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 ...

支持产业链整合兼并，广东出手了！ 《广东省金融支持企业开展产业链整合兼并行动方案》（下称《方案》）日前印发。其中提到，探索将 并购重组、资产盘活等纳入国企考核体系。推动上市国企灵活运用定向增发、专项可转债、并购贷款等 融资工具，用好配套募集资金储架发行制度，围绕优势领域积极开展产业链整合兼并，做强做优做大。 加强国企内部资源整合，运用好现有融资平台，通过资产重组、股权置换等多种方式，推动更多优质资 源向上市公司汇聚，提高资产证券化水平。支持国有资本运营公司利用私募股权投资基金，助力其他企 业围绕主业开展产业链上下游整合兼并，强链补链延链。 《方案》还提到，支持突破关键核心技术的科技型等企业到创业板、科创板等上市，支持其他符合条件 的企业积极上市融资，支持港股上市的粤港澳大湾区企业在深圳证券交易所上市，拓宽企业融资渠道。 探索将并购重组、资产盘活等纳入国企考核体系 《方案》提出，支持开展产业链整合兼并、推动提高上市公司质量、推动国企整合兼并优质资源、规范 开展跨境整合兼并。 具体政策上，《方案》提出，积极培育发展前景好且市场需求大的企业，支持银行等金融机构为有融资 需求的企业定制金融服务，助力企业做大规模。支持 ...

"鼓励上市公司综合运用股份、定向可转债、现金等支付工具实施整合兼并" "探索将并购重组、资产盘活等纳入国企考核体系" "支持港股上市的粤港澳大湾区企业在深圳证券交易所上市" "加强国企内部资源整合，运用好现有融资平台，通过资产重组、股权置换等多种方式，推动更多优质 资源向上市公司汇聚，提高资产证券化水平"…… 近日，广东省地方金融管理局官网发布《广东省金融支持企业开展产业链整合兼并行动方案》（简称 《行动方案》）提出，强化金融赋能产业链上下游企业协同发展，推动金融资源精准投向产业链整合兼 并的关键环节，重点支持企业通过开展产业链整合兼并做大做强、提质增效，强化延链补链强链，形 成"自身优、生态稳、全球强"的世界级产业集群。到2027年，努力推动粤港澳大湾区形成产业集群优势 显著提升、整合兼并服务更加高效、多元协作机制更加健全的发展格局，更好服务广东现代化产业体系 建设和经济社会高质量发展。 推荐国家级产业基金积极参与投资成功上市的企业。支持企业绿色转型发展，发行绿色债券、碳中和债 券、低碳转型债券、蓝色债券等产品。鼓励科技型等企业发行可转债、科技创新债券、ABS产品等进行 融资，募集中长期资金开展战略转型、产 ...

【大河财立方消息】11月25日，广东省地方金融管理局等部门联合印发《广东省金融支持企业开展产业 链整合兼并行动方案》。 其中提到，鼓励上市公司综合运用股份、定向可转债、现金等支付工具实施整合兼并，吸引更多社会资 本参与，提升企业可持续发展能力，优化产业链布局，实现转型升级。 支持上市公司依法依规设立产业并购基金，重点投向产业链上下游关键环节。 探索将并购重组、资产盘活等纳入国企考核体系。 推动上市国企灵活运用定向增发、专项可转债、并购贷款等融资工具，用好配套募集资金储架发行制 度，围绕优势领域积极开展产业链整合兼并，做强做优做大。 加强国企内部资源整合，运用好现有融资平台，通过资产重组、股权置换等多种方式，推动更多优质资 源向上市公司汇聚，提高资产证券化水平。 支持保险资金依法依规扩大股权投资比例，积极参与整合兼并投资项目。 广东省金融支持企业开展产业链整合兼并行动方案 为深入贯彻党的二十大和二十届二中、三中全会精神，落实党中央、国务院有关决策部署，化解重点产 业结构性矛盾，促进产业提质升级，充分发挥金融在支持企业依法依规开展产业链整合兼并中的核心支 撑作用，助力企业发展壮大、做强做优，推动产业链高质量发展， ...

