机制驱动，激活金融机构内生动力。制定一个行动方案。牵头制定《金融支持临汾市能源产业链延伸与 绿色运输协同发展行动方案》，梳理产业链上中下游重点支持领域，明确工作任务，与政府部门联动起 来，把金融机构组织起来，共同服务实体经济，力争达到"政银信息互通、银企对接顺畅、项目产品适 配性增强、重点支持领域信贷投放量增面扩价降"的工作目标。搭建两个信息平台。梳理重点项目企业 名录库，根据产业延链补链强链进展滚动更新，目前已将首批103个能源产业链与绿色运输转型项目推 送至金融机构，组织金融机构开展首轮融资对接。搭建覆盖全产业链条的信贷产品库，引导金融机构在 用好现有金融"五篇大文章"信贷产品的同时，创新推出分布式光伏贷、链接贷、全程通等场景化金融产 品，匹配产业链融资需求。比如，邮储银行（601658）临汾市分行与临汾微短剧基地3家代表性企业对 接，针对微短剧企业暂不适配现有信贷产品的现状，向上级行申请创新开发"微短剧产业贷"专属产品。 构建三层对接机制。基于项目库融资支持情况和服务意向，分领域分配领办银行，引导金融机构组建专 研团队，开展线下、线上、专场三个层面的融资对接活动，有针对性地推出专属政策、提供定制服务、 ...

Core Insights - The trust industry in China is experiencing significant growth, with asset management trusts and asset service trusts becoming the dominant business models, marking a shift from traditional financing methods [1][2] - The industry is undergoing a fundamental transformation towards a modern financial service system, focusing on high-quality development and risk prevention [2][8] Business Structure and Trends - Asset service trusts have seen a notable increase, accounting for at least 24.67% of the industry, with family trusts and insurance trusts experiencing explosive growth [2][3] - Asset management trusts remain the mainstay, comprising 75.33% of the industry, but are shifting towards standardized asset-based investment models [3][9] - The regulatory environment is evolving, with a new "1+N" regulatory framework established to support long-term healthy development [3][4] Regulatory Developments - The revised "Trust Company Management Measures" marks the first comprehensive update in 18 years, enhancing standards for institutional entry, governance, and risk isolation [3][4] - A differentiated regulatory approach is being implemented, optimizing resources based on institutional ratings to encourage excellence and limit underperformance [4][8] Technological Advancements - Digital transformation is becoming a core strategy for trust companies, with generative AI being a focal point for enhancing operational efficiency and decision-making [5][6] - Leading institutions are investing in integrated digital platforms to support the complex management of asset service trusts and standardized investments [6][9] Performance and Challenges - Despite the growth in asset scale, the industry faces challenges, including a 2.83% year-on-year decline in net profit and an 11.38% drop in trust business revenue in the first half of 2025 [7] - The "Matthew effect" is intensifying, with top institutions maintaining their lead while some companies struggle with profitability [7][8] Future Outlook - The trust industry is expected to enter a new phase of high-quality development, with a focus on compliance and governance effectiveness [8][9] - The value of service trusts is anticipated to increase as supporting systems improve, leading to more personalized and intelligent offerings [8][9] - Asset management capabilities will become the core competitive advantage, with a shift from regulatory advantages to capability-driven performance [9]

Core Insights - 2025 marks a significant year for the Chinese trust industry, with the implementation of the "1+N" policy framework and a systematic push for institutional restructuring, moving away from extensive growth towards a focus on fiduciary responsibilities [1][2] - The trust industry has achieved dual optimization in scale and structure, with total asset management reaching 32.43 trillion yuan by mid-2025, reflecting a 9.7% increase from the previous year and over 20% year-on-year growth [1][2] Regulatory Developments - The State Council's issuance of guidelines to strengthen regulation and promote high-quality development in the trust industry has been pivotal, alongside the introduction of new management regulations [1] - Breakthroughs in institutional bottlenecks have been noted, with approximately eight cities initiating real estate trust property registration, facilitating the inclusion of real estate into trust structures [1] Business Transformation - The trust industry is focusing on a "three-category" policy for business layout, with asset management trusts dominating at 24.43 trillion yuan and asset service trusts exceeding 8 trillion yuan, becoming the dual engines of industry growth [2] - Trust companies are increasingly integrating with the real economy, exploring new models in sectors like oil and electricity, and expanding services in areas such as pension finance and charitable trusts [2] Future Opportunities and Challenges - The trust industry faces both opportunities and challenges as it enters 2026, with ongoing policy benefits and growing demands in wealth management, pension planning, and charitable activities [3] - The industry must navigate stricter regulations and a scarcity of quality projects, alongside a notable talent gap in professionals who understand finance, law, and technology [3] Strategic Directions - The trust industry should focus on deepening professional capabilities and adhering to fiduciary duties, while enhancing research and investment capabilities to achieve stable returns [4] - Embracing innovation through technologies like blockchain and big data is essential for improving risk control and customer service [4] - Building trust through transparent information disclosure and promoting a culture of integrity will be crucial for the industry's sustainable development [5]

