金融监管体系表现出相当的独立性。银行及主要信用合作社正常营业，美联储、联邦存款保险公司等主要监管机构照常运作。这些机构的资金不依赖于年度 拨款，为金融稳定提供了缓冲。 民生项目受阻民众成为代价 停摆的冲击直接触及普通民众的生活。社会保障管理局推迟公布2026年度生活成本调整方案，超过7400万受益人未来的收入规划被打上问号。此前预测显 示，明年受益人月收入可能增长约2.7%，平均每月增加54美元。 房地产市场同样感受到寒意。需要通过联邦住房管理局、退伍军人事务部申请贷款的购房者面临办理延迟。国家洪水保险计划停止签发新保单，每日约1400 笔房产交易陷入僵局。全美房地产经纪人协会确认，尽管现有保单仍然有效，但高风险区域的买家已无法获得新的洪水保险。 战略项目"特批"部分机构独立运行 并非所有政府职能都已停滞。在航天领域，NASA宣布其"阿尔忒弥斯"月球探索计划将继续进行，参与该计划的员工以及与SpaceX、蓝色起源公司的合作项 目不受影响。这些员工虽暂缓发放薪资，但被要求记录工时，待政府运转恢复后补发。 华盛顿陷入僵局。美国联邦政府部分机构宣告停摆，数十万政府雇员被迫无薪休假。这场政治博弈的后果，迅速蔓延至国家 ...

Core Viewpoint - The company provides various financing guarantees, including loan guarantees, bill acceptance guarantees, trade financing guarantees, project financing guarantees, and letter of credit guarantees, along with related consulting and intermediary services [7]. Financial Performance - As of the first half of 2025, the company's average return on equity was 1.03%, a decrease of 0.04 percentage points compared to the same period last year [17]. - The company's operating income and net profit showed fluctuations, with significant changes in year-on-year growth rates [9][11]. Asset Changes - As of the first half of 2025, the company's loans and advances decreased by 5.32%, and the proportion of total assets fell by 1.31 percentage points [19]. - Trading financial assets decreased by 28.82%, with a 1.13 percentage point drop in their proportion of total assets [19]. - Deferred tax assets increased by 10.31%, raising their proportion of total assets by 0.53 percentage points [19]. - Cash and cash equivalents increased by 1.42%, with a 0.39 percentage point rise in their proportion of total assets [19]. Liability Changes - As of the first half of 2025, trading financial liabilities decreased by 33.12%, with a 0.09 percentage point drop in their proportion of total assets [22]. - Bonds payable increased by 0.06%, raising their proportion of total assets by 0.04 percentage points [22]. - Lease liabilities decreased by 9.85%, with a 0.04 percentage point drop in their proportion of total assets [22]. Debt Ratio - The company's debt ratio has shown a trend over recent years, with comparisons to the A-share industry average and median [26][27].

Group 1 - The total assets of Mongolia's loan guarantee fund reached 303.4 billion Tugrik (6.12 billion RMB) in Q1 2025, an increase of 10.1 billion Tugrik (203.6 million RMB) year-on-year [1] - The loan guarantee balance reached 782.8 billion Tugrik (15.78 billion RMB), showing a year-on-year growth of 3.5 times [1] - In Q1, the fund issued 841 new guarantees totaling 21.2 billion Tugrik (427.42 million RMB), which is a year-on-year increase of 5.2 times [1] Group 2 - By region, the guarantees issued were as follows: 94 guarantees in the western region amounting to 3.4 billion Tugrik (6.85 million RMB); 551 in the Khentii region totaling 20.8 billion Tugrik (419.36 million RMB); 95 in the central region for 4 billion Tugrik (8.06 million RMB); and 94 in the eastern region for 4.7 billion Tugrik (9.48 million RMB) [1] - The distribution of guarantees by industry shows that wholesale and retail accounted for 1.9%, manufacturing for 4.8%, information and communication for 0.7%, while new cooperatives and housing loan guarantees made up 92.6% [1] Group 3 - In terms of participating banks, Khan Bank provided 54.8% of the guaranteed loans, State Bank 32.8%, and Capitron Bank 7%, with the remainder from Trade Development Bank, Golomt Bank, and ARIG Bank [2] - Among the loan recipients, 90.5% were individuals and 9.5% were enterprises, with enterprise guarantees mainly directed towards manufacturing (1.3 billion Tugrik or 2.62 million RMB), wholesale and retail (500 million Tugrik or 1.01 million RMB), and information and communication (500 million Tugrik or 1.01 million RMB) [2] - The fund's asset efficiency improved to 4.7%, up 3 percentage points year-on-year, while the non-performing guarantee ratio decreased to 1.3%, with a balance of 6 billion Tugrik (120.97 million RMB) [2]