格隆汇8月19日丨海通恒信(01905.HK)公布，董事会会议将于2025年8月29日(星期五)举行，藉以(其中包 括)考虑及批准公司及其附属公司截至2025年6月30日止六个月的中期业绩及其发布，并考虑派发中期股 息(如有)。 ...

Core Insights - The establishment of Special Purpose Vehicles (SPVs) effectively reduces corporate financing costs and enhances the quality of financial services to the real economy [1] - The recent pilot policy in the Lingang New Area expands the scope of financial leasing project companies to include new energy, power batteries, intelligent manufacturing, and industrial mother machines [2][5] Group 1: SPV Implementation and Benefits - The TCL distributed photovoltaic operating lease project is the first nationwide project utilizing the SPV structure for household distributed photovoltaic leasing [2] - This project creates a win-win cooperation model among private technology enterprises, financial institutions, and farmers, addressing funding bottlenecks for private enterprises and providing stable rental income for farmers [2] - As of now, there are 15 SPVs established by China Merchants Jin Leasing in Lingang, with the scope of leased items expanding from standardized assets like aircraft and containers to strategic emerging industries [2] Group 2: Financial Leasing Advantages - Financial leasing combines financing with the leasing of physical assets, focusing on the stability and liquidity of the leased items rather than solely on corporate credit [4] - This model is particularly beneficial for small and medium-sized enterprises that lack collateral but have genuine equipment needs, supporting them in procurement, technology upgrades, and capacity expansion [4] - The flexibility of financial leasing allows for longer terms and varied repayment methods, with projects like the TCL collaboration potentially lasting up to 25 years [4] Group 3: Policy Expansion and Impact - The pilot policy allows financial leasing companies from across the country to participate in the establishment of SPVs in Lingang, broadening the coverage of policy benefits [5] - Measures such as allowing direct foreign currency borrowing and facilitating cross-border leasing reduce the cost of cross-border business for enterprises [5] - Shanghai has become a hub for financial leasing, with a total asset scale exceeding 30 trillion yuan, accounting for 40% of the national total, and leading in green and technology leasing [5]

| | | | + 1 : | | --- | --- | --- | --- | | 主要会计数据 | 本报告期 | 上年同期 | 本报告期比上年 | | | (1-6月) | | 同期增减(%) | | 营业收入 | 300,621.25 | 261.618.96 | 14.91 | | 归属于上市公司股东的净利润 | 156, 411. 91 | 143, 443. 34 | 9.04 | | 归属于上市公司股东的扣除非经常性 | 155, 112. 55 | 141. 402. 71 | 9.70 | | 损益的净利润 | | | | | 经营活动产生的现金流量净额 | -505.704.93 | 121.488.19 | -516.26 | | 投资活动产生的现金流量净额 | -1.679.12 | -71, 400. 38 | 不适用 | | 筹资活动产生的现金流量净额 | 230, 214. 12 | -107.686.60 | 不适用 | | | 本报告期末 | 上年度末 | 本报告期末比上 | | | | | 年度末增减(%) | | 归属于上市公司股东的净资产 | 2,413,081.14 ...

8月19日，中国金融租赁(02312)盘中下跌6.2%，截至09:30，报1.21元/股，成交145.77万元。 中国金融租赁集团有限公司主要从事上市及非上市证券投资，主要集中在中国和香港市场区域。公司的 投资团队由经验丰富的专业人士组成，具有深厚的市场知识，并在股票、衍生产品、债券等各种投资产 品方面拥有丰富的产品知识。 8月28日，中国金融租赁将披露2025财年中报。 本文源自：金融界 作者：行情君 截至2024年年报，中国金融租赁营业总收入107.05万元、净利润-188.45万元。 ...

Summary of Jiangsu Jinzu's Conference Call Company Overview - **Company**: Jiangsu Jinzu - **Period**: First half of 2025 - **Key Financials**: - Revenue: 808 million CNY, up 14.25% YoY [2][3] - Net Profit: 1.565 billion CNY, up 9.11% YoY [3] - Total Assets: 156.808 billion CNY, up 14.25% from the beginning of the year [3] - Non-performing Loan Rate: 0.91% [2][3] Core Points and Arguments Financial Performance - Revenue growth driven by a 15.73% increase in financing lease scale and a 25% increase in new investments [2][3] - The company maintained a non-performing loan rate of 0.91%, with a reasonable provision coverage despite a slight decline [2][3] Strategic Initiatives - **Asset Acquisition**: - Emphasis on early project reserves and partnerships, particularly with Nanjing Bank, to enhance asset acquisition [2][6] - New investments in emerging markets such as health, technology, and cultural tourism [2][6] - **Cost Control**: - New financing rates decreased to 2.46%, with RMB financing rates at 2.17%, reflecting a 38 basis point and 42 basis point decline respectively [2][6][7] - Long-term funding arrangements with insurance companies to stabilize the liability structure [7][14] - **Risk Management**: - Enhanced risk identification and control, particularly for mid-tier clients, with tailored solutions for strategic clients [2][6][10] - **Operational Efficiency**: - Strengthening retail business systems and increasing average contract amounts through technology [2][5][10] Market Dynamics - The company anticipates a slight recovery in direct leasing proportions in the second half of the year, projecting it to be slightly above 47% for the year [8][9] - Increased competition in direct leasing and strategic sectors, with pricing pressures noted in renewable energy and printing industries [13] Long-term Planning - The new chairman aims to enhance operational capabilities while maintaining the company's traditional strengths [12] - Focus on creating a competitive and specialized financial leasing company through strategic planning and capability enhancement [18] Additional Important Insights - The company has seen a significant increase in contract numbers, with over 43,000 new contracts, doubling from the previous year [2][3][8] - The average contract amount has decreased to 1.33 million CNY from over 1.5 million CNY due to increased volume in specific sectors like commercial vehicles and distributed photovoltaic projects [9] - The company is exploring new industries to mitigate pricing wars and maintain profitability [13] - Plans for a mid-term dividend are under consideration, with expectations for a high dividend payout ratio [19]

