以企业开展仓单交易为例，若企业将频繁买卖仓单的行为视为传统贸易行为，而非参照金融工具进行管 理，将导致财务信息失真，进而影响投资者对企业业务模式和风险特征的判断。期货日报记者梳理发 现，多年来，监管部门通过递进式的政策设计，为企业开展仓单交易、点价销售等新兴业务提供了清晰 指引。 在全球经济深度融合与金融创新加速迭代的背景下，企业与金融体系的互动模式正经历深刻变革。资产 证券化、期货及衍生品等金融工具的广泛应用，既为企业风险管理提供了创新工具，也对会计处理的规 范性提出了更高要求。 金融工具会计处理的规范化进程，本质上是构建"信任经济"的基石。在金融创新与风险交织的当下，准 确计量金融工具价值，不仅能降低市场信息不对称，更是优化资源配置、强化风险管控的关键抓手。 典型案例的发布为企业对仓单交易的会计处理提供了样本和意见，但相关监管闭环体系亟待完善。2025 年7月8日，财政部会计司发布标准仓单交易会计处理实施问答。财政部会计司进一步明确，企业在期货 交易场所通过频繁买卖标准仓单合同赚取差价、不提取商品实物的，应将相关合同视同金融工具处理。 新的要求引发了期货和现货业内人士的颇多讨论。总的来看，这一规定具有多重 ...

在7月4日举行的2025绿金委年会暨绿色金融改革创新交流会上，中国金融学会绿色金融专业委员会副秘 书长、中央财经大学绿色金融国际研究院院长王遥表示，"价格发现是绿色金融的重要功能之一，如何 为碳排放进行合理定价并纳入金融体系的决策过程中，是其中的核心问题。在这个过程中，碳市场的机 制建设对于碳价形成至关重要，被认为是助力碳减排目标实现及降低减排成本的有效手段。" 那么，我国碳市场取得了哪些最新进展？业界最关心哪些话题？呼吁已久的碳金融又将如何发挥作用？ 来自业界、学界的专家们都在积极回应相关问题。 碳市场有序扩容 在全国碳市场即将迎来四周年之际，许多呼吁已久的变化迎来了宝贵的机遇期。 7月16日，全国碳排放权交易市场（以下简称"全国碳市场"）正式启动上线交易将满四周年。截至2025 年7月11日，全国碳市场减排成效逐步显现，累计成交额超462亿元人民币，当日均价超74元/吨。 四年发展，成绩斐然。在全国碳市场运行四周年的节点上，我们看到了一个整体运行平稳、制度逐步健 全，且多方面迎来积极突破的市场体系。在政策开路、碳交易体系成型的背景下，全国碳市场正向着完 善与成熟逐步迈进。 进一步优化碳核算和碳披露机制 更 ...

Core Viewpoint - The regulatory penalties imposed on Ningyin Consumer Finance highlight the ongoing challenges in balancing growth and compliance within the consumer finance industry, as companies face increasing scrutiny from regulators while trying to expand their market share [1][3][4]. Group 1: Regulatory Penalties - Ningyin Consumer Finance was fined 1.65 million yuan for five violations, including inadequate control over customer credit limits and issuing loans to ineligible clients [1][2]. - The company has been under scrutiny since its establishment in 2016, with a registered capital of 3.6 billion yuan and a loan balance of 59.035 billion yuan as of the end of 2024 [2][3]. - The penalties reflect a broader trend in the industry, with multiple consumer finance companies facing similar fines for compliance failures since 2025 [3][4]. Group 2: Risk Management and Compliance Challenges - The violations at Ningyin Consumer Finance expose significant gaps in its risk management framework, particularly in credit assessment and data quality [2][4]. - The reliance on partnerships for loan origination has led to a dilution of risk management standards, as companies prioritize growth over compliance [2][3]. - The industry is experiencing heightened regulatory pressure, necessitating increased investment in internal controls and compliance systems to meet evolving regulatory demands [3][4]. Group 3: Industry Trends and Future Outlook - Despite regulatory challenges, consumer finance companies continue to seek funding through financial bonds and asset-backed securities, indicating persistent market demand [5][6]. - The issuance of bonds by various consumer finance firms, with amounts typically ranging from 1 billion to 5 billion yuan, suggests a robust appetite for expansion despite rising compliance costs [6]. - The need for a balanced approach to growth and compliance is critical for the sustainability of individual firms and the overall stability of the financial system [6][7].

