7月17日，"天风中投保应收账款2期中小微企业融资支持资产支持专项计划（数据资产赋能）"成功发 行。该产品作为市场首单数据资产赋能资产证券化产品，创新关键在于引入中国投融资担保股份有限公 司旗下子公司核心数据资产——"中投保信裕供应链金融平台业务数据"，通过助力资产定价、优化融资 效率、实现全生命周期风险监测，破解中小微企业融资难题。 数据要素可以协助构建信用画像，打破中小微企业融资信用壁垒。传统融资模式下，中小微企业因信用 信息分散在不同部门、数据链条不完整，难以获得金融机构认可。而通过打通税务、社保、海关、电商 等跨部门数据，推动信用信息从"分散孤立"向"聚合共享"转变——金融机构依托这些整合后的信息，能 够勾勒出小微企业真实的经营全貌，精准构建"信用画像"，进而打破中小微企业"缺数据即缺信用"的融 资困境。 数据要素通过提供场景化服务，加速实现风险与服务的动态平衡。例如，电商平台整合商家的订单量、 退换货率、用户评价等日常经营数据，金融机构基于这些数据为商家提供"订单贷"等融资服务。在服务 过程中，若商家出现订单量骤降、差评率上升等情况，数据系统会实时捕捉到这些信号并提示风险，金 融机构可据此调整授信额 ...

Financial Data and Key Metrics Changes - Ally Financial reported adjusted earnings per share of $0.99 and core pretax income of $418 million, reflecting double-digit year-over-year growth in both metrics [6][21] - The net interest margin (NIM), excluding core OID, was 3.45%, expanding 10 basis points quarter-over-quarter, despite a 20 basis point drag from the sale of the credit card business [6][25] - Core return on tangible common equity (ROTCE) was 13.6%, with a core ROTCE of 10% when excluding the benefit from accumulated other comprehensive income (AOCI) [7] Business Line Data and Key Metrics Changes - In the auto finance segment, consumer originations reached $11 billion, driven by 3.9 million applications, marking the highest quarterly application volume ever [13] - The retail auto origination yield was 9.82%, slightly up from the prior quarter but down 77 basis points year-over-year [14] - The insurance business saw total written premiums of $349 million, up $5 million year-over-year, although down $36 million sequentially [39] Market Data and Key Metrics Changes - Ally's digital bank serves an all-time high of 3.4 million customers, marking 65 consecutive quarters of net customer growth [17] - Overall deposit balances decreased by approximately $3 billion quarter-over-quarter, attributed to seasonal tax outflows [18] Company Strategy and Development Direction - The company is focused on transforming into a stronger, more profitable institution through a sharp strategic focus and disciplined execution [8] - Ally aims to capitalize on significant opportunities ahead, with a strategy that emphasizes customer-centric culture and brand loyalty [8][10] - The company is committed to prudent expense management, with controllable expenses down for the seventh consecutive quarter [23][50] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the financial trajectory and ability to deliver sustainable returns, despite macroeconomic uncertainties [6][7] - The company remains cautious about credit performance due to potential economic headwinds, while also noting improvements in delinquency rates [32][44] - Ally anticipates a normalized effective tax rate in the range of 22% to 23% moving forward [24] Other Important Information - The CET1 ratio was reported at 9.9%, representing over $4 billion of excess capital above regulatory minimums [30] - The company announced a quarterly dividend of $0.30 per share for Q3 2025, consistent with the prior quarter [31] Q&A Session Summary Question: What could lead to outperforming or underperforming the NIM expectation? - Management indicated that NIM expansion in Q2 was strong, but future contributions to NIM expansion may be limited due to various factors, including the impact of the credit card sale [55][56] Question: Is it time to lean more towards growth given improved credit performance? - Management remains disciplined and data-informed regarding growth, acknowledging the current uncertainties in the environment [63][64] Question: What would it take to move the charge-off rate range down? - Continued improvement in delinquency levels, strong flow to loss rates, and stable used car prices are necessary for a downward adjustment in the charge-off rate range [81][84] Question: How is the strategy on deposits evolving? - The company is managing for flat deposit balances and has seen a shift towards a more engaged customer base, which is viewed positively for deposit stability [88][92]

