各位老姐妹、老伙计们，家里要是有开小厂子、做小买卖的，或者您自己琢磨着搞点营生，可得听听这个好消息 ——2026 年 1 月 1 号开始，国家出了个 《金融租赁公司融资租赁业务管理办法》，专门管 "租设备、筹钱" 的事儿。咱们不用懂那些专业词，就说直白点：以后老板们想租机器、借设备搞生产， 或者贷款到期了想接着用，都比以前方便多了，还能少踩不少坑。 优质好文激励计划 租的设备好不好、能不能用，金融租赁公司得先查清楚：以前公司租设备，可能连设备是不是真的、能不能正常干活都不知道，就签了合同。现在新规要 求，租赁公司必须先去现场看设备 —— 比如机床能不能转、护理床功能全不全，还得查设备的 "身份证"（权属证明），确保这设备不是别人抵押的、不是 偷来的，老板们租到的都是 "正经能用的好东西"。 ：有些老板租了设备，用着用着坏了，找租赁公司修，对方却推三阻四，说 "租出去就不管了"。现在不行了，新规说了，租赁公司得负责设备的维护保 养，还得给设备上保险，万一设备坏了、丢了，租赁公司得修、得赔，老板们不用自己掏维修费，也不用怕设备坏了耽误生产。 租金、租期不能随便改，合同里得写得明明白白：以前有些租赁公司签合同的时候 ...

在实体产业服务中，博弈融资租赁深度挖掘 "融资与运营" 的协同价值。聚焦新能源、智能制造、高端设备等核心领 域，公司不局限于 "提供资金" 的单一服务，而是以 "创新租赁模式 + 科技化风控体系" 为核心，构建 "融资 + 运营" 生 态闭环。新能源工厂升级设备，不仅能通过 "以租代买" 减轻资金占用，还能借助配套管理系统实现设备状态实时监 控，降低运营损耗；智能制造企业引入新设备，可依托公司的全国化服务网络，享受从设备选型到后期维护的全流程 支持。这种 "融资与运营深度绑定" 的模式，打破传统金融 "重资金、轻服务" 的局限，让租赁服务从 "资金供给方" 升 级为 "产业赋能者"，深度挖掘实体产业的运营价值。 博弈融资租赁 在汽车金融牌照稀缺与实体产业融资需求迫切的双重背景下，博弈融资租赁有限公司以 "价值挖掘者" 的姿态，深耕车 辆、设备租赁领域，通过合规筑基、科技赋能、资源整合，不仅解决行业痛点，更深度激活产融价值，让租赁服务成 为个人创业、企业发展、产业链升级的新引擎。自 2018 年成立以来，公司始终以 "以资赋能，租赁创富新生" 为理 念，在产融融合的道路上稳步前行。 在汽车金融领域，博弈融资租赁 ...

培育特色产业，助力打造增长引擎。围绕西部各省份的特色优势，兴业金租提供差异化支持。在四川支 持水电开发，在陕西支持能源冶金产业链企业，在新疆支持棉花产业和光伏电站建设等。 聚焦普惠金融，助力大众创业增收。针对西部光照资源丰富的特点，兴业金租在甘肃、宁夏、内蒙古等 省区的农村大力推广户用光伏租赁解决方案，增加农户收入；聚焦西部地区大量的小微企业和个体创业 者，兴业金租提供设备汽车经营、户用光伏融资租赁服务，缓解"融资难、融资贵"的压力，激发了基层 经济的市场活力。 广袤西部，发展潮涌。兴业金租公司积极践行国家西部大开发战略，聚焦基础设施建设、特色产业培育 和生态环保等重点领域，推进"区域+行业"资产构建，助力西部地区高质量发展。 夯实发展基础，助力联通交通网络。西部发展，交通先行。兴业金租积极参与四川、重庆、陕西等地的 重大基础设施建设，通过设备租赁为施工方提供盾构机、架桥机等大型工程机械，保障项目顺利推进， 助力打通西部发展的"动脉"。 截至目前，兴业金租公司在西部地区已投放1700多亿，未来，兴业金租将紧跟西部大开发新格局，持续 提升服务能级，为西部高质量发展注入源源不断的"租赁动力"。 ...