Core Viewpoint - The trust industry is focusing on high-quality development in 2026, leveraging the "three classifications" reform of trust business to transition towards asset service trusts, asset management trusts, and charitable trusts while balancing risk control and innovation [1][2]. Group 1: Strategic Focus for 2026 - Trust companies are emphasizing the importance of a clear strategic direction for the "14th Five-Year Plan," with a focus on accelerating development, maintaining stability, and ensuring compliance [2]. - The 2026 annual meetings of various trust companies highlight the need for top-level design in high-quality development, with a strong signal sent during the 2025 China Trust Industry Annual Conference [1][2]. Group 2: Compliance and Risk Management - Compliance is underscored as the foundation for the trust industry's development, with companies like GuoTong Trust and ShanGuoTou Trust prioritizing strict adherence to compliance and risk management in their 2026 plans [4]. - Measures include controlling new bad debts and systematically addressing existing non-performing assets to protect investor interests [4]. Group 3: Talent Development - The industry recognizes that a high-quality talent pool is essential for driving transformation and high-quality development, with companies implementing plans to cultivate composite talents who understand both business and governance [5]. - Shanghai International Trust emphasizes focusing on core business and differentiated development while enhancing capabilities in customer management, investment research, and risk control [5]. Group 4: Industry Trends and Focus Areas - Trust companies are aligning their strategies with industry trends, focusing on asset management and service trusts, and differentiating their offerings in sectors like energy, technology innovation, and inclusive finance [5]. - Companies are expected to deepen their competitive advantages by leveraging their unique resources and focusing on specific market segments [5].

去年12月初，随着一系列密集、可验证的重大技术突破和相关政策落地，市场情绪被迅速点燃，A 股商业航天板块热度持续攀升。 在此背景下，*ST铖昌在三季报中明确，自身定位为国内少数能够提供完整、先进的微波毫米波模 拟相控阵T/R芯片解决方案及宇航级芯片研发、测试及生产的企业，进而引发资金持续追捧，公司股价 呈现出"火箭式"拉升。 此前已6次提示交易异动的*ST铖昌，在1月12日晚间连发两份公告：因股票交易出现严重异常波 动，公司申请自1月13日起停牌核查。 公告指出，公司股票交易因连续10个交易日内4次出现同向股票交易异常波动情形，已被认定为股 票交易严重异常波动。为维护投资者利益，公司就股票交易波动情况进行核查。自1月13日开市起停 牌，待核查结束并披露相关公告后复牌，预计停牌时间不超过3个交易日。 因搭上商业航天概念热度，上演股价"火箭式"拉升的并不只有*ST铖昌。自去年12月以来，截至 2026年1月12日，Wind商业航天主题指数累计涨幅已超89%，其间，十余只个股走出连板。然而，从真 实业务情况来看，"蹭热点"者不在少数。 1月13日晚间，电科数字、杭萧钢构均被上交所予以监管警示。根据警示函，两家公司在 ...

2026开年以来，受国际局势动荡等因素影响，国际金价屡屡刷新纪录。1月14日，现货黄金价格最 高触及4640美元／盎司，再创历史新高。 受金价大幅上涨影响，作为黄金产业链上游的矿产开采企业预计2025年业绩大幅增长。不过，下游 零售企业的业绩普遍承压。展望2026年金价走势，不少机构仍然看多。 上游矿业受益金价上涨 从已披露的业绩预告来看，头部涉矿企业业绩表现亮眼。赤峰黄金2025年度业绩预增公告称，预计 2025年度实现归属于上市公司股东的净利润为30亿元至32亿元，同比增长70%到81%。预计2025年度实 现归属于上市公司股东的扣除非经常性损益的净利润为29.7亿元至31.7亿元，同比增长75%到86%。 周大生2025年前三季度营收约67.72亿元，同比下降37.35%，归母净利润约8.82亿元，同比增长 3.13%。 为何金价越上涨，黄金饰品企业越感觉承压？分析认为，从需求弹性角度看，黄金珠宝属可选消费 品，价格弹性较高。尽管金价上涨推高了产品名义售价，但实际销量可能因消费抑制而下滑，导致"量 缩价涨"下总营收反而减少。 黄金今年仍被机构看多 此外，多家涉矿类上市公司去年前三季度业绩实现了大幅增长。 ...

Core Viewpoint - The article highlights the rapid growth of China's ice and snow economy, which is expected to exceed 1 trillion yuan by 2025, driven by increased consumer participation and innovative financial support from banks [1][2][3]. Group 1: Ice and Snow Economy Growth - China's ice and snow industry is projected to grow from 364.7 billion yuan in 2016 to 980 billion yuan by 2024, with an average annual growth rate of 21.09% [1]. - The consumption scale related to ice and snow sports is expected to exceed 187.5 billion yuan during the 2024-2025 season, representing a growth of over 25% compared to the previous season [1]. Group 2: Financial Support and Innovation - Financial institutions are playing a crucial role in supporting the ice and snow economy by providing innovative products and services, which help stimulate consumer spending [2][3]. - Everbright Bank is actively promoting the "Ice and Snow Festival" to enhance consumer engagement and support the ice and snow industry through various financial incentives [3][4]. Group 3: Consumer Experience and Engagement - Everbright Bank's approach focuses on enhancing consumer experience by offering discounts on travel, accommodation, and equipment, as well as interest-free installment plans for ice and snow activities [4][6]. - The bank's "Ice and Snow Festival" aims to create a seamless integration of financial services into the consumer experience, both online and offline, to facilitate easy access to discounts [6]. Group 4: Long-term Sustainability and Industry Integration - Experts suggest that financial institutions should explore long-term strategies to build sustainable consumption habits and diversify the consumption structure within the ice and snow economy [7]. - The integration of financial resources across various sectors, including tourism and local businesses, can enhance regional competitiveness and consumer experience [7][8].