本次ABS产品发行规模为5.1亿元，底层资产是央国企作为付款方的优质应收账款，创新的关键在于引 入了中国投融资担保股份有限公司(中投保)旗下子公司中投保信裕的核心数据资产——中投保信裕供应 链金融平台业务数据。上海数据交易所作为数据资产服务机构，为这份数据资产提供了认证及数商服 务。 此次产品发行是多要素市场联动发展的全新实践和重要突破。上海数交所以制度创新、价值发现、资产 对接为核心，助力数据实现了从"资源"到"产品"再到"资产"的价值跃迁闭环，并出具《数据资产说明 函》作为发行备案的关键材料，确保数据资产在金融场景中的规范应用。上海数据交易所有关负责人表 示，以此次产品发行为起点，上海数交所将充分发挥数据市场在数字经济发展中的核心枢纽作用，深化 数据资产在金融领域的创新应用场景和规范运作机制，持续推动数据要素价值化，为数字经济高质量发 展注入新动能。 中投保信裕有关负责人介绍，本单数据资产赋能ABS具有以下特点：一是数据资产助力资产定价。中投 保信裕运用该数据资产，可以了解债务人工程建设进度、历史付款情况，能更清晰、准确地实现对应收 账款风险的动态穿透评估、判断回款周期，进而对应收账款融资进行精准定价。 ...

Core Viewpoint - Guotai Junan International expects a net profit of HKD 515 million to HKD 595 million for the six months ending June 30, 2025, representing a growth of 161% to 202% compared to HKD 197 million in the same period of 2024 [1] Summary by Categories Financial Performance - The anticipated profit growth is primarily driven by significant increases in revenue from core businesses including wealth management, corporate financing, asset management, and trading and investment [1]

财务数据显示，截至2024年12月31日，交银国际实现营业总收入3.59亿元，同比减少36.8%；归母净利 润-11.4亿元，同比增长16.21%；资产负债率93.92%。 机构评级方面，目前暂无机构对该股做出投资评级建议。 7月8日，截至港股收盘，恒生指数上涨1.09%，报24148.07点。交银国际（03329.HK）收报0.385港元/ 股，上涨10.0%，成交量738.15万股，成交额272.62万港元，振幅11.43%。 最近一个月来，交银国际累计涨幅32.08%，今年来累计涨幅11.11%，跑输恒生指数19.08%的涨幅。 企业融资及承销。公司向公司客户提供一站式企业融资及承销方案,包括首次公开发售保荐、财务顾 问、承销(股权及债务)及配售服务。 投资及贷款。公司自行投资股权、固定收益证券及其他金融产品。此外,公司会向客户提供结构性融资 及贷款,以满足彼等各种融资需求。另外,公司亦自行投资私营企业股权。 资产管理及顾问。公司向客户提供全面的资产管理及顾问服务,包括互惠基金管理、专项资产管理、私 募股权基金管理及投资顾问。 （以上内容为金融界基于公开消息，由程序或算法智能生成，不作为投资建议或交易依 ...

目录 | 要点 | 1 | | --- | --- | | 正文 | 2 | | 声明 | 8 | | 联络人 | | | 作者 | 结构融资部 | | 游进达 021-60330988 | jdyou@ccxi.com.cn | 负责人 www.ccxi.com.cn 编号：2025-AM06 2025 年 6 月 30 日 结构融资部 董事总经理 王 立 010-66428877-523 lwang03@ccxi.com.cn 结构融资部 评级总监 付春香 021-60330927 cxfu@ccxi.com.cn 中诚信国际 定期报告 资产证券化 发行节奏同比持续恢复，融资成本进一步下行 ——企业资产支持证券产品报告（2025 年 5 月） 要点 ◼ 发行情况：2025 年 5 月共发行企业资产支持证券 94 单，合计发行规模 832.10 亿元。 与上月相比，发行数量减少 54 单，发行规模下降 36.11%；与上年同期相比，发行数 量增加 19 单，发行规模上升 24.96%。发行产品涉及的基础资产类型主要为个人消 费金融、CMBS、企业融资租赁、应收账款和保理债权等。融资成本方面，一年期左 右 A ...

Core Viewpoint - The Hong Kong Stock Exchange's reform allowing companies to retain repurchased shares as treasury stock has led to a surge in share buybacks among listed companies, particularly Cathay Securities International, which has been actively repurchasing shares since July 2024 [1][5]. Group 1: Share Buyback Activity - As of June 19, 2024, 199 Hong Kong-listed companies have repurchased a total of 3.864 billion shares, amounting to over 87 billion HKD [1]. - Cathay Securities International has conducted over 60 buybacks since July 2024, repurchasing 36.5 million shares for over 35 million HKD, with costs ranging from 0.6 HKD to 1.22 HKD per share [1][5]. - In the second half of 2024, the company repurchased 17.445 million shares for 14.671 million HKD, and from early 2025 to June 18, 2025, it repurchased 19.055 million shares for a total of 20.782 million HKD [2]. Group 2: Financial Performance - Cathay Securities International reported a 37% year-on-year increase in revenue for 2024, reaching 4.422 billion HKD, and a 73% rise in net profit to 348 million HKD [10]. - The company's revenue sources include institutional investor services and wealth management, which together account for approximately 43% of total revenue, with institutional services seeing a 90% increase year-on-year [10]. - The company participated in 232 bond issuance underwriting projects in 2024, a 59% increase from the previous year, with a total issuance amount of approximately 389.1 billion HKD, marking an 85% year-on-year growth [10]. Group 3: Dividend Policy - Cathay Securities International has consistently paid cash dividends since 2010, with a dividend payout ratio of 88% for 2024, following the removal of a 50% dividend cap in 2022 [11][14]. - The total dividend for 2024 is 0.032 HKD per share, including an interim dividend of 0.012 HKD per share [11]. - The company has maintained a high dividend payout in recent years, with payout ratios of 594% in 2022 and 95% in 2023 [14].

