对产业链伙伴，博弈融资租赁守护 "低风险、高协同" 的合作价值。助贷机构想拓展车辆金融业务却缺合规资质？公司共享国家融资租赁牌照与科技风控体 系，帮助其规避政策风险，共同开拓市场；设备厂商希望通过租赁渠道扩大销量，担心后续资产处置问题？公司搭建的 "超 M+1 订单即时债转""逾期资产 高效处置" 机制，能快速化解坏账风险，保障厂商权益；资金方寻求安全的投资方向，依托公司的 AI 风控系统与 GPS 动态监控，租赁资产状态实时可查， 资金流向全程透明，彻底打消 "投资不安全" 的顾虑。 博弈融资租赁有限公司 Boyi Financial Leasing Co., Ltd. 博弈融资租赁 "以金融活水滋养实业，以专业价值共赢未来"——博弈融资租赁将持续以科技为翼、以诚信为舵，携手伙伴共筑产融生态，为中国式现代化注入租赁力量！ 这份 "守护力"，源于硬核的实力支撑。以 "科技驱动产融，打造中国领先的融资租赁价值平台" 为愿景，公司的 AI 风控系统几秒钟就能完成风险评估，精 准识别潜在隐患；8 位金融行业资深精英组成的核心团队，拥有 10 年以上实战经验，曾主导数亿元级资产项目，能提前预判行业风险，为用户提供前瞻 ...

1. Report Industry Investment Rating - Not provided in the content 2. Core View of the Report - The current bond market is in a pricing dilemma with long - term interest rates remaining flat, making band - trading difficult. Investors are turning to coupon assets. Seeking relatively cost - effective assets may be a better choice[1][10] - Focus on varieties and entities with large yield increases but slow repair processes during the July - November bond market adjustment - repair cycle, as they may experience a catch - up rally[2][10] 3. Summary by Relevant Catalogs 3.1 Credit Market Performance Analysis - From November 10 - 14, interest - rate bonds fluctuated narrowly, and the yield curve flattened. General credit bonds performed weakly with most credit spreads widening slightly. Bank secondary and perpetual (two - Yong) bonds had a catch - up rally, outperforming general credit bonds[9] - For general credit bonds, medium - to high - grade long - term varieties were severely affected and repaired slowly during the bond market adjustment. From July 7 to November 14, the yields of 7 - 15 - year AAA and AA+ urban investment bonds increased significantly by 25 - 40bp, and credit spreads widened by 6 - 10bp, with 30 - year spreads widening by 12 - 14bp[2][10] - Some private and perpetual bonds had weaker performance than ordinary bonds during the adjustment - repair cycle, with higher current variety spreads. There are opportunities to obtain higher coupons by sacrificing some liquidity[3][14] 3.2 Investment Opportunity Recommendations - For general credit bonds, pay attention to medium - to high - grade long - term varieties and some issuers of 2 - 3 - year or 3 - 5 - year credit bonds with large yield adjustments[2][12] - Focus on entities with excess returns in perpetual bonds. 37 entities were screened based on certain criteria such as implicit rating, bond stock, average yield, and variety spread[3][16] - Bank two - Yong bonds still have cost - effectiveness compared to general credit bonds. However, they face challenges due to the unimplemented new regulations on fund sales fees and are more suitable for accounts with relatively stable liability ends or those insensitive to drawdowns[3][18] - Three - year medium - to high - grade securities company subordinated bonds have a coupon advantage over the same - term and same - grade bank secondary capital bonds, suitable for accounts with low liquidity requirements[5][20] 3.3 Specific Bond Type Analysis 3.3.1 Urban Investment Bonds - From November 1 - 16, 2025, urban investment bond net financing was negative, and the outflow scale increased. The issuance rate dropped significantly to a historical low. In the secondary market, the 3 - 5 - year market cooled, and credit spreads widened slightly[26][27] 3.3.2 Industrial Bonds - In November, industrial bond issuance and net financing increased year - on - year. The 3 - 5 - year issuance proportion increased significantly, and the issuance rate declined across the board, with a larger decline in the 3 - 5 - year segment[34][35]

