资产风险是新能源汽车租赁企业的另一大困扰。新能源汽车技术更新换代快，车辆贬值速度快，加上日常运营中的损耗，如何保障资产安全、实现资产增值 成为企业的难题。博弈融资租赁专注车辆融资租赁服务，通过科技闭环体系对车辆资产进行全程监控和管理。利用大数据分析车辆的市场价值变化趋势，为 企业提供科学的车辆更新和处置方案，降低资产贬值风险。同时，其自主审核、自主放款的模式，能对承租人的信用状况进行严格评估，减少租赁过程中的 违约风险，保障资产安全。 新能源汽车租赁市场的风险与机遇并存，企业唯有具备强大的风险应对能力，才能在市场中立足并发展。博弈融资租赁以专业的服务和创新的模式，为企业 保驾护航，让更多企业能够在这片充满机遇的市场中大胆探索、稳健发展，共同推动新能源汽车租赁行业走向成熟与繁荣。 在汽车金融行业市场广大但牌照有限的背景下，博弈融资租赁的优势为企业抵御风险增添了砝码。其 "合规牌照 + 科技闭环 + 资源整合" 的模式，形成了强 大的风险防控体系，为合作方构建起一道坚实的 "防火墙"。"打破传统金融枷锁，为实体产业注入'融资 + 运营'活水"，让企业在面对风险时拥有更充足的资 金和运营支持，能够更从容地应对挑战、 ...

Market Overview - In the first seven months of 2025, the issuance scale of Auto-ABS decreased to 107.29 billion yuan, a year-on-year decline of 11.06%[4] - A total of 70 Auto-ABS products were issued, with 49 being exchange-traded ABS, accounting for 54.75% of the total issuance[4] - Credit ABS issuance dropped significantly, with 11 products totaling 36.94 billion yuan, a year-on-year decrease of 48.03%[4] Issuer Concentration - The number of issuers increased slightly, with 41 issuers in total, including 27 financing leasing companies, which surpassed automotive finance companies in issuance scale[6] - The largest issuer, a Ping An financing leasing company, accounted for 22.12% of the total issuance, while the top five issuers collectively held 75.82% of the market[6] Performance Metrics - As of July 2025, the cumulative default rate for Auto-ABS products was low, with financing leasing companies averaging 2.95% and automotive finance companies at 0.63%[12] - The overall cumulative early repayment rate was 7.05%, with automotive finance companies at 7.39% and financing leasing companies at 6.72%[17] Credit Risk Assessment - The credit risk of Auto-ABS products has been decreasing, supported by initial over-collateralization and dual deleveraging effects during the product's lifespan[22] - The majority of Auto-ABS products maintained stable credit performance, with over 90% of projects showing actual cumulative default rates aligning closely with predicted rates[16] Future Outlook - The Auto-ABS issuance scale is expected to face challenges due to ongoing price wars in the automotive industry and weak consumer demand, although short-term improvements may arise from policy support[21] - Automotive finance companies are diversifying their offerings, including leasing and second-hand vehicle financing, to stimulate demand and expand their asset base[23]

作为汽车产业链上的重要一环，缘起于零售信贷、库存融资、批发融资的汽车金融，如今在产业升 级与汽车消费政策的带动下，正加大对二手车以及新能源汽车的支持力度，并展现出较强的增长活力。 中国银行业协会日前发布的《中国汽车金融公司行业发展报告（2025）》（以下简称《报告》）数 据显示，截至2024年年末，全国24家汽车金融公司零售融资余额6900.24亿元，其中，新能源汽车贷款 余额2040.96亿元，同比增长23.44%；二手车贷款余额783.81亿元，同比增长26.06%。 新能源汽车与二手车贷款的高增速，印证了汽车金融业务重心的转向，而市场端的动作也在持续跟 进。 8月份，奔驰汽车金融、华晨东亚汽车金融等多家持牌汽车金融公司推出多个车型的汽车金融贷款 购车方案：低息、60期、零首付。 这或许只是年初以来汽车金融公司在汽车产业格局深度重塑过程中积极求变、吸引消费者，顺应市 场增长趋势的再进一步。目前全行业正在努力为汽车产销注入金融活水，以电动化、网联化、智能化、 共享化为特征的汽车市场也在与之发生愈来愈紧密的融合。 目前，汽车金融公司、商业银行推出的传统定向车型信贷方案可以带给消费者直接的费用减免，叠 加政策补 ...

