证券代码：000402 证券简称：金融街 公告编号：2025-084 金融街控股股份有限公司 本公司及董事会全体成员保证信息披露的内容是真实、准确、完整的，没 有虚假记载、误导性陈述或者重大遗漏。 为保证金融街控股股份有限公司 2023 年度第四期中期票据（品种二）2025 年付息工作的顺利进行，方便投资者及时领取付息资金，现将有关事宜公告如下： 一、本期债券基本情况 至其后的第一个工作日，顺延期间不另计息） 二、付息办法 联系人：谢晨燕、陈龚荣 联系电话：021-23198708、23198682、63323877 特此公告。 金融街控股股份有限公司 三、本次付息相关机构 联系人：范文 联系电话：010-66573955 联系人：李文杰 联系电话：010-56051920 联系部门：运营部 托管在银行间市场清算所股份有限公司的债券，其付息资金由银行间市场清 算所股份有限公司划付至债券持有人指定的银行账户。债券付息日如遇法定节假 日，则划付资金的时间相应顺延。债券持有人资金汇划路径变更，应在付息前将 新的资金汇划路径及时通知银行间市场清算所股份有限公司。因债券持有人资金 汇划路径变更未及时通知银行间市场清算所 ...

为保证金融街控股股份有限公司 2023 年度第四期中期票据（品种一）2025 年付息工作的顺利进行，方便投资者及时领取付息资金，现将有关事宜公告如下： 证券代码：000402 证券简称：金融街 公告编号：2025-083 金融街控股股份有限公司 2023 年度第四期中期票据（品种一）2025 年付息公告 本公司及董事会全体成员保证信息披露的内容是真实、准确、完整的，没 有虚假记载、误导性陈述或者重大遗漏。 三、本次付息相关机构 联系电话：010-56051920 3. 登记托管机构：银行间市场清算所股份有限公司 联系部门：运营部 联系人：谢晨燕、陈龚荣 联系电话：021-23198708、23198682、63323877 特此公告。 金融街控股股份有限公司 一、本期债券基本情况 11. 付息日：存续期内每年的 8 月 3 日（如遇法定节假日或休息日，则顺延 至其后的第一个工作日，顺延期间不另计息） 1. 发行人：金融街控股股份有限公司 2. 债券名称：金融街控股股份有限公司 2023 年度第四期中期票据（品种一） 3. 债券简称：23 金融街 MTN004A 4. 债券代码：102381914 5. 发行总 ...

二、付息办法 证券代码：000402 证券简称：金融街 公告编号：2025-084 金融街控股股份有限公司 2023 年度第四期中期票据（品种二）2025 年付息公告 本公司及董事会全体成员保证信息披露的内容是真实、准确、完整的，没 有虚假记载、误导性陈述或者重大遗漏。 为保证金融街控股股份有限公司 2023 年度第四期中期票据（品种二）2025 年付息工作的顺利进行，方便投资者及时领取付息资金，现将有关事宜公告如下： 一、本期债券基本情况 1. 发行人：金融街控股股份有限公司 11. 付息日：存续期内每年的 8 月 3 日（如遇法定节假日或休息日，则顺延 至其后的第一个工作日，顺延期间不另计息） 2. 债券名称：金融街控股股份有限公司 2023 年度第四期中期票据（品种二） 3. 债券简称：23 金融街 MTN004B 4. 债券代码：102381915 5. 发行总额：人民币 50,000 万元 6. 起息日：2023 年 8 月 3 日 7. 债券期限：5+2 年 8. 债券余额：人民币 50,000 万元 9. 债项评级：AAA 10. 本计息期债券利率：3.76% 12. 本期应偿付利息金额：人民币 ...