Core Viewpoint - The financing leasing industry is at a critical window for transformation and upgrading, with capital markets serving as an important financing channel [1] Group 1: Industry Challenges and Opportunities - The financing leasing industry is facing challenges such as product structure homogenization, insufficient information disclosure, and difficulties in asset transparency, which hinder market development [1] - Regulatory policies are gradually improving, and financial innovations are deepening, making bonds and asset-backed securities (ABS) important tools for revitalizing existing assets and broadening financing channels [1] Group 2: Upcoming Events - An event titled "Financing Leasing Industry Bond and Asset Securitization Innovation Practice" will be held in Shanghai, co-hosted by First Financial, Shanghai Stock Exchange, Shanghai Financing Leasing Industry Association, and Shanghai Trading Group [1]

图说资产证券化产品 ——2025年5月 消费金融政策加力，消费类ABS迎扩容新机遇 近期，央行、国家发改委、财政部、商务部、金融监管总局、证监会等六部门联合印发《关于金融支持提振和扩大消 费的指导意见》（以下简称《指导意见》），从支持增强消费能力、扩大消费领域金融供给、挖掘释放居民消费潜力、促 进提升消费供给效能、优化消费环境和政策支撑保障等六个方面提出19项重点举措，推动完善扩大消费长效机制，更好满 足消费领域金融服务需求。值得注意的是，《指导意见》重点支持消费产业有关企业融资，加大债券市场融资支持力度， 支持符合条件的文化、旅游、教育等服务消费领域企业发行债券，以及鼓励符合条件的科创企业通过债券市场募集资金， 推动智慧养老、智能医疗等消费产品提质升级。同时，推动个人汽车、消费、信用卡等零售类贷款资产证券化增量扩面, 促进盘活信贷存量，提升消费信贷供给能力。这有利于促进银行等金融机构盘活零售贷款存量，释放更多资金用于发放新 的零售贷款，提升资金使用效率，通过扩大信贷供给助力消费复苏与升级。从发行情况来看，上半年信贷ABS中个人汽车贷 款类、个人消费贷款类产品分别发行343.43亿元和183.41亿元，占信贷 ...

Group 1: Current Status of Bond Market Development - China's bond market has achieved significant progress in scale, innovation, and infrastructure, with a total custody balance expected to reach 158.8 trillion yuan by the end of 2024, making it the second largest globally [2][3] - The internationalization of the bond market is accelerating, with foreign institutions holding 4.1 trillion yuan in Chinese bonds, reflecting strong confidence from international investors [2][3] - Shanghai has introduced innovative bond mechanisms, leading to a green bond issuance scale of approximately 1.2 trillion yuan in 2024, positioning it as a global leader [3][4] Group 2: Challenges Facing the Bond Market - The bond market suffers from segmentation, with independent custody and settlement systems for interbank and exchange markets, leading to liquidity issues and a trading share of less than 15% [4][5] - Regulatory coordination is lacking, with multiple departments having inconsistent standards and lengthy approval processes, averaging 45 days [5][6] - The legal framework is underdeveloped, lacking a dedicated "Bond Market Regulation," resulting in lengthy default resolution processes averaging 14 months [6][7] Group 3: Recommendations for Enhancing Bond Market and International Financial Center - Expand market openness by simplifying foreign investment procedures and encouraging the inclusion of Chinese bonds in international indices [8][9] - Improve market liquidity and product diversity by developing high-yield bonds and green bonds, and optimizing trading platforms [8][9] - Optimize market structure by promoting a more integrated approach between interbank and exchange markets to enhance efficiency and risk control [9][10] Group 4: Pathways for Shanghai as an International Financial Center - Promote market integration by establishing a unified custody and settlement system, allowing investors to participate in the entire market with a single account [12][13] - Enhance regulatory coordination by forming a bond market regulatory coordination committee to unify standards and policies [13][14] - Strengthen legal frameworks by legislating a "Bond Market Regulation" to standardize the entire bond issuance and trading process [14][15]

Group 1 - The core viewpoint of the articles highlights China Foreign Trade Trust's outstanding performance in bond trading, ESG practices, and comprehensive competitiveness, leading to three significant industry honors in 2025, establishing it as a benchmark enterprise in the trust industry [1] Group 2 - In the bond market, China Foreign Trade Trust has been recognized for three consecutive years in both Shenzhen and Shanghai Stock Exchanges' bond trading rankings, achieving a trading scale of approximately 130 billion yuan in 2024 and holding a bond inventory of 70 billion yuan as of March 2025, maintaining its position in the top tier of the trust industry [3] Group 3 - The company has innovated a dual-platform model of "charity trust + foundation," winning the "Golden Bee ESG Competitiveness - Rural Revitalization Award" as the only awarded trust institution, with a cumulative charitable trust establishment of 55 cases and a total entrusted scale exceeding 150 million yuan [4] Group 4 - China Foreign Trade Trust has won the "Golden Award" for five consecutive years, receiving accolades for "Outstanding Comprehensive Competitiveness Trust Company" and "Outstanding Trust Wealth Brand," with a focus on asset service trusts, asset management trusts, and innovative business in wealth management [5] Group 5 - Looking ahead, the company aims to continue serving national strategies, deepening the advantages of the trust system, and innovating in bond trading, ESG practices, and wealth management to inject financial vitality into the real economy and contribute to rural revitalization [6]

