wen | wemoneyyanjiushi liushuangxia

zaixiaofeijinrongshichangdefengyunbianhuanzhong，jiexinxiaofeijinrongjinglileduolunguquanzhiyadebozheyuyixiangmaijiadepinfangengdie，rujinqizhongzushiyizhongyuchenailuoding，zheiyishijianzaixingyeneijiqiqiancenglang，yinfaleguangfanguanzhu。

12yue20ri，tianjinyinxingfabugonggaoxuanbu，tianjinyinxingjiangyuguangzhoujingdongmaoyiyouxiangongsi、wangyinzaixian（beijing）shangwufuwuyouxiangongsi、zhongguoduiwaijingjimaoyixintuoyouxiangongsi、tianjinjingjijishukaifaquguoyouzichanjingyingyouxiangongsidengduojiaqiyecanyujiexinxiaofeijinrongzhongzu。

zaixiaofeijinronglingyu，jiexinxiaofeijinrongzhanjuzhongyaodiwei。zuoweiguoneishoupishidianqieshoujiawaishangduzixiaofeijinronggongsi，jiexinxiaofeijinrongpingjiexianxiawangluohexindaichanpinnenglixunsujueqi。raner，suizheshichangjingzhengjiajuyujianguanquyan，jiexinxiaofeijinrongxianrukunjing，budebuxunqiuzhongzu。

cicizhongzu，jingdongqiangshirujuchengweikonggugudong，zhongguoduiwaijingjimaoyixintuoyouxiangongsi、tianjinyinxingdengyefenfencanyu。gejiagudongyouhelaitou？youjiangweijiexinxiaofeijinrongweilaifazhantigongnaxiezhuliheyingxiang？

zhongzuhoudejiexinxiaofeijinrongyemianlinxinjiyuyutiaozhan，ruhezhengheziyuan、tishengjingzhenglibeishouguanzhu。zheibujinshijiexinxiaofeijinrongdezhuanxingzhilu，yeweiwomendongchaxiaofeijinrongxingyezhuanxingyufazhantigongleduteshijiao。

01 京东：强势入局的新霸主

cicizhongzuhou，jingdongjituanqixiadeguangzhoujingdongmaoyiyouxiangongsihewangyinzaixian（beijing）shangwufuwuyouxiangongsihejichiyou 65%degufen，chengweilejiexinxiaofeijinrongdekonggugudong。jingdongshijiyongyoulezheizhangxiaofeijinrongpaizhaodehuayuquan。

womendandulaikanliangjiagongsi，guangzhoujingdongmaoyiyouxiangongsiyu2007nian7yue31richengli，zhuceziben30000wanyuanrenminbi，fadingdaibiaorenliuqiangdong，shijingdongshijimaoyiyouxiangongsi（jijingdongzhutigongsi）dequanzizigongsi。qiyewuguangfan，hangaidianziyuanqijian、qichelingpeijian、jiankangzixun、shipin、yaopindengduogelingyudelingshoujixiangguanfuwu，2020nianweiliezhongguominyingqiye500qiangdi127wei。

wangyinzaixian（beijing）shangwufuwuyouxiangongsiyoujingdongkejikonggugufenyouxiangongsi100%chigu，qixiashugongsijidisanfangzhifujigouwangyinzaixianzhifu（beijing）kejiyouxiangongsi，yongyoujingdongzhifu、wangguanzhifu、kuajingzhifu、poszhifudengyewu，yubaokuowudaguoyouyinxing、yinlianzaineideguoneizhuyaojinrongjigoujianlilezhangqihezuoguanxi。

jingdongzuoweizhongguodianshangjutouhejinrongkejilingyudezhongyaocanyuzhe，yizhiyilaizaijinronglingyujijibuju，shezuxiaofeijinrong、gongyinglianjinrong、zhifujiesuan、baoxiandengduogelingyu。

