1. Report Investment Rating for the Industry No information regarding the industry investment rating is provided in the report. 2. Core Viewpoints of the Report - In 2025, with the dual - wheel drive of policy guidance and market demand, the financial leasing ABS market developed steadily, with an increase in the proportion of micro - leasing ABS, an expansion of specific - label products, and obvious leading effects among issuers. The market is expected to see continuous optimization of business structures, an increase in the diversity of issuers, and a growth in the market's recognition and activity [8][39]. - The policy environment in 2025 was favorable, with multiple departments introducing policies to support the financial leasing industry, promoting its return to the origin of "financing + leasing of physical assets" and strengthening support for key areas of the real economy [4]. 3. Summary by Relevant Catalogs 3.1 Financial Leasing ABS - Related Policy Summaries - **Asset Securitization - Related Policies**: In March 2025, the Asset Management Association of China issued the "Detailed Rules for Due Diligence in the Securitization Business of Debt - Type Assets". In May 2025, the Shanghai Stock Exchange revised relevant guidelines and issued a notice on pilot projects for bond re - issuance and asset - backed securities expansion [5]. - **Support for Key Areas**: Throughout 2025, relevant departments issued policies to support new industrialization, small and micro - enterprise financing, and green and low - carbon development, guiding the industry to return to its origin and strengthen support for key areas and weak links of the real economy [6]. 3.2 Market Operation of Financial Leasing ABS - **Market Issuance**: In 2025, 251 financial leasing ABS were issued, with a total issuance scale of 225.72 billion yuan, representing year - on - year increases of 11.06% and 6.93% respectively. The exchange market was the main issuance venue, and the proportion of micro - leasing ABS increased [9][11][13]. - **Issuing Entities**: In 2025, there were 118 issuing entities in the financial leasing ABS market, with 37 new ones compared to 2024. The top ten issuing entities accounted for 40.67% of the total issuance scale, with a slight decrease of 4.53 percentage points [19]. - **Leased Assets**: In 2025, the leased assets in financial leasing ABS were mainly mechanical equipment. The proportion of public - service - related leased assets decreased, while that of mechanical equipment increased. Green and intelligent leased assets and emerging industrial leased assets showed growth [23]. - **Credit Enhancement Methods**: In 2025, 94.75% of financial leasing ABS introduced external credit enhancement methods. Parent companies/shareholders, original equity holders, and third - party professional institutions provided credit enhancements, with high - credit - grade entities as the main credit enhancers [26]. - **Issuance Interest Rates**: In 2025, the average issuance interest rates of AAAsf and AA + sf priority securities of financial leasing ABS decreased by 40bps and 20bps respectively compared to the previous year [29]. - **Initial Ratings**: In 2025, AAAsf and AA + sf priority securities accounted for 90.02% and 2.88% of the total scale respectively, with the proportion of AAAsf remaining stable [32]. - **Rating Adjustments**: By the end of 2025, among the 866 outstanding priority securities of financial leasing ABS, 14 had their ratings upgraded, with no downgrades [35]. - **Secondary - Market Transactions**: In 2025, the total trading volume of financial leasing ABS in the whole market was 150.005 billion yuan, a year - on - year increase of 12.51%. It accounted for 8.50% of the total trading volume of asset - backed securities, ranking fifth in the market [38]. 3.3 Future Outlook for Financial Leasing ABS - **Business Structure Optimization**: Financial leasing companies will continue to optimize their business structures to better serve the real economy. - **Diversification of Issuing Entities**: Local state - owned financial leasing companies will gradually participate in the issuance of financial leasing ABS, while leading comprehensive leasing companies will maintain their leading positions. - **Asset Type and Label Changes**: In the short term, the proportion of micro - leasing ABS may continue to increase. In the long term, mechanical equipment - type leased assets will grow steadily, and specific - label products will continue to expand. - **Market Recognition and Activity**: The quality of underlying assets in financial leasing ABS is expected to improve, and the market's recognition and activity are likely to increase [39][41].

