图说资产证券化产品 ——2025年5月 消费金融政策加力，消费类ABS迎扩容新机遇 近期，央行、国家发改委、财政部、商务部、金融监管总局、证监会等六部门联合印发《关于金融支持提振和扩大消 费的指导意见》（以下简称《指导意见》），从支持增强消费能力、扩大消费领域金融供给、挖掘释放居民消费潜力、促 进提升消费供给效能、优化消费环境和政策支撑保障等六个方面提出19项重点举措，推动完善扩大消费长效机制，更好满 足消费领域金融服务需求。值得注意的是，《指导意见》重点支持消费产业有关企业融资，加大债券市场融资支持力度， 支持符合条件的文化、旅游、教育等服务消费领域企业发行债券，以及鼓励符合条件的科创企业通过债券市场募集资金， 推动智慧养老、智能医疗等消费产品提质升级。同时，推动个人汽车、消费、信用卡等零售类贷款资产证券化增量扩面, 促进盘活信贷存量，提升消费信贷供给能力。这有利于促进银行等金融机构盘活零售贷款存量，释放更多资金用于发放新 的零售贷款，提升资金使用效率，通过扩大信贷供给助力消费复苏与升级。从发行情况来看，上半年信贷ABS中个人汽车贷 款类、个人消费贷款类产品分别发行343.43亿元和183.41亿元，占信贷 ...

Group 1: Financial Support for Consumption Infrastructure - Financial institutions are increasing credit support for consumption infrastructure to enhance supply efficiency, with specific projects receiving significant funding, such as a nearly 1 billion yuan loan approved by ICBC for a national 5A scenic area [1] - Everbright Bank has optimized its "Logistics Pass" product to support the digital transformation and cost reduction in the logistics industry, covering various scenarios including network freight and traditional logistics [1] - Suggestions for future financial support include developing long-term, low-cost credit products tailored to project characteristics and enhancing collaboration with government departments [1] Group 2: Personal Consumption Loans - Financial institutions have adjusted credit policies for personal consumption loans, increasing limits and extending terms to better meet consumer demand, with CCB's personal consumption loan scale exceeding 590 billion yuan, a 27% increase year-on-year [2] - Several banks have introduced innovative products targeting specific demographics, such as the "Yangyi Loan" for the elderly, with significant credit issued in the first five months [2] - Banks like Minsheng Bank have upgraded their loan products, increasing the maximum loan amounts and extending repayment terms to accommodate consumer needs [2] Group 3: Future Outlook for Personal Consumption Credit - Recommendations for future personal consumption credit products include offering personalized options based on different consumption scenarios, utilizing big data and AI for risk assessment, and simplifying approval processes to enhance efficiency [3] - Collaboration with merchants to create exclusive offers and educating consumers on loan knowledge and risks are also suggested to promote rational borrowing [3]

中国货币网7月4日消息，海尔消费金融有限公司（简称"海尔消金"）已于7月3日成功发行2025年第二期够花个人消费贷款资产支持证券（ABS），规模达15 亿元，其中优先A档票面利率为1.80%，这一利率水平创下了行业年度新低。 这一消息在消费金融领域引起了广泛关注，也反映出当前消费金融公司融资市场的活跃态势。2025年至今，马上消费金融、中邮消费金融、中原消费金融等 机构相继发行金融债及ABS。数据显示，行业发债频率提高，融资利率下降，融资渠道呈现多元化特征。 多元融资成常态 融资渠道的多元化成为消费金融公司发展的关键支撑，也是其密集融资背后的核心驱动力。这种驱动主要来自政策松绑与自身发展需求两方面。 从政策层面看，监管层多次出台措施为消费金融公司拓宽融资渠道"铺路"。2023年10月，国家金融监督管理总局发布《非银行金融机构行政许可事项实施办 法》，简化了债券发行审批程序，取消了非银机构发行非资本类债券审批，改为事后报告制，并明确了资本类债券储架发行机制。这一系列举措显著降低了 消费金融公司发行债券的门槛，提供了更为便捷的通道。 2025年6月，央行等六部门联合印发的《关于金融支持提振和扩大消费的指导意见》进 ...

