信用风险展望 | 融资担保行业 信用风险展望 融资担保行业 融资担保行业 2026 年信用风险展望 从信用中介向战略支点 "双轨制"下的职能深化与信用筑基 摘要：2025 年，政策引导与市场需求的双重作用下，担保机构聚焦主业推进业务转型， 对科技创新领域的支持力度增强、普惠领域的支持不断深化，风险缓释作用进一步凸显，债券 担保余额回升,贷款担保业务拓展意愿提升；市场化担保机构资产安全性及流动性整体保持良 好，表内债务管理压力整体较小，同时资本水平整体充足，整体信用质量保持高位稳定，政府 性融资担保机构信用质量仍分化较为明显。展望 2026 年，行业将在深化政策性职能与探索市 场化创新中推进业务持续转型，头部担保机构将继续占据主导地位；尽管面临经济环境复杂、 局部信用风险暴露等多重挑战，但在金融监管全面加强、财政政策持续优化的支持下，行业风 险抵御能力有望增强，整体信用质量将维持稳定。 一、行业供给能力分析 1.1 资本充足性 2025 年，市场化担保机构资本水平整体较为充足，未来业务拓展空间较大，政府性融资 担保机构的资本补充压力相对较大；预计 2026 年，担保机构资本水平仍将延续分化特征，市 场化机构的资 ...

在业务办理过程中，该公司创新服务模式，提供一年期以上的中长期担保，并同步优化风险分担 比例、提高代偿上限、降低担保费率，切实帮助企业缓解融资难、融资贵问题，支持企业实现稳 健经营与可持续发展。 "民间投资专项担保计划是2026年全省政府性融资担保体系的重要任务，对进一步激发市场活力、 促进民间投资增长具有积极作用。"眉州融资担保有限公司相关负责人表示，下一步，公司将持续 加大该专项计划的推广与落实力度，扩大政策覆盖面，引导更多金融资源精准投向民间投资领 域，为区域经济高质量发展注入金融活水。 本报讯 日前，眉山市眉州融资担保有限公司成功落地眉山市首笔民间投资专项担保业务，为本地 一家知名酒店提供900万元中长期贷款担保，该业务从政策对接到审批落地仅用时72小时。 眉州融资担保有限公司是眉山市规模最大的国有控股融资担保机构。此次业务是眉山积极响应 《关于实施民间投资专项担保计划的通知》的具体行动，也是四川省首批落地的同类业务之一。 ...

近日，青岛融资担保集团（以下简称"集团"）联合青岛农商银行，在青岛自贸片区管委会的政策引领 下，成功为万事通国际贸易（山东）有限公司办理300万元"自贸助贷"业务，实现该业务模式的首单落 地。此举标志着集团在创新"政银担"合作机制、服务自贸片区重点产业发展方面取得实质性突破，充分 彰显了政府性融资担保机构的使命担当与专业价值。 战略先行 勇担政策落地"排头兵" 青岛自贸片区出台"自贸助贷"实施方案、着力优化区域金融生态之际，集团迅速响应，将政策落实作为 服务区域发展的核心任务。该方案通过设立总规模2亿元的专项"资金池"，构建"政府+银行+担保"三方 风险共担机制，重点面向片区内贸易企业、规上制造业、高成长性企业及绿色产业提供融资支持，并配 套贷款利息与担保费补贴，切实减轻企业融资负担。 集团深刻认识到，"自贸助贷"不仅是业务模式的创新，更是服务全市对外开放大局的重要抓手。为此， 集团第一时间组织专题研讨，精准把握政策要点，主动对接青岛农商银行等合作机构，搭建高效沟通机 制。 在推进过程中，集团明确自身定位，致力于成为政策红利的"放大器"、银企合作的"连接器"与金融风险 的"稳定器"，推动惠企政策精准直达市场主 ...

Group 1 - Company announced the provision of joint liability guarantees for various subsidiaries' working capital loans totaling approximately 29.89 million yuan, 7 million yuan, and 3 million yuan, among others [1] - The total amount of guarantees provided by the company and its subsidiaries is approximately 150.53 billion yuan, which accounts for 541.33% of the company's audited net assets attributable to the parent company as of December 31, 2024 [2] - The guarantees are exclusively for the company's consolidated subsidiaries, indicating a strong inter-company support structure [2]

Group 1 - The stock price of Zhongying Shengda Financing Guarantee (01543.HK) exhibited a narrow fluctuation pattern from February 5 to February 11, 2026, with a range change of 0.41% and a volatility of 8.16%, reaching a high of HKD 0.27 on February 6 and a low of HKD 0.24 on February 5 [1] - Significant fluctuations in capital flow were noted, with a net inflow of HKD 298,280 on February 10, followed by a net outflow of HKD 12,300 on February 11, indicating that trading was primarily driven by retail investors, as major funds did not participate [1] - From a technical perspective, the MACD indicator showed a narrowing negative divergence, and the Bollinger Bands continued to contract, suggesting that the stock price is under pressure below the moving averages, indicating a weak short-term trend [1] Group 2 - On February 4, 2026, the company released its monthly securities change report, confirming that as of January 31, 2026, there was no change in the share capital of both domestic and H-shares, maintaining a total share capital of 1.561 billion shares, which complies with the Hong Kong Stock Exchange's public holding requirements [2]

