在资产质量优化与流动性管理的双重压力下，消费金融行业2025年呈现出"开源"与"节流"并行的独特图 景。机构一方面以加速不良资产处置为抓手化解存量风险，另一方面通过资产证券化（ABS）工具开启 低成本融资通道，形成差异化的"补血"路径。 今年以来，消费金融行业不良资产转让市场持续升温。南都·湾财社记者根据银登网披露的信息不完全 统计发现，仅今年5月已有8家消费金融公司上架了37个不良资产包，其中不乏招联消金、蚂蚁消金等头 部机构，还有中银消金一口气上架了20个不良资产包。截至一季度末，消费金融公司已成为个人贷款不 良资产市场成交规模第二大的出让方。 一边"出清"不良资产，另一边持续"补血"。南都·湾财社记者根据Wind数据统计发现，2025年，消费金 融公司年内已累计发行15单ABS产品，发行总额达74.58亿元，值得关注的是，部分产品票面利率已跌 破2%关口，最低至1.9%。 仅5月已有8家消金机构出清不良资产 2025年以来，消费金融公司在银登网上的不良资产"出包潮"仍在继续。据记者不完全统计，2025年5 月，包括蚂蚁消金、中银消金、招联消金等8家持牌消费金融公司合计转让不良资产规模超过80亿元。 据银 ...

Group 1 - The "Second Financing Lease Asset Securitization High-Quality Development Conference" was successfully held in Shanghai, focusing on high-quality development in financing lease asset securitization [1] - Far East Horizon, a leading financing lease service provider, participated in the conference and launched innovative products aimed at supporting the high-quality development of the real economy [1] - The company signed cooperation agreements with Bank of China and Sumitomo Mitsui Banking Corporation, laying a solid foundation for future collaboration [1] Group 2 - Far East Horizon Leasing won multiple awards at the conference, including the "2024 Best Financing Lease Industry Asset-Backed Notes (ABN/ABCP) Originator Award" and the "Annual Best Inclusive Leasing Capital Market Innovation Financing Award" [3] - These awards recognize the company's continuous exploration and innovation in the capital market, as well as its support for the development of small and medium-sized enterprises [3] Group 3 - The "Jinquan Award" is the first authoritative official award in the national financing (financial) leasing industry, aimed at discovering and sharing best practices in credit financing and direct financing [4] - Far East Horizon, registered in Hong Kong, operates across financial and industrial sectors, with a mission to gather global resources to support industrial development [4] - The company has an asset scale exceeding 300 billion, approximately 20,000 employees, and has provided comprehensive financial services to over 20,000 enterprise clients, with cumulative funding exceeding 1 trillion to the real economy [4]

东方金诚获奖情况： 交易所市场企业资产证券化年度嘉勉(上交所、深交所) 杰出奖 国家电投-黄河公司能源基础设施投资中型水电绿色资产支持专项计划 交易所市场企业资产证券化年度嘉勉(上交所、深交所) 优秀奖 近日，由上海高金金融研究院与中国资产证券化论坛（CSF）主办的"2025第十一届中国资产证券化论坛年会"在京隆重开幕。在本次中国资产证券化论坛 颁奖典礼上，东方金诚荣获"年度杰出机构奖"。同时，东方金诚承做项目中，共有9个项目分别荣获"交易所市场企业资产证券化年度嘉勉(上交所、深交 所) 杰出奖" "交易所市场企业资产证券化年度嘉勉(上交所、深交所) 优秀奖" "交易所市场企业资产证券化年度嘉勉(上交所、深交所) 新锐奖" "信贷资产证 券化年度嘉勉(银行间市场)杰出奖" "信贷资产证券化年度嘉勉(银行间市场)十佳奖"和"结构性融资年度嘉勉(银登中心、中保登、北交所等)杰出奖"。 中誉至诚系列不良资产支持证券 信贷资产证券化年度嘉勉(银行间市场)十佳奖 建欣2024年系列不良资产支持证券 结构性融资年度嘉勉(银登中心、中保登、北交所等)杰出奖 国家电投-海南电力清洁能源绿色碳中和乡村振兴资产支持专项计划(革命 ...

