近日，中国银行间市场交易商协会发布接受注册通知书，深圳市财付通网络金融小额贷款有限公司（下称"财付通小贷"）获批注册100亿元额度ABN 产品。 财付通小贷成立于2013年10月，是腾讯控股旗下的小贷公司，由深圳市腾讯网域计算机网络有限公司持股95%、深圳市腾讯计算机系统有限公司持 股5%。 今年11月份，财付通大幅增资，注册资本由105亿元增加至150亿元，行业第二，仅次于抖音旗下中融小贷的190亿。 目前，腾讯旗下主要产品为"分付"，于2020年开始小范围上线，但目前仍采用邀请制，未对所有用户开放。资金由财付通小贷及合作金融机构提 供。 据知情人士透露，截至2025年6月末，分付贷款余额约1200亿元。 今年，分付还更新功能——小范围测试取现功能，用户可凭历史大额交易记录，借款至银行卡用于微信支付外的消费用途，满足用户不同场景的需 求。 | | | 财付通小贷业绩（亿元） | | | | | --- | --- | --- | --- | --- | --- | | | 2025上半年 | 2024年 | 2023年 | 2022年 | 2021年 | | 总资产 (亿元) | 153.55 | 162. ...

来源：上海证券报·中国证券网 05 8家证券基金期货法人机构总资产 1137亿元、净资产428亿元, 较十三五期末分别增长22%、 20% 06 | 家公募基金公司管理资产规模 1.32万亿元，规模排全国前列 07 310家私募基金管理人管理资产规 模超5700亿元，规模排全国前列 度、功能、结构、生态全方位系统性变革的里程碑 阶段。天津证监局在中国证监会和天津市委市政府 领导下,始终锚定"防风险、强监管、促高质量发 展"核心目标，坚持新质生产力发展方向，坚持实 体经济转型需求,以深化市场改革为动力、以优化 市场生态为保障,扎实推动新"国九条"和资本市 场"1+N"政策文件在津落地,有效促进天津资本 市场实现量的合理增长与质的有效提升。 视模扩容: 聚焦"增量扩面",凸显发展势能 "十四五"时期,全面实行股票发行 注册制改革加速落地,资本市场支持科技 自立自强、引导行业机构强化功能性定位 的导向清晰并深入实践,天津资本市场规 模稳步扩容,发展势能凸显。 01 上市公司总数 由60家增长至71家,较"十三五" 期末同比增长18% 02/ 上市公司总市值 由9203.03亿元增长至16565.95亿 元,较"十三 ...

中证报中证网讯（记者 昝秀丽）12月19日，天津市政府新闻办召开高质量完成"十四五"规划系列主题 金融专场新闻发布会。"十四五"期间，天津资本市场规模扩容，持续夯实经济底盘；结构优化，精准对 接经济需求；功能提升，加速赋能经济提质；生态改善，持续释放增长潜能。近五年，辖区利用多层次 资本市场融资1.6万亿元，是"十三五"时期融资总额的1.6倍；辖区私募股权、创投基金管理规模超5200 亿元，位居全国前列；辖区上市公司累计实施现金分红超1700亿元，是"十三五"时期的7.5倍，相当于 同期股票融资的3倍。 天津证监局表示，将深入贯彻党的二十届四中全会精神，以京津冀协同发展为战略牵引，紧密结合"十 项行动""三新三量"工作和金创区、天开园建设，积极融入上合组织绿色产业、数字经济等合作平台建 设，深入推进资本市场投融资综合改革在天津落地。 规模扩容 持续夯实经济底盘 五年间，辖区境内上市公司量质双升，总数达71家，较十三五期末同比增长18%；总市值破1.66万亿 元，同比增长80%。新三板挂牌公司结构向优，创新层公司39家，占挂牌公司总数超1/3，同比增长1.29 倍。 债券融资主渠道作用凸显，债券发行人109家， ...

