Report Industry Investment Rating No relevant information provided. Core Viewpoints - After the Fed cut interest rates in September, the U.S. Treasury yields have risen for two consecutive weeks. The better - than - expected economic growth and employment data have reduced the need for the Fed to cut interest rates significantly and decreased market expectations for subsequent rate cuts, pushing up the U.S. Treasury yields [1][2]. - The negotiation deadlock between the Republican and Democratic parties over the government financing legislation draft may lead to a U.S. government shutdown in October. However, the market has largely priced in this situation, and the impact on the bond market is expected to be minor [1][3]. - Although the U.S. dollar risk - free rate continued to rise last week, Chinese - funded U.S. dollar bonds were still supported by the narrowing spread and showed general stability. In the on - shore market, due to the approaching National Day holiday and the end of the quarter, the pressure on inter - bank liquidity increased, pushing up short - term interest rates. After the National Day holiday, the pressure on inter - bank funds is expected to ease, which will drive down short - term Treasury yields [1][3][4]. Summary by Related Catalogs Offshore Market - Last week, there were 6 new issuances of Chinese - funded U.S. dollar bonds exceeding $100 million, totaling approximately $1.4 billion, mainly financial bonds and urban investment bonds. Offshore RMB bonds had new issuances of about RMB 61 billion, mainly driven by the issuance of RMB 60 billion central bank bills by the People's Bank of China [2]. - The 10 - year and 2 - year U.S. Treasury yields rose 5 and 7 basis points respectively to 4.18% and 3.64% last week. The U.S. second - quarter real GDP annualized quarterly - on - quarter final value increased by 3.8%, the fastest growth rate in nearly two years. As of the week ending September 20, the number of initial jobless claims in the U.S. decreased by 14,000 to 218,000, the lowest level since July [2]. - The Bloomberg Barclays Chinese - funded U.S. dollar bond total return index fell slightly by 0.1% last week, with the spread narrowing by 2 basis points. Among them, the high - rating index fell 0.1%, and the spread narrowed by 3 basis points; the high - yield index remained flat, and the spread was basically unchanged [3]. On - shore Market - Last week, the People's Bank of China net - withdrew short - term liquidity of RMB 822.3 billion through reverse repurchase maturities and net - injected long - term funds of RMB 30 billion through MLF renewals. The 7 - day deposit - type institutional pledged repurchase weighted average rate and the 7 - day inter - bank pledged repurchase weighted average rate rose 5 and 12 basis points respectively to 1.56% and 1.64%. The 3 - year and 10 - year Treasury yields rose 2 basis points and remained flat respectively at 1.54% and 1.88% [4]. Recent New Issuances of Chinese - funded U.S. dollar Bonds - Newly issued bonds include those from companies such as New Metro Global Limited, Longkou Urban Construction Investment and Development Co., Ltd., and Ping An Insurance Overseas (Holding) Company Limited, with different coupon rates, issuance amounts, and ratings [6]. Appendix: List of Chinese - funded U.S. dollar Bonds - The appendix provides detailed information on a large number of Chinese - funded U.S. dollar bonds, including issuers, guarantors, coupon rates, issuance amounts, prices, ratings, etc. The issuers cover banks, state - owned enterprises, and urban investment companies [18][20].

格隆汇9月29日丨友联国际教育租赁(01563.HK)发布公告，2025年9月29日，出租人(即友联国际融资租 赁(深圳)有限公司，公司的全资附属公司)拟与承租人(即龙口安泰物流有限公司)订立融资租赁协议，据 此(i)出租人同意以代价人民币1700万元向承租人购买租赁资产；及(ii)出租人同意向承租人出租租赁资 产，租期为三十六个月，租赁总额约为人民币1847.1万元，即租赁本金及租赁利息的总和。租赁资产包 括承租人的物流和品质控制设备。 ...

