格隆汇8月20日丨兴业控股(00132.HK)发布公告，2025年8月20日，公司的附属公司绿金租赁与承租人 (即黑龙江省龙房物业管理有限公司)订立融资租赁，以代价人民币5000万元自承租人取得资产的所有 权，该等资产将返租予承租人，供其使用及占有，期限为五年。资产包括承租人位于黑龙江省哈尔滨市 的若干指定供热设备及设施。 ...

来源：金融界 2025年8月20日，上海清算所网站披露公告，为保证23广汽租赁ABN001优先C（债券代码： 082380097）付息兑付工作顺利进行现将有关事宜公告。本期票据发行人是华能贵诚信托有限公司，发 行总额63000000元，本计息期债券利率4.9%，付息兑付日为2025年8月27日，本次兑付广州广汽租赁有 限公司2023年度第一期绿色资产支持票据优先C级本金人民币13834800元，本次兑付广州广汽租赁有限 公司2023年度第一期绿色资产支持票据优先C级利息人民币262,183.56元。托管在银行间市场清算所股 份有限公司的债券，其利息和兑付资金由银行间市场清算所股份有限公司代理划付至债券持有人指定的 银行账户。 ...

智通财经APP讯，海通恒信(01905)发布公告，该公司2024年面向专业机构投资者公开发行科技创新公司 债券(数字经济)第一期)(以下简称"本期债券")，将于2025年8月26日开始支付自2024年8月26日至2025年 8月25日期间的利息。 据悉，本期债券简称"24恒信K1"，发行总额人民币10亿元，本期债券票面利率(计息年利率)为2.2%，每 手本期债券面值为人民币1000元，派发利息为人民币22.00元(含税)， ...

Summary of Jiangsu Jinzu's Conference Call Company Overview - **Company**: Jiangsu Jinzu - **Period**: First half of 2025 - **Key Financials**: - Revenue: 808 million CNY, up 14.25% YoY [2][3] - Net Profit: 1.565 billion CNY, up 9.11% YoY [3] - Total Assets: 156.808 billion CNY, up 14.25% from the beginning of the year [3] - Non-performing Loan Rate: 0.91% [2][3] Core Points and Arguments Financial Performance - Revenue growth driven by a 15.73% increase in financing lease scale and a 25% increase in new investments [2][3] - The company maintained a non-performing loan rate of 0.91%, with a reasonable provision coverage despite a slight decline [2][3] Strategic Initiatives - **Asset Acquisition**: - Emphasis on early project reserves and partnerships, particularly with Nanjing Bank, to enhance asset acquisition [2][6] - New investments in emerging markets such as health, technology, and cultural tourism [2][6] - **Cost Control**: - New financing rates decreased to 2.46%, with RMB financing rates at 2.17%, reflecting a 38 basis point and 42 basis point decline respectively [2][6][7] - Long-term funding arrangements with insurance companies to stabilize the liability structure [7][14] - **Risk Management**: - Enhanced risk identification and control, particularly for mid-tier clients, with tailored solutions for strategic clients [2][6][10] - **Operational Efficiency**: - Strengthening retail business systems and increasing average contract amounts through technology [2][5][10] Market Dynamics - The company anticipates a slight recovery in direct leasing proportions in the second half of the year, projecting it to be slightly above 47% for the year [8][9] - Increased competition in direct leasing and strategic sectors, with pricing pressures noted in renewable energy and printing industries [13] Long-term Planning - The new chairman aims to enhance operational capabilities while maintaining the company's traditional strengths [12] - Focus on creating a competitive and specialized financial leasing company through strategic planning and capability enhancement [18] Additional Important Insights - The company has seen a significant increase in contract numbers, with over 43,000 new contracts, doubling from the previous year [2][3][8] - The average contract amount has decreased to 1.33 million CNY from over 1.5 million CNY due to increased volume in specific sectors like commercial vehicles and distributed photovoltaic projects [9] - The company is exploring new industries to mitigate pricing wars and maintain profitability [13] - Plans for a mid-term dividend are under consideration, with expectations for a high dividend payout ratio [19]