Core Viewpoint - China Construction Bank (CCB) is focusing on high-quality development strategies in response to a low interest rate environment, emphasizing internal growth and financial health [2][3]. Group 1: Strategic Direction - CCB's 2024 strategy is characterized by "internal, intensive development" to address uncertainties in the overall operating environment [2]. - The management highlighted a focus on "three stability, three optimization, and three control" to achieve high-quality development, indicating improvements in key financial indicators [2]. Group 2: Profitability and Cost Management - CCB aims to enhance revenue through balanced pricing structures and improved service capabilities, despite challenges in intermediary business fees [3]. - The bank is committed to comprehensive cost management, achieving a cost-to-income ratio of 22.97% in Q1, maintaining a leading position in the industry [4]. Group 3: Net Interest Margin (NIM) Outlook - The downward pressure on NIM is expected to gradually ease due to external support from the central bank's policies and internal optimizations in asset and liability structures [5][6]. - CCB's CFO noted that the bank is managing high-cost deposits effectively, which supports NIM stability [6]. Group 4: Intermediary Business Growth - CCB's intermediary business segments, including retail, wealth management, and corporate services, are showing marginal improvements, particularly in wealth management products [7]. - The bank is focusing on customer needs and policy opportunities to drive growth in intermediary income [7]. Group 5: Retail Loan Growth Expectations - As of Q1, CCB's retail loan balance reached 9.04 trillion yuan, with a growth rate of 1.9%, outperforming industry averages [8]. - The bank anticipates that retail loan growth in 2025 will exceed last year's levels, driven by strong performance in personal consumption and operating loans [9].

作者 胡群 7月1日，湖北消费金融股份有限公司官网信息显示，公司已收到湖北金融监管局关于湖北消费金融变更注册资本及调整股权结构的批复。据此，湖北消费金 融注册资本获批由10.058亿元增至13.589亿元，增资后各股东出资比例分别为：湖北银行49.61%、新疆特易数科18.11%、北京宇信科技9.45%、TCL科技集 团7.87%、万得信息技术7.87%、武汉商联集团3.54%、武商集团3.54%。亦即，除湖北银行股权比例提高外，其余股东股权比例均有不同程度的下降。这一 消息引发了市场对消费金融行业新一轮变革的关注。 近年以来，消费金融公司增资成为行业常态。2024年4月实施的《消费金融公司管理办法》为行业发展定下新的基调，明确规定消费金融公司注册资本实缴 货币必须达到10亿元及以上，主要出资人持股比例不得低于50%。在此背景下，多家消费金融公司纷纷响应监管要求，实施增资计划。2024年12月24日，中 信消费金融发布公告，宣布新一轮增资方案，公司注册资本由7亿元增加至10亿元。今年2月27日，中信消费金融增资获监管批复。 这一举措并非孤立事件，而是在行业加速变革背景下的战略布局。2023年，宁银消费金融、蚂 ...

