格隆汇12月8日丨中联重科(01157.HK)发布公告，关于收购中联重科融资租赁(北京)有限公司注册股本总 共81%的公告，收购事项已获得北京市地方金融管理局的批准，目标公司已于2025年12月5日完成了本 次股权转让的工商变更登记事宜。自完成上述变更登记之后，目标公司成为公司的全资附属公司，其业 绩也将合并入公司的财务报表。 ...

Group 1 - The core conclusion of the report highlights that Yutong Optical (300790.SZ) is the world's largest producer of security lenses, with a stable security business and potential for growth in the automotive optical sector, which may create a second growth curve for the company [1][6] - The company is actively pursuing new optical applications and is pushing for mass production of molding technology, positioning itself in key growth areas to unlock valuation ceilings [1][6] - Revenue projections for Yutong Optical are estimated at 3.41 billion CNY, 4.34 billion CNY, and 5.61 billion CNY for 2025, 2026, and 2027 respectively, with corresponding gross margins of 25.0%, 27.5%, and 27.3% [6] Group 2 - The report indicates that the global market for molded aspheric optical glass lenses is expected to reach 4.366 billion USD in 2024 and is projected to exceed 6.224 billion USD by 2031, indicating significant market potential [7] - Yutong Optical has established itself as a leader in the security lens market, maintaining the largest market share for ten consecutive years, and is expanding into the automotive lens market, which is experiencing increasing demand due to advancements in high-level intelligent driving [8] - The company’s automotive business achieved revenue of 164 million CNY in the first half of 2025, reflecting a year-on-year growth of 37.78%, indicating strong momentum in this segment [8] Group 3 - The issuance of the "Management Measures for Financing Lease Business of Financial Leasing Companies" aims to promote high-quality development in the financial leasing industry, enhancing the role of financial leasing companies in serving the real economy and national strategies [3][17] - The new measures focus on the core functions of financial leasing companies, standardizing operational processes, and enhancing risk management systems to address key risk areas in financing leasing [18][19] - The report recommends leading companies in the financial leasing sector, such as Jiangsu Jinzheng and Far East Horizon, which have stable performance and attractive dividend yields [19] Group 4 - The adjustment of risk factors for insurance companies' equity investments is expected to expand the allocation space for insurance funds, with specific reductions in risk factors for long-term holdings of certain stocks [21][22] - The insurance sector is viewed as a highly growth-oriented direction in the financial industry, with a potential strong cycle for valuation recovery as inflation trends strengthen [21][22] - The report suggests focusing on companies with low stock costs and stable operations, such as China Pacific Insurance and China Life Insurance, which have competitive dividend yields [24]

Core Insights - Jiangsu Asset Management Co., Ltd. has successfully launched the first data asset financing lease business in Wuxi and the first 100% data asset pledge debt ABS in the country, showcasing its innovative breakthroughs in the data asset financing sector [1][2] Group 1: Data Asset Financing Innovations - The company has established a "party member assault team" to tackle the challenges of data asset valuation, addressing issues such as the difficulty in defining and valuing data as a financial asset [1] - The first data asset financing lease business was successfully launched in July 2025, providing low-cost financing support and opening new pathways for data element pledge financing, earning the "2025 Excellence in Business Innovation Award" in the leasing industry [2] - The financing lease model has expanded from Wuxi to multiple locations in Jiangsu province, enhancing the integration of digital economy and real economy [2] Group 2: Collaborative Efforts and Ecosystem Building - Jiangsu Asset has partnered with Jiangsu Credit Re-guarantee Group to develop a collaborative model based on industrial chain party building, issuing the first 100% data asset pledge debt ABS in September 2025, which achieved a new low in issuance rates for data asset securitization [2] - Ongoing collaboration between Jiangsu Asset and Jiangsu Credit Re-guarantee Group has led to multiple research projects and practical cooperation, establishing a normalized cooperation model that supports data asset valuation and securitization [3] - The financial collaboration model based on industrial chain party building is enhancing the synergy effects, providing robust financial support for regional industrial development [3]

