Group 1: Report Industry Investment Rating - Not provided in the report Group 2: Core Views of the Report - As of December 15, 2025, private enterprise real estate bonds and industrial bonds in the outstanding credit bonds have higher overall valuation yields and spreads compared to other varieties. The yields of most non - financial and non - real estate industrial bonds have increased, and real estate bond yields have generally risen. In the financial bond sector, the yields of financial bonds have declined slightly more than those of general credit bonds, but there is differentiation among bond types [2][3][8]. Group 3: Summary by Relevant Catalogs 3.1 Overall Outstanding Credit Bonds - **Valuation Yields and Spreads**: Private enterprise real estate bonds and industrial bonds have higher overall valuation yields and spreads. Non - financial non - real estate industrial bonds have more than half of their yields increasing, with most real estate bond yields rising. In financial bonds, the yields of urban and rural commercial bank capital supplementary tools and leasing company bonds have higher valuation yields and spreads [2][3][8]. - **Yield Changes Compared to Last Week**: Non - financial non - real estate industrial bonds have more than half of their yields increasing, except for private enterprise private - placement bonds within one year, with the yield adjustment of other varieties being less than 4BP. Real estate bond yields have generally increased, with the yields of non - perpetual bonds within one year rising by more than 5BP, and 3 - 5 - year private enterprise public non - perpetual bonds also having a significant adjustment. Financial bond yields have a slightly higher proportion of decline than general credit bonds, with differentiation among bond types. For example, the 1 - 2 - year public perpetual bonds of leasing bonds have a 5.5BP increase in yield [3][4][8]. 3.2 Urban Investment Bonds 3.2.1 Public Urban Investment Bonds - **Valuation Yields and Spreads**: The weighted average valuation yields of Jiangsu and Zhejiang provinces are below 2.6%. Bonds with yields exceeding 4.5% are in Guizhou's county - level areas, and regions such as Guangxi, Yunnan, and Gansu also have higher spreads [2][17]. - **Yield Changes Compared to Last Week**: Most yields have declined. The average decline of 2 - 3 - year varieties is 1.4BP, but most varieties within one year have continued to adjust. The varieties with a large decline in yield include 3 - 5 - year non - perpetual bonds of Guizhou prefecture - level cities, 1 - 2 - year non - perpetual bonds of Yunnan county - level areas, etc. [2][17]. 3.2.2 Private Urban Investment Bonds - **Valuation Yields and Spreads**: The weighted average valuation yields of coastal provinces such as Shanghai, Zhejiang, Guangdong, and Fujian are below 2.95%. Bonds with yields higher than 4% are in Guizhou's prefecture - level cities, and regions such as Yunnan, Gansu, and Liaoning also have higher spreads [27]. - **Yield Changes Compared to Last Week**: More than half of the bond varieties have yield adjustments, with the average yield of varieties within one year increasing by 2BP. The varieties with a large decline in yield include 2 - 3 - year non - perpetual bonds of Guizhou county - level areas, 1 - 2 - year non - perpetual bonds of Yunnan county - level areas, etc. [27]. 3.3 Industrial Bonds - **Valuation Yields and Spreads**: Private enterprise real estate bonds and industrial bonds have higher overall valuation yields and spreads compared to other varieties [2][3][8]. - **Yield Changes Compared to Last Week**: More than half of the yields of non - financial non - real estate industrial bonds have increased. Except for private enterprise private - placement bonds within one year, the yield adjustment of other varieties is less than 4BP. Real estate bond yields have generally increased, with the yields of non - perpetual bonds within one year rising by more than 5BP, and 3 - 5 - year private enterprise public non - perpetual bonds also having a significant adjustment [3][8]. 3.4 Financial Bonds - **Valuation Yields and Spreads**: The valuation yields and spreads of urban and rural commercial bank capital supplementary tools and leasing company bonds are relatively high [4][8]. - **Yield Changes Compared to Last Week**: The proportion of yield decline is slightly higher than that of general credit bonds, but there is differentiation among bond types. Leasing bonds have the largest adjustment, with the 1 - 2 - year public perpetual bond yield increasing by 5.5BP. The yields of commercial financial bonds within 3 years are mainly increasing, with an increase of generally less than 2BP, and the adjustment of varieties within one year is greater than that of 1 - 3 - year varieties. The valuation of bank sub - bonds has generally recovered, with the yields of 3 - 5 - year secondary capital bonds and 2 - 5 - year perpetual bonds of different banks generally decreasing. The performance of securities company sub - bonds is better than that of ordinary bonds, with the yields of 1 - 2 - year public perpetual and private non - perpetual bonds of the same period decreasing by about 3BP [4][8].