Company Overview - Dayu Financial Holdings Limited, formerly known as Haolun Agricultural Technology Group Limited, is a holding company primarily engaged in providing corporate financing advisory services, asset management services, securities brokerage, underwriting and placement of securities, as well as lending activities [3][4]. Financial Performance - As of December 31, 2024, Dayu Financial reported total operating revenue of 51.35 million HKD, representing a year-on-year growth of 27.9% - The net profit attributable to the parent company was 20.84 million HKD, showing a significant increase of 113.91% - The company's debt-to-asset ratio stands at 33.78% [2]. Stock Performance - Over the past month, Dayu Financial has seen a cumulative increase of 19.79%, and a year-to-date increase of 57.53%, outperforming the Hang Seng Index, which has risen by 17.21% [2]. - The stock closed at 0.126 HKD per share on June 4, with a daily increase of 9.57% and a trading volume of 635,000 shares [1]. Valuation Metrics - Currently, there are no institutional investment ratings for Dayu Financial - The company's price-to-earnings (P/E) ratio is 11.64, ranking 39th in the industry, while the average P/E ratio for other financial sectors is 23.28 [3].

行业估值方面，其他金融行业市盈率（TTM）平均值为23.35倍，行业中值-0.17倍。阿仕特朗金融市盈 率-1.86倍，行业排名第145位；其他东方汇财证券（08001.HK）为1.93倍、招商局中国基金 （00133.HK）为2.28倍、国银金租（01606.HK）为3.12倍、香港信贷（01273.HK）为3.36倍、中关村科 技租赁（01601.HK）为3.69倍。 6月2日，截至港股收盘，恒生指数下跌0.57%，报23157.97点。阿仕特朗金融（08333.HK）收报0.41港 元/股，上涨20.59%，成交量5000股，成交额2100港元，振幅2.94%。 最近一个月来，阿仕特朗金融累计涨幅19.3%，今年来累计涨幅13.33%，跑输恒生指数16.1%的涨幅。 财务数据显示，截至2024年12月31日，阿仕特朗金融实现营业总收入1056.33万元，同比减少21.14%； 归母净利润-1625.94万元，同比减少83.62%；资产负债率25.64%。 机构评级方面，目前暂无机构对该股做出投资评级建议。 来源：金融界 资料显示，阿仕特朗金融控股有限公司为于香港从事提供(i)证券交易及经纪服务;(ii) ...

Company Overview - Dayu Financial Holdings Limited, formerly known as Haolun Agricultural Technology Group Limited, is a holding company primarily engaged in providing corporate financing advisory services, asset management services, securities brokerage, underwriting, and lending activities [3]. Financial Performance - As of December 31, 2024, Dayu Financial reported total operating revenue of 51.35 million yuan, representing a year-on-year growth of 27.9% [2]. - The net profit attributable to the parent company was 20.84 million yuan, showing a significant year-on-year increase of 113.91% [2]. - The company's debt-to-asset ratio stands at 33.78% [2]. Stock Performance - Over the past month, Dayu Financial has experienced a cumulative decline of 14.53%, while year-to-date, it has achieved a cumulative increase of 36.99%, outperforming the Hang Seng Index by 17.51% [2]. - As of the latest trading session, Dayu Financial's stock closed at 0.115 HKD per share, reflecting a 15.0% increase with a trading volume of 10,000 shares and a turnover of 1,150 HKD [1]. Valuation Metrics - Currently, there are no institutional investment ratings for Dayu Financial [3]. - The company's price-to-earnings (P/E) ratio is 10.13, ranking 35th in its industry, while the average P/E ratio for other financial sectors is 23.28 [3]. - Comparatively, other financial firms have significantly lower P/E ratios, such as Dongfang Huicai Securities at 1.93 and China Merchants China Fund at 2.29 [3].