Core Insights - The credit rating industry is undergoing a deep transformation due to the cancellation of mandatory rating policies and accelerated expansion of the bond market [1][2] - The focus of the industry is shifting from "serving issuers" to "serving investors," enhancing the risk pricing and forward warning functions of ratings [1][2] Group 1: Market Dynamics - Since the cancellation of mandatory rating policies in 2021, the competitive landscape among rating agencies has changed, moving from a "policy-driven" phase to a "market-oriented" cycle [2] - In Q1 2022, 14 rating agencies undertook 1,879 bond products, a year-on-year decrease of 23.65%. By Q1 2023, the number rebounded to 2,395 due to a recovery in the bond market [2] - In Q1 2024, the number of bonds rated slightly decreased to 2,246, but the demand for ratings of non-financial corporate entities significantly increased, indicating a more structured demand for rating services [2][3] Group 2: Leading Agencies - In Q1 2025, the number of rating agencies increased to 15, with a total of 2,609 bonds rated. China Chengxin International maintained a market share of 33.92%, while United Ratings' share dropped to 20.9% [3] - The top six rating agencies collectively hold over 90% of the market share, highlighting the increasing "Matthew Effect" in the industry [3] Group 3: Service Evolution - Rating agencies are optimizing their positioning and exploring niche markets such as green finance and cross-border ratings to break through market fragmentation [3][5] - United Ratings has maintained the highest market share in the financial institution issuance market for four consecutive years, with a nearly 50% share in the panda bond market [5] Group 4: Profitability and Innovation - The credit rating industry is experiencing positive changes in service efficiency and innovative business structures, with a notable increase in the forward-looking capabilities of ratings [6] - The proportion of unrated bonds rose to 63.55% in 2024, reflecting the gradual effectiveness of market mechanisms [6] Group 5: Challenges and Opportunities - Despite positive developments, the industry faces challenges such as insufficient coverage of green economy and technology innovation enterprises, as well as uneven regional service distribution [7] - The current "issuer-paid" model raises concerns about the independence of ratings, and the industry needs to enhance its credibility [7] Group 6: Technological Advancements - Rating agencies are actively reshaping their service structures to transition from traditional "debt rating" to "multi-dimensional credit services" [8] - Many agencies are exploring a "dual-track payment" mechanism to enhance service quality and credibility [8] - The industry is entering a "technology-enabled" era, with agencies leveraging AI and machine learning to improve data processing and risk modeling capabilities [9]

Core Insights - The essence of non-performing asset (NPA) business lies in liberating production factors from bad assets and reintegrating them into new combinations to create new productive forces [1][2] - The management of non-performing assets is crucial for mitigating financial risks and supporting high-quality economic development, especially during economic transitions [2][6] Group 1: Understanding Non-Performing Asset Business - The domestic non-performing asset management industry originated in the late 1990s to address financial risks and promote state-owned enterprise reforms [3] - Two prevalent theories in the industry are the "Popsicle Effect" and the "Counter-Cyclical Hypothesis," which highlight the instability of micro-value and the long macro-disposal cycles of non-performing assets [3] Group 2: Profit Logic and Social Value of Non-Performing Asset Business - The existence of asset management companies is justified by their ability to demonstrate strong vitality in the national economy over the past two decades, despite the lack of comparative advantages in asset disposal [4] - Non-performing asset management plays a vital role in reallocating production factors to adapt to the current economic transformation, thus enhancing social value [6] Group 3: Role of Rating Companies in Non-Performing Asset Business - Rating companies, as independent think tanks, should leverage their expertise to assist asset management companies in developing restructuring businesses and mastering economic risk assessments [2][9] - The collaboration between asset management companies and rating companies can lead to resource sharing and complementary advantages, enhancing the effectiveness of non-performing asset management [11] Group 4: Pathways for Rating Companies to Support Non-Performing Asset Management - Rating companies can provide meaningful research support in the high-yield and junk bond sectors, expanding the scope of non-performing assets [11][12] - By utilizing their macroeconomic research capabilities, rating companies can help identify trading opportunities and facilitate enterprise restructuring [12][13] - The collaboration can also empower state-owned asset management companies to gain insights into economic risk assessments, enhancing their role in national decision-making [13]

Group 1 - The core concept of the corporate credit report is to reflect the credit status of enterprises, providing comprehensive and accurate credit information for decision-making in various credit transactions, thereby reducing unnecessary credit risks and losses [2] - The corporate credit report serves as an important basis for enterprise financing, cooperation, and competition, evaluating credit status, operational status, and financial status [2] - The report's accuracy and effectiveness are enhanced through diversified data sources, intelligent data analysis, and visual data presentation, which improve readability and attractiveness [2] Group 2 - The applicable scope of corporate credit reports includes financial institutions assessing credit risk to determine loan approvals, trade financing, guarantees, and related conditions such as interest rates, terms, and limits [3] - Enterprises can utilize their own or counterpart's credit reports to understand credit status, select suitable partners, and develop reasonable trading strategies to enhance transaction efficiency and security [3] - Government departments can monitor and analyze enterprises' operational status using credit reports to formulate and implement relevant policies and regulations, promoting market order and fair competition [3]

