Core Viewpoint - China Financial Leasing (02312.HK) announced that as of August 31, 2025, the group's unaudited net asset value per share is approximately HKD 0.25 [1] Company Summary - The unaudited net asset value per share of China Financial Leasing is reported to be around HKD 0.25 as of the specified date [1]

Group 1 - The company, China Financial Leasing (02312), announced that as of August 31, 2025, its unaudited net asset value per share is approximately HKD 0.25 [1]

Core Viewpoint - China Financial Leasing (02312) announced that as of August 31, 2025, the group's unaudited net asset value per share is approximately HKD 0.25 [1] Company Summary - The unaudited net asset value per share of China Financial Leasing is reported to be around HKD 0.25 as of the specified date [1]

Core Viewpoint - The financing leasing industry is focusing on inclusive finance, particularly through equipment leasing for small and micro enterprises, which is seen as a vital service for enhancing people's livelihoods and supporting consumption upgrades [1][4]. Group 1: Equipment Leasing Market - The vehicle leasing segment is a significant part of the inclusive leasing business, with Guoyin Jinzu reporting over 110,000 vehicles leased as of mid-2025 [1]. - Jiangsu Jinzu has partnered with nearly 100 manufacturers, selling over 40,000 agricultural machines and serving more than 30,000 farmers, with a total investment of 15.1 billion yuan by the end of 2024 [1]. - Minsheng Jinzu's retail and inclusive financing leasing balance has increased for three consecutive years, rising from 43% to 57% by the end of 2024 [1]. Group 2: Challenges and Strategies - The financing leasing companies face challenges in stabilizing operations during macroeconomic fluctuations and balancing operational costs with inclusive coverage [2]. - There is a need for financial leasing companies to capture the real needs of small and micro enterprises and expand beyond traditional funding roles to become core participants in the sales and service processes [2][3]. - The industry is encouraged to innovate in product offerings and risk management to ensure sustainable and controllable inclusive leasing services, especially during economic adjustments [2]. Group 3: Policy and Development - The People's Bank of China and the National Financial Regulatory Administration have emphasized the importance of addressing major issues and risks in inclusive finance through a recent implementation plan [4]. - Inclusive leasing is characterized as a financial service that meets the light asset, short cycle, and flexible needs of small and micro enterprises, acting as a bridge between equipment resources and the real economy [4][5]. - To effectively support small and micro enterprises, leasing companies should focus on demand, establish dynamic risk management mechanisms, and collaborate with equipment manufacturers and local governments to create a comprehensive service platform [5]. Group 4: Social Responsibility - The financing leasing industry is actively engaging in social responsibility, with 149 public welfare activities organized and a total of 3.9562 million yuan in assistance and 7.0765 million yuan in donations reported in 2024 [5].

Market Overview - In the first seven months of 2025, the issuance scale of Auto-ABS decreased to 107.29 billion yuan, a year-on-year decline of 11.06%[4] - A total of 70 Auto-ABS products were issued, with 49 being exchange-traded ABS, accounting for 54.75% of the total issuance[4] - Credit ABS issuance dropped significantly, with 11 products totaling 36.94 billion yuan, a year-on-year decrease of 48.03%[4] Issuer Concentration - The number of issuers increased slightly, with 41 issuers in total, including 27 financing leasing companies, which surpassed automotive finance companies in issuance scale[6] - The largest issuer, a Ping An financing leasing company, accounted for 22.12% of the total issuance, while the top five issuers collectively held 75.82% of the market[6] Performance Metrics - As of July 2025, the cumulative default rate for Auto-ABS products was low, with financing leasing companies averaging 2.95% and automotive finance companies at 0.63%[12] - The overall cumulative early repayment rate was 7.05%, with automotive finance companies at 7.39% and financing leasing companies at 6.72%[17] Credit Risk Assessment - The credit risk of Auto-ABS products has been decreasing, supported by initial over-collateralization and dual deleveraging effects during the product's lifespan[22] - The majority of Auto-ABS products maintained stable credit performance, with over 90% of projects showing actual cumulative default rates aligning closely with predicted rates[16] Future Outlook - The Auto-ABS issuance scale is expected to face challenges due to ongoing price wars in the automotive industry and weak consumer demand, although short-term improvements may arise from policy support[21] - Automotive finance companies are diversifying their offerings, including leasing and second-hand vehicle financing, to stimulate demand and expand their asset base[23]

Core Insights - The financial leasing industry in China is projected to reach total assets of 4.58 trillion yuan and leasing asset balance of 4.38 trillion yuan by the end of 2024, reflecting year-on-year growth of 9.56% and 10.24% respectively, indicating the industry's resilience [1] - Regulatory policies have prompted a transformation in the financial leasing sector, emphasizing a return to core leasing functions and compliance management [1][2] - The industry is increasingly focusing on serving the real economy through innovative financing solutions and green development strategies [4][5] Regulatory Environment - The National Financial Regulatory Administration issued a notification in October 2023, setting higher standards for leasing assets and business models for financial leasing companies [2] - In August 2024, a list of encouraged, negative, and positive business development guidelines was released, directing leasing companies to align their operations with these frameworks [2] Industry Transformation - Financial leasing companies are shifting towards core leasing activities, enhancing their ability to support the real economy [3] - The industry has made significant progress in areas such as new production capabilities and green development, with green leasing assets reaching 1.07 trillion yuan by the end of 2024, a year-on-year increase of 19.87% [4] Sectoral Focus - Companies are actively investing in emerging sectors like computing power, low-altitude economy, and satellite technology, with specialized asset balances exceeding 80 billion yuan [4] - The financial leasing sector is also focusing on clean energy projects, with significant funding provided for solar, wind, and hydrogen energy initiatives [6] Differentiated Services - Some financial leasing companies are moving away from traditional sectors to explore unique service offerings tailored to regional needs, enhancing their competitive edge [7] - A case study involving Hubei Jinzheng illustrates how customized leasing solutions can meet specific project financing needs, contributing to local economic development [7]