Group 1 - The core viewpoint is that Huake Leasing has successfully registered data assets on the Shanghai Stock Exchange, making it the only company in the Chongqing market to do so [2] - In 2015, Huake Leasing issued financing lease ABS on the Shanghai Stock Exchange, becoming the first company in the Southwest region to achieve this milestone [2] - The company's approach to data elements is closely aligned with its corporate DNA and strategic goals [2]

1. Report Industry Investment Rating No specific industry investment rating is provided in the report. 2. Core Viewpoints of the Report - The importance of the capital market is highlighted in the new stage of the high - quality development of inclusive finance. The implementation opinions emphasize enhancing the efficiency of the capital market in serving inclusive finance [3][26]. - For small and micro - enterprises, a gradient - based cultivation system of "Beijing Stock Exchange - New Third Board - Regional Equity Market" should be constructed, and innovative products should be used to revitalize inclusive finance assets [3]. - In terms of residents' wealth, the buyer - oriented investment advisory model should be deepened, and the market ecosystem of "long - term investment with long - term funds" should be improved [3]. - For rural revitalization, both investment and financing ends should work together, and derivatives should be used to prevent risks [3]. - A high - quality evaluation system for the capital market to serve inclusive finance should be established to improve the incentive and restraint mechanism [3]. 3. Summary According to Relevant Catalogs 3.1 Inclusive Finance Development and the Role of the Capital Market - The inclusive finance 1.0 stage focused on financial infrastructure services. After ten years of development, it has entered a new stage of high - quality development. The implementation opinions in 2023 pointed out the problems and challenges in inclusive finance development and defined the high - quality inclusive finance system, highlighting the importance of the capital market [3][6][26]. 3.2 Solving the Financing Problem of Small and Micro - Enterprises - **Beijing Stock Exchange**: It is a main position for cultivating innovative small and medium - sized enterprises. As of now, there are 282 listed companies, with a high proportion of private enterprises and a certain proportion of specialized and sophisticated "little giants". In the future, it is recommended to optimize listing standards, study the access mechanism for small and medium - sized enterprises in cutting - edge technology fields, and improve systems such as refinancing and mergers and acquisitions [3][32]. - **New Third Board**: As the "axis" of the multi - level capital market, the structure of listed enterprises has been optimized in recent years, with an increasing proportion of innovative - layer enterprises. In the future, it is necessary to enhance its market functions and service capabilities, such as optimizing the hierarchical management standard system and activating the use of financing tools [3]. - **Regional Equity Market**: As the "foundation" of the gradient - based cultivation system, the institutional connection mechanism between the third and fourth boards has been gradually improved. There are 26 "specialized and sophisticated" special boards in 35 regional equity markets, which can provide a source of high - quality enterprises for the capital market [3][41]. - **Innovative Products**: Stock exchanges such as the Shanghai Stock Exchange are actively exploring asset securitization to serve inclusive finance, such as intellectual property ABS, supply - chain ABS, etc. [3] 3.3 Solving the Investment Problem of Residents' Wealth - **Enhancing Investment Returns**: Listed companies should strengthen investment function construction by increasing performance returns and stabilizing dividend expectations. Since 2022, the annual dividend and repurchase total of A - shares has been significantly higher than the equity financing total. For public funds, the "Action Plan for Promoting the High - Quality Development of Public Funds" was issued in 2025, aiming to improve investment returns, reform the evaluation mechanism, and increase the scale of equity investment [70][71][72]. - **Diversifying Investment Products**: The correlation coefficient among existing investment products is high. It is recommended to increase the supply of diversified products such as cross - border ETFs, QDIIs, and derivatives, and also increase the supply of stable - income complex products such as REITs and quantitative strategies [75]. - **Strengthening Investment Advisers**: The buyer - oriented investment advisory model should be deepened. By linking business income with the scale of customers' existing assets, it can maintain consistency with customers' interests. Some securities companies have achieved good results in this regard [78]. 3.4 Solving the Rural Revitalization Problem - **Diversified Debt Financing Tools**: Since 2021, non - financial enterprises have been guided to issue rural revitalization notes in the inter - bank market, and in 2023, the exchange launched rural revitalization special bonds, with funds used for rural revitalization - related fields [80][82]. - **Innovative "Insurance + Futures" Model**: As of the end of 2024, 192 "insurance + futures" projects have been carried out nationwide, with a cumulative support fund of 253 million yuan, protecting a spot scale of 1.7287 million tons and covering about 9.6435 million mu of farmland [85]. - **Supporting Agricultural Technology Enterprises**: The capital market should support the listing of agricultural technology enterprises and enrich the secondary - market indexes reflecting agricultural - related enterprises, and increase the issuance of agricultural - themed public funds [91]. 3.5 Improving the Incentive and Restraint Mechanism - In September 2025, the Securities Association formulated and released the "Interim Measures for the Special Evaluation of Securities Companies in Implementing the Five Major Articles of Finance", with inclusive finance core indicators including bond financing for small and micro - enterprises and private enterprises. In April 2025, the People's Bank of China and other departments jointly issued the "Pilot Overall Statistical System for the Five Major Articles of Finance", with over 200 key statistical indicators [97][99].