Group 1 - The U.S. government is being characterized as a "perpetual entity," suggesting that its debt does not need to be repaid, which is a controversial viewpoint [3][5] - This perspective aims to divert attention from the significant U.S. debt issue and may be a precursor to potential "default" behavior by the U.S. [5][10] - The U.S. has seen a reduction in its debt obligations, with China selling off $8.2 billion in U.S. Treasury bonds, bringing its holdings to a new low of $757.2 billion [12][15] Group 2 - The Federal Reserve decided to maintain interest rates in the range of 4.25% to 4.5%, while signaling potential rate cuts later in the year [19][20] - Economic indicators show a concerning trend, with core PCE inflation stuck at 3.1% and GDP growth expectations lowered to 1.4%, raising fears of "stagflation" [22][30] - The U.S. faces challenges from external factors, such as rising energy prices due to geopolitical tensions, complicating monetary policy decisions [27][30] Group 3 - The U.S. Treasury Secretary indicated potential high-level talks with China to promote market openness, reflecting a complex balance of cooperation and competition [32][39] - China is strategically reducing exports of critical metals, which may pressure U.S. companies to develop domestic supply chains [34] - The U.S. has shown some flexibility by agreeing to ease restrictions on semiconductor equipment exports in exchange for collaboration opportunities [35][37]

王春来表示，随着一揽子稳增长政策的持续发力，国内经济有力有效应对外部冲击，呈现稳中向好向新 态势。在产业升级与科技创新的政策导向下，新质生产力加快培育，推动经济结构转型和布局优化。新 形势下，债券市场正迎来高质量发展的战略机遇期，债券创新品种加速涌现，评级机构作为资本市场重 要基础设施，需构建与之适配的"新范式"，赋能新质生产力发展。 远东资信首席宏观研究员张林认为，新质生产力是提升全要素生产率、熨平金融与债务周期的重要力 量，而发展新质生产力，离不开包括债券市场在内的信用体系构建。他强调，为了与新形势下的信用体 系构建相适应，信用评级应从此前侧重"风险防范"转向侧重"价值发现"，与新质生产力相关的企业也应 当构建新型资产负债表，挖掘新的要素形成新的资产。 6月19日，远东资信评估有限公司(简称"远东资信")联合深圳证券交易所(简称"深交所")举办"远东资 信'走进深交所'"专题活动。 远东资信副董事长王春来表示，当前中国经济正处于百年未有之大变局中，科技创新与绿色可持续发展 已成为推动高质量发展的关键引擎，债券市场正迎来创新发展战略机遇期。他表示，评级机构作为资本 市场重要基础设施，需要与时俱进创新构建适配 ...

Core Insights - The credit rating agencies in China's bond market are facing challenges as the volume of bond ratings and issuer ratings has decreased, indicating a need for improvement in governance and internal control mechanisms [1][5][6] Group 1: Market Overview - As of the end of Q1, there are 5,625 issuers of corporate credit bonds and financial bonds in China's bond market, with non-financial corporate debt financing tools, corporate bonds, and financial bond issuers numbering 3,065, 4,189, and 505 respectively [2] - The proportion of AA-rated issuers is 25.51%, 38.74%, and 9.31% for different categories, while AAA-rated issuers account for 97.11% of local government bonds [2] Group 2: Rating Agency Performance - In Q1, 15 rating agencies undertook 2,609 bond products, a decrease of 4.92% quarter-on-quarter, and 2,200 issuer ratings, down 21.06% [2] - The leading agencies by market share are China Chengxin International and United Ratings, with shares of 33.92% and 20.9% respectively [2] Group 3: Rating Adjustments - A total of 19 rating adjustments were made for 15 issuers in Q1, a decrease of 36% from the previous quarter, with 8 positive adjustments and 7 negative adjustments [3] - The inconsistency rate among issuers rated by multiple agencies is 7.1%, which has increased by 0.68 percentage points [3] Group 4: Analyst Workforce - The total number of analysts in the 15 rating agencies has decreased to 1,633, with a year-on-year decline of 89 [5] - Analysts with over three years of experience account for 76.24%, an increase of 11.08 percentage points year-on-year [5] Group 5: Regulatory Environment - Regulatory bodies are enhancing supervision and self-regulation within the credit rating industry, aiming to develop a rating system that aligns with China's unique circumstances [5][6] - New opportunities are emerging, particularly with the introduction of technology innovation bonds, which require a tailored credit rating approach [6]