Group 1: Core Insights - The Shanghai Municipal Market Supervision Administration emphasizes price regulation as a key tool for economic and social development, focusing on key sectors and issues to alleviate burdens on enterprises and protect consumer rights [1] - Since 2025, a total of 922 price violation cases have been investigated, resulting in the recovery of over 26 million yuan, effectively curbing illegal charging practices [1] Group 2: Case Summaries - Shanghai Gongxin Financing Guarantee Co., Ltd. was found to charge a service fee of 2.52% without providing actual services, violating the Price Law [2][3] - Shanghai Qingxing Intelligent Technology Co., Ltd. misled consumers about the price difference of an electric scooter during a live broadcast, resulting in a fine of 10,000 yuan [4][5] - Muren Beauty and Hairdressing Store failed to disclose additional purchase requirements during a promotional campaign, leading to a fine of 4,000 yuan [6][7] - Shanghai Yanyan Catering Management Co., Ltd. was penalized for misleading pricing on meal packages, resulting in a fine of 10,000 yuan [9][11] - Shanghai Mind Management Training Institute was found to have unsubstantiated pricing claims for its courses, leading to a fine of 50,000 yuan [10][11] - Shanghai Zhenling Property Management Co., Ltd. was penalized for charging above the government-set electricity rates, violating the Price Law [12][13] - Canying Business and (Shanghai) Enterprise Development Co., Ltd. was found to have overcharged tenants for electricity, resulting in a fine of 96,900 yuan [14][15] - Shanghai Zhenyue Industrial Co., Ltd. was penalized for illegally adding fees to electricity charges, with a total overcharge of 192,923.55 yuan [16][17]

Core Viewpoint - The financing guarantee industry in China is undergoing significant regulatory changes aimed at eliminating "lost contact" and "shell" institutions, which disrupt market order and pose financial risks. The regulatory framework is becoming more robust, with a focus on cleaning up these problematic entities [1][2]. Group 1: Regulatory Actions - Since 2025, financial regulatory authorities across various provinces have implemented strict measures to eliminate "lost contact" and "shell" institutions, with 346 entities reported to be removed from operation, a significant increase from over 100 in 2024 [1]. - The cleanup actions are widespread across the country, with provinces like Liaoning, Yunnan, Anhui, and Chongqing leading in the number of institutions being purged. Yunnan alone reported 145 such institutions in 2025 [1][2]. - The peak of these regulatory actions occurred in the second half of 2025, particularly in December, when over 80 institutions were announced for removal in a single month [2]. Group 2: Market Dynamics - The market is responding to regulatory changes, with financial institutions, particularly private banks, tightening their partnerships with guarantee institutions. This includes setting admission standards and conducting regular evaluations [3]. - The implementation of the 2025 notice on managing commercial bank internet lending services has compelled guarantee institutions to enhance service quality and comply with operational standards [3]. Group 3: Risk Factors - Some "lost contact" and "shell" institutions are linked to complex capital relationships and risk transmission issues. For instance, Chengdu Minxin Financing Guarantee Co., which has a major shareholder listed as a dishonest entity, exemplifies the governance failures that can lead to broader financial risks [2]. - Institutions with significant governance issues, such as major shareholders or actual controllers with dishonesty records, represent a notable portion of those on the cleanup list, highlighting deep-seated vulnerabilities in corporate governance [2].

Group 1 - The core viewpoint of the news is that Jining High-tech Holding Group is actively seeking partnerships with various financing guarantee companies to enhance its bond guarantee and credit enhancement services, which will support the group's high-quality development [1][2]. - From February 3 to 5, the chairman and general manager of Jining High-tech Holding Group, Che Tao, led a team to visit Gansu Financing Guarantee Group, Northeast SME Financing Re-guarantee Co., Ltd., and China Investment and Financing Guarantee Co., Ltd. to discuss cooperation [1][2]. - During the meetings, Che Tao introduced the advantages of Jining's location, industrial development layout, and the financial status of Jining High-tech Holding Group, while the counterpart companies shared their development histories and business systems [1][2]. Group 2 - The discussions focused on various business areas including bond guarantees, entrusted loans, and performance guarantees, leading to preliminary cooperation intentions with the visited companies [1][2]. - The team also explored the potential for collaboration in bond credit enhancement and fund investment, which could broaden the group's cooperation channels in bond credit enhancement business [2]. - Moving forward, Jining High-tech Holding Group plans to expedite the application for new bonds by 2026, leveraging the expertise of guarantee institutions to achieve breakthroughs in new bond issuance, thereby providing stronger financial support for regional industrial upgrades and economic development [2].

Core Viewpoint - Guizhou Shijin Financing Guarantee Co., Ltd. has decided to reduce its registered capital from RMB 150 million to RMB 100 million, as announced in a public notice [1] Group 1 - The registered capital reduction is officially announced, decreasing from RMB 150 million to RMB 100 million [1] - Creditors are required to declare their claims within 45 days from the announcement date, specifically from February 8, 2026, to March 25, 2026 [1] - Creditors who do not declare their claims or make requests within the specified period will be considered to have no objections to the capital reduction [1]

Core Viewpoint - HNA Technology emphasizes its significant stake in Zhonghe Small and Medium Enterprises Financing Guarantee Co., Ltd., a pilot project established by the State Council for foreign investment, holding 26.62% of the shares [1] Group 1: Company Overview - Zhonghe Guarantee has maintained a stable AAA rating and complies with all regulatory indicators, with its financing guarantee license updated to long-term validity [1] - The company will adhere to the principles of three meetings governance to enhance focus on Zhonghe Guarantee's operational strategy and performance, ensuring maximization of investment returns [1] Group 2: Asset Management - The company completed the renovation and transformation of its self-owned property assets in a core business district of Tianjin by July 2024, successfully revitalizing the assets [1] - Ongoing efforts will be made to enhance commercial operations to improve asset returns [1]