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中国债券市场近几年发展迅速，但从资产流动性来看，发展阶段仍远落后于美国。为什么会这样？我们从市场发展阶段、债券投资者的资金结构、以及市场交易结构的发展等维度来探讨。
从市场发展阶段来看，中国债券市场发展短，基础设施也仍然有待建设。市场资金结构方面，占了中国市场资金供给量99%的银行，其投资相对保守，缺乏交易需求。交易市场结构方面，美国债券市场层次清晰，中国债券市场的结构则非常扁平；美国有近40家电子交易平台服务于不同层级的客户，大大提升了资产的流动性，而中国市场电子化程度还非常低，70-80%的债券成交仍通过声讯货币经纪完成。
然而，债券流动性正在逐渐改善，财务监测模型、投组管理工具、舆情监控产品、价格监控工具正在被更多机构使用，更多电子交易平台的加入也将提升市场流动性，金融科技在提升人民币债市的流动性方面将大有可为。
目前，中国债券市场有8000多家发行人，总存量近83万亿人民币，其中83%的发行人评级在AA及以上，占债务余额的98%。自2014年首只债券违约以来，信用债违约金额及只数逐年增加，2018年创历史新高。截至10月中旬，违约金额已达762亿元人民币，与2014年至2017年四年总和相当，机构的投资压力逐日倍增，因此有效避雷、寻找适合的投资标的成为最大诉求。
市场评级区分度不够、难以分辨优质标的以锁定风险收益、机构间存在不同风险偏好，成为普遍痛点。而目前大部分投资机构的内评体系还处在单券分析阶段，依赖零散数据和分析人员的个人经验形成结论，缺乏结构化的数据支撑、体系化的信评方法、规模化的信评覆盖，机构亟需一套基于自身风险偏好的内部评级体系来系统性地识别风险和选择标的。
针对此情况，债乎（CreditMaster）提供了一套数据驱动的债券信用分析&评估的解决方案，以汇集了信用相关全角度的结构化数据为基础，以市场全量公开数据为统计基底，以技术为驱动，主动覆盖国内公募债券市场，帮助投资者进行准确高效的信用分析，更好地把握投资机会，洞悉风险，创造价值。
Nowadays there are more than 8,000 issuers with total outstanding amount of nearly 83 trillion yuan in China’s bond market. 83% of the issuers are rated at AA or above, representing 98% of the total outstanding debt balance. Since the first default case in 2014, the number and the outstanding balance of defaulted bonds have increased for consecutive years and have reached a historic high in 2018. From January to October 2018 the total amount of defaulted bonds has reached almost 76.2 billion yuan, equivalent to the collective amount of defaulted bonds from 2014 to 2017. Institutional investors are facing significant challenges in making bond investments, and to avoid high-risk assets and to find suitable investment targets has become their primary need.
For institutional investors there commonly exist a number of pain points, such as lack of granularity within the public ratings, difficulty in achieving an alpha by distinguishing superior targets with better risk-reward profiles, and difference in risk preferences among various financial institutions. At present, the internal evaluation systems of most investment institutions are still at the stage of single bond analysis, which relies on scattered data and analysts’ personal experiences to draw conclusions, without any support from structured data analytics, systematic credit evaluation methods or large-scale credit rating coverage. As a result these institutions are in urgent need of a tailor-made, systematic internal rating system based on their own risk preferences to identify risks and select investment targets.
As such, CreditMaster provides a data-driven solution of bond credit analysis and evaluation. With the comprehensive suite of structured credit-related data as the fundamental, the entirety of public data in the markets as the statistic base and the technology as the driving force, CreditMaster fully covers the Chinese public offering bond market, and helps investors to achieve accurate and efficient credit analysis to grasp the investment opportunities and gain insights into risks and create investment value.
