Core Viewpoint - The signing of the "Tianhe Leasing Low Altitude Economy No. 1 Syndicated Loan" marks a significant step in supporting the development of low-altitude economy in Guangdong Province, with a focus on expanding the fleet and market for general aviation leasing [1][2] Group 1: Company Overview - Tianhe Leasing, established in 2015 in the Guangdong Free Trade Zone, is the first leasing company in the region focused primarily on aircraft leasing [1] - The company has built a global business platform with partnerships with major airlines across various locations including Guangzhou, Tianjin, Fujian, Hong Kong, Ireland, and the Cayman Islands [1] Group 2: Financial Details - The syndicated loan amounts to 800 million yuan, specifically allocated for the import of six new H175 general aviation helicopters from Airbus Helicopters [1] - This financing is part of the broader strategy to enhance the fleet size and develop new market-oriented leasing services in the general aviation sector [1] Group 3: Industry Context - The low-altitude economy is identified as a new engine for high-quality economic development in Guangdong Province, as outlined in the "Guangdong Province Promoting High-Quality Development Action Plan for Low Altitude Economy (2024-2026)" [1][2] - The Export-Import Bank of China’s Guangdong branch has been actively supporting foreign trade and low-altitude economic development through tailored financing solutions and the establishment of a specialized aviation financing service team [2]

由于参会席位有限，首轮招募，主办方将优先接受全国范围内融资租赁公司的申请。 参与讲坛学习申请点击下载并填写➡️ 融资租赁产融讲坛参与申请承诺函.docx 发送至邮箱 gaoyining@yicai.com， 审核通过后将发送参会确认邮件 。 详情及合作咨询：高漪宁：15712962072（微信同号） 融资租赁产融讲坛2025活动计划 6月26日，由第一财经携手上海市融资租赁行业协会、上海交易集团共同打造的年度公益项目 " 融资租 赁产融讲坛" 在沪正式开讲，这是三方旨在共同推动融资租赁行业转型发展的又一创新尝试。 当前融资租赁行业存在一些亟待解决问题，例如资产流动性不足需交易平台支持，信息不对称需信息枢 纽，监管适应性弱需政策对话窗口，中小租赁公司对新质科技产业研究力量不足等。"融资租赁产融讲 坛"将借助第一财经信息链接及产业积累优势、上海交易集团的资产流转能力、行业协会的政策衔接角 色，形成"产-媒-研"铁三角，帮助融资租赁行业提供智力支撑和资源链接。 据了解，" 融资租赁产融讲坛" 打造历时数月，三方通过工作经验总结、租赁公司实地走访、一线业务 人员调研等方式，梳理出融资租赁行业当下转型发展面临的主要"困 ...

Group 1 - The core event is the "Seventh Lujiazui Financial City Future Financier Pre-Employment Workshop," aimed at enhancing collaboration between schools and enterprises to cultivate high-quality financial talent [1][7][11] - The workshop has been held since 2018 and has gained a positive reputation, attracting students from renowned universities globally, with over a hundred attendees at the latest event [1][4][7] - The initiative is part of a broader strategy to build a talent reservoir in the financial sector, aligning educational outcomes with industry needs [1][7][30] Group 2 - The "Pudong Youth Innovation 15 Measures" was introduced to support young talents, providing tailored policies and resources for innovation and entrepreneurship [4][30] - The workshop includes a policy introduction segment focusing on housing support for young professionals, which received positive feedback from attendees [4][30] - The event features a diverse curriculum with expert speakers addressing industry trends, career planning, and practical insights into the financial sector [19][27][30] Group 3 - The workshop emphasizes the importance of practical experience and continuous learning for students entering the financial industry, encouraging them to build a strategic career development perspective [27][35] - Participants are advised to engage in internships and practical experiences early to establish their career paths and enhance their employability in a rapidly evolving financial landscape [35][30] - The event aims to strengthen the connection between academic training and market demands, fostering a new generation of financial professionals with a global perspective [7][30]

