第 445 期 2025-08-25 焦点关注 央行大额投放，债市有所修复 近一段时间债券市场持续震荡引发关注，股债"跷跷板"效应明显。今天A股三大指数继续走强，A股成 交额历史第二次突破3万亿元。 但债市对权益市场表现有所脱敏，情绪出现修复迹象，30Y超长特别国债2500002收益率下行4bp至 1.9975％，时隔多日再度步入2.0%下方。国债期货收盘全线大幅上涨，30年期主力合约涨0.78%，10年 期主力合约涨0.27%，5年期主力合约涨0.15%，2年期主力合约涨0.10%。 公开市场方面，央行今日开展2884亿元7天逆回购操作，投标量2884亿元，操作利率为1.40%，因今日 2665亿元逆回购到期，单日净投放219亿元。此外，叠加今日将开展6000亿元1年期MLF操作，当日共 实现净投放6219亿元。 交易员表示，尽管短期内股市高热或继续造成存款搬家，并扰动资金面，但在政策护航下料流动性整体 仍无虞。 10只科创债ETF自8月27日起纳入可质押库 10只科创债ETF将于8月27日起纳入可质押库。首批科创债ETF上市首日（7月17日），10家管理人已向 中国结算提交了旗下科创债ETF纳入回购质押库 ...

Core Viewpoint - The recent focus on standardizing supplier payment terms to within 60 days by leading automotive companies has reignited discussions around supply chain financial tools, particularly accounts receivable electronic certificates, which have faced scrutiny for their potential misuse and lack of regulation [1][19]. Summary by Sections Supplier Payment Terms - Nearly 20 automotive companies have announced a unified payment term of 60 days for suppliers, but concerns remain regarding the calculation rules and payment methods [1][4]. - The revised "Regulations on Ensuring Payment to Small and Medium Enterprises" has been implemented, mandating large enterprises to pay within 60 days of delivery [4][5]. Supply Chain Financial Tools - Accounts receivable electronic certificates were initially designed to alleviate "triangle debts" in the supply chain and help small businesses with financing challenges [2][14]. - The market for accounts receivable electronic certificates is projected to reach 4.4 trillion yuan by 2024, with financing amounts around 3 trillion yuan [13]. Payment Methods and Their Implications - Some companies, like BAIC and SAIC, have committed to eliminating commercial acceptance bills (商票) as a payment method, which has been criticized for increasing supplier financial pressure [6][7]. - The use of commercial bills is relatively low among major automotive companies, with a significant reliance on bank bills instead [7][8]. Regulatory Developments - New regulations have been introduced to tighten the use of supply chain financial tools, particularly focusing on the transparency and duration of payment terms [19][20]. - The recent regulations emphasize the need for a real trade background and set a principle that payment terms for electronic certificates should generally not exceed 6 months [20]. Industry Challenges - The accounts receivable electronic certificates have been criticized for potentially extending payment periods, with some certificates having terms as long as 2 years [16][17]. - The financial strain on small suppliers is exacerbated by the reliance on core enterprises, which can manipulate payment terms to their advantage [15][21]. Future Outlook - The future of accounts receivable electronic certificates remains uncertain, but the demand for such tools is expected to persist, albeit with increased regulation [19][20]. - The industry is moving towards a model that emphasizes data credit over core enterprise credit, which may lead to healthier competition and development of various financial tools [21].

Core Insights - Major automotive companies are standardizing supplier payment terms to within 60 days, raising concerns about the implications for supply chain finance tools [1][2] - The implementation of new regulations aims to address the long payment cycles and "triangular debt" issues faced by small and medium-sized enterprises (SMEs) [3][4] - The market for accounts receivable electronic certificates is projected to reach 4.4 trillion yuan in 2024, indicating significant demand for this financial tool [11] Group 1: Payment Terms and Regulations - Nearly 20 automotive companies have committed to a unified payment term of 60 days, but many have not clarified the calculation rules for this period [1][5] - The revised "Regulations on Payment of Funds to Small and Medium-sized Enterprises" mandates that large enterprises must pay within 60 days of delivery, prohibiting the use of non-cash payment methods to extend payment terms [3][4] - The new regulations are seen as a response to the increasing scale of accounts receivable, which reached nearly 26 trillion yuan by April 2023, with an average recovery period of 70.3 days [4] Group 2: Supply Chain Finance Tools - The discussion around the exclusion of accounts receivable electronic certificates from supply chain finance tools has emerged, with some advocating for a complete ban on such tools [2][9] - The accounts receivable electronic certificate was initially designed to alleviate financing difficulties for SMEs but has faced criticism for being misused by some core enterprises [11][12] - The recent regulations emphasize the need for a real trade background and set a maximum payment term of one year for electronic certificates, aiming to enhance transparency and accountability [16][17] Group 3: Industry Impact and Future Outlook - The automotive sector's shift towards standardized payment terms is viewed as a positive signal, but the actual impact will depend on the clarity of the payment cycle calculation [8][16] - The reliance on non-cash payment methods, such as commercial bills and electronic certificates, remains a concern, particularly for SMEs facing cash flow pressures [6][8] - The future of accounts receivable electronic certificates is uncertain, with industry experts suggesting that while there is a need for regulation, a complete ban is unlikely due to the existing demand [16][18]