Investment Rating - The report initiates coverage on Far East Horizon with an "Accumulate" rating [1][6][19] Core Views - Far East Horizon has evolved from being the first listed financing leasing company in China to a comprehensive group with financial services as its "shield" and industrial operations as its "spear" [1][23] - The company is expected to benefit from stable leasing investment and a decrease in funding costs, alongside profit expansion in its industrial operations due to its overseas strategy [1][19] Summary by Sections Company Overview - Established in 2011, Far East Horizon is the first listed financing leasing company in China, now a comprehensive group integrating financial and industrial services [1][23] - The company has undergone several phases of development, transitioning from a traditional leasing company to a comprehensive service provider [24][25] Financial Performance - The revenue structure is shifting towards industrial operations, which are projected to account for 42.71% of total revenue by 2024, reflecting a 4.03 percentage point increase year-on-year [2] - The company has maintained stable growth in its financial services, with a focus on compliance and risk control, while also expanding its inclusive finance business [2][54] Business Segments - The financial services segment remains the core, with leasing as the primary focus, while the industrial operations segment includes equipment and healthcare services [40] - The equipment operation segment has shown significant growth, with revenue increasing from 1.8 billion in 2018 to 11.6 billion in 2024, reflecting a CAGR of 36.54% [46] Asset Quality - Far East Horizon has improved its asset quality significantly, with non-performing asset formation rates projected to be 0.50%, 0.43%, and 0.23% for 2023, 2024, and 2025H respectively [3][32] - The company has implemented a prudent project investment strategy to control the quality of new business and reduce the scale of urban public projects [3] Profit Forecast and Valuation - The forecasted total revenue for 2025-2027 is 376.10 billion, 375.77 billion, and 384.89 billion respectively, with a slight decline in growth rates expected [15] - The report anticipates a rebound in net profit margins, with projected net profits of 40.51 billion, 42.32 billion, and 44.30 billion for the same period [15][19]

Financial Data and Key Metrics Changes - Consolidated revenue increased by 21% to $83 million in Q2 FY2026, driven by strong performance across segments [5][9] - Consolidated gross profit grew by 26%, with gross margins expanding by 120 basis points [6][10] - Adjusted EBITDA increased by 37%, with a margin expansion of 160 basis points [6][12] - Net income for Q2 was $1.3 million, a decrease of $2 million year-over-year, impacted by higher interest expenses and a higher effective tax rate [10][11] - Adjusted diluted earnings per share was reported at 44 cents [11][56] Business Line Data and Key Metrics Changes - Service revenue grew by 20%, marking the 66th consecutive quarter of year-over-year growth [6][9] - Distribution revenue increased by 24%, primarily due to high demand in the rental channel [7][9] - Gross margin in the distribution segment expanded by 530 basis points, driven by a higher mix of rental revenue [8][10] Market Data and Key Metrics Changes - The rental business showed significant growth, attributed to the integration of Axiom Test Equipment and strong demand [18][19] - The company expects to return to high single-digit organic service growth in the second half of FY2026 [15][25] Company Strategy and Development Direction - The company focuses on organic service growth, strategic acquisitions, and growth in the rental channel as key elements of its strategy [5][6] - The leadership team is strengthening, contributing to sustainable long-term value for shareholders [15][16] - The company plans to leverage technology and AI to enhance operational efficiencies and drive growth [8][15] Management's Comments on Operating Environment and Future Outlook - Management acknowledged ongoing economic uncertainty but expressed confidence in the company's ability to navigate challenges [6][15] - The company anticipates continued strong performance in the second half of FY2026, with expectations for margin expansion [15][25] - Management highlighted the importance of customer retention and the successful integration of recent acquisitions [7][30] Other Important Information - The company closed the Esko Calibration acquisition in Q2, which is expected to contribute positively to growth [12][13] - The company has a strong balance sheet with total debt of $111.9 million and a leverage ratio of 2.25x [12][13] Q&A Session Summary Question: What is driving the rentals acceleration? - Management indicated that the growth is primarily due to successful integration of Axiom Test Equipment and market conditions favoring rentals over purchases [18][19] Question: What visibility levels exist for the second half of the rental business? - Management expects continued strong performance but does not anticipate maintaining the same growth rates as the first half [20][21] Question: What gives confidence in returning to high single-digit organic growth? - Management noted recent account wins and stable customer retention as key factors for optimism [22][25] Question: How has the Esko acquisition performed since acquisition? - Management reported strong performance from Esko, with no significant obstacles encountered during integration [29][30] Question: What defines the economic uncertainty impacting growth? - Management cited delays in customer decision-making due to macroeconomic factors as a challenge [32][34] Question: What is the outlook for the solutions business? - Management indicated that the solutions business is stabilizing and should no longer be a drag on growth [48][49] Question: Will the rental business metrics be broken out in the future? - Management acknowledged the importance of the rental business but noted current operational overlaps make it challenging to separate metrics [41][43] Question: How does the competitive landscape look in the service segment? - Management expressed confidence in the company's position relative to competitors, citing ongoing investments and strategic acquisitions as advantages [76][80]