Core Insights - The Anhui Province Financing Leasing Empowering Real Economy Development Matching Conference was held in Hefei, focusing on building a comprehensive platform for industry-finance integration to inject financial vitality into the high-quality development of the real economy [1] - A total of 10 key financing leasing projects were signed during the event, with a total investment amount of 1.86 billion, covering key industries such as semiconductors, new energy, and high-end equipment manufacturing [1] - The Anhui Provincial Financing Leasing Development Alliance was officially established, with over 60 initial member units, forming a cross-regional and multi-industry comprehensive service platform [1][2] Group 1 - The conference aimed to enhance the financing leasing service for key industries and improve the industry-finance integration mechanism, with 20 targeted measures proposed in the "Anhui Province Promotion of High-Quality Development of Financing Leasing Industry Work Plan" [1] - In the first quarter of this year, the province's new financing leasing business investment reached 31.279 billion, representing a year-on-year growth of 17.87% [1] Group 2 - The newly established alliance will focus on "co-construction, co-consultation, sharing, and win-win" principles, creating a financing leasing industry development ecosystem and building four platforms: communication and cooperation, high-end think tank, industry self-discipline, and talent cultivation [2] - The first batch of typical cases of Anhui Province financing leasing services supporting the real economy was released, covering various fields such as equipment updates, artificial intelligence, new energy vehicles, and new materials, providing replicable and promotable practical models for industry development [2]

四是人才培养平台。推动与高等院校联合培养融资租赁人才，探索建立全省融资租赁行业人才专家库。 定期组织专业培训和学术研讨，提升行业从业人员素质，推动新技术在融资租赁领域的应用。 为充分发挥示范引领作用、总结推广先进经验，活动还发布了"首批安徽省融资租赁服务实体经济典型 案例"，涵盖融资租赁支持设备更新、人工智能、新能源汽车、新材料等多个领域特色做法。这些案例 充分展示了融资租赁在盘活企业资产、优化融资结构、助推产业升级中的独特作用，为行业发展提供了 可复制、可推广的实践范本。 二是高端智库平台。联合省内外高等院校、科研院所、服务咨询机构等开展融资租赁业政策形势及前沿 课题研究，为行业发展提供理论支撑和决策参考。定期征集发布融资租赁创新案例和经验做法。 三是行业自律平台。加强行业自律与规范发展，探索建立行业标准和自律机制，营造健康有序的市场环 境。 本报讯 （记者徐一鸣）6月27日，"融资融物 融通万企"安徽省融资租赁赋能实体经济发展对接会在安徽 省合肥市成功举办。安徽省委金融办（安徽省地方金融管理局）、安徽省发展改革委、安徽省工业和信 息化厅、安徽省国资委、人民银行安徽省分行、安徽金融监管局等部门负责同志，安徽 ...

Core Viewpoint - The establishment of a financial high-level open corridor in the Guangdong Free Trade Zone is aimed at supporting the high-quality development of the real economy through financial openness and innovation [1][2]. Group 1: Financial Development in Qianhai - Qianhai is positioned as a crucial link between Hong Kong and the mainland, focusing on attracting international capital and supporting enterprises to list in Hong Kong [2][3]. - Over the past decade, Qianhai has attracted a total of $38.2 billion in foreign investment, accounting for 67% of the Guangdong Free Trade Zone's total [2]. - The number of customs-registered enterprises in Qianhai has increased to over 11,000, a growth of 5.7 times since its establishment [2]. Group 2: Capital Market and Listing Support - Qianhai aims to become a nurturing base for companies planning to list in Hong Kong, leveraging Hong Kong's international legal and regulatory framework alongside Shenzhen's industrial advantages [3][4]. - In the first half of this year, the Hong Kong Stock Exchange led global IPO financing with 40 new listings raising HK$102.1 billion [4]. - By 2025, the Hong Kong market is expected to see 80 new listings, with a total financing amount projected to reach HK$200 billion [4]. Group 3: Financial Infrastructure and Cross-Border Finance - The Qianhai Equity Exchange Center is designed to facilitate enterprises in listing in Hong Kong, with a focus on enhancing the listing nurturing mechanism [5]. - Qianhai has established six cross-border financial brands, including cross-border RMB loans and dual-currency bond issuance, to attract international capital [5]. - As of the end of 2024, Qianhai's FT accounts have surpassed ¥1 trillion in cross-border receipts and payments [5]. Group 4: Support for Small and Medium Enterprises - The development of "patient capital" and "bold capital" is emphasized to improve the financing environment for small and medium-sized enterprises and technology companies [6][7]. - The "Technology Startup Pass" credit product has served over 3,200 enterprises, with 80% being early-stage tech companies, providing loans totaling ¥3.8 billion at a low interest rate of 3.45% [6]. - The first private equity fund management license for insurance capital has been issued in Qianhai, with an initial fund size of ¥30 billion [7]. Group 5: Supply Chain Finance - Qianhai is recognized as a major hub for supply chain finance, aiming to support the transformation of the manufacturing sector and promote inclusive finance [9][10]. - The region has launched the first national action plan to promote the development of the factoring industry, establishing itself as a model for supply chain finance innovation [9]. - By May 2025, Shenzhen is expected to have 11,000 specialized small and medium enterprises, providing a strong market for supply chain financing [10].

