非标资产风险周报-20260225

1. Report Industry Investment Rating - No information provided in the report 2. Core Viewpoints of the Report - The report focuses on non - standard asset risk events from January 30, 2025, to February 4, 2026, including details of new risk events, their status, and related information about the involved entities [2] 3. Summary by Related Catalogs New Non - standard Risk Events Last Week - There were 5 new non - standard risk events last week, 3 of which involved bond - issuing entities. The "Everbright Yongming - CITIC Guoan Mianhuapian Renovation Project Real Estate Debt Investment Plan" was in default, the "China Jianyin Investment Anquan 593 (Qingdao Sunac) Collective Fund Trust Plan" was repaid, and the "Shaanxi International Trust Fengdong New City Urban Development Fund Collective Fund Trust Plan" was in default [2] Details of Each Risk Event Everbright Yongming - CITIC Guoan Mianhuapian Renovation Project Real Estate Debt Investment Plan - In November 2016, Everbright Yongming Asset Management Co., Ltd. issued a debt investment plan with a raised fund scale of 2.665 billion yuan for the Mianhuapian renovation project. CITIC Guoan Group Co., Ltd. provided guarantee. It defaulted in 2019, and the cumulative impairment loss of the investor ChangSheng Life Insurance Co., Ltd. reached 68.57 million yuan by the 4th quarter of 2025 [2] China Jianyin Investment Anquan 593 (Qingdao Sunac) Collective Fund Trust Plan - In January 2021, China Jianyin Investment Trust Co., Ltd. issued a trust loan to Dongfang Yindu Sunac Investment Co., Ltd. The loan matured early in May 2022. After a series of arrangements, the principal and income of the trust product were fully recovered by February 2, 2026 [3][4] Shaanxi International Trust Fengdong New City Urban Development Fund Collective Fund Trust Plan - Established in October 2023, the trust funds are invested in infrastructure projects in Fengdong New City. As of February 4, 2026, two subsidiaries of Mengcao Eco - Environment (Group) Co., Ltd. had 135 million yuan of principal overdue, and the recovery of the trust plan balance is uncertain [4] Analysis of Fengdong Holdings - Fengdong Holdings is an important entity in Fengdong New City. As of June 2025, its asset - liability ratio was 72.70%, with a large proportion of non - standard debt. It has a large short - term debt repayment pressure and bond payment pressure, but its refinancing ability is acceptable [5] Regional Risk in Xixian New Area - Since 2025, there have been multiple default and extension events in Xixian New Area. The regional debt scale is large, with a GDP of 94.12 billion yuan in 2024 and a growth rate of 5.40%, and local government debt and urban investment interest - bearing debt balances are high [6] Statistics of Non - standard Risk Events - As of last weekend, there were 101 non - standard risk events involving bond - issuing entities in 2025, mainly in Shandong and Yunnan. In 2026, there were 13 such events, mainly in Shandong and Tianjin [7]