证券研究报告 | 2026年03月31日 中国信达（01359.HK）2025 年报点评 中性 利润水平稳定增长 2025 年收入略降，利润增加。中国信达 2025 年实现营业收入（含联营及合 营公司业绩）740 亿元，同比下降 4.4%；实现归母净利润 36 亿元，同比增 长 17.3%；实现归属于母公司普通股股东净利润 20 亿元，同比增长 35.5%。 2025 年 ROE 为 1.24%，ROA 为 0.02%。 资产规模小幅增长。公司 2025 年末资产总额 1.72 万亿元，较年初增长 5.0%。 从分部报告来看，2025 年不良资产经营分部总资产较年初增长 4.1%，金融 服务分部总资产较年初亦增长 4.1%。其中，2025 年收购经营类不良债权资 产余额较年初增长 6.3%至 2830 亿元，收购重组类不良债权资产、债转股资 产规模收缩，分别下降 23.9%、下降 12.1%至 217 亿元、905 亿元。四家金融 服务子公司的资产规模均有所增长。 投资收益支撑收入增长。从分部报告来看，2025 年不良资产经营分部收入同 比增长 2.8%至 419 亿元，主要得益于对浦发银行投资确认的约 13 ...

第 2 頁 共 2 頁 v 1.1.1 | 股東類型 | | 稅率 | 有關代預扣所得稅之更多補充 | | --- | --- | --- | --- | | | | | （如適用） | | 非個人居民 | | | | | （非中國內地登記地址） | | 10% | 對於H股個人股東，本公司作為扣 | | | | | 繳義務人在支付2025年度股息 | | | | | 時，應按10%稅率代扣代繳股息的 | | | | | 個人所得稅，H股個人股東可根據 | | | | | 其居民身份所屬國家（地區）與中 | | | | | 國簽訂的稅收協定及內地和香港 | | | | | （澳門）間稅收安排的規定，享受 | | | | | 相關稅收優惠。 | | 非居民企業 | | | | | （非中國內地登記地址） | | | 對於非中國居民企業H股股東，本 | | 10% | | | 公司統一按10%稅率代扣代繳其股 | | | | | 息的企業所得稅。根據稅收協定或 | | | | | 安排有權享有優惠稅率的非中國居 | | | | | 民企業股東可自行或通過委託代理 | | | | | 人或代扣代繳義務人，向主管稅務 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其 準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容 而產生或因依賴該等內容而引致的任何損失承擔任何責任。 China Cinda Asset Management Co., Ltd. 中國信達資產管理股份有限公司 中國信達資產管理股份有限公司（「本公司」）董事會（「董事會」）欣然宣佈本公司及其 附屬公司截至2025年12月31日止之經審計業績。本公告列載本公司2025年年度報告全 文，並符合《香港聯合交易所有限公司證券上市規則》中有關年度業績初步公告附載的資 料之要求。本公司2025年年度報告將於2026年4月下旬發佈，並可在香港聯合交易所有 限公司的網站 www.hkexnews.hk 及本公司的網站 www.cinda.com.cn 閱覽。 承董事會命 中國信達資產管理股份有限公司 張衛東 董事長 中國，北京 二零二六年三月三十一日 於本公告日期，董事會成員包括執行董事張衛東先生、宋衛剛先生及趙立民先生；非執 行董事曾天明先生及張忠民女士；獨立非執行董事陸正飛先生、林志權先生、汪昌雲先 生、孫茂松先生及 ...

Group 1 - The report assigns a "Neutral" rating to China Cinda (01359) and raises the target price from HKD 0.65 to HKD 1.1 [1] - The company's stock price has increased by 102% since September 24, 2024, outperforming the Hang Seng Index, indicating improved market sentiment and heightened investor expectations for business recovery [1] - However, the operational data for 2025 remains weak, with worsening losses in the real estate sector and a slow recovery in the non-performing asset management business, which is expected to continue into 2026 [1] Group 2 - The current price-to-book ratio (PB) for the company is 0.23 times, and the forecasted return on equity for 2026 is 2.8%, suggesting that the valuation is not attractive compared to other H-share financial companies [1]

中國信達資產管理股份有限公司 （於中華人民共和國註冊成立的股份有限公司） （股份代號：01359及04621（優先股）） 董事會會議通知 中國信達資產管理股份有限公司（「本公司」）董事會（「董事會」）謹此宣佈，董事會會議 將於2026年3月31日（星期二）舉行，藉以（其中包括）審議及批准（如認為適當）本公司 及其附屬公司截至2025年12月31日止年度業績及其發佈，考慮派發末期股息（如有）， 並處理任何其他事項。 承董事會命 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完整性亦不發表 任何聲明，並明確表示，概不對因本公告全部或任何部份內容而產生或因倚賴該等內容而引致的任何損失承擔任 何責任。 China Cinda Asset Management Co., Ltd. 中國信達資產管理股份有限公司 張衛東 董事長 於本公告日期，本公司董事會成員包括執行董事張衛東先生、宋衛剛先生及趙立民先 生；非執行董事曾天明先生及張忠民女士；獨立非執行董事陸正飛先生、林志權先生、 汪昌雲先生、孫茂松先生及史翠君女士。 中國，北京 2026年3月19日 ...

