Core Viewpoint - Jianyuan Trust announced abnormal fluctuations in stock trading, highlighting ongoing operational risks while actively managing existing risk assets and expanding business operations [1] Group 1: Legal Risks - The company faces significant litigation risks due to prior trust business commitments made since 2019, resulting in numerous lawsuits. Currently, there are three ongoing cases with a total principal amount involved of 792 million yuan [1] - The company is committed to addressing and mitigating these litigation risks, although they remain a concern [1] Group 2: Trust Business Risks - As of June 30, 2025, the company manages a total trust scale of 337.89 billion yuan. Among these, 173 trust projects have matured, leaving a remaining trust business scale of 116.24 billion yuan [1] - The complexity and scale of the remaining trust business, combined with macroeconomic factors, pose significant challenges for asset disposal [1]

Core Viewpoint - The stock of Jianyuan Trust experienced an abnormal trading fluctuation, with a cumulative closing price increase exceeding 20% over three consecutive trading days from September 15 to September 17, 2025 [1] Company Summary - Jianyuan Trust conducted a self-examination and inquired with its controlling shareholder, confirming that the company's current operating conditions are normal [1] - There have been no significant changes in the company's recent operating conditions or external business environment [1] - The company and its controlling shareholder do not have any undisclosed significant information regarding the company [1] - No media reports or market rumors requiring clarification or response were identified by the company [1] - During the period of abnormal stock trading fluctuations, the company's controlling shareholder, directors, supervisors, and senior management did not engage in buying or selling the company's stock [1]

Group 1 - The diversified financial sector is experiencing a rise, with notable gains in companies such as COFCO Capital, which reached its daily limit increase [1] - Jianyuan Trust previously hit its limit up, indicating strong market interest and performance [1] - Other companies in the sector, including Shaanxi Guotou A, Wukuang Capital, China National Petroleum Capital, State Grid Yingda, and Yuexiu Capital, also saw increases in their stock prices [1]

Core Viewpoint - Jianyuan Trust (sh600816) reached its daily limit up on September 17, 2025, with a price of 3.23 yuan, a rise of 9.91%, and a total market capitalization of 34.948 billion yuan [1] Group 1: Company Performance - Jianyuan Trust's main business includes fund trusts, wealth management trusts, public welfare trusts, investment banking, and proprietary business [1] - The increase in demand for trust products or innovative measures and good performance in trust business could stimulate stock price growth [1] Group 2: Industry Context - The financial industry may receive policy support and attention, benefiting the trust sector as a sub-industry within finance [1] - The overall performance of the financial sector can influence individual stocks, with Jianyuan Trust's limit up potentially being affected by the overall market atmosphere [1] Group 3: Technical Analysis - Significant inflow of main funds into Jianyuan Trust could drive stock price up, as indicated by technical signals such as MACD forming a golden cross and BOLL channel breaking through the upper track [1]

Market Overview - The diversified financial sector increased by 1.21% on September 16, with Jianyuan Trust leading the gains [1] - The Shanghai Composite Index closed at 3861.87, up 0.04%, while the Shenzhen Component Index closed at 13063.97, up 0.45% [1] Individual Stock Performance - Jianyuan Trust (600816) closed at 3.23, up 9.86% with a trading volume of 1.87 million shares and a transaction value of 598 million [1] - ST Rendo (002647) closed at 6.46, up 5.04% with a trading volume of 97,000 shares [1] - Shaanxi Guotou A (000563) closed at 3.73, up 3.32% with a trading volume of 1.24 million shares [1] - Jiuding Investment (600053) closed at 18.79, up 3.24% with a trading volume of 174,200 shares [1] - Other notable performers include Bohai Leasing (000415) up 2.47% and Haide Shares (000567) up 2.28% [1] Capital Flow Analysis - The diversified financial sector saw a net inflow of 234 million from main funds, while retail funds experienced a net outflow of 102 million [2][3] - Main funds showed significant interest in Jianyuan Trust with a net inflow of 166 million, while retail funds had a net outflow of 82.85 million [3] - LaKala (300773) attracted a net inflow of 90.22 million from main funds, but also faced a net outflow of 82.51 million from retail investors [3]