Report Industry Investment Rating - The investment rating for the industry is "Underperform" [1] Core Viewpoints - US inflation data is divided, with July CPI lower than expected but PPI far exceeding expectations. However, most institutions maintain the prediction of a 25 - basis - point interest rate cut in September, and the market fully prices in two interest rate cuts within the year [2] - The Jackson Hole Global Central Bank Annual Conference is expected to focus on the policy framework rather than interest rate cut guidance. Powell may use the framework adjustment to re - emphasize the central bank's independence, and there is a potential "expectation gap" risk [3] - US Treasury yields have risen, and the yield curve has become steeper. It is recommended to maintain medium - and short - duration US Treasuries as the core allocation and moderately increase high - grade Chinese - funded US dollar bonds, while being cautious about long - end fluctuations [3][4] Summary by Directory 1. US Treasury Benchmark Interest Rates - The figures related to 2 - year and 10 - year US Treasury yields, the yield curve, bid - to - cover ratios of various maturities, issuance winning bid rates of 2 - 30 - year US Treasuries, monthly issuance volume of US Treasuries, and the implied number of interest rate cuts in the federal funds rate futures market are presented [14][22][24] 2. US Macroeconomic and Liquidity - Data on US inflation year - on - year trends, the federal government's annual cumulative fiscal deficit, economic surprise index, ISM PMI, consumer confidence index, financial conditions index, housing rent growth rate, number of unemployment benefit claims, hourly wage year - on - year growth rate, non - farm payroll data, real estate new housing approval, start, and sales volume year - on - year growth rates, personal consumption expenditure year - on - year growth rate, breakeven inflation expectations, and non - farm industry contributions are shown [28][30][42] 3. Exchange Rates - Information about the one - year trend of non - US currencies, changes in non - US currencies in the past two weeks, Sino - US sovereign bond spreads, the relationship between the US dollar index and the 10 - year US Treasury yield, the relationship between the US dollar index and the RMB index, and the change in the one - year US dollar - RMB forward exchange hedging cost is provided [56][58][60] 4. Overseas US Dollar Bonds - The price trends of US dollar bonds in the US, the combined US - European US dollar bonds, global investment - grade US dollar bonds, and global high - yield US dollar bonds and Chinese domestic bonds are presented, along with the two - week return comparison of the global bond market, the US Treasury volatility MOVE index and the VIX fear index, and the price increases and decreases of US Treasury ETFs of different maturities [63][68][72] 5. Chinese - Funded US Dollar Bonds - The return trends of Chinese - funded US dollar bonds since 2023 (by grade and industry), the yield and spread trends of investment - grade and high - yield Chinese - funded US dollar bonds, the two - week returns (by grade and industry), the net financing amount trend, and the maturity scale of each sector are shown [81][84][89] 6. Rating Actions - In the past two weeks, the three major international rating agencies took 8 rating actions on Chinese - funded US dollar bond issuers, including 5 rating upgrades, 1 rating withdrawal, and 2 initial ratings [91]

Group 1: Strategy and Market Outlook - The report indicates that the computing power sector has entered a main rising market, fulfilling necessary conditions for a significant market uptrend similar to the mobile internet boom in 2013 [8][10] - Short-term opportunities are identified in packaging testing, storage, computing chips, algorithm technology, and software, which show favorable technical indicators [13] - Mid-term analysis suggests that the valuation gap between Chinese and US computing power sectors is expected to converge, with higher performance expectation adjustments in advanced packaging, storage, and power sectors in China [11][12] Group 2: Company-Specific Analysis - Tianshan Co., as the largest cement producer in China, is expected to achieve revenues of 83.3 billion, 82.6 billion, and 82.1 billion CNY from 2025 to 2027, with net profits of 1.72 billion, 2.15 billion, and 2.70 billion CNY respectively [23][24] - The company is currently valued at a low PB of 0.5x, with a target price set at 8.22 CNY per share, reflecting a "buy" rating [23] - The report highlights that Tianshan Co. is well-positioned to benefit from regional infrastructure policies and has potential for cost reduction through enhanced management and resource utilization [24] Group 3: Economic and Industry Trends - The report notes a slowdown in industrial and service sector growth, with retail sales continuing to decline, indicating a weakening domestic demand [5][26] - Fixed asset investment has decreased by 5.3% year-on-year, with significant declines in real estate development investment, which fell by 17% [27][28] - The cement demand is projected to decline by 5%-6% in 2025, but the report anticipates stabilization in the long term, particularly in regions like Xinjiang [24]

公司 2025H1 实现营收/归母净利润分别为 30.1/15.6 亿元， yoy+15%/+9%，加权平均 ROA/ROE 为 1.06%/6.34%，同比-0.07 pct/-1.36pct。单季度来看，25Q2 实现营收/归母净利润分别 14.6/7.9 亿元，qoq-5%/+3%，yoy+10%/10%。 证券研究报告|公司点评报告 [Table_Date] 2025 年 08 月 17 日 [Table_Title] 2025 年中报点评：业务投放快速增长，利差提升资产质量稳健 [Table_Title2] 江苏金租(600901) [事件概述 Table_Summary] 分析判断: ► 资产规模增 18%，利差提升，净利息收入增 19% 25H1 公司实现利息净收入 30.4 亿元，yoy+19%。1）量：截至报 告期末，公司资产规模 1568.1 亿元，较 2024 年末+14%，同比 +18%。其中，公司应收租赁款余额为 1435.6 亿元，较上年末 +16%，同比+17%。2）价：报告期租赁业务净利差 3.71%，同比增 0.03pct。行业方面，公司建起高端装备、清洁能源、交通运输 三大 ...