Group 1: Non-Banking Financial Institutions - The China Banking and Insurance Regulatory Commission (CBIRC) has lowered the risk factors for long-term holdings of certain stocks, which is expected to encourage insurance funds to increase their equity asset allocation while maintaining solvency constraints [2] - The policy aims to enhance the capital utilization efficiency of high-quality institutions, allowing leading brokerages to accelerate their development in proprietary trading, derivatives, institutional business, and wealth management [2] - The new regulations on financial leasing companies are expected to improve asset quality and risk pricing transparency, benefiting well-governed and clearly defined business leasing institutions [2] Group 2: Macro Economic Insights - The U.S. economy is showing signs of marginal decline, with industrial output and durable goods orders decreasing, while personal disposable income has slightly increased [6] - The European economy remains resilient, with mixed signals from industrial production and retail sales, while inflation rates show slight increases [6] - The Federal Reserve is expected to lower interest rates in December, with a high probability of around 87%, while the European Central Bank is likely to pause rate cuts [8] Group 3: Market Strategy - The Chinese stock market is anticipated to enter a "cross-year offensive" phase, with expectations of policy, liquidity, and fundamental support leading to upward movement in indices [11] - The focus is on sectors such as technology, finance, and consumer goods, with recommendations for stocks in internet, media, and manufacturing industries [14] - The demand for asset management is expected to surge as traditional fixed-income products decline, leading to a shift towards diversified investment strategies [12] Group 4: Energy Sector Insights - The U.S. is facing a clear electricity supply shortage, which is projected to expand by 2030, necessitating a systematic approach to energy solutions, particularly in natural gas and renewable sources [17] - The current energy system in the U.S. is transitioning towards a mix dominated by natural gas and clean energy, with coal playing a backup role [18] - By 2030, renewable sources are expected to contribute significantly to new electricity generation, while coal will serve as a stabilizing force in the energy mix [19]

Core Points - The article discusses the release of the "Management Measures for Financing Lease Business of Financial Leasing Companies" by the National Financial Supervision Administration, focusing on risk prevention and process standardization [3][54][58] Group 1: Risk Prevention and Process Standardization - The measures emphasize comprehensive due diligence, requiring verification of the ownership and value of leased assets, as well as the creditworthiness of lessees and guarantors to ensure business authenticity and risk control [3][54][56] - A valuation management system must be established, detailing assessment processes and methods, ensuring the independence of evaluation departments and personnel to guarantee objective and fair results [3][55][56] - Strict control over asset pricing is mandated, prohibiting "buying high for low value" practices, with direct leasing referencing actual purchase prices or manufacturer guidance, while sale-leaseback transactions should be based on the lessee's asset book value [3][56][57] Group 2: Core Review Framework and Post-Lease Management - A core review framework must be constructed, focusing on the analysis of leased assets and lessees, assessing business feasibility in conjunction with policy and market factors, and generating risk reports [3][56][57] - Post-lease management mechanisms should be improved, combining off-site monitoring and on-site inspections to track the status of leased assets and lessee compliance, establishing a risk warning system [3][56][57] - Asset quality classification must be standardized, following commercial bank standards, and lease receivables should be classified based on expected credit loss principles [3][56][57]

行业点评 | 多元金融 融资租赁业务管理办法印发，推动金租行业高质量发展 证券研究报告 2025 年 12 月 07 日 事件：12 月 5 日，金管局发布了《金融租赁公司融资租赁业务管理办法》（以 下简称《办法》）。《办法》的出台是在 2024 年 9 月发布的《金融租赁公司管 理办法》的基础上，对金租各项业务经营行为进行的进一步规范，有助于引 导金融租赁公司更好地发挥"融资+融物"的作用，在服务实体经济和国家 战略等方面展现价值。 修订后的《办法》共八章六十八条，主要内容如下： 1）聚焦主责主业，突出功能定位。《办法》紧密围绕金融租赁公司融资租赁 业务的核心功能与专业特色，坚持以租赁物为业务开展的根本基础，系统梳 理了直接租赁、售后回租等业务各环节的操作标准。根据各项业务类型的实 际特点与运营需求，分别制定了具有针对性和适用性的管理规定；并特别对 厂商租赁模式的尽调调查和合同订立执行进行相关规定。 2）规范业务管理流程，提升运营标准化水平。通过细化金融租赁公司的全 流程操作规范，明确各环节的职责分工与执行标准，进一步落实管理责任。 针对直租、回租等常见的融资租赁方式，明确相关要求，涵盖尽职调查、风 险评价 ...

Core Viewpoint - The new regulations for financial leasing companies aim to enhance their focus on core responsibilities, improve service quality for the real economy, and establish a comprehensive management framework for financing leasing operations [1][4]. Group 1: Regulatory Framework - The newly released "Management Measures for Financial Leasing Companies' Financing Leasing Business" consists of 8 chapters and 68 articles, covering all aspects of the financing leasing process from due diligence to risk management [1][2]. - The regulations will take effect on January 1, 2026, and are designed to guide financial leasing companies in their operations and risk management [1][4]. Group 2: Key Features - The regulations emphasize three main characteristics: focusing on core responsibilities, standardizing business management processes, and strengthening risk prevention measures [2][3]. - The focus on core responsibilities highlights the importance of leasing assets and direct leasing processes while also addressing other business types like sale-leaseback and operational leasing [2][3]. Group 3: Risk Management - The regulations provide detailed operational norms for the entire financing leasing process, categorizing risks such as credit risk, concentration risk, and operational risk, and proposing differentiated management requirements for each [2][3]. - Specific management requirements are outlined for various stages of the leasing process, including due diligence, contract execution, and post-lease management, to ensure compliance and mitigate risks [3]. Group 4: Industry Impact - The introduction of these regulations is seen as a significant step in aligning with the central government's financial work conference directives, aiming to enhance the unique "financing + asset" capabilities of financial leasing companies [3][4]. - The regulations are expected to improve the operational behavior of financial leasing companies, enhance risk management, and elevate the overall quality of financial services [4].

