中国人民银行货币政策委员会日前召开的2022年第一季度例会提出，要稳字当头、稳中求进，强化 跨周期和逆周期调节，加大稳健的货币政策实施力度，增强前瞻性、精准性、自主性，发挥好货币政策 工具的总量和结构双重功能，主动应对，提振信心，为实体经济提供更有力支持，稳定宏观经济大盘。 近期，随着越来越多的金融机构晒出年度经营报告，一张金融业大力支持实体经济的"成绩单"愈加清 晰。 畅通企业融资渠道 如何缓解企业融资难融资贵，是金融机构的必答题。 中国再保险（集团）股份有限公司副总裁庄乾志介绍，中国"一带一路"再保险共同体自去年成立之后， 已有23家保险公司加入，共同为中国企业相关项目提供保险服务。一年多时间，共同体保障的境外项目 总规模超过160亿元，有效防范和化解中国企业"走出去"的境外风险。 面对新冠肺炎疫情的反复，交易所等相关单位也积极行动，助力企业应对风险。3月26日，上海证券交 易所发布通知，宣布免收沪市存量及增量上市公司2022年上市初费和上市年费、增量上市公司2022年股 东大会网络投票服务费、2022年度CA证书服务费等多项费用，同时减免和调降数据中心专线及机柜 费。上海证券交易所就进一步保障市场运行提 ...

Core Viewpoint - China Cinda Asset Management Co., Ltd. reported stable operating performance for the first half of 2022, with key indicators meeting expectations and a solid foundation in its core business of non-performing asset management [1][3]. Financial Performance - As of June 30, 2022, total assets reached 1,541.265 billion yuan, with total revenue of 41.258 billion yuan and equity attributable to shareholders at 188.494 billion yuan, reflecting a 5.4% increase from the end of the previous year [1]. - Non-performing asset management business accounted for 61.4% of total assets, 73.4% of total revenue, and 56.6% of pre-tax profit, with total assets of 945.817 billion yuan and revenue of 30.299 billion yuan [1]. - Financial services business total assets grew by 5.1% to 606.867 billion yuan, with revenue increasing by 10.7% to 11.084 billion yuan [1]. Business Structure and Strategy - The company focused on optimizing its business structure, with a 20.3% increase in the acquisition of operating non-performing debt assets, totaling 26.157 billion yuan [3]. - China Cinda participated in risk resolution for small and medium-sized banks and high-risk institutions, providing training for over 70 banks and engaging in bankruptcy restructuring for distressed companies [3][4]. Social Responsibility and Community Support - The company has invested over 130 million yuan in poverty alleviation and rural revitalization efforts, with support reaching 27 provinces and autonomous regions [9]. - China Cinda's subsidiary, Nanshan Bank, has actively assisted businesses affected by the pandemic through various financial measures [9]. Digital Transformation and Innovation - The company is advancing its "Digital Cinda" strategy, enhancing digital operational capabilities and launching platforms to improve the efficiency of non-performing asset disposal [8]. - New economic sectors, including new materials and high-end manufacturing, received significant investment, with 64.7 billion yuan allocated to support structural adjustments [6].

分拆上市队伍持续扩容。据东方财富Choice数据统计，按首次公告日计算截至2024年1月10日，累计有 145家A股公司发起163单分拆计划。其中，2022年、2023年分别披露分拆计划30单、36单。从进度来 看，其中51单子公司已成功上市，84单分拆计划仍在推进中，还有28单选择终止分拆。 28单分拆计划终止 A股上市公司分拆趋于理性。据东方财富Choice数据统计，目前A股市场累计有28单分拆计划终止，其 中2022年、2023年终止分拆数量均超过10单，其中"A拆A"居多。 从分拆终止的原因来看，主要包括上市公司业绩不达标、控股股东和实际控制人发生重大变化、子公司 净利润占比过高、在期限内受到过行政处罚等。此外，独立性、同业竞争、持续经营能力等问题也受到 关注。 整体来看，一方面，分拆上市类型愈发丰富，"A拆A"占据主流，"A拆港""港拆A"频频出现；另一方 面，也有公司按下分拆"终止键"。 分拆目的地多元化 从拟上市地来看，前述163单分拆计划中，有115单属于"A拆A"，占比超七成。从拟上市板块来看，分 拆至沪深主板的有21家、创业板49家、科创板23家、北交所22家。就分拆母公司的行业来看，近八 ...

