Core Viewpoint - Oriental Asset has increased its stake in Shanghai Pudong Development Bank (SPDB) through the purchase of common shares and convertible bonds, which is expected to improve the financial statements of asset management companies (AMCs) [1][2] Group 1: Stake Increase - As of September 29, Oriental Asset holds 1.073 billion shares of SPDB, representing a 3.44% stake, and 8.6 million convertible bonds [1] - Oriental Asset was not among the top ten shareholders of SPDB as of the end of Q2, indicating a significant increase in holdings during Q3 [1] - The board of SPDB has agreed to nominate Ji Hongmei, currently the Party Secretary of Oriental Asset's Shanghai branch, as a candidate for the bank's board [2] Group 2: Financial Reporting Benefits - AMCs benefit from investing in bank stocks as it can improve their financial statements due to the use of equity method accounting for long-term equity investments [2][3] - The equity method allows AMCs to recognize the difference between the fair value of identifiable net assets and the initial investment cost as non-operating income, positively impacting current profits [3] - As of October 9, SPDB's price-to-book ratio is 0.53, suggesting that Oriental Asset's investment could enhance its non-operating income and improve financial statements [3] Group 3: Convertible Bond Concerns - SPDB issued 50 billion yuan in convertible bonds in October 2019, maturing on October 27, 2025, with an outstanding balance of 24.572 billion yuan yet to be converted [4] - Successful conversion of the bonds would supplement the bank's core Tier 1 capital, while failure to convert would require repayment of principal and interest [4] - The market is closely watching whether Oriental Asset will replicate the "Everbright model" by increasing its stake in SPDB's convertible bonds to alleviate repayment pressure [4]

| 1. 股份分類 | 普通股 | 股份類別 H | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 01359 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 13,567,602,831 | RMB | | 1 RMB | | 13,567,602,831 | | 增加 / 減少 (-) | | | 0 | | | RMB | | 0 | | 本月底結存 | | | 13,567,602,831 | RMB | | 1 RMB | | 13,567,602,831 | 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年9月30日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 中國信達資產管理股份有限公司 呈交日期: 2025年10月8日 I. 法定/註冊股本變動 | 2. 股份分類 | 普通股 | ...

Core Viewpoint - The recent leadership changes at Xinda Securities, including the resignation of Chairman Ai Jiuchao and the appointment of Lin Zhizhong, signal a strategic shift within the company following its integration into the Central Huijin Investment Co., Ltd. system, indicating a focus on governance and operational alignment [1][4][15]. Management Changes - Ai Jiuchao officially stepped down as Chairman on September 26, with Lin Zhizhong taking over the role, also serving as the head of the Strategic Planning Committee [1][4]. - This leadership transition follows the resignation of three key executives since August, including General Manager Zhu Ruimin and Director Liu Liyi, all attributed to "work arrangement adjustments" [3][8]. - Lin Zhizhong, the new chairman, has extensive experience within the China Cinda system, having held various positions in different branches, which aligns with the company's strategic direction [7][15]. Company Performance - Xinda Securities has seen significant growth under Ai Jiuchao's leadership, with total assets surpassing 100 billion and net profit increasing from 856 million in 2020 to 1.415 billion by the end of 2024, marking a 65.3% increase [5]. - The company successfully listed on the Shanghai Stock Exchange on February 1, 2023, with a stock price increase of 48% from its initial listing price [5]. - As of September 29, 2025, the stock closed at 19.35 yuan, with a market capitalization of 627.52 billion [6]. Financial Highlights - As of mid-2025, Xinda Securities managed total assets of 1.214 trillion, a year-on-year increase of over 57%, with a revenue of 2.037 billion, reflecting a 27.66% increase [18]. - The net profit for the first half of 2025 reached 1.032 billion, a 64.86% year-on-year growth, positioning the company favorably within the industry [18]. - Investment income has become a significant revenue source, reaching 1.045 billion, a 143.59% increase compared to the previous year, accounting for 51.3% of total revenue [19]. Challenges and Strategic Focus - Despite the overall growth, the company faces challenges in its investment banking segment, with a 17.61% decline in investment banking revenue due to a lack of IPO projects [23]. - The company has not had any new IPO projects since 2021, which could impact future revenue streams if not addressed [23]. - The new leadership team, under Lin Zhizhong, is tasked with enhancing the company's competitive edge in investment banking and asset management to navigate the competitive market landscape [23].