Report Industry Investment Rating - The investment rating for the industry is "Underperform" [1] Core Viewpoints - US inflation data is divided, with July CPI lower than expected but PPI far exceeding expectations. However, most institutions maintain the prediction of a 25 - basis - point interest rate cut in September, and the market fully prices in two interest rate cuts within the year [2] - The Jackson Hole Global Central Bank Annual Conference is expected to focus on the policy framework rather than interest rate cut guidance. Powell may use the framework adjustment to re - emphasize the central bank's independence, and there is a potential "expectation gap" risk [3] - US Treasury yields have risen, and the yield curve has become steeper. It is recommended to maintain medium - and short - duration US Treasuries as the core allocation and moderately increase high - grade Chinese - funded US dollar bonds, while being cautious about long - end fluctuations [3][4] Summary by Directory 1. US Treasury Benchmark Interest Rates - The figures related to 2 - year and 10 - year US Treasury yields, the yield curve, bid - to - cover ratios of various maturities, issuance winning bid rates of 2 - 30 - year US Treasuries, monthly issuance volume of US Treasuries, and the implied number of interest rate cuts in the federal funds rate futures market are presented [14][22][24] 2. US Macroeconomic and Liquidity - Data on US inflation year - on - year trends, the federal government's annual cumulative fiscal deficit, economic surprise index, ISM PMI, consumer confidence index, financial conditions index, housing rent growth rate, number of unemployment benefit claims, hourly wage year - on - year growth rate, non - farm payroll data, real estate new housing approval, start, and sales volume year - on - year growth rates, personal consumption expenditure year - on - year growth rate, breakeven inflation expectations, and non - farm industry contributions are shown [28][30][42] 3. Exchange Rates - Information about the one - year trend of non - US currencies, changes in non - US currencies in the past two weeks, Sino - US sovereign bond spreads, the relationship between the US dollar index and the 10 - year US Treasury yield, the relationship between the US dollar index and the RMB index, and the change in the one - year US dollar - RMB forward exchange hedging cost is provided [56][58][60] 4. Overseas US Dollar Bonds - The price trends of US dollar bonds in the US, the combined US - European US dollar bonds, global investment - grade US dollar bonds, and global high - yield US dollar bonds and Chinese domestic bonds are presented, along with the two - week return comparison of the global bond market, the US Treasury volatility MOVE index and the VIX fear index, and the price increases and decreases of US Treasury ETFs of different maturities [63][68][72] 5. Chinese - Funded US Dollar Bonds - The return trends of Chinese - funded US dollar bonds since 2023 (by grade and industry), the yield and spread trends of investment - grade and high - yield Chinese - funded US dollar bonds, the two - week returns (by grade and industry), the net financing amount trend, and the maturity scale of each sector are shown [81][84][89] 6. Rating Actions - In the past two weeks, the three major international rating agencies took 8 rating actions on Chinese - funded US dollar bond issuers, including 5 rating upgrades, 1 rating withdrawal, and 2 initial ratings [91]

Group 1: Strategy and Market Outlook - The report indicates that the computing power sector has entered a main rising market, fulfilling necessary conditions for a significant market uptrend similar to the mobile internet boom in 2013 [8][10] - Short-term opportunities are identified in packaging testing, storage, computing chips, algorithm technology, and software, which show favorable technical indicators [13] - Mid-term analysis suggests that the valuation gap between Chinese and US computing power sectors is expected to converge, with higher performance expectation adjustments in advanced packaging, storage, and power sectors in China [11][12] Group 2: Company-Specific Analysis - Tianshan Co., as the largest cement producer in China, is expected to achieve revenues of 83.3 billion, 82.6 billion, and 82.1 billion CNY from 2025 to 2027, with net profits of 1.72 billion, 2.15 billion, and 2.70 billion CNY respectively [23][24] - The company is currently valued at a low PB of 0.5x, with a target price set at 8.22 CNY per share, reflecting a "buy" rating [23] - The report highlights that Tianshan Co. is well-positioned to benefit from regional infrastructure policies and has potential for cost reduction through enhanced management and resource utilization [24] Group 3: Economic and Industry Trends - The report notes a slowdown in industrial and service sector growth, with retail sales continuing to decline, indicating a weakening domestic demand [5][26] - Fixed asset investment has decreased by 5.3% year-on-year, with significant declines in real estate development investment, which fell by 17% [27][28] - The cement demand is projected to decline by 5%-6% in 2025, but the report anticipates stabilization in the long term, particularly in regions like Xinjiang [24]