jiyupangdadeyonghuquntihefengfudexiaofeichangjing，qiqixiadejingdongbaitiao、jingdongjintiaodengxiaofeijinrongchanpinjutoubuhujinchanpin。danshizongheziying、zhudaidengzhengtiguimo，xiangjiaoyuali、tengxun、baidu、douyindengdachang，jingdongzaijinrongfazhanshangyijingdiaodui。qizhongyidayuanyinzaiyujingdongzaijinrongyewushangqueshaoyou“fenliang”depaizhao。ciqian，jingdongyuzhaoshangyinxinghezuochoujiandetuopuyinxingbeizhongzhichoujian，erqichiyoudexiaodaipaizhao“xingjiabi”yeyuelaiyuedi。

duiyujingdonglaishuo，cicitongguoqixialiangjiashilixionghoudezigongsiqiangshiruzhujiexinxiaofeijinrong，naxiaxiaofeijinrongpaizhao，youruqijuzhongdeguanjianluozi。ruguonengzhenghejiexinxiaofeijinrongdexianxiaziyuanhepaizhaoyoushi，jiangjinyibutuozhanzijidejinrongyewubantu。

02 外贸信托：与捷信复杂的利益交织

cicizhongzuzhong，zhongguoduiwaijingjimaoyixintuoyouxiangongsichuzi6yiyuan，chigujiexinxiaofeijinrong12%。

waimaoxintuo1987nian9yue30richengli，shizhongguozhonghuachengyuanqiye，xianweizhongguoxintuoyexiehuihuizhangdanwei。zhuyaojujiao“5+1”yewubuju，jitouzixintuo、chanyejinrong、xiaofeijinrong、fuwuxintuo、caifuguanlijiguyouyewu，yongyouzhongduojinrongzizhi，yewufanweifushequanguo，zaiduodisheyouyidibumen。

waimaoxintuoyujiexinxiaofeijinrongdeguanxikeweifuzaqiejinmi。2008nianwaimaoxintuoyujiexinkaizhanleguoneidiyidanxiaofeijinrongxintuoxiangmu，youjiexinzuoweiweituorenchuzishelidanyixintuo，waimaoxintuozuoweishoutuorenxianggerenfafangdaikuan。

2011nian，zhongguowaimaoxintuojiucengbangzhujiexinmuji1000wanyuanzijin。cihou，shuangfangzaizijinrongtongfangmiandehezuobuduanjiashen。2023nian9yue，jiexinjituanjiang46.9yiyuanjiexinxiaofeijinrongguquanzhiyajiwaimaoxintuo，2024nian11yue，waimaoxintuoyinjiexinxiaofeijinrongdaoqiqiankuanfa“haikuantongzhihan”，buguosuihouyouweiqisheli5qijihezijinxintuojihuazhuzi，zheizhongjicuizhaiyouzhuzidexingweitixianleshuangfangliyijiaozhidefuzaguanxi。

congwaimaoxintuozishenlaikan，qixiaojinyewuzaizhenggexintuoxingyepaimingkaoqian，yuyunnanxintuo、bohaixintuo、zhonghangxintuohecheng“xiaojinsidaxintuo”。cengyouduojiaxintuogongsijiuxiaojinyewuxiangwaimaoxintuo“qujing”。

03 天津银行：谨慎的投资者

tianjinyinxingzaijiexinxiaofeijinrongdezhongzuzhongchuzi5yiyuan，chiyouzhongzuhoujiexinxiaofeijinrong10%degufen。

tianjinyinxingchengliyu1996nian，zongbuweiyutianjin，zaitianjinjizhoubiandiquyongyouguangfandefenzhijigouhekehuqunti，tigonggeleijinrongfuwu，baokuogongsijinrong、gerenjinrong、jinrongshichangdengyewulingyu。

tianjinyinxingyujiexinxiaofeijinrongdejiaojishiyu2024nian，dangnian1yue25riji7yue24ri，jiexinxiaofeijinronggudonghome credit n.v.liangcijianggongji23.1yiyuanguquanzhiyajitianjinyinxing。

duiyutouzijiexinxiaofeijinrong，tianjinyinxingzaigonggaozhongzhichu，youliyutianjinyinxingtuozhanpuhuijinrongkequn、zengqiangpuhuijinrongfazhannengli，zaixinfazhangejuzhongyuqitatouzizhexianghucujin、xietongfazhan，tuijinzhuanyehuashichanghuayunying、chuangxinjinrongchanpinyijitishengyinglinenglideng，youzhuyutianjinyinxingzaijiliedeshichangjingzhengzhongbaochijingzhengyoushi，shixiankechixufazhan。