Core Viewpoint - The consumption finance sector plays a crucial role in the modern economy, acting as a significant engine for domestic demand and enabling consumer upgrades through diverse financial products [1][2]. Industry Overview - There are currently 31 licensed consumption finance companies in China, including several bank-affiliated firms such as Xinyi Consumption Finance and Jianxin Consumption Finance [2]. - The industry is experiencing a significant divide, with a stark contrast in profitability among companies, where the profit gap has widened to 1500 times between the top and bottom performers [9]. Company Performance - Changyin 58 Consumption Finance, a subsidiary of Changsha Bank, is attempting to sell a bad debt package worth approximately 1.039 billion yuan at a starting price of 45.09 million yuan, marking its second attempt to offload bad loans in less than seven months [4][6]. - In 2024, Changyin 58 Consumption Finance reported a net profit of only 34 million yuan, a staggering 95.02% decline year-on-year, with total revenue dropping by 7.64% to 2.986 billion yuan [6][12]. - The company has undergone significant changes since its establishment in 2017, initially seen as a retail financial experiment for Changsha Bank, but has faced challenges in recent years, reflecting broader issues in the bank's asset quality [8][9]. Financial Data - The financial performance of major consumption finance companies in 2024 shows a decline in revenue and profit for many, including: - Zhaolian Consumption Finance: Revenue of 17.318 billion yuan, down 11.65% year-on-year, and net profit of 3.016 billion yuan, down 16.22% [12][21]. - Xinyi Consumption Finance: Revenue of 10.067 billion yuan, down 10.36%, and net profit of 430 million yuan, down 79.25% [14][21]. - Zhongyin Consumption Finance: Revenue of 7.915 billion yuan, with a net profit decline of 91.62% [16][21]. Market Trends - The consumption finance market is shifting from a focus on scale expansion to quality competition, indicating that the previous growth model based on scale is no longer sustainable [19][25]. - The regulatory environment has tightened, with new capital requirements and compliance measures being implemented, prompting many companies to increase their registered capital [22][24]. Future Outlook - The consumption finance sector is expected to continue evolving, with a focus on maintaining the quality of existing retail assets and adapting to regulatory changes [25]. - Companies are likely to emphasize "self-operated scenarios, intelligent risk control, and compliance capabilities" as the core of future competition in the industry [25].

Group 1: Policy and Market Dynamics - The People's Bank of China and five other departments issued guidelines to support consumption, outlining 19 specific measures to enhance consumer capacity and stimulate demand [1] - The guidelines aim to inject vitality into the consumer finance market and provide robust financial support for the implementation of domestic demand expansion strategies [1] - Consumer finance is recognized as a crucial component of the consumption environment, with financial institutions actively developing consumer finance products like credit cards to boost market activity [1][2] Group 2: Evolution of Consumer Finance - The consumer finance sector in China has evolved over 40 years, transitioning from the issuance of the first credit card in 1985 to a more regulated and mature industry with 31 licensed companies [2] - The industry has shifted from extensive growth to refined operations, leveraging technologies such as AI, big data, and blockchain to enhance risk control and service experience [2] Group 3: Strategic Role of Consumer Finance - Consumer finance is positioned as a key driver in the domestic demand expansion strategy, providing credit services to retail consumers and facilitating consumption upgrades [3] - The sector is expected to support not only traditional goods consumption but also service, green, and digital consumption, fostering a positive cycle between consumption and industrial upgrades [3] Group 4: Scene-based Financial Solutions - Scene-based finance has emerged as a critical strategy for consumer finance companies to differentiate themselves by embedding financial services into various consumption scenarios [4] - Companies like Zhongyuan Consumer Finance have successfully implemented scene-based financial solutions, significantly enhancing customer engagement and market activity [4] Group 5: Case Study of Haier Consumer Finance - Haier Consumer Finance, as the first industrial consumer finance company, has effectively integrated financial services into various sectors, covering over 11,000 merchants and serving 3 million users [5] - The company has developed a unique B2B2C model, extending its services to everyday consumer needs, thereby driving consumption and supporting the real economy [5] Group 6: Financing Strategies - The guidelines encourage the diversification of consumer financing channels, allowing companies to enhance their customer acquisition and risk management capabilities [7] - Companies are increasingly utilizing various financing methods, including bank loans and asset-backed securities, to meet their funding needs and reduce costs [7][8] Group 7: Industry Transformation - The consumer finance industry is undergoing significant transformation, driven by policy guidance, innovative service models, and diversified financing strategies [8] - This evolution is essential for addressing market challenges and enhancing the industry's role in supporting the real economy, positioning consumer finance as a vital engine for high-quality economic development [8]