Company Overview - Yichun Fengcheng Supply Chain Technology Co., Ltd. has been established with a registered capital of 2 million RMB, fully owned by Yichun Fengcheng Industrial Co., Ltd. [1] - The legal representative of the company is Liu Jian [1] Business Scope - The company’s business activities include wholesale of auto parts, sales of automotive decorative products, towing and rescue services, sales of new energy vehicles, sales of new energy vehicle accessories, and sales of battery swapping facilities [1] - Additional services include retail of auto parts, operation of electric vehicle charging infrastructure, enterprise management, leasing services (excluding licensed leasing services), battery leasing, sales of construction materials, supply chain management services, and various technical services [1] - The company is also involved in import and export of goods, non-residential real estate leasing, internet sales (excluding licensed products), general cargo warehousing services (excluding hazardous chemicals), domestic cargo transportation agency, and information consulting services (excluding licensed information consulting services) [1] Company Structure - The company is classified as a limited liability company (wholly owned by a natural person) [1] - The business registration is valid until December 15, 2025, with no fixed term thereafter [1] - The company is registered under the rental and business services industry, specifically in the equipment leasing sector [1]

Group 1 - The company, Construction Machinery, announced the convening of its 21st meeting of the 8th Board of Directors on December 9, 2025, via telecommunication voting, where it reviewed the procurement contract for explosion-proof rubber-tired vehicles with Shaanxi New Energy Lianhui Technology Co., Ltd. [1] - For the fiscal year 2024, the revenue composition of Construction Machinery is as follows: leasing business accounts for 81.32%, engineering construction for 10.9%, equipment sales for 6.93%, and other businesses for 0.85% [1]. - As of the report date, the market capitalization of Construction Machinery is 5.8 billion yuan [1].

Company Overview - Xingguo Workwear Service Management Co., Ltd. has been established with a registered capital of 2 million RMB [1] - The legal representative is Liu Chengfei [1] - The company is primarily owned by Xingguo County Lilon Clothing Co., Ltd. (70.5%) and Xingguo County Xingfu Intelligent Manufacturing Industrial Park Operation Management Co., Ltd. (29.5%) [1] Business Scope - The company's business scope includes park management services, unit logistics management services, daily life services for residents, parking services, and various leasing services [1] - Specific leasing services cover equipment such as agricultural machinery, construction machinery, batteries, and various types of office and communication equipment [1] - The company operates in the rental and business services industry, specifically within the leasing sector [1] Location and Registration - The company is located in Building 2, Room 206, Textile and Clothing Industrial Park, Economic Development Zone, Xingguo County, Ganzhou City, Jiangxi Province [1] - The business registration is valid until December 4, 2025, with no fixed term thereafter [1] - The registration authority is the Xingguo County Market Supervision Administration [1]

Core Viewpoint - Jiangxi Wolai Automobile Service Co., Ltd. has been established with a registered capital of 2 million RMB, fully owned by Jiujiang Tongshili Automobile Service Co., Ltd. [1] Company Summary - The legal representative of Jiangxi Wolai Automobile Service Co., Ltd. is Sun Huilai [1] - The company is registered under the category of "Rental and Business Services" and specifically in "Equipment Rental" [1] - The registered address is located at No. 399, Yingtai Middle Avenue, Lian Tang Street, Nanchang City, Jiangxi Province [1] - The business scope includes a variety of services such as automobile towing, rescue, sales of new energy vehicles, second-hand car brokerage, small passenger car rental, vehicle assessment, repair and maintenance, retail and wholesale of auto parts, sales of automotive decoration products, operation of electric vehicle charging infrastructure, and sales of battery swap facilities [1] Shareholder Information - Jiujiang Tongshili Automobile Service Co., Ltd. holds 100% of the shares in Jiangxi Wolai Automobile Service Co., Ltd. [1]