电话/Tel.: 010-50867666 传真/Fax: 010-56916450 网址/Website: www.kangdalawyers.com 北京市朝阳区建外大街丁 12 号英皇集团中心 8、9、11 层 北京 西安 深圳 海口 上海 广州 杭州 沈阳 南京 天津 菏泽 成都 苏州 呼和浩特 香港 武汉 郑州 长沙 厦门 重庆 合肥 宁波 济南 昆明 南昌 北京市康达律师事务所 关于广东松发陶瓷股份有限公司 重大资产置换及发行股份购买资产并募集配套资金 暨关联交易之向特定对象发行股票募集配套资金 发行过程和认购对象合规性的 法 律 意 见 书 康达法意字【2025】第 0388 号 二〇二五年八月 法律意见书 北京市康达律师事务所 暨关联交易之向特定对象发行股票募集配套资金 发行过程和认购对象合规性的 法 律 意 见 书 康达法意字【2025】第 0388 号 致：广东松发陶瓷股份有限公司 本所接受贵公司的委托，担任贵公司本次交易的特聘专项法律顾问，根据《公 司法》《证券法》《重组管理办法》《格式准则 26 号》《上市公司监管指引第 9 号》《发行注册管理办法》《收购管理办法》等法律、法规及规范性 ...

广东松发陶瓷股份有限公司 重大资产置换及发行股份购买资产并募 集配套资金暨关联交易之向特定对象发 行股票募集配套资金 发行情况报告书 独立财务顾问（主承销商） 二〇二五年八月 发行人全体董事声明 本公司及全体董事保证本发行情况报告书不存在虚假记载、误导性陈述或重 大遗漏，并对其真实性、准确性、完整性承担个别和连带的法律责任。 全体董事签名： | ______________ | ______________ | ______________ | | --- | --- | --- | | 李静 | 卢堃 林峥 | | | ______________ | ______________ | ______________ | | 邹健 | 黄伟坤 | 刘瑛 | | 广东松发陶瓷股份有限公司 | | | | 发行人全体监事声明 | | | | 本公司及全体监事保证本发行情况报告书不存在虚假记载、误导性陈述或重 | | | | 大遗漏，并对其真实性、准确性、完整性承担个别和连带的法律责任。 | | | | 全体监事签名： | | | | ______________ | ______________ | ______ ...

Core Viewpoint - The establishment of S funds by state-owned enterprises (SOEs) is gaining momentum, driven by favorable policy changes and increasing market recognition of S transactions [2][3][4]. Policy Environment - Recent guidelines from multiple government bodies emphasize the development of secondary market funds, including S funds, to enhance the exit channels for equity investments [2]. - The introduction of a national-level document promoting the development of government investment funds is seen as a significant breakthrough, aiming to optimize the transfer processes and pricing mechanisms for S funds [6]. Market Trends - The S fund industry is transitioning from a fragmented to a systematic approach, with a shift from opportunistic to strategic investments [3]. - The number of S funds initiated by local governments and SOEs has surged, indicating a robust growth in the sector [4][5]. - Insurance companies are increasingly participating in S fund transactions, viewing them as attractive long-term investments amid declining interest rates [8]. Fund Establishments - Notable S funds include the 100 billion RMB S fund launched by China Construction Bank and various regional funds across provinces like Jiangxi, Fujian, and Zhejiang, with target sizes ranging from 5 billion to 50 billion RMB [2][3][4]. - The establishment of S funds is often aimed at acquiring past investments and project shares, which is expected to enhance the liquidity and professionalism of the private equity secondary market [4]. Investment Opportunities - The current market conditions present a unique opportunity for S funds, especially as insurance companies seek to diversify their portfolios and ensure returns amid low interest rates [8]. - The anticipated growth in S funds and the diversification of investment strategies are expected to lead to a more active and mature S fund market in the coming years [9].

中国经济网北京5月19日讯 近日，先锋基金管理有限公司公告称，王重昆任公司董事长。 | 新任人员职务 | 重事长 | | --- | --- | | 新任人员姓名 | 王重昆 | | 任职日期 | 2025-5-16 | | 过往从业经历 | 曾任中国建设银行股份有限公司办公室法规 | | | 处干事、秘书处秘书,中国信达资产管理公 | | | 司总裁办公室秘书,宏源证券股份有限公司 | | | 董事会秘书,信达澳银基金管理有限公司市 | | | 场部市场总监、副总经理、总经理,领先生 | | | 物农业股份有限公司副董事长兼战略规划委 | | | 员会主席,丰图北控(宁波)投资管理有限公 | | | 司投资经理,天一星辰(北京)科技有限公司 | | | 副总经理。 | | 取得相关从业资格 | 基金从业资格 | | 国籍 | 中国 | | 学历、学位 | 本科、硕士 | 王重昆曾任中国建设银行股份有限公司办公室法规处干事、秘书处秘书，中国信达资产管理公司总 裁办公室秘书，宏源证券股份有限公司董事会秘书，信达澳银基金管理有限公司市场部市场总监、副总 经理、总经理，领先生物农业股份有限公司副董事长兼战略规划委员 ...