Investment Rating - The report indicates a stable performance of the financing lease ABS market with good repayment conditions [2][8]. Core Insights - The financing lease ABS market has shown a positive trend in 2025, with an increase in issuance volume and a decline in issuance rates, reflecting strong support for the real economy and small and micro enterprises [7][39]. - The issuance of financing lease ABS reached 135.88 billion, a year-on-year increase of 13.30%, while the overall asset-backed securities market saw a 22.47% increase [9][8]. - The report highlights the ongoing policy support for small and micro enterprises, which has led to a steady growth in the issuance scale of small micro lease ABS [6][39]. Policy Overview - In the first half of 2025, policies continued to encourage financing lease companies to support the real economy and small and micro enterprises [4]. - The Shanghai Stock Exchange revised guidelines to enhance the efficiency of issuing corporate bonds and asset-backed securities [5]. - A joint announcement from multiple regulatory bodies emphasized measures to support financing for small and micro enterprises, focusing on increasing financing supply and reducing costs [6]. Market Performance - From January to July 2025, the financing lease ABS market saw a total issuance of 140 deals, with a total scale of 135.88 billion, marking a 9.38% increase in the number of deals and a 13.30% increase in scale compared to the previous year [9][8]. - The trading market remains the primary venue for financing lease ABS issuance, accounting for 91.63% of the total issuance scale [12]. - The issuance structure remains stable, with public lease ABS dominating the market [13]. Issuance Rates and Credit Quality - The average issuance rates for AAAsf and AA+sf rated securities were 2.35% and 3.42%, respectively, showing a decline of 46bps and 53bps year-on-year [24]. - The report notes that the asset quality of financing lease ABS has remained stable, with no downgrades in credit ratings during the period [36]. - The proportion of high-rated securities (AAAsf and AA+sf) remains high, accounting for 98.73% of the newly issued financing lease ABS [30]. Future Outlook - The financing lease ABS market is expected to continue expanding, driven by ongoing policy support and increasing financing needs from small and micro enterprises [39]. - The report anticipates that the issuance scale of specific field-marked financing lease ABS will grow, covering a broader range of industries [39]. - The market is likely to see a continued focus on supporting the real economy and promoting industrial upgrades [39].

Investment Rating - The report indicates a stable performance of the financing lease ABS market, with good repayment conditions observed [1][34]. Core Insights - The financing lease ABS market has shown a steady increase in issuance volume, with a total issuance of 1,358.80 billion yuan in the first seven months of 2025, representing a growth of 13.30% compared to the same period in 2024 [6][7]. - The issuance of small micro-lease ABS has been positively influenced by continuous supportive policies for small and micro enterprises, leading to a steady growth in issuance scale [5][34]. - The average issuance rates for AAAsf and AA+sf rated securities have decreased to 2.35% and 3.42% respectively, reflecting a downward trend in overall bond market rates [22][34]. Policy Environment - In May 2025, several regulatory bodies released measures to support financing for small and micro enterprises, focusing on increasing financing supply and reducing costs [3][4]. - The Shanghai Stock Exchange revised guidelines to enhance the efficiency of issuing corporate bonds and asset-backed securities [2][4]. Market Performance - The total issuance of asset-backed securities in the market reached 11,753.76 billion yuan, a 22.47% increase year-on-year [7]. - The transaction market remains the primary venue for financing lease ABS issuance, accounting for 91.63% of the total issuance [9][34]. Asset Quality and Trends - As of July 2025, the total outstanding financing lease ABS reached 3,442.96 billion yuan, representing 10.37% of the total ABS market [29][30]. - The asset quality of small micro-lease ABS has shown stability, with a decrease in risk exposure as the remaining term shortens [32][34]. Future Outlook - The financing lease ABS market is expected to continue expanding, driven by supportive policies and increasing financing demands from small and micro enterprises [35][36]. - The report anticipates that the issuance of specific field-marked financing lease ABS will grow, covering a broader range of industries [35][36].