（文章来源：第一财经） 《广东省金融支持企业开展产业链整合兼并行动方案》近日印发。其中提到，鼓励各地完善企业上市综 合服务平台，健全梯度培育机制，支持突破关键核心技术的科技型等企业到创业板、科创板等上市，支 持其他符合条件的企业积极上市融资，支持港股上市的粤港澳大湾区企业在深圳证券交易所上市，拓宽 企业融资渠道。推荐国家级产业基金积极参与投资成功上市的企业。支持企业绿色转型发展，发行绿色 债券、碳中和债券、低碳转型债券、蓝色债券等产品。鼓励科技型等企业发行可转债、科技创新债券、 ABS产品等进行融资，募集中长期资金开展战略转型、产业升级、产业链整合兼并等。鼓励金融机构对 符合条件的债券提供增信支持。 ...

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]

Core Viewpoint - The bond market showed significant recovery on October 17, with all major government bond futures rising, indicating a potential rebound from earlier market overextensions [1][2]. Market Performance - The 30-year government bond futures rose by 0.74% to close at 115.870, marking a one-month high; the 10-year and 5-year contracts increased by 0.12% and 0.07%, respectively [2]. - The yield on the 10-year China Development Bank bond decreased by 2.9 basis points to 1.9010%, while the 30-year government bond yield fell by 2.5 basis points to 2.07% [2]. Funding Conditions - The People's Bank of China conducted a reverse repurchase operation of 1,648 billion yuan at a rate of 1.40%, resulting in a net withdrawal of 2,442 billion yuan for the day [5]. - The Shibor rates showed mixed movements, with the overnight rate rising by 0.2 basis points to 1.318% [5]. Institutional Insights - CITIC Securities noted that the recent decline in deposit rates has led to a "deposit migration" effect, posing challenges for institutional investors facing asset scarcity [6]. - Huazhong Securities indicated that recent economic data suggests a weak recovery phase, which remains favorable for the bond market [6][7]. Yield Spread Analysis - Guoxin Securities observed that the yield spread between 30-year and 10-year bonds has widened again, influenced by macroeconomic changes and tax policy adjustments [7].

Core Insights - Huatai Securities reported a revenue of 16.219 billion yuan for the first half of 2025, representing a year-on-year growth of 31%, and a net profit attributable to shareholders of 7.549 billion yuan, up 42% year-on-year [1] - The company announced an interim dividend of 1.5 yuan per 10 shares, reflecting its commitment to creating shareholder value [1] - The company is focused on supporting sectors such as technology innovation, healthcare, and green sustainability, maintaining a leading position in underwriting and advisory services [2] Financial Performance - Revenue for the first half of 2025 reached 16.219 billion yuan, a 31% increase compared to the previous year [1] - Net profit attributable to shareholders was 7.549 billion yuan, marking a 42% year-on-year increase [1] - The company ranked second in A-share IPO underwriting scale and first in the number of independent financial advisory projects [2] Business Development - Huatai Securities is enhancing its cross-border service capabilities to support the globalization of Chinese enterprises, with new qualifications obtained in Singapore and the U.S. [4] - The company has successfully completed multiple cross-border listings and debt issuances in Hong Kong, ranking second in IPO sponsorship projects [4] - The asset management division has seen steady growth, with the issuance of 77 new ABS products, leading the industry [3] Innovation and Technology - The company is actively integrating AI into its business model, focusing on enhancing operational efficiency and service optimization [5] - AI is being utilized not just as a productivity tool but as an integral part of decision-making processes within the organization [5] - The transition towards a more digital and intelligent operational framework is aimed at improving both internal efficiency and external service delivery [5] Strategic Focus - Huatai Securities is committed to supporting China's economic innovation and high-quality development through its financial services [1][6] - The company aims to build a bridge connecting global capital with Chinese technological innovation, aligning its services with national strategic goals [6] - The focus on sustainable development includes underwriting green bonds and supporting low-carbon transitions [2]

