证券研究报告 | 2025 年 06 月 19 日 $$\overline{{{\prod_{i\in\mathbb{N}}}}}\frac{\bigtriangleup}{\bigtriangleup}\frac{\bigtriangleup}{\bigtriangleup}\frac{\bigtriangleup}{\bigtriangleup}$$ 制作：产品中心 重点推荐 《固收|利率专题——政策性金融工具的历史与当下》 1、历史上的政策性金融工具。此前推出政策性金融工具是在 2022 年， 彼时通过发行开发性金融债券筹资补充重大项目资本金，作为逆周期调节 手段应对经济下行压力。再往前追溯，2015-2017 年，国开行、农发行还 曾定向发行专项建设债券，用于支持国家重大项目建设，二者在形式上有 所类似，均由政策性银行募集资金并投放至特定领域，形成支持。上述两 项工具均是在逆周期调节，稳住经济大盘、增强地方投资能力的背景下推 出的，具有撬动实体信贷、增强财政可持续性、运作更为市场化、成本低、 投放快等特点，但在支持力度、投资领域、运作模式等方面又略有差异。 2、新型政策性金融工具或有哪些关注？与前两轮 ...

Group 1 - The company has extended the principal repayment of the bond "18 渤金 01" to June 20, 2026, with an interest rate of 4% during the extension period [1][2][3] - The original coupon rate for the first three years was 7%, and the interest will be paid annually [2][3] - The bond interest payment will be made to all registered bondholders as of June 19, 2025, through the designated bank account of China Securities Depository and Clearing Corporation [3][4] Group 2 - The company is responsible for ensuring that the interest payment funds are transferred to the designated bank account on time; failure to do so will result in the company handling the payment process independently [4] - Individual bondholders are subject to a 20% personal income tax on the interest earned from the bond, with tax withholding managed by the payment network [5] - Foreign institutional investors are temporarily exempt from corporate income tax and value-added tax on bond interest income until December 31, 2025, under specific conditions [5]

点 击 蓝 字 关 注 我 们 本文全文共 3954 字，阅读全文约需 13 分钟 目录 国内新闻 国外新闻 时间:2025.6.18 来源: 财联社 6月17日，《广州开发区、黄埔区支持集成电路产业高质量发展若干政策措施》发布。其中提出，重点突 破CPU（中央处理器）、GPU（图形处理器）、FPGA（现场可编程门阵列）等高端芯片设计，大力支持人工 智能芯片、光芯片、物联网芯片、存储芯片、射频芯片、基带芯片、车规级芯片、显示驱动芯片等芯片的开发 设计，鼓励企业自主开展基于新器件、新材料、新工艺的RISC-V、ARM等高端芯片架构设计。对使用多项目 晶圆（MPW）流片进行研发或首次完成全掩膜（Full mask）工程流片的设计企业，以及开展高端传感器首轮 流片的智能传感器企业，按照不高于流片费用40%分档给予补助（相关费用按照不含税计算），每家企业每年 最高补贴500万元。 2 蔚来宣布2025-2026年进一步拓展欧洲市场 时间:2025.6.18 来源:第一电动 商用车 1.广州开发区、黄埔区:重点突破CPU、GPU等高端芯片设计 2.蔚来宣布2025-2026年进一步拓展欧洲市场 3.江汽集团与华为签约: ...

Group 1 - The core viewpoint of the news is the successful establishment of the Jin Yuan Huaxing Leasing Zhi Yuan Phase 1 Asset-Backed Special Plan, with a total scale of 9.58 billion yuan, marking a significant achievement for Caida Securities in the asset securitization business related to the Yangtze River Economic Belt [2][3] - The special plan has three priority levels: Priority A1, A2, and B, with credit ratings of AAA, AAA, and AA+ respectively, and corresponding coupon rates of 2.63%, 3.00%, and 3.98% [2] - Jin Yuan Huaxing Leasing, established in November 2016, focuses on financing leasing services in sectors such as new energy, infrastructure, and engineering machinery manufacturing, and is a subsidiary of Shangrao Investment Holding Group [2] Group 2 - The successful issuance of this project is supported by Caida Securities' deep expertise in the financing leasing asset securitization field, with the A1 priority coupon rate of 2.63% being the lowest ever for Jin Yuan Huaxing Leasing's fixed-income products [3] - The plan's alignment with the Yangtze River Economic Belt highlights the financial capital's role in supporting national strategic initiatives, showcasing the responsibility and commitment of financial institutions [3] - Caida Securities aims to leverage this business as an opportunity to further innovate in the asset securitization sector, providing efficient and low-cost financing solutions while directing capital towards key areas and regions supported by national strategies for high-quality economic development [3]