更为重要的是，知识产权ABS对提升企业创新积极性有着重要作用。企业通过知识产权证券化成功获得 融资，不仅为当前的研发项目提供了资金保障，也向市场传递了企业技术实力和创新潜力的积极信号。 同时，企业在知识产权证券化过程中，对自身知识产权的梳理和评估，也能促使企业更加重视知识产权 的管理和保护，进一步激发企业的创新活力，形成创新投入与融资支持的良性循环。 政策东风全力助推、市场环境持续升级、企业需求迫切呼唤，多重力量拉满"进度条"，推动知识产权与 资本加速双向奔赴。这不仅为科创企业开辟了新的融资渠道，更为资本市场注入新活力，成为推动创新 发展的重要力量。未来，随着各方面条件的持续优化，知识产权与资本或将联结更加紧密，进而释放出 更大的创新动能与经济价值。 二是市场提质，筑牢可靠"价值根基"。随着知识产权保护制度不断完善、侵权惩戒机制日益严格，知识 产权的市场价值稳定性显著提升，投资者对知识产权资产的信心逐步增强。这种"强保护"环境不仅降低 了资产违约风险，更通过提升知识产权的流通性和收益可预期性，为知识产权ABS的底层资产估值与风 险定价提供了可靠支撑。 随着市场对知识产权ABS认知度提高，银行、证券等金融机构以 ...

回笼资金、补充资本。 2025年，消费金融公司延续2024年的趋势，一边加速低价甩卖不良资产，一边通过低利率发行资产证券化（ABS）产品来"补血"自救。 记者注意到，今年以来，已有超过十家消费金融公司加快了不良资产包的处置速度。截至一季度末，消费金融公司已成为个人贷款不良资产市场的第二大出 让方。 与此同时，多家消费金融公司也在加速发行ABS产品以补充资本。截至5月29日，消费金融公司累计发行ABS产品15只，发行总额达到74.58亿元，较2024年 同期呈现增长态势，最低利率跌破2%。 业内人士分析认为，当前消费金融行业竞争加剧，主要受到宏观经济增速放缓、利率持续下降以及资产质量面临压力等多重因素的综合影响，促使消费金融 公司不得不加快自救步伐。 "相比之下，直接转让不良资产可以快速实现资产变现，从而显著提升资金的使用效率。"博通咨询首席分析师王蓬博认为，消费金融公司选择直接转让不良 资产的主要原因是出于成本节约的考虑。催收、诉讼程序不仅复杂，而且耗时漫长，可能需要数月甚至数年才能完成。在此期间，不良资产会持续占用公司 资源，严重影响资金的周转效率。 面对资产质量的压力增大以及迫切的资金回笼需求，消费金融公 ...

