Core Viewpoint - China Chengtong Development Group (00217) has announced a sale and leaseback agreement with Xinjiang Huadian New Energy, involving the purchase and leasing back of photovoltaic panels, expected to generate approximately RMB 730,000 (around HKD 800,000) in income from leasing interest [1] Group 1 - The sale and leaseback agreement is set to take place on November 13, 2025 [1] - The leasing period is for 2 years, with the option for early termination based on the terms of the agreement [1] - The arrangement is part of the general and daily business operations of Chengtong Financing Leasing [1]

Core Viewpoint - The company is expanding its focus from the domestic market to the global market, emphasizing the importance of international vision for successful enterprises in China [1][3] Group 1: Strategic Initiatives - The company is exploring innovative cross-border business models while deepening its domestic market presence [1] - By studying international best practices and adapting them to China's industrial realities, the company aims to optimize and innovate its established domestic business models [3] - The strategic layout reflects the company's forward-looking development vision and its commitment to acting as a "connector" in the new development landscape [3] Group 2: Industry Impact - The company's exploration provides valuable practical references for the Chinese financing leasing industry to engage in international cooperation and competition [3] - The focus on cross-border logistics and equipment import-export financial service opportunities aims to facilitate efficient connections between domestic clients and international markets [3]

Core Conclusion - Far East Horizon Limited, listed on the Hong Kong Stock Exchange in 2011, has evolved into a comprehensive group with financial services as its "shield" and industrial operations as its "spear" [1] - The company's subsidiary, Hongxin Jianda, successfully listed on the Hong Kong Stock Exchange in 2023, becoming China's largest equipment operation service provider [1] - The company is optimistic about its stable leasing investment and decreasing cost of liabilities, as well as the net profit expansion of its industrial operations under its overseas strategy, initiating coverage with a "Buy" rating [1] Business Segments - Far East Horizon's main business encompasses two segments: financial services and industrial operations, with financial services centered on leasing and diversified innovative financial services [1] - The industrial operations segment includes equipment operations led by Hongxin Jianda and hospital operations led by Hongxin Health [1] - The revenue structure shows a rapid increase in the share of industrial operations, projected to account for 42.71% of total revenue in 2024, up 4.03 percentage points year-on-year, reflecting the effectiveness of the "finance + industry" dual-driven development strategy [1] Financial Services - The financial services segment has maintained stable growth in interest-earning assets while enhancing compliance and risk control measures [1] - The expansion of inclusive finance and the decline in cost of liabilities are expected to further widen the interest margin [1] Industrial Operations - The industrial operations segment integrates industry and finance, leveraging resource and business synergies [1] - Hongxin Jianda is actively pursuing overseas business expansion, achieving steady revenue growth, while Hongxin Health has established 26 private hospitals focusing on under-resourced third and fourth-tier cities, creating a unique hospital network [1] Asset Quality and Risk Management - The company has optimized its asset structure, leading to significant improvements in asset quality while maintaining stability [2] - A prudent project investment strategy has been implemented to strictly control the quality of new business and reduce the scale of urban public projects, effectively controlling the generation of non-performing assets [2] - The non-performing asset formation rates for 2023-2025H are projected at 0.50%, 0.43%, and 0.23%, with non-performing asset provision coverage ratios at 240%, 228%, and 227% respectively [2]

今日之融资租赁，早已不能是简单的"租设备"和"类信贷"，而是新质生产力发展的"价值伙伴"。它的价 值回归，是金融服务向实体经济本源的致敬；它的价值重估，是市场对其产业赋能能力的再认知。 如何让更多企业重新发现融资租赁的独特优势？如何让更多资源通过融资租赁链接新质生产力赛道？如 何让租赁转型恰好适配新质产业需求？第一财经携手上海交易集团为融资租赁与新质产业，倾力搭建全 生态产融圈层，利用主流价值之声，让公众市场重新发现"融资租赁"的内涵及价值。 "2025（首届）租赁业产融生态大会"，已邀请监管机构、经济学家、金融基础设施、中国主流融资租赁 机构、全球知名新质企业、国内头部产业协会等，共同呈现一场推进中国融资租赁高质量转型发展、构 建产业金融生态圈的国际化论坛。 时间： 2025年11月25日 地点： 上海外滩茂悦大酒店 论坛议程·上午场 本次大会聚焦"新质"发展，从人工智能制造对传统行业智慧升级，到新能源产业的规模化布局，再到低 空经济场景研判，不仅谈"融资、融物"，更要谈"融智、融伴"，不仅要同业交流，更要跨行业互动，让 融资租赁不再局限于"资金融通"，更能延伸至"产业金融"的深层维度，成为新质生产力成长阶 ...

