未平仓空仓比增加最大的10只股票 | 股票名称 | 上一次空仓比 | 最新空仓比 | 增加值↓ | | --- | --- | --- | --- | | 巨子生物(02367) | 5.44% | 7.50% | 2.05% | | 药明康德(02359) | 22.57% | 23.99% | 1.43% | | 恒基地产(00012) | 1.25% | 2.66% | 1.41% | | 福莱特玻璃(06865) | 10.70% | 12.07% | 1.37% | | 泰格医药(03347) | 8.53% | 9.81% | 1.27% | | 申万宏源(06806) | 1.88% | 3.09% | 1.21% | | 中国飞鹤(06186) | 1.27% | 2.40% | 1.13% | | 中州证券(01375) | 4.71% | 5.78% | 1.06% | | 中金公司(03908) | 4.35% | 5.37% | 1.02% | | 中国信达(01359) | 3.44% | 4.44% | 1.01% | 未平仓空仓比减少最大的10只股票 | 股票名称 | 上一次空仓 ...

Group 1 - China Orient Asset Management announced the resignation of Wang Zhanfeng as chairman and executive director due to work changes, with Liang Qiang elected as the new chairman pending regulatory approval [1] - Liang Qiang has extensive experience in the four major national AMCs, having held senior positions in China Huarong, China Cinda, and China Great Wall, showcasing his expertise in crisis management [2] - The current leadership positions in the three major AMCs are experiencing dynamic adjustments, with several key roles remaining vacant, including the chairman position at China Great Wall [4][6] Group 2 - Liang Qiang's career includes significant contributions to risk resolution and business transformation at China Cinda, where he served as executive director and president before his recent appointment at China Orient [2][3] - The chairman position at China Great Wall has been vacant for seven months following the resignation of Li Junfeng, with the role currently being temporarily filled by the president [4] - Following Wang Zhanfeng's resignation, his future career path remains uncertain, and the search for a new president at China Cinda is ongoing [6]

64 家 AMC 经营全景图 不良资产管理行业点评 证券研究报告 | 2025年07月06日 |  行业研究·行业快评 | | |  银行 |  投资评级：优于大市（维持） | | --- | --- | --- | --- | --- | | 证券分析师： | 王剑 | 021-60875165 | wangjian@guosen.com.cn | 执证编码：S0980518070002 | | 证券分析师： | 陈俊良 | 021-60933163 | chenjunliang@guosen.com.cn | 执证编码：S0980519010001 | 事项： 河北资产管理股份有限公司近日向港交所提交上市申请书，引发市场对地方 AMC 的关注。我们梳理了我国 不良资产管理行业（后文简称"AMC 行业"）情况、河北资产经营情况。经过二十多年发展，我国形成了 "5 家全国性 AMC+59 家省级 AMC+非持牌机构"的竞争格局。而 AIC 虽然也有部分不良资产债转股业务， 但更多从事的是正常资产债转股，且目前逐渐向股权投资机构转型，并非专门的不良资产管理机构。从披 露数据的样本企业来看，2024 年 A ...

Regulatory Issues - China Cinda Asset Management Co., Ltd. Shenzhen Branch and responsible individuals were fined 400,000 yuan for "long-term non-compliance issues" [2] - Since 2025, China Cinda has received multiple fines exceeding 3 million yuan from various regulatory bodies [2] - In June 2023, Shandong Financial Regulatory Bureau fined China Cinda Shandong Branch 700,000 yuan for inadequate due diligence on debt acquisition [2] - In May 2023, the company was fined 900,000 yuan by the National Financial Supervision Administration for failing to report the appointment of directors and senior management of overseas subsidiaries [2] - In April 2023, the Tianjin Branch was fined 500,000 yuan for improperly classifying the risk of restructured assets [2] - In February 2023, the Jilin Branch was fined 300,000 yuan for insufficient basis in recognizing non-financial institution's bad assets [2] - In February 2023, the Guangdong Branch was fined 500,000 yuan for non-compliance in bad debt acquisition and imprudent asset transfer [2] - In January 2023, the Shaanxi Branch was fined 620,000 yuan for imprudent acquisition of non-financial institution's bad assets [2] Company Background - China Cinda was established in April 1999 to mitigate financial risks and stabilize the financial system [3] - The company transformed into a joint-stock company in June 2010 and went public on the Hong Kong Stock Exchange in December 2013 [3] - As of the end of 2024, China Cinda reported total assets of 1,638.96 billion yuan and equity attributable to shareholders of 194.18 billion yuan [3] - The company employs approximately 14,000 staff members [3] Recent Transactions - On June 26, 2023, China Cinda announced an internal loan agreement to provide up to 7 billion yuan to its wholly-owned subsidiary, Huajian Shenzhen, for the acquisition of Sinopec sales company shares [3]