Report Industry Investment Rating - There is no information about the report industry investment rating in the provided content. Core Viewpoints of the Report - The geopolitical tensions persist, and concerns about inflation have led to a decline in US Treasuries. The yields of 10 - year and 2 - year US Treasuries have risen significantly, with the 2 - year yield rising more, reflecting concerns about limited Fed rate - cut space due to rising inflation expectations. The situation's uncertainty remains high, and the duration of the Holmuiz Strait's navigation restrictions is crucial [1][2]. - Affected by the sharp rise in US Treasury yields, Chinese - funded US dollar bonds have declined for two consecutive weeks, with the Bloomberg Barclays Chinese - funded US dollar bond total return index falling 0.5% last week [1][3]. - In the on - shore market, the yields of 3 - year and 10 - year government bonds have risen. Factors such as improved inflation expectations, good industrial production and export performance, improved fixed investment data, and reduced expectations of future monetary policy easing have jointly promoted the rise in government bond yields. However, overall, monetary policy will remain supportive, and there is no basis for a continuous rise in interest - rate bond yields [1][4]. Summary According to Relevant Catalogs Off - shore Market - There were 3 new issuances of Chinese - funded US dollar bonds exceeding $100 million last week, totaling $1.45 billion, mainly financial bonds; about 17.5 billion RMB of off - shore RMB bonds were newly issued, also mainly financial bonds [2]. - The yields of 10 - year and 2 - year US Treasuries rose 14 and 16 basis points respectively to 4.28% and 3.72% last week, mainly due to market concerns about potential inflation problems caused by the continuous high oil price [1][2]. - Key - term US Treasuries have fully reversed all their gains this year. The yields of 10 - year and 2 - year US Treasuries have risen 11 and 24 basis points respectively compared to the end of 2025 [1][2]. - Affected by the sharp rise in US Treasury yields, Chinese - funded US dollar bonds have declined for two consecutive weeks. The Bloomberg Barclays Chinese - funded US dollar bond total return index fell 0.5% last week, and the spread narrowed by 2 basis points. Among them, the high - rating index fell 0.5%, and the spread narrowed by 3 basis points; the high - yield index fell 0.4%, and the spread widened by 3 basis points [1][3]. On - shore Market - The People's Bank of China net - withdrew 10.11 billion RMB of short - term liquidity through reverse repurchase operations last week, and inter - bank funding rates rebounded. The weighted average interest rates of 7 - day deposit - type institutional pledged repurchase and 7 - day inter - bank pledged repurchase rose 5 and 1 basis points respectively to 1.46% and 1.50% [4]. - The yields of 3 - year and 10 - year government bonds rose 1 and 3 basis points respectively to 1.37% and 1.81% last week [4]. - February's inflation data showed improved price pressure, and the continuous geopolitical tensions pushed up oil prices, improving market expectations of subsequent inflation. The macro data from January to February showed good industrial production and export performance, improved fixed investment data, and although retail data was still weak, it was better than market expectations. Coupled with the guidance of the People's Bank of China, market expectations of future monetary policy easing have weakened, jointly promoting the rise in government bond yields. However, overall, monetary policy will remain supportive, and there is no basis for a continuous rise in interest - rate bond yields [4]. Recent Newly Issued Chinese - funded US Dollar Bonds - Beijing Construction Engineering (Hong Kong) Co., Ltd. issued bonds with a coupon rate of 4.10%, an issue amount of $300 million, and a maturity date of March 19, 2029 [5]. Appendix: List of Chinese - funded US Dollar Bonds - The appendix provides a detailed list of various Chinese - funded US dollar bonds, including information such as the issuer, guarantor, coupon rate, issue amount, maturity date, and ratings from Moody's, S&P, and Fitch [17][19][21].

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2026年2月28日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 中國信達資產管理股份有限公司 呈交日期: 2026年3月4日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 H | | | | 於香港聯交所上市 (註1) | 是 | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 01359 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 13,567,602,831 | RMB | | 1 | RMB | | 13,567,602,831 | | 增加 / 減少 (-) | | | 0 | | | | RMB | | 0 | | 本月底結存 | | | 13,567,602,831 | RMB | | 1 | RMB | | 13,567,602,831 | ...