Report Industry Investment Rating - No relevant content provided Core Viewpoints of the Report - In April 2025, the issuance scale of enterprise asset - backed securities continued to rise, and the issuance cost continued to decline. The number of issued securities increased by 30 compared with the previous month, and the issuance scale rose by 22.13%. Compared with the same period of the previous year, the number of issued securities increased by 45, and the issuance scale rose by 68.09%. The interest rate median of one - year - around AAAsf - rated securities decreased by about 17BP month - on - month and about 37BP year - on - year [4][21] Summary by Relevant Catalogs Issuance Situation - In April 2025, 150 enterprise asset - backed securities were issued, with a total issuance scale of 132.149 billion yuan. Compared with the previous month, the number of issuances increased by 30, and the scale rose by 22.13%. Compared with the same period of the previous year, the number increased by 45, and the scale rose by 68.09%. The Shanghai Stock Exchange issued 111 products with an amount of 108.18 billion yuan (81.86% in proportion), and the Shenzhen Stock Exchange issued 39 products with an amount of 239.69 billion yuan (18.14% in proportion) [4][5] - The top five original equity holders in terms of issuance scale were CITIC Trust Co., Ltd. (10 billion yuan, 7.57%), Shandong Tonghui Jatai Financial Leasing Co., Ltd. (7.984 billion yuan, 6.04%), China Kangfu International Leasing Co., Ltd. (6.968 billion yuan, 5.27%), Ping An International Financial Leasing Co., Ltd. (6.029 billion yuan, 4.56%), and Shenghe (Shenzhen) Commercial Factoring Co., Ltd. (5.485 billion yuan, 4.15%). The total issuance scale of the top five was 36.466 billion yuan (27.59%), and that of the top ten was 52.986 billion yuan (40.10%) [6] - The top five managers in terms of new management scale were Huatai Securities (Shanghai) Asset Management Co., Ltd. (14.06%), CITIC Securities Co., Ltd. (13.61%), China International Capital Corporation Limited (9.39%), Ping An Securities Co., Ltd. (8.27%), and Shanghai Guotai Junan Securities Asset Management Co., Ltd. (8.17%). The total new management scale of the top five was 70.297 billion yuan (53.50%), and that of the top ten was 96.968 billion yuan (73.80%) [6][11] - The underlying asset types of the issued products mainly included enterprise financial leasing, personal consumer finance, quasi - REITs, supply chain, and policy loan. Enterprise financial leasing accounted for 21.73% in scale with 26 products issued, personal consumer finance accounted for 18.42% with 31 products issued, and quasi - REITs accounted for 12.89% with 6 products issued [4][12] - The highest single - product issuance scale was 7.984 billion yuan, and the lowest was 0.46 billion yuan. The number of products with a single - product issuance scale in the (5, 10] billion yuan range was the largest, with 61 products and an amount accounting for 38.25% [13] - The shortest product term was 0.30 years, and the longest was 48.03 years. The number of products with a term in the (1, 3] - year range was the largest, with 84 products and a scale accounting for 43.55% [14][15] - According to the issuance scale of securities at each level, AAAsf - rated securities accounted for 89.29%, AA + sf - rated securities accounted for 5.41%, AAsf - rated securities accounted for 0.23%, AA - sf - rated securities accounted for 0.20%, Asf - rated securities accounted for 0.33%, BBB + sf - rated securities accounted for 0.05%, and BBBsf - rated securities accounted for 0.05% [15] - The lowest issuance interest rate of one - year - around AAAsf - rated securities in April 2025 was 1.86%, and the highest was 3.20%. The interest rate center was approximately between 1.90% - 2.20%, and the median decreased by about 17BP month - on - month and about 37BP year - on - year [19] Filing Situation - In April 2025, 103 enterprise asset - backed securities were filed with the Asset Management Association of China, with a total scale of 91.459 billion yuan [4][22] Secondary Market Trading - In April 2025, enterprise asset - backed securities had 3,768 transactions on the exchange market, with a total transaction amount of 102.057 billion yuan. The number of transactions decreased by 20.91% month - on - month, and the transaction amount decreased by 14.31%. Compared with the same period of the previous year, the number of transactions increased by 52.92%, and the transaction amount increased by 99.68%. The Shanghai Stock Exchange had 2,855 transactions with an amount of 82.644 billion yuan (80.98% in proportion), and the Shenzhen Stock Exchange had 913 transactions with an amount of 19.413 billion yuan (19.02% in proportion) [4][23] - The more active underlying asset types in the secondary - market trading in April 2025 were quasi - REITs (31.17%), CMBS (12.32%), personal consumer finance (10.82%), enterprise financial leasing (10.00%), and supply chain (9.68%) [23] May 2025 Maturity Analysis - As of the end of April 2025, 99 outstanding enterprise asset - backed securities were due for repayment in May 2025, with a total scale of 24.104 billion yuan [25] - The main underlying asset categories of the due securities in May 2025 were accounts receivable (32.30%), personal consumer finance (15.33%), supply chain (13.32%), and specific non - financial claims (12.65%) [25] - From the perspective of original equity holders, China Railway Construction Commercial Factoring Co., Ltd. had 2 due securities with a repayment scale of 3.144 billion yuan (13.04%); China Orient Asset Management Co., Ltd. had 1 due securities with a repayment scale of 3.050 billion yuan (12.65%); Xiamen International Trust Co., Ltd. had 6 due securities with a repayment scale of 2.790 billion yuan (11.57%) [25]

5月28日，第十一届中国资产证券化论坛(CSF)年会在北京举办，港华智慧能源有限公司及其发行的"零碳智慧1期绿色资产支持专项计划(碳中和)"分别荣 获"年度创新机构"及"企业资产证券化年度优秀项目"两项大奖。 ▲ 港华智慧能源荣获中国资产证券化论坛 " 年度创新机构 " 奖 ▲ 港华智慧能源荣获中国资产证券化论坛 " 企业资产证券化年度优秀项目 " 奖 中国资产证券化论坛(China Securitization Forum)是由资产证券化行业机构发起、由上海高金金融研究院管理的资产证券化行业交流平台。经过11年发展， 其已成为国内资产证券化行业层次最高、规模最大、影响力最强的年度盛会。 近年来，中央大力支持香港融入国家发展新战略、把握国家发展新机遇。港华智慧能源于2024年12月4日在深圳证券交易所成功发行"零碳智慧1期绿色资 产支持专项计划(碳中和)"，发行规模5.15亿元。该项目是首单港资公司在境内成功发行类REITs，也是全市场首单工商业分布式光伏及储能类REITs。 类REITs发行是港华智慧能源通过品质管理实现创新融资的重要举措，亦是公司在境内开展资本运作迈出的重要一步。同时，公司持续推动50亿元 ...

