Core Viewpoint - The implementation of the new regulations on internet lending by the National Financial Regulatory Administration is causing a significant shift in the lending landscape, with banks and consumer finance companies reallocating resources towards compliant platforms while trust and commercial insurance funds are stepping in to fill the funding gaps left by traditional lenders [2][4][6]. Group 1: Regulatory Impact - The new regulations require banks to clearly define service fees and comprehensive financing costs in their agreements with lending platforms, directly addressing the high-cost lending issues in the industry [4][5]. - The regulations have led to a clear segmentation in the lending market, with high-interest lending platforms facing rejection from banks and consumer finance companies, while those with lower rates are experiencing intense competition [6][7]. Group 2: Funding Sources - Trust funds, previously sidelined due to cost disadvantages, are becoming increasingly active in the consumer finance market as traditional funding sources tighten [9][10]. - Trust companies are focusing on high-quality asset packages, particularly those associated with leading lending platforms, as they seek to mitigate risks while capitalizing on competitive returns [11][12]. Group 3: Alternative Financing Channels - In addition to trust funds, commercial factoring and financing leasing companies are being considered as alternative funding sources, although their capacity to fill the gaps is limited due to regulatory constraints [14][15]. - The regulatory environment is tightening around commercial factoring and financing leasing, which may further restrict their ability to engage in consumer lending activities [16][17].

今年10月1日，国家金融监管总局发布的《关于加强商业银行互联网助贷业务管理提升金融服 务质效的通知》将正式实施。这份被业内称为"助贷新规"的政策激起的涟漪，正在金融生态链 中悄然扩散。 21世纪经济报道记者调查发现，在距离新规正式实施不足2个月的当前，一场助贷行业的资金 迁徙正在悄然进行： 在监管明确要求控制综合融资成本、严管收费行为并推行名单制管理的 背景下，银行与消费金融公司正优化布局，将资源向头部合规平台倾斜；在助贷行业资金面临 收缩的背景下，信托、商业保理等资金提供方，正在成为填补助贷机构资金缺口的重要选项。 首先，最直接的冲击落在了高息资产端。 年化综合成本达36%的助贷机构几乎全部被银行、 消费金融机构拒之门外。 一位华北地区城商行零售业务负责人对21世纪经济报道记者坦 言："这类资产信用风险与监管压力双高，基本不做考虑。" 但年化利率24%以上资产的资金供给目前并未消失，但成本出现明显抬升。华南某助贷公司从 业人士对记者透露： "很多24%以上的资金还没完全撤出，但银行，尤其是中小银行、民营银 行资金端停止供给，让助贷机构不得不转向其他资金渠道，市场价格比去年涨了2—3个百分 点，部分甚至高出5 ...

美国国债光环褪色之际，东南亚债券市场正上演资本盛宴。即便收益率跌至历史低位，投资者仍蜂拥而 至，一场由"抛售美元资产"浪潮和区域降息预期驱动的资金迁徙正在加速。 据彭博最新报道，数据显示，东南亚国家10年期债券相对于美债的平均收益率已降至2011年有记录以来 的最低点。然而，本季度外资对该地区债券的需求异常强劲，马来西亚、泰国和印尼均录得显著资金流 入。这场资本流动的背后，是投资者对美国资产担忧的加剧以及对东南亚央行进一步放松货币政策的押 注。 投资者正急切地将资金转向东南亚主权债券。马来西亚本季度吸引了近50亿美元外资流入，因市场普遍 预期该国央行——东南亚最后一个维持利率不变的主要央行——可能在7月启动降息。 投资者似乎宁愿接受更低的回报，也要逃离美国资产。 星展银行驻新加坡固定收益策略师Eugene Leow分析称："随着投资者将资金从美元资产中重新配置出 来，东南亚债券将继续受益。该地区的增长和通胀前景仍需要央行提供更多政策支持。" 他同时指出，外国投资者对东南亚债券的持有比例仍低于疫情前水平，增长空间显著。 美元前景恶化为东南亚债券提供了另一股助推力。本地货币走强降低了资本外流风险，为区域内央行降 ...

Core Insights - HSBC's report highlights that Chinese households hold RMB 160 trillion (approximately USD 22 trillion) in cash, which is equivalent to the total housing value of the UK and France combined [1] - A significant portion of this cash, estimated at RMB 50 trillion (USD 6.5 trillion), is classified as "excess savings," indicating funds that may not be needed for retirement [4] Group 1: Investment Trends - HSBC anticipates that a portion of these funds will flow into the stock market, as only 10% of Chinese household financial assets are currently in stocks, down from 15% in 2021 and 20% in 2010 [5] - Record inflows into Hong Kong stocks through the Stock Connect program have been observed, amounting to USD 80 billion this year, with projections of reaching USD 180 billion by year-end [8] - The majority of these funds are directed towards high-growth sectors such as internet and electric vehicle companies, as well as high-yield companies [12] Group 2: Driving Factors - Two main drivers are identified: accelerated pension reforms, including an increase in retirement age and promotion of private pensions, leading households to invest more in stocks and insurance [13] - The low interest rate environment in mainland China is making cash holdings less valuable, prompting investments in Hong Kong stocks, which are perceived as undervalued [13] Group 3: Implications for Investors - There is a strong willingness among Chinese households to invest in Hong Kong stocks, which is positively influencing the discount rates of these stocks [13] - Hong Kong is expected to become a key gateway for Chinese households to access global assets [13] - Investors are advised to reconsider their asset allocation, particularly those with high cash holdings, and consider increasing investments in stocks and pension products [13]

丨证券研究报告丨 固定收益丨点评报告 [Table_Title] 信用债策略转向"以守为攻" 报告要点 [Table_Summary] 6 月上中旬信用债建议转向防御性票息策略，聚焦中高等级品种以规避利率波动风险，静待超 长地方债及优质产业债配置窗口；当前信用利差收窄空间相对有限，需适当缩短久期并优选抗 跌性强的品种。存款降息推动资金向理财和保险迁移，结构性利好 AA+及以上城投债，但需警 惕弱区域城投及低等级产业债的分化风险。利率债市场尚处"预期真空期"，波动可能通过估 值、流动性及利差路径冲击信用债，建议小幅降低久期、避免资质过度下沉，静待情绪企稳期 择机布局国企产业债价值洼地。 分析师及联系人 [Table_Author] 赵增辉 赖逸儒 SAC：S0490524080003 SAC：S0490524120005 请阅读最后评级说明和重要声明 SFC：BVN394 SFC：BVZ968 %% %% %% %% research.95579.com 1 cjzqdt11111 2025-06-06 固定收益丨点评报告 [Table_Title2] 信用债策略转向"以守为攻" [Table_Summa] 防 ...