Group 1 - The concept of "American exceptionalism" is becoming less applicable as investors shift towards global diversification in their asset allocation [1][2] - Historically, during market turmoil, significant capital flowed into the US due to the perception of the dollar and US Treasury bonds as safe havens, but this trend is changing [1] - Moody's downgraded the US sovereign credit rating from "Aaa" to "Aa1" for the first time in 108 years, primarily due to rising government debt and interest payment ratios [1] Group 2 - The US Treasury bonds, once considered the most reliable investment, are losing their appeal, with the 20-year Treasury yield rising to approximately 5% and the 10-year yield reaching about 4.5% [1] - The dollar is weakening amid market volatility, and predictions suggest that the Federal Reserve is likely to lower interest rates, further contributing to the dollar's decline [2] - Global investors are actively pursuing diversified investment strategies in response to the uncertainty surrounding US debt and tariffs imposed on foreign goods [2]

具体而言，其一，加快构建统一大市场，打通制约内循环的堵点；其二，深化收入分配制度改革，提高 居民部门初次分配占比，同时，进一步推动社会保障体系完善，着重解决医疗、托育、养老等民生领域 短板问题；其三，深化所有制改革，有序放宽服务业准入限制，扎实落实民营经济促进法，激发民营经 济活力；其四，对外持续推动高水平对外开放；其五，积极参与国际金融体系建设，持续推进人民币国 际化，提升国际话语权。 行至年中，在当前全球经济正面临增长放缓及诸多不确定性挑战的背景下，中国经济复苏的持续性与均 衡性备受关注。 在此背景下，未来，中国经济运行有哪些特点？中国债券市场有哪些新变化？围绕上述议题，中国本土 信用评级机构中诚信国际于近日举行了2025年中信用风险展望研讨会，吸引了来自国内外的企业、金融 机构、专业研究机构和投资人现场参与。值得一提的是，会上，全球首个以人民币偿债为基准的全球评 级序列——中诚信国际全球人民币信用评级序列(以下简称"全球人民币信用评级序列")正式发布。 "我们正置身于一个挑战与机遇并存的新变局。在此背景下，科技创新已成为提升国际竞争力的关键抓 手，也是驱动经济高质量发展的核心引擎，为中国经济在复杂多变的 ...

这套体系以月度为周期，对全市经营主体进行从最优"A+级"到风险警示"E级"的总共六级精准"信用画 像"，形成了全国领先的信用监测"深圳标准"。 6月9日，记者从深圳市市场监管局获悉，自2024年10月深圳市被列为全国首批信用评价与信用标注"双 试点"城市以来，深圳市市场监管局（市信用办）聚焦民营企业在融资支持、出海拓展、监管合规等方 面的难点痛点，持续创新工作机制与方法路径，基本完成信用评价和信用标注两项试点任务。 其构建的一套以27亿条公共信用数据为坚实底座、覆盖20个重点行业的"通用+专业"民营企业信用评价 体系，标志着深圳在"完善民营企业信用评价体系"的改革部署上，取得了具有全国示范意义的突破性进 展。 企业"信用身份证"实时动态更新 如今在深圳，企业的信用状况已告别"静态证明"时代，转变为一张实时更新的动态"信用身份证"。深圳 市市场监管局（市信用办）依托全市归集的超27亿条公共信用数据，构建民营企业信用评价体系，涵盖 经营变更、登记许可、处罚记录、投诉举报、表彰评价五大维度，共63项核心指标，实现对全市440万 经营主体的全面覆盖。 算法，实现深港企业信用评价结果互认，为区域信用协同治理奠定基础。打 ...

甘载光阴，不过历史长河一瞬 却足以让一粒"信"的种子 在时代的沃土中深扎其根 当东方金诚行至二十载春秋的渡口 回望来路，风云激荡处 是承诺如金石相击的铿锵 是理想在岁月长河中投下的坚定倒影 在即将迎来 东方金诚成立20周年的重要节点 时光呼啸，东方金诚有幸搭载中国经济腾飞的巨轮，际遇改革开放与全球化的浩荡东风。从公司前身"金诚信用"在信用体系建设浪潮中应运而生，到2008 年中国东方以"争夺国际资本市场定价话语权"的雄心壮志入主，东方金诚始终以信立业，以正立身，深度参与并见证了中国本土信用评级行业的蓬勃发展 与民族评级力量的崛起壮大。 廿载筑基：专业立本，行稳致远 二十年执着坚守，东方金诚始终坚持党的领导，率先将其写入公司章程，以高质量党建引领价值观塑造与稳健发展。我们以卓越的运营管理与技术能力斩 获债券市场全业务资质，铸就了最具规模与影响力的国有信用评级机构根基。 廿载担当：守护尺度，服务大局 东方金诚成立20周年宣传片 廿载智声：洞察未来，引领价值 近年来，东方金诚锚定智库定位，依托强大的宏观研究优势，在主流媒体年均发声超5,000次，研究观点屡被中央人民政府网站转载，内参为政府决策提 供重要参考。我们在 ...