证券代码：002650 证券简称：ST 加加 公告编号：2025-051 加加食品集团股份有限公司 二、本次第一大股东股权结构变动的进展情况 事宜的通知》，中国东方已完成股东名册变更相关手续，股权变更后，中央汇金 投资有限责任公司成为中国东方控股股东。 三、第一大股东股权结构变动对公司的影响 本次公司第一大股东中国东方的股权结构变动是按照政府批准的国有股权无 偿划转方案执行，不会导致公司控股股东及实际控制人发生变更，亦不会导致公 司治理结构和正常经营活动受到影响。公司第一大股东仍为中国东方。敬请广大 投资者理性投资，注意投资风险。 四、备查文件 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 特别提示： 本次股权结构变动为加加食品集团股份有限公司（以下简称"公司"）第一大 股东中国东方资产管理股份有限公司（以下简称"中国东方"）的股权结构变动， 不会导致公司控股股东及实际控制人发生变更。 一、第一大股东股权结构变动的概述 公司于 2025 年 2 月 14 日收到第一大股东中国东方的通知，中华人民共和国 财政部拟将其所持有的中国东方的股权全部划转给中央汇金投资 ...

Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints - In May 2025, 94 corporate asset - backed securities were issued, with a total issuance scale of 83.21 billion yuan. Compared with the previous month, the number of issuances decreased by 54, and the issuance scale dropped by 36.11%. Compared with the same period last year, the number of issuances increased by 19, and the issuance scale rose by 24.96%. The underlying asset types mainly included personal consumer finance, CMBS, corporate financial leasing, accounts receivable, and factoring claims. The interest rate center of AAAsf - rated securities with a term of about one year was roughly between 1.80% and 2.00%, and the median decreased by about 17BP month - on - month and about 37BP year - on - year [5][22]. 3. Summary by Directory 3.1 Issuance Situation - **Overall Issuance**: In May 2025, 94 corporate asset - backed securities were issued, with a total scale of 83.21 billion yuan. Compared with the previous month, the number decreased by 54, and the scale dropped by 36.11%. Compared with the same period last year, the number increased by 19, and the scale rose by 24.96% [5][6][22]. - **Issuance Venue**: In May 2025, the Shanghai Stock Exchange issued 68 products with an issuance amount of 64.898 billion yuan, accounting for 77.99%. The Shenzhen Stock Exchange issued 26 products with an issuance amount of 18.313 billion yuan, accounting for 22.01% [6]. - **Original Equity Holders**: The top five original equity holders in terms of issuance scale were Beijing Financial Street Investment (Group) Co., Ltd. (5.021 billion yuan, 6.03%), Shenghe (Shenzhen) Commercial Factoring Co., Ltd. (4.096 billion yuan, 4.92%), Shanghai Banghui Commercial Factoring Co., Ltd. (4 billion yuan, 4.81%), Shanghai Real Estate Housing Development Co., Ltd. (3.299 billion yuan, 3.96%), and China Railway Trust Co., Ltd. (3.277 billion yuan, 3.94%). The total issuance scale of the top five was 19.693 billion yuan, accounting for 23.67%, and that of the top ten was 33.11 billion yuan, accounting for 39.79% [7]. - **Managers**: The top five managers in terms of new management scale in May 2025 were Ping An Securities Co., Ltd. (15.40%), Huatai Securities (Shanghai) Asset Management Co., Ltd. (12.48%), Shanghai Guotai Junan Securities Asset Management Co., Ltd. (9.93%), CITIC Securities Co., Ltd. (9.77%), and China Merchants Securities Asset Management Co., Ltd. (7.67%). The total new management scale of the top five was 45.96 billion yuan, accounting for 55.23%, and that of the top ten was 62.748 billion yuan, accounting for 75.41% [9][14]. - **Underlying Asset Categories**: The underlying asset types of corporate asset - backed securities issued in May 2025 included personal consumer finance, CMBS, corporate financial leasing, accounts receivable, and factoring claims. Personal consumer finance had 22 products issued, accounting for 19.98% of the scale; CMBS had 7 products issued, accounting for 15.88%; corporate financial leasing had 12 products issued, accounting for 14.84% [12]. - **Product Scale Distribution**: Products with a scale of (5, 10] billion yuan had the largest number of issuances (42), accounting for 41.30% of the total scale [15]. - **Term Distribution**: The shortest - term product was 0.46 years, and the longest - term was 20.90 years. Products with a term of (1, 3] years had the largest number of issuances (47), accounting for 38.80% of the scale [15][17]. - **Level Distribution**: AAAsf - rated securities accounted for 88.12% of the issuance scale [17]. - **Issuance Interest Rate**: The interest rate center of one - year - around AAAsf - rated securities was roughly between 1.80% and 2.00%, with the median decreasing by about 17BP month - on - month and about 37BP year - on - year [20][22]. 3.2 Filing Situation In May 2025, 150 corporate asset - backed securities were filed with the Asset Management Association of China, with a total scale of 137.968 billion yuan [5][23] 3.3 Secondary Market Trading Situation - In May 2025, corporate asset - backed securities had 3,376 transactions in the exchange market, with a total transaction amount of 73.596 billion yuan. The number of transactions decreased by 10.40% month - on - month, and the transaction amount decreased by 27.89% month - on - month. Compared with the same period last year, the number of transactions increased by 44.71%, and the transaction amount increased by 40.72%. The Shanghai Stock Exchange had 2,672 transactions with an amount of 59.593 billion yuan (80.97%), and the Shenzhen Stock Exchange had 704 transactions with an amount of 14.003 billion yuan (19.03%) [5][24]. - The more active underlying asset types in the secondary market in May 2025 were class REITs, CMBS, supply chain, personal consumer finance, and corporate financial leasing, with transaction amount ratios of 26.06%, 12.37%, 11.83%, 10.25%, and 9.36% respectively [24]. 3.4 June 2025 Maturity Situation Analysis - As of the end of May 2025, 167 outstanding corporate asset - backed securities were due for repayment in June 2025, with a total scale of 43.924 billion yuan. - The main underlying asset categories of due securities in June 2025 were accounts receivable, supply chain, specific non - financial claims, and personal consumer finance, with due scale ratios of 36.64%, 19.23%, 17.01%, and 15.22% respectively. - Among the original equity holders, China Cinda Asset Management Co., Ltd. had 1 due security with a repayment scale of 4.03 billion yuan (9.18%); China Railway Capital Co., Ltd. had 1 due security with a repayment scale of 3.799 billion yuan (8.65%); China Orient Asset Management Co., Ltd. had 1 due security with a repayment scale of 3.441 billion yuan (7.83%) [26].