根据麦肯锡与IFC的报告，中小微企业向全球GDP贡献了超过半数的数量，并且提供了接近2/3的就业量。中小微企业无疑成为各国经济的重要支柱，为经济发展、社会就业做出重大贡献。
面对中小微企业的业务复杂度、信息缺失以及天然自带的高风险，银行一般需要借款主体提供一定量的担保品，甚至在经济不好的情况下，减少此部分业务的总量。中小微企业在全球范围内仍旧面临着融资难、融资成本高的问题。
近几年，金融科技领域的不断创新，为解决小微企业融资困难提供了新的契机。以区块链技术为代表的分布式账本技术的应用使得协同、高效的信贷流程成为可能。中证信用基于分布式账本搭建的基础架构使得供应链网络的众多参与者（如核心企业、供应商、仓储物流服务提供商、资金方等）以自己偏好的方式接入网络，并按需授权相应的角色获取交易信息完成相应的信贷审核以及放款还款等。
随着金融科技的发展，传统金融机构也越来越以开放的态度拥抱科技，借助科技的力量更低成本高效地触抵互联网场景，打破信息不对称，服务更广大的长尾用户。
According to IFC and McKinsey & Company, SMEs contribute to more than 50% of global GDP and provide almost two thirds of global employment. They are backbones in all countries’ economic development, and play an essential role in job creation.
Traditional banks usually require collaterals when lending to SMEs because of the complexity of business, lack of information and high intrinsic risks. Even worse, banks may reduce the credit exposure to SMEs when economy is going down. SMEs are still facing difficulties to access affordable finance.
With the recent innovation of Fintech, new opportunities have emerged to bridge the gap of SMEs financing. Applications based on distributed ledger technology (“DLT”), like blockchain, make it possible to build an efficient and synergic lending process. China Securities Credit Investment is building a flexible infrastructure based on DLT, which could be adapted on various cases for all players throughout the supply chain, like anchor companies, supplies, warehouses and logistic service providers, and funding sources, to connect themselves to the network and to authorize respective parties to acquire transaction information to complete credit assessment, funding and repayment processes.
With the development of Fintech, traditional financial institutions are more open to embrace technology, by applying internet technology to reduce information asymmetry with lower cost and higher efficiency, to serve more and more “long tail” users.
As a field with great development potential, Internet finance companies have grown much faster in market share in recent years than traditional institutions. In the entire industry chain, consumer financial institutions and investment institutions are faced with different risks and pain points. The identification and control of the risks within the underlying assets, data tampering risk, risk of borrowers and post-investment risk are closely associated with data risk control technology. As the leading integrated credit technology service provider in China, China Securities Credit Investment, through its subsidiary China Securities Credit Technology Co., Ltd.(referred as CSCT), has been deeply involved in the consumer finance industry and accumulated rich experience in how to effectively manage the above risks through the combination of data and technology.
As a technology guardian of consumer financial asset, CSCT has accumulated real customer data through actual projects of various application scenarios in consumer finance businesses, and has cooperated with leading data service providers in the market. Combining cutting-edge technologies, such as big data, machine learning, artificial intelligence, etc., CSCT is able to continuously optimize credit evaluation and anti-fraud technology, and provide comprehensive risk management services for personal credit businesses.
作为一个极具发展潜力的领域，互联网金融公司近年来的市场份额增长速度远超传统机构。在整个产业链中，消费金融机构和投资机构都面临着不同的风险和痛点，其中，底层资产风险、数据篡改风险、借款人风险、贷后风险的识别与把控都离不开数据风控技术。中证信用作为中国领先的信用科技综合服务商，其子公司中证信用云科技一直以来深耕消金领域，对如何通过数据和科技的结合有效管理上述风险积累了丰富的经验。
作为消费金融资产安全的科技守护者，中证信用云科技一方面通过内部合作的各细分场景消费金融业务对真实客户数据进行积累，另一方面与市场上主流数据服务商进行合作，并借助大数据、机器学习、人工智能等多种前沿科技，不断优化迭代信用评估及反欺诈技术，为个人信用业务提供完善的风险管理服务。
来源：东方财富网
10月31日，全球首个跨境金融科技盛会——2018香港金融科技周在香港举行，与会嘉宾围绕金融科技、人工智能、网上银行、区块链等热门议题以及粤港澳大湾区庞大潜力展开讨论。
此次金融科技周上，中证信用及旗下子公司资深的信用科技领域的专家团队围绕债券信用分析、消费金融数据风控、中小微企业融资、债市流动性等热点为现场嘉宾带来专题分享。
中证信用增进股份有限公司(简称“中证信用”)首席数据官陈浩表示，信用科技已成为现代金融业的重要驱动力，通过数据和技术赋能，重塑信用行业，改变金融格局。新经济、新监管、新金融更为信用科技提供了广泛的应用场景。
中证信用战略总监张剑文表示，作为中国领先的信用科技综合服务商，未来将继续发挥在数据、科技、金融等方面的优势，为金融市场提供最值得信赖的信用科技综合服务。
（文章来源：中证网）
Posted on October 31, 2018 by Fintech Asia
HONG KONG, Oct. 31, 2018 /PRNewswire/ — China’s leading credit-tech service provider, China Securities Credit Investment Co., Ltd. (“China Securities Credit Investment”), made its global debut at the world’s most anticipated cross-border FinTech event – Hong Kong FinTech Week 2018 (“Fintech Week”). As one of China’s leading FinTech companies, China Securities Credit Investment introduced its leading credit-tech services which are empowered by data and technology through its open exhibition booth, keynote presentation and new media display. Hao Chen, Chief Data Officer of China Securities Credit Investment, was also invited to speak at the roundtable “China FinTech Summit: The FinTech Ecosystem” together with experts from JD Finance and VCredit during the Fintech Week.