Core Viewpoint - The "14th Five-Year Plan" period marks the beginning of Tianjin's comprehensive construction of a modern socialist metropolis and a critical phase for systemic reforms in the capital market, focusing on risk prevention, strong regulation, and promoting high-quality development [1] Group 1: Scale Expansion - During the "14th Five-Year Plan" period, the stock issuance registration system reform accelerated, leading to a steady expansion of the capital market in Tianjin, with the number of listed companies reaching 71, an 18% increase from the end of the "13th Five-Year Plan" [2] - By the end of November 2025, the total market value of listed companies is projected to be approximately 1.66 trillion yuan, an 80% increase [2] - The bond financing channel has become prominent, with 109 bond issuers and a total bond scale of 1.28 trillion yuan, ranking among the top in the country [2] Group 2: Structural Optimization - The capital market in Tianjin has deeply integrated with technological innovation, with 14 new companies listed on the A-share market in the past five years, nearly 80% of which are technology-oriented [3] - Cumulatively, listed companies have invested over 100 billion yuan in R&D, an increase of nearly 80% compared to the "13th Five-Year Plan" period [3] - The overall R&D intensity of key industry chain listed companies reached 7.64%, while companies on the "Two Innovation Boards" and the Sci-Tech Innovation Board had R&D intensities of 13.53% and 28.16%, respectively [3] Group 3: Function Enhancement - The capital market in Tianjin has strengthened its financing support, with enterprises utilizing multi-level capital markets for direct financing totaling 1.6 trillion yuan, 1.6 times that of the "13th Five-Year Plan" period [6] - Among the 14 newly listed companies, 11 utilized the registration system for their listings, and 10 were listed on the "Two Innovation Boards" and the Beijing Stock Exchange [6] - The Tianjin market has seen the emergence of innovative bond products, including technology innovation bonds and green bonds, contributing to a diverse financing landscape [6] Group 4: Investment Returns - Listed companies in Tianjin have implemented cash dividends totaling over 170 billion yuan, 7.5 times that of the "13th Five-Year Plan" period, with an average annual dividend yield of 3.08% [7] - Approximately 45% of listed companies have maintained continuous dividends for five years, and over 60% for three years [7] - In 2024, 20 companies repurchased shares totaling nearly 3.8 billion yuan, with several companies utilizing share repurchase and shareholder increase tools to stabilize market expectations [7] Group 5: Ecological Improvement - The regulatory framework for the capital market in Tianjin has been established, with a "1+N" policy system guiding further reforms [8] - In November 2024, a joint initiative was launched to enhance the quality of listed companies and promote the development of private equity funds [8] - The Tianjin Securities Regulatory Bureau has established over 50 collaborative mechanisms with various departments to strengthen enforcement and regulatory practices [9]

中经记者 郑瑜 北京报道 公开信息显示，腾讯通过两个主体对财付通小贷增资，其中深圳市腾讯网域计算机网络有限公司（腾讯 网域）出资42.5亿元，深圳市腾讯计算机系统有限公司（腾讯计算机）出资约2.24亿元。增资后，腾讯 网域出资142.5亿元，持股比例95%；腾讯计算机出资7.5亿元，持股比例为5%。 根据天眼查，财付通小贷近期出现包括地址、高级管理人员在内的多项变更，11月17日更新的变更包括 王鹏飞接任张钧担任总经理、取消监事会、注册地址从此前的入驻深圳市前海商务秘书有限公司，迁至 腾讯数码大厦等。履历显示，王鹏飞任职企业为重庆市微恒科技有限公司（以下简称"微恒科技"）。 据记者了解，目前，微信分付业务由财付通小贷提供信贷服务，由微恒科技提供运营服务。 随着小贷行业监管日趋严格，百亿元级注册资本逐渐成为头部机构的竞争筹码，行业内分化格局持续加 剧。日前，腾讯旗下深圳市财付通网络金融小额贷款有限公司（以下简称"财付通小贷"）大手笔增资44 亿元至150亿元。 本次增资，财付通小贷注册资本规模仍排名行业第二位。中国人民银行最新数据显示，截至2025年9月 末，全国小贷公司总量已降至4863家，巨头增资与出清并存 ...

