非标产品发行放缓，资产风险收敛但持续存在 ——2025 年非标产品观察 联合资信 公用评级部 2025 年，中国非标市场在监管持续引导下进入深度转型与结构调整阶段。信托行业监管 框架迎来系统性重构，推动信托业回归资产管理和服务本源。融资租赁方面，监管明确将融 资平台业务划为"退出类"，相关业务面临到期置换压力。市场运行方面，2025 年债权投资 计划登记规模延续下滑趋势，同比下降 28.46%至 4419.06 亿元，湖北、浙江、山东、四川和 江苏存量债权投资计划规模合计占比 41.21%，区域集中度上升，交通运输类、园区基础设施 领域为前两大投资领域，占比分别为 49.24%和 21.21%；2025 年 6 月末，信托资产存续规模 继续增长至 24.43 万亿元，但资金投向持续向证券市场倾斜，传统非标融资业务进一步压降； 2025 年租赁融资财产价值同比下降 7.77%至 3.19 万亿元，城投相关业务继续收缩。风险层 面，非标风险事件数量显著下降，信托计划成为最主要的风险产品类型。城投企业作为重要 底层资产，在化债政策支持下短期风险整体可控，但山东、贵州等债务压力较大区域风险仍 需关注。展望未来，在监管 ...

Core Insights - The article highlights the prevalence of substandard electrical wires in the South China hardware market, where many vendors sell "non-standard" cables that do not meet national safety standards, posing significant risks to safety and infrastructure [1][2][5]. Group 1: Market Overview - The Kede International Hardware Market in Nanning is one of the largest hardware markets in South China, where many vendors offer electrical cables at prices significantly lower than the market average, primarily selling "non-standard" wires [1]. - Vendors openly promote the advantages of non-standard wires, claiming that they are difficult to distinguish from standard wires with the naked eye [1][2]. Group 2: Safety Concerns - According to the Ministry of Emergency Management, over 50% of major fire incidents in China are caused by electrical cables, with more than 100 significant accidents reported in the last decade, resulting in the destruction of over 320,000 meters of cables and financial losses exceeding 10 billion yuan [2]. - Recent incidents, including a fire in a residential building that resulted in 26 fatalities, underscore the dangers associated with substandard electrical wiring [3][4]. Group 3: Production and Distribution - The Jinmingyang Electric Wire and Cable Company, located in Anshun, claims to produce non-compliant wires according to customer specifications, indicating a willingness to compromise safety for profit [5]. - The company, along with others like Runxiong Cable Group, provides counterfeit certification and quality reports for their non-standard products, facilitating their sale in the market [5][6]. - A detailed internal pricing structure reveals significant price differences between standard and non-standard cables, with discounts of up to 20% on non-compliant products [6]. Group 4: Regulatory Issues - Electrical wires and cables are classified as mandatory certification products under Chinese law, prohibiting the sale of non-certified products [4]. - To evade regulatory scrutiny, manufacturers store non-standard cables in undisclosed locations, ensuring they are not easily detected by authorities [6][7].