今日之融资租赁，早已不能是简单的"租设备"和"类信贷"，而是新质生产力发展的 "价值伙伴" 。它的 价值回归，是金融服务向实体经济本源的致敬；它的价值重估，是市场对其产业赋能能力的再认知。 如何让更多企业重新发现融资租赁的独特优势？如何让更多资源通过融资租赁链接新质生产力赛道？ 如何让租赁转型恰好适配新质产业需求？ 第一财经携手上海交易集团为融资租赁与新质产业，倾力搭 建全生态产融圈层，利用主流价值之声，让公众市场重新发现"融资租赁"的内涵及价值。 "2025（首届）租赁业产融生态大会"，已邀请监管机构、经济学家、金融基础设施、中国主流融资租 赁机构、全球知名新质企业、国内头部产业协会等，共同呈现一场推进中国融资租赁高质量转型发 展、构建产业金融生态圈的国际化论坛。 本次大会 聚焦"新质"发展 ，从人工智能制造对传统行业智慧升级，到新能源产业的规模化布局，再到 低空经济场景研判，不仅谈"融资、融物"，更要谈"融智、融伴"，不仅要同业交流，更要跨行业互 动，让融资租赁不再局限于"资金融通"，更能延伸至 "产业金融" 的深层维度，成为新质生产力成长阶 段的 "孵化器" ，让每一个创新火种都能借助"融资租赁"的力量 ...

Group 1: Fixed Income Market Outlook - The 2026 outlook indicates significant pressure for banks to realize floating profits, while insurance companies will continue to rebalance between equities and bonds supported by premium growth [6][7] - Brokerages are expected to increase their allocation to interest rate bonds and enhance returns through various tools [6][10] - Asset management products will see a slowdown in growth rates post-net worth transformation, with funds facing impacts from declining yields and new redemption regulations [6][11] Group 2: Far East Horizon (03360.HK) - Far East Horizon has evolved into a comprehensive group with financial services as its shield and industrial operations as its spear, being the first listed financing leasing company in China [15][16] - The company is expected to maintain stable leasing volumes and benefit from a decrease in funding costs, alongside profit expansion in its industrial operations due to its overseas strategy [15][16] - The revenue structure is shifting, with the industrial operations segment projected to account for 42.71% of total revenue by 2024, reflecting the effectiveness of its dual-driven strategy [16] Group 3: Beautycounter (300957.SZ) - The company is undergoing operational adjustments, focusing on channel optimization and product concentration, with expectations of returning to stable growth by 2026 [19][20] - Revenue for the first three quarters of 2025 was 3.464 billion yuan, a year-on-year decrease of 13.78%, but showing signs of improvement due to strategic adjustments [19][20] - The company anticipates earnings per share (EPS) of 1.02, 1.22, and 1.43 yuan for 2025, 2026, and 2027 respectively, maintaining a "buy" rating [20] Group 4: Top Group (601689.SH) - The company achieved a revenue of 20.9 billion yuan in the first three quarters of 2025, with a year-on-year growth of 8.1%, while net profit decreased by 12% [22][23] - Revenue projections for 2025-2027 are 29.9 billion, 36.5 billion, and 43.1 billion yuan, reflecting growth rates of 12%, 22%, and 18% respectively [24] - The company is expanding its international presence and developing new products in robotics and AI liquid cooling servers, with significant orders already secured [24]

Core Viewpoint - The development of green leasing is gaining momentum across the country, driven by the dual carbon goals and the need to support the real economy and promote industrial upgrades [1] Policy Framework - The "14th Five-Year Plan" emphasizes the importance of green development, aiming to integrate carbon peak and carbon neutrality goals with pollution reduction and ecological safety [1] - The central government has outlined a clear roadmap for green financing, including green equity financing and leasing, as key areas for financial tool development [3][4] Industry Trends - Green leasing is becoming a core engine for industry transformation, with total assets in the sector expected to exceed 1 trillion yuan by the end of 2024, up from less than 500 billion yuan in 2020 [4] - Financial leasing companies are expanding their service offerings beyond traditional renewable energy to include sectors like energy storage and green shipping [4] Financial Support - A significant investment of 1.7 billion yuan from Guoyin Financial Leasing is alleviating the financial burden on companies involved in energy transition projects in Inner Mongolia [2] - The financial leasing sector is encouraged to enhance its green financing capabilities, with a target for green leasing assets to account for over 30% by 2030 [4] Strategic Alignment - The leasing industry is aligning closely with national strategies, focusing on green low-carbon initiatives and technological innovation [4][5] - Companies like State Grid International Financial Leasing are committed to supporting the green transition in the energy sector, particularly in hydropower, wind, and solar energy projects [6]

