Regulatory - The China Internet Finance Association held a seminar on the self-regulatory management mechanism for internet lending, with 16 participating institutions discussing the development history and current status of lending services [2] - The association emphasized the importance of self-regulation in guiding the healthy development of the internet lending industry during this critical period [2] Banking - Everbright Bank's Longyan branch was fined 1.15 million yuan due to inadequate pre-loan investigations and post-loan management for personal business loans and housing mortgage loans [3] - Minsheng Bank announced the appointment of Huang Hongri as the Chief Compliance Officer, pending approval from the financial regulatory authority [4] Large Companies - Tencent's financial subsidiary, Shenzhen Qianhai Financial Technology Co., received approval to register 10 billion yuan in Asset-Backed Notes (ABN), with a total issuance of nearly 40 billion yuan across two products [5] - The People's Bank of China announced the cancellation of the payment license for Zhonggang Yintong Information Technology Service Co., which previously held licenses for internet payment and prepaid card issuance [6] - The qualification of Zhou Zhi as the chairman of Shengyin Consumer Finance Co. was approved by the Liaoning Financial Regulatory Bureau [6]

充分利用债市功能、灵活对接产业需求，是河南资本市场的传统。从1998年"97中国神马债券"的首单发行，到 2025年交易所市场公司债存量突破5000亿元大关，多年来，河南债券市场稳健发力，以一个个"全国首单"，支持 科技创新，助力民营经济，为地方新质生产力发展注入了大量金融活水。 债券市场是直接融资体系的核心。一个繁荣的债券市场，既可通过对企业信用的精准定价，破解"融资难、融资 贵"难题，又能以更高的发行效率、更长的融资期限，为企业研发创新注入"耐心资本"，让企业沉下心布局长远、 深耕突破。 作为区域发债主体中的"大个头儿"，仅河南交通投资集团有限公司（下称"交投集团"）一家，"十四五"期间就累 计完成交易所债券融资达518亿元。交投集团凭借稳定的现金流、稳健的资本结构和良好的信用记录，取得上海证 券交易所优化审核资格，实现跨市场高效融资，灵活设计发行期限与品种结构，为核心主业与战略新兴板块协同 发展提供了稳定、低成本的资金保障。 "近年来，从国家到地方，一系列推动债券市场健康发展的政策规划，已为债市助力实体经济打下坚实基础。政策 推动下，'十五五'河南债券发行规模将继续稳步扩容，公司债存量有望持续攀升，直接 ...

Group 1 - The core point of the article is that Shenzhen Qianhai Financial Technology Co., Ltd. (referred to as "Qianhai Small Loan") has been approved to register a targeted asset-backed note (ABN) product with an amount of 10 billion yuan, contributing to a total issuance of nearly 40 billion yuan across two products [1] - From 2024, Qianhai Small Loan has been approved for an asset-backed securities (ABS) product with a quota of 10 billion yuan and an ABN product with a quota of 35 billion yuan, indicating significant growth in its development [1] - Qianhai Small Loan ranks among the top two small loan companies in terms of registered capital, with a current registered capital of 10.5 billion yuan, second only to Douyin Group's Shenzhen Zhongrong Small Loan Co., Ltd. with 19 billion yuan [1] Group 2 - Tencent's financial technology and enterprise services revenue has shown a steady increase from 101.36 billion yuan in 2019 to 211.96 billion yuan in 2024, with the revenue contribution percentage fluctuating around 27% to 33% during this period [1] - The gross profit from financial technology services and enterprise services reached 26.4 billion yuan in the 2024 annual report, with a gross profit margin of 47% [2] - Although consumer loan services have contributed to Tencent's revenue growth, there are currently no independent consumer loan products displayed on Tencent's official financial technology service platform [2]