Core Viewpoint - The company has announced a change in its actual controller to Huijin Company, following the completion of a shareholding change at China Orient Asset Management Co., Ltd. [1] Summary by Relevant Sections - **Shareholding Changes** - China Orient has completed the shareholder register change, with the Ministry of Finance of the People's Republic of China no longer holding shares in China Orient [1] - Huijin Company now holds 48,829,977,540 shares of China Orient, representing approximately 71.55% of the total issued shares [1] - **Impact on Company Ownership** - Through Shanghai Dongxing, China Orient holds 136,266,000 shares of the company, accounting for 27.49% of the company's total share capital [1] - The company's controlling shareholder remains Shanghai Dongxing, while the actual controller has shifted to Huijin Company [1]

Group 1 - The company plans to acquire 100% equity of Shandong Hongtuo Industrial Co., Ltd. through a share issuance, involving multiple stakeholders [1][2] - The Shenzhen Stock Exchange has accepted the application for the share issuance and asset purchase, confirming that the application documents are complete [1] - The transaction is subject to approval from the Shenzhen Stock Exchange and registration consent from the China Securities Regulatory Commission, indicating uncertainty in the approval timeline [2]

Group 1 - The merger and acquisition (M&A) market is experiencing growth this year, supported by favorable policies, leading to increased participation from securities firms seeking new development opportunities [1][2] - The slowdown in IPO activities has pressured the performance of securities firms, making the deepening of M&A activities a strategy to improve their operational performance and enhance competitiveness [1][3] - Securities firms play a crucial role in facilitating M&A transactions, especially for technology-driven companies, by providing services that support the development of new productive forces [2][4] Group 2 - Securities firms offer specialized services in valuation, transaction execution, and post-merger integration, which are essential for creating reasonable M&A proposals and pricing systems [3][4] - The increase in M&A activities is expected to boost the financial advisory income of securities firms, contributing to overall revenue growth and reducing reliance on traditional brokerage and proprietary trading businesses [4][5] - Firms are focusing on leveraging their unique advantages, such as organizational structure and regional strengths, to capture opportunities in the M&A market [5][6] Group 3 - Companies are encouraged to explore M&A opportunities in high-end manufacturing, ICT, new materials, renewable energy, and healthcare sectors, emphasizing the importance of industry expertise [6] - Collaboration between M&A and other business lines is being promoted to enhance resource integration and facilitate the entry of small and medium-sized non-listed companies into the capital market [6]

Core Viewpoint - The appointment of Zeng Tao as the chairman of Dalian Bank is seen as a critical move to address the bank's ongoing challenges, including management team integration, declining performance, and rising non-performing loan rates [1][2][3]. Management Changes - Zeng Tao, a veteran from the "Oriental System," has been appointed as the chairman of Dalian Bank after a two-year vacancy in the position [1][2]. - Dalian Bank has undergone significant management changes, with a complete turnover in its supervisory board and several executive positions, creating a need for team integration [9][10]. Financial Performance - Dalian Bank's revenue and net profit saw a decline in Q1 2025, with revenue at 1.14 billion and net profit at 209 million, representing year-on-year decreases of 19.12% and 2.53% respectively [13]. - The bank's total assets decreased by 10.5 billion from the end of 2024, totaling 509.74 billion [13]. - In contrast, the bank reported a revenue increase of 13.42% and a net profit increase of 1.78% for the full year 2024, marking the first growth in both metrics since 2018 [12]. Asset Quality - Dalian Bank's non-performing loan balance increased by 17% year-on-year to 7.81 billion, with a non-performing loan rate of 2.88%, the highest in four years [23][25]. - The bank's capital adequacy ratios have declined, with the core tier one capital adequacy ratio dropping to 8.35% in Q1 2025, nearing regulatory requirements [20]. Strategic Challenges - Zeng Tao faces the challenge of balancing decision-making efficiency with compliance while integrating a new management team [10]. - The bank's strategy includes addressing the rising non-performing loans and improving asset quality, which are critical for restoring market confidence [8][18]. - Dalian Bank's shift in loan distribution, increasing exposure to regions outside of Dalian, reflects a strategy to mitigate risks while supporting regional economic development [22].