The Fintech Week was held at the Hong Kong Convention and Exhibition Centre and is the world’s first cross-border financial technology event, taking place in both Hong Kong and Shenzhen. It is one of the largest conferences on the calendar, attracting more than 8000 senior executives and featuring over 200 of the world’s top FinTech entrepreneurs, investors, regulators, and scholars, who are shaping the future of financial services by driving a technological revolution in the industry across Asia and globally.
This Fintech Week was China Securities Credit Investment’s global debut show. According to Hao Chen, credit-tech has become a critical drive of the modern financial industry. With data and technology being the key enablers, it is reshaping the credit industry and financial landscape. The new paradigms of economic development, regulatory environment and financial industry have endowed credit-tech with a large variety of application scenarios. As the leader in China’s credit-tech field, China Securities Credit Investment endeavours to use technology to build an infrastructure that serves the entire lifecycle of the credit assets (asset generation – asset trading and exchange – asset management). The company provides integrated services that cover the entire credit value chain, from credit risk management, credit enhancement, to credit asset trading services and management, which help to reduce the cost of credit risk management, accelerate credit asset circulation, and mitigate the risk of credit asset investments.
China Securities Credit Investment provides comprehensive credit value chain services to the financial market with its bond credit risk management platform, small and medium-sized enterprises loan assistance service platform, consumer finance loan assistance service platform and credit asset quotation service platform, revolving around four major application scenarios, i.e. large enterprise finance, small and medium-sized enterprise finance, consumer finance and RegTech service. Despite a relatively short operating history of three years, the company has shown tremendous development and has provided professional and customized credit services to more than 4,000 institutional clients including industrial and commercial enterprises, new economy companies, financial institutions, government departments and online platforms.
During the Fintech Week, the experts of China Securities Credit Investment and its subsidiaries brought a series of keynote speeches covering topics such as:
These keynote speeches focused on hot topics such as small– and medium-sized enterprise financing, bond credit, consumer finance risk management and showcased the comprehensive credit-tech services driven by data and technology that China Securities Credit Investment is proud to provide.
At the exhibition, China Securities Credit Investment also presented three products to the participants – namely CreditMaster (the integrated bond credit risk solution), CreditPortal (360-degree view of enterprise credit risk), and Dealing Matrix (the one-stop pricing information platform of the inter-institutional market). The products attracted a surging crowd of guests and were received highly.
“As China’s leading credit-tech service provider, we are honoured to participate in the Hong Kong FinTech Week this year and meet with top FinTech unicorns from all over the world. Looking forward, we will keep leveraging our strength in data, technology and finance, and providing the most trustworthy credit-tech services to the financial market,” said Jianwen Zhang, Chief Strategy Director of China Securities Credit Investment.
