Core Viewpoint - The development of green leasing is gaining momentum across the country, driven by the dual carbon goals and the need to support the real economy and promote industrial upgrades [1] Policy Framework - The "14th Five-Year Plan" emphasizes the importance of green development, aiming to integrate carbon peak and carbon neutrality goals with pollution reduction and ecological safety [1] - The central government has outlined a clear roadmap for green financing, including green equity financing and leasing, as key areas for financial tool development [3][4] Industry Trends - Green leasing is becoming a core engine for industry transformation, with total assets in the sector expected to exceed 1 trillion yuan by the end of 2024, up from less than 500 billion yuan in 2020 [4] - Financial leasing companies are expanding their service offerings beyond traditional renewable energy to include sectors like energy storage and green shipping [4] Financial Support - A significant investment of 1.7 billion yuan from Guoyin Financial Leasing is alleviating the financial burden on companies involved in energy transition projects in Inner Mongolia [2] - The financial leasing sector is encouraged to enhance its green financing capabilities, with a target for green leasing assets to account for over 30% by 2030 [4] Strategic Alignment - The leasing industry is aligning closely with national strategies, focusing on green low-carbon initiatives and technological innovation [4][5] - Companies like State Grid International Financial Leasing are committed to supporting the green transition in the energy sector, particularly in hydropower, wind, and solar energy projects [6]

Core Viewpoint - The development of green leasing is gaining momentum across the country, driven by the dual carbon goals and the need to support the real economy while promoting industrial upgrades [1] Group 1: Policy and Framework - The "14th Five-Year Plan" emphasizes the importance of green development, aiming for carbon peak and carbon neutrality, and integrating carbon reduction, pollution reduction, and green growth [1] - The central government has outlined a clear roadmap for green financing, including green equity financing and leasing, as key areas for financial tool development [3] - Recent regulatory frameworks encourage financial leasing companies to engage in green projects, expanding their business scope to include renewable energy and related technologies [3][4] Group 2: Industry Trends and Growth - Green leasing has become a core engine for industry transformation, with total assets in the sector growing from less than 500 billion yuan in 2020 to over 1 trillion yuan by the end of 2024, accounting for nearly one-quarter of the financial leasing industry's total assets [4] - The service ecosystem for green leasing is maturing, expanding from traditional renewable energy to emerging sectors like energy storage and computing power [4] - Financial leasing companies are diversifying their service offerings, including green ship leasing and energy-efficient equipment rentals, to meet the evolving needs of the market [4][5] Group 3: Future Outlook - The industry aims for green leasing assets to exceed 30% of total assets by 2030, reflecting a commitment to supporting green transformation and aligning with national strategic directions [5] - Companies are focusing on enhancing the precision of green financial services and expanding product offerings to cater to diverse financing needs in the green sector [4][5]

此前，"国考报考年龄放宽至38岁"的新闻登上热搜。根据中央机关及其直属机构2026年度考试录用 公务员公告，报考者年龄上限提高到38周岁，应届硕士、博士研究生放宽到43周岁以下。这是国考首次 放宽报考者35岁的年龄限制。 求职市场上，"中年危机""年龄焦虑"一直是困扰劳动者的现实问题。该航空和公务员招考对于年龄 限制的放宽，无疑释放出积极的信号。然而，记者采访发现，目前求职市场上仍存在不少隐性年龄歧视 的现象。对此，专家建议，应从多角度入手，推动反就业年龄歧视"更进一步"。 逐步放宽招聘年龄限制 "此次放宽年龄限制，是为了顺应航空业快速复苏的趋势，满足就业多元化需求。且大龄已婚已育 从业者在客舱中更具备亲和力。"该航空公司招聘负责人公开表示。 "在实际工作中，空乘人员更需要的是应变能力和体力，这些和年龄、婚育情况没有太大关系。"有 航空公司的空乘人员告诉记者。 我国劳动法、就业促进法明确规定，劳动者享有平等就业和选择职业的权利。2024年9月，中共中 央、国务院在相关文件中提出"消除地域、身份、性别、年龄等影响平等就业的不合理限制和就业歧 视"。 记者注意到，在今年国考放宽年龄限制前，已有多地多行业放宽招聘年 ...

Investment Rating - The report initiates coverage on Far East Horizon with an "Accumulate" rating [1][6][19] Core Views - Far East Horizon has evolved from being the first listed financing leasing company in China to a comprehensive group with financial services as its "shield" and industrial operations as its "spear" [1][23] - The company is expected to benefit from stable leasing investment and a decrease in funding costs, alongside profit expansion in its industrial operations due to its overseas strategy [1][19] Summary by Sections Company Overview - Established in 2011, Far East Horizon is the first listed financing leasing company in China, now a comprehensive group integrating financial and industrial services [1][23] - The company has undergone several phases of development, transitioning from a traditional leasing company to a comprehensive service provider [24][25] Financial Performance - The revenue structure is shifting towards industrial operations, which are projected to account for 42.71% of total revenue by 2024, reflecting a 4.03 percentage point increase year-on-year [2] - The company has maintained stable growth in its financial services, with a focus on compliance and risk control, while also expanding its inclusive finance business [2][54] Business Segments - The financial services segment remains the core, with leasing as the primary focus, while the industrial operations segment includes equipment and healthcare services [40] - The equipment operation segment has shown significant growth, with revenue increasing from 1.8 billion in 2018 to 11.6 billion in 2024, reflecting a CAGR of 36.54% [46] Asset Quality - Far East Horizon has improved its asset quality significantly, with non-performing asset formation rates projected to be 0.50%, 0.43%, and 0.23% for 2023, 2024, and 2025H respectively [3][32] - The company has implemented a prudent project investment strategy to control the quality of new business and reduce the scale of urban public projects [3] Profit Forecast and Valuation - The forecasted total revenue for 2025-2027 is 376.10 billion, 375.77 billion, and 384.89 billion respectively, with a slight decline in growth rates expected [15] - The report anticipates a rebound in net profit margins, with projected net profits of 40.51 billion, 42.32 billion, and 44.30 billion for the same period [15][19]