shishishang，yizaiganggushangshidetianjinyinxingyizhizaimouqiuagushangshi。jinjinian，tianjinyinxingbuduandiaozhengyewujiegou，yougongsiyewuxianggerenlingshouyewuzhuanxing。

danqizhuanxingzhilubingbushunchang。shouhulianwangdaikuanjianguanzhengcedeyingxiang，tianjinyinxingduiqihulianwangdaikuanjinxingjiegoudiaozheng，juticuoshibaokuoyasuohezuopingtai、zantingbufenhulianwanggerendaikuanchanpin，yiyajiangcunliangkehuheyewuguimo。zheishidetianjinyinxinggerenxiaofeidaiyewuchuxianjiaodafududexiajiang。2019nianzhi2021nian，qigerenxiaofeidaikuanfenbiewei916.6yiyuan、868.95yiyuan、674.3yiyuan。

jumeitibaodao，youjiejintianjinyinxingderenshitoulu，rugujiexinxiaofeijinrongshiyinweijingdongdexiaofeichangjingzugouda。cijuyenengzengqiangtianjinyinxingkejijiyin。ciciyujingdongdengjigouyiqirujujiexinxiaofeijinrongzhongzu，yejiangweitianjinyinxinglingshouyewuzhuanxingdakaixindejumian。

04 捷信集团：从霸主到配角的无奈退场

jiexinjituanciqianchiyoujiexinxiaofeijinrong100%guquan，shiqikonggugudong。raner，zaicicizhongzuzhong，jiexinjituandechuzieyou70yiyuanjiangzhi1yiyuan，chigubiliyou100%jiangzhi2%。

jiexinjituanzuoweiquanqiuzhimingdexiaofeijinronggongsi，yewufugaiduogeguojia。zaijinrongbujufangmian，jiexinjituanyizhizhuanzhuyuxiaofeijinronglingyu，tongguoxianxiawangdianhexianshangpingtai，weixiaofeizhetigongxiaofeixindaifuwu。

zaizhongguoshichang，jiexinjituanzai2010nianhuodexiaofeijinrongpaizhao，huopichengliduzidejiexinxiaofeijinrong。cihoupingjieqibianbuquanguodexianxiawangluoyijiqiangdadexiaofeixindaichanpinnengli，xunsujueqi。

zaixiaofeijinrongshichangpengbofazhandeneixienianli，jiexinxiaofeijinrongyiqibianjiededaikuanfuwuheguangfandeyewufugai，yingdelezhongduoxiaofeizhedeqinglai。qiyewufanweihangailedianzichanpin、jiadian、jiajudengduogelingyu，weixiaofeizhetigonglegoumaishangpinhefuwudezijinzhichi。

2017nian，jiexinxiaofeijinrongjingliruntupo10yiyuan；2018nian，jiexinxiaofeijinrongyi13.98yiyuandejinglirunweiliexingyediyi；jiezhi2019niannianmo，jiexinxiaofeijinrongzongzichandadao1045yiyuan，chengweiyeneishoujiazichanguimotupoqianyiyuandexiaojingongsi。

raner，suizheshichangjingzhengdejiajuhejianguanzhengcedebuduanshoujin，jiexinxiaofeijinrongyezhujianxianrulekunjing。yifangmian，xianshangxiaofeijinrongpingtaidejueqi，duijiexinxiaofeijinrongdexianxiayewumoshizaochenglejudadechongji。lingyifangmian，jianguanbumenduixiaofeijinrongxingyedejianguanlidubuduanjiaqiang，duijiexinxiaofeijinrongdeheguijingyingtichulegenggaodeyaoqiu。

