联合资信 金融评级二部|潘岳辰 2025 年保理行业分析 www.lhratings.com 研究报告 1 一、行业运行情况 保理行业短期内发展表现出逆周期特点，企业应收账款规模的加大以及账款回 款周期的放慢加大了保理行业的业务需求，近年来业务增速较快且行业发展仍具备 较大的市场潜力。 保理行业近几年的发展表现出明显的逆周期特点，经济增速放缓，企业应收账款 回收放慢会加大对保理业务等贸易融资工具的需求，随着国内外贸易中赊销结算的日 渐盛行，一方面，收款账期的拖延趋势加剧了企业资金链压力，盘活应收账款的"造 血"需求越加迫切。另一方面，全球经济复苏缓慢，普遍面临的企业经营困难现状也 加大了收款风险，如何评判、管理买方信用，如何及时有效地催收欠款与规避收款风 险，这为专业保理商创造了巨大的业务机会。 根据国家统计局数据，近年来我国工业企业应收账款总额保持较快速度增长， 2022－2024 年末分别为 21.65 万亿元、23.72 万亿元 26.06 万亿元，年复合增长率为 9.71%，应收票据及应收账款的增长与保理业务的快速发展呈同向性；应收账款平均 回收期分别为 52.80 天、60.60 天和 64.10 ...

为推动改革开放、促进经济发展以及区域协同发展，天津自贸区于2015年正式挂牌成立。作为我国北方 首个自贸试验区，天津自贸区依托其独特的区位优势和交通条件，为京津冀一体化和高水平开放提供了 重要支撑。 中国人民银行天津市分行积极发挥金融引领作用，推动天津自贸区在金融开放创新领域取得了一系列突 破性成果。这些成果有效提升了跨境贸易与投融资的便利化水平，为服务京津冀协同发展、助力高水平 对外开放奠定了坚实基础。 十年间，天津自贸区金融改革创新取得了哪些成效？面对当前复杂多变的国内外形势，未来又将有哪些 新作为？近日，《金融时报》记者采访了中国人民银行天津市分行党委书记、行长黄晓龙。 《金融时报》记者：在您看来，金融制度型开放为天津自贸区以及京津冀协同发展带来了哪些独特的发 展定位？ 黄晓龙：建立天津自贸区是党中央、国务院作出的重大决策，是新形势下全面深化改革、扩大开放和加 快推进京津冀协同发展战略的重大举措。自2015年4月21日挂牌以来，天津自贸区围绕服务京津冀协同 发展等重大战略和投资贸易、金融服务等重点领域，推动形成了一大批首创性、引领性制度创新成果， 为全面深化改革和扩大开放探索新途径、积累新经验。 努力将 ...

证券代码：601226 证券简称：华电科工 公告编号：临 2025-029 统 一、 召开会议的基本情况 (一) 股东会类型和届次 (二) 股东会召集人：董事会 华电科工股份有限公司 关于召开2024年年度股东会的通知 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： ? 股东会召开日期：2025年6月19日 ? 本次股东会采用的网络投票系统：上海证券交易所股东大会网络投票系 召开地点：北京市丰台区汽车博物馆东路 6 号华电发展大厦 B 座 11 层 1110 会议室 (五) 网络投票的系统、起止日期和投票时间。 至2025 年 6 月 19 日 采用上海证券交易所网络投票系统，通过交易系统投票平台的投票时间为股 东会召开当日的交易时间段，即 9:15-9:25,9:30-11:30，13:00-15:00；通过互 联网投票平台的投票时间为股东会召开当日的 9:15-15:00。 (六) 融资融券、转融通、约定购回业务账户和沪股通投资者的投票程序 涉及融资融券、转融通业务、约定购回业务相关账户以及沪股通投资者的投 ...