市场热度或将延续 香港IPO市场的火热似乎还在延续。今年以来，截至1月13日，包括壁仞科技、MINIMAX-WP、豪 威集团、兆易创新、智谱、天数智芯、瑞博生物等在内，港股市场已有11家公司完成IPO上市，募资总 额达331亿港元，而目前在港交所公开递交上市申请的企业已超300家。 2026年香港IPO市场的发展已经成为各方普遍关注的焦点。对此，香港交易所集团行政总裁陈翊庭 表示，香港市场拥有很多优势，如与内地资本市场独特的互联互通机制、高度开放、流动性充裕且多元 化的市场等。2026年，港交所将继续利用好这一平台吸引更多公司来上市，提前布局投资者所需的产品 和工具，帮助全球投资者分享其中的增长机遇。 内地大型企业赴港上市是香港市场回归全球IPO舞台中心的重要推手。截至2025年12月，共有111 家内地企业成功登陆港股，合计募资2286亿港元，分别占全年新股总量的94%和总募资额的88%。具体 来看，港股2025年前五大IPO全部为中国内地企业。而放眼全球，宁德时代、紫金黄金国际、三一重 工、赛力斯更是占据2025年全球十大IPO中的四席。 "亮眼成绩绝非偶然，其背后是市场流动性改善、国内资产吸引力提升、政 ...

Core Viewpoint - The small loan industry in China is undergoing significant restructuring due to stringent regulations and a shift towards compliance-based high-quality development, leading to the exit of numerous non-compliant companies [2][3][4]. Group 1: Regulatory Changes and Industry Restructuring - The Shandong Provincial Financial Management Bureau has announced the cancellation of pilot qualifications for eight small loan companies, including Vanke and Huatiantong [1]. - The implementation of the "Interim Measures for the Supervision and Administration of Small Loan Companies" in January 2025 aims to standardize operations and enhance risk management within the industry [2][3]. - A nationwide cleanup action has been initiated, resulting in the exit of many "lost" and "shell" small loan companies, with significant cancellations reported in regions like Hunan and Chongqing [3][4]. Group 2: Industry Exit and Company Statistics - By the end of September 2025, there were 4,863 small loan companies in China, a decrease of 111 from the second quarter of 2025, with total loan balances dropping by 319 billion yuan [4]. - The exit of major players, such as Alibaba's small loan company and Sohu's Fox Loan, signifies the end of an era dominated by internet giants in the small loan sector [4]. Group 3: Capital Strengthening and Financing Trends - Over 30 small loan companies have increased their capital in 2025, with notable examples including the capital increase of Tencent's small loan company from 10.526 billion yuan to 15 billion yuan [5]. - The financing activities of small loan companies have accelerated, particularly among internet-based firms, with several companies raising over 10 billion yuan through asset-backed securities [6]. - The trend of "the strong getting stronger and the weak getting weaker" is becoming more pronounced in the small loan industry as leading companies enhance their financial capabilities while weaker firms exit [6].

自政策出台以来，各家银行以金融创新破解产业发展瓶颈，越来越多"沉睡"的农业设施和生物资产 被"唤醒"，转化为推动产业发展的"真金白银"。 农业设施可抵押融资 随着农业设施与畜禽活体被正式纳入抵押融资范围，一场农业资产的确权行动正在全国各地悄然展 开。 "以前总觉得养殖用地和棚舍是'看得见却用不了'的资产，没想到现在能确权办证、抵押融 资。"2025年12月30日，广西贵港市覃塘区珊珊养殖专业合作社负责人拿到50万元贷款到账凭证时难掩 激动之情。 长期以来，"家有万贯，带毛的不算"道尽了养殖畜牧业的融资难。畜禽活体资产以及农业设施始终 无法转化为有效融资抵押物，严重制约了农牧产业规模化发展和农牧民增收致富。 近日，中国人民银行办公厅、农业农村部办公厅、金融监管总局办公厅联合印发《关于推广农业设 施和畜禽活体抵押融资的通知》（以下简称《通知》），明确提出要聚焦投资价值高、示范带动作用强 的农业设施以及权属清晰的畜禽活体开展抵押融资，逐步建立规范管理制度。 政策春风之下，广西贵港市迅速响应，通过构建系统化产权登记体系、明确抵押资产边界，让原 本"沉睡"于田间地头的农业资产正式拥有了抵押融资的"身份证"，为金融活水精 ...