Quantitative Factors and Construction Methods - **Factor Name**: Large Buy Order Transaction Amount Ratio **Factor Construction Idea**: This factor captures the buying behavior of large funds by analyzing the proportion of large buy orders in the total transaction amount for a given day [7] **Factor Construction Process**: 1. Utilize tick-by-tick transaction data to reconstruct buy and sell order data based on the bid and ask sequence numbers [7] 2. Filter transactions based on order size to identify large orders [7] 3. Calculate the proportion of large buy order transaction amounts to the total transaction amount for the day [7] **Formula**: $ \text{Large Buy Order Transaction Amount Ratio} = \frac{\text{Large Buy Order Amount}}{\text{Total Transaction Amount}} $ **Factor Evaluation**: This factor effectively reflects the buying behavior of large funds [7] - **Factor Name**: Net Active Buy Transaction Amount Ratio **Factor Construction Idea**: This factor measures the active buying behavior of investors by analyzing the net active buy transaction amount as a proportion of the total transaction amount for a given day [7] **Factor Construction Process**: 1. Use tick-by-tick transaction data to classify each transaction as either active buy or active sell based on the buy/sell indicator [7] 2. Calculate the net active buy transaction amount by subtracting the active sell amount from the active buy amount [7] 3. Compute the proportion of the net active buy transaction amount to the total transaction amount for the day [7] **Formula**: $ \text{Net Active Buy Transaction Amount Ratio} = \frac{\text{Active Buy Amount} - \text{Active Sell Amount}}{\text{Total Transaction Amount}} $ **Factor Evaluation**: This factor provides insights into the active buying tendencies of investors [7] Factor Backtesting Results - **Large Buy Order Transaction Amount Ratio**: - Top 10 stocks with the highest 5-day average values: 1. Guofa Co., Ltd. (600538.SH): 86.5%, 97.9% time-series percentile [9] 2. Jilin Expressway (601518.SH): 86.3%, 82.3% time-series percentile [9] 3. Chongqing Iron & Steel (601005.SH): 85.8%, 83.1% time-series percentile [9] 4. Zijin Bank (601860.SH): 85.6%, 62.6% time-series percentile [9] 5. Jianyuan Trust (600816.SH): 85.5%, 90.5% time-series percentile [9] - **Net Active Buy Transaction Amount Ratio**: - Top 10 stocks with the highest 5-day average values: 1. Fangda Special Steel (600507.SH): 24.8%, 100.0% time-series percentile [10] 2. Liaogang Co., Ltd. (601880.SH): 18.3%, 95.1% time-series percentile [10] 3. Overseas Chinese Town A (000069.SZ): 17.6%, 99.6% time-series percentile [10] 4. Qixia Construction (600533.SH): 14.6%, 99.2% time-series percentile [10] 5. Wanwei High-Tech (600063.SH): 14.3%, 99.6% time-series percentile [10] Additional Results for Indices, Industries, and ETFs - **Indices**: - Large Buy Order Transaction Amount Ratio (5-day average): - Shanghai Composite Index: 74.2%, 25.1% time-series percentile [12] - CSI 300: 73.1%, 10.7% time-series percentile [12] - Net Active Buy Transaction Amount Ratio (5-day average): - Shanghai Composite Index: -4.3%, 95.5% time-series percentile [12] - CSI 300: -4.5%, 100.0% time-series percentile [12] - **Industries**: - Large Buy Order Transaction Amount Ratio (5-day average): - Steel: 80.6%, 46.9% time-series percentile [13] - Construction: 79.5%, 62.6% time-series percentile [13] - Net Active Buy Transaction Amount Ratio (5-day average): - Steel: 4.0%, 40.7% time-series percentile [13] - Construction: 2.4%, 70.8% time-series percentile [13] - **ETFs**: - Large Buy Order Transaction Amount Ratio (5-day average): - ChinaAMC SSE 50 ETF (510050.SH): 89.3%, 74.1% time-series percentile [15] - GF CSI All-Index IT ETF (159939.SZ): 89.2%, 54.3% time-series percentile [15] - Net Active Buy Transaction Amount Ratio (5-day average): - Huaan SSE STAR Chip ETF (588290.SH): 17.3%, 99.6% time-series percentile [16] - Harvest CSI Battery Theme ETF (562880.SH): 13.9%, 92.2% time-series percentile [16]

Core Viewpoint - The diversified financial sector experienced a short-term surge, with notable stocks such as Jianyuan Trust hitting the daily limit, and other companies like Shaanxi Guotou A, Luxin Venture Capital, Hongye Futures, and Bohai Leasing also seeing gains [1] Group 1 - Jianyuan Trust reached its daily limit increase [1] - Shaanxi Guotou A, Luxin Venture Capital, Hongye Futures, and Bohai Leasing followed with upward movements [1]

