Group 1 - The core viewpoint of the news is that the China Securities Index Hong Kong 300 Mainland High Beta Index has shown significant growth, with a 15.91% increase over the past month, 26.48% over the past three months, and 34.82% year-to-date [1] - The index reflects the overall performance of securities listed on the Hong Kong Stock Exchange from various strategic investment perspectives, with a base date of December 30, 2005, set at 1000.0 points [1] - The top ten holdings of the index include companies such as Sunac China (3.98%), China Merchants Securities (3.11%), and China Cinda (2.77%), indicating a diverse portfolio [1] Group 2 - The index is fully composed of stocks listed on the Hong Kong Stock Exchange, with a sector breakdown showing financials at 28.18%, healthcare at 18.44%, real estate at 17.18%, and information technology at 16.55% [1] - The index sample is adjusted every six months, specifically on the next trading day after the second Friday of June and December, with weight factors fixed until the next adjustment unless special circumstances arise [2]

人民财讯7月31日电，企查查APP显示，近日，扬州朗智股权投资合伙企业(有限合伙)成立，经营范围包 含：股权投资。企查查股权穿透显示，该企业由中国信达等共同出资。 ...

Core Viewpoint - China Cinda's plan to reduce its stake in Founder Securities has once again ended without execution, indicating potential issues with the stock price not meeting expectations [2][9]. Summary by Sections Reduction Plans - China Cinda announced a plan to reduce its holdings by up to 82.32 million shares, approximately 1% of the total share capital, between April 29 and July 28, with a potential market value exceeding 600 million yuan at the time [2][3]. - As of July 28, the deadline for the reduction plan, China Cinda did not sell any shares and continues to hold 7.2% of Founder Securities [4]. Historical Context - China Cinda has made five reduction plans since becoming a shareholder of Founder Securities, with only three being executed, and two plans remaining unfulfilled [6]. - The first reduction attempt was in November 2022, which did not result in any sales by the deadline in May 2023 [7]. - The second attempt in July 2023 resulted in a 1% reduction, raising 784 million yuan, with the share price ranging from 8.65 to 10.06 yuan per share [7]. - The third attempt in April 2024 also failed to meet the target, with only a 0.15% reduction achieved [8]. Market Conditions - The failure of the latest reduction plan is attributed to changes in market conditions, particularly the stock price of Founder Securities not reaching the expected levels [9][10]. - During the planned reduction period, the stock price fluctuated between 7.28 yuan and 8.63 yuan, which is lower than the prices during previous successful reductions [10]. Financial Performance - Founder Securities is expected to report a net profit of 2.296 billion to 2.432 billion yuan for the first half of 2025, reflecting a year-on-year increase of 70% to 80% [11].

Core Insights - Yangzhou Longzhi Equity Investment Partnership (Limited Partnership) has been established, focusing on equity investment, with China Cinda (01359.HK) as a major investor [1] Company Information - The partnership was registered on July 29, 2025, and is located in Yangzhou, Jiangsu Province [2] - The total registered capital of the partnership is 177.01 million yuan, with China Cinda Asset Management Co., Ltd. holding a 99.9944% stake [2] - The business scope includes general projects and equity investment, operating independently under its business license [2] Investment Structure - China Cinda Asset Management Co., Ltd. is the primary partner, contributing 177 million yuan, while Shanghai Free Trade Zone Equity Investment Fund Management Co., Ltd. holds a minor stake of 0.0056% [2] - The partnership is set to operate from July 29, 2025, to July 27, 2035 [2]

Core Viewpoint - The announcement from Founder Securities indicates that China Cinda Asset Management Co., Ltd. did not execute its planned share reduction within the specified timeframe, maintaining its current stake in the company [1] Group 1: Share Reduction Plan - On April 7, the company disclosed a share reduction plan by China Cinda, which aimed to reduce up to 82.321 million shares, representing approximately 1% of the total share capital [1] - The planned reduction period was set from April 29 to July 28 [1] - As of July 28, the reduction plan's deadline expired without any shares being sold by China Cinda [1] Group 2: Current Shareholding Status - China Cinda continues to hold 593 million shares, which accounts for 7.2% of the company's total shares [1]

Core Viewpoint - The financial asset management company, China Cinda Chongqing Branch, plays a unique role in resolving the "circular debt" issue faced by enterprises, effectively collaborating with local government to address long-standing debt problems [1][2]. Group 1: Debt Resolution Strategy - China Cinda Chongqing Branch does not focus solely on restructuring individual debts but instead analyzes the entire debt chain to design a comprehensive debt resolution plan [2]. - The plan includes re-signing legal agreements to clarify the debt relationship between the entities involved, utilizing specialized debt restructuring tools for partial debt offset, and creating a combination of "cash payment + market-oriented debt-to-equity swap" to facilitate the repayment scheme [2]. - This comprehensive approach addresses the fundamental issue of insufficient willingness to perform by the debtors and lays the groundwork for the subsequent restructuring of the debts owed by local state-owned enterprise C to entity B [2]. Group 2: Financial Impact and Performance Improvement - Following the implementation of the comprehensive debt resolution plan, China Cinda Chongqing Branch acquired and restructured the overdue debt of 300 million yuan held by local state-owned enterprise C, reducing the overall interest rate from 9% to 7% and extending the repayment period to 36 months [2]. - As a result of resolving historical debt issues, entity B optimized its capital structure, improved its credit status, and reduced other payables by over 2 billion yuan, leading to a projected 16% year-on-year increase in revenue for 2024 [2]. - The company reported a profit increase of over 300% year-on-year due to one-time gains from debt restructuring, successfully turning losses into profits and further decreasing overall financing costs [2]. Group 3: Collaborative Efforts and Efficiency - The debt restructuring process involved multiple stakeholders, with China Cinda Chongqing Branch coordinating with local government and enterprises to enhance work efficiency [3]. - The innovative use of agreements for restructuring not only clarified the debt relationships but also revitalized and preserved the value of state-owned assets, providing strong support for the development of advantageous local industries [3]. - By employing a systematic approach to large and small debt restructuring, the company effectively resolved the "debt deadlock" and historical issues, while ensuring compliance with regulatory processes for asset transfer and restructuring [3].

