智通财经APP讯，皇朝家居(01198)发布公告，于2025年9月22日(交易时段后)，皇朝融资租赁(公司全资 附属公司)(作为卖方)、科学城(作为买方)与科学城融资租赁订立科学城融资租赁股权转让协议，据此， 皇朝融资租赁已有条件同意出售，而科学城已有条件同意购买科学城融资租赁18.06%的股权，科学城 融资租赁代价为人民币4.17亿元。于本公告日期，科学城融资租赁为公司的联营公司，主要从事融资租 赁，集团持有其18.06%的股权。 于2025年9月22日(交易时段后)，洋思(公司全资附属公司)(作为卖方)、科学城发展(作为买方)、恒诚与 公司订立恒诚股权转让协议，据此，洋思已有条件同意出售，而科学城发展已有条件同意购买恒诚的全 部股权，恒诚代价为人民币1133.86万元。 作为恒诚完成的先决条件，恒诚将进行恒诚重组，该过程将恒诚除外资产及负债(即与恒诚制造及销售 傢俬业务有关的资产及负债)从恒诚转让予余下集团，以致恒诚内余下资产及负债将为恒诚目标资产及 负债(即恒诚土地及建筑权益以及相关及不可分割资产及负债)，作为恒诚出售事项的标的。据估计，恒 诚重组将引致恒诚须向余下集团支付净重组义务，该等债务将由恒诚( ...

格隆汇9月22日丨皇朝家居(01198.HK)公告，于2025年9月22日，皇朝融资租赁(公司全资附属公司)(作为 卖方)、科学城(作为买方)与科学城融资租赁订立科学城融资租赁股权转让协议，据此，皇朝融资租赁已 有条件同意出售，而科学城已有条件同意购买科学城融资租赁18.06%的股权，科学城融资租赁代价为 人民币4.17亿元。于本公告日期，科学城融资租赁为公司的联营公司，主要从事融资租赁，集团持有其 18.06%的股权。 于2025年9月22日，洋思(公司全资附属公司)(作为卖方)、科学城发展(作为买方)、恒诚与公司订立恒诚 股权转让协议，据此，洋思已有条件同意出售，而科学城发展已有条件同意购买恒诚的全部股权，恒诚 代价为人民币1133.86万元。 透过出售事项将予收取所得款项净额偿还科学城集团提供股东贷款改善其净债务状况，恒诚出售事项将 有助于改善集团流动资金，继而保障集团业务持续营运不受中断。 透过出售事项将予收取所得款项净额偿还股东贷款，按年利率8%计息。偿还该等股东贷款，不仅改善 集团财务状况，亦将透过减少利息支付而提升集团盈利能力。此外，透过出售事项，集团整体财务状况 得以改善，净债务状况亦将得以纾 ...

Core Viewpoint - The article discusses the challenges and opportunities for financial institutions in a low-interest-rate environment, emphasizing the need for strategic restructuring, risk management, and innovation to navigate the new economic cycle [4][5]. Group 1: Formation and Trends of Low Interest Rates - Low interest rates are primarily formed due to the asset-liability dynamics between financial and non-financial sectors, with a lack of willingness to incur debt leading to an asset shortage in the financial sector [5]. - Since 2015, China's interest rates have been on a downward trend, influenced by demographic changes, high investment rates, low consumption rates, and subdued inflation [5]. - The aging population and structural issues in the economy are key factors contributing to the decline in capital marginal returns [5][6]. Group 2: Strategies for Surviving the Low Interest Rate Era - Financial institutions can learn from Japan's experience by increasing equity asset allocations, restructuring, and expanding into international markets to enhance revenue [5][6]. - The real estate market plays a crucial role in influencing household leverage and is closely tied to demographic changes, such as the rise of single-person households in major cities [6][8]. - The emergence of the digital economy and digital finance, including concepts like asset tokenization, is expected to reshape the manufacturing sector and financial services [7][9]. Group 3: Financial Institutions' Development Trends - The future development trends for financial institutions include a focus on pension finance, technology finance, and digital finance, with an emphasis on providing financial services for the aging population and supporting innovation in various sectors [9][19]. - The "fixed income plus" fund strategy is highlighted as a significant direction for asset management firms to adapt to the low-interest-rate environment [11][12]. Group 4: Risk Management and Asset Allocation - Effective risk management is essential, with a focus on pre-emptive research and ongoing adjustments to investment strategies in response to market changes [12]. - The insurance sector faces challenges due to declining interest margins, necessitating a linkage between asset and liability management to mitigate risks [18][19]. Group 5: Financing and Leasing Industry Adaptation - The financing and leasing industry must leverage its unique "financing + leasing" advantage to differentiate itself from traditional banks and support emerging industries [16][17]. - The industry is encouraged to focus on its core competencies and avoid price competition to thrive in a low-interest-rate environment [17]. Group 6: Long-term Strategic Planning - Financial institutions are advised to adopt a long-term strategic approach to diversify revenue sources and mitigate the impact of interest rate fluctuations [15]. - Emphasizing the importance of flexibility and adaptability in strategy execution is crucial for maintaining resilience in uncertain economic conditions [15].

