1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints of the Report - The central bank's support for financial institutions to issue bonds to enhance consumer credit supply is expected to enrich the credit - bond market product structure, but the credit risk and pricing of underlying assets need attention [3][11]. - The Fed's interest - rate cut eases the inversion pressure of the Sino - US interest - rate spread, providing external space for China's monetary policy. However, its impact on China's credit - bond market is mainly on the emotional and capital levels, and the real effect needs to be transmitted through domestic policies. Investors are advised to be cautious [4][14][16]. - The current credit - bond investment has entered a "cooling - off period", and the investment strategy should focus on coupon defense of short - and medium - term varieties, with more attention paid to industry fundamentals and individual credit - risk identification [16]. 3. Summary by Directory Market Hotspots - **Central bank supports financial institutions to issue bonds**: On September 17, the central bank stated that it would support financial institutions to issue financial bonds and ABS to enhance consumer credit supply. As of August 2025, the bond - issuance scale of financial institutions reached 3.53 trillion yuan, a year - on - year increase of 18.06%. This move is expected to increase the supply of ABS products and enrich the credit - bond market variety structure, but the credit risk of underlying assets should be noted [3][10][11]. - **Fed's interest - rate cut**: On September 17, the Fed cut the federal funds rate target range by 25 basis points to 4.00% - 4.25%. It eases the Sino - US interest - rate spread inversion pressure, but the impact on China's credit - bond market is limited. The domestic bond - market logic is still dominated by internal factors. Investors are advised to be cautious [4][13][14]. Macroeconomic Data - At the end of August, the stock of social financing scale was 424 trillion yuan, a year - on - year increase of 8.8%, with the growth rate decreasing by 0.2 percentage points compared with July. The new social financing scale in August was 2.57 trillion yuan, a year - on - year decrease of 463 billion yuan, mainly due to the weakened support of government bond financing for social financing. In terms of money supply, M1 in August was 6.0%, up 0.4 percentage points from the previous month, and the M1 - M2 "scissors gap" narrowed to 2.8% [5][17]. Money Market - Last week, the central bank net - injected 1162.3 billion yuan through open - market operations. Affected by factors such as the approaching quarter - end, increased cash demand for the National Day holiday, and monthly time points, the capital price increased. The repurchase rates for terms within a month increased by 5 - 12 basis points, while the 3 - month and 1 - year Shibor changed little [6][20]. Credit - Bond Primary Market - Last week, the credit - bond issuance scale increased significantly to 326.103 billion yuan, with the daily average issuance scale increasing to 65.221 billion yuan. The cancellation of bond issuance decreased to 460.5 million yuan. All bond types and industries saw an increase in issuance scale. The infrastructure investment and financing industry had a net inflow of 38.49 billion yuan, and most industries in industrial bonds had a net inflow. The average issuance cost of credit bonds fluctuated, with a change range of 4 - 44 basis points [23][24][31]. Credit - Bond Secondary Market - Last week, the secondary - market spot - bond trading volume was 9261.011 billion yuan, with the daily average trading volume increasing to 1852.202 billion yuan, indicating increased trading activity. Affected by the "stock - bond seesaw" effect, most bond yields increased. The interest - rate bond yields increased by up to 5 basis points, and the credit - bond yields increased by 2 - 5 basis points. The credit spreads fluctuated within a narrow range, and the rating spreads changed little, with a change range within 3 basis points [35][38][42].