Group 1 - China Cinda plans to transfer its 54.54% stake in the Deep Base Huazhi Fund due to the deteriorating operational status of Huazhong City, leading to a "cut loss" decision [1][4] - The Deep Base Huazhi Fund was established to support Huazhong City's quality development projects, with a total scale of approximately HKD 11 billion [4] - Despite the support from state-owned enterprises and asset management companies, Huazhong City is still facing debt issues and has warned of a potential second default in early 2024 [6] Group 2 - China Cinda has been attempting to transfer non-performing debts totaling CNY 2.071 billion, with the collateral being 60 warehouse properties in Nanning Huazhong City [8] - The fund has initiated legal proceedings against Shenzhen Special Zone Construction Development Group and Huazhong International Industrial Raw Materials City for immediate purchase of its equity and debt [8] - The court has frozen approximately CNY 2.132 billion in bank account funds belonging to Shenzhen Special Zone Construction Development Group as part of the legal process [8]

Core Viewpoint - The National Financial Supervision Administration's guidance aims to enhance the quality of financial asset management companies, enabling them to better perform financial rescue and counter-cyclical adjustments, thereby accelerating risk resolution and promoting high-quality development in the sector [1] Group 1: Financial Asset Management Companies - Financial asset management companies are focusing on their core business areas, particularly in managing non-performing assets, to improve quality and efficiency [1] - China Cinda has resolved 174 real estate risk projects from 2022 to March 2025, investing 86.7 billion yuan, ensuring the delivery of 118,000 housing units, and addressing various financial obligations totaling 2.13 billion yuan for unpaid wages and 15.06 billion yuan for upstream suppliers [1] Group 2: Risk Resolution Strategies - China Cinda aims to be a leading alternative investment institution in real estate risk resolution, employing a "five-pronged" approach to enhance asset value and reduce liabilities [2] - The company utilizes its expertise in non-performing asset evaluation and real estate operations to identify and address complex issues in problem assets, thereby improving asset value [2] - Debt restructuring strategies are employed to alleviate repayment pressures on projects, balancing interests among stakeholders and establishing loss-sharing mechanisms [2] Group 3: Governance and Management - China Cinda is improving equity governance structures by collaborating with investors to resolve operational disputes and enhance management relationships [3] - The company is optimizing costs through professional management teams and effective financial planning, ensuring projects are financially viable and well-managed [3] - By partnering with reputable real estate firms, China Cinda aims to restore buyer confidence and stimulate market activity [3] Group 4: Social Responsibility and Community Impact - China Cinda is committed to fulfilling its political responsibilities as a financial state-owned enterprise, focusing on revitalizing stalled real estate projects and ensuring housing delivery [4] - The company has successfully delivered nearly 6,400 housing units and resolved significant financial obligations, thereby supporting local employment and economic development [4] Group 5: Strategic Projects and Urban Development - China Cinda is actively involved in major urban development projects, including the transformation of old and dangerous buildings, contributing to a new model of real estate development [5] - The company has effectively managed complex projects, such as the Shanghai Daxing Street project, resolving long-standing issues and facilitating urban renewal [5]

中央汇金的最新动作引发关注。 6月6日，据证监会网站，长城国瑞证券有限公司、东兴证券股份有限公司、信达证券股份有限公司、东兴基金管理有限公 司、信达澳亚基金管理有限公司、长城期货股份有限公司、东兴期货有限责任公司、信达期货有限公司的变更实际控制人申 请文件已获核准，中央汇金投资有限责任公司（以下简称"中央汇金公司"）成为其实际控制人。相关公司需按规定及时办理 工商变更登记等事宜，完善公司治理结构，维护公司及投资者合法权益。 中信证券认为，"汇金系"券商的股权调整有望推动证券行业新一轮并购，可关注证券行业同一实控人下行政化并购与市场化 并购主线，重点关注两方面，一是同属同一实控人的证券机构，二是后续市场化并购可能性较高的证券公司。 从行业动态来看，自去年以来，在监管鼓励券商通过并购重组做大做强等政策推动下，新一轮券商并购整合步伐加快，多个 并购组合取得实质性进展。 业内人士分析，未来券商并购重组将主要围绕"头部券商强强联合，整合资源优势做优做强"以及"中小券商结合股东背景、区 域优势等资源禀赋和专业能力做精做细，实现特色化、差异化发展"两个方向推进。 从实现路径上，同一实控人旗下的两家或多家券商、非金控类央企剥 ...

