金融债分析手册系列之十：金控平台全梳理、再审视-20250507

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The risks of trust, AMC, and commercial leasing licenses held by financial holding platforms are relatively high. The risks at the trust end may mainly come from the capital pool business. Although most trust risks are controllable, tail risks cannot be excluded [1]. - The financial license situation of financial holding platforms determines their competitiveness, profitability, and risks. Bank, securities, insurance, and financial leasing institutions are strictly regulated with controllable risks, while trust, AMC, and commercial leasing industries are more risky [2]. - The capital pool business of trusts is caused by factors such as arbitrage space from maturity mismatch, internal operational convenience, market demand, and covering up defaulted assets. The scale of the capital pool business can be observed from aspects like the non - performing ratio of inherent assets, the scale of financing products in actively managed trusts, and regulatory penalty tickets [3]. - As of the end of April 2025, the outstanding trust ABS - type assets in the bond market totaled 403.61 billion yuan. Trust ABS products generally have low default risks, but caution is needed when the credit enhancement is provided by trust institutions. The risks of most trusts are controllable, but tail risks exist [6]. 3. Summary According to Relevant Catalogs 3.1 Focus on the Holding License Situation of Financial Holding Groups - Financial holding platforms obtain investment income by holding/ controlling financial institutions. The quantity, type, quality, and control status of financial licenses directly affect their competitiveness, profitability, and risks [13]. - The report sorted out 9 types of financial licenses held by 23 central enterprise financial holding platforms and 38 local financial holding platforms. Bank, securities, insurance, and financial leasing institutions are strictly regulated, with standardized operations and controllable risks. In contrast, trust, AMC, and commercial leasing licenses are more risky [2][13]. - The reasons for the high risks of trust, AMC, and commercial leasing industries include lower regulatory standardization, the risk of occupying parent - company funds, and being in an industry trough due to macro - economic environment, regulatory policies, and market competition [2][14]. 3.2 Risks at the Trust End May Mainly Come from the Capital Pool Business - Some trust companies with default risks, such as Sichuan Trust and Anxin Trust, were involved in illegal operations of capital pool business, leading to liquidity and default risks [19]. - The capital pool business is characterized by "rolling issuance, collective operation, maturity mismatch, and separate pricing", which may cause the blurring of the boundary between trust property and company assets and the risk of fund misappropriation. It is caused by maturity mismatch arbitrage, internal operational convenience, market demand, and covering up defaulted assets [19]. - In principle, trust companies do not have the obligation to provide rigid payment for trust products. However, due to the illegal nature of the capital pool business, trust companies usually need to bear the payment obligation, mainly through restructuring and discounted payment [3]. - The scale of the capital pool business is difficult to observe directly from financial statements. It can be roughly inferred from the non - performing ratio of inherent assets (the higher the ratio, the larger the possible scale of the capital pool business), the scale of financing products in actively managed trusts (the higher the scale and proportion, the higher the risk), and regulatory penalty tickets [3][21][24]. 3.3 Risks of Trust - Related Standard Bonds Are Controllable - As of the end of April 2025, the outstanding trust ABS - type assets in the bond market totaled 403.61 billion yuan, with several trusts having a scale of over 30 billion yuan [30]. - Trust ABS products have independent underlying assets and are isolated from other trust company assets. Some products also have external credit enhancement measures, so they generally have low default risks. However, caution is needed when the credit enhancement is provided by trust institutions [30]. - The bond - issuing parent companies of trusts are mainly financial holding platforms, banks, and investment holding groups, with a total outstanding bond scale of 8.93 trillion yuan. After excluding several large state - owned banks, the outstanding balance is 1.43 trillion yuan. Most trust risks are controllable, but tail risks exist. Among them, the bond credit spread of Wukuang Capital (Wukuang Trust) widened significantly, but there is no substantial credit risk [33][34].