FD TET 交易所市场债券成就 5079亿 5079亿元 2104亿元 2020年末 2025年末 全省交易所债券存量规模变化 3.2倍 2025年，河南地区 1065亿元 较2020年大幅增加3.2倍 43.8% 54.2% 2020年末 2025年末 产业类债券存量占比 180.05zz 专项品种公司债券发行180.05亿元, 为历年最高。 518zz 交投集团"十四五"期间 累计完成交易所债券融资达518亿元 自2025年5月7日债 券市场"科技板"推 HLUS 河南省交易 债券市场是直接融资体系的核心。一个繁荣的债券市场，既可通过对企业信用的精准定价，破解"融资 难、融资贵"难题，又能以更高的发行效率、更长的融资期限，为企业研发创新注入"耐心资本"，让企 业沉下心布局长远、深耕突破。 充分利用债市功能、灵活对接产业需求，是河南资本市场的传统。从1998年"97中国神马债券"的首单发 行，到2025年交易所市场公司债存量突破5000亿元大关，多年来，河南债券市场稳健发力，以一个 个"全国首单"，支持科技创新，助力民营经济，为地方新质生产力发展注入了大量金融活水。 面向"十五五"，河南债券市场融资渠道将 ...

李小加对其所做的事情进行了高度的概括：所有金融产品本质 上都是一种互换，即用当下的资金，换取未来的现金流或价 值。 作者： 老盈盈 封图：受访者供图 编者按：2025年，经济观察报以"我们的四分之一世纪"为年终特刊主题，旨在通过数十位时代亲历者的故事，共绘一幅属于这段岁月的集体记忆图 谱。 外国人常称呼李小加为"Mr. Connect（联通先生）"，"联通"这个词几乎贯穿了他整个金融职业生涯。 早年间，李小加在投行任职时，核心就是搭建中国企业与国际资本的桥梁，把"中国货"（内地企业）带到香港市场，吸引"世界的钱"（国际资本）投 入。20世纪90年代，第一批内地企业以H股、红筹股的模式赴港上市，国际资本得以通过香港枢纽进入内地市场，支持内地企业发展。 后来，李小加加入香港交易所（下称"港交所"）任职行政总裁，延续了"联通"的核心思路，不断拓展互联互通的边界。无论是股票、商品，还是清算体 系、投资标准，核心都是要把中国这个巨大的经济体和金融市场，从各个关键维度与世界进行深度绑定，真正实现全方位的互联互通。 4年前，李小加创立滴灌通，这次他"联通"的是全球资本与小微企业，在微观层面打通小微企业的金融供给通道，通过分 ...

2025年境外资产证券化市场在多重宏观因素影响下展现出显著韧性与结构性变化。美国市场虽较2021年高峰期回落，但2024年资产证券化产品发行规模仍达 约1.7万亿美元（截至三季度），占固收市场19%，其中MBS和ABS仍是主力，底层资产以机构MBS、车贷、CLO等为主。欧洲市场则稳步复苏，2024年发 行规模同比增长15%，STS（简单、透明、标准化）框架推动合规产品占比升至25%-30%。整体来看，尽管利率高企与信用风险扰动持续，境外结构融资市 场正通过制度完善与产品创新重拾活力。 资产担保债券成为本年度一大亮点，其全球发行量于2023年创6,890亿欧元新高，并屡次突破主权评级"天花板"。标普、惠誉等国际评级机构在特定条件下 允许资产担保债券评级高出主权评级多达4-6个子级，关键在于司法体系健全性、结构性缓解机制及抵押品质量。例如，某亚洲国家发行的资产担保债券获 AAA评级，超越其AA主权评级；欧洲多国银行亦凭借优质RMBS池实现评级跃升。这一现象凸显资产担保债券作为高级担保债务工具，在信用隔离与风险 缓释方面的独特优势，也为新兴市场融资主体提供了突破主权约束的新路径。 以下为报告节选内容 标普信评 S& ...

经济观察报 记者 老盈盈 编者按：2025年，经济观察报以"我们的四分之一世纪"为年终特刊主题，旨在通过数十位时代亲历者的 故事，共绘一幅属于这段岁月的集体记忆图谱。 外国人常称呼李小加为"Mr. Connect（联通先生）"，"联通"这个词几乎贯穿了他整个金融职业生涯。 早年间，李小加在投行任职时，核心就是搭建中国企业与国际资本的桥梁，把"中国货"（内地企业）带 到香港市场，吸引"世界的钱"（国际资本）投入。20世纪90年代，第一批内地企业以H股、红筹股的模 式赴港上市，国际资本得以通过香港枢纽进入内地市场，支持内地企业发展。 后来，李小加加入香港交易所（下称"港交所"）任职行政总裁，延续了"联通"的核心思路，不断拓展互 联互通的边界。无论是股票、商品，还是清算体系、投资标准，核心都是要把中国这个巨大的经济体和 金融市场，从各个关键维度与世界进行深度绑定，真正实现全方位的互联互通。 4年前，李小加创立滴灌通，这次他"联通"的是全球资本与小微企业，在微观层面打通小微企业的金融 供给通道，通过分散化、标准化设计控制风险，既让金融"水流"抵达末梢经济主体，又避免局部风险扩 散。 12月初，经济观察报记者在位于香港 ...