中國信達資產管理股份有限公司 China Cinda Asset Management Co., Ltd. （於中華人民共和國註冊成立的股份有限公司） （股份代號：01359及04621（優先股）） 2025年第二次臨時股東大會代理人委任表格 本人╱吾等 （附註1） ， ， 地址為 ， 為中國信達資產管理股份有限公司（「本公司」）股本中每股面值人民幣1.00元的H股 （附註2） 的持有人，現委任大會主席或 （附註3） | | 特別決議案 | （附註4） 贊成 | 反對 | （附註4） | （附註4） 棄權 | | --- | --- | --- | --- | --- | --- | | 1. | 審議及批准修訂中國信達資產管理股份有限公司章程 | | | | | | 2. | 審議及批准不再設立監事會 | | | | | | | 普通決議案 | （附註4） 贊成 | 反對 | （附註4） | （附註4） 棄權 | | 3. | 審議及批准修訂中國信達資產管理股份有限公司股東大會議事規則 | | | | | | 4. | 審議及批准修訂中國信達資產管理股份有限公司董事會議事規則 | | | | | | 5. ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本通告的內容概不負責，對其準確性或完整性亦 不發表任何聲明，並明確表示，概不對因本通告全部或任何部份內容而產生或因倚賴該等內容而引致的任 何損失承擔任何責任。 China Cinda Asset Management Co., Ltd. 中國信達資產管理股份有限公司 （於中華人民共和國註冊成立的股份有限公司） （股份代號：01359及04621（優先股）） 2025年第二次臨時股東大會通告 茲通告中國信達資產管理股份有限公司（「本公司」）謹訂於2025年10月22日（星 期三）上午十時假座中華人民共和國（「中國」）北京市西城區鬧市口大街九號院1號樓召 開2025年第二次臨時股東大會（「臨時股東大會」），以審議並酌情通過下列決議案： 特別決議案 普通決議案 暫停辦理股東名冊登記通告 本公司將於2025年10月17日（星期五）至2025年10月22日（星期三）（包括首尾兩 日）期間暫停辦理H股股份過戶登記手續，期間不會辦理H股股份過戶登記。本公司H 股股東如欲出席是次臨時股東大會，須不遲於2025年10月16日（星期四）下午四時三十 分將股票連同股份過戶文件送達本 ...

此乃要件 請即處理 閣下如對本通函任何方面或應採取之行動有任何疑問，應諮詢 閣下之股票經紀或其他註冊證券商、銀行 經理、律師、專業會計師或其他專業顧問。 閣下如已將名下之中國信達資產管理股份有限公司股份全部售出或轉讓，應立即將本通函連同隨附之臨時 股東大會代理人委任表格交予買主或承讓人或經手買賣或轉讓之銀行、持牌證券商或其他代理商，以便轉 交買主或承讓人。 香港交易及結算所有限公司及香港聯合交易所有限公司對本通函之內容概不負責，對其準確性或完整性亦 不發表任何聲明，並明確表示，概不對因本通函全部或任何部份內容而產生或因依賴該等內容而引致之任 何損失承擔任何責任。 China Cinda Asset Management Co., Ltd. 中國信達資產管理股份有限公司 （於中華人民共和國註冊成立的股份有限公司） （股份代號：01359及04621（優先股）） 修訂公司章程 不再設立監事會 修訂股東大會議事規則 修訂董事會議事規則 選舉宋衛剛先生擔任本公司執行董事 選舉王中澤先生擔任本公司獨立非執行董事 及 2025年第二次臨時股東大會通告 中國信達資產管理股份有限公司謹訂於2025年10月22日（星期三）上午 ...