Core Viewpoint - The company has entered into three financing lease agreements with Xinjiang Petroleum Energy Service Co., Ltd., which are expected to generate revenue and profit over the lease terms, aligning with the company's business development strategy [1][2]. Group 1: Financing Lease Agreements - On September 26, 2025, the company signed Financing Lease Agreement I, involving the purchase of leasing asset I for RMB 16 million, with a total lease payment of approximately RMB 17.0664 million over a 36-month period [1]. - Financing Lease Agreement II was also signed on the same date, with the company purchasing leasing asset II for RMB 25 million, resulting in a total lease payment of approximately RMB 26.6662 million over 36 months [1]. - Financing Lease Agreement III was established on September 26, 2025, with the company acquiring leasing asset III for RMB 29 million, leading to a total lease payment of approximately RMB 30.9328 million over 36 months [2]. Group 2: Asset Details - Leasing asset I consists of oil extraction equipment such as mud pumps, with a book value of approximately RMB 16.0274 million [2]. - Leasing asset II includes variable frequency drive drilling rigs, with a book value of approximately RMB 25.8396 million [2]. - Leasing asset III comprises top drives, with a book value of approximately RMB 29.0124 million [2]. Group 3: Management Perspective - The board believes that the financing lease agreements will provide income and profit during the lease terms, and they are based on normal commercial terms, deemed fair and reasonable for the company and its shareholders [2].

Group 1 - The core point of the article is that XunDa (SZ 300518) held its 31st meeting of the 5th board of directors on September 26, 2025, to discuss changes in its business scope and amendments to the company’s articles of association [1] - For the year 2024, XunDa's revenue composition is as follows: 91.79% from the internet industry, 7.12% from leasing, and 1.09% from the new energy sector [1] - As of the time of reporting, XunDa has a market capitalization of 2.6 billion yuan [1]

Core Viewpoint - Zhongguancun Science and Technology Leasing (01601) has entered into a financing lease agreement with Shanxi Zhongxing Technology Co., Ltd., involving the acquisition and leasing back of monitoring system equipment for a total consideration of approximately RMB 48 million and a lease payment of about RMB 49.33 million over a 12-month period [1] Group 1 - The company will purchase leasing assets IV from the lessee for RMB 48 million [1] - The total lease payment for the 12-month period is approximately RMB 49.33 million [1] - The leased asset IV consists of monitoring system equipment [1]

智通财经APP讯，中关村科技租赁(01601)发布公告，于2025年9月24日，公司作为出租人与承租人(江西 金铂铼资源循环新技术有限公司)订立融资租赁协议II，据此，出租人将购入承租人自有租赁资产II，转 让价款为人民币2500万元;及出租人将租赁资产II租回给承租人，租赁期为60个月，总租赁款项约为人民 币2974.215万元。租赁资产II为危废处置设备。 ...

Core Viewpoint - China has become the world's second-largest leasing market, but there is a significant gap in penetration rates compared to mature markets, indicating substantial development potential and a need for a transition to high-quality growth [1] Group 1: Industry Trends - The leasing industry in China is shifting from a focus on scale to prioritizing quality as regulatory oversight moves to a unified approach under the National Financial Regulatory Administration [1] - There is a trend towards unified regulation of financial leasing, commercial leasing, domestic and foreign capital, leading the industry back to its fundamental essence [1] - The market share of financial leasing companies continues to rise, accelerating the concentration of resources and clients towards leading firms within the industry [1] Group 2: Operational Challenges - Rising costs and declining gross margins in the leasing industry are pressuring companies to enhance operational efficiency and management capabilities [1] - There is an increasing differentiation within the industry, with future resources concentrating towards leading enterprises, regions, and assets [1] Group 3: Internationalization and Transformation - Cross-border leasing and specialized subsidiaries are becoming core pathways for internationalization, expanding overseas markets and asset allocation [1] - Some companies are actively exploring the transformation of operational leasing, shifting their strategic positioning from financial intermediaries to industry service experts [1] Group 4: Financial Dynamics - The ongoing decline in interest rates and narrowing interest spreads are continuously compressing profit margins, driving upgrades in risk pricing and asset-liability management capabilities [1] - The implementation of policies allowing data assets to be "on the books" is promoting the extraction of data value and enabling digital transformation through technology [1]