随着2025年澳洲留学申请季持续推进,越来越多的学生和家长开始关注住宿安排。作为留学生活的核心, 选择合适的住宿不仅影响学习效率,也决定了生活质量。Iglu学生公寓现已开放2025年第二学期7月公寓 的预订,再次引发了对"学生公寓vs私人租房"的热议。 如果你正在为"2025年澳洲留学住宿怎么选"、"悉尼学生公寓好不好"、"Iglu公寓预订是否值得"而犹豫 不决,这篇文章将从实际角度出发,结合澳洲租房对比,帮助你明确留学住宿的最佳选择。 一、澳洲留学公寓为何越来越受青睐? 在过去几年中,澳洲留学公寓逐渐成为多数国际学生的首选,尤其是像Iglu这样专为留学生打造的品牌项 目,凭借系统化管理和配套服务赢得了广泛好评。Iglu学生公寓在悉尼、墨尔本、布里斯班等主要城市均 有布局,旗下的Iglu Central Park、Redfern、Mascot和Summer Hill等公寓项目,因地理位置优越、设施齐备 而受到悉尼大学、UTS、UNSW等高校学生的高度关注。 在租金方面,私人租房常被认为价格更低,尤其是在悉尼这样租金较高的城市。市区范围内,私人studio或 合租房的平均租金大约在每周500到700澳元之间,而 ...

Group 1 - The maritime services sector, particularly maritime finance, plays a crucial role in the shipping industry and global trade, with a projected market size of $442.55 billion by 2030 and a CAGR of 3.8% from recent years [1] - The maritime finance sector is undergoing significant changes due to shifts in global trade patterns, technological advancements in shipping, and evolving environmental requirements, presenting both new opportunities and challenges [1] Group 2 - Tianjin has implemented a plan to promote high-quality development in modern service industries, focusing on enhancing traditional shipping services and strengthening the role of maritime finance [2] - The city is positioned as a strategic hub for connecting domestic and international markets, with a significant concentration of financing leasing companies, totaling 589, and a leasing asset scale of 1.65 trillion yuan, accounting for nearly 20% of the national total [2] Group 3 - Tianjin aims to integrate maritime finance with manufacturing and repair sectors, while also promoting green transformation through innovative leasing models and expanding into renewable energy sectors [3] - The region has seen the launch of several innovative maritime finance products, including cross-border RMB ship leasing and carbon-neutral ship leasing [3] Group 4 - The maritime finance industry must adapt to structural changes in the international shipping market and enhance its international competitiveness through high-level reforms and innovation [4] - The industry faces the dual challenge of green transformation and technological innovation, necessitating a shift from traditional paths to enhance influence within the shipping industry [5] Group 5 - Industry experts emphasize the need to confront challenges head-on to achieve rapid development, with a focus on international competition, innovation, and risk management [6] - Financial leasing companies are encouraged to adopt a three-pronged approach of model innovation, scale leadership, and risk hedging to gain a competitive edge in global maritime finance [6]

Core Viewpoint - The collaboration between Guoyin Financial Leasing and five leasing companies with Golar LNG marks a significant milestone in the maritime leasing sector, with a total investment of nearly $1.8 billion for the leasing of the 1000th vessel, setting a record for domestic financing amounts and participant numbers in international joint leasing projects [1] Group 1: Project Overview - The total investment for the vessel leasing project is approximately $1.8 billion, with leasing financing amounting to about $1.2 billion [1] - This project is noted for being the largest in terms of financing amount and the most participants involved in an international joint leasing project in China [1] Group 2: Industry Characteristics - The marine equipment industry is characterized by its advanced nature, foundational role, and cyclical trends, necessitating a corresponding medium to long-term financing system to support the development of the marine economy [1] - The expansion of the vessel leasing market and the continuous growth of demand in emerging markets are accompanied by intensified competition and rapid technological changes, presenting new challenges for vessel asset management [1] Group 3: Risks in Vessel Financing - Financial institutions often face information asymmetry regarding the actual operation and control of vessels after they are handed over to shipowners or bareboat charterers, which poses potential risks [2] - Vessel assets must contend with various risks, including exchange rate fluctuations, market volatility, technological updates, stricter environmental regulations, and digital transformation [2] - Risk management in financing leasing for vessels spans the entire lifecycle, starting from construction quality risks at delivery to maritime liability risks during operation and residual value handling upon return [2] Group 4: Credit Risk and Mitigation Strategies - Credit risk is significant in vessel asset transactions, as financial difficulties faced by lessees can lead to late rent payments or defaults, resulting in economic losses for lessors [3] - The core of risk control in shipping financing leasing is the vessel asset itself, with its value and cash flow serving as primary defenses against risks [3] - To mitigate risks during market fluctuations, it is recommended to conduct thorough investigations of all parties involved and assess the economic and operational status of lessees before establishing leasing contracts [3]