Report Summary 1. Report Industry Investment Rating The report does not provide an industry investment rating. 2. Core Viewpoints - The transformation effect of market - oriented business entities remains to be seen, and it is difficult to expect significant incremental bond supply. The supply - demand relationship of traditional credit bonds remains tight, and the pricing of outstanding bonds among market - oriented entities may become more differentiated in the future [3][35] - The concentrated opening of amortized open - end bond funds may directly benefit general credit bonds (such as urban investment bonds and industrial bonds), especially 3 - 5Y medium - and long - term credit bonds. High - rated (AAA - and above) medium - term notes are recommended as key trading targets in the future [7][75][76] 3. Summary by Directory 3.1 Platform Market - Oriented Transformation - **Local Bond Issuance for Debt Resolution** - Special Refinancing Bonds: As of 2025/11/9, 19,934 billion yuan of the 2 - trillion - yuan debt quota allocated in 2025 has been issued, almost fully utilized. Except for Henan, all other regions have completed the issuance of special refinancing special bonds within the annual quota [14] - Special New Special Bonds: As of 2025/11/9, 12,818 billion yuan of special new special bonds have been issued in 2025, exceeding the annual limit of 80 billion yuan. The excess may be used to repay non - implicit debt corporate arrears [20] - **Progress of Bond - Issuing Urban Investment Entities Exiting the Platform** - From 2025/1/1 - 11/9, 179 bond - issuing urban investment entities announced exiting the platform. Most provinces have a progress of over 50%, while Liaoning and Guizhou are relatively lagging, and future debt - resolution resources may be tilted towards them [24][27] - **Effect of Platform Market - Oriented Transformation** - The number of market - oriented business entities is increasing, but it has not led to a significant increase in bond financing scale. The reasons may be weak asset quality, cautious regulatory review, and limited investor recognition. The transformation effect remains to be observed [3][34] 3.2 Primary Market - **Net Financing Scale** - This week, the net financing of credit bonds (excluding asset - backed securities) was 154.9 billion yuan, a decrease of 30.5 billion yuan from last week. The net financing of asset - backed securities was 35.9 billion yuan, an increase of 18.5 billion yuan from last week [36] - **Issuance Cost** - The issuance rate of AA industrial bonds increased by 30BP to over 3%. The issuance rates of other different - rated and different - type bonds fluctuated within 15BP compared to last week [45] 3.3 Secondary Market - **Trading Volume** - This week, the trading volume of credit bonds (excluding asset - backed securities) decreased by 51.8 billion yuan compared to last week. The trading volume of asset - backed securities increased by 1.4 billion yuan [46] - **Yield** - The yields of different - rated and different - term credit bonds fluctuated within 3BP compared to last week [49] - **Credit Spreads** - Except for the slight compression of credit spreads in AA+ electrical equipment, light manufacturing, and automobile industries, the credit spreads of other industries and ratings slightly widened. The credit spreads of urban investment bonds, industrial bonds, and bank capital bonds also had small - scale fluctuations [54] 3.4 This Week's Bond Market News - The implied ratings of 20 bond issues of Lionbridge Financial Leasing (China) Co., Ltd. were downgraded; the implied rating of "Yuanhe 4B" issued by China Power Construction Group Hubei Engineering Co., Ltd. was downgraded; the entity rating of Beijing Aerospace宏图 Information Technology Co., Ltd. was downgraded, and the bond rating of "Hongtu Convertible Bond" was also downgraded [72] 3.5 Investment Recommendations - The central bank achieved a net injection of 626.2 billion yuan this week. Except for a few industries, the credit spreads of most industries and ratings slightly widened. The credit spreads of urban investment bonds, industrial bonds, and bank secondary and perpetual bonds had small - scale fluctuations [74] - The concentrated opening of amortized open - end bond funds may benefit general credit bonds and 3 - 5Y medium - and long - term credit bonds. High - rated medium - term notes are recommended as key trading targets [75][76]

Core Insights - Southeast Asia is emerging as a new target for financial leasing and financing leasing companies looking to expand internationally [1][2] - The "14th Five-Year Plan" period is expected to drive further industrial upgrades in China, making overseas financing leasing beneficial for high-quality industrial financial development [1] - The region's labor cost advantages, free trade agreements, and stable policy environment are attracting significant foreign investment, particularly in electronics and manufacturing [1] Group 1: Market Trends - Several financial leasing companies have already begun international operations, focusing on sectors such as engineering and machinery [1][2] - The Indonesian financing leasing market is projected to exceed $35 billion in 2024, with a year-on-year growth rate of over 20% in specific segments, providing a solid foundation for Chinese leasing companies [2] - China's non-financial direct investment abroad is expected to reach $143.85 billion in 2024, with a 10.5% year-on-year increase, particularly directed towards ASEAN countries [3] Group 2: Challenges and Solutions - The industry faces challenges such as strict outbound capital approval processes, high overseas financing costs, and an underdeveloped financial environment in Southeast Asia [4][6] - Financial technology is deemed essential for addressing regulatory requirements and local market needs, helping to reduce operational costs and improve compliance [5] - Many leasing companies lack the financial strength and comprehensive capabilities needed for cross-border leasing, highlighting the need for improvement in international development capabilities [6]

中关村科技租赁(01601)发布公告，于2025年11月14日，本公司作为出租人与承租人北京一龙恒业石油 工程技术有限公司订立融资租赁协议V，据此，(i)出租人将购入承租人自有租赁资产V，转让价款为人 民币1200万元;及(ii)出租人将租赁资产V租回给承租人，租赁期为36个月，总租赁款项约为人民币 1325.13万元，包括融资租赁本金为人民币1200万元及融资租赁利息收入(含增值税)约为人民币125.13万 元。 本公司的主要业务为向客户提供融资租赁及咨询服务。订立融资租赁协议为本公司部分日常及一般业 务，预期将为本公司带来稳定收入及现金流。 租赁资产V为油气服务作业设备，账面凈值约为人民币1202.2万元。 ...

