根据公司上半年财报，虽然受经济环境影响，处置规模有所下滑，但收购规模持续增长，或酝酿上行周 期弹性。2025年上半年，公司持续聚焦不良资产市场，巩固主业优势，收购经营类不良债权资产规模同 比增加。处置收益率维持相对低位。2025年H1收购经营业务内部收益率8.7%，去年全年在8.9%。 智通财经APP获悉，广发证券发布研报称，中国信达(01359)参与中金公司与信达证券的合并交易，预计 紧随交割后，公司将不再持有任何信达证券A股，并将收取13亿股中金A股。该公司主业方面，上半年 收购经营类不良资产规模同比增长，但收益率维持在低位；收购重组业务继续有序收缩。整体不良资产 管理业务保持稳健，投资投放增加且资产质量夯实。给予"增持"评级，目标价1.89港元。 广发证券主要观点如下： 中国信达披露有关拟议合并的可能非常重大出售事项及非常重大收购事项公告 （1）结构变更：于公告日期，中国信达持有26亿股信达证券A股，占信达证券约78.67%股权。预计紧 随交割后，公司将不再持有任何信达证券A股，并将收取13亿股中金A股，占中金公司约16.71%股权 （按扩大后的持股比例计算）。 （2）影响：拟议合并预计将为中国信达带来 ...

Core Viewpoint - China Cinda (01359) is participating in a merger transaction between CICC (601995) and Cinda Securities (601059), which is expected to result in a significant change in its shareholding structure and a one-time tax-adjusted gain of approximately RMB 20 billion [1] Group 1: Merger and Shareholding Changes - As of the announcement date, China Cinda holds 2.6 billion shares of Cinda Securities A-shares, accounting for approximately 78.67% of its equity. Following the merger, it is expected to no longer hold any A-shares of Cinda Securities and will receive 1.3 billion shares of CICC, representing about 16.71% of CICC's equity on a fully diluted basis [1] - The proposed merger is anticipated to generate a one-time post-tax gain of around RMB 20 billion for China Cinda, primarily due to the change in accounting treatment from cost method to fair value for the merger [1] Group 2: Business Performance and Asset Management - In the first half of 2025, despite a decline in disposal scale due to economic conditions, the acquisition scale of operational non-performing assets has continued to grow, indicating potential for an upward cycle. The internal rate of return for acquisition business in H1 2025 is 8.7%, slightly down from 8.9% for the entire previous year [2] - Revenue from the acquisition and restructuring business in H1 2025 is reported at RMB 676 million, a decrease of 65.5% year-on-year. The net amount of acquisition and restructuring assets has decreased from RMB 28.485 billion at the end of 2024 to RMB 24.948 billion by mid-2025, indicating an orderly clearance process [2] Group 3: Asset Quality and Investment - The investment balance for non-performing asset management is reported at RMB 211.12 billion at the end of 2024 and RMB 208.29 billion by mid-2025. New investments in H1 2024 and H1 2025 were RMB 16.16 billion and RMB 30.41 billion, respectively, with revenues of RMB 4.09 billion and RMB 1.75 billion, showing a continuous increase in investment and solidification of asset value [3] Group 4: Profit Forecast and Investment Recommendation - The company is expected to achieve a net profit attributable to shareholders of RMB 3.7 billion in 2025, representing a year-on-year growth of 21%. The corresponding BVPS is projected to be RMB 4.35, with a target price of HKD 1.89 per share, based on a 0.4x PB valuation for 2025 [4]

Group 1 - Wuhu Xinsu Equity Investment Co., Ltd. was established on December 17, 2025, with a registered capital of 297 million yuan [1][1] - The company's business scope includes engaging in investment activities using its own funds [1][1] - The company is wholly owned by China Cinda Asset Management Co., Ltd. [1][1]

Investment Rating - The report assigns a rating of "Buy" to the company, with a current price of 1.38 HKD and a target value of 1.89 HKD [4]. Core Insights - China Cinda has disclosed significant proposed mergers and acquisitions, which are expected to result in a one-time post-tax gain of approximately 20 billion RMB [1]. - Following the merger, China Cinda will no longer hold any shares in Cinda Securities A-shares and will receive 1.3 billion shares in China International Capital Corporation (CICC), representing about 16.71% of CICC's equity [1]. - The proposed merger is anticipated to generate substantial one-time earnings due to the shift from cost method to fair value accounting for the merger [1]. Financial Forecast - Revenue is projected to decline from 76.17 billion RMB in 2023 to 73.04 billion RMB in 2024, with a slight recovery expected in subsequent years [2]. - Net profit attributable to shareholders is forecasted to drop significantly from 5.82 billion RMB in 2023 to 3.04 billion RMB in 2024, before rebounding to 3.67 billion RMB in 2025 [2]. - Earnings per share (EPS) is expected to decrease from 0.11 RMB in 2023 to 0.04 RMB in 2024, with a gradual increase to 0.16 RMB by 2027 [2]. Business Operations - The company has focused on acquiring non-performing assets, with the scale of operational acquisitions increasing year-on-year despite a decline in disposal scale due to economic conditions [8]. - The internal rate of return for operational acquisitions in the first half of 2025 was 8.7%, slightly down from 8.9% in the previous year [8]. - Revenue from acquisition and restructuring business fell by 65.5% year-on-year in the first half of 2025, indicating a structured exit from these assets [8]. Valuation Metrics - The report provides a price-to-earnings (P/E) ratio forecast of 6.32 for 2023, increasing to 24.03 by 2025, before decreasing to 7.87 by 2027 [2]. - The price-to-book (P/B) ratio is projected to rise from 0.17 in 2023 to 0.29 in 2025, then stabilize around 0.25 by 2027 [2].