About Hong Kong Fintech Week
2018 Hong Kong FinTech Week is the world’s first cross-border financial technology event, taking place in Hong Kong, Asia’s financial capital, and in Shenzhen, China’s Silicon Valley. The event focuses on the most popular industry developments and the huge potential of the Greater Bay Area, with special attention paid to FinTech, Artificial Intelligence, online banking, blockchain and other emerging trends. The cross-border event has become an important channel for the development and application of FinTech in the Greater Bay Area. It has attracted a large number of quality enterprises and will strengthen exchanges and cooperation between Hong Kong and Shenzhen in the field of FinTech and promote Asia’s and the world’s technological revolution in the industry, shaping the future of financial services.
About China Securities Credit Investment
China Securities Credit Investment Co., Ltd. (“China Securities Credit Investment”) is a leading Chinese integrated credit-tech service provider. It was established on May 27th, 2015 and is registered in Qianhai, Shenzhen. The Shenzhen headquarter office is located on the 44th floor of the Shenzhen Stock Exchange Square. It has a registered capital of RMB 4.58598 billion. It also has a credit rating of AAA with a stable outlook issued by leading domestic credit rating agencies.
Empowered by its technology, China Securities Credit Investment aims to build an infrastructure that serves the entire life cycle of credit assets (asset generation – asset trading and exchange – asset management). We provide integrated services that cover the entire credit value chain, from credit risk management, credit enhancement, to credit asset trading services and management, which help to reduce the cost of credit risk management, accelerate credit asset circulation, and mitigate the risk of credit asset investments.
Related Links :
http://www.chinacsci.com
https://www.fintechweek.hk
http://en.prnasia.com/story/archive/2457279_AE57279_0
作者：齐晓彤 来源：香港商报网
【香港商報網訊】記者齊曉彤報道：今日， 中證信用增進股份有限公司(簡稱“中證信用”)亮相全球首個跨境金融科技盛會– 2018香港金融科技周。是次大會聚焦最熱門的金融科技、人工智能、區塊鏈等行業发展以及粵港澳大灣區的龐大潛力，將強化港深兩地在金融科技領域的交流和合作。
本次金融科技周在香港會議展覽中心舉行，現場人氣非常火爆，演講者包含200多位世界頂級金融科技創始人、投資者、監管機構和學者等，吸引了8000多名高級管理人員參加。
中證信用戰略總監張劍文表示：“作為中國領先的信用科技綜合服務商，中證信用很榮幸能夠參加香港金融科技周這樣的行業盛會，與眾多來自全球的頂尖企業交流。我們將繼續发揮在數據、科技、金融等方面的優勢，為金融市場提供最值得信賴的信用科技綜合服務。”
作為創新金融科技的企業代表，中證信用以極具特色的開放式展台、重磅專題分享和熱門平台的新媒體演示等，展現了其數據和科技驅動的全信用價值鏈的新型服務體系，具體來看，中證信用及旗下子公司的專家團隊將為現場的參展嘉賓带來四場題為《數據驅動的債券信用分析的最佳實踐》、《數據風控助力消費金融風險識別》、《區塊鏈金融：解決中小微企業融資的魔法棒?》和《用Fintech提升人民币債市的流動性》的精彩專題分享。
中證信用首席數據官陳浩先生亦受邀參加備受關注的“中國金融科技峰會：金融科技生態圈”的圓桌討論，與京東金融、維信金科的專家等共議未來金融科技的生態構建話題。陳浩先生告訴記者，信用科技已成為現代金融業的重要驅動力，中證信用致力于通過科技驅動打造服務于信用資產全生命周期(資產生成-資產交易-資產管理)的基礎設施，通過為客戶提供信用風險管理、信用增進、信用資產交易管理服務等全信用價值鏈服務，降低信用風險管理的成本，提升信用資產流轉的效率，化解信用資產投資的風險。公司成立3年多，已為4000多家機構客戶提供各類信用服務。
在展會現場，中證信用還重磅推出並展示了旗下公司的3款產品，分別是一體化債市投資信用風險解決方案-債乎CreditMaster、全方位企業信用風險查詢平台-中證預鑒CreditPortal和一站式聚合報價信息平台-Dealing Matrix，吸引到了眾多參展嘉賓的關注，並獲得廣泛好評。
[責任編輯：朱劍明]
链接：http://www.hkcd.com/content/2018-10/31/content_1107062.html