Core Viewpoint - Guangdong Province has issued a plan to support industrial chain integration and mergers, emphasizing the importance of enhancing the quality of listed companies and promoting the integration of state-owned enterprises [1][2][3] Group 1: Policy Initiatives - The plan encourages the inclusion of mergers, asset revitalization, and other activities into the evaluation system for state-owned enterprises [2][3] - It promotes the use of various financing tools such as targeted placements, special convertible bonds, and merger loans by listed state-owned enterprises to facilitate industrial chain integration [1][2] - The plan supports the establishment of industrial merger funds by listed companies, focusing on key segments of the industrial chain [2][3] Group 2: Financing and Investment - The plan aims to broaden financing channels for enterprises, including support for technology companies to list on the ChiNext and Science and Technology Innovation Board [4] - It encourages the issuance of green bonds and other financial products to support enterprises in their strategic transformations and industrial upgrades [4][5] - The plan also promotes the establishment of government investment guidance funds and encourages social capital participation in various investment forms [4][5] Group 3: Focus Areas - The plan emphasizes the need to enhance the resilience and security of the industrial supply chain, particularly for state-owned enterprises [3][5] - It highlights the importance of supporting key core technology sectors such as chip manufacturing, industrial software, and high-end medical devices [5] - The plan encourages commercial banks to provide reasonable loan rates for qualified industrial chain integration projects, particularly in strategic industries [5]

Core Viewpoint - The Guangdong Provincial Financial Management Bureau has released an "Action Plan" to support enterprises in the Guangdong-Hong Kong-Macao Greater Bay Area in conducting industrial chain integration and mergers and acquisitions, aiming to enhance the competitiveness and sustainability of these enterprises by optimizing their industrial chain layout and promoting transformation and upgrading [1][2]. Group 1: Financial Support for Mergers and Acquisitions - The plan encourages listed companies to utilize various payment tools such as shares, targeted convertible bonds, and cash for mergers and acquisitions, attracting more social capital and enhancing sustainable development capabilities [2][3]. - It emphasizes the establishment of industrial merger funds by listed companies, focusing on key links in the industrial chain, and enhancing collaboration among regulatory bodies to support significant integration projects [2][3]. Group 2: Strengthening State-Owned Enterprises - The plan explores incorporating mergers, asset revitalization, and other activities into the performance evaluation system for state-owned enterprises, promoting flexible use of financing tools like targeted placements and acquisition loans [3]. - It aims to enhance internal resource integration within state-owned enterprises and improve asset securitization levels through various methods such as asset restructuring and equity swaps [3]. Group 3: Capital Market Development - The plan proposes broadening direct financing channels in the capital market, supporting technology-driven enterprises to list on various boards, and encouraging companies listed in Hong Kong to also list on the Shenzhen Stock Exchange [5][4]. - It supports the issuance of green bonds and other sustainable financing products to facilitate the green transformation of enterprises [5]. Group 4: Cross-Border Integration - The plan encourages the establishment of cross-border merger funds with Hong Kong and Macao capital, optimizing mechanisms for qualified foreign and domestic limited partners to support integration projects [6]. - It promotes the use of RMB for cross-border mergers and acquisitions and supports banks in providing foreign exchange risk hedging products [6]. Group 5: Investment Fund System - The plan outlines the creation of a provincial government investment guidance fund system to support mergers and acquisitions, encouraging social capital participation in various investment funds [8]. - It highlights the importance of government investment funds in addressing key technological challenges and enhancing the self-sufficiency of critical core technologies in industries [8]. Group 6: Collaboration with Financial Institutions - The plan aims to attract more large financial institutions to establish investment companies and funds in Guangdong, enhancing the financing environment for enterprises [9]. - It emphasizes leveraging the strengths of large financial institutions to provide diverse financial products and services tailored to the needs of enterprises at different development stages [9].

Core Viewpoint - The Guangdong Provincial Financial Management Bureau and other departments have jointly issued a plan to support enterprises in conducting industrial chain integration and mergers, aiming to enhance sustainable development capabilities and optimize industrial chain layouts [1][2]. Summary by Sections Overall Requirements - The plan emphasizes a market-oriented, legal, and international approach to build a comprehensive financial support system for the development of a modern industrial system in Guangdong, focusing on enhancing collaboration among enterprises in the industrial chain [3]. Encouragement of Integration and Mergers - The plan supports the integration and mergers of industrial chains by providing policy guidance and financial services tailored to enterprises, aiming to strengthen the competitiveness of the industrial chain [4]. - It encourages listed companies to utilize various payment tools for mergers and attract more social capital to enhance sustainable development [4][5]. Support for State-Owned Enterprises - The plan explores incorporating mergers and asset revitalization into the performance evaluation of state-owned enterprises, promoting the use of various financing tools for industrial chain integration [5]. - It aims to enhance the internal resource integration of state-owned enterprises and improve asset securitization levels [5]. Cross-Border Integration and Mergers - The plan encourages the establishment of cross-border integration and merger funds with Hong Kong and Macau capital, optimizing mechanisms for qualified foreign and domestic limited partners [6]. Financing Channels - The plan promotes the expansion of direct financing channels in the capital market, supporting technology-driven enterprises to list on various boards and issue green bonds [6][7]. - It emphasizes the establishment of a comprehensive fund system to support industrial chain integration, focusing on key sectors like chip manufacturing and high-end medical devices [6][8]. Credit Support for Integration - The plan encourages commercial banks to provide tailored credit support for eligible industrial chain integration projects, particularly in strategic industries [7][8]. Collaboration with Financial Institutions - The plan aims to attract more large financial institutions to Guangdong, enhancing the investment environment and supporting industrial upgrades [9]. Policy Coordination and Mechanisms - The plan establishes a cross-departmental collaboration mechanism to guide enterprises in conducting industrial chain integration and address challenges encountered during the process [10]. Risk Prevention - The plan emphasizes the importance of legal compliance and risk prevention in the integration and merger processes, focusing on safeguarding the interests of all parties involved [11].