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 （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）） 於2029年到期的600,000,000美元利率為4.75厘的擔保優先票據 （股份代號：5783） 於2048年到期的200,000,000美元利率為5.000厘的擔保優先票據 （股份代號：4424） 於2028年到期的1,200,000,000美元利率為4.750厘的擔保優先票據 （股份代號：4423） 於2027年到期的700,000,000美元利率為4.40厘的擔保優先票據 （股份代號：5398） 每股信達證券A股.......... 0.5188股中金A股； 1 (b) 按東興換股比例向全體東興A股持有人發行中金A股，以換取東興證券全部已發 行股份： 每股東興A股 ............. 0.4 ...

Group 1 - The core point of the article is that China Cinda Asset Management Co., Ltd.'s Sichuan branch was fined for disguising corporate financing as the acquisition of non-financial assets, resulting in a fine of 350,000 yuan [1][2] - The responsible individual, Yu Ping, received a warning and was fined 60,000 yuan for his involvement in the violation [1][2]

Group 1 - The core point of the article is that China Cinda Asset Management Co., Ltd. Sichuan Branch was fined for illegal financing activities disguised as non-financial asset acquisitions [1] - The fine imposed on the company amounts to 350,000 yuan [1] - A related responsible individual, Yu Ping, received a warning and was fined 60,000 yuan [1]

Core Viewpoint - The establishment of Wuhu GCL Intelligent Innovation Enterprise Management Partnership (Limited Partnership) with a capital contribution of 2.064 billion yuan indicates a strategic collaboration between China Cinda (01359.HK) and GCL Technology (Suzhou) Co., Ltd. to enhance enterprise management and consulting services [1] Group 1 - Wuhu GCL Intelligent Innovation Enterprise Management Partnership has been recently established with a total investment of 2.064 billion yuan [1] - The business scope of the new partnership includes enterprise management and enterprise management consulting [1] - The partnership is co-funded by China Cinda and GCL Technology, showcasing a collaborative effort in the industry [1]

本人╱吾等 （附註1） ， ， 地址為 ， 為中國信達資產管理股份有限公司（「本公司」）股本中每股面值人民幣1.00元的H股 （附註2） 股 的持有人，現委任大會主席或 （附註3） ， 地址為 ， 為本人╱吾等的代理人出席將於2025年12月24日（星期三）上午十時假座中華人民共和國北京市西城區鬧市口大街 九號院1號樓舉行的本公司2025年第三次臨時股東大會（「臨時股東大會」）或其任何續會，並於會上代表本人 ╱ 吾 等，依照下列指示就臨時股東大會通告所列決議案投票，如無作出指示，則由本人╱吾等的代理人酌情決定投票。 | | 普通決議案 | 贊成 | （附註4） | 反對 | （附註4） | 棄權 | （附註4） | | --- | --- | --- | --- | --- | --- | --- | --- | | 1. | 審議及批准2023年度董事薪酬清算方案 | | | | | | | | 2. | 審議及批准2023年度監事薪酬清算方案 | | | | | | | | 3. | 審議及批准選舉王坤輝先生擔任本公司非執行董事 | | | | | | | | | 特別決議案 | 贊成 | （附註4） | ...

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通告的內容概不負責，對其準確性或完整性亦 不發表任何聲明，並明確表示，概不對因本通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 （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）） 特別決議案 本公司H股股份過戶登記處地址如下： 香港中央證券登記有限公司 香港 灣仔 皇后大道東183號 合和中心17樓 1712-1716號舖 4. 審議及批准向香港大埔宏福苑火災公益捐贈 暫停辦理股東名冊登記通告 本公司將於2025年12月19日（星期五）至2025年12月24日（星期三）（包括首尾兩 日）期間暫停辦理H股股份過戶登記手續，期間不會辦理H股股份過戶登記。本公司H 股股東如欲出席是次臨時股東大會，須不遲於2025年12月18日（星期四）下午四時三十 分將股票連同股份過戶文件送達本公司H股股份過戶登記處－香港中央證券登記有限 公司。凡於2025年12月18日（星期四）營業時間結束時名列本公司 ...