024 was 346 million yuan, reflecting a year-on-year growth of 24.32% [2].

Core Viewpoint - Hainan Securities Regulatory Bureau has decided to suspend Hainan Port and Macao Information Industry Co., Ltd. from acquiring new clients for three months due to multiple violations of regulations [1][4]. Summary by Relevant Sections Violations Identified - The company failed to properly assess the risk tolerance of individual clients, with inconsistencies in key information on risk assessment questionnaires [3]. - Some employees opened certified social media accounts and received live broadcast rewards and e-commerce commissions, violating regulations on professional conduct [3][4]. - Unregistered employees provided investment advice and misled clients about service capabilities and past performance through social media [4]. - The company did not report changes in major shareholders to regulatory authorities, violating management regulations [4]. Regulatory Actions - The Hainan Securities Regulatory Bureau has mandated a three-month suspension on acquiring new clients as a supervisory measure against the company [4]. - The company has faced multiple regulatory penalties in the past, including recent corrective measures imposed by the Shandong Securities Regulatory Bureau [5]. - Other third-party advisory firms have also been penalized for similar compliance issues this year, indicating a broader trend in regulatory scrutiny within the industry [5].

Regulatory Actions - Hubei Securities Regulatory Bureau has taken regulatory talk measures against Dongfang Securities' Wuhan Sanyang Road branch due to ineffective employee conduct management and violations by the former branch head Xu Wujun [1] - Xu Wujun provided investment advice without being registered as a securities investment advisor and violated company policies by accepting client securities accounts [1] - The branch has been recorded in the securities and futures market integrity archive following the regulatory measures [1] Compliance Issues - Dongfang Securities' Jiangyin People's East Road branch was warned by Jiangsu Securities Regulatory Bureau for issues including employees privately accepting client orders for stock options and inadequate investor suitability management [2] - The company has faced multiple compliance management failures across its branches, indicating systemic issues within its operational framework [2] Financial Performance - As of the end of 2024, Dongfang Securities has 179 branches, with a reported revenue of 19.19 billion yuan, a year-on-year increase of 12.29% [2] - The net profit attributable to shareholders for 2024 was 3.35 billion yuan, reflecting a year-on-year growth of 21.66% [2] - The company's self-operated business significantly boosted overall performance, with net income from this segment increasing by 106% year-on-year, from 2.388 billion yuan in 2023 to 4.926 billion yuan in 2024 [2] Business Segment Performance - The net income from various business segments in 2024 was as follows: brokerage at 2.511 billion yuan, investment banking at 1.168 billion yuan, asset management at 1.341 billion yuan, proprietary trading at 4.926 billion yuan, and credit business at 1.321 billion yuan [2] - Several business segments experienced declines, including brokerage down by 270 million yuan (10%), investment banking down by 342 million yuan (22.65%), asset management down by 688 million yuan (33.89%), and credit business down by 443 million yuan (25.11%) [2]

2025年券商中期策略会密集召开，各大券商对全年业绩表现出积极预期。华泰证券、国泰海通、中信证券等头部券商相继发布中期展望报告，普遍认为证券 行业将迎来更广阔的发展空间。 在一揽子金融政策推出和落实的背景下，证券行业正处于资产负债表扩张的战略窗口期。2024年证券行业实现反转，净利润重回正增长轨道。2025年第一季 度，这一涨势得以延续，42家上市券商归母净利润同比增幅超过50%。降息等政策利好持续改善市场流动性环境，资本市场活跃度保持稳定。 业绩预期持续向好 多位分析师对证券行业2025年业绩前瞻给出乐观预期。在2024年上半年低基数环境下，证券行业有望在2025年中报继续保持较好同比增速。预计2025年上半 年净利润同比增速有望达到37.7%。 对于2025年全年表现，分析师均判断全行业净利润呈正增长态势。预测年化ROE提升至6%，中性情景下预测2025年行业ROE为5.9%。各项资本市场改革政 策的推出和落地，为证券行业发展打开增量空间。 引入中长期资金、大力发展权益基金、推动公募基金改革落地，均有助于打造利于长期投资的市场生态。当前资本市场持续扩容，股票总市值突破100万亿 元，证券化率进一步提升。证 ...

Core Insights - The article discusses the evolution and current state of intellectual property asset-backed securities (ABS) in China, highlighting its significance in financing for small and medium-sized technology enterprises [1][2][10] - It emphasizes the growth of the market, with a cumulative issuance scale exceeding 200 billion yuan by June 2025, and the increasing recognition of intellectual property as a valuable asset [1][10] Market Development - The first intellectual property ABS in China was approved in December 2018, and as of June 5, 2023, at least 12 intellectual property ABS have been issued this year, totaling 1.356 billion yuan [1] - In 2024, the issuance of intellectual property ABS products reached 57, with a total scale of 9.806 billion yuan, marking a year-on-year increase of 25.97% [2] Institutional Concentration - The majority of intellectual property ABS issuers are small loan companies, commercial factoring companies, and financing leasing companies, with a high concentration among the top five issuers, accounting for 74.68% of the total issuance [2][4] - Shenzhen's small loan companies dominate the market, with Shenzhen Zhongxiaodang and Shenzhen Gaoxin Investment holding a combined market share of 58.80% [2][4] Product Characteristics - Intellectual property ABS typically have smaller issuance sizes, around 100 million yuan, and primarily serve smaller enterprises, reflecting a certain degree of inclusive finance [4][8] - The underlying asset types for intellectual property ABS are diversifying, including agricultural IP, new energy vehicle IP, and digital currency IP [5] Financing Channels - The article highlights the exploration of cross-border financing channels for intellectual property ABS, particularly in the Greater Bay Area, allowing companies to leverage their intellectual property for overseas financing [5][6] Operational Standards - The operational model for intellectual property ABS has become more standardized, with established processes for small loan companies to provide funding and guarantee enhancements [7][8] - The Shenzhen model of intellectual property ABS is characterized by state-owned enterprises leading the initiative, government subsidies reducing financing costs, and active market participation [10][12] Market Challenges - Despite the growth, the intellectual property ABS market is still in its early stages, with limited investor recognition and liquidity issues affecting issuance and trading [13][14] - Challenges include the lack of unified standards for intellectual property valuation and the need for improved risk management practices [14][15]