Group 1 - The shipbuilding and marine engineering industry in China is experiencing a golden development period, with completion volume, new orders, and hand-held orders ranking first globally in 2024, showcasing the industry's strong capabilities [1] - The leasing business is playing an irreplaceable role in ship acquisition, equipment updates, and capacity upgrades through its unique "financing + leasing" advantages [1] Group 2 - In August 2024, the Financial Regulatory Bureau released an "Encouragement List" for financial leasing companies, guiding them to optimize business directions and structures to better serve the marine engineering industry [2] - The encouragement list includes important equipment and major technological equipment, such as ships, aligning with national strategic needs [2] Group 3 - Local policies are also supporting the industry, as seen in Tianjin's initiative to support the establishment of specialized leasing companies and project companies in aviation and shipping [3] - Guangdong Province's regulations encourage financing for marine enterprises and the development of marine equipment leasing and supply chain finance [3] Group 4 - The activation of idle marine engineering assets is a key issue for many companies amid increasing competition and market volatility [4] - Companies like Guohai are adapting their marine engineering assets for offshore wind power, demonstrating flexibility and risk hedging in the market [4] Group 5 - Shenzhen Leasing, one of the earliest participants in marine engineering equipment financing leasing, has successfully launched international leasing projects in the marine engineering sector [5] - Chongqing's licensed financial institution, Bank of China Leasing, has delivered two "China-made" vessels to a major global shipowner in Greece, providing strong financial support for the international development of Chinese shipbuilding [5] Group 6 - The marine engineering equipment and high-tech shipbuilding sectors are among the ten strategic development directions outlined in China's "Made in China 2025" initiative, directly supporting the marine power strategy [5] - The marine engineering industry in China is expected to continue leading on the international stage, contributing to the prosperity of the marine economy [6]

安居宁巢相关负责人告诉记者，实现省直公积金的直付功能后，平均办理时间从传统模式的3个工 作日缩短至15分钟以内。公积金部分通过系统实时校验额度并完成信息流划转，自费部分通过支付宝快 速支付，实现"一次确认、两步结算"的便捷支付体验。 目前，"省直公积金租房直付"服务已在安居宁巢部分门店（宁巢公寓戒坛寺店、宁巢公寓石桥路 店、宁巢公寓备塘路店、宁巢公寓圣奥科创园店、宁巢·西悦公寓）开通。后续，安居宁巢将与（省） 市公积金中心持续对接，让该项服务覆盖更多门店。 住房是困扰许多青年人的现实难题。近年来，国家一直将发展住房租赁市场作为深化住房制度改革 的核心方向。2024年，住建部等部门进一步明确"支持公积金直接支付房租"。 此次安居宁巢借助浙江数字化改革优势，率先打通"省直公积金中心—支付宝—公寓系统"三方链 路，成为全省首个实现公积金与房租支付直接联动的市场主体，将国家政策红利转化为便民服务，切实 满足群众的安居需要。 为进一步加大住房公积金对缴存人在租赁住房方面的支持力度，更好地实现群众的安居梦想，同时 促进住房租赁市场健康发展，近日，市安居集团下属安居宁巢携手支付宝及浙江省直公积金管理中心， 推出全省首个"省 ...

证券研究报告·行业深度报告·金融产品 金融产品深度报告 广发中证港股通非银 ETF（513750.SH）： 低估值筑基，高业绩领航，稳健收益与优质 配置并进 增持（维持） 证券分析师 何婷 执业证书：S0600524120009 heting@dwzq.com.cn 行业走势 [Table_Tag] [Table_Summary] 投资要点 ◼ 行业基本面分析： ◼ 广发中证港股通非银 ETF（513750.SH）产品介绍： 2025 年 06 月 17 日 证券分析师 孙婷 执业证书：S0600524120001 sunt@dwzq.com.cn 证券分析师 唐遥衎 执业证书：S0600524120016 tangyk@dwzq.com.cn -11% -4% 3% 10% 17% 24% 31% 38% 45% 52% 2024/6/17 2024/10/16 2025/2/14 2025/6/15 非银金融 沪深300 相关研究 《金融新基建的崛起，香港监管框架 下的机遇与挑战》 2025-06-16 《险资预计持续增配红利股》 2025-06-15 东吴证券研究所 1 / 41 请务必阅读正文之后的免 ...