Core Viewpoint - The Shaanxi Financial Regulatory Bureau has approved the appointment of the Deputy General Manager of New Super BYD Automotive Finance Co., Ltd, emphasizing the need for compliance with regulatory requirements [1] Group 1 - The approval requires the appointed individual to strictly adhere to the regulations set forth by the Financial Regulatory General Administration [1] - The appointed individual must report their onboarding status within three months from the date of the administrative decision [1] - If the individual does not assume their position within the specified timeframe, the approval will become invalid, and the regulatory authority will handle the cancellation of the administrative license [1]

Group 1 - The Chinese financing leasing market is entering a transformation period as major banks and auto finance companies compete in the auto loan market, with increasing regulatory policies on financing leasing and auto financing leasing [1] - In 2023, the National Financial Regulatory Administration issued notifications to strengthen supervision while encouraging direct leasing business and limiting sale-leaseback business, aiming for a 15 percentage point decrease in the proportion of sale-leaseback business in new business by 2024 compared to the first three quarters of 2023 [3] - The auto leasing industry is entering a critical period of transformation and upgrading, supported by government policies promoting the standardized development of the auto leasing industry and enhancing service consumption [5] Group 2 - The auto financing leasing companies predominantly have group backgrounds, and their development model should focus on resource synergy within the group to create a "finance + industry operation" collaborative platform [8] - There is a growing demand for personalized and intelligent auto financing leasing solutions as consumer expectations for vehicle quality and service increase, with a consensus in the industry on the need for digital transformation driven by data [8]

Company Overview - Company is a professional automotive finance platform with rapid growth in performance, primarily backed by Tencent Holdings, which holds 53.88% of the shares as of the end of 2024 [1] - The company has shown significant profitability growth since 2020, with a revenue increase of 22% year-on-year to 5.452 billion yuan and a net profit increase of 34% year-on-year to 549 million yuan in the first half of 2025 [1] - The revenue structure indicates a shift from self-operated financing to a focus on transaction platform business, with financial technology services rising quickly [1] Industry Overview - The automotive finance industry in China is expected to reach a scale of 6.8 trillion yuan by 2029, with significant growth opportunities due to low penetration rates compared to mature markets [1] - The competitive landscape includes various players such as automotive finance companies, commercial banks, and internet automotive finance platforms, with internet platforms expected to leverage technology for differentiated competition [1] Business Highlights - The company's transaction platform business generated revenue of 4.346 billion yuan in the first half of 2025, a year-on-year increase of 23.8%, with financial technology services becoming increasingly important [2] - Self-operated financing business has contracted due to strategic adjustments, but asset quality remains stable [2] - The company has integrated AI technology into its operations since 2018, enhancing risk management and business processes [2] Profit Forecast and Investment Rating - The company is projected to achieve net profits of 1.126 billion yuan, 1.398 billion yuan, and 1.701 billion yuan for 2025-2027, with year-on-year growth rates of 39.03%, 24.12%, and 21.72% respectively [3] - Earnings per share (EPS) are expected to be 0.17 yuan, 0.21 yuan, and 0.26 yuan for the same period, with corresponding price-to-earnings (PE) ratios of 16.09, 12.96, and 10.65 [3] - The company is rated as a "buy" due to its competitive advantages in the automotive finance sector and the potential of its financial technology business [3]