【大河财立方 记者 段伟朵 陈诗昂 程帅星 文 朱哲 李博 冉衡 洪昊旸 摄影】展望"十五五"，资产证券化在中国经济发展的洪流中，将扮演怎样的角色？ 作为连接实体经济与资本市场的关键纽带，资产证券化在盘活存量资源、分散金融风险、拓宽融资渠道等方面具有不可替代的作用。12月17日，作为2025 债券市场高质量发展大会的先行会议，资产证券化专场会议率先开启。来自政、企、金、研、服等领域代表齐聚郑州，共话资产证券化在服务实体经济、 盘活存量资产、优化融资结构中的重要作用和实施路径。 立足中原、放眼全国 盘活存量资产大有可为 河南日报报业集团有限公司党委副书记、总经理王珂在致辞中表示，党的二十届四中全会作出"加快建设金融强国"的战略部署，河南省委十一届十次全会 深入贯彻中央精神，锚定"1+2+4+N"目标任务体系，明确提出"积极推动现代金融高质量发展，用好多层次资本市场，稳步扩大债券发行规模"。此次大会 聚焦资产证券化，正是响应中央号召、落实省委部署的具体行动。 王珂介绍，河南日报社、河南日报报业集团有限公司全力构建"媒体+金融"双轮驱动的服务新生态，连续三年联合债券市场核心机构打造"债券市场高质量 发展大会"，已成 ...

（来源：中金固收） rops to 1.04%. The 101 Cop 200010 yield ren 1.75bps to 1.835%, the 5Y CGB 250003 yield fell 1.5bps to 1.5475%, while the 3Y CGB 2500010 closed at 1.40%. CGB futures traded up, with the 30Y main contract up 0.63%, the 10Y up 0.1%, the 5Y up 0.06%, and the 2Y up 0.01%. ■ Credit Bond Market Today, credit bond yields fell across most tenors by 0.3-2bps, except for the 5Y tenor, where yields mostly rose by around 0.2–1.5bps. Compared with CDB bonds, 5Y credit spreads across all ratings widened by about ...

Core Insights - The performance of leading internet financial technology companies in Q3 2025 shows a trend of slowing net profit growth, with some companies experiencing revenue growth without profit increase, indicating an industry adjustment during the transitional period before the new lending regulations take effect [1][2] Group 1: Company Performance - Xinyi Technology reported revenue of 3.5 billion yuan, a year-on-year increase of 6.43%, and a net profit of 640 million yuan, up 2.66% year-on-year [1] - Qifu Technology achieved revenue of 5.206 billion yuan, a year-on-year increase of 19.1%, but its net profit decreased by 20.3% [1] - Lexin's revenue was 3.417 billion yuan, a year-on-year decrease of 6.64%, while its net profit increased by 68.06% [1] Group 2: Strategic Adjustments - Companies are exploring new growth points during the transitional period of the new lending regulations, which is becoming a core variable in performance differentiation [2] - Qifu Technology has established a multi-channel customer acquisition system, reducing the average customer acquisition cost from 370 yuan to 340 yuan in Q3 2025 [3] Group 3: Market Trends - The trend of lowering internet loan interest rates and expanding customer demographics is becoming inevitable [3] - The issuance of asset-backed securities (ABS) by Qifu Technology reached nearly 18.9 billion yuan, a year-on-year increase of over 40%, driven by policy support and improved asset quality [6] Group 4: Business Models - The light capital model, which involves providing services without assuming credit risk, is facing challenges, leading companies to prefer a heavier capital model that involves direct lending [7][8] - In Q3 2025, Qifu Technology's revenue from heavy capital model services was 3.869 billion yuan, a year-on-year increase of 33%, while revenue from light capital model services decreased by 54% [8]