jiezhi2020niannianmo，jiexinxiaofeijinrongzichanguimo652.07yiyuan，tongbijianshao37.62%；jinglirun1.36yiyuan，tongbixiadie88%。2020nianzhihou，jiexinxiaofeijinrongbuzaidanduduiwaipilucaibao。danshiyijujiexinxiaofeijinronggudongjiexinjituandemugongsizhongdongoutouzijinrongjituanppfjituanpilu，2023nianshangbannian，ppfjituanzaizhongguoqudezongshouruwei6100wanouyuan，tongbixiajiang75%；lixijingshouruzongewei1300wanouyuan，tongbixiajiang89.9%。

zaizheizhongqingkuangxia，jiexinxiaofeijinrongbudebuxunqiuzhongzu，yibaituokunjing，mouqiuxinsheng。

05未来之路：消金新战事即将上演

bencijiexinxiaofeijinrongguquanzhongzu，youtianjinshizhengfuzhudaotuidong。chuledachang、jinrongjigouzhiwai，jiexinxiaofeijinrongbenciguquanzhongzuhaichuxianledifangguozideshenying。

zaicicizhongzuzhong，tianjinjingjijishukaifaquguoyouzichanjingyingyouxiangongsichuzi5.5yiyuan，chigu11%。tianjinjingjijishukaifaquguoyouzichanjingyingyouxiangongsi1994nian8yueyoutianjinjingjijishukaifaquguanliweiyuanhuichuzichengli，chushizhuceziben0.50yiyuan，jiezhi2022nian9yuemo，zhucezibenheshishouzibenjunwei158.00yiyuan，konggugudongweitianjinjingjijishukaifaquguoyouzichanjianduguanliju，chigubili90%，shijingkaiquzuizhongyaodeguoyouzichanyunyingzhuti，chengdanzheyuanqupeitaojichusheshijianshe、changfanggongyuzulin、nanganggongyequtianhaizaodiyijiquyuchanyedaorudengzhineng。

shishishang，tianjinhenzhongshixiaofeijinrongdefazhan。jinnian10yue，tianjinjinrongjianguanjudeyizexinwenxianshi，chixuyindaotianjinyinxingbaoxianjigoukuodaheyouhuaxiaofeilingyujinrongfuwu。jupilu，jiezhi2024nian6yuemo，tianjinyinxingyeyugejidifangzhengfu、xianshangxianxiashanghupingtaihezuofafangxiaofeiquantourufeiyong248.79wanyuan，hexiaoxiaofeiquan2.78wanzhang，weigeleishanghujianfeirangli2954.68wanyuan，daidongxiaofeijiaoyie3382.49wanyuan；tianjinyinxingyehaizhichiwenlv、huizhan、jieqingxiaofeixiangguanqiye471hu，daikuanyue70.56yiyuan。

jiexinxiaofeijinrongdezhongzuluoxiaweimu，zheibujinshigongsizishenfazhanlichengzhongdezhongdazhuanzhedian，gengshizhongguoxiaofeijinrongshichanggejuyanbiandeyigesuoying。

xingudongdejiarudailailexindezibenliliang、jishuziyuanheguanlijingyan。jingdongdeqiangshiruju，jiangweijiexinxiaofeijinrongdailaixianjindejishuheguanlijingyan，tuidongqixianshangxianxiayewuderonghefazhan。waimaoxintuohetianjinyinxingdecanyu，jiangweijiexinxiaofeijinrongtigonggengduodezijinzhichiheyewuhezuojihui。difangguoziderujuyejiangweiqihouxufazhanbaojiahuhang。

ranertamenyemianlinzhezhengheziyuan、yingduijingzhengdengzhuduotiaozhan。jiexinxiaofeijinrongdeweilaizhiluchongmanbianshu，erqizhongzushijianyouruyimianjingzi，yingzhaochuzhenggexiaofeijinrongxingyezaishichangjingzheng、jianguanzhengceyingxiangxiadefazhanguijiheweilaizouxiang。

“jiexinxiaofeijinrong”zheigemingzizaibujiuhouyejiangtuichulishiwutai。suizhejiugejudedapohexinshilidejueqi，xiaofeijinrongxingyebijiangxianqixinyilundejiliejiaozhu，youshenglietaidexinzhanshiyejiangjixushangyan。