CITIC Construction Investment pointed out that on December 5, 2025, the China Financial Supervision and Administration issued the “Administrative Measures on Financial Leasing Business of Financial Leasing Companies”, which will take effect on January 1, 2026, with a total of 8 chapters and 68 articles. In the short term, rising compliance costs and inventory clean-up will bring pain to the industry, but in the long term, it will drive the industry from “scale expansion” to “quality improvement.” Leading companies will further concentrate their market share with specialized capabilities and compliance advantages. Small and medium-sized companies need to find living space through “deep cultivation in segmented fields”, such as agricultural machinery leasing and specialized new equipment leasing. For investors, it is recommended to focus on two types of financial leasing companies: 1) leading banks are gold leasing companies, which rely on the parent bank's financial advantages and risk control capabilities, and have low compliance transformation costs; 2) financial leasing with an industrial background and outstanding leasing property management capabilities in specific fields.

CITIC Construction Investment pointed out that on December 5, 2025, the China Financial Supervision and Administration issued the “Administrative Measures on Financial Leasing Business of Financial Leasing Companies”, which will take effect on January 1, 2026, with a total of 8 chapters and 68 articles. In the short term, rising compliance costs and inventory clean-up will bring pain to the industry, but in the long term, it will drive the industry from “scale expansion” to “quality improvement.” Leading companies will further concentrate their market share with specialized capabilities and compliance advantages. Small and medium-sized companies need to find living space through “deep cultivation in segmented fields”, such as agricultural machinery leasing and specialized new equipment leasing. For investors, it is recommended to focus on two types of financial leasing companies: 1) leading banks are gold leasing companies, which rely on the parent bank's financial advantages and risk control capabilities, and have low compliance transformation costs; 2) financial leasing with an industrial background and outstanding leasing property management capabilities in specific fields.