Company Overview - Hainan Huatie is primarily engaged in equipment leasing, with three main business segments: aerial work platform leasing, construction support equipment leasing, and underground maintenance services [2] - The company's revenue composition is as follows: operating leasing and services account for 98.93%, other (supplementary) 0.70%, and processing and sales 0.37% [2] - As of June 30, 2025, Hainan Huatie had 224,900 shareholders, an increase of 5.51% from the previous period, with an average of 8,849 circulating shares per shareholder, a decrease of 5.20% [2] Financial Performance - For the first half of 2025, Hainan Huatie achieved operating revenue of 2.805 billion yuan, representing a year-on-year growth of 18.89%, and a net profit attributable to the parent company of 341 million yuan, up 1.85% year-on-year [2] - The company has distributed a total of 230 million yuan in dividends since its A-share listing, with cumulative distributions of 93.1 million yuan over the past three years [3] Stock Market Activity - On September 23, Hainan Huatie's stock price fell by 2.02% to 9.72 yuan per share, with a trading volume of 169 million yuan and a turnover rate of 0.87%, resulting in a total market capitalization of 19.406 billion yuan [1] - Year-to-date, Hainan Huatie's stock price has increased by 68.90%, but it has seen a decline of 3.86% over the last five trading days, 16.28% over the last 20 days, and 8.95% over the last 60 days [1] - The company has appeared on the "Dragon and Tiger List" 11 times this year, with the most recent appearance on June 26, where it recorded a net purchase of 119 million yuan [1] Shareholder Composition - As of June 30, 2025, the top ten circulating shareholders include Southern CSI 1000 ETF, holding 14.6979 million shares (an increase of 2.9021 million shares), and Hong Kong Central Clearing Limited, holding 12.1043 million shares (a decrease of 1.27739 million shares) [3] - Huaxia CSI 1000 ETF is a new entrant among the top ten shareholders, holding 8.6705 million shares [3]

作为扎根合肥的金融企业，兴泰租赁长期踏实服务区域实体经济，协同华安证券及资管子公司积极构建 多维度的ABS产品矩阵，打通投融资关键环节。本期产品的成功发行，既是兴泰租赁深化知识产权融资 优势、拓展科创企业金融服务的重要实践，也是华安资管在资产证券化领域的专业能力与创新意识的集 中体现。 未来，兴泰租赁将深入推进科创业务转型战略,以创新为核心驱动力持续优化金融服务方案，为中小科 创融资提供更优质高效的服务。华安证券与华安资管将始终坚守金融服务实体经济的初心使命，以"做 好金融五篇大文章"为指引，以专业化、综合化的金融服务推动企业成长，坚守服务实体经济的使命， 为区域经济高质量发展不断注入新动能，展现国企金融机构的担当与作为。（CIS） 9月17日，由华安资管担任计划管理人的华安-兴泰租赁-数据资产助力产业园区科创企业知识产权第二 期资产支持专项计划（科技创新）成功簿记。本期专项计划为全国首单数据资产助力产业园区科创企业 知识产权ABS，开创多维度赋能资产证券化新标杆。 本期专项计划发行规模3.21亿元，优先级票面利率1.86%，创全国知识产权ABS历史最低利率。产品受 到市场广泛关注和投资者踊跃认购，共计为20 ...

Core Viewpoint - A new individual business named "Mulin Senlin Waterline" has been established in Wutongqiao District, Leshan City, with a registered capital of 10,000 RMB, focusing on various services including food sales and information technology consulting [1] Company Summary - The legal representative of the newly established business is Bai Qiao [1] - The registered capital of the business is 10,000 RMB [1] - The business scope includes general projects such as food sales (only pre-packaged food), information technology consulting services, sales of gas and liquid separation and purification equipment, home appliance sales, and leasing services (excluding licensed leasing services) [1] Industry Summary - The business is permitted to engage in the sale of drinking water made on-site [1] - The operation of licensed projects requires approval from relevant authorities before commencement, with specific business activities subject to the approval documents or permits from the relevant departments [1]