Group 1: Industry Transformation - The financing leasing industry is focusing on professional transformation, emphasizing the dual attributes of "financing + asset" to address service pain points and build a new ecosystem of industry-finance collaboration [1] - Companies are shifting towards specialized, differentiated, and characteristic operations through systematic restructuring of strategic logic, resource allocation, operational models, and technological iteration [1] - Financing leasing is positioned to empower industrial transformation and support the development of real enterprises, from large project construction to small and micro enterprise operations [1] Group 2: Green Energy Projects - The Ningxia Tengger Desert Energy Base, with a combined installed capacity of 13 million kilowatts, is a key project under the "14th Five-Year" electricity planning, aimed at transforming desert areas into green energy sources [2][3] - The "Ningxia-Taiwan Direct Current" project, with an investment scale of approximately 28.1 billion yuan, will have a maximum delivery capacity of 8 million kilowatt-hours upon operation [3] - State Grid International Leasing Company played a crucial role in alleviating funding pressures for the project by providing a financing limit of up to 500 million yuan, with the first tranche of 207 million yuan already disbursed [3] Group 3: Green Finance and Services - The financing leasing industry is increasingly leaning towards green energy sectors such as renewable energy, pumped storage, electric transportation, and green data centers, promoting a diversified development of "green finance + direct leasing" [4] - Companies are enhancing their services by embedding financial solutions deeply into the industrial chain, leveraging their ecological advantages [3][4] Group 4: Support for Small and Micro Enterprises - Financing leasing companies are targeting small and micro enterprises by addressing their financing needs, particularly in the context of equipment leasing and upgrades [5][6] - The industry is aligning with policy directives that encourage the development of products and services tailored to small and micro enterprises, facilitating equipment updates and innovation [6] - A new leasing model, known as vendor leasing, is emerging, which integrates manufacturers' sales needs with financial services, marking a significant direction for industry transformation [7] Group 5: Vendor Leasing Model - Vendor leasing focuses on aligning the sales demands of manufacturers with the financial services of leasing companies, promoting a shift from "capital-driven" to "industry service-driven" models [7] - Companies are establishing dedicated vendor leasing departments to explore high-end manufacturing and intelligent manufacturing sectors [7] - A recent vendor leasing project by Chouzhou Jin Leasing, involving electric forklifts, has seen an investment of over 80 million yuan, with a total credit approval of nearly 1 billion yuan for key manufacturers [7]