Group 1 - The Federal Reserve lowered the federal funds rate target range by 25 basis points to 4.00%-4.25%, marking the first rate cut since December 2024 [4] - The Federal Reserve forecasts an additional 50 basis points cut by the end of the year and 25 basis points cuts each year for the next two years [4] - U.S. unemployment rate remains low but has slightly increased, while inflation has risen and is still at a slightly high level [10] Group 2 - Ningde Times plans to achieve mass supply of sodium-ion passenger car power batteries next year [6] - Shanghai Construction's gold business revenue accounts for a low proportion of the company's total revenue [7] - Junsheng Electronics increased its A-share stock holdings by 700,000 shares during the recent stock trading volatility [8] Group 3 - Newhan New Materials' controlling shareholder plans to reduce its stake by no more than 2% [9] - Huazhong Three Nine intends to invest up to 10 billion yuan in financial products using its own funds [11] - NIO received an investment of 1.16 billion USD [12]

重要消息 美联储如期降息25个基点； 四连板上海建工：公司黄金业务收入占公司营业收入比例较低。 经济运行稳中向好，8月份财政收入继续回暖； 组合驾驶辅助系统将迎国家标准。 重要的消息有哪些 当地时间9月17日，美联储最新的联邦公开市场委员会（FOMC）货币政策会议纪要显示，美联储决定将 联邦基金利率目标区间下调25个基点，至4.00%—4.25%之间。这是美联储自2024年12月以来的首次降 息。美联储预测显示，到年底将再降息50个基点，未来两年每年再降息25个基点。 美联储主席鲍威尔表示，美国失业率维持在低位但略有上升。通胀近期有所上升，仍处于略高水平。美 国通胀风险上行，就业风险下行。明年之后，多数通胀预期指标将符合2%的目标。预计今年和明年关税 推动的价格上涨趋势将持续。鲍威尔补充说，美联储应该观望关税、通胀和劳动力市场如何发展，然后 再降息。 财政部发布2025年1—8月财政收支情况，1—8月，全国一般公共预算收入148198亿元，同比增长0.3%。 其中，全国税收收入121085亿元，同比微增0.02%；非税收入27113亿元，同比增长1.5%。分中央和地方 看，中央一般公共预算收入64268亿元， ...

Core Viewpoint - The issuance of asset-backed securities (ABS) by consumer finance companies, particularly Haier Consumer Finance, is on the rise, reflecting strong financing capabilities and a commitment to sustainable development in the industry [1][4]. Group 1: ABS Issuance and Financial Performance - Haier Consumer Finance issued its second ABS of 2025 on July 3, totaling 1.5 billion yuan, with a record low interest rate of 1.8% for the A tranche [2][3]. - The company has conducted three public fundraising actions in 2025, including one financial bond and two ABS issuances, showcasing its robust financing strength [1][2]. - The total amount of ABS issued by Haier Consumer Finance has exceeded 10 billion yuan, with a cumulative issuance of over 100 billion yuan across the industry this year [2][3]. Group 2: Industry Trends and Investor Confidence - The overall trend in the consumer finance sector shows a decline in interest rates for ABS, indicating investor confidence in the quality of small, diversified assets [3][4]. - The average loan interest rate for Haier Consumer Finance is projected to decrease by 0.05 percentage points year-on-year in 2024, reflecting a stable and slightly declining trend in product rates across the industry [3][4]. Group 3: Capital Strength and Sustainable Development - Haier Consumer Finance has increased its registered capital from 1.5 billion yuan to 2.09 billion yuan, a growth rate of nearly 40% [4]. - The company's total assets reached 29.348 billion yuan by the end of 2024, with a year-on-year growth of 9.61% in the loan balance [4]. - The company emphasizes its sustainable development capabilities, supported by strong shareholder backing and improved operational capabilities [5][6]. Group 4: Compliance and Regulatory Challenges - Haier Consumer Finance faced a fine of 250,000 yuan for violations related to credit information management, highlighting the need for compliance in the consumer finance sector [6][9]. - The company is adapting to new regulations regarding internet lending and is committed to protecting consumer privacy through strict information management protocols [9]. Group 5: Revenue Diversification and Business Strategy - The company has seen significant growth in its non-interest income, with a 66.31% increase in fees and commissions in 2024, driven by joint lending and membership services [8][9]. - Haier Consumer Finance plans to focus on a dual strategy of "scenes + cash" to enhance its operational capabilities and meet user demands [9].