7月21日，华阳集团党委书记、董事长王永革与中国信达能源业务领导小组组长白玉国举行工作会谈，就进一步深化金融领域合作进行深入交流。党委副 书记、副董事长、总经理王大力，党委常委、副总经理卜彦峰，中国信达战略客户一部总经理刘瑞，中国信达山西分公司总经理徐曙斌参加。 周亮、王玉明，华阳集团相关总部机构、单位负责人，中国信达公司相关部门、单位负责人等参加。 文 / 李东臻 通讯员 李康 （资讯） 王永革对白玉国一行的到来表示欢迎，并简要介绍集团产业发展情况。王永革说，华阳集团深入贯彻落实习近平总书记在山西考察时关于"扎实推进传统 产业转型升级，围绕发展新质生产力因地制宜布局新兴产业和未来产业"的重要讲话重要指示精神，坚持以"双碳"目标为引领，大力实施"双轮驱动"发展 战略，在保障煤炭产业稳健发展、加快转型升级的同时，积极培育新质生产力，重点布局钠离子电池、高性能碳纤维等新能源新材料产业，并坚决落实省 政府部署，积极推进铝产业链一体化项目，持续推动企业高质量发展。多年来，中国信达与华阳集团打下了坚实的合作基础，希望双方深化沟通，拓展合 作空间、创新合作模式、建立长效机制，实现互利共赢、协同发展。 白玉国对华阳集团转型 ...

Group 1 - The top three companies with the highest short positions are WuXi AppTec (02359), CATL (03750), and COSCO Shipping Holdings (01919), with short ratios of 23.99%, 17.39%, and 14.14% respectively [1][2] - The companies with the largest increase in short positions are Giant Biogene (02367), WuXi AppTec (02359), and Henderson Land Development (00012), with increases of 2.05%, 1.43%, and 1.41% respectively [1][2] - The companies with the largest decrease in short positions are SF Holding (06936), Far East Horizon (03360), and Jiumaojiu International Holdings (09922), with decreases of -1.94%, -1.22%, and -1.18% respectively [1][3] Group 2 - The top ten companies with the highest short ratios include Ganfeng Lithium (01772) at 13.09%, Xiexin Technology (03800) at 12.57%, and Shandong Gold (01787) at 12.35% [2] - The companies with the largest increase in short ratios also include Fuyou Glass (06865) at 12.07% and Tigermed (03347) at 9.81% [2] - The companies with the largest decrease in short ratios include Vanke Enterprise (02202) at 11.38% and Green Leaf Pharmaceutical (02186) at 11.96% [3][4]

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]

Investment Rating - The investment rating for the industry is "Outperform the Market" (maintained) [1][29] Core Viewpoints - The report highlights the competitive landscape of China's non-performing asset management industry, which consists of "5 national AMCs + 59 provincial AMCs + non-licensed institutions" [2][8] - The overall diluted ROE for the AMC industry in 2024 is projected to be 3.4%, indicating general profitability issues [2][9] - The report notes that while provincial AMCs have shown stable growth, the net profit for these institutions has declined, reflecting a trend of "increment without profit" [16] Summary by Sections Industry Overview - The non-performing asset management industry in China has evolved over two decades, establishing a competitive structure with national and provincial AMCs [2][10] - The report discusses the different types of non-performing asset management businesses, including acquisition and disposal, restructuring, and debt-to-equity swaps [3][5] Financial Performance - The financial overview indicates that the largest four AMCs have total assets exceeding 500 billion, while provincial AMCs generally have total assets under 100 billion [9] - The report provides detailed financial data for major AMCs, showing that most have a diluted ROE below 10% [11][9] Market Trends - The report identifies a trend where provincial AMCs are experiencing stable asset growth at approximately 5% annually, while the four major AMCs are facing asset contraction [16] - The profitability of provincial AMCs is declining, with a noted decrease in ROE over the years [16][21] Specific Company Analysis - Hebei Asset Management Co., Ltd. is highlighted as the only provincial AMC in Hebei, with a market share of 24.4% in the province [24] - The financial data for Hebei Asset shows total assets increasing from 67.9 billion in 2022 to 75.6 billion in 2024, with a net profit recovery in 2024 [26]