Core Viewpoint - The development of green leasing is gaining momentum across the country, driven by the dual carbon goals and the need to support the real economy while promoting industrial upgrades [1] Group 1: Policy and Framework - The "14th Five-Year Plan" emphasizes the importance of green development, aiming for carbon peak and carbon neutrality, and integrating carbon reduction, pollution reduction, and green growth [1] - The central government has outlined a clear roadmap for green financing, including green equity financing and leasing, as key areas for financial tool development [3] - Recent regulatory frameworks encourage financial leasing companies to engage in green projects, expanding their business scope to include renewable energy and related technologies [3][4] Group 2: Industry Trends and Growth - Green leasing has become a core engine for industry transformation, with total assets in the sector growing from less than 500 billion yuan in 2020 to over 1 trillion yuan by the end of 2024, accounting for nearly one-quarter of the financial leasing industry's total assets [4] - The service ecosystem for green leasing is maturing, expanding from traditional renewable energy to emerging sectors like energy storage and computing power [4] - Financial leasing companies are diversifying their service offerings, including green ship leasing and energy-efficient equipment rentals, to meet the evolving needs of the market [4][5] Group 3: Future Outlook - The industry aims for green leasing assets to exceed 30% of total assets by 2030, reflecting a commitment to supporting green transformation and aligning with national strategic directions [5] - Companies are focusing on enhancing the precision of green financial services and expanding product offerings to cater to diverse financing needs in the green sector [4][5]

此前，"国考报考年龄放宽至38岁"的新闻登上热搜。根据中央机关及其直属机构2026年度考试录用 公务员公告，报考者年龄上限提高到38周岁，应届硕士、博士研究生放宽到43周岁以下。这是国考首次 放宽报考者35岁的年龄限制。 求职市场上，"中年危机""年龄焦虑"一直是困扰劳动者的现实问题。该航空和公务员招考对于年龄 限制的放宽，无疑释放出积极的信号。然而，记者采访发现，目前求职市场上仍存在不少隐性年龄歧视 的现象。对此，专家建议，应从多角度入手，推动反就业年龄歧视"更进一步"。 逐步放宽招聘年龄限制 "此次放宽年龄限制，是为了顺应航空业快速复苏的趋势，满足就业多元化需求。且大龄已婚已育 从业者在客舱中更具备亲和力。"该航空公司招聘负责人公开表示。 "在实际工作中，空乘人员更需要的是应变能力和体力，这些和年龄、婚育情况没有太大关系。"有 航空公司的空乘人员告诉记者。 我国劳动法、就业促进法明确规定，劳动者享有平等就业和选择职业的权利。2024年9月，中共中 央、国务院在相关文件中提出"消除地域、身份、性别、年龄等影响平等就业的不合理限制和就业歧 视"。 记者注意到，在今年国考放宽年龄限制前，已有多地多行业放宽招聘年 ...

Investment Rating - The report initiates coverage on Far East Horizon with an "Accumulate" rating [1][6][19] Core Views - Far East Horizon has evolved from being the first listed financing leasing company in China to a comprehensive group with financial services as its "shield" and industrial operations as its "spear" [1][23] - The company is expected to benefit from stable leasing investment and a decrease in funding costs, alongside profit expansion in its industrial operations due to its overseas strategy [1][19] Summary by Sections Company Overview - Established in 2011, Far East Horizon is the first listed financing leasing company in China, now a comprehensive group integrating financial and industrial services [1][23] - The company has undergone several phases of development, transitioning from a traditional leasing company to a comprehensive service provider [24][25] Financial Performance - The revenue structure is shifting towards industrial operations, which are projected to account for 42.71% of total revenue by 2024, reflecting a 4.03 percentage point increase year-on-year [2] - The company has maintained stable growth in its financial services, with a focus on compliance and risk control, while also expanding its inclusive finance business [2][54] Business Segments - The financial services segment remains the core, with leasing as the primary focus, while the industrial operations segment includes equipment and healthcare services [40] - The equipment operation segment has shown significant growth, with revenue increasing from 1.8 billion in 2018 to 11.6 billion in 2024, reflecting a CAGR of 36.54% [46] Asset Quality - Far East Horizon has improved its asset quality significantly, with non-performing asset formation rates projected to be 0.50%, 0.43%, and 0.23% for 2023, 2024, and 2025H respectively [3][32] - The company has implemented a prudent project investment strategy to control the quality of new business and reduce the scale of urban public projects [3] Profit Forecast and Valuation - The forecasted total revenue for 2025-2027 is 376.10 billion, 375.77 billion, and 384.89 billion respectively, with a slight decline in growth rates expected [15] - The report anticipates a rebound in net profit margins, with projected net profits of 40.51 billion, 42.32 billion, and 44.30 billion for the same period [15][19]