Group 1 - The current structured financing market for urban investment ABS is primarily dominated by enterprise ABS, with a small scale of ABN, reflecting significant structural differentiation and regional concentration [1][2] - As of April 2025, the outstanding balance of enterprise ABS is 30.744 billion yuan, accounting for 91%, while ABN accounts for only 9% [1][2] - The weighted average interest rate of urban investment ABS is 3.25%, which is 42 basis points lower than urban investment bonds, indicating a "low coupon rate dominates scale, high coupon rate dominates quantity" characteristic [1][3] Group 2 - The distribution of remaining maturities shows a significant long-term characteristic, with 37.79% of ABS having a remaining maturity of over 10 years, aligning with the long return cycle of underlying assets [1][3] - The rating structure is highly concentrated in AAA (77.87%) and AA+ (17.73%) ratings, with low-rated products accounting for less than 2%, indicating high credit quality of issuers [1][3][33] Group 3 - The main types of underlying assets are fee income rights (56%) and debt rights (40%), with real estate accounting for only 4% [2][3] - The eastern coastal regions dominate the market, with Jiangsu, Zhejiang, and Shandong provinces accounting for over 60% of the outstanding balance, reflecting strong economic strength and low debt ratios [2][3] Group 4 - In 2024, the total issuance of ABS reached 2.04 trillion yuan, a year-on-year increase of 8.87%, with urban investment issuance only 13.082 billion yuan, accounting for less than 1% [3][4] - The market activity is recovering in 2025, with transaction volume exceeding that of the same period in 2024, and turnover rate rebounding to 16.91% [3][4]

行至6月，年已将半，各券商紧锣密鼓举办2025年中期策略会。 目前，中信证券、国泰海通、华泰证券等大型券商的中期策略会已结束，对各产业的中期展望报告也相继发 布。 就证券行业而言，券商中国记者注意到，得益于一揽子金融政策的推出和落实，非银分析师们均认为，行业将 迎来更加广阔的展业空间。不过，随着行业格局持续优化，转型已成为各家券商发展命题。 华泰证券非银分析师沈娟团队表示，当前行业正处于资产负债表扩张的战略窗口期，但内外环境复杂性加剧， 对券商资产配置能力提出更高要求，投资业务或是全年业绩的胜负手。 有分析师预测上半年证券业净利润增幅超30% 2024年，证券行业实现反转，净利润重回正增长。2025年第一季度，涨势延续，42家上市券商归母净利润同比 增幅超50%。今年以来，降息等政策利好改善市场流动性环境，资本市场活跃度持续保持，在此背景下，多位 非银分析师也对证券行业2025年业绩前瞻给出比较乐观的预期。 增配高股息成自营发展共识 在机遇之外，分析师也指出了当前证券行业存在的挑战。国泰海通非银分析师刘欣琦认为，第一季度证券行业 虽然取得高速增长，但经营显著分化。他认为，分化与转型已然是券商行业重要命题。 沈 ...

近日，海南证监局发布了《关于对海南港澳资讯产业股份有限公司采取责令暂停新增客户措施的决定》。 该公司存在多项违规事项。个别员工开立经公司认证的自媒体账号存在收取直播打赏、电商带货佣金情 形；个别员工存在劝导客户使用借贷资金购买投顾产品情形；主要股东发生变更未向监管部门事先备案 等。最终，被证监局暂停新增客户3个月。 员工用公司认证账号收直播打赏 经查，海南港澳资讯产业股份有限公司存在一些违规事项。 公司未关注个别客户短期内风险承受能力评估问卷关键信息填写不一致；未妥善保存客户风险测评变更记录； 个别员工存在指导客户进行风险承受能力评估情形。上述行为违反了《证券期货投资者适当性管理办法》（证 监会令第202号）第三条和第三十二条的规定。 个别员工开立经公司认证的自媒体账号存在收取直播打赏、电商带货佣金情形；个别员工私下与第三方平台开 展与证券投资咨询服务相关业务合作。上述行为违反了《证券期货经营机构及其工作人员廉洁从业规定》（证 监会令第202号）第十条第四项的规定。 部分未在中国证券业协会注册登记为证券投资顾问的员工向客户提供投资建议，通过社交平台账号发布与提供 证券投资咨询服务相关的短视频或开展直播活动；部 ...

LOS ANGELES, June 06, 2025 (GLOBE NEWSWIRE) -- Glancy Prongay & Murray LLP reminds investors of the upcoming July 22, 2025 deadline to file a lead plaintiff motion in the class action filed on behalf of investors who purchased or otherwise acquired Red Cat Holdings, Inc. (“Red Cat” or the “Company”) (NASDAQ: RCAT) securities between March 18, 2022 and January 15, 2025, inclusive (the “Class Period”). IF YOU SUFFERED A LOSS ON YOUR RED CAT INVESTMENTS, CLICK HERE TO INQUIRE ABOUT POTENTIALLY PURSUING CLAIMS ...