Core Insights - China Cinda's subsidiary, Lingbao Jinyuan Mining Co., Ltd., announced a tender for the construction of a staff dormitory building for the Wangjiayu vertical shaft project, with a budget of 2.8884 million yuan [1] Company Summary - Lingbao Jinyuan Mining Co., Ltd. is partially owned by China Cinda, holding a stake of 3.42% [1]

Group 1: Banking Sector Developments - The number of banking financial institutions in China has decreased from over 4,600 in 2019 to 4,295 by the end of 2024, indicating a continuous optimization of financial resource allocation [1] - The non-performing loan ratio of commercial banks in China was 1.49% at the end of Q2 2025, down from 1.84% at the end of 2020, reflecting an overall improvement in asset quality [1] Group 2: Real Estate and Debt Risk Management - Financial Asset Management Company China Cinda has played a crucial role in resolving risks associated with real estate projects, including a 4.5 billion yuan risk resolution for the Shanghai Daxing Street project [2] - The Chinese government has introduced 16 financial measures to support the stable and healthy development of the real estate market, with over 7 trillion yuan in loans supporting nearly 20 million housing units [2] Group 3: Local Government Debt Management - The National People's Congress approved an increase of 6 trillion yuan in local government debt limits to replace hidden debts, indicating a proactive approach to managing local government financing risks [3] - The number of financing platforms in China has decreased by over 60% and the scale of financial debt has dropped by over 50% compared to the beginning of 2023, showing significant risk reduction [3] Group 4: Financial Regulation Enhancements - The establishment of the Financial Regulatory Administration has led to a new phase in financial regulation, with a "four-level vertical management" structure effectively operating [5] - The implementation of five major regulatory measures has strengthened financial oversight and risk prevention, enhancing the ability to address consumer rights and interests [5][6]

Group 1 - Lin Zhizhong has been appointed as the chairman of Xinda Securities after serving as the chairman of Jingu Trust for only six months [1] - The approval for Lin Zhizhong's position as chairman of Jingu Trust was granted on March 18, 2023, by the Beijing Regulatory Bureau of the National Financial Regulatory Administration [1] - Xinda Securities held its first extraordinary shareholders' meeting of 2025 on August 18, 2023, where Lin Zhizhong was elected as a non-independent director [1] Group 2 - Lin Zhizhong has a background in various leadership roles within China Cinda, including positions at the Shanghai branch and other regional offices [1] - Jingu Trust was established in April 1993 and underwent restructuring by China Cinda starting in April 2007, receiving a new financial license in September 2009 [5] - The registered capital of Jingu Trust is 2.2 billion RMB [5] Group 3 - In 2024, Jingu Trust achieved an operating income of 1.411 billion RMB, representing a year-on-year growth of 35.28%, and a net profit of 559 million RMB, with a year-on-year increase of 65.46% [7] - The shareholders of Jingu Trust are China Cinda and the China Women's Activity Center, holding 93.75% and 6.25% of the shares, respectively [6]

记者丨崔文静 此次"换帅"是信达证券近期高层密集变动的最新一环。就在不到两个月前，公司总经理祝瑞敏也已辞职。这番核心管 理层的大调整，有个关键背景：今年9月，信达证券的控股股东已正式变更为中央汇金，信达证券由此开启新的发展阶 段。 新任董事长林志忠是中国信达体系内的资深高管。 在加入信达证券前，他担任中国信达旗下中国金谷国际信托有限责 任公司（以下简称"中国金谷国际信托"）的党委书记、董事长，此前曾在中国信达总部及多地分公司担任主要领导职 务，管理经验深厚。其接任已有铺垫，今年8月他已被补选为信达证券非独立董事。 值得注意的是，信达证券业绩表现稳健，为此次变革提供了坚实基础。 其2025年中期报告显示，上半年实现净利润 10.32亿元，同比增速高达64.86%。 编辑丨巫燕玲 信达证券迎来新任掌门。 根据其日前公告，林志忠已正式接替艾久超，成为信达证券新任董事长。原董事长艾久超因工作安排调整提前离任， 并不再担任信达证券任何职务。 在新的股权结构和领导班子的带领下，信达证券的未来发展引人关注。 | 姓名 | 离任职务 | 高任 | 原定任期 | 高任 | 是否继续在 上市公司及 | 是否存 在未履 行完単 | ...