融资租赁扮演着实体产业与资本市场间的桥梁角色，近年来在外资引进领域体现出其独特的价值。随着中国金融业的进一步开放，外资机构借助融资租赁渠 道参与国内产业升级的需求愈发强烈，如何构建一条高效的引入外资渠道已成为融资租赁行业发展的核心课题。 外资进入我国融资租赁市场的主要途径包括： 1. 跨境资产证券化 国际投资者可以通过购买租赁资产支持证券（ABS）来进行间接投资。2023年上半年，上海自贸区发行了首单由外资机构主导的飞机租赁ABS，募资规模达 到32亿元，底层数据由6架宽体客机构成，并获得了国际评级机构的AAA信用评级。此模式既迎合了外资对标准化金融产品的偏好，也有效地分散了租赁资 产的风险。 1. QFLP（合格境外有限合伙人）试点 海南自贸港首先针对融资租赁推出了QFLP政策，允许外资机构以有限合伙人的身份参与到人民币基金的设立中。某欧洲养老基金通过这一渠道成功投资了 15亿元人民币，参与海上风电设备租赁项目，年化收益高达8.7%，比欧洲本土同类投资高出240个基点。 1. 跨境人民币双向资金池 跨国企业集团可以通过设立跨境资金池来实现境内外资金的统筹。某德资汽车集团在华的融资租赁公司利用这一工具，将德国 ...

Core Insights - The Beijing Financial Assets Exchange released the annual report for non-financial corporate debt financing tools for 2024 and the first quarter financial statements for 2025 [1][2] Group 1: Issuing Enterprises - A total of 2,533 issuing enterprises disclosed their 2024 annual reports to all interbank market institutional investors, while 509 enterprises provided targeted disclosures [1] - For the first quarter of 2025, 2,491 issuing enterprises disclosed their financial statements to all interbank market institutional investors, with 75 enterprises providing targeted disclosures [1] Group 2: Credit Enhancement Institutions - 83 credit enhancement institutions disclosed their 2024 annual reports to all interbank market institutional investors, and 55 institutions provided targeted disclosures [2] - For the first quarter of 2025, 77 credit enhancement institutions disclosed their financial statements to all interbank market institutional investors, with 4 institutions providing targeted disclosures [2]

Core Viewpoint - Shandong Financial Asset Management Co., Ltd. (Shandong Jinzi) reported a significant decline in revenue and net profit for the year 2024, indicating challenges in its core business segments due to macroeconomic factors and increased competition [1][2]. Financial Performance - In 2024, Shandong Jinzi achieved an operating income of 2.147 billion yuan, a decrease of 45% year-on-year, and a net profit of 1.697 billion yuan, down 21% from the previous year [1]. - The revenue from the three main business segments—non-performing assets, comprehensive financial services, and asset management—declined by 34.76%, 32.86%, and 52.93%, respectively [1][2]. Business Segment Analysis - The non-performing assets segment's revenue drop of 34.76% was attributed to increased difficulty in asset disposal and declining disposal yields due to intensified industry competition [2]. - The comprehensive financial services segment saw a 32.86% revenue reduction, primarily due to a focus on non-performing asset operations and a decrease in project yields resulting from national interest rate cuts [2]. - The asset management segment's revenue fell by 52.93%, mainly due to declining yields from certain non-performing asset funds and debt funds [2]. Impairment and Credit Losses - The fair value change loss was reported at -746 million yuan for 2024, an increase of 36.88% compared to -545 million yuan in 2023, reflecting a strategy to tighten asset quality [2][4]. - The comprehensive financial services business experienced a dramatic increase in credit impairment losses, with a 1768% rise in 2023 compared to 2022 [4]. Investment and Risk Management - As of September 2024, four out of the five largest investments in the comprehensive financial services business were in entrusted loans, totaling 2 billion yuan [2]. - The company has been tightening its business entry rules and controlling the scale of new business in response to macroeconomic downturns and credit risk exposure [4]. Historical Revenue Trends - Revenue from the comprehensive financial services business from 2021 to 2024 showed a downward trend, with figures of 577 million yuan, 333 million yuan, 283 million yuan, and 190 million yuan, respectively [5].

