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]

Group 1: Federal Reserve and Economic Indicators - The Federal Reserve has lowered the federal funds rate target range by 25 basis points to 4.00%-4.25%, marking the first rate cut since December 2024 [3] - The Fed predicts an additional 50 basis points cut by the end of the year and 25 basis points cuts in each of the following two years [3] - U.S. unemployment remains low but has slightly increased, while inflation is rising and remains above target levels [3] Group 2: Fiscal Revenue and Policy Developments - From January to August 2025, the national general public budget revenue reached 148.198 billion yuan, a year-on-year increase of 0.3% [3] - Tax revenue was 121.085 billion yuan, showing a slight increase of 0.02%, while non-tax revenue grew by 1.5% to 27.113 billion yuan [3] - The Ministry of Commerce has introduced over 30 policies to establish a service consumption policy system [3] Group 3: Automotive and Technology Standards - The Ministry of Industry and Information Technology is seeking public opinion on mandatory national standards for intelligent connected vehicles, focusing on safety requirements for driving assistance systems [3] - The standards aim to establish a safety baseline for intelligent connected vehicle products, ensuring systems activate only under designed operating conditions [3] Group 4: Company News Highlights - CATL plans to achieve mass supply of sodium-ion passenger vehicle batteries next year [6] - Shanghai Construction Group's gold business revenue constitutes a low percentage of total revenue [7] - NIO has secured $1.16 billion in funding [15] - Huazhu Group plans to invest up to 10 billion yuan in financial products [10] - A strategic cooperation agreement has been signed between Xingye Technology and Suzhou Nengsida for the development of flexible electronic skin [12]

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].