Core Viewpoint - The E Fund Dividend Mixed A Fund (020801) reported a profit of 2.7129 million yuan for the first half of 2025, with a weighted average profit per fund share of 0.0645 yuan, and a net value growth rate of 4.24% during the reporting period [3] Fund Performance - As of September 5, 2025, the fund's unit net value was 1.19 yuan, with a near-term performance of 9.18% over the last three months, ranking 511 out of 615 comparable funds [5] - The fund's six-month and one-year performance showed growth rates of 12.98% and 27.46%, ranking 389 out of 615 and 471 out of 602 respectively [5] Valuation Metrics - As of June 30, 2025, the fund's weighted average price-to-earnings (P/E) ratio was approximately 8.08 times, significantly lower than the industry average of 25.34 times [10] - The weighted average price-to-book (P/B) ratio was about 0.81 times, compared to the industry average of 2.34 times, and the weighted average price-to-sales (P/S) ratio was approximately 0.66 times, against an industry average of 2.09 times [10] Growth Metrics - For the first half of 2025, the weighted revenue growth rate of the fund's stock holdings was -0.04%, while the weighted net profit growth rate was 0.05%, with a weighted annualized return on equity of 0.1% [20] Fund Composition - As of June 30, 2025, the fund had a total of 488 holders, with a total of 44.7055 million shares held, where management held 937,100 shares (2.10%), institutions held 10.17%, and individual investors held 89.83% [39] - The fund's top ten holdings included Tencent Holdings, Alibaba-W, and Huaxin Cement, among others [44]

Core Viewpoint - The collaboration between CITIC Bank Beijing Branch, Haibo Sichuang Technology Co., Ltd., and CITIC Financial Leasing Co., Ltd. aims to leverage the integration of industry and finance in the "energy storage + finance" sector, targeting the trillion-level energy storage asset market to support the construction of a new power system and the achievement of carbon neutrality goals [1][2]. Group 1: Industry Context - China's dual carbon goals are advancing, with the National Development and Reform Commission's Document No. 136 being implemented, leading to a shift in the energy storage industry from policy-driven to market-led growth [1]. - The construction costs of energy storage stations are decreasing, and the electricity spot market is gradually opening, enhancing the economic viability of energy storage assets [1]. Group 2: Company Profiles - Haibo Sichuang is a leading company in China's energy storage industry, focusing on the research, production, and application of new energy storage technologies, with a market capitalization exceeding 10 billion [2]. - CITIC Bank, one of the earliest commercial banks established during China's reform and opening-up, has been actively involved in domestic and international financing, providing differentiated financial services to enterprises [2]. - CITIC Financial Leasing is a strategic component of CITIC Group and CITIC Bank, focusing on financing leasing in various sectors, including green business, and has accumulated rich experience in financing projects related to wind, solar, water, storage, and hydrogen [3]. Group 3: Strategic Collaboration - The three parties will leverage their respective resources and strengths in industry, technology, financial innovation, and leasing to create a financing model that integrates "energy storage assets + specialized operations + comprehensive financial solutions" [3]. - This strategic partnership reflects CITIC Bank Beijing Branch's commitment to green finance and supporting national energy strategies, aiming to innovate financial products and services to enhance the vitality of the energy storage industry [3].

(2)张穗宁女士已获委任为独立非执行董事、审核委员会主席以及薪酬委员会及提名委员会各自的成员; (3)蔡金强先生已获委任为独立非执行董事、薪酬委员会主席以及审核委员会及提名委员会各自的成员; (4)王利杰先生已获委任为独立非执行董事以及审核委员会、薪酬委员会及提名委员会各自的成员; (5)许一安先生已辞任独立非执行董事、审核委员会主席、以及薪酬委员会及提名委员会各自的成员; (6)陈柏楠先生已辞任独立非执行董事、薪酬委员会主席、以及审核委员会及提名委员会各自的成员; (7)刘健成博士已辞任独立非执行董事、提名委员会主席、以及薪酬委员会及审核委员会各自的成员; 及(8)柳敏女士已辞任独立非执行董事以及审核委员会、薪酬委员会及提名委员会各自的成员。 中国金融租赁(02312)发布公告，自2025年9月5日起： (1)蔡文胜先生已获委任为非执行董事、董事会主席以及提名委员会及投资委员会各自的主席; ...

(2)张穗宁女士已获委任为独立非执行董事、审核委员会主席以及薪酬委员会及提名委员会各自的成员; (3)蔡金强先生已获委任为独立非执行董事、薪酬委员会主席以及审核委员会及提名委员会各自的成员; (4)王利杰先生已获委任为独立非执行董事以及审核委员会、薪酬委员会及提名委员会各自的成员; 智通财经APP讯，中国金融租赁(02312)发布公告，自2025年9月5日起： (1)蔡文胜先生已获委任为非执行董事、董事会主席以及提名委员会及投资委员会各自的主席; (5)许一安先生已辞任独立非执行董事、审核委员会主席、以及薪酬委员会及提名委员会各自的成员; (6)陈柏楠先生已辞任独立非执行董事、薪酬委员会主席、以及审核委员会及提名委员会各自的成员; (7)刘健成博士已辞任独立非执行董事、提名委员会主席、以及薪酬委员会及审核委员会各自的成员; 及(8)柳敏女士已辞任独立非执行董事以及审核委员会、薪酬委员会及提名委员会各自的成员。 ...