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中证信用子公司鹏元评级完成股份制改造 全面进入发展新阶段

2018年11月13日，中证信用控股子公司中证鹏元资信评估股份有限公司（即原“鹏元资信评估有限公司，简称：鹏元评级”）（以下简称“公司”、“中证鹏元”）发布公告称，公司已完成股份制改造，并经深圳市市场监督管理局核准，公司名称于 2018 年11 月5日由“鹏元资信评估有限公司”变更登记为“中证鹏元资信评估股份有限公司”。更名后，公司的经营范围、业务主体以及法律关系不变。

中证鹏元成立于1993年，是中国最早成立的评级机构之一，先后经中国人民银行、中国证券监督管理委员会、国家发展和改革委员会财政金融司及香港证券及期货事务监察委员会认可，在境内外从事信用评级业务，并具备保险业市场评级业务资格。中证鹏元业务范围涉及企业主体信用评级、公司债券评级、企业债券评级、资产支持证券评级、集合资金信托计划评级、金融机构评级、公司治理评级等。迄今为止，中证鹏元累计已完成40,000余家(次)主体信用评级，所评债券和结构化金融产品融资总额逾万亿元，在资本市场积累了丰富的评级经验和信用数据。

中证鹏元董事长张剑文表示：2016年、2017年，公司成功引入中证信用增进股份有限公司作为控股股东，大大优化了股东结构，增厚了股东实力和资本实力，提升了公司治理水平和管理能力，为公司的发展注入了新的势能和动能，有效实现了战略升级和管理升级。此次股份制改造及更名等系列工作的完成，标志着中证鹏元全面进入发展新阶段。

新气象，新机遇，新目标。中证鹏元将继续坚持“规范化、专业化、国际化、科技化”的发展战略，进一步完善法人治理结构，恪守 “以诚为本”的经营理念，秉持“独立、客观、公正”的执业原则，合规运营，规范管理，优化管控流程，加大科技投入，完善评级方法和技术，强化投资者服务，严格把控评级质量，提升公信力和影响力，致力于发展成为最值得信赖的专业化评级机构。同时，继续推动国际化进程，积极拓展境外业务，构建国际视角的评级技术，形成全球评级的核心能力,在国际资本市场上发出来自中国的评级声音，提升我国评级行业的国际竞争力和影响力。

中证鹏元揭牌仪式现场。

中证鹏元全面进入发展新阶段。
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China Securities Credit Investment successfully selected as the first batch of national integrated credit service providers named by NDRC

In order to cultivate the development of credit service institutions and credit service market and accelerate the construction of social credit system, on October 31st the Office of the National Development and Reform Commission (referred as “NDRC”) issued a circular on “Promoting the pilot work of the integrated credit service institutions” (No. 2018-1343). First 26 professional institutions were identified to participate in the pilot program of integrated credit service institutions, and China Securities Credit Investment Co., Ltd. (referred as “China Securities Credit Investment” or “company”) was successfully selected.

In the early March this year, NDRC issued a circular on ” Fully mobilizing credit service institutions to accelerate the construction of social credit system” (No.2018-190),  with the plan to explore a pilot program for credit service institutions in the focused industries and regions.

As a China’s leading credit-tech service provider, 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). Empowered by proprietary technology, 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, mitigate the risk of credit asset investments, and facilitate the development of real economy.

Being successfully selected as the first batch of integrated credit service institutions named by NDRC, indicates that the company’s credit technology service capabilities has been affirmed and recognized by the government departments. As a selected institution, China Securities Credit Investment will play an active role in delivering our expertise and advantages, promoting the construction of social credit system and meeting the demand for market-oriented credit services. The company is committed to exploring various fields of application including the credit information collection, processing, and evaluation, the commercial application of credit big data, credit services in the public administrative management scenario, etc. China Securities Credit Investment will adhere to the spirit of professionalism, and resolutely implement the objectives of the requirements, using our high-quality services to promote the first batch of integrated credit service institutions pilot program.