Core Viewpoint - The company received an inquiry letter from the Shanghai Stock Exchange regarding its 2024 annual report, prompting a detailed response addressing various investment and financial disclosure issues [1]. Group 1: Long-term Equity Investments - The company's long-term equity investment balance at the end of the reporting period was CNY 397 million, a year-on-year decrease of 15.89%, with an impairment provision of CNY 14.12 million [1]. - The long-term equity investments included CNY 324 million in Shanghai Feiren Technology Co., CNY 46.84 million in Shanghai Lingang Financing Leasing Co., and CNY 25.27 million in Shanghai Jizan Industrial Co. [1]. - The company recognized an investment loss of CNY 62.33 million for the reporting period, compared to CNY 127 million in the previous year, and an adjustment loss of CNY 12.61 million in other comprehensive income [1][2]. Group 2: Investment Project Details - The company was asked to provide detailed information on its investments in Feiren Technology, Lingang Financing, and Jizan Company, including investment background, amounts, and progress [2]. - Feiren Technology was established in November 2020, focusing on introducing overseas carbon fiber composite manufacturing technology to China [3]. - Lingang Financing was initially set up to provide financing through sale-leaseback arrangements but has since seen limited business volume [5]. - Jizan Company, established in April 2020, has invested in companies related to infrared thermal imaging and new energy vehicles [6]. Group 3: Investment Losses and Impairments - Jizan Company faced significant investment losses due to guarantees provided for bank loans that have since defaulted, leading to a complete halt in construction at its associated company, Taizhou Wanxiang [9]. - The company confirmed substantial investment losses in Jizan and Lingang Financing due to the involvement of a strategic investor in a criminal case, impacting their financial performance [8][9]. - The company did not recognize further impairment for long-term equity investments in 2024, as the recoverable amount of Jizan's equity was assessed to be higher than its book value [12]. Group 4: Logistics and Trade Business - The logistics business, primarily conducted through Shanghai Shensi Enterprise Development Co., generated revenues of CNY 1.165 billion, CNY 1.291 billion, and CNY 1.361 billion from 2022 to 2024, with a gross margin of around 8% [13]. - The trade business, managed by Shanghai Shenbei Import and Export Co., focuses on exporting office supplies, with revenues constituting only 0.59% of total revenue in 2024 [15]. - The company confirmed that both logistics and trade operations adhere to relevant accounting standards and do not lack commercial substance [16].

Group 1 - The core issue in the financing leasing industry is the complexity of asset disposal, which is significantly higher than traditional credit assets due to the dual legal attributes of property rights and debt rights [2] - Current industry faces four main asset disposal challenges: inability to locate assets, high costs of removal, difficulty in selling, and price suppression in the buyer's market [3][4] - Specific examples highlight the challenges, such as a solar energy company losing 320 million yuan worth of equipment due to improper asset tracking and the inability to recover costs from dismantling specialized equipment [3][5] Group 2 - The root causes of these issues can be analyzed from subjective and objective perspectives, including a deviation from business logic and market constraints [5][6] - Subjective reasons include a focus on scale expansion over the intrinsic properties of leased assets, leading to poor asset selection [5] - Objective pain points involve market and technical limitations, where some leasing companies accept non-disposable assets due to industry norms, resulting in assets becoming "paper rights" [6] Group 3 - Strategies for asset disposal should shift from passive responses to proactive planning, utilizing macroeconomic indicators to guide decisions [7] - A classification matrix for asset management is proposed, categorizing assets into high liquidity, strong cyclical, and specialized equipment, each with tailored disposal strategies [7] - The approach should evolve from single-line asset management to a comprehensive strategy that integrates various asset control measures [8] Group 4 - Future trends in asset disposal include leveraging high-tech solutions for asset tracking and monitoring, such as AI-assisted due diligence and real-time GPS monitoring [10][11] - Building cross-industry ecological alliances is essential for enhancing asset disposal efficiency and mitigating risks through resource integration [12] - The essence of financing leasing asset disposal is to transform risk exposure into value opportunities, emphasizing the need for a full value chain capability from precise pricing to dynamic monitoring and diversified exit strategies [13]

Core Insights - The Tianjin Free Trade Zone (FTZ) has transformed into a significant financial leasing hub, with a total leasing asset scale of 2.2 trillion yuan, accounting for one-fourth of the national total [3][5] - The FTZ has introduced 40 innovative leasing business models, with cross-border leasing of aircraft, ships, and offshore platforms dominating over 70% of the national market share [1][3] - The financing leasing industry in Tianjin has evolved from a nascent stage to a leading position, becoming the second-largest global center for aircraft leasing, just behind Ireland [3][4] Industry Development - The establishment of the Tianjin FTZ in 2015 aimed to create a national leasing innovation demonstration zone, leading to the implementation of various supportive policies [3][4] - The FTZ has developed a "1+3+4" cross-border financial policy system, enhancing foreign investment channels and attracting quality capital [5] - The financing leasing sector has expanded beyond aviation, with significant developments in shipping and green industries, showcasing a diversified growth model [6][7] Policy and Innovation - The FTZ has implemented policies such as allowing operational leasing to collect foreign currency rent, which has significantly boosted the leasing industry [3][4] - The introduction of a green financing leasing development plan has established a national first for green leasing evaluation mechanisms, promoting sustainable practices [6] - The collaboration between government and enterprises has been crucial in overcoming initial challenges and fostering a supportive environment for the leasing industry [4][6]