Core Viewpoint - The Tianjin Free Trade Zone (FTZ) has made significant progress in implementing institutional innovations and enhancing its role as a new high ground for institutional openness over the past ten years, contributing substantially to the local economy and aligning with national strategies for reform and opening up [3][4]. Group 1: Institutional Innovations - The Tianjin FTZ has implemented 686 institutional innovation measures, with 49 of these being replicated nationwide, accounting for 14.2% of the total nationwide replication [3]. - The FTZ has established a system that aligns with international trade and investment rules, completing all pilot tasks and being the first to implement five tasks nationally [4]. - The FTZ has created a world-class business environment by implementing "separation of licenses and permits" and "simplified notification and commitment" systems, and has established specialized courts for international commercial trials [4]. Group 2: Financial and Trade Innovations - The FTZ has seen a significant increase in financial innovation, with a cross-border RMB fund pool accumulating nearly 35 billion yuan and a business scale exceeding 1.1 trillion yuan [5]. - The oil and gas trading center has successfully implemented innovative models, with trading volumes surpassing 10 billion yuan [5]. - The FTZ has also enhanced shipping services, obtaining the first local license for bonded fuel oil refueling in northern China, with a total of 262.54 thousand tons of bonded fuel oil refueling completed in 2024 [5]. Group 3: Industrial Empowerment - The FTZ has accelerated the development of new productive forces, with the financing leasing scale reaching 23 trillion yuan, accounting for one-quarter of the national total [6]. - The FTZ has pioneered various "bonded+" businesses, including bonded research and development and bonded maintenance, leading to significant growth in the automotive sector, with parallel imports of cars accounting for 70% of the national total [6]. - The FTZ has also innovated in cross-border e-commerce and established a "green channel" for clinical imported drugs in the biopharmaceutical sector [6]. Group 4: Collaborative Development - The FTZ has enhanced its service capabilities for national strategies, establishing a joint mechanism for administrative services in the Beijing-Tianjin-Hebei region and launching 230 collaborative initiatives [7]. - The FTZ has actively supported the Belt and Road Initiative, becoming a key transportation hub for the China-Europe Railway Express and facilitating overseas engineering exports [7]. - The FTZ has deepened its integration into the global free trade network by establishing strategic cooperation with international free trade zones in the UAE and Singapore [7].

Group 1 - The Tianjin Free Trade Zone has achieved systematic and integrated institutional innovation over the past 10 years, breaking industrial bottlenecks and gathering a number of characteristic industrial clusters [1] - The financial innovation in the Tianjin Free Trade Zone has formed a scale, exploring 40 leasing models including joint leasing, cross-border subleasing, bonded leasing, and offshore leasing, becoming a hub for the commercial factoring industry in China [1] - The bonded maintenance services in the Tianjin Free Trade Zone cover various categories such as aerospace, engineering machinery, and shipbuilding, with innovative policies and business models [1] - The network freight industry has thrived, integrating 4.266 million drivers and 3.925 million vehicles, completing 53.67 million orders and transporting 580 million tons of goods in 2024, with total freight charges exceeding 90 billion yuan [1] - The biopharmaceutical sector has seen innovation breakthroughs, attracting over 200 key biopharmaceutical companies with a production value of nearly 50 billion yuan through various innovative measures [1] Group 2 - The Tianjin Free Trade Zone aims to cultivate new productive forces and address industrial chain challenges, striving to become a model and leader in high-quality development [2]

来源：各地金融监管官网及互联网公开信息 微信公众号【商业保理资讯】 归类整理 财经资讯 ●商务部：推动"三增三减" "真金白银"支持外贸企业 国务院新闻办公室4月28日举行新闻发布会。商务部副部长盛秋平在发布会上介绍，对外贸企业将加 大"真金白银"的支持力度，推动"三增三减"。"三增"就是政府增加财政资金的投入、金融机构增加信贷 支持、保险机构增加内贸险的支持。"三减"就是推动减免困难企业的房屋租金、展位费、流量费，降低 外贸企业内销成本。（新华社） ●1—3月全国发行地方政府债券超2.8万亿元 财政部今天发布2025年3月地方政府债券发行和债务余额情况。1—3月，全国发行地方政府债券28421亿 元。3月地方政府债券平均发行期限17.3年，其中一般债券8.9年，专项债券19.2年；平均发行利率 2.09%，其中一般债券1.91%，专项债券2.14%。截至3月末，地方政府债券剩余平均年限10.0年，其中一 般债券5.9年，专项债券12.2年；平均利率2.99%，其中一般债券3.08%，专项债券2.95%。（财政部） 行业资讯 ●全国首家商业保理行业商事调解组织成立 4月28日下午，上海市浦东新区商同商事调解中 ...