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中证信用成功入选全国首批综合信用服务机构

为培育发展信用服务机构和信用服务市场，加快推进社会信用体系建设，10月31日，国家发改委办公厅印发了《国家发展改革委办公厅关于推动开展综合信用服务机构试点工作的通知》（发改办财金〔2018〕1343号），确定首批26家专业机构参与综合信用服务机构试点工作，中证信用增进股份有限公司（以下简称“中证信用”或“公司”）成功入选。

今年3月初，国家发改委印发了《国家发展改革委办公厅关于充分发挥信用服务机构作用加快推进社会信用体系建设的通知》（发改办财金〔2018〕190号），拟在重点领域和广泛区域积极开展发挥综合信用服务机构作用的试点探索。

中证信用作为中国领先的信用科技综合服务商，致力于通过科技驱动打造服务于信用资产全生命周期（资产生成-资产交易-资产管理）的基础设施，通过为客户提供信用风险管理、信用增进、信用资产交易管理服务等全信用价值链服务，降低信用风险管理的成本，提升信用资产流转的效率，化解信用资产投资的风险，助力实体经济发展。

此次成功入选国家发改委首批综合信用服务机构，标志着公司的信用科技服务得到了政府部门的肯定和认可。作为入选机构，中证信用将积极发挥在专业领域的特长和优势，以推进社会信用体系建设、满足信用服务市场需求为导向，在市场主体信用信息采集、加工、及评价，信用大数据的商业化应用，行政管理及公共场景的信用服务等方面，进行积极有效的探索，秉承专业与尽责的精神，坚决落实目标要求，以高质量的服务推动首批综合信用服务机构试点工作。

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市场首单由专业信用增进机构发起的信用保护工具正式推出

为贯彻落实国务院关于设立民营企业债券融资支持工具，持续以市场化方式支持民营企业债券融资等政策要求，中证信用增进股份有限公司（以下简称“中证信用”）积极参与深圳证券交易所信用保护工具首批试点交易，并于2018年11月2日成功推出了市场首单由专业信用增进机构发起的信用保护工具。

近几年，债券市场信用事件频发，导致部分投资者信心缺失，部分企业尤其是民营企业出现融资困难、融资成本高企的情况。近期，国务院金稳委、人民银行和证监会等有关政府部门要求采取切实有效的手段，解决相关企业面临的融资困难，并多次提到探索运用信用保护工具，通过信用风险缓释手段带动民营企业整体融资恢复。在此背景下，中证信用积极探索和推动信用保护工具业务，通过专业化的信用增进技术手段，以市场化的方式服务实体经济，促进交易达成，提振市场信心。

此次，中证信用以合约方式卖出信用保护，采用“前端费用+标准票息”的收费方式，参考实体为浙江恒逸集团有限公司（以下简称“恒逸集团”）。恒逸集团为浙江省内专业从事石油化工与化纤原料生产的现代大型民营企业。

作为市场首家发起设立信用保护工具的专业信用增进机构，中证信用将持续致力于打造服务于信用资产全生命周期（资产生成-资产交易-资产管理）的基础设施，为客户提供信用风险管理、信用增进、信用资产交易管理服务等全信用价值链服务，降低信用风险管理的成本，提升信用资产流转的效率，化解信用资产投资的风险，促进实体经济的发展。

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Yang Yang : Is FinTech the magic key to solve bond liquidity dilemma in China?

In the past few years, the Chinese bond market has been developing rapidly, but shows very low liquidity. What are the causes of the problem? We will look at this problem from 3 dimensions: development stage of market, the source of funding, and trading structure of the market.

Considering the development stage, China’s bond market has a relatively short history, thus market infrastructure is still inadequate. In terms of source of funding, banks are the biggest players in China’s bond market which supply 99% of the funds in the market. But banks are so risk averse that they have little interest in the secondary market bond trading. As for trading structure of the market, the US bond market has a multi-layer structure, yet China’s bond market is much more flat. In the US there are more than 40 electronic trading platforms catering the need of different types of customers. As a result, the liquidity of assets increased tremendously. However, in China the penetration of electronic trading is low, with 70-80% of bond trading still being conducted through traditional voice brokering.

However, the liquidity of the Chinese bond market has started to improved. Various investment tools such as financial monitoring model, portfolio management system, public opinion surveillance and trading price monitoring signals, are increasingly used by institutional investors. More e-trading platforms begin to enter this market, which will rapidly improve bond liquidity. Fin-tech is the magic key to solve bond liquidity dilemma in China.