免责 声 明 本内容最终解释权归申万宏源证券有限公司所有。 近日 ，由申万宏源 作为销售机构的 上海 奉发集团公租房资产支支持专项计划项目目 完成 发行 。 本期 资产支支持证券化产品 发行规模 14.737 亿元，债券期限 18 年，票面利 率 2. 15 % 。 发行人 上海奉贤园林绿化工工程有限公司 成立于 1998 年，是一一家隶隶属于 上海奉贤发 展集团的国有企业。公司的主要业务范围包括园林绿化工工程的设计、施工工及养护，同时 扩展到房屋建筑、市政工工程、河湖整治等领域。公司具备多项专业资质，如风风景园林建 设工工程专项设计资质、房屋建筑工工程施工工总承包叁级资质等 。公司在园林绿化工工程施 工工、绿化养护、风风景园林建设工工程专项设计等领域拥有 4 项专利信息 。公司秉承 " 创 建人人类美好家园 " 的企业文文化理念，致力力于提升城市绿化 环境。 此次 资产证券化产品的 成功发行行，申万宏源的销售实力力得到发行行人人高高度认可，为后续 公司与发行行人人深化业务合作奠定了坚实的基础。 ...

本期 资产证券化产品 成功发行，为未来双方进一步深化合作奠定了坚实的基础，对申 万宏源持续深耕长三角地区 资产证券化业务 市场具有重要意义。 也是申万宏源 注重 资产证券化创新业务的 开拓 ，结合国内的监管政策，经常配合国内的相关部门对资产 证券化业务创新模式进行研发 、 设计 成果的又一生动案例 。 免责声明 本内容最终解释权归申万宏源证券有限公司所有。 近日 ，由申万宏源担任 销售机构的 上海地产住房发展有限公司 全国首单规模最大储架 式保障性租赁住房 CMBS 项目 。本期 资产证券化产品 发行规模 32.99 亿元，期限 21 年期，票面利率 2. 2 % 。 上海地产住房发展有限公司是上海地产集团全资子公司，作为集团旗下保障住房和租赁 住房统一建设运营发展平台，全力承担市委、市政府任务，通过 "功能 + 市场"发展模 式，重点打造"投资建设、资管运营、社区配套"三大平台，努力发挥功能性国企的引领 和示范作用。上海地产住房发展有限公司将始终坚持"服务城市更新、服务住房发展、 服务人才建设、服务生活配套"的初心与使命，勇做上海功能性住房市场的主力军、排 头兵和同行业领先者 。 通过 CMBS 创新模式， ...

此次还发布了10件典型案例，旨在充分发挥裁判规则对市场的导向作用。案例集中反映了涉金融"五篇大文章"的发展堵点和潜在风险问题，深刻践行了《若 干意见》明确的五大领域案件审判理念，体现了政治效果、法律效果和社会效果有机统一。 上海金融法院党组书记、院长赵红表示，"上海金融法院将持续推动《若干意见》落实，尽快完善相关配套措施，做好金融'五篇大文章'司法保障工作，为 金融高水平改革开放提供更加优质的司法服务，为金融强国和上海国际金融中心建设提供更加有力的司法支撑。" 打造裁判规则新集群 上海金融法院6月30日举行新闻发布会，介绍《上海金融法院服务保障金融"五篇大文章"发展的若干意见》(以下简称"《若干意见》")及服务保障金融"五篇 大文章"典型案例。《若干意见》分为总体要求、具体举措、配套保障三大部分，共计18条。《若干意见》提出，提升司法保障新能级，在科技金融领域， 重点完善科创板案件专项审理机制，加强与先行赔付等制度衔接，规范第三方专业机构损失核定程序，促进科创板上市公司"轻装上阵"和投资者快速获赔的 双赢共赢。 《若干意见》明确，上海金融法院将针对金融"五篇大文章"发展的新特点和新需求，创新和优化系列司法保障 ...