Core Viewpoint - The article emphasizes the role of financial support in driving technological innovation, highlighting the successful implementation of a merger and acquisition project by CITIC Financial Assets to bolster the development of a leading industrial gas company in China [1][4]. Group 1: Financial Support and Investment - CITIC Financial Assets has invested over 500 million yuan in the acquisition and restructuring of Hangzhou Yingde, providing strong financial backing for the company's technological transformation and capacity enhancement [1][3]. - The investment aims to stabilize the shareholder structure of Yingde and accelerate project progress for its subsidiaries, ensuring robust support for the normal operations of upstream and downstream industries [4]. Group 2: Industry Context and Challenges - Industrial gases are crucial for various sectors such as steel, chemicals, and semiconductors, impacting production efficiency and product quality, which in turn affects national economic security and international competitiveness [2]. - Hangzhou Yingde faces uncertainties due to the original shareholders entering an investment exit period, necessitating further exploration of existing asset efficiency and management optimization [2]. Group 3: Collaborative Efforts and Strategic Actions - CITIC Financial Assets has formed a specialized team to conduct thorough due diligence and engage in in-depth analysis of the industrial gas sector, addressing the complexities of asset scale and stakeholder involvement [2][3]. - The company leverages the synergistic advantages of CITIC Group, collaborating with various subsidiaries to optimize asset management and enhance governance structures [3]. Group 4: Achievements and Future Directions - Following the merger and acquisition, Hangzhou Yingde has shown improved operational conditions, maintaining a leading market share with a revenue increase of approximately 10% year-on-year [4]. - CITIC Financial Assets plans to continue providing comprehensive services to strategic emerging enterprises, focusing on professional and precise financial solutions to accelerate the transformation of technological achievements [4].

Core Viewpoint - Financial support is essential for technological innovation, and China CITIC Financial Assets is actively implementing financial services to enhance technology development, exemplified by a recent investment of over 500 million yuan in a merger and acquisition project for Hangzhou Yingde [1][4]. Group 1: Financial Support and Investment - China CITIC Financial Assets has invested over 500 million yuan to successfully implement the merger and acquisition project for Hangzhou Yingde, providing strong financial support for the leading industrial gas company's technology transformation and capacity enhancement [1][3]. - The investment aims to stabilize the shareholder structure of Yingde and accelerate project advancement for its subsidiaries, ensuring robust support for the normal production and operation of upstream and downstream industries [4]. Group 2: Industry Context and Challenges - Industrial gases are crucial for various sectors such as steel, chemicals, and semiconductors, impacting production efficiency and product quality, which in turn affects national economic security and international competitiveness [2]. - Hangzhou Yingde faced uncertainties due to the original shareholders entering an investment exit period, necessitating further exploration of asset efficiency and optimization of management structure [2]. Group 3: Collaborative Efforts and Strategic Actions - The company formed a dedicated team to conduct thorough due diligence and in-depth analysis of the industrial gas sector, engaging with relevant stakeholders to develop a comprehensive service plan [2][3]. - By leveraging the advantages of CITIC Group's integrated finance and industry approach, the company coordinated with CITIC Securities, CITIC Special Steel, and Nanjing Steel Group to optimize asset management and improve asset quality [3]. Group 4: Achievements and Future Directions - The merger and acquisition have led to a continuous improvement in Hangzhou Yingde's operational status, with a year-on-year revenue growth of approximately 10%, maintaining a leading market share in the industry [4]. - The company plans to deepen its full-cycle services for strategic emerging enterprises, providing specialized and precise financial solutions to accelerate the transformation of technological achievements and contribute to national technological self-reliance [4].