Core Viewpoint - The article discusses the trend of insurance capital entering and exiting the stock market, particularly focusing on the strategic shifts of insurance companies in response to market conditions and company performance. Group 1: Insurance Capital Entry - In the aftermath of the 2015 stock market crash, the China Insurance Regulatory Commission relaxed regulations on insurance capital's equity investment, encouraging insurance funds to stabilize the market [1][3]. - The Baoneng Group became a significant player in the stock market, particularly targeting Vanke, a leading real estate company, due to its low stock price and dispersed shareholding [3][4]. - Baoneng's aggressive acquisition strategy included multiple rounds of stock purchases, increasing its stake in Vanke to 20.008% by December 2015, making it the largest shareholder [4][5]. Group 2: Insurance Capital Exit - Following the initial investments, Baoneng faced resistance from Vanke's management, leading to a gradual exit from its position, although it still realized substantial financial gains [6]. - Other insurance companies, such as China Life, also began to reduce their holdings in Vanke, with a reported 62% decrease in shares from June 2020 to 2021, indicating a broader trend of divestment in the real estate sector [6][7]. - The decline in Vanke's performance, including slowed revenue growth and fluctuating net profits, contributed to the decision of insurance funds to withdraw from real estate investments [7]. Group 3: Case Studies of Other Companies - Sunshine City, which brought in the Taikang Group as a strategic investor in 2020, faced severe operational challenges, leading to a projected net loss of 4.5 billion to 5.8 billion yuan in 2021 [8][10]. - Taikang's subsequent reduction of its stake in Sunshine City from 13.53% to 3.99% reflects a shift in investment strategy due to deteriorating market conditions [9][10]. - The case of Dajia Life (formerly Anbang Life) and Financial Street illustrates a similar trend, where Dajia Life reduced its holdings significantly due to the overall downturn in the real estate market, with a total reduction of 5% in ownership by 2024 [11][15][16]. Group 4: Market Dynamics and Investment Strategy - The article emphasizes that the actions of insurance capital in both entering and exiting investments are influenced by regulatory environments, market cycles, and the fundamental performance of the companies involved [22]. - The trend of insurance capital adjusting its portfolio in response to market risks and asset allocation needs highlights the importance of financial stability and investment returns in decision-making [22].

Core Viewpoint - The China Securities Regulatory Commission (CSRC) is proposing revisions to the Corporate Governance Code to enhance the governance level of listed companies and regulate the behavior of directors, senior management, controlling shareholders, and actual controllers [1][2]. Group 1: Revisions to the Corporate Governance Code - The revisions focus on four main areas: improving the management system for the appointment, performance, and departure of directors and senior management [2]. - The qualifications for directors and senior management will be clarified, and the responsibilities of the nomination committee will be defined to prevent unqualified individuals from holding positions [2]. - The obligations of directors and senior management regarding loyalty and diligence will be detailed, with enhanced disclosure requirements for conflicts of interest and decision-making processes [2]. - The management of departures of directors and senior management will be strengthened, including accountability measures for post-departure responsibilities [2]. Group 2: Incentive and Restraint Mechanisms - Listed companies will be required to establish a remuneration management system that aligns the compensation structure and levels of directors and senior management with company performance [2]. - The remuneration of directors and senior management must be linked to both company and individual performance to encourage value creation [2]. - Mechanisms for the recovery of remuneration and deferred payment systems will be improved to enhance accountability [2]. Group 3: Regulation of Controlling Shareholders and Actual Controllers - The revisions will impose strict limitations on competitive behaviors that could adversely affect listed companies, with increased transparency requirements for non-material competitive activities [2]. - The requirements for the board of directors regarding the identification and review of related party transactions will be further refined [2]. Group 4: Integration with Existing Regulations - The revisions will ensure alignment with the Securities Law regarding the public solicitation of shareholder rights [3]. - Responsibilities of the nomination committee and remuneration assessment committee will be updated according to the Independent Director Management Measures [3]. - Improvements will be made to voluntary information disclosure and the publication of sustainability reports in accordance with the Information Disclosure Management Measures [3].

金融街控股股份有限公司 公司债券（24 金街 05）2025 年付息公告 本公司及董事会全体成员保证信息披露内容的真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 特别提示：金融街控股股份有限公司 2024 年面向专业投资者公开发行公司 债券（第三期） （债券简称：24 金街 05，债券代码：148598）将于 2025 （品种一） 年 7 月 25 日支付自 2024 年 7 月 25 日到 2025 年 7 月 24 日期间的利息，本次付 息的债权登记日为 2025 年 7 月 24 日，凡在 2025 年 7 月 24 日（含）前买入并持 有本期债券的投资者享有本次派发的利息；2025 年 7 月 24 日卖出本期债券的投 资者不享有本次派发的利息。截至本公告披露日，公司已将本期债券本次利息 足额划付至中国结算深圳分公司指定的银行账户。 证券代码：000402 证券简称：金融街 公告编号：2025-081 债券代码：148598 债券简称：24 金街 05 公司在 2024 年 7 月 25 日发行的金融街控股股份有限公司 2024 年面向专业 （品种一）将于 2025 年 7 月 25 日支付 ...