Group 1 - The article highlights the accelerating trend of data asset ABS issuance, with three deals completed last week, including two projects from financing leasing companies as original equity holders, marking a first in this sector [3][4] - The Guojun-Wuxi LianTou Leasing Third Phase Asset-Backed Special Plan (Data Asset) is analyzed as a case study, being the first ABS project fully backed by data assets, with a total amount of 137 million yuan and a record low interest rate of 1.85% [5][6] - Data assets are defined as measurable data resources that provide economic and social value, as per national standards and guidelines issued by relevant authorities [6][7] Group 2 - The legal recognition of data assets requires ownership or control, measurability, and the ability to generate economic benefits, aligning with the definitions provided by the National Market Supervision Administration and the China Asset Appraisal Association [6][7] - From an accounting perspective, data assets are treated as identifiable non-monetary assets without physical form, and must meet specific criteria to be recognized on the balance sheet [7][8] - The management and legal due diligence processes for data asset ABS involve verifying ownership and market value through various documentation, ensuring compliance with national standards [8][9] Group 3 - Data assets must be registered in legitimate trading venues to serve as collateral, in accordance with national data security laws and local regulations [9][10] - The challenges in developing ABS for data assets include ensuring clear ownership and the ability to generate predictable cash flows, which are critical for their independent use as underlying assets [10]

Group 1: Low Interest Rate Environment - The low interest rate environment is characterized by a decline in rates since 2015, influenced by factors such as demographic changes and structural economic issues [2][3] - The marginal product of capital (MPK) has decreased due to a peak in the labor-age population and high investment rates coupled with low consumption rates [2] - Inflation remains low, with factors like falling housing prices and manufacturing overcapacity contributing to this trend [2] Group 2: Strategies for Financial Institutions - Financial institutions are advised to adopt a "1+N" multi-asset management model to manage segmented assets effectively [8][9] - The development of "fixed income plus" funds is seen as a crucial strategy for high-quality growth in a low interest rate environment [8][9] - Risk management is emphasized, with a focus on preemptive research and ongoing adjustments to asset portfolios [10] Group 3: Real Estate and Economic Trends - Real estate is identified as a critical factor in navigating the low interest rate era, with single-person households driving demand in major cities [3][4] - The future of the real estate market is expected to favor smaller residential units, particularly in cities like Shanghai [4] Group 4: Digital Economy and Financial Innovation - The rise of digital economy and digital finance is highlighted, with asset tokenization being a key trend [4][6] - The integration of AI and Web3.0 is anticipated to transform manufacturing into an intelligent and automated process [3][4] Group 5: Insurance and Risk Management - The insurance sector faces challenges due to declining interest rates affecting profit margins, necessitating a linkage between asset and liability management [17][18] - Long-term strategies are recommended, including diversifying investment portfolios and exploring alternative assets to mitigate interest rate sensitivity [18] Group 6: Financing and Leasing Industry - The financing and leasing industry is urged to leverage its unique "financing + leasing" advantage to differentiate itself from traditional banks [14][16] - The industry must adapt to the low interest rate environment by focusing on supporting emerging sectors like renewable energy [14][16]