Investment Rating - The report maintains a "Buy" rating for the company, expecting a price increase of over 15% in the next 6-12 months [4][11]. Core Views - The company reported a revenue of 3 billion RMB and a net profit of 1.6 billion RMB for the first half of 2025, representing year-on-year growth of 15% and 9% respectively [2]. - The company is expected to benefit from a market recovery, with a projected net profit of 3.204 billion RMB for 2025, reflecting an 8.9% year-on-year increase [4]. Performance Summary - As of the end of the first half of 2025, the company's total assets reached 156.8 billion RMB, with leasing assets growing by 14% year-to-date [3]. - The net interest margin for leasing business improved to 3.71%, an increase of 0.03 percentage points year-on-year [3]. - The company reported a non-performing loan ratio of 0.91%, maintaining a stable asset quality [3]. Financial Forecast and Valuation - The company is projected to achieve a dividend yield of 4.7% in 2025, supported by steady growth in interest-earning assets and an expanding interest margin [4]. - The estimated price-to-book ratio for 2025 is 1.3x, indicating a favorable valuation [4]. - Revenue is expected to grow from 4.787 billion RMB in 2023 to 7.152 billion RMB by 2027, with a compound annual growth rate of approximately 10% [9].

Investment Rating - The report maintains a "Buy" rating for Jiangsu Jinzu (600901) [1] Core Views - Jiangsu Jinzu's business investment is rapidly growing, with a significant year-on-year increase in net interest margin [7] - The company achieved a total operating revenue of 30.1 billion yuan in the first half of 2025, representing a year-on-year growth of 14.9% [7] - The net profit attributable to shareholders reached 15.6 billion yuan, up 9.0% year-on-year, with an EPS of 0.27 yuan [7] - The company’s leasing asset scale increased to 1,491 billion yuan, a growth of 15.7% compared to the beginning of the year [7] - The net interest margin for the leasing business was 3.71%, an increase of 3 basis points year-on-year, driven by a reduction in funding costs [7] - The non-performing loan ratio remained stable at 0.91%, indicating good asset quality [7] Financial Forecasts - Total operating revenue is projected to reach 61.35 billion yuan in 2025, with a year-on-year growth of 16.2% [1] - The net profit attributable to shareholders is expected to be 32.4 billion yuan in 2025, with a growth rate of 10.1% [7] - The book value per share (BVPS) is forecasted to be 4.41 yuan in 2025, with a P/B ratio of 1.32 [1][7] Business Segment Performance - The clean energy and transportation sectors showed strong growth, with year-on-year increases of 36.5% and 31.1% respectively [7] - The industrial equipment sector experienced a decline of 5.4%, while the medical health and livelihood security sectors saw significant contractions, both exceeding 40% [7] Market Data - The closing price of Jiangsu Jinzu is 5.84 yuan, with a market capitalization of approximately 33.83 billion yuan [5] - The company has a price-to-book (P/B) ratio of 1.36 [5]

Investment Rating - The report maintains a "Buy" rating for Jiangsu Jinzu (600901) [2] Core Views - The company reported stable performance with a proposed mid-term dividend, enhancing its high dividend advantage [5][7] - For the first half of 2025, Jiangsu Jinzu achieved operating revenue of 3.01 billion yuan, a year-on-year increase of 14.9%, and a net profit attributable to the parent company of 1.56 billion yuan, up 9.0% year-on-year [5] - The company plans to initiate mid-term dividends based on a payout ratio exceeding 50%, projecting a dividend yield of over 5% for 2025 [7] Financial Data and Profit Forecast - The company’s operating revenue for 2025 is estimated at 5.71 billion yuan, with a year-on-year growth rate of 8.2% [6] - The net profit attributable to the parent company for 2025 is projected to be 3.18 billion yuan, reflecting a year-on-year increase of 8.2% [6] - The report indicates a decrease in the net interest margin to 3.71% in the first half of 2025, with a year-on-year increase of 3 basis points [7] Asset Quality and Growth - As of the end of the first half of 2025, the net financing lease assets amounted to 144.11 billion yuan, an increase of 16.2% from the beginning of the year [7] - The company’s non-performing financing lease asset ratio remained stable at 0.91%, with a coverage ratio of 401.5% [7] - The number of cooperative manufacturers increased to nearly 6,000, up from over 5,800 at the end of 2024 [7]