Core Viewpoint - The establishment of the Shanghai Local Financial Dispute Mediation Collaborative Mechanism marks a significant step in optimizing the financial business environment and enhancing investor protection in Shanghai [4][5]. Group 1: Establishment of the Mechanism - The Shanghai Local Financial Dispute Mediation Collaborative Mechanism is the first of its kind in the country, initiated by the Shanghai Financing Leasing Industry Association and supported by various local financial associations [4]. - The mechanism aims to integrate resources and create a professional, efficient, and fair mediation platform to address various challenges faced by the industry [4][5]. Group 2: Benefits of the Mechanism - The mechanism provides a convenient and efficient dispute resolution channel for financial institutions and investors, helping to quickly resolve conflicts and reduce time and economic costs associated with litigation [4][5]. - Compared to traditional judicial litigation and arbitration, the multi-faceted mediation approach is characterized by its efficiency, lower costs, and emphasis on voluntary consensus, which helps maintain long-term cooperative relationships between parties [5]. Group 3: Industry Context - The Shanghai commercial factoring industry, a vital part of the local financial service system, comprises 297 companies with total assets of approximately 1,325 billion and a cumulative new investment of about 3,500 billion in the current year [6]. - The establishment of the Shanghai Pudong New Area Commercial Dispute Mediation Center aims to create a coordinated and efficient mechanism for resolving commercial and financial consumer disputes, thereby protecting the legitimate rights and interests of financial consumers and investors [6].

Group 1 - Huaneng Yuncheng Commercial Factoring (Tianjin) Co., Ltd. has received green loans from Agricultural Bank of China Tianjin Free Trade Zone Branch, marking it as one of the first domestic green loans based on the newly established green factoring evaluation standards [1][2] - The introduction of the new green commercial factoring standards aims to address the challenges in identifying green factoring projects, which have previously hindered both financial institutions and enterprises [1][2] - The new standards were developed with the support of the People's Bank of China Tianjin Branch and the Tianjin Municipal Financial Office, providing a clear direction for the development of factoring business [1][2] Group 2 - The project involves financing for various sectors, including wind and hydropower facility construction and operation, with the Agricultural Bank of China successfully issuing a loan of 60 million yuan, of which nearly 30 million yuan was facilitated through the green factoring evaluation mechanism [2] - The Agricultural Bank of China Tianjin Free Trade Zone Branch has reported a green loan scale exceeding 96 billion yuan as of the end of March, an increase of 7.3 billion yuan since the beginning of the year [2] - Tianjin is recognized as a leading area for the commercial factoring industry in China, with significant asset scale and financing balance in the factoring business [2]

天津自贸试验区挂牌设立十年来，实施686项制度创新举措，49项制度创新成果在全国复制推广。 李文海表示，下一步，天津自贸试验区将在"四个提升"上发力：提升高标准对接国际经贸规则水平，提升高站位服务国家战略水平，提升高质量赋能新质 生产力水平，提升高效能深化管理创新水平。 制度型开放水平不断提升 聚焦贸易、投资、资金流动、交通运输、人员往来自由便利和数据安全有序流动，作为中国改革开放的"试验田"，自贸试验区在推动高水平开放中承担着 重要使命。 天津自贸试验区率先构建与国际经贸规则相衔接的制度体系，作为对接国际高标准推进制度型开放的首批试点，所有试点任务全部完成，5项任务在全国 率先落地，7项"天津经验"入选向全国复制推广经验案例。 李文海介绍，天津自贸试验区自设立以来，坚持以高水平开放为引领，在货物贸易、服务贸易、人员自由流动等方面深入对接CPTPP、DEPA等国际高标 准经贸规则。构建与国际接轨的贸易监管制度，实现货物进口26.55小时通关，效率远高于48小时国际标准；在综保区内设立大型跨境电商平台"退货中心 仓"，将退货平均时间由11天缩短至5天左右。 金融创新是天津自贸试验区的一大特色。十年来，人民银行天 ...

一是创新金融形成规模。探索联合租赁、跨境转租赁、保税租赁、离岸租赁等40个租赁模式，飞机、船 舶、海工平台跨境租赁业务全国占比超70％。首创保理行业标准、创新政策30余项，成为全国商业保理 行业的重要创新策源地、模式输出地和机构聚集地。 二是"保税+"多点开花。保税维修涵盖航空航天、工程机械、船舶等众多品类，成为国内业务模式最丰 富、政策制度创新最多的地区；保税研发首次应用于航空领域，有力推动了国产飞行模拟机研制；国际 航行船舶保税燃料油加注业务落地，天津港配套服务能力大幅提升。 三是网络货运蓬勃发展。打造共享经济企业综合服务系统，累计整合来自全国的司机426.6万名，车辆 392.5万辆，2024年，完成运单5367万单、货运量5.8亿吨，运费总金额超900亿元，并将服务延伸至运输 装备、成品油网络零售、碳资产管理等上下游领域，形成完整的行业生态。 四是生物医药创新突破。实施临床急需进口药品绿色通道试点、进口研发药品白名单制度、境外生物制 品跨境分段生产等创新举措，出台全国首个省级基因和细胞产业促进条例，吸引罗氏制药、瑞普生物等 200余家重点生物医药企业在区内聚集，产值规模近500亿元。 21世纪经济报道 ...