Core Insights - Herc Holdings (HRI) reported quarterly earnings of $2.22 per share, exceeding the Zacks Consensus Estimate of $1.83 per share, but down from $4.35 per share a year ago, indicating an earnings surprise of +21.31% [1] - The company generated revenues of $1.3 billion for the quarter ended September 2025, surpassing the Zacks Consensus Estimate by 1.12% and showing a significant increase from $965 million year-over-year [2] - The stock has underperformed, losing approximately 29.6% since the beginning of the year, compared to a 16.9% gain in the S&P 500 [3] Earnings Performance - Over the last four quarters, Herc Holdings has surpassed consensus EPS estimates two times and topped revenue estimates three times [2] - The current consensus EPS estimate for the upcoming quarter is $2.23, with expected revenues of $1.34 billion, and for the current fiscal year, the estimate is $6.32 on $4.46 billion in revenues [7] Market Outlook - The company's earnings outlook is crucial for investors, as it reflects current consensus expectations and any recent changes [4] - The Zacks Rank for Herc Holdings is currently 4 (Sell), indicating expectations of underperformance in the near future [6] - The Transportation - Equipment and Leasing industry, to which Herc Holdings belongs, is ranked in the top 26% of Zacks industries, suggesting a favorable industry outlook [8]

Investment Rating - The investment rating for the company is "Buy" (maintained) [7] Core Insights - The company reported stable overall operations with a positive growth in net profit attributable to shareholders for the first three quarters of 2025. The financial and consulting business revenues showed positive growth, with interest margins improving both year-on-year and quarter-on-quarter. The inclusive finance business maintained high growth, with revenue increasing over 100% year-on-year and interest-earning asset scale growing over 60% [5][11][12]. Summary by Sections Financial and Consulting Business - The overall financial and consulting business revenue maintained positive growth, with net interest income for the first half of 2025 reaching 5.946 billion yuan, a year-on-year increase of 0.77%. The scale of interest-earning assets was 260.273 billion yuan, up 2.35% from the beginning of the period, with a net interest margin of 4.06%. The inclusive finance business generated interest income of 1.451 billion yuan, a year-on-year increase of 124.10%, and the net amount of interest-earning assets was 21.831 billion yuan, up 56.39% year-on-year [12]. Industrial Operations - The industrial operations segment, particularly the equipment leasing business, saw a revenue decline of over 10% due to ongoing domestic supply and demand issues. However, the utilization rate for high-altitude work platforms remained high at approximately 80% as of Q3 2025. The overseas revenue proportion exceeded 15%, with overseas gross profit accounting for over 25%. For the first half of 2025, the industrial operations segment reported revenue of 4.350 billion yuan, down 10.72% year-on-year, and a net profit attributable to shareholders of 35 million yuan, down 86.77% year-on-year [13]. Investment Recommendations - The report maintains a "Buy" rating, projecting total operating revenue for 2025-2027 to be 38.299 billion, 39.555 billion, and 40.752 billion yuan, with year-on-year growth rates of -3.74%, 3.28%, and 3.03%, respectively. The net profit attributable to shareholders is expected to be 3.924 billion, 4.036 billion, and 4.139 billion yuan for the same period, with corresponding growth rates of 1.59%, 2.86%, and 2.55%. The current dividend yield is 7.30%, indicating a high overall investment value [14].

