智通财经APP讯，环球医疗(02666)发布公告，公司的全资附属公司中国环球租赁有限公司已得到中国证 券监督管理委员会批复核准，在中华人民共和国面向合格投资者公开发行本金总额最高达人民币80亿元 的境内公募公司债。截至本公告日期，该公司债之剩余额度为人民币54亿元。该公司债采用分期方式发 行，发行人2025年第四期公司债的发行本金总额不超过人民币10亿元(含人民币10亿元)，基础期限五 年，附第3年末及第4年末发行人赎回选择权、调整票面利率选择权及投资者回售选择权。 ...

格隆汇12月1日丨环球医疗(02666.HK)公布，公司的全资附属公司中国环球租赁有限公司("发行人")已得 到中国证券监督管理委员会批复核准，在中国面向合格投资者公开发行本金总额最高达人民币80亿元的 境内公募公司债。截至公告日期，该公司债的剩余额度为人民币54亿元。该公司债采用分期方式发行， 发行人2025年第四期公司债的发行本金总额不超过人民币10亿元，基础期限五年，附第3年末及第4年末 发行人赎回选择权、调整票面利率选择权及投资者回售选择权。 ...

环球医疗(02666)发布公告，公司的全资附属公司中国环球租赁有限公司已得到中国证券监督管理委员 会批复核准，在中华人民共和国面向合格投资者公开发行本金总额最高达人民币80亿元的境内公募公司 债。截至本公告日期，该公司债之剩余额度为人民币54亿元。该公司债采用分期方式发行，发行人2025 年第四期公司债的发行本金总额不超过人民币10亿元(含人民币10亿元)，基础期限五年，附第3年末及 第4年末发行人赎回选择权、调整票面利率选择权及投资者回售选择权。 ...

租赁资产I为数据通讯业务相关资产，账面净值约为人民币3431.07万元。租赁资产II为数据通讯业务相 关资产，账面净值约为人民币4790.38万元。 董事认为订立融资租赁协议I及融资租赁协议II将在租赁期内为本公司带来收入和利润，符合公司业务发 展策略。鉴于融资租赁协议I及融资租赁协议II基于正常商业条款订立，董事认为融资租赁协议I及融资 租赁协议II的条款属公平合理，并符合公司及其股东的整体利益。 中关村科技租赁(01601)发布公告，于2025年11月28日，公司作为出租人与承租人融智通科技(北京)股份 有限公司订立融资租赁协议II，据此，(i)出租人将购入承租人自有租赁资产II，转让价款为人民币2000 万元;及(ii)出租人将租赁资产II租回给承租人，租赁期为18个月，总租赁款项约为人民币2098.02万元， 包括融资租赁本金为人民币2000万元及融资租赁利息收入(含增值税)约为人民币98.02万元。 过去十二个月内，于2025年1月13日，公司作为出租人与承租人订立融资租赁协议I，据此(其中包括)， 本司(作为出租人)同意：(i)购入承租人自有租赁资产I，转让价款为人民币2000万元;及(ii)将租 ...

Core Viewpoint - The company has entered into two financing lease agreements with Rongzhitong Technology (Beijing) Co., Ltd., which are expected to generate revenue and profit, aligning with the company's business development strategy [1][2]. Group 1: Financing Lease Agreement I - The company, as the lessor, agreed to purchase leasing asset I from the lessee for a transfer price of RMB 20 million [1]. - The total lease payment for leasing asset I is approximately RMB 21.11 million, which includes the principal of RMB 20 million and interest income (including VAT) of about RMB 1.11 million [1]. - Leasing asset I is related to data communication business with a book value of approximately RMB 34.31 million [1]. Group 2: Financing Lease Agreement II - The company, as the lessor, will purchase leasing asset II from the lessee for a transfer price of RMB 20 million [1]. - The total lease payment for leasing asset II is approximately RMB 20.98 million, which includes the principal of RMB 20 million and interest income (including VAT) of about RMB 0.98 million [1]. - Leasing asset II is also related to data communication business with a book value of approximately RMB 47.90 million [1]. Group 3: Board's Perspective - The board believes that both financing lease agreements will bring income and profit during the lease term, which is in line with the company's business development strategy [2]. - The board considers the terms of both financing lease agreements to be fair and reasonable, benefiting the company and its shareholders [2].

分析周期 2025.11.17-2025.11.23 技术研究部 联系电话：010-67413343 邮箱：research@dagongcredit.com 宏观经济和债券市场一周观点 ——本周信用债发行只数、规模环比增幅均超 30%，发行成本环比整体下行 3.28BP 本期观点摘要 宏观动态 债市观察 风险预警 1 经济运行：10 月财政收入端在税收带动下继续改善；财政支出端明显放缓，或与前 期财政靠前发力影响后续支出空间收窄、政府债券发行节奏提前造成资金安排趋于 谨慎有关。 资金面：11 月 17 日-11 月 21 日，央行公开市场逆回购操作合计净投放 4,340 亿 元。资金价格方面，受税期集中走款以及政府债缴款等扰动，周内资金面先紧后松， 前半周资金价格上行幅度大，后半周整体回落。全周 DR001、DR007 均值与前一周 基本持平。 债券发行：信用债发行数量、规模环比增幅均超过 30%，净融资额为净流入 1,899.86 亿元，平均发行成本环比下行 3.28BP。 新券种：国网租赁成功发行全国首单"绿色+两新+乡村振兴"三贴标债券。 主体级别下调：本周 4 家发行人主体级别被下调。 主体展望下调 ...