| 证券代码：000402 | 证券简称：金融街 公告编号：2025-082 | | --- | --- | | 债券代码：148599 | 债券简称：24 金街 06 | 金融街控股股份有限公司 公司债券（24 金街 06）2025 年付息公告 本公司及董事会全体成员保证信息披露内容的真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 特别提示：金融街控股股份有限公司 2024 年面向专业投资者公开发行公司 债券（第三期）（品种二）（债券简称：24 金街 06，债券代码：148599）将于 2025 年 7 月 25 日支付自 2024 年 7 月 25 日到 2025 年 7 月 24 日期间的利息，本次付 息的债权登记日为 2025 年 7 月 24 日，凡在 2025 年 7 月 24 日（含）前买入并持 有本期债券的投资者享有本次派发的利息；2025 年 7 月 24 日卖出本期债券的投 资者不享有本次派发的利息。截至本公告披露日，公司已将本期债券本次利息 足额划付至中国结算深圳分公司指定的银行账户。 公司在 2024 年 7 月 25 日发行的金融街控股股份有限公司 2024 年面向专业 投 ...

| 证券代码：000402 | 证券简称：金融街 公告编号：2025-081 | | --- | --- | | 债券代码：148598 | 债券简称：24 金街 05 | 公司在 2024 年 7 月 25 日发行的金融街控股股份有限公司 2024 年面向专业 投资者公开发行公司债券（第三期）（品种一）将于 2025 年 7 月 25 日支付自 2024 年 7 月 25 日到 2025 年 7 月 24 日期间的利息，为保证兑息工作的顺利进行，方 便投资者及时领取利息，现将有关事项公告如下： 一、本期债券的基本情况 1、债券名称：金融街控股股份有限公司 2024 年面向专业投资者公开发行公 司债券（第三期）（品种一）。 2、债券简称及代码：24 金街 05（148598）。 3、发行人：金融街控股股份有限公司。 金融街控股股份有限公司 公司债券（24 金街 05）2025 年付息公告 本公司及董事会全体成员保证信息披露内容的真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 特别提示：金融街控股股份有限公司 2024 年面向专业投资者公开发行公司 债券（第三期）（品种一）（债券简称：24 金街 05 ...

Core Insights - The financial district's dining scene is undergoing significant changes, shifting from high-end, private dining experiences to more accessible, family-oriented options due to stricter corporate dining policies and changing consumer behavior [2][4][5] Group 1: Changes in Consumer Behavior - Financial institutions have implemented stricter dining reimbursement policies, reducing the per capita reimbursement standard to around 200 yuan, leading to a decline in high-end dining frequency [5][6] - Many high-frequency customers are opting for company cafeterias instead of dining out, reflecting a broader trend of reduced business travel and dining expenses [6][8] - The average dining expenditure in some restaurants has dropped from 220 yuan to around 160 yuan, with goals to further reduce it to 130-150 yuan to attract family consumers [11][12] Group 2: Industry Adaptations - Restaurants are reducing service staff and altering menus to lower costs, such as replacing premium ingredients with more affordable options to maintain profitability [4][12] - The shift from private client management to online marketing strategies is evident, as restaurants now focus on attracting a broader customer base through platforms like Dazhong Dianping [13][22] - The competitive landscape has intensified, with mid-range restaurants lowering their prices to compete with high-end establishments that are also reducing their price points [11][12] Group 3: Historical Context and Future Outlook - The financial district has historically been a lucrative area for high-end dining, but recent economic pressures and changing consumer preferences have led to a decline in profitability for many establishments [14][20] - Some restaurant owners are considering relocating to areas with lower rent and a more diverse customer base, indicating a strategic pivot in response to market conditions [21][22] - The industry anticipates a potential recovery as weaker competitors exit the market, with some operators planning to expand once conditions improve [23]

Core Viewpoint - The introduction of the "Interim Measures for the Supervision and Management of Local Asset Management Companies" aims to enhance supervision, promote healthy industry development, and mitigate regional financial and economic risks [1][3]. Group 1: Regulatory Framework - The "Measures" consist of four chapters and forty-five articles, covering general principles, business operations and risk management, supervision, and supplementary provisions [2]. - The framework specifies the operational behaviors of local asset management companies, including business scope, operational areas, and asset acquisition limits, to ensure they focus on their primary responsibilities and effectively serve local needs [2]. Group 2: Risk Management - The "Measures" establish concentrated risk management requirements, limiting the financing balance for single clients and groups to 10% and 15% of the company's net assets, respectively [2]. - Liquidity risk management is defined, mandating that local asset management companies maintain quality liquid assets to cover net cash outflows for the next 30 days [2]. - Regulations on related party transactions are set, capping the total debt to related parties at 50% of the company's net assets [2]. Group 3: Supervision Responsibilities - The provincial financial management institutions are designated as responsible for the supervision and risk management of local asset management companies within their jurisdictions [2]. - The financial regulatory authority will enhance information sharing and collaboration with local institutions to guide the industry towards standardized and healthy development [2][3].