Core Insights - United Rentals (URI) reported revenue of $4.23 billion for Q3 2025, a year-over-year increase of 5.9% [1] - The EPS for the quarter was $11.70, slightly down from $11.80 a year ago, with an EPS surprise of -6.33% compared to the consensus estimate of $12.49 [1] Revenue Breakdown - Equipment rentals generated $3.67 billion, exceeding the estimated $3.61 billion, reflecting a 5.8% increase year-over-year [4] - Service and other revenues were $93 million, below the estimated $101.34 million, showing no change from the previous year [4] - Contractor supplies sales reached $43 million, surpassing the estimated $39.43 million, marking a 13.2% increase year-over-year [4] - Sales of new equipment totaled $95 million, exceeding the estimated $79.81 million, with a significant 23.4% increase compared to the prior year [4] - Sales of rental equipment were $333 million, slightly above the estimated $321.65 million, representing a 3.7% year-over-year increase [4] - Specialty contractor supplies sales were $20 million, exceeding the estimated $17.09 million, reflecting a 25% increase year-over-year [4] - Specialty equipment rentals generated $1.27 billion, surpassing the estimated $1.22 billion, with an 11.4% increase year-over-year [4] - Specialty sales of new equipment reached $50 million, exceeding the estimated $35.83 million, marking a 22% increase year-over-year [4] - Specialty sales of rental equipment were $59 million, above the estimated $46.95 million, reflecting a 25.5% increase year-over-year [4] - Specialty service and other revenues were $9 million, slightly below the estimated $9.15 million, but showing a 28.6% increase year-over-year [4] - General rentals totaled $2.83 billion, matching the average estimate, with a 3% year-over-year increase [4] - General rentals service and other revenues were $84 million, below the estimated $100.48 million, reflecting a 2.3% decrease year-over-year [4] Stock Performance - Shares of United Rentals have returned +4.9% over the past month, outperforming the Zacks S&P 500 composite's +1.1% change [3] - The stock currently holds a Zacks Rank 3 (Hold), indicating potential performance in line with the broader market in the near term [3]

Core Viewpoint - The financing leasing industry is focusing on inclusive finance, particularly through equipment leasing for small and micro enterprises, which is seen as a vital service for enhancing people's livelihoods and supporting consumption upgrades [1][4]. Group 1: Equipment Leasing Market - The vehicle leasing segment is a significant part of the inclusive leasing business, with Guoyin Jinzu reporting over 110,000 vehicles leased as of mid-2025 [1]. - Jiangsu Jinzu has partnered with nearly 100 manufacturers, selling over 40,000 agricultural machines and serving more than 30,000 farmers, with a total investment of 15.1 billion yuan by the end of 2024 [1]. - Minsheng Jinzu's retail and inclusive financing leasing balance has increased for three consecutive years, rising from 43% to 57% by the end of 2024 [1]. Group 2: Challenges and Strategies - The financing leasing companies face challenges in stabilizing operations during macroeconomic fluctuations and balancing operational costs with inclusive coverage [2]. - There is a need for financial leasing companies to capture the real needs of small and micro enterprises and expand beyond traditional funding roles to become core participants in the sales and service processes [2][3]. - The industry is encouraged to innovate in product offerings and risk management to ensure sustainable and controllable inclusive leasing services, especially during economic adjustments [2]. Group 3: Policy and Development - The People's Bank of China and the National Financial Regulatory Administration have emphasized the importance of addressing major issues and risks in inclusive finance through a recent implementation plan [4]. - Inclusive leasing is characterized as a financial service that meets the light asset, short cycle, and flexible needs of small and micro enterprises, acting as a bridge between equipment resources and the real economy [4][5]. - To effectively support small and micro enterprises, leasing companies should focus on demand, establish dynamic risk management mechanisms, and collaborate with equipment manufacturers and local governments to create a comprehensive service platform [5]. Group 4: Social Responsibility - The financing leasing industry is actively engaging in social responsibility, with 149 public welfare activities organized and a total of 3.9562 million yuan in assistance and 7.0765 million yuan in donations reported in 2024 [5].

Core Viewpoint - The article emphasizes the role of digital finance in supporting the new industrialization process in China, highlighting its potential to address financing challenges faced by manufacturing enterprises through technological integration and policy support [1]. Group 1: Technological Empowerment Pathways - A "three-stage relay" financial support scheme is proposed to address key technology challenges, including "R&D loans + intellectual property securitization" during the R&D phase, and the establishment of a national digital platform for technology transfer during the commercialization phase [2]. - The use of blockchain technology is suggested to record equipment operation data, dynamically adjust insurance premiums, and provide comprehensive services for companies aiming for IPOs [2]. Group 2: Industrial Chain Empowerment Pathways - A multi-credit financial model is recommended, focusing on data credit, physical credit, and transaction credit to enhance the resilience of industrial chains [3]. - The establishment of a distributed ledger system for accounts payable is proposed to ensure traceability and reduce financing friction through electronic invoices [3]. Group 3: Regional Empowerment Pathways - A gradient financial adaptation strategy is suggested to address regional industrial development imbalances, including innovative financial support for capacity transfer and customized syndicate services for advanced manufacturing clusters [4]. - The creation of a cross-border industrial financial digital platform is recommended to facilitate cross-border trade financing and reduce currency exchange losses for export-oriented enterprises [4].