今年以来消费金融公司金融债密集落地。Wind资讯数据显示，截至8月25日，年内持牌消费金融公司累 计发行金融债已超20单，合计规模已超400亿元。 招联首席研究员董希淼告诉《证券日报》记者："消费金融公司发行金融债，对消费金融市场无疑是一 大利好。下一步，应支持优秀的消费金融公司发行金融债补充资本，适当放开消费金融公司的贷款额度 和用途限制，推动消费金融公司增强资本实力，进一步提升稳健发展能力和服务实体经济能力，在提振 消费、扩大内需进程中彰显消费金融公司的担当和作为。" （责任编辑：关婧） 近年来，金融债相比其他融资渠道成本更低，优势明显，成为消费金融公司重要的融资手段之一。同 时，发行金融债的门槛高，对资本充足率、盈利能力、公司治理和风险管理等均有严格要求。 本报记者 李 冰 日前，中国货币网发布海尔消费金融有限公司（以下简称"海尔消金"）2024年金融债券（第一期）发行 情况公告。公告显示，海尔消金成功发行规模为15亿元的金融债。 海尔消金相关负责人告诉《证券日报》记者："本次是海尔消金首次成功发行金融债，预计年内公司还 会再次发行金融债。" 据悉，海尔消金发行的金融债期限为3年，票面利率为2.35%。 ...

Core Viewpoint - Ant Consumer Finance has issued its first financial bond since its establishment, with a fixed interest rate of 1.9% and a total scale of 2 billion yuan [2][4]. Group 1: Financial Bond Issuance - Ant Consumer Finance completed its first public bond issuance on August 5, 2025, with a three-year term and a total scale of 2 billion yuan [2][4]. - The bond issuance was based on a 15 billion yuan quota approved by the People's Bank of China, valid until July 3, 2027 [4]. - The company aims to enhance financial support for consumption and diversify its financing channels, as encouraged by national policies [4][9]. Group 2: Financial Performance - As of the end of 2022, 2023, and 2024, Ant Consumer Finance's total assets were 106.23 billion yuan, 239.67 billion yuan, and 313.75 billion yuan, respectively [6]. - The company's operating income for the same periods was 4.15 billion yuan, 8.63 billion yuan, and 15.21 billion yuan, while net profits were 841 million yuan, 152 million yuan, and 305 million yuan [6]. Group 3: Industry Context - In 2025, multiple consumer finance companies have actively issued financial bonds, with a total of 13 bond issuances raising 16.1 billion yuan [6][8]. - The average issuance interest rate for consumer finance bonds has dropped below 2.5% in 2024, providing a cost advantage over other financing methods [8]. - The issuance of financial bonds by consumer finance companies is supported by policies aimed at boosting consumption and expanding credit [9].

Group 1 - Ningyin Consumer Finance plans to issue 1 billion yuan of ordinary financial bonds in the second phase of 2025, following a previous issuance of the same amount earlier this year [1] - The overall issuance of financial bonds by consumer finance companies in the first half of 2025 has decreased compared to the same period last year, with a total of 121 billion yuan issued by 7 companies [2] - Major issuers in the previous year, such as Zhaolian Consumer Finance and Industrial Bank Consumer Finance, have significantly reduced their bond issuance, while new entrants like Shangcheng Consumer Finance and Ningyin Consumer Finance have emerged [2][3] Group 2 - The issuance rhythm in the first half of 2025 has slowed down, with notable gaps in issuance during February and March, indicating a cautious approach from consumer finance companies regarding funding needs [3] - Despite the decrease in issuance scale, the overall interest rates for financial bonds have declined, with rates generally below 2.20% in the first half of 2025, compared to a maximum of 3.00% in the same period last year [4] - The lowest rates recorded include 1.69% for Hangyin Consumer Finance and 1.79% for Ningyin Consumer Finance, suggesting a favorable environment for reducing financing costs [4] Group 3 - The consumer finance industry is benefiting from supportive policies aimed at enhancing financial support for key consumption areas, with initiatives encouraging financial institutions to increase personal consumption loan issuance [6][7] - The issuance of financial bonds is seen as a way to lower funding costs and improve market competitiveness for consumer finance companies, with expectations for a recovery in bond issuance as policy support continues [7]

Core Insights - Haier Consumer Finance successfully issued the second phase of personal consumption loan asset-backed securities (ABS) for 2025, amounting to 1.5 billion yuan, with a record low interest rate of 1.80% for the industry [2] - The issuance reflects the active financing market for consumer finance companies, with several institutions like Ma Shang Consumer Finance and Zhongyou Consumer Finance also issuing financial bonds and ABS in 2025 [2][3] Financing Diversification - The diversification of financing channels is a key support for the development of consumer finance companies, driven by both policy relaxation and internal growth needs [3] - Regulatory measures have been introduced to simplify the bond issuance process for non-bank financial institutions, significantly lowering the barriers for consumer finance companies to issue bonds [3] - The central bank's guidance in June 2025 further supports qualified consumer finance companies in issuing financial bonds and promoting retail loan asset securitization [3] Haier Consumer Finance's Strategy - Haier Consumer Finance has established a diversified funding supply system, combining short, medium, and long-term financing to adapt to market conditions and business needs [4] - The company has issued a total of nearly 11.2 billion yuan in ABS since 2023, along with 2.5 billion yuan in financial bonds and 900 million yuan in ESG-linked syndicated loans, strengthening its sustainable development foundation [4] Financing Capability Disparity - There is a noticeable divergence in financing capabilities among consumer finance companies, with leading firms leveraging diverse financing methods to build funding advantages [5] - The continuous decline in industry financing rates indicates a general market recognition of high-quality consumer finance assets [5] - Companies with strong financing capabilities can secure lower-cost funding, enhancing their competitive position in business expansion and risk pricing [5] Risk Control as a Key Factor - Risk control capabilities are becoming a critical differentiator between leading and smaller consumer finance institutions [6] - Leading firms utilize technology and deep market engagement to build competitive advantages, while some traditional institutions face challenges in transformation [6] - The need for consumer finance companies to strengthen their independent risk control capabilities is emphasized to prevent systemic risks and enhance operational efficiency [6][7] Future Trends - The competition in the consumer finance industry is shifting from scale expansion to efficiency and risk control [7] - Leading institutions are forming cost advantages through diversified financing channels and building independent risk control systems [7] - Smaller institutions that cannot overcome financing bottlenecks or improve risk management may face declining market shares [7]