Group 1 - The core viewpoint of the article is the release of the "Implementation Plan for Promoting High-Quality Development of the Private Economy in Zhengzhou" which emphasizes the need for enhanced project financing data sharing [1] - The plan aims to deepen the coordination mechanism for supporting financing for small and micro enterprises, leveraging the "Zhenghao Rong" platform for financing [1] - It includes policies to extend the term of working capital loans and expand the no-repayment renewal loan policy [1] Group 2 - The initiative encourages government financing guarantee institutions to increase the proportion of financing guarantee services for private enterprises [1] - It proposes to improve the long-term input mechanism for technology loan risk compensation and optimize financing guarantee services for private technology enterprises [1] - The plan supports eligible private enterprises to implement equity financing through initial public offerings and refinancing [1] Group 3 - The "Thousand Enterprises Wings" action plan will be implemented to strengthen the resource pool for companies preparing for listing [1] - The plan encourages qualified private enterprises to go public [1]

Table_First|Table_Summary 固收定期研究 2025 年 5 月 11 日 【华福固收】 AIC 扩容的影响和机会 ➢ AIC扩容的影响和机会 ➢ 金融债 二永债方面，目前短端品种表现更优，且短期内仍有一定的下行空间，国股行二永债流 动性更好，有"类利率"的交易属性，可以在当前行情中博弈相关投资机会，5Y及以内 的国股行二永债可以直接找凸点交易；对于想提前关注长端二永的机构来说，部分流动 性较强的如9-10Y高等级二永可按照每调买机进行适度参与。配置角度来看，票息策略 仍占优，对于负债端稳定的机构来说，可以在头部城农商行二永债中适当下沉，目前隐 含评级AA+的4-5Y二永债的信用利差分别为38.35BP和42.90BP，较同期限AAA-二永债的 利差分别高出5.27BP和5.07BP，有一定的配置优势。 2025年5月7日，兴业银行获国家金融监督管理总局批准筹建兴银金融资产投资有限公 司，注册资本100亿元，为兴业银行的全资子公司。兴银金融资产投资有限公司顺利开 业后，将成为首家由股份行持牌的金融资产投资公司（AIC），也将打破当前"五大AIC" 的行业格局成为我国第六家金融AIC。次日 ...

Core Viewpoint - Shenzhen has officially proposed the establishment of an "Industrial Financial Center" in its government work report, with the release of the "Action Plan" outlining 20 measures to achieve this goal by 2026 [1][2]. Group 1: Action Plan Objectives - The main goal of the Action Plan is to fully implement the capital market's role in supporting high-quality economic development by 2026, focusing on creating a high-quality capital market that meets innovative capital aggregation needs [2]. Group 2: Capital Formation Mechanism - The Action Plan emphasizes the need to embrace new productive forces and establish a first-class innovative capital formation mechanism, encouraging state-owned and government investment funds to act as long-term, patient, and bold capital [3]. - Shenzhen is the first in the country to propose "bold capital," allowing for a maximum loss of 100% for qualifying projects to ease the assessment of state-owned funds [3]. Group 3: Bond Market Development - The Action Plan includes improving the bond financing service system, supporting high-tech and innovative enterprises in bond financing, and promoting the issuance of technology innovation bonds [3]. - Two Shenzhen companies are among the first to issue technology innovation bonds, with a total of 20 million yuan planned [3]. Group 4: Attracting Long-term Capital - The Action Plan aims to attract long-term capital into the market by promoting insurance funds to invest in private equity and venture capital funds [4]. - Shenzhen has introduced significant funds, including a 5.1 billion yuan special fund for technology innovation [4]. Group 5: Enhancing Listing Quality - To improve the quality of listed companies, the Action Plan proposes measures such as enhancing regulatory mechanisms and ensuring strict oversight of major shareholders and executives [6]. - Shenzhen currently has 584 listed companies with a total market capitalization of approximately 8.61 trillion yuan [6]. Group 6: Mergers and Acquisitions - The Action Plan encourages listed companies to engage in mergers and acquisitions to strengthen industry integration and create leading enterprises [7]. - Shenzhen has previously introduced supportive measures for mergers and acquisitions, with a resource pool of 425 potential acquisition targets [7]. Group 7: Capital Market Ecosystem - The Action Plan aims to build a multi-tiered capital market ecosystem, enhancing the service capabilities of Shenzhen's stock exchange and regional equity markets [8]. - The "Specialized, Refined, Characteristic, and Innovative" board has been established, with 301 companies listed, 80.73% of which are small and medium-sized enterprises [8]. Group 8: Cross-border Financial Cooperation - The Action Plan emphasizes deepening cross-border financial cooperation, including enhancing connectivity between Shenzhen and Hong Kong stock exchanges [8]. - Since the launch of the "Cross-border Wealth Management Connect" 2.0, Shenzhen has seen significant growth in personal investors and cross-border transactions [9].

