证 券 研 究 报 告 【债券日报】 2025 年城投非标融资及信用舆情数据全览 2025 年全国城投信托融资及规模均同比下降 50%以上。2025 年，全国城投公 司及其子公司共发生信托融资 2669 笔，融资规模共计 1627 亿元。区域层面， 2025 年共有 21 省城投主体涉及信托融资，除甘肃和北京外，其余各省数量及 规模均有所下降，吉林、天津等地区降幅领先。 租赁融资：监管指导金租稳妥退出城投业务，融资规模继续小幅下降 监管指导推动金租稳妥退出城投业务。2024 年 5 月 9 日，金监局非银机构监 管司党支部在中国银行保险报发表《严控风险 发挥特色功能 推动非银机构更 好服务高质量发展》一文，其中提到：推动金融租赁公司积极稳妥退出融资平 台业务，严禁将不适格租赁物进行重组、续作。 2025 年全国城投租赁融资数量同比上升 2%，规模同比下降 8%。2025 年，全 国城投公司及其子公司共发生租赁融资 9029 笔，规模合计 9043 亿元。区域 层面，2025 年 31 省均有城投主体涉及租赁融资，其中 12 省数量同比减少， 20 省规模同比下降。 城投信用风险舆情有所减少，债务风险继续缓释 ...

Core Insights - AEON Credit's (900 HK) 3Q26 performance was robust, with a record high in loan size and continuous improvement in asset quality, meeting expectations with a revenue growth of 3.8% year-on-year to HK$460.9 million [1][2] - The company effectively controlled sales expenses, resulting in a 1 percentage point year-on-year reduction in operating expense ratio to 45%, and a net profit increase of 13.5% year-on-year to HK$119.1 million [1][3] - The total customer loans and receivables reached HK$7.7 billion, reflecting a quarterly growth of 3%, driven by successful marketing strategies [2][3] Financial Performance Summary - Revenue for 3Q26 was HK$460.9 million, with net interest income increasing by 5% to HK$354.9 million, and fees and commissions rising by 7% to HK$39.8 million [2][6] - Operating profit before impairment grew by 7% to HK$237.3 million, while impairment losses decreased by 4.6% year-on-year to HK$99.3 million, indicating improved asset quality [3][6] - The net profit margin for 3Q26 was 25.84%, up from 23.62% in the previous year, showcasing effective cost management and revenue growth [2][6] Market Strategy and Outlook - AEON Credit's marketing strategies, including competitive cashback offers and a diversified product range, are attracting younger customers, contributing to healthy loan growth [2][5] - The "One AEON" points platform launched in the first half of 2026 is expected to enhance customer loyalty and increase credit card spending at partner merchants [2][5] - The company maintains revenue forecasts for FY26-28 at HK$1.88 billion, HK$1.97 billion, and HK$2.00 billion respectively, with projected earnings per share of HK$1.17, HK$1.30, and HK$1.34 [5][6]

Group 1 - The core viewpoint of the article emphasizes the importance of loans for enterprises in Changsha, highlighting the city's economic growth and the increasing demand for financing among businesses [1][9] - Changsha has over 100,000 small and medium-sized enterprises (SMEs) that play a crucial role in local economic development and job creation, yet many face financing difficulties due to limited funding channels [2][9] - The local government has implemented various policies to encourage banks and financial institutions to actively meet the financing needs of enterprises, leading to a more vibrant financial market [2][4] Group 2 - The main types of loans available for enterprises in Changsha include bank loans, government-guaranteed loans, supply chain finance, internet finance, and leasing finance, each with its own characteristics and suitability for different business needs [4][5] - Bank loans are the most common, offering lower interest rates and longer terms, but require strong financial health and credit history from the borrowing enterprises [4] - Government-guaranteed loans are designed to reduce financing risks for SMEs, providing larger amounts, lower interest rates, and faster approval processes [4] Group 3 - The general application process for enterprise loans in Changsha involves preparing necessary documents, consulting with banks, submitting applications, undergoing material review, loan approval, signing contracts, and finally disbursement and repayment [5] - Key documents required for loan applications include audit reports, financial statements, business licenses, tax registration certificates, and identification of legal representatives [5] Group 4 - Enterprises should maintain a good credit record, plan loan usage wisely, choose suitable loan products, stay informed about policy changes and market trends, and implement risk control measures to ensure successful loan acquisition [7][8]