Core Viewpoint - The Guangdong Provincial Financial Support Plan aims to enhance enterprise integration and mergers within the industrial chain, promoting various financing avenues for companies, especially those in technology and green sectors [1] Group 1: Financing Support - The plan encourages local governments to improve comprehensive service platforms for enterprise listings and establish a tiered cultivation mechanism [1] - It supports technology-driven companies in listing on the ChiNext and Sci-Tech Innovation Board, as well as facilitating Hong Kong-listed companies in the Guangdong-Hong Kong-Macao Greater Bay Area to list on the Shenzhen Stock Exchange [1] - The initiative recommends national-level industrial funds to actively invest in successfully listed companies [1] Group 2: Green and Innovative Financing - The plan supports enterprises in their green transformation by issuing various types of bonds, including green bonds, carbon-neutral bonds, low-carbon transition bonds, and blue bonds [1] - It encourages technology-oriented companies to issue convertible bonds, technology innovation bonds, and asset-backed securities (ABS) to raise long-term funds for strategic transformation and industrial upgrades [1] - Financial institutions are encouraged to provide credit enhancement support for eligible bonds [1]

Core Viewpoint - The successful issuance of the "Hua'an-Xingtai Leasing-Data Asset Supporting Intellectual Property ABS" marks a significant milestone in the asset-backed securities (ABS) market, specifically aimed at supporting technology innovation enterprises in industrial parks [1] Group 1: ABS Product Development - Xingtai Holdings has issued a total of 5 ABS products with a cumulative scale of 1.783 billion yuan, targeting various types of enterprises including small and medium-sized enterprises and technology-driven companies [1] - The recent ABS product features a coupon rate of 1.86%, making it the first of its kind in the country to support intellectual property for technology innovation [1] - The ABS "Xingtai Model" has emerged, characterized by a diverse product matrix that effectively revitalizes various asset classes, including financing leasing and commercial factoring [2] Group 2: Data Empowerment and Risk Control - The "Xingtai Model" utilizes data empowerment to create risk profiles for enterprises, enhancing the credibility of investment in ABS products through a risk control model based on the "Research Value Score" [2][3] - This model aims to lower financing costs for enterprises by providing a one-stop ABS financing service that connects asset value with capital market opportunities [2] Group 3: Intellectual Property as Financial Assets - Intellectual property ABS products have transformed "paper patents" into "development funds," enabling companies to leverage high-value patents for financing [4] - Xingtai Leasing has issued approximately 691 million yuan in intellectual property ABS products, facilitating financing for nearly 100 technology companies [4] - The AAA-rated guarantee from Xingtai ensures a stable operation of the ABS products, providing a safety net for investors while supporting low-cost financing for enterprises [4] Group 4: Support for SMEs and Innovation - The Shanghai Stock Exchange (SSE) is actively promoting financial support for small and medium-sized enterprises and technology-driven companies through various initiatives, including the "Five Major Financial Articles" action plan [6][7] - The ongoing development and replication of the ABS "Xingtai Model" are expected to enable more enterprises to utilize asset securitization tools to activate existing assets and attract low-cost capital for economic development [7] - The SSE plans to enhance product case promotion to help SMEs and technology enterprises better understand and utilize asset securitization products to reduce financing costs and broaden funding channels [7]