随着光伏产业进入调整期，影响也在向融资租赁行业传导。 《中国经营报》记者注意到，进入4月，已经有两家光伏企业申请破产。其中，涉及多家金融租赁及融 资租赁公司与之合作。对于企业进入破产司法程序，租赁公司如何针对行业变化进行业务调整，成为近 期业内关注焦点。 一家与上述破产企业合作的融资租赁公司负责人告诉《中国经营报》记者，目前，正在解除融资租赁合 同，收回租赁物，并就已到期的租金申报债权。 除了金租公司和融资租赁公司出现合作方破产情况，近年来租赁行业在光伏产业也陷入"价格战"，急需 进行业务模式的调整。如何做好业务风控与产业调整，租赁公司也需要应对光伏行业阵痛带来的挑战。 压力传至租赁端 近期，太一光伏科技（常州）有限公司（以下简称"太一光伏"）被昆山天洋新材料有限公司以其无法清 偿临期债务及相关利息为案由申请破产，案件由江苏省常州市金坛区人民法院正式裁定受理，太一光伏 自此进入破产倒计时。 德才光伏成立于2015年，注册资本为1000万元，主营光伏电站投资、建设及运营，业务聚焦河南、湖北 等中东部地区。近两年，公司由于资金链紧张，深陷诉讼泥潭，于2024年7月至今被浙江省杭州市中级 人民法院列入"失信被执行人 ...

Core Viewpoint - Lionbridge Leasing (China) Co., Ltd. has achieved breakthroughs in compliance development and service innovation in the commercial vehicle financing leasing sector, attracting industry attention [1] Group 1: Business Model and Strategy - The company has established a "vehicle finance + vehicle service" dual-driven model focusing on the entire lifecycle of commercial vehicles [3] - Lionbridge emphasizes a strategy of "serving small and micro enterprises, rooted in the real economy," with a focus on expanding into emerging fields such as new energy commercial vehicles and intelligent networking [3] Group 2: Technological Empowerment - Continuous investment in technology has been made to address traditional financing leasing pain points, including the development of the "Beidou Zhiyun" system for real-time vehicle monitoring and risk assessment [4] - The application of big data to construct user credit profiles has reduced approval time for small and micro customers to 2 hours, maintaining a non-performing loan rate below the industry average [4] Group 3: Compliance and Industry Standards - The company has proactively optimized its business model in response to regulatory requirements, including a reduction in the proportion of credit-like businesses and a focus on actual control of leasing assets [4] - Lionbridge participated in drafting the "Green Leasing Business Guidelines for Financing Leasing Companies," promoting standardization in new energy commercial vehicle leasing [4] Group 4: Market Position and Achievements - The company has served over 400,000 individual drivers in its commercial vehicle financing leasing business, maintaining a leading asset scale in the industry [4] - Lionbridge has been recognized as a "benchmark enterprise for high-quality development" in China's financing leasing sector for two consecutive years, with its regulatory rating in the top tier [4]