Core Viewpoint - The central government is taking control of eight asset management companies (AMCs) to streamline their operations and focus on core responsibilities, particularly in bad asset disposal and capital market exit mechanisms [2][6][10]. Group 1: AMC Restructuring - Eight companies are now under the control of Central Huijin, marking a significant restructuring of AMCs [3][5]. - The restructuring involves the divestment of non-core assets, with a focus on enhancing the core business of bad asset disposal [6][9]. - Post-restructuring, the proportion of bad asset disposal business is expected to rise to over 75%, while investment banking activities will drop below 15% [6][7]. Group 2: Focus Areas of AMCs - The restructured AMCs will concentrate on three main areas: resolving local government hidden debts, managing risks of small financial institutions, and assisting troubled real estate companies [8][10]. Group 3: Central Huijin's Role - Central Huijin aims to build a "bad asset disposal + capital market exit" system by integrating resources from brokerages, AMCs, and banks [10][16]. - The integration of eight brokerages under Central Huijin enhances its control and positions it as a significant player in the capital market [22][28]. Group 4: Brokerage Landscape - The total asset scale of the eight brokerages exceeds 3.2 trillion yuan, significantly surpassing any single competitor [22]. - The brokerages cover a wide range of services, including high-end investment banking and cross-border business, enhancing their market competitiveness [23][24]. - Central Huijin's control over these brokerages allows for better capital support and business collaboration, further strengthening their risk management capabilities [23][28].

Group 1 - The actual controller of Dongxing Securities is set to change to Central Huijin Investment Co., Ltd. [1] - The company has received approval from the China Securities Regulatory Commission for this change [1] - After the transfer is completed, the controlling shareholder will remain China Orient Asset Management Co., Ltd. [1]

中央汇金的最新动作引发关注。 6月6日，据证监会网站，长城国瑞证券有限公司、东兴证券股份有限公司、信达证券股份有限公司、东兴基金管理有限公 司、信达澳亚基金管理有限公司、长城期货股份有限公司、东兴期货有限责任公司、信达期货有限公司的变更实际控制人申 请文件已获核准，中央汇金投资有限责任公司（以下简称"中央汇金公司"）成为其实际控制人。相关公司需按规定及时办理 工商变更登记等事宜，完善公司治理结构，维护公司及投资者合法权益。 中信证券认为，"汇金系"券商的股权调整有望推动证券行业新一轮并购，可关注证券行业同一实控人下行政化并购与市场化 并购主线，重点关注两方面，一是同属同一实控人的证券机构，二是后续市场化并购可能性较高的证券公司。 从行业动态来看，自去年以来，在监管鼓励券商通过并购重组做大做强等政策推动下，新一轮券商并购整合步伐加快，多个 并购组合取得实质性进展。 业内人士分析，未来券商并购重组将主要围绕"头部券商强强联合，整合资源优势做优做强"以及"中小券商结合股东背景、区 域优势等资源禀赋和专业能力做精做细，实现特色化、差异化发展"两个方向推进。 从实现路径上，同一实控人旗下的两家或多家券商、非金控类央企剥 ...

时隔两年，大连银行董事长职位空缺终于画上句号。6月3日，监管机构核准大连银行董事长曾涛的任职资格，这位拥有"东方系"背景的金融老将，正式掌舵 这家城商行。曾涛堪称金融领域的"多面手"，早年从中国银行海南省分行起步，后深耕东方资产多年，也曾在保险等领域积累经验。 事实上，自2015年中国东方资产管理股份有限公司（以下简称"东方资产"）进场重组大连银行后，该行董事长人选便与"东方系"深度绑定，从此前的崔磊再 到如今的曾涛，"东方基因"的延续被视为推动稳增长的关键，尤其在大连银行面临资产质量及盈利增长承压的当下，这家东北地区的城商行能否在新"掌舵 人"的带领下走出经营发展困局，成为行业关注的焦点。 新"掌舵人"任职资格获批 空缺两年的大连银行"掌舵人"终于迎来"补位"。近日，大连金融监管局公布了一则行政许可，核准曾涛大连银行董事长的任职资格。 博通咨询金融行业资深分析师王蓬博指出，曾涛丰富的"东方系"履历，有望为大连银行的公司治理带来更为成熟的风险管理体系与规范流程，东方资产在不 良资产处置领域经验丰富，在战略方向上，可能推动大连银行与东方系其他金融机构深化协同合作，整合资源，拓展业务领域，如在投行业务、金融科技等 ...