Core Viewpoint - The real estate market in China has shown signs of stabilization and improvement since 2025, driven by financial policies and the implementation of special bonds, leading to better indicators in land auctions, housing prices, and inventory reduction [3][14]. Group 1: Market Trends - The overall real estate market has transitioned from merely addressing the availability of housing to focusing on the quality of housing, emphasizing the importance of building "good houses" to meet the needs of the public [14]. - The introduction of the "good house" concept in government reports marks a significant shift towards high-quality residential projects, which are expected to dominate new supply [3][14]. - The 2025 first half product evaluation revealed a total of 60 projects that met the criteria for high-end, light luxury, and quality categories, indicating a competitive landscape focused on product quality [13][14]. Group 2: Evaluation Process - The evaluation process for residential projects includes criteria such as design, living experience, interior decoration, community space, and project awards, ensuring a comprehensive assessment of product quality [13][14]. - The evaluation will culminate in the announcement of the "Top Ten High-end/Light Luxury/Quality Works" and the "Good House Comprehensive Award/Individual Awards" in late June [13][14]. - The evaluation process involves expert reviews and public voting, enhancing the credibility and transparency of the assessment [13][14]. Group 3: Industry Response - Real estate companies are actively responding to the "good house" strategy by enhancing housing quality and increasing configurations in similar product categories to boost competitiveness [14]. - The rise of AI technology is opening new possibilities for smart housing, aligning with the industry's goal to meet diverse living needs and improve the quality of life for buyers [14]. - The ongoing "Good House Tour" initiative aims to showcase award-winning projects and benchmark developments, fostering a platform for product quality exchange and collaboration within the industry [14].

Core Points - Handan Bank Co., Ltd. has signed a debt transfer agreement with China Cinda Asset Management Co., Ltd. Hebei Branch, transferring its rights to various debtors and guarantors [1][2] - The announcement requires the listed debtors and guarantors to fulfill their repayment obligations to China Cinda Asset Management Co., Ltd. Hebei Branch from the date of the announcement [1][2] - The announcement includes a detailed list of debtors, contracts, and guarantors involved in the transfer [1][2][3] Group 1 - Handan Bank Co., Ltd. has transferred its rights to debtors including Hebei Maike Construction Co., Ltd. and Futaid Power Co., Ltd. to China Cinda Asset Management Co., Ltd. Hebei Branch [1][2] - The announcement specifies that if any debtor or guarantor undergoes changes such as name changes, restructuring, or loss of civil subject qualification, the relevant parties must still fulfill their obligations [1] - The transfer includes multiple contracts and guarantors, indicating a significant restructuring of debt obligations [2][3] Group 2 - The announcement provides a comprehensive list of debtors and their corresponding contracts, including details such as contract numbers and guarantors [1][2][3] - Notable debtors include companies from various sectors, such as construction, food production, and automotive, indicating a diverse portfolio of transferred debts [2][3] - The transfer is part of a broader strategy to manage and recover debts effectively through the involvement of a specialized asset management company [1][2]

Core Points - China Cinda Asset Management Co., Ltd. Shanxi Branch has transferred its principal and guarantee rights to Beijing Puzhuo Asset Management Co., Ltd. through a debt transfer agreement [1] - Beijing Puzhuo Asset Management Co., Ltd. requires all listed debtors and guarantors to fulfill their repayment obligations immediately from the date of the announcement [1] Summary by Categories Debt Transfer Details - The debt transfer involves multiple borrowers, including Jintaoyuan Coal and Coking Group Co., Ltd., with a total debt amount of approximately 431.76 million yuan [1] - The principal balance for Jintaoyuan Coal and Coking Group Co., Ltd. is approximately 224.93 million yuan, with interest and other costs totaling around 206.77 million yuan and 62,076 yuan respectively [1] Guarantee and Collateral Information - The guarantees for the debts include commitments from several companies, such as Meijin Energy Group Co., Ltd. and Shanxi Dongyi Coal, Electricity, and Aluminum Group Co., Ltd. [1] - Collateral includes machinery and equipment, as well as real estate, with specific pledges noted in the contracts [1] Legal Context - The announcement references civil judgments from the Taiyuan Intermediate People's Court and the Wanbailin District People's Court, indicating ongoing legal proceedings related to the debts [1]