Core Viewpoint - The company has successfully issued its first tranche of notes for 2025, raising a total of RMB 200 million at a fixed interest rate of 2.08% [1] Group 1 - The wholly-owned subsidiary of the company, Universal Global International Financing Leasing (Tianjin) Co., Ltd., completed the issuance of the first tranche of notes on November 10, 2025 [1] - The notes have a maturity of two years, starting from November 11, 2025 [1] - The issuance price of each note is RMB 100.0, which is equivalent to the face value of the notes [1]

Group 1 - The robust development of the real economy relies on a large and dynamic group of small and micro enterprises [1] - Lionbridge Financing Leasing (China) Co., Ltd. focuses on serving small and micro enterprises, becoming a solid partner in their growth journey [1] Group 2 - Unlike traditional credit, the financing lease model of "asset-based financing" better meets the actual needs of small and micro enterprises and individual operators [3] - Lionbridge provides financing support for key assets such as production equipment and transportation tools, effectively addressing the funding challenges faced by these enterprises in their early development [3] - This process is not merely a financial transaction but a construction of a symbiotic industrial ecosystem, where Lionbridge connects closely with numerous small and micro enterprises, achieving both social and commercial value [3]

南方中证1000ETF（512100）成立日期2016年9月29日，最新规模766.3亿。今年以来收益28.45%，同类 排名1974/4216；近一年收益19.26%，同类排名2173/3922；成立以来收益13.67%。 南方中证1000ETF（512100）基金经理为崔蕾。 11月11日，浙江东方涨5.33%，截至发稿，报7.12元/股，成交9.27亿元，换手率3.91%，总市值243.18亿 元。 资料显示，浙江东方金融控股集团股份有限公司位于浙江省杭州市上城区香樟街39号国贸金融大厦31- 33层，成立日期1994年10月26日，上市日期1997年12月1日，公司主营业务涉及商贸流通(涵盖内外贸业 务)、房地产经营、服装生产实业以及类金融投资与服务;信托、期货和保险在内的广泛的金融行业。主 营业务收入构成为：期货业务80.29%，融资租赁7.81%，保险业务5.07%，信托业务3.32%，其他 3.13%，投资业务0.64%。 从浙江东方十大流通股东角度 数据显示，南方基金旗下1只基金位居浙江东方十大流通股东。南方中证1000ETF（512100）三季度减 持18.27万股，持有股数1874.6万股 ...

Core Insights - The 18th China Financing Leasing Annual Conference was held in Beijing on November 6, 2025, focusing on the "14th Five-Year Plan" and discussing market access, policy interpretation, market expansion, industry transformation, strategic upgrades, and model innovation [1][3] - Haier Financing Leasing was awarded the "Annual Company Award" in the 2025 China Financing Leasing List, reflecting the industry's recognition of its comprehensive strength [1][3] Industry Overview - The China Financing Leasing Annual Conference has been a significant event since its inception in 2007, gathering professionals, scholars, and executives to discuss cutting-edge industry topics and promote healthy development [3] - The conference serves as a platform for deep dialogue within the industry and aims to foster collaboration and value co-creation [3] Company Profile - Haier Financing Leasing is a leading domestic financing leasing company that adheres to the business philosophy of "Finance for Industry," focusing on serving the real economy and various sectors such as intelligent manufacturing, healthcare, education, and agriculture [5] - The company has invested over 120 billion in supporting the real economy, served more than 9,000 clients, and manages assets exceeding 24 billion [5] - Haier Financing Leasing plans to continue its commitment to the "Finance for Industry" philosophy, leveraging its professional advantages in "financing + asset management" to enhance service models and contribute to regional economic development and the modernization of the industrial system [5]

Core Viewpoint - Haitong Hengtong (01905) plans to issue corporate bonds aimed at supporting small and micro enterprises, with a total issuance amount not exceeding 1 billion yuan [1] Group 1: Bond Issuance Details - The bond issuance is scheduled for November 12 to November 13, 2025 [1] - The bonds will be issued at par value of 100 yuan [1] - The funds raised will allocate at least 70% to support the development of small and micro enterprises [1] Group 2: Fund Utilization - The remaining portion of the funds will be used to replace the principal of corporate bonds repaid through self-owned funds [1]

Core Viewpoint - The company has disclosed the outcome of a legal case involving its subsidiary, indicating that the termination of the execution will not have a significant impact on its current or future profits [2][7]. Group 1: Legal Case Overview - The company’s subsidiary, Zhejiang Zhongda Yuantong Financing Leasing Co., Ltd., was involved in a contract dispute with Qingfeng Cultural Co., Ltd. and others, resulting in a court ruling that required the defendants to pay a total of 48,860 million RMB plus penalties [2][8]. - The court's decision was made by the Hangzhou Intermediate People's Court, which ruled in favor of the company after the defendants failed to fulfill their obligations [2][4]. Group 2: Financial Impact - As of the end of 2024, the company has made provisions for bad debts related to this lawsuit, which have been disclosed in its annual report [7]. - The termination of the execution process will not significantly affect the company's current or future profits [7]. Group 3: Legal Proceedings Status - The case is currently in the stage of terminated execution, with the company acting as the applicant for enforcement [8]. - The total amount involved in the case is approximately 49,109.61 million RMB [8].