Core Viewpoint - 中银消费金融有限公司 successfully issued its second financial bond, indicating a continued interest in financing despite a decrease in the overall issuance scale compared to the previous year [1][3][5]. Group 1: Bond Issuance Details - 中银消金 issued "25中银消费金融债02" with a total amount of 1.5 billion yuan and a maturity of 1 year, featuring a fixed interest rate of 1.7% [3]. - The bond issuance is part of a broader trend where 7 consumer finance companies have collectively issued 10 financial bonds totaling 12.1 billion yuan in 2024 [3]. - The highest interest rate among the bonds issued this year was 2.2% by 海尔消金 [3]. Group 2: Market Trends and Analysis - The total issuance of consumer finance bonds in the first half of 2024 was 15 bonds amounting to 25.5 billion yuan, representing a 52% decrease compared to the same period last year [5]. - The decline in issuance is attributed to the absence of major issuers like 招联消金 and 兴业消金, which are currently in a contraction phase [5]. - Despite the decrease, the demand for financial bonds among consumer finance companies remains strong, supported by recent policy initiatives aimed at boosting consumption [5][6]. Group 3: Future Outlook - As the business models of licensed consumer finance companies mature, there is potential for public listing and external financing opportunities [6]. - For smaller consumer finance companies with registered capital below 1 billion yuan, the immediate focus should be on increasing shareholder capital rather than seeking external funding [6].

Core Viewpoint - The issuance of financial bonds by consumer finance companies has decreased in scale compared to the previous year, despite ongoing enthusiasm for bond issuance in the industry [4][5]. Group 1: Bond Issuance Details - China Bank Consumer Finance Co., Ltd. successfully issued its second financial bond, "25 Zhongyin Consumer Finance Bond 02," with a total issuance amount of 1.5 billion yuan and a maturity of one year at a fixed interest rate of 1.7% [3]. - The funds raised from this bond will be used to supplement the company's liquidity and enhance its inclusive financial service capabilities, aligning with national laws and policies [3]. - In the first half of the year, seven consumer finance companies issued a total of ten financial bonds, amounting to 12.1 billion yuan [3]. Group 2: Year-on-Year Comparison - The total number of consumer finance bonds issued in the first half of 2024 was 15, with a total issuance scale of 25.5 billion yuan, representing a 52% decrease compared to the same period last year [5]. - The decline in issuance scale is attributed to the absence of major issuers like Zhaolian Consumer Finance and Industrial Bank Consumer Finance, which are currently in a contraction phase [5]. - Historical data indicates that prior to 2021, the issuance scale of consumer finance companies was generally below 10 billion yuan [5]. Group 3: Future Outlook - The demand for financial bond issuance among consumer finance companies is expected to remain strong, supported by recent policy initiatives aimed at boosting consumption [5][6]. - As the business models and sustainable development paths of licensed consumer finance companies mature, the possibility of public listing for some companies may arise [6]. - For consumer finance companies with registered capital below 1 billion yuan, the priority should be to expedite shareholder capital increases rather than seeking external funding [6].

Group 1 - The demand for service consumption scenarios such as tourism, dining, and home decoration is continuously rising, driving consumption finance companies to enhance their capabilities and optimize consumer credit services to match market needs [1] - The financing situation of consumption finance companies has shown significant growth in scale and a rebound in market confidence, particularly with the active issuance of asset-backed securities (ABS) and steady progress in financial bond issuance [1][2] - As of May 23, the total issuance of bank and internet consumer loan ABS has exceeded 100 billion yuan, reaching 113.847 billion yuan [2] Group 2 - The issuance of asset-backed notes (ABN) in personal consumer finance has seen a substantial year-on-year increase, with 117 issuances totaling 97.31 billion yuan in the first quarter, representing a growth of 53.3% compared to the previous year [3] - Personal consumer finance ABN issuance accounted for 35 deals and 31.64 billion yuan, with respective increases of 169.2% and 213.2% year-on-year, making it the main issuance type [3] - Traditional consumption finance companies are actively participating in ABS issuance, with notable issuances from companies like Nanyin Fubao, Zhongyuan, and Haier, totaling 7.458 billion yuan across 5 ABS [3] Group 3 - Since the beginning of 2025, consumption finance companies have been diversifying their financing channels, with financial bond issuance becoming a significant means of funding, totaling 6.1 billion yuan from five companies as of May 24 [4] - Specific issuances include Hangyin Consumer Finance with 2 financial bond issuances totaling 2.5 billion yuan, and other companies like Mashang Consumer Finance and Ningyin Consumer Finance with respective issuances of 1.5 billion yuan and 1 billion yuan [4] - The coupon rates for some bonds have been disclosed, with rates around 2%, the lowest being 1.69% for Hangyin's first financial bond and the highest at 2.05% for Mashang's first financial bond [4]