Investment Rating - The investment rating for the company is "Accumulate" [4] Core Views - The company achieved revenue and net profit of 3.01 billion and 1.56 billion CNY respectively in H1 2025, with year-on-year growth of 15% and 9% [1] - The asset scale increased by 18%, with net interest income rising by 19% [2] - The company has established three major business segments: high-end equipment, clean energy, and transportation, leading to a stable and secure asset base [2] - The company is actively exploring innovative fields to open new growth avenues [2] - The impairment provision increased by 37% year-on-year, while the non-performing loan ratio remained stable at 0.91% [3] - Operating lease income saw a slight increase of 2%, but net income from fees and commissions experienced significant losses [4] - The leverage ratio at the end of the reporting period was 6.4 times, with a TTM dividend yield of 4.62% [8] - Revenue forecasts for 2025-2026 have been adjusted upwards, with EPS estimates also revised [9] Financial Summary - In H1 2025, the company reported net interest income of 3.04 billion CNY, reflecting a year-on-year increase of 19% [2] - The company's total assets reached 156.81 billion CNY, marking a 14% increase from the end of 2024 and an 18% increase year-on-year [2] - The company’s operating revenue for 2025 is projected to be 6.26 billion CNY, with a year-on-year growth of 19% [11] - The net profit attributable to shareholders for 2025 is estimated at 3.24 billion CNY, with a year-on-year growth of 10% [11] - The company’s gross profit margin is expected to be around 51.71% in 2025 [11]

Investment Rating - The report maintains a "Buy" rating for the company, expecting a price increase of over 15% in the next 6-12 months [4][11]. Core Views - The company reported a revenue of 3 billion RMB and a net profit of 1.6 billion RMB for the first half of 2025, representing year-on-year growth of 15% and 9% respectively [2]. - The company is expected to benefit from a market recovery, with a projected net profit of 3.204 billion RMB for 2025, reflecting an 8.9% year-on-year increase [4]. Performance Summary - As of the end of the first half of 2025, the company's total assets reached 156.8 billion RMB, with leasing assets growing by 14% year-to-date [3]. - The net interest margin for leasing business improved to 3.71%, an increase of 0.03 percentage points year-on-year [3]. - The company reported a non-performing loan ratio of 0.91%, maintaining a stable asset quality [3]. Financial Forecast and Valuation - The company is projected to achieve a dividend yield of 4.7% in 2025, supported by steady growth in interest-earning assets and an expanding interest margin [4]. - The estimated price-to-book ratio for 2025 is 1.3x, indicating a favorable valuation [4]. - Revenue is expected to grow from 4.787 billion RMB in 2023 to 7.152 billion RMB by 2027, with a compound annual growth rate of approximately 10% [9].

Investment Rating - The report maintains a "Buy" rating for Jiangsu Jinzu (600901) [1] Core Views - Jiangsu Jinzu's business investment is rapidly growing, with a significant year-on-year increase in net interest margin [7] - The company achieved a total operating revenue of 30.1 billion yuan in the first half of 2025, representing a year-on-year growth of 14.9% [7] - The net profit attributable to shareholders reached 15.6 billion yuan, up 9.0% year-on-year, with an EPS of 0.27 yuan [7] - The company’s leasing asset scale increased to 1,491 billion yuan, a growth of 15.7% compared to the beginning of the year [7] - The net interest margin for the leasing business was 3.71%, an increase of 3 basis points year-on-year, driven by a reduction in funding costs [7] - The non-performing loan ratio remained stable at 0.91%, indicating good asset quality [7] Financial Forecasts - Total operating revenue is projected to reach 61.35 billion yuan in 2025, with a year-on-year growth of 16.2% [1] - The net profit attributable to shareholders is expected to be 32.4 billion yuan in 2025, with a growth rate of 10.1% [7] - The book value per share (BVPS) is forecasted to be 4.41 yuan in 2025, with a P/B ratio of 1.32 [1][7] Business Segment Performance - The clean energy and transportation sectors showed strong growth, with year-on-year increases of 36.5% and 31.1% respectively [7] - The industrial equipment sector experienced a decline of 5.4%, while the medical health and livelihood security sectors saw significant contractions, both exceeding 40% [7] Market Data - The closing price of Jiangsu Jinzu is 5.84 yuan, with a market capitalization of approximately 33.83 billion yuan [5] - The company has a price-to-book (P/B) ratio of 1.36 [5]