Core Viewpoint - The company, Shanghai Tianchen Co., Ltd., is providing guarantees for its wholly-owned subsidiary, Tianchen Green Energy Technology (Wuhu) Co., Ltd., to facilitate financing lease operations, which is expected to enhance the subsidiary's financing capabilities and support its normal business operations [1][16]. Group 1: Guarantee Overview - The total guarantee amount provided by the company is capped at RMB 150 million, with the specific guarantee for the financing lease not exceeding RMB 15 million [4][11]. - As of the announcement date, the company's total guarantee amount is RMB 849 million, representing 55.04% of the latest audited net assets, with an actual guarantee amount of RMB 225.8 million, accounting for 14.64% of the net assets [2][16]. Group 2: Financing Lease Contract Details - The financing lease contract was signed between Tianchen Green Energy Technology and Hengqin Huatong Financial Leasing Co., Ltd., with a lease term of 5 years starting from October 10, 2025 [3][8]. - The total value of the leased equipment is approximately RMB 71.06 million, with a purchase price of RMB 71 million and estimated interest of RMB 11.13 million at a fixed rate of 5% [7][10]. Group 3: Internal Decision-Making Process - The board of directors approved the guarantee proposal during the 15th meeting of the 11th board on September 26, 2025, and at the first extraordinary shareholders' meeting on October 15, 2025 [4][16]. Group 4: Risk and Creditworthiness - The subsidiary, Tianchen Green Energy Technology, is not classified as a dishonest executor and has a stable business operation with a low debt-to-asset ratio of 13.65% as of 2024 [5][16].

Core Viewpoint - The Financial Regulatory Administration has released the "Management Measures for Financing Leasing Business of Financial Leasing Companies," which aims to regulate the entire process of financing leasing, emphasizing compliance, risk management, and internal controls [1][2]. Group 1: Regulatory Framework - The new measures cover all aspects of financing leasing, including due diligence, approval processes, contract execution, and post-lease management, with specific requirements for each stage [1]. - Compliance with leasing object types is highlighted as a prerequisite for the legality of financing leasing operations [1]. Group 2: Risk Management - The measures establish clear risk management and internal control requirements, addressing credit risk, concentration risk, operational risk, and related party transaction risk [1]. - Financial leasing companies are required to enhance internal controls, internal audits, and management of employee behavior, particularly in key areas of operational leasing asset management and overseas business [1]. Group 3: Sale and Leaseback Business - To regulate sale and leaseback operations, the measures mandate verification of the lessee's ownership of the leased asset and proper valuation management to prevent inflated assessments [2]. - The approval process stipulates that the amount of sale and leaseback financing must not exceed the asset's value, ensuring the authenticity of ownership transfer and the lessee's financing needs [2]. - The measures aim to eliminate the "high valuation, high loan" arbitrage opportunities, ensuring that funds are genuinely used for production and operations rather than being diverted to prohibited areas [2].

Core Viewpoint - The National Financial Regulatory Administration has issued the "Management Measures for Financing Leasing Business of Financial Leasing Companies," effective from January 1, 2026, aimed at regulating the operations of financial leasing companies and enhancing financial service levels [1][2]. Group 1: Regulatory Framework - The new measures focus on various aspects such as due diligence, risk assessment and approval, contract establishment and execution, post-lease management, and internal control to mitigate business risks [1]. - The measures emphasize compliance with the type of leased assets as a prerequisite for financing leasing business [1]. Group 2: Business Operations - Financing leasing is the primary business of financial leasing companies, categorized into direct leasing and sale-leaseback transactions [1]. - The measures aim to guide financial leasing companies to align closely with enterprise equipment asset needs, thereby fostering a financial service model with distinct industrial characteristics [1]. Group 3: Market Trends - Regulatory authorities have been encouraging financial leasing companies to increase the proportion of direct leasing business [2]. - As of the end of 2024, the balance of direct leasing assets for financial leasing companies is projected to reach 640.54 billion, reflecting a year-on-year growth of 52.73% [2]. - In 2024, direct leasing investments are expected to total 352.30 billion, accounting for 19.56% of the total investment [2].