Group 1 - The municipal private economy bureau plans to collaborate with the Qingdao Securities Regulatory Bureau to identify private enterprises that can utilize relevant tools to broaden financing channels [1] - The financing tools include corporate bonds, public REITs, and asset-backed securities (ABS) [2][3] - Companies eligible for corporate bonds must meet issuance conditions and focus on areas like technological upgrades and capacity expansion that align with national industrial policies [1] Group 2 - Public REITs serve as equity financing tools that allow early recovery of funds from infrastructure assets, reducing corporate leverage and facilitating investment in new projects [2] - Enterprises with infrastructure projects in warehousing, logistics, industrial parks, tourism, and consumption can proceed with the issuance process if they meet the conditions [2] - ABS can be issued by companies that do not meet public REITs conditions, including real estate ABS, CMBS, and future income ABS for various asset types [3] Group 3 - Interested private enterprises must complete a financing demand intention form and submit it by July 22 at 16:00 to the district industry and commerce federation [4]

Core Viewpoint - The recent forum on asset securitization in China highlighted its significant role in supporting the real economy, enhancing consumer spending, revitalizing existing assets, optimizing resource allocation, and mitigating financial risks [1][2]. Group 1: Development and Trends in Asset Securitization - China's asset securitization market has matured over 20 years, with the first projects emerging around 2005, indicating a youthful and dynamic phase of development [1]. - The market has seen the introduction of various asset-backed securities (ABS) products, including infrastructure REITs, which have effectively served the real economy and supported private enterprises [2]. - As of April 2025, the total scale of the Shenzhen Stock Exchange's bond market approached 3.5 trillion yuan, showing significant positive growth [3]. Group 2: Innovations and Future Opportunities - The integration of public data assets into the securitization framework is emerging as a new growth driver, with the potential to transform public data into tradable financial products [3]. - The national data market is projected to grow from 160 billion yuan to 716 billion yuan by 2030, indicating a substantial increase in data asset transactions [4]. - Innovations in supply chain bill asset securitization are expected to enhance the efficiency of financial services, particularly in green and digital finance [5].

Core Viewpoint - The conference highlighted the importance of asset securitization in the financing leasing industry, showcasing its role in providing stable funding support and alleviating financing pressures for enterprises [2][4]. Group 1: Industry Leadership and Achievements - Ping An Securities maintained a leading position in the asset-backed securities (ABS) market for financing leasing, with an underwriting scale of 41.8 billion yuan in 2024, capturing approximately 17% market share [2]. - Over the past five years, Ping An Securities has cumulatively underwritten more than 150 billion yuan, covering various segments such as corporate financing leasing, automotive financing leasing, and small and micro leasing [2]. - The company received two "Golden Spring Awards" for its professional service capabilities in the financing leasing ABS sector, recognizing its contributions to the industry [2]. Group 2: Ecosystem Development and Innovation - The forum hosted by Ping An Securities focused on market trends and product innovation, emphasizing the need for a well-functioning ecosystem for the healthy development of financing leasing asset securitization [3]. - Key characteristics of a healthy ecosystem include precise matching of asset and funding sides, reasonable balance of risk and return, and organic integration of innovation and regulation [3]. - In the past three years, financing leasing debts have become the largest category of underlying assets in China's asset securitization market, with the issuance scale of financing leasing ABS reaching about 21% of the total market issuance in 2024 [3]. Group 3: Alignment with National Strategy - Ping An Securities has focused on serving national strategies and has continuously innovated in the financing leasing asset securitization sector to support high-quality development of the real economy [4]. - The company successfully issued a green ABS project for new energy vehicles with a scale of 2.208 billion yuan, contributing to the financing of the new energy vehicle sector and supporting the national "dual carbon" goals [4]. - Ping An Securities also facilitated the issuance of the first high-quality development ABS for small and micro enterprises, with a scale of 1.529 billion yuan, aimed at alleviating financing difficulties for small businesses [4][5].