2025 年 3 月 5 日，国家金监总局发布《关于进一步扩大金融资产投资公司股权投资试点的通知》 称"支持符合条件的商业银行发起设立金融资产投资公司"。新建 金融资产投资公司 （简称 " AIC "）再 次成为行业关注焦点。 建信投资目前有 13 个部门 ，分别是研究发展部（金融科技部）、能源基础投资部、战略新兴投资 部、先进制造投资部、特殊资产投资部、金融市场部、投后管理部、风险管理部、法律合规部（审计 部）、财务会计部、人力资源部（党委组织部）、综合管理部（党委办公室、党委宣传部）和纪委办公 室，并有一家子公司——建信金投私募基金管理（北京）有限公司。 建信投资组织架构图如下 ： 截至目前我国共有 五家 AIC ，分别是工商银行投资的工银金融资产投资有限公司（简称"工银投 资"）、建设银行投资的建信金融资产投资有限公司（简称"建信投资"）、 农业银行 投资的农银金融资 产投资有限公司（简称"农银投资"）、中国银行投资的中银金融资产投资有限公司（简称"中银投资"） 和 交通银行 投资的交银金融资产投资有限公司（简称"交银投资"）。 | 单位:亿元 | 注册地址 | 成立时间 | 注册资本 | 资产总额 | ...

Financial Data and Key Metrics Changes - Consolidated operating income decreased to $1,400,000 in Q1 2025 from $2,600,000 in Q1 2024 [7] - Adjusted EBITDA was $1,800,000 compared to $2,900,000 in the prior year period [12] - Net income was $1,100,000 or $0.03 per diluted share, down from $1,800,000 or $0.05 per diluted share in Q1 2024 [12] - Free cash flow exceeded $1,500,000, providing resources for growth initiatives [4] Business Line Data and Key Metrics Changes - Industrial Assets Division reported operating income of $1,000,000 in Q1 2025, up from $800,000 in the prior year [7] - Financial Assets Division's operating income decreased to $1,700,000 in Q1 2025 from $2,900,000 in Q1 2024 [7] - The auction business within the Industrial Assets Division saw increased activity, while the appraisal business underperformed by approximately $300,000 to $400,000 [8][10] Market Data and Key Metrics Changes - There is a noted increase in corporate bankruptcy filings, with more Chapter 11 filings converting to Chapter 7 liquidations, which increases demand for auctioneer services [5] - Financial asset sellers are moving quickly to recapture values on nonperforming loans, with consumer debt remaining at record levels [5][11] Company Strategy and Development Direction - The company is focusing on both organic growth and M&A initiatives, with a strong emphasis on maintaining a robust cash position [4][13] - The management believes that the supply of assets is growing while demand for quality used and refurbished industrial assets is increasing [15][16] - The company is exploring opportunities in both financial and industrial sectors without favoritism, aiming to expand market share and enter new loan types [37] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the momentum built in the latter half of Q1 2025, expecting this trend to continue into Q2 and beyond [5][14] - The geopolitical landscape has created a sense of urgency among asset-based lenders to ensure strong cash positions [5] - The management is confident in the company's ability to transition from steady profits to growing profits [16] Other Important Information - The company repurchased approximately 500,000 shares in the open market during Q1 2025 [12] - As of March 31, 2025, stockholders' equity was $65,400,000, reflecting a slight increase from $65,200,000 at the end of 2024 [12] Q&A Session Summary Question: Insights on the financial assets business and market trends - Management noted that the initial slow start was due to a "wait and see" sentiment, but activity picked up significantly in the latter half of Q1 [19][20] Question: Anticipated growth in the financial assets business - Management indicated that while pricing has stabilized, there is a growth trajectory expected due to high levels of consumer debt [22][23] Question: Status of the loan book and non-accrual lending - The gross loans outstanding were reported at just over $29,000,000, with cash inflows being observed due to reduced funding [25] Question: Performance and sustainability of NLEX - NLEX performance was high during the pandemic but has normalized; management believes there is still significant volume to process [35][36] Question: Growth opportunities in specific sectors - Management is exploring growth in both financial and industrial sectors, including expanding into new types of loans and international markets [37]