Core Viewpoint - The diversified financial sector experienced significant upward movement, with Jianyuan Trust hitting the daily limit, and other companies such as Bohai Leasing, Shaanxi Guotou A, Zhejiang Dongfang, Haide Co., Wukuang Capital, and Xinli Finance also seeing gains [1] Group 1 - Jianyuan Trust reached its daily limit, indicating strong investor interest and confidence in the company [1] - Other companies in the diversified financial sector, including Bohai Leasing and Shaanxi Guotou A, followed suit with notable increases in their stock prices [1] - The overall trend suggests a positive sentiment towards the diversified financial sector, potentially driven by favorable market conditions or investor speculation [1]

Group 1 - The trust industry is experiencing continuous growth in standardized trust products, with 1,491 products issued in July 2023, a month-on-month increase of 141 products, representing a growth rate of 10.44% [1] - The implementation of the "Three Classification New Regulations" in 2023 is seen as a significant milestone for the development of standardized trusts, especially as non-standard trusts face transformation pressures [1][2] - Standardized trust investments in bonds, stocks, and other standardized assets are beneficial for guiding social funds towards capital markets and the real economy, thereby enhancing resource allocation efficiency [1] Group 2 - Among the 57 trust companies that have disclosed their 2024 annual reports, 79% actively mentioned standardized trusts, indicating their strategic importance within the industry [1] - Zhongcheng Trust reported a standardized trust scale of 866.58 billion yuan as of June 30, 2025, a growth of 61.79% since the beginning of the year, while Zhonggu Trust's standardized asset management business reached 126 billion yuan, up 19% [1] - Jin Gu Trust and Kunlun Trust have emphasized the importance of standardized trusts in their recent meetings, focusing on enhancing wealth marketing and management capabilities [2] Group 3 - The non-standard trust business has seen a decline in its proportion of total trust assets, yet it remains a component of some trust companies' business systems [2] - The "Three Classification New Regulations" clarify the boundaries of trust business, prohibiting trust companies from conducting asset management trust business in the form of private equity funds and other non-compliant activities [2] - The industry is facing significant transformation challenges, with early adopters of transformation gaining a competitive advantage [3] Group 4 - The future of standardized trusts depends on trust companies' ability to enhance their professional capabilities and find sustainable profit growth points under strict regulatory conditions [3] - The trust industry is expected to transition from being "quasi-credit intermediaries" to "true asset management institutions," reshaping the competitive landscape [3] - Successful transformation will allow trust companies to occupy a dominant position in the asset management market, serving as a core hub connecting the real economy and household wealth [3]

Core Viewpoint - Jianyuan Trust has experienced a decline in stock price, with a cumulative drop of 6.82% over the past four days, indicating potential concerns among investors regarding the company's performance and market conditions [1][2]. Company Overview - Jianyuan Trust Co., Ltd. is located at 689 Guangdong Road, Haitong Securities Building, Huangpu District, Shanghai, and was established on September 15, 1995, with its listing date on January 28, 1994 [1]. - The company's main business includes fund trusts, wealth management trusts, public welfare trusts, investment banking, and proprietary business, with trust business accounting for 89.36% of its revenue and proprietary business for 10.64% [1]. Stock Performance - As of September 3, Jianyuan Trust's stock price is reported at 2.87 CNY per share, with a trading volume of 194 million CNY and a turnover rate of 1.22%, leading to a total market capitalization of 28.254 billion CNY [1]. - The stock has seen a continuous decline for four consecutive days, with a drop of 3.04% on the latest trading day [1]. Shareholder Insights - Among the top ten circulating shareholders of Jianyuan Trust, a fund under Southern Fund has increased its holdings in Jianyuan Trust, acquiring an additional 8.3261 million shares, bringing its total to 58.8595 million shares, which represents 1.08% of the circulating shares [2]. - The Southern CSI 500 ETF (510500) has reported a floating loss of approximately 5.2974 million CNY today and a total floating loss of 12.3605 million CNY during the four-day decline [2]. Fund Performance - The Southern CSI 500 ETF (510500) was established on February 6, 2013, with a current scale of 113.438 billion CNY, achieving a year-to-date return of 23.14% and a one-year return of 55.04% [2]. - The fund manager, Luo Wenjie, has a tenure of 12 years and 138 days, with the fund's total asset scale at 138.999 billion CNY, achieving the best return of 141.73% and the worst return of -47.6% during his management period [2].