Macro Strategy - The domestic economy is expected to face slight pressure in the second half of the year, but the annual growth target of 5% remains achievable, supported by policy measures such as a 500 billion yuan financial tool and consumer incentives [21][22] - Key risks include the potential decline in exports, pressure on consumption growth, and a slowdown in real estate investment, which may have a greater impact on the economy in the latter half of the year [21][22] Fixed Income - The report discusses why domestic commercial banks are unlikely to reduce their balance sheets, citing factors such as the need to support the economy during a slowdown, the current accommodative monetary policy, and the role of state-owned banks in financing key sectors [2][24] - The report emphasizes that the probability of a sector-wide balance sheet reduction is low, although some smaller banks may face pressure to do so [2][24] Industry Analysis - The report on FuChuang Precision (688409) maintains profit forecasts for 2025-2027 at 320 million, 480 million, and 650 million yuan, respectively, with a "buy" rating due to long-term growth potential despite short-term pressures [4] - LiBert (605167) experienced revenue pressure in the first half of the year, with a focus on expanding into new industries, leading to a revised profit forecast of 232 million and 264 million yuan for 2025-2026 [5] - JianLang Hardware (002791) is adjusting profit forecasts to 175 million, 272 million, and 328 million yuan for 2025-2027, maintaining a "buy" rating based on expected recovery and operational adjustments [6] - HuaFeng Measurement and Control (688200) maintains profit forecasts of 460 million, 540 million, and 600 million yuan for 2025-2027, with a "buy" rating due to strong demand in the high-end testing market [7] - FuBo Group (03738.HK) is positioned well in the AI-driven content industry, with profit forecasts of 230 million, 310 million, and 390 million HKD for 2025-2027, maintaining a "buy" rating [8] - YiXin Group (02858.HK) is expected to achieve net profits of 1.126 billion, 1.398 billion, and 1.701 billion yuan for 2025-2027, with a "buy" rating based on competitive advantages in automotive finance [9] - ZhongKe International (688981) is highlighted as a leading player in the semiconductor industry, with a focus on advanced process technology [9] - The report on Tianqi Lithium (002466) adjusts profit forecasts to 450 million, 860 million, and 1.44 billion yuan for 2025-2027, maintaining a "buy" rating based on resource advantages [16] - The report on Jidong Cement (000401) indicates a significant reduction in losses and improved profitability, with revised profit forecasts of 270 million and 590 million yuan for 2025-2026 [11][14]

Core Insights - Yixin Group is a leading financial technology company in China, focusing on AI as its core driving force, with over 2 billion yuan invested in R&D and an annual transaction scale of 70 billion yuan [3][5] - The self-developed large model by Yixin is the only one in the automotive finance industry that has been officially registered by the state, showcasing its advanced AI capabilities [3][5] - Yixin has implemented a full-stack AI capability system, covering pre-training, post-training, and multi-dimensional fields, with various AI products already in use [3][5] AI Integration in Automotive Finance - Yixin integrates AI capabilities throughout the entire financing process: pre-financing through automated channel analysis reports and multi-modal data extraction; during financing with an end-to-end risk control model; and post-financing using voice sentiment analysis to predict customer complaint risks [5][7] - The company has introduced an "AI Agent business model + intelligent risk control chain" to enhance operational efficiency and decision-making accuracy, exemplified by the use of intelligent assistants in the pre-approval process [7] Global Competitiveness - Yixin's AI technology has not only been validated in the domestic market but also demonstrates competitiveness on a global scale, leveraging China's unique advantages in the deep integration of AI technology and practical scenarios [7] - The comprehensive layout of Yixin in the vertical integration of AI and automotive finance provides a significant practical path for service innovation in financial technology in the AI era [7]

Group 1 - The Supervisory Board of the company held its 21st meeting of the 5th session on August 29, 2025, with all three supervisors present, confirming the legality and validity of the meeting procedures [1][2] - The Supervisory Board unanimously approved the 2025 Half-Year Report and its summary, affirming that the report accurately reflects the company's operational management and financial status during the reporting period [1][2] - The Supervisory Board also approved the Special Report on the Storage and Use of Raised Funds for the first half of 2025, with all votes in favor [2] - Additionally, the Supervisory Board approved the Risk Continuous Assessment Report regarding financial business with Dongfeng Motor Finance Co., Ltd., with unanimous support [2]

Core Insights - The event "2025 AI Partner Conference" focused on how AI is reshaping various industries, with a specific emphasis on the integration of AI in automotive finance services by Yixin [1][3] - Yixin has invested over 2 billion yuan in AI research and development, achieving an annual transaction scale of 70 billion yuan [3] Group 1: AI Integration in Automotive Finance - Yixin's self-developed large model is the only one in the automotive finance sector that has been approved by national authorities, showcasing its commitment to AI technology [3] - The company has established a comprehensive AI capability system that includes pre-training, post-training, and multi-dimensional applications [3] - Yixin's AI capabilities are embedded throughout the entire financing process, from pre-financing analysis to post-financing risk management [3][5] Group 2: AI-Driven Business Transformation - Zhang Lei introduced a dual-driven approach of "AI Agent business model + intelligent risk control chain" to enhance operational efficiency and decision-making accuracy [5] - The AI technology has been validated in the domestic market and is showing competitive advantages globally, with Yixin leveraging its full-stack AI capabilities [5] - The integration of AI in automotive finance is seen as a significant innovation path for financial technology in the AI era, providing a "Chinese solution" for the industry [5]