Core Viewpoint - The report highlights that CITIC Financial Assets is focusing on the development of its non-performing asset business while actively engaging in long-term equity investments in quality listed companies, which will provide stable returns and mitigate the impact of economic cycle fluctuations [1][2]. Group 1: Company Overview - CITIC Financial Assets, formerly known as China Huarong, was established in 1999 and is one of China's four major Asset Management Companies (AMCs) [1]. - In March 2022, the company was transferred to the management of CITIC Group, and it will be renamed CITIC Financial Assets in 2024 [1]. - The non-performing asset management segment accounted for 84.46% of the company's revenue in 2024 [1]. Group 2: Investment Strategy - Since 2023, CITIC Financial Assets has increased its long-term equity investment in quality listed companies to smooth out the impacts of economic cycle fluctuations [2]. - The company holds stakes in several quality listed companies, including China Bank, CITIC Limited, Everbright Bank, and Daqin Railway [2]. - Long-term equity investments contributed significant income to the company, with other income and net gains recognized at 414.76 billion and 756.62 billion respectively for 2023 and 2024 [2]. - Dividends and performance from quality associates are expected to contribute stable profits, with dividends and performance contributions projected at 14.73 billion and 94.95 billion for 2023 and 2024 respectively [2]. - As of June 30, 2025, CITIC Financial Assets increased its stake in China Bank to 4.71% and in Everbright Bank to 8% as of July 23, 2025 [2].

Core Insights - The conference focused on the opportunities presented by the new regulatory framework for the management of non-performing assets (NPAs) in the financial sector, emphasizing collaboration and shared development among financial institutions [1][4] Group 1: Company Initiatives - CITIC Financial Assets' Beijing branch successfully acquired over 11 billion yuan in non-performing asset claims in 2025, contributing to a cumulative total of over 28 billion yuan in various asset revitalization projects [3] - The company has implemented significant projects, including market-oriented debt-to-equity swaps and participation in judicial auctions of non-performing assets, showcasing its commitment to revitalizing inefficient assets [3][6] - The Beijing branch aims to enhance its capabilities in asset value operation, focusing on not just asset disposal but also on the operational aspects of assets to better serve financial institutions and market participants [6] Group 2: Industry Trends - The conference served as a platform for in-depth discussions on the current state of the non-performing asset market, policy interpretations, and innovative business practices, indicating a proactive approach to industry challenges [4] - Insights from industry experts, including a presentation on the current NPA market conditions from Alibaba Assets, highlighted the importance of data-driven analysis in understanding market dynamics [4] - The event fostered dialogue among financial institutions, aiming to inject new ideas and momentum into the development of the non-performing asset sector in the Beijing region [4]

根据渣打银行（中国）有限公司（以下简称"渣打银行"）与中国中信金融资产管理股份有限公司重庆市 分公司达成的债权转让安排，渣打银行将其依法享有的附表中所列对您在贷款合同项下的全部贷款债权 （简称"标的债权"）转让给中国中信金融资产管理股份有限公司重庆市分公司，贷款合同内容不变。根 据渣打银行（中国）有限公司与中国中信金融资产管理股份有限公司重庆市分公司特公告通知各借款 人、担保人和其他义务人以及借款人、担保人和其他义务人的权利义务承继人。 中国中信金融资产管理股份有限公司重庆市分公司作为上述债权的受让方，现公告要求公告清单中所列 标的债权的借款人、担保人和其他义务人以及借款人、担保人和其他义务人的权利义务承继人，从公告 之日起立即向中国中信金融资产管理股份有限公司重庆市分公司履行主债权合同及担保合同约定的还本 付息义务或相应的担保责任。 特此公告。 转让人：渣打银行（中国）有限公司 受让人：中国中信金融资产管理股份有限公司重庆市分公司 联系人：古老师 联系电话：19123457710 地址：重庆市江北区海尔路178号美全22世纪A1座 2025年9月23日 附件：资产清单 注：本表列示的债务金额为渣打银行（中国 ...