Core Viewpoint - The recent share reduction plan by China Cinda, the third-largest shareholder of Founder Securities, has failed once again, marking a continuation of a trend where multiple planned reductions have not materialized as intended [2][10]. Group 1: Reduction Plans - China Cinda had announced a plan to reduce up to 82.32 million shares, representing 1% of Founder Securities' total share capital, with an estimated cash-out of approximately 677 million yuan based on a pre-announcement share price of 8.22 yuan [2][11]. - The reduction window from November 26, 2025, to February 25, 2026, saw no shares sold, leaving China Cinda's holdings unchanged at 593.05 million shares, or 7.20% of the total [2][11]. - Over the past three years, China Cinda has attempted six reduction plans, with three resulting in no shares sold and three falling short of their planned targets [4][5][14]. Group 2: Historical Context - China Cinda became a major shareholder of Founder Securities in September 2021, acquiring shares through debt compensation from the previous owner, Zhengquan Holdings [4][13]. - The first reduction attempt in November 2022 aimed to sell 2% of shares but ended with no sales. Subsequent attempts in July 2023 and April/August 2024 also saw minimal reductions, with only 1% and fractions of a percent sold, respectively [4][5][13]. Group 3: Market Conditions - The failure of the latest reduction plan has been attributed to "market environment changes," a reason echoed in previous statements regarding unexecuted reductions [7][15]. - Market analysts suggest that the underperformance of Founder Securities' stock price, which fell to 7.70 yuan by February 25, 2026, compared to 8.22 yuan at the time of the announcement, is a more significant factor in the decision not to sell [8][16]. - Despite the stock price decline, Founder Securities is projected to achieve a net profit of 3.86 billion to 4.08 billion yuan in 2025, representing a year-on-year growth of 75% to 85%, driven by wealth management and subsidiary business income [8][16][17].

Core Viewpoint - China Cinda Asset Management Co., Ltd. did not execute its share reduction plan for Founder Securities, citing "market environment changes" as the reason, despite the stock price being lower than the planned reduction price [1][2]. Group 1: Share Reduction Plans - China Cinda has disclosed multiple share reduction plans for Founder Securities since November 2022, with three actual reductions that did not reach the maximum planned amount, and all at prices higher than the current market price [2][3]. - The first actual reduction occurred from August 23, 2023, to February 22, 2024, where China Cinda reduced its holdings by 1%, cashing out 784 million yuan, with a reduction price range of 8.65 to 10.06 yuan per share [2]. - In 2024, two additional reductions were executed, with the first from April 29 to July 28, reducing 0.15% of shares for approximately 117 million yuan at prices between 9.1 and 9.46 yuan per share, and the second from August to December, reducing 0.27% for about 224 million yuan at prices between 10.03 and 10.22 yuan per share [2]. Group 2: Stock Performance and Market Conditions - During the periods when China Cinda planned to reduce its holdings, Founder Securities' stock price remained relatively stable, often below 8 yuan per share, which may have influenced the decision to not execute the reduction [3][4]. - The overall performance of the securities sector has been lackluster, with the CSI All Share Securities Company Index declining by 2.96% since the beginning of 2026 [4]. - Despite the recent underperformance of the securities sector, discussions about its potential value have resurfaced, particularly regarding opportunities arising from the migration of household deposits and the stabilization of the stock market [5][6]. Group 3: Future Outlook for the Securities Sector - The outlook for the non-bank financial sector in 2026 is optimistic, with expectations of increased retail participation in the market and a favorable environment for brokerage and wealth management businesses [6]. - Current market conditions indicate a supportive environment for the securities industry, with core indicators suggesting a solid foundation for growth, although the market sentiment has not yet shifted towards the securities sector [6].

Core Viewpoint - China Cinda Asset Management Co., Ltd. did not execute its share reduction plan for Founder Securities, citing "market environment changes" as the reason, despite the stock price being lower than previous reduction prices [2][5] Group 1: Share Reduction Plans - China Cinda has proposed multiple share reduction plans since November 2022, with three actual reductions executed at prices higher than the current market price [2][4] - The first actual reduction occurred from August 23, 2023, to February 22, 2024, where China Cinda reduced 1% of its holdings, cashing out 784 million yuan at prices between 8.65 yuan and 10.06 yuan per share [3] - In 2024, two additional reductions were made, with the second plan resulting in a cash out of approximately 1.17 million yuan at prices between 9.1 yuan and 9.46 yuan per share, and the third plan resulting in 2.24 million yuan at prices between 10.03 yuan and 10.22 yuan per share [3] Group 2: Stock Price Performance - During the periods when China Cinda planned to reduce its holdings but did not execute, Founder Securities' stock price remained relatively low, often below 8 yuan [4] - The stock price fluctuated between 7.28 yuan and 8.63 yuan during a planned reduction period in 2025, leading to another decision to forgo the reduction [4] Group 3: Market Outlook for Securities Sector - The securities sector has been underperforming, with the CSI Securities Index down 2.96% this year, but discussions about its potential value are resurfacing [6] - Analysts suggest that the non-bank financial sector may benefit from opportunities arising from the migration of household deposits and a stable stock market mechanism, which could enhance the attractiveness of equity assets [6] - Current market conditions indicate a favorable environment for brokerage firms, with expectations of a spring rally in the sector, driven by retail and wealth management businesses [6][7]