7月18日，由第一财经携手上海证券交易所、 上海融资租赁行业协会 、 上海交易集团 共同主办，上海市 融资租赁行业协会投融资专业委员会、国泰海通证券股份有限公司承办的"融资租赁产融讲坛第二场—— 融资租赁行业债券及资产证券化创新实践"即将在上海开讲。 资本市场是融资租赁行业重要的融资渠道，当前融资租赁行业正面临转型升级的关键窗口期。随着监管政 策逐步完善、金融创新持续深化，融资租赁公司债券及资产证券化（ABS）已成为盘活存量资产、拓宽融 资渠道的重要工具。但产品结构同质化、信息披露不充分、底层资产穿透难等问题仍制约着市场深度发 展。 ...

一、国际金融中心赋能债券市场的发展现状 我国债券市场在规模、创新和基础设施建设方面成绩斐然，正逐步迈向更高水平的发展阶段。在市场规 模与国际影响力上，截至2024年底，中国债券市场托管余额达158.8万亿元，规模全球第二，品种齐 全。同时，开放进程加速，借助"债券通""QFII/RQFII"等渠道，境外机构持有中国债券规模升至4.1万亿 元，较2017年大幅增长，彰显国际投资者对我国充满着信心。 文/上海金融业联合会专家、上海首席经济学家金融发展中心离岸金融研究所所长 景建国 在全球金融格局重构的背景下，国际金融中心的发展水平已成为衡量一国金融国际竞争力的关键因素。 债券市场作为现代金融体系的核心支柱，不仅是政府与企业的核心融资渠道，更是国际资本流动的重要 通道。 上海通过创新债券机制极大激发了市场活力，绿色债券、SLB和熊猫债等品种频出，2024年中国绿色债 券发行规模约1.2万亿元、处于全球领先地位。上海自贸试验区先行先试，2023年助力中东主权基金发 行50亿元SLB，用于中国新能源项目，为债券市场的国际化树立了标杆。上海还通过完善基础设施提升 了债券市场的效率，上海清算所跨境清算服务缩短结算周期，20 ...

Core Viewpoint - The consumer finance industry is accelerating the disposal of non-performing assets and issuing asset-backed securities (ABS) to replenish capital, driven by intensified competition, slowing economic growth, and declining asset quality [1][6]. Group 1: Non-Performing Asset Disposal - Consumer finance institutions are rapidly clearing non-performing assets, with a trend of "quick clearance and quick transfer" becoming the norm [2]. - Ant Financial recently listed a personal non-performing loan asset package with a total unpaid principal and interest of 600 million yuan, starting at a price of only 72.1 million yuan, reflecting a discount rate as low as 12% [2]. - The average overdue days for this asset package is 335.8 days, and it has been fully classified as a "loss" category [2]. - The average unpaid principal and interest balance for borrowers in a non-performing asset package is over 5,000 yuan, with an average of 2.62 loans per person [3]. - Institutions like Zhaolian Consumer Finance are adopting a "write-off and sell, all non-litigation" approach, transferring 464,693 non-performing assets with an average overdue period exceeding 600 days [3][4]. - The trend of low-price transfers of non-performing assets has become a common practice among consumer finance companies, with transfer volumes reaching historical highs [4]. Group 2: Asset-Backed Securities (ABS) Issuance - Consumer finance companies are accelerating ABS issuance to broaden financing channels, with a total of 15 ABS products issued by May 29, amounting to 7.458 billion yuan, a 45% increase compared to the same period in 2024 [6][10]. - The majority of ABS issued are personal consumption loan ABS, accounting for 72.4% of the total [6]. - The issuance rates for ABS have reached new lows, with some products like "25 Nanyin Fabai 1A" having a ticket rate of only 3.15% [6][9]. - Regulatory support is a significant factor driving ABS issuance, with the People's Bank of China encouraging consumer finance companies to issue financial bonds and expand the scope of securitizable assets [10][11]. - ABS issuance is seen as a cost-effective financing method, helping consumer finance companies optimize their liability structure and enhance capital resilience against risks [11].

在考核机制方面，多家银行针对民企融资设置独立考核体系。如农业银行副行长刘洪介绍，该行配置专 项信贷资源，单列考核计划，提升定价管理精细化水平，优化无还本续贷政策，为民营企业和小微企业 提供信贷支持。 值得关注的是，当前民营企业纷纷从"出口"向"出海"转型，伴随"走出去"的大潮，更需要金融活水支 持。尤其是制造业链条上的中小民营企业，它们在出海时普遍面临资金短缺、汇率波动的问题。对此， 近期多家银行出台了具体支持外贸企业融资、财资管理的综合金融服务方案，并对跨境电商等贸易新业 态做出量身定制的政策。 此外，政策性银行也是服务民营企业出海的重要金融力量。其中，中国进出口银行于4月份出台了《关 于培育民营企业国际经贸合作和竞争新优势的专项方案》，推出16条具体措施。 自民营企业座谈会召开至今，民营企业发展迎来了金融政策的加力支持，更多金融要素资源投入民营企 业。银行业制定民营企业年度服务目标，加大信贷投放力度。债券市场"科技板"落地，民营企业债券融 资扩容增量。各类金融主体从信贷、债券、股权三个融资渠道创新产品和服务，"三支箭"迎来持续加 力。 从2023年金融支持民营经济发展25条举措出台，到引导金融机构坚持"一 ...