消费金融行业正经历一场深刻的变革，市场格局加速分化，头部机构与中小机构的发展路径愈发清晰。 近期，消费金融市场融资活跃度持续攀升，头部机构正在构建多元化融资矩阵。 6月18日，马上消费金融成功发行"安逸花2025年第二期个人消费贷款资产支持证券"，发行规模10亿 元。其中优先A档证券发行规模7.75亿元，票面利率1.85%，创年内同类型产品利率新低。同日，中银 消费金融公告拟发行2025年第二期金融债券，发行规模15亿元。 2014年至2017年，消费金融步入"发展期"，迎来爆发式增长。2014年第二批七家消费金融公司获批，此 后十余家机构相继成立，至2017年5月，全国持牌消费金融公司已达24家，其中银行系背景占据主导。 然而，快速扩张也暴露出诸多问题。自2017年至今，行业进入"规范期"。监管部门加强引导，出台一系 列政策，在业务资质、利率上限、催收规范、数据安全等方面提出更高要求，促使各类机构重新评估市 场与风险，合规经营成为底线。 截至目前，全国持牌消费金融公司稳定在31家。行业告别粗放增长，全面转向精细化运营。人工智能、 大数据、区块链等新兴技术的应用，正成为提升风控水平、优化服务体验、抢占市场先机 ...

消费是经济增长的重要引擎，是畅通国内大循环的关键环节，也是人民美好生活需要的直接体现。厦门 国际银行始终坚持金融工作的政治性和人民性，积极响应国家"扩内需、促消费"战略部署，以消费贷为 重要抓手，推出系列促消费举措，助力激活消费潜力。 优惠让利，点燃消费热情 厦门国际银行积极践行金融担当，持续开展个人消费贷款优惠让利活动，通过为符合条件的客户提供优 惠利率降低融资成本、发放优惠券和免息券扩大优惠覆盖范围，减轻消费者负担。2025年，厦门国际银 行个人消费贷投放超300亿元且发放利率优惠券超5000张。此外，厦门国际银行还强化重要节点营销联 动，聚焦生活消费、交通出行、观影娱乐等民生场景推出"金蛇迎春"等系列活动，为消费市场注入新动 能。 产品优化，升级服务体验 近年来，厦门国际银行持续深耕个人消费贷款领域，不断优化个人消费贷款产品。还款政策方面，通过 优化贷款期限，推广先息后本等多元化还款方式，构建灵活多元的还款体系，充分满足客户需求；续贷 政策方面，为符合条件的个人消费贷款借款人贴心开放续期入口，可在线上一键完成续期操作，有效满 足大额度、长期限用款需求，让客户切实享受更加便捷、高效的金融服务体验。 精心服 ...

同样作为中国个人信贷市场的服务提供方，银行与助贷平台似乎迈进了两个截然不同的周期。 银行方面，以招行为代表的零售业务见长的银行，一季度零售业务数据表现不佳，零售不良率、不良余 额仍在提升，个贷投放增速放缓，消费贷规模缩量。全行业表现也与之类似。 助贷平台方面，几家美股上市公司刚刚发布一季报，普遍业绩良好，信贷投放普遍增长、营收净利普遍 大增，不良率也普遍保持稳定，部分平台有所回落。 基于此，一些市场观点认为，银行应当"学习"网贷平台。那么两类市场参与方的业绩表现具体如何，又 为何出现如此分野？ 银行个贷，压力重重 银行业的个贷业务仍未走出颓势。 一季报中，银行普遍对个贷业务着墨不多。以数据披露最全面的招行为例，其一季度的零售不良率为 1.01%，相比去年末上升了0.03个百分点；零售贷款（不含信用卡）新生成不良56.47亿元，同比增加 24.38亿元；信用卡不良生成额维持在100.07亿元的高位。关注类贷款方面，招行一季度零售关注类贷款 余额由638.91亿元上升至672.63亿元，零售关注率由1.79%到1.87%。 与此同时，今年一季度，个人不良贷款批量转让成交项目数及金额同比增长显著，其中，个人消费贷款 ...