Core Viewpoint - Huatai Securities reported a strong performance in the first half of 2025, with operating income of 16.219 billion yuan, a year-on-year increase of 31%, and net profit attributable to shareholders of 7.549 billion yuan, up 42% [1] Financial Performance - The company announced an interim dividend of 1.5 yuan per 10 shares, reflecting its commitment to creating shareholder value [1] - The overall performance is characterized by steady growth in profitability and asset scale, maintaining a leading position in the industry [1] Business Focus and Achievements - Huatai Securities is focused on supporting sectors such as technology innovation, healthcare, and green sustainability, with significant rankings in underwriting and advisory services [2] - The company ranked first in public REITs issuance with a total scale of 4.7 billion yuan and also led in local government bond bidding with an actual bid amount of 12.8 billion yuan [3] Global Service Network - The company is enhancing its cross-border service capabilities, having obtained new qualifications for its subsidiaries in Singapore and the U.S. to facilitate global investment [4] - Huatai Securities has successfully assisted multiple companies in Hong Kong with cross-border listings and financing, ranking second in IPO sponsorship projects [4] AI and Digital Transformation - The company is actively exploring AI to reshape its business models and service scenarios, with a focus on enhancing internal efficiency and optimizing external services [6] - The next phase of digital transformation will emphasize building a collaborative and efficient AI application ecosystem [6] Commitment to Innovation - Huatai Securities aims to drive technological finance through digital financial services, positioning itself as a bridge connecting global capital with Chinese technological innovation [7]

Core Viewpoint - Huatai Securities reported a strong performance in the first half of 2025, with operating income of 16.219 billion yuan, a year-on-year increase of 31%, and net profit attributable to shareholders of 7.549 billion yuan, up 42% [1] Group 1: Financial Performance - The company announced an interim dividend of 1.5 yuan per 10 shares, continuing to create shareholder value [1] - The overall performance reflects the company's ability to seize market opportunities, maintaining its leading position in profitability and asset scale [1] Group 2: Support for Innovation and Sustainability - Huatai Securities focuses on supporting technology innovation, healthcare, and green sustainability, maintaining a leading position in underwriting and M&A services [2] - In the first half of 2025, the company underwrote 14 equity offerings with a total amount of 49 billion yuan, a significant year-on-year increase [2] - The company also underwrote 108 technology innovation bonds totaling 37.1 billion yuan and 27 green bonds totaling 6.9 billion yuan [2] Group 3: Private Equity and Asset Management - The private equity investment and asset management business focuses on strategic emerging industries, providing full lifecycle services to support enterprise growth [3] - As of mid-2025, the company managed 32 private equity funds and implemented 15 investment projects during the reporting period [3] - The company ranked first in the industry for the issuance of public REITs, totaling 4.7 billion yuan, and for local government bond bidding with an actual bid amount of 12.8 billion yuan [3] Group 4: Global Service Network - Huatai Securities enhances cross-border service capabilities to support the globalization of Chinese enterprises [4] - The company obtained new qualifications for its subsidiaries in Singapore and the U.S. to facilitate cross-border business [4] - In the Hong Kong market, the company ranked second in IPO sponsorship projects, completing 9 projects [4] Group 5: AI and Digital Transformation - The company is actively exploring AI to reshape business models and service scenarios, focusing on intelligent investment research, advisory, and operations [5] - The transition to a digital transformation phase aims to enhance internal efficiency and optimize external services [5] - The company is advancing its AI applications to improve employee capabilities and organizational efficiency [5] Group 6: Commitment to National Strategy and Innovation - Huatai Securities is committed to driving technological finance and building a bridge between global capital and Chinese technological innovation [6] - The company aims to serve national strategies and support industrial innovation amid global market uncertainties [6]