Core Viewpoint - The Hong Kong Stock Connect Non-Bank ETF has reached a record high in both scale and shares, indicating strong investor interest and inflows into the non-bank financial sector [1][2]. Fund Performance - As of August 6, 2025, the Hong Kong Stock Connect Non-Bank ETF has seen a net asset value increase of 92.47% over the past year, ranking 41 out of 2949 index stock funds, placing it in the top 1.39% [2]. - The ETF has recorded a maximum single-month return of 31.47% since its inception, with the longest consecutive monthly gain being 4 months and a total increase of 38.25% during that period [2]. - The ETF has outperformed its benchmark with an annualized excess return of 7.34% over the past six months [2]. Index Composition - The CSI Hong Kong Stock Connect Non-Bank Financial Theme Index consists of up to 50 listed companies that meet the non-bank financial theme criteria, reflecting the overall performance of this sector within the Hong Kong Stock Connect [2][4]. - The top ten weighted stocks in the index account for 78.19%, with the top three—China Ping An, AIA Group, and Hong Kong Exchanges—each exceeding 14% of the total weight [3]. Market Trends - The recent report from the China Insurance Industry Association indicates a life insurance preset interest rate of 1.99%, suggesting a shift towards dividend insurance products due to lower cost of guarantees [3]. - The investment style of insurance capital is expected to remain "fixed income plus," but with a potential increase in equity allocation as macroeconomic conditions stabilize and capital markets improve [4]. - The Hong Kong Stock Connect Non-Bank ETF is the first and only ETF tracking the Hong Kong non-bank index, with over 60% of its holdings in the insurance sector, which is seen as a key driver in a bull market [4].

Investment Rating - The report does not explicitly state an investment rating for the local asset management company (AMC) industry [2] Core Insights - The demand for resolving non-performing assets (NPAs) has increased due to fluctuations in the domestic macroeconomic environment, providing significant growth opportunities for the NPA management industry [4] - The local AMCs play a crucial role in the diversified market structure of the NPA management industry, primarily focusing on the acquisition, management, and disposal of NPAs [9][10] - The regulatory environment has evolved, with the establishment of a unified regulatory framework aimed at promoting the healthy development of the local AMC industry [12][20] Summary by Sections Industry Overview - The NPA management industry is characterized by a supply chain that includes upstream sources of NPAs, midstream management companies, and downstream investors [4][6] - The primary sources of NPAs include banks, non-bank financial institutions, and non-financial institutions, with banks being the traditional and largest source [5] Market Dynamics - The local AMCs have stabilized in number since 2021, with 59 recognized by regulatory authorities as of mid-2025, predominantly state-owned [9][10] - The development of local AMCs is closely correlated with the scale and quality of NPAs in their respective regions, influenced by local economic and regulatory environments [10] Regulatory Environment - The regulatory framework has shifted from a lenient approach to a more stringent one since 2019, with the introduction of the "153 Document" and the recent "Interim Measures for the Supervision and Management of Local Asset Management Companies" [11][12] - The new regulations emphasize compliance, risk management, and a return to core business functions for local AMCs, establishing specific quantitative indicators for monitoring [12][21] Business Trends - The local AMC industry is experiencing diversification in market supply, disposal methods, and financing channels, with a growing emphasis on "investment banking" style asset processing [15][16] - There is a noticeable internal differentiation within the industry, with state-owned AMCs receiving more support compared to their private counterparts, which face increasing operational challenges [17][18] Future Outlook - The local AMC industry is expected to continue evolving, with opportunities arising from economic recovery, real estate risk resolution, and financial institution reforms, despite facing significant competitive and regulatory pressures [20][21]

Group 1 - The core message emphasizes the importance of implementing the central government's strategies for the development of the central region and ecological protection in the Yellow River basin, with a focus on transforming resource-based economies in Shanxi [1] - China Cinda's Shanxi branch is committed to leveraging its professional advantages in financial asset management to support high-quality development in Shanxi, aligning with the region's modernization efforts [1][5] Group 2 - The company has organized immersive learning experiences for its employees at historical sites to instill the spirit of perseverance and resilience, which is crucial for driving Shanxi's transformation [2] - China Cinda has invested over 30 billion yuan to support the development of new materials and clean energy technologies, aiming to create a modern industrial system with competitive advantages [4] Group 3 - The company has played a significant role in the energy sector by investing over 300 billion yuan to support energy supply and industrial transformation, focusing on the needs of traditional coal enterprises [3] - China Cinda has utilized innovative financial tools to assist companies in overcoming financial difficulties and enhancing their green and low-carbon production capabilities [3][4] Group 4 - The company is actively collaborating with educational institutions to explore innovative financial solutions that facilitate the commercialization of clean energy technologies [4] - China Cinda aims to continue its commitment to the political and social responsibilities of a financial central enterprise, contributing to Shanxi's modernization and development [5]