新世纪评级 中国民航行业 2024 年中期信用观察 中国民航行业 2024 年中期信用观察 工商企业评级部 张佳 摘要： 近期我国民航机队建设呈缓速增长态势，2023 年集中恢复国内运力，刺激国内运输需求， 量价齐升推动民航运输行业大幅减损。2024 年以来，我国民航客货运市场继续呈现增长态 势，其中客运增速逐步回归常态，且客运量已超过 2019 年；结构上，国内民航市场稳健运 行，国际市场修复进一步提速，地区恢复力稍逊；损益方面，收入端依旧保持增长，利润 呈现减损。 短期来看，我国航空公司仍将受到航油价格和汇率波动以及国际市场恢复不确定性等影响， 面临经营扭亏和利润积累的压力，同时资本性支出也将加深对债务的依赖度，财务杠杆偏 高。基于国内航空运输市场保障运行和国际运输市场进一步恢复态势，较稳定的客货运需 求、主业较强的现金流，以及金融机构的流动性补充等，仍可支撑我国民航运输行业信用 质量保持稳定。 短期来看，预计我国民航机场建设将保持规模化投入，并有望发挥行业债务融资空间相对 较大的优势，成为基建投资助推经济企稳回升的重要发力领域。经营预期上，机场旅客吞 吐量也将步入自然增长阶段，其中国际枢纽类机场的国际旅 ...

政策评论 畅通企业绿色转型融资渠道 助力美丽中国建设 ——交易商协会《关于进一步优化绿色及转型债券相关机制的通 知》简评 绿色认证部 王力 摘要：近日，交易商协会发布了《关于进一步优化绿色及转型债券相关机制 的通知》。在前期绿色及转型债券相关发行指引要求上，交易商协会进一步优化 绿色工作机制、丰富转型金融产品，强化配套机制，提高服务质效，以满足企业 绿色转型融资诉求，精准引导资金流向绿色转型领域，助力做好绿色金融大文章。 2024 年 10 月 10 日，中国银行间市场交易商协会（简称"交易商协会"）发 布了《关于进一步优化绿色及转型债券相关机制的通知》（中市协发〔2024〕109 号）（简称"《通知》"），以贯彻落实党中央、国务院关于绿色发展政策精神及《中 共中央 国务院关于加快经济社会发展全面绿色转型的意见》相关要求，做好绿 色金融大文章。《通知》拟完善绿色及转型债券相关工作机制，优化信息披露、 增加配套措施、健全全环链管理机制，精准引导资金流向绿色转型领域，全面推 进美丽中国建设。 一、 优化绿色债券工作机制 新世纪评级版权所有 绿色金融是经济绿色低碳转型的重要推手，绿色债券是绿色金融的重要组成 部分。 ...

宏观经济研究 美联储亏损超 2 千亿美元 中国研发经费规模居世界第二 ——全球宏观经济周报（2024/9/28-10/4） 俄罗斯副总理诺瓦克 10 月 2 日表示，中东地区局势已经部分影响国际 石油价格，"欧佩克+"成员国将采取决定，在今年 12 月 1 日之前按照市场行情 自愿限制石油开采量。此前他还表示，俄罗斯能够应对国际原油价格的任何变化， 其中包括石油价格长期维持在低位这一情况。由于中东局势升级，引发市场对于 原油供应的担忧。 国际货币基金组织 10 月 3 日表示，中东地区冲突升级可能对中东地区和 全球经济产生巨大影响，预计 2024 上半年加沙地带 GDP 同比降低 86%，约旦 河西岸地区 GDP 同比下降 25%，而以色列今年上半年的经济形势也不容乐观。 因美元反弹，全球外汇储备管理机构二季度纷纷抛售美元资产，并分散 投资其他货币。根据国际货币基金组织（IMF）最新数据进行计算，这些储备管 理机构今年二季度共出售了价值 1550 亿美元的美元资产，这是自 2023 年三季度 以来最大规模。在 IMF 追踪的八种货币中，日元获得了最大的流入，其次是欧 元。 美国 新世纪评级版权所有 美联储亏损 ...

Bye! Thank you. of the I was appointed as the Chairman of the Cultural and Art History Committee, a member of the Board of Directors of the Financial Development Bureau, and the Chairman of the Hong Kong Wealth Heritage Society. So, after careful consideration, I decided to devote more time and devote myself to social work at the next stage of my life. to contribute more to Hong Kong and the motherland. Therefore, a few weeks ago, I also took the initiative to resign as Vice-President and Executive Presiden ...

Investment Rating - The report does not explicitly state an investment rating for the automotive finance industry Core Insights - In 2023, the automotive production and sales in China maintained a growth trend driven by the increase in new energy vehicles and automotive exports, with production and sales reaching 30.16 million and 30.09 million units respectively, representing year-on-year growth of 11.6% and 12.0% [2][3] - The automotive finance companies experienced fluctuations in operations due to declining production from manufacturers and increased competition among financial institutions, leading to a rise in non-performing loan rates [2][3] - The financing channels for automotive finance companies remain limited, primarily relying on the issuance of asset-backed securities and financial bonds, as well as loans from financial institutions [2][3][9] - The capital adequacy ratio of automotive finance companies is generally above regulatory requirements, indicating minimal short-term pressure for capital replenishment [9][12] Industry Operational Data Review - In 2023, automotive finance companies issued retail loans for 6.3685 million vehicles, amounting to over 541.706 billion yuan, with new car loans accounting for 543,040 vehicles, representing 18.04% of national automotive sales [3][5] - The total asset scale of 25 automotive finance companies was 964.818 billion yuan at the end of 2023, a year-on-year decrease of 2.46% [3][5] - The retail loan balance of automotive finance companies was 746.625 billion yuan at the end of 2023, a decrease of 4.92%, with new energy vehicle loans increasing to 165.334 billion yuan, a rise of 627.99 million yuan [5][6] Asset Quality Overview - The non-performing loan balance for automotive finance companies was 50.64 billion yuan at the end of 2023, with a non-performing loan rate of 0.58%, indicating a stable asset quality [6][12] - The provision coverage ratio for non-performing loans was 472.60% at the end of 2023, exceeding regulatory standards [6][12] Capital Supplementation and Financing - From 2021 to 2023, three automotive finance companies completed capital increases in 2021 and 2023, with total registered capital increases of 56 billion yuan, 60 billion yuan, and 48 billion yuan respectively [9][12] - The capital adequacy ratios for automotive finance companies were 21.40%, 21.79%, and 23.31% at the end of 2021, 2022, and 2023 respectively [9][12] Regulatory Developments - On February 19, 2024, the National Financial Regulatory Administration introduced the "Automotive Finance Company Regulatory Rating Method," which includes governance, capital management, risk management, professional service capability, consumer rights protection, and information technology management as key evaluation factors [18][19] - The regulatory rating results will reflect the operational status, professional service capability, risk management ability, and risk level of automotive finance companies, guiding regulatory resource allocation and supervision [19][20] Credit Rating Distribution - As of June 2024, there were 10 entities in the automotive finance industry with outstanding bonds, of which 9 had an AAA credit rating and 1 had an AA+ rating [20][21] - There were no changes in credit ratings for bond-issuing entities during the reporting period [20][21]