东疆保税区相关负责人表示，未来会充分挖掘并发挥融资租赁产业的独特优势与示范引领作用，积极拓 展出口租赁业务，有效助力国内高端设备制造企业开拓海外市场，提升国际竞争力，推动"中国制造"更 好地走向世界舞台。 印度尼西亚金融公司协会发布数据显示，2024年，印度尼西亚融资租赁市场预计超350亿美元，细分领 域年增速超20%，亮眼数据为中国租赁公司出海提供了基础。 中经记者 石健 北京报道 东南亚，正成为金融租赁公司和融资租赁公司出海的新目标。 出海走热 今年以来，已经有多家金融租赁或融资租赁选择业务出海，项目涉及工程设备、机械设备等多个领域。 前不久，载有国产宽体自卸车的货船在天津东疆综合保税区出海，目的地为印度尼西亚雅加达。该笔业 务由东疆辖区内企业远东宏信（天津）融资租赁有限公司采用设备跨境直租业务模式，将国内建设工程 设备出口至东南亚。 在多位租赁行业人士看来，随着"十五五"时期的到来，中国产业将进一步升级，融资租赁出海将有助于 产业金融高质量发展。同时，受益于劳动力成本优势、自由贸易协定（如CPTPP、EVFTA）及稳定的 政策环境，东南亚将吸引大量外资，尤其在电子、制造业等领域，势必成为亚太地区具有活力 ...

国银金租(01606)发布公告，公司作为出租人与承租人哈尔滨市双城区华热绿色电力有限公司及卖方湖 南三一智慧新能源设计有限公司于2025年11月14日(交易时段后)订立融资租赁安排，据此，公司作为买 方与承租人及卖方订立转让合同，同意以代价人民币15亿元向卖方购买交易标的，及公司作为出租人与 承租人订立融资租赁合同，同意向承租人出租租赁物(即交易标的)，租赁期为216个月。 作为融资租赁安排的一部分及根据融资租赁合同，出租人同意将租赁物出租予承租人，由承租人占有、 使用和享有收益。租赁物为承租人拥有的位于中国黑龙江省的风力电站设备。 融资租赁安排乃由公司于一般及日常业务过程中订立。订立融资租赁安排有益于增加公司融资租赁业务 收入，符合公司业务发展策略。 作为融资租赁安排的一部分及根据转让合同，买方同意向卖方购买承租人指定的交易标的(即融资租赁 合同项下的租赁物)，且卖方同意将交易标的交付给承租人并将交易标的所有权转移至买方名下。交易 标的为承租人拥有的位于中国黑龙江省的风力电站设备。交易标的评估值约为人民币15.7亿元。卖方不 单独核算交易标的的税前及税后利润。 ...

订立融资租赁及附带文件乃绿金租赁的一般及正常业务过程之一，并预期将为本集团提供稳定收益及现 金流量。 资产包括承租人位于中国山东省东营市的若干指定环保设备及设施。 智通财经APP讯，兴业控股(00132)发布公告，于2025年11月14日，本公司的附属公司绿金租赁与承租人 山东天弘化学订立融资租赁，以代价人民币 3000万元(相当于约3288万港元)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，期限为三年。 ...

通过将金融服务与资产管理、运营服务等环节深度融合，狮桥致力于为客户提供覆盖设备全生命周期的综合解决方案。这种创新尝试超越了简单的资金融 通，真正实现了从"融资"到"融物"再到"融智"的服务升级。 面对不断变化的市场需求，传统融资租赁服务模式正迎来创新升级的重要时刻。狮桥融资租赁（中国）有限公司积极突破传统业务边界，探索更加多元化的 服务模式。 这种业务模式的探索与创新，不仅提升了企业的综合服务能力，也为融资租赁行业如何更好地适应新时代产业发展需求，提供了新的发展方向与想象空间。 ...

售后回租安排乃于诚通融资租赁的一般及日常业务过程中订立，并预期诚通融资租赁将赚取约人民币73 万元(相当于约80万港元)的收入，即售后回租安排的租赁利息。 中国诚通发展集团(00217)发布公告，于2025年11月13日，诚通融资租赁(本公司间接全资附属公司)与承 租人新疆华电新特能源订立售后回租协议，诚通融资租赁将向承租人购买租赁资产(若干光伏发电板)， 并将租赁资产回租予承租人，租赁期为期2年，惟可根据售后回租协议的条款及条件提早终止。 ...