Core Viewpoint - The Tianjin Municipal Financial Office has issued a plan to establish an international first-class national leasing innovation demonstration zone by 2030, aiming for a leasing company asset scale of 2.8 trillion yuan, focusing on high-quality service for the real economy [1] Group 1: Business Innovation and Development - The plan outlines a business upgrade path focusing on consolidating advantages, expanding emerging sectors, and deepening industrial collaboration, with goals to complete leasing of 3,000 aircraft and 1,600 ships by 2030, and to exceed 650 billion yuan in green leasing assets [2] - New fields such as computing power leasing and low-altitude economy will be prioritized, with an emphasis on enhancing industry chain connections and developing innovative models like "leasing + industrial investment" [2] - The establishment of four major centers is proposed: a global aircraft leasing center, an international ship leasing center, a global offshore leasing center, and a high-quality green leasing development zone [2] Group 2: Support System Construction - A four-part support mechanism is established, including financing, judicial, talent, and policy aspects, aiming to facilitate direct financing for leasing companies through various methods such as corporate bonds and green bonds [3] - The judicial aspect focuses on enhancing financial commercial trial collaboration and establishing a multi-dimensional risk monitoring system to ensure professional judicial support [3] - Talent development initiatives will include industry talent selection and support for higher education in leasing, while policy innovations will explore measures like foreign currency borrowing and customs supervision trials [3] Group 3: Implementation and Risk Management - To ensure effective implementation of the plan, the Tianjin Municipal Financial Office will strengthen organizational leadership, policy support, and risk management measures [4] - Local districts and development zones are encouraged to create detailed measures aligned with the plan, fostering a collaborative work environment to build a first-class leasing innovation demonstration zone [4]

Group 1: Consumer Goods - The price of essential consumer goods such as cooking oil, toilet paper, and personal care products has significantly increased, with shopping costs rising from 200-300 yuan to 300-400 yuan for basic items [1] - A potential price correction in five major consumer sectors is expected to occur starting in November, which may alleviate some financial burdens for households [1] Group 2: Real Estate - The second-hand housing market continues to experience a downward trend, with the average price in September falling to 13,381 yuan per square meter, a year-on-year decrease of 7.38% [2] - This marks the 41st consecutive month of price decline, with many landlords willing to offer discounts of 15-20% off the listing price to facilitate transactions [2] - Factors contributing to this trend include a significant drop in prices in some regions, conservative income expectations among residents, and a more rational approach to home buying post-pandemic [2] Group 3: Automotive Industry - A price war has erupted in the automotive market, with discounts across various brands, including domestic, joint venture, and luxury imports [3] - Discounts for popular models can reach up to 30,000 yuan, with some high-end models seeing reductions close to 100,000 yuan [3] - The price war is driven by the need for car manufacturers to meet annual sales targets, increasing competition between electric and traditional vehicles, and the entry of tech companies into the automotive space [3] Group 4: Smartphone Market - The smartphone market is undergoing a price adjustment period coinciding with the "Double Eleven" shopping season, with average price reductions of 10-20% for mainstream models [5] - Factors leading to this price drop include shorter technology update cycles, increased inventory pressure from older models, and a lengthening consumer upgrade cycle [5] Group 5: Pork Market - Pork prices have fallen below 20 yuan per jin, with current prices around 17-18 yuan per jin, nearly halving from previous highs [6] - The increase in pig farming scale and changing consumer habits towards healthier diets are key factors influencing this price decline [6] Group 6: Rental Market - The rental market is showing signs of cooling, with two-bedroom rents in some areas of Shanghai dropping from 6,000 yuan to 5,500 yuan per month [8] - In lower-tier cities, the rental market is particularly affected by population outflows, leading to lower rents and longer vacancy periods [8] - Trends in the rental market reflect reduced job opportunities and slower income growth, impacting tenants' ability to afford rent [8] Group 7: Overall Market Trends - The current price adjustments across these five sectors indicate a significant shift in the consumer market, suggesting a need for more rational consumption decisions [10] - Consumers are encouraged to optimize their spending and adjust purchasing plans based on actual needs, avoiding panic buying in a market with ample supply [10]

Core Viewpoint - The company reported a revenue of HKD 305 million for the six months ending September 30, 2025, representing an 8.2% year-on-year increase, primarily driven by improved performance in the gaming business [1] Financial Performance - Total revenue from gaming, hotel, dining, leasing, and related services was HKD 305 million, up 8.2% year-on-year [1] - The net profit for the period was HKD 11.605 million, a decrease of 26.05% compared to the previous year [1] - Earnings per share stood at HKD 0.0144 [1] Business Segments - The increase in revenue was mainly attributed to the improved performance of the gaming business [1]

Core Viewpoint - The company reported a revenue increase in its gaming, hotel, dining, leasing, and related services, primarily driven by improved gaming performance [1] Financial Performance - The company achieved a revenue of HKD 305 million for the six months ending September 30, 2025, representing an increase of 8.2% year-on-year [1] - The net profit for the period was HKD 11.605 million, which reflects a decrease of 26.05% compared to the previous year [1] - Earnings per share stood at HKD 0.0144 [1]