在当前国内经济发展的大格局下，消费作为拉动经济增长的重要动力，其提振与升级成为关键议题。 2025年政府工作报告将"大力提振消费、提高投资效益，全方位扩大国内需求"列为年内重点工作任务之 首，各部门纷纷响应，从居民增收、消费提质、消费环境优化等方面为提振消费绘制了清晰的行动蓝 图。 在细化举措上，田轩举例称，根据个人信用状况和消费需求，合理设置消费贷款的额度、期限和利率； 优化偿还方式，如提供灵活的还款计划，减轻消费者的还款压力；拓展消费场景金融服务，创新推出个 性化消费信贷产品，如旅游、教育、体育、保健、家居装修等的专项贷款，优化审批流程等，提升用户 体验。 此外，田轩认为，在信贷业务外，金融机构还可通过支付结算、理财服务、保险保障等多维度提升消费 环境。 在提振消费的多项措施中，金融政策成为重要抓手。新的结构性货币政策工具落地、优化金融产品与服 务、针对新型消费场景定制金融产品……政策有力推动消费市场呈现出积极变化，但也不可避免地迎来 了诸多挑战。 金融促消费的大背景下，金融机构不"卷"利率还能"卷"什么？从业机构应该如何在风险可控的前提下做 好普惠金融？围绕这些市场热点话题，清华大学国家金融研究院院长、 ...

在第二大股东问泽鸿拟减持3%公司股份的消息披露后，5月26日，科源制药（301281）股价大跌，盘中一度跌逾10%。刚上市满两年第二大股东就着急减持 的科源制药，上市后业绩出现下滑，虽然今年一季度净利略有回升，但2023—2024年，公司归属净利润连降两年。 大幅收跌8.03% 上市后业绩"变脸" 上市于2023年4月4日的科源制药，在上市当年即出现业绩"变脸"的情况。 财务数据显示，2023年，科源制药实现的营业收入约为4.48亿元，同比增长1.07%；对应实现的归属净利润约为7703.94万元，同比下降15.6%。 2024年，科源制药归属净利润继续下滑。财务数据显示，报告期内，科源制药实现的营业收入约为4.64亿元，同比增长3.6%；对应实现的归属净利润 6044.87万元，同比下降21.54%。 5月26日，科源制药股价大跌。交易行情显示，科源制药当日低开5.39%，开盘后股价震荡下探，盘中一度跌逾10%。截至收盘，科源制药报32.42元/股，收 跌8.03%，总市值为35.11亿元，全天成交金额为3.17亿元，换手率为14.34%。 消息面上，科源制药发布公告称，问泽鸿计划以集中竞价方式及大宗交易方 ...

近年低调的新城系主动出击，想重新获取资本市场的信任。 5月的倒数第二周，实控人王振华之子王晓松带队在中国香港和新加坡进行了两场非公开的路演活动。王晓松是香港上 市主体新城发展（01030.HK）的董事会主席和境内开发主体、A股上市公司新城控股（601155.SH）的董事长。参与路 演的还有新城控股高级副总裁及商管公司总裁管有冬、新城控股董事会秘书李峰。 对于此次路演，外界此前解读为新城发展今年7月到期的3亿美元债和新城控股今年10月到期的3亿美元债务做再融资进 行准备。 对于这次路演的目的，新城解释称，想跟投资人重新认识，并希望了解投资人对现阶段的中国商业地产和住宅地产是何 种态度，会不会继续支持新城。 新城同时表示，如果投资人仍然认可新城并继续支持，而市场又有窗口机会，则会考虑发行美元债；如果市场不如意， 公司也做好了用自有资金偿还美元债的准备。新城方面表示，目前还没完整的计划。 正有序缩减开发业务，保交付工作基本已经完成 庆幸最近几年未拿地的新城，正在缩减地产开发业务。 新城介绍，2025年计划竣工面积550万平方米，竣工面积不到2024年的40%，正有序缩减开发业务，出清低毛利项目， 展现了公司业务转型 ...