Core Viewpoint - Tianjin Heyin Nuo New Energy Technology Co., Ltd. has been established with a registered capital of 3 million RMB, fully owned by Jiangsu Heyi New Energy Technology Co., Ltd. [1] Company Information - The legal representative of Tianjin Heyin Nuo New Energy Technology Co., Ltd. is Zhu Xinlong [1] - The company is classified under the rental and business services industry, specifically in equipment leasing [1] - The registered address is Room 708, Building A3, No. 12 Nanhai Road, Tianjin Economic and Technological Development Zone [1] Business Scope - The business scope includes research and development of emerging energy technologies, wholesale and retail of auto parts, second-hand car brokerage, new energy vehicle sales, and electric vehicle charging infrastructure operation [1] - The company is also involved in leasing services (excluding licensed leasing services), business agency services, and technical services [1] - Licensed projects include road freight transportation (excluding hazardous goods) and network booking taxi services, which require approval from relevant authorities [1] Shareholding Structure - Jiangsu Heyi New Energy Technology Co., Ltd. holds 100% of the shares in Tianjin Heyin Nuo New Energy Technology Co., Ltd. [1]

Core Viewpoint - The Shenzhen Stock Exchange has imposed disciplinary actions against Da Xin Accounting Firm and its certified public accountants for significant violations during the audits of Fenghui Leasing Co., Ltd. and Jinzhou Cihang Group Co., Ltd. [1][21] Group 1: Violations Identified - Da Xin Accounting Firm issued documents with major omissions and false records, failing to disclose related party transactions during significant asset restructuring [1][21] - Jinzhou Cihang inflated operating income and total profit in 2017 and 2018, and did not disclose non-operating fund occupation related transactions [1][21] Group 2: Audit Procedures Deficiencies - Da Xin did not diligently execute audit procedures for Fenghui Leasing, failing to identify and assess related party transaction misstatement risks [3][22] - The audit documentation showed inadequate execution of procedures related to understanding and testing related party transactions [4][23] Group 3: Specific Audit Failures - The audit of accounts receivable and other current assets had deficiencies, with significant amounts not properly recorded in the financial statements [5][24] - Da Xin failed to maintain professional skepticism regarding unusual transactions, leading to insufficient audit evidence [5][24] Group 4: Disciplinary Actions - Disciplinary actions include public reprimands for accountants Cao Bin, Yan Xiumin, and Zhao Liping, and a public criticism for Da Xin Accounting Firm [14][33] - The actions were based on violations of the Shenzhen Stock Exchange's listing rules, which require diligence and accuracy in audit reports [15][31]

Core Insights - Shenzhen Shengfeng Ruitong Automobile Co., Ltd. has been established with a registered capital of 5 million RMB, fully owned by Shenzhen Shengfeng New Energy Automobile Co., Ltd. [1] Company Overview - The legal representative of Shenzhen Shengfeng Ruitong Automobile Co., Ltd. is Zheng Jianping [1] - The company operates in the rental and business services industry, specifically in the mechanical equipment leasing sector [1] - The business scope includes automobile sales, vehicle repair and maintenance, wholesale and retail of auto parts, rental services (excluding licensed rental services), towing and rescue services, professional cleaning and disinfection services, small passenger vehicle rental, second-hand car brokerage, new energy vehicle sales, and vehicle decoration supplies sales [1] Business Operations - The company is located in the Shiwai Youmagang Industrial Zone, Guangming District, Shenzhen [1] - The business license allows for self-conducted operations without the need for prior approval, except for projects that require legal authorization [1] - The company has a business duration until November 26, 2025, with no fixed term thereafter [1]

Core Insights - The 2025 Leasing Industry Financial Ecosystem Conference was held in Shanghai, featuring a keynote speech by Lian Ping, the Chairman of the China Chief Economist Forum [1] - Lian Ping emphasized the significant role of artificial intelligence in enhancing customer service, risk control, and credit processes, leading to automation and intelligent decision-making [1] Industry Impact - The application of AI technology has transformed risk management models, decision-making methods, and processes within the financial ecosystem [1] - The advancements in AI have greatly improved risk control levels, approval efficiency, and business decision-making capabilities [1]

Company Overview - Create Greantness Financing Lease Co., Ltd. has recently increased its registered capital from 1.2 billion RMB to 1.6 billion RMB, representing an increase of approximately 33% [1]. - The company was established in January 2017 and is wholly owned by Dongfeng Chuangxing Technology Co., Ltd., a subsidiary of Dongfeng Motor Corporation [1]. Business Operations - The company's business scope includes financing leasing, leasing services, purchasing leasing assets domestically and internationally, residual value handling and maintenance of leased properties, leasing transaction consulting and guarantees, and commercial factoring related to its main business [1][2]. - The company is registered in the China (Shanghai) Free Trade Zone and operates under the supervision of the Free Trade Zone Market Supervision Administration [2].