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]

Core Viewpoint - The central government is taking control of eight asset management companies (AMCs) to streamline their operations and focus on core responsibilities, particularly in bad asset disposal and capital market exit mechanisms [2][6][10]. Group 1: AMC Restructuring - Eight companies are now under the control of Central Huijin, marking a significant restructuring of AMCs [3][5]. - The restructuring involves the divestment of non-core assets, with a focus on enhancing the core business of bad asset disposal [6][9]. - Post-restructuring, the proportion of bad asset disposal business is expected to rise to over 75%, while investment banking activities will drop below 15% [6][7]. Group 2: Focus Areas of AMCs - The restructured AMCs will concentrate on three main areas: resolving local government hidden debts, managing risks of small financial institutions, and assisting troubled real estate companies [8][10]. Group 3: Central Huijin's Role - Central Huijin aims to build a "bad asset disposal + capital market exit" system by integrating resources from brokerages, AMCs, and banks [10][16]. - The integration of eight brokerages under Central Huijin enhances its control and positions it as a significant player in the capital market [22][28]. Group 4: Brokerage Landscape - The total asset scale of the eight brokerages exceeds 3.2 trillion yuan, significantly surpassing any single competitor [22]. - The brokerages cover a wide range of services, including high-end investment banking and cross-border business, enhancing their market competitiveness [23][24]. - Central Huijin's control over these brokerages allows for better capital support and business collaboration, further strengthening their risk management capabilities [23][28].

机构：中金公司 研究员：严佳卉/陆姣阳/张帅帅 负债成本环比下行。1H24 负债成本3.41%，较2H23 下降4bp，我们认为或因公司适度提升低成本同业 负债和债券融资比重，对冲南商行外币存款利率较高的影响。1H24 剔除存款后负债成本较2H23 下降 12bp 至3.49%。 不良债权资产和贷款减值比例上行。1H24 资产减值损失同比增长58%，其中以摊余成本计量的不良资 产减值损失同比增长14%，贷款减值损失同比增长31%，以摊余成本计量的其他债权投资减值损失同比 增长80%（较2H23 已有所下降）。收购重组类不良资产减值比例较2023 年末上升5.79ppt 至19.45%，拨 备覆盖率较2023 年末下降5ppt 至107%；房地产业比重67%。以摊余成本计量的客户贷款及垫款减值比 例较2023 年上升1.2ppt 至7%，新增减值主要来自长三角地区；南商行不良率较2023 年上升52bp 至 2.84%。投资产品减值比例较2023 年小幅下行0.2ppt 至5.3%，逾期比例较2023 年下降3.3ppt 至6.4%。 盈利预测与估值 考虑资产质量短期承受行业性压力，我们下调2024E 净利润1 ...

Core Viewpoint - China Cinda is a comprehensive financial group focused on non-performing asset management, with stable total assets but declining revenue and net profit in recent years [1][2] Group 1: Business Overview - China Cinda's business includes non-performing asset management and financial services, with non-performing asset management contributing 53% and financial services 48% to revenue in the first half of 2024 [1] - The total assets of China Cinda were approximately 1.58 trillion yuan at the end of Q2 2024, with operating revenue of 37.4 billion yuan and net profit of 1.6 billion yuan in the first half of 2024 [1] Group 2: Financial Performance - The company's return on equity (ROE) was 2% in 2023 and is estimated to decline to around 1% in 2024 [1] - The forecast for net profit for ordinary shareholders from 2024 to 2026 is 2.4 billion, 4 billion, and 4.7 billion yuan, representing year-on-year growth of -43%, 67%, and 16% respectively [2] Group 3: Subsidiary Performance - China Cinda operates through four financial subsidiaries, with significant growth in the management scale of Jinda Trust and improved ROE for Jinda Financial Leasing, while Nanshan Bank faces rising non-performing loan ratios [2] - The annualized ROE for Nanshan Bank in the first half of 2024 was 5.1% [2] Group 4: Market Outlook - The company is expected to benefit from economic recovery, which may lead to a reduction in asset impairment losses and improvement in performance [2] - The estimated reasonable valuation for the company is between 1.27 and 1.62 HKD, indicating a premium of 2% to 30% relative to the current stock price [2]

信用成本率有所回升。使用"资产减值损失/贷款和以摊余成本计量的金融资产期初额"测算的2024 年信 用成本率为2.1%，同比上升0.4 个百分点。 从资产减值损失细项来看，信用成本上升主要是因为子公司信达投资不良债权项目风险暴露导致应收利 息减值，以及子公司南商银行贷款质量承压。不过拉长时间来看，2024 年的信用成本率处于近五年平 均水平附近。 机构：国信证券 研究员：陈俊良/王剑 2024 年营收利润下降。中国信达2024 年实现营业收入（含联营及合营公司业绩）775 亿元，同比下降 6.2%，实现普通股股东净利润15 亿元，同比下降65.2%。2024 年ROE 为0.9%。 资产规模小幅增长。公司2024 年末资产总额1.64 万亿元，同比增长2.8%，从分部报告来看，2024 年不 良资产经营分部总资产同比增长0.2%，保持稳定，金融分部总资产则有所增长。其中2024 年收购经营 类不良债权资产、母公司其他不良债权资产实现同比增长，收购重组类不良债权资产继续收缩，债转股 资产规模和不良资产子公司整体规模较为稳定。金融服务子公司中信达证券总资产增长显著，其他子公 司规模稳定。 不良资产经营业务收入下降 ...

Core Viewpoint - Central Huijin's acquisition of shares in major asset management companies (AMCs) is expected to enhance the risk management capabilities of state-owned capital in China [1] Group 1: Share Transfer Details - In February, three major AMCs—China Orient, China Cinda Asset Management Co., and China Great Wall Asset Management Co.—announced that their controlling shareholder, the Ministry of Finance, plans to transfer all shares to Central Huijin without compensation [1] - After the transfer, Central Huijin will hold 58%, 71.55%, and 73.53% of the shares in China Cinda, China Orient, and China Great Wall, respectively [1] Group 2: Implications for Risk Management - Central Huijin will directly control three national AMCs, allowing for centralized market-oriented management of AMC operations [1] - This move is anticipated to improve the efficiency of state-owned financial capital allocation and enhance risk prevention capabilities [1]

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]