Core Viewpoint - The announcement highlights a financing lease agreement between the subsidiary of the company, Green Gold Leasing, and the lessee, Shandong Tianhong Chemical Co., Ltd., involving an asset acquisition for a total consideration of RMB 20 million [1] Group 1 - The financing lease agreement is set to last for a period of 3 years [1] - The assets involved in the lease include specific environmental equipment and facilities located in Dongying City, Shandong Province, China [1]

每经头条（nbdtoutiao）——始祖鸟深陷"炸山"风波，母公司大中华区新总裁上任才两个多月，被赞"专 业能力深厚"！安踏体育最新回应→ （记者 王瀚黎） 每经AI快讯，东莞控股（SZ 000828，收盘价：11.33元）9月22日晚间发布公告称，燕勇先生因工作变 动辞去监事职务，辞职后不在公司担任任何职务。 2025年1至6月份，东莞控股的营业收入构成为：交通运输辅助业占比81.86%，商业保理业占比9.31%， 新能源汽车充电业务占比5.45%，其他业务占比2.1%，融资租赁业务占比1.29%。 截至发稿，东莞控股市值为118亿元。 ...

策 华福证券 2025 年 09 月 21 日 略 研 究 策 略 定 期 报 高波策略承压，看好顺周期红利——产业经济周 观点 投资要点： 近期观点 诚信专业发现价值 1 请务必阅读报告末页的声明 告 1、 美国降息落地，中国或将迎来政策宽松，价格复苏，指数加 速，市场结构调整的时间窗口。 团队成员 分析师： 李浩(S0210524050003) lh30530@hfzq.com.cn 分析师： 李刘魁(S0210524050006) llk30550@hfzq.com.cn 相关报告 1、港股开始追赶？——2025.09.14 2、市场状态高频数据库——9 月第 2 周—— 2025.09.14 3、TMT 多主题出现形态——2025.09.14 风险提示 全球制造业复苏受阻；中美关系改善不及预期；美国地产市场不 健康 研 究 报 告 证 券 华福证券 2、 短期高波动率策略承压，顺周期红利策略相对占优。 3、 看好保险，有色，能源，低 PB，恒生科技，军贸。 4、 商品白银和原油弹性大。 | 19月议息会议:一场"鹰派"的修正 | | --- | | 2 港股复盘: 恒生科技领涨 . | | ３Ａ 股市 ...

Core Insights - Kashgar has become a popular tourist destination due to large-scale restoration projects of ancient buildings, enhancing its cultural and tourism development [1][2] - The local government emphasizes the integration of traditional customs with modern tourism to drive economic growth [1] Group 1: Restoration and Economic Impact - The total investment for the old city renovation project exceeded 7 billion yuan, benefiting over 20,000 households [1] - The restoration work preserved the original appearance of over 7,000 historical residences while improving their structural integrity [1] - The housing in Kashgar now has an earthquake resistance rating exceeding 8, significantly improving living conditions for residents [2] Group 2: Tourism Growth - Kashgar Ancient City was designated a national 5A-level tourist attraction in 2015, featuring various cultural and entertainment activities [2] - In the first seven months of 2025, the ancient city received 16.686 million visitors, generating a total tourism revenue of 7.47 billion yuan [2] - Local businesses have flourished, with over 5,000 merchants operating in the ancient city, and individual incomes from tourism-related activities have increased significantly [2] Group 3: Trade and Economic Development - Kashgar serves as a key trade hub along the Silk Road Economic Belt, benefiting from its strategic location [3] - The foreign trade import and export volume reached 13.4 billion yuan from January to August 2025 [3] - The local government aims to leverage free trade zone policies to develop industries such as trade logistics, cultural tourism, textiles, and equipment manufacturing [3]

狮桥融资租赁（中国）有限公司自2012年成立以来，始终专注于为中小微企业及个体经营者提供专业化融资服务。公司通过"科技+金融"的创新模式，依托 大数据风控技术，有效提升了金融服务效率。 在商用车融资租赁领域，狮桥积极布局新能源赛道，为物流行业提供绿色金融解决方案，助力运输行业节能减排。同时，公司通过产业链协同合作，构建了 多方共赢的金融服务生态。 狮桥还积极履行社会责任，将金融服务延伸至农村运输、医疗设备等薄弱环节，展现了企业的社会担当。未来，狮桥将继续以创新服务为实体经济注入新动 能，推动行业高质量发展。 ...