编辑：刘润榕 云帆2期是中信金融资产在中信集团协同支持下，依托自身资产池和产品创新能力，推出的又一以服务 实体经济为导向的资产证券化项目。该项目基础资产涵盖公司特定应收账款债权、信托受益权及财产份 额，加权平均信用等级达AA/AA+，资产信用质量优良。此次发行不仅有效拓展公司融资渠道，也为公 司持续降低融资成本、优化债务结构提供有力支撑。 2025年上半年，中信金融资产按照"夯实基础、稳中求进、提质增效"总体思路，积极把握行业政策机 遇，经营业绩显著提升，实现总收入402亿元，同比增长21%，归母净利润61.68亿元，同比增长 15.7%，剔除金租出表影响同比增长27.5%，年化ROE达21.1%。2025年以来，中信金融资产积极把握市 场窗口，持续优化负债结构与融资成本，上半年新增平均融资利率同比下降50个基点，利息支出同比下 降12.3%，前期发行的云帆1期100.1亿元ABS，一举创下年内同类产品"规模最大、成本最低、利差最 窄"的市场纪录。此外，2025年上半年，公司主业新增投放879亿元，是上年同期的1.4倍，落地了一批 具有市场影响力的项目。 转自：新华财经 新华财经北京9月18日电（记者吴丛司） ...

本报讯(记者袁传玺)天眼查App显示，近日，无锡融苏律企业管理中心(有限合伙)成立，执行事务合伙 人为北京融凯德投资管理有限公司，出资额约40亿元，经营范围含企业管理、以自有资金从事投资活 动。合伙人信息显示，该企业由中信金融资产(02799.HK)、无锡太湖新城城市发展有限公司、北京融凯 德投资管理有限公司共同出资。 ...

天眼查App显示，9月17日，无锡融苏律企业管理中心（有限合伙）成立，执行事务合伙人为北京融凯 德投资管理有限公司，出资额约40亿人民币，经营范围含企业管理、以自有资金从事投资活动。合伙人 信息显示，该企业由中信金融资产（02799.HK）、无锡太湖新城城市发展有限公司、北京融凯德投资 管理有限公司共同出资。 ...

人民财讯9月18日电，企查查APP显示，近日，无锡融苏律企业管理中心(有限合伙)成立，出资额约40亿 元，经营范围包含企业管理；以自有资金从事投资活动。企查查股权穿透显示，该企业由中信金融资产 (02799.HK)等共同出资。 ...

Core Insights - The company reported a revenue of 40.2 billion yuan for the first half of 2025, representing a year-on-year increase of 19.9% [1] - Net profit from continuing operations reached 5.5 billion yuan, up 19.7% year-on-year, while net profit attributable to ordinary shareholders was 6.2 billion yuan, reflecting a 15.7% increase [1] - The annualized ROE was 21.1% and ROA was 1.1% for the first half of 2025 [1] Financial Performance - Total assets at the end of Q2 2025 amounted to 1.01 trillion yuan, a 2.7% increase from the beginning of the year, but a 4.2% decrease year-on-year [1] - The non-performing asset management segment saw a 2.7% increase in total assets compared to the beginning of the year, while the asset management and investment segment's total assets grew by 1.6% [1] Segment Performance - The non-performing asset management segment's revenue increased by 58.3% year-on-year, primarily due to approximately 21.3 billion yuan in income from investments in China Bank and Everbright Bank [2] - Revenue from the asset management and investment segment decreased by 85.1%, with its share of income before group offset dropping to 5.6% [2] - Within the non-performing asset segment, income from acquisition and disposal business and acquisition and restructuring business declined, while income from rescue and revitalization business and equity business increased year-on-year [2] Credit Costs and Risk Management - The credit cost rate for the first half of 2025 was 15.3%, significantly up year-on-year, primarily due to increased credit impairment on debt instruments measured at amortized cost [2] - The overall provision coverage ratio for debt instruments measured at amortized cost and those measured at fair value, with changes included in other comprehensive income, was 270% as of June 2025, an increase of 44 percentage points from the beginning of the year [2] Investment Outlook - The company is expected to achieve net profits attributable to ordinary shareholders of 10.4 billion yuan, 10.9 billion yuan, and 11.0 billion yuan for 2025-2027, reflecting year-on-year growth rates of 8.5%, 4.1%, and 1.1% respectively [3] - The estimated EPS for the same period is projected to be 0.13 yuan, 0.14 yuan, and 0.14 yuan, with corresponding PE ratios of 7.6, 7.3, and 7.3 times, and PB ratios of 1.70, 1.38, and 1.16 times [3] - The reasonable stock price range is estimated to be between 1.16 and 1.28 HKD, indicating a premium of 6% to 17% compared to the closing price on September 12 [3]