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公告的內容概不負責，對其準確性或完整性亦不發表 任何聲明，並明確表示，概不對因本公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 宋先生的簡歷及其他相關資料已載列於該公告。截至本公告日期，該等資料並未發生任 何變化。 宋先生將與本公司訂立董事服務合約。本公司董事的薪酬按照有關規定執行，薪酬清算 方案經董事會提名與薪酬委員會審議後報董事會審議，之後提交本公司股東會審議批 准。本公司董事的具體薪酬可參考本公司年報。 1 除上文披露者外，宋先生於過去三年並無在其他上市公司擔任董事職務，亦沒有在本公 司或其任何附屬公司擔任任何其他職務，與本公司任何董事、高級管理人員、主要股東 或控股股東概無任何關係。於本公告日期，宋先生並無於本公司股份中擁有任何權益 （具《證券及期貨條例》（香港法例第571章）第XV部所賦予之涵義），亦沒有受過中國證 券監督管理委員會及其他有關部門的處罰和證券交易所懲戒。 宋先生確認，概無與其委任有關之任何其他事宜 ...

Core Viewpoint - Fangda Carbon New Material Technology Co., Ltd. has announced the termination of its participation in the substantive merger reorganization of the Shanshan Group and its wholly-owned subsidiaries, citing insufficient due diligence and risk assessment as key reasons for the decision [1][4][5]. Group 1: Company Actions and Decisions - The company submitted registration materials, paid a due diligence deposit of 50 million yuan, signed a confidentiality agreement, and conducted due diligence, but found the process too short to make a reasonable valuation of the target assets [4]. - After careful consideration, the company decided to withdraw from the reorganization to protect the interests of the listed company and its investors [5]. - The termination of the reorganization will not adversely affect the company's production operations or financial status [6]. Group 2: Market Context and Competitors - Shanshan Group's main business includes lithium battery anode materials and polarizers, which are competitive in the global market [5]. - The reorganization attracted 12 groups of potential investors, with over 20 companies involved, including notable firms like China Baoan, Tianqi Lithium, TCL Technology, and JD.com [6]. - Among the final bidders, only the China Baoan-led consortium remains as a publicly listed company, while other bidders include various joint ventures involving TCL Technology and BOE Technology Group [6].

Core Insights - The company is actively implementing a centralized internal audit system and exploring the application of advanced technologies like artificial intelligence in the audit field, aiming to build a research-oriented audit team and enhance the transformation of theoretical research into practice [2][9]. Group 1: Audit Performance - In 2024, the audit team completed 23 audit projects, conducted 21 on-site audits across 11 units, and accumulated 275 days of travel, demonstrating high efficiency in fulfilling audit tasks [2][9]. - The team produced 166 audit work papers and emphasized the transformation of audit results by leading the compilation of a case study on asset quality research audits [2][9]. Group 2: Research and Innovation - The audit department has integrated research concepts into audit practices, optimizing workflows and methods, and successfully established a multi-dimensional pre-audit risk assessment system [3][10]. - This risk assessment system effectively guided the formulation of audit plans and work hour allocation, enhancing the efficiency and quality of audit work [3][10]. Group 3: Youth Development - The department has launched a "Five Ones" initiative to enhance the capabilities of young employees, promoting a research-oriented audit philosophy [4][10]. - The initiative includes reading influential books, focusing on industry-specific audits, skill enhancement through practical training, team collaboration on audit case studies, and project execution to develop dynamic audit models [5][6][12][14].

来源：蒙格斯报告 探索前沿、研判趋势、赋能实践 于不确定性中锚定发展确定性 以理性洞察穿透时代迷雾 把握经济发展的核心脉搏 从DeepSeek的横空出世到AI泡沫风险防控 从美国关税冲突博弈到地缘政治解构 从资本市场起伏到消费活力提振 蒙格斯智库专家学者们 AI浪潮重塑产业生态 地缘博弈交织经贸变局 解构AI浪潮驱动的产业变革路径 拆解关税冲突背后的经贸博弈逻辑 预判资本市场波动趋势 探寻提振消费活力的有效路径 引领读者洞悉复杂变局 与不确定性交织下的财经核心脉络 感知时代转型进程中的强劲发展动能 为致敬过去一年的丰硕思想成果 蒙格斯特别推出年度重磅企划 "蒙格斯2025年度阅读量TOP10文章"以及 第七届"蒙格斯智库年度作家"评奖 致敬每一份智慧洞见与深度思考 展望崭新的2026年 期待专家学者们在前沿领域持续深耕细作 创作出更多映照时代的思想华章 房地产曾是中国经济高速发展的重要引擎，其金融化属性催生了行业繁荣，却也暗藏投机泡沫与高空置 率的隐忧——城镇住房空置率持续攀升，租售失衡导致刚需难满足、资源浪费等多重困境。当"堵"式调 控难破僵局，"租售并举"成为破题关键。文章聚焦房地产金融化的核心矛盾，探索 ...

Group 1 - The China Interbank Market Dealers Association announced that Cinda Futures Co., Ltd. failed to effectively fulfill its active management responsibilities, facilitating unauthorized trading by individuals not qualified for interbank bond market transactions [1] - Cinda Futures has been named for compliance issues for the second time in 2025, with a previous incident in September regarding its app's privacy policy violations, which did not adequately disclose the purposes, methods, and scope of personal information collection [3] - Cinda Futures was established in October 1995 and is wholly owned by Cinda Securities Co., Ltd., with a registered capital of 600 million RMB, and is recognized as a large, reputable futures company in China [3] Group 2 - Cinda Futures is a member of several major exchanges, including the China Financial Futures Exchange and the Shanghai Futures Exchange, and holds various memberships in industry associations [3] - In June 2025, the China Securities Regulatory Commission officially approved Central Huijin Investment Ltd. as the actual controller of Cinda Securities, changing the controlling shareholder from the Ministry of Finance to Central Huijin [3]

Group 1 - The core point of the article is the resignation of Mr. Chen Xiaowu, a non-executive director of China Cinda (01359), due to retirement at the age limit [1] - Mr. Chen's resignation includes his positions as the chairman of the Risk Management Committee, a member of the Strategic Development Committee, and a member of the Nomination and Remuneration Committee [1]

Core Viewpoint - The article discusses the role of China Cinda Asset Management in addressing real estate risks during the "14th Five-Year Plan" period, highlighting its involvement in various projects across multiple cities and its strategies for risk resolution in the real estate sector [1][2][3]. Group 1: Company Involvement in Real Estate Projects - China Cinda has participated in 43 cities' projects to ensure the delivery of homes and buildings, completing its tasks during the "14th Five-Year Plan" [1]. - The company has invested 12 billion yuan in the Xi'an project, which has successfully sold 1,006 units, demonstrating its effective management and development capabilities [2][3]. Group 2: Risk Resolution Strategies - The company employs a dual approach of "blood transfusion" and "blood production" to support troubled real estate projects, focusing on both funding and sustainable development [4][5]. - China Cinda has initiated 191 real estate risk resolution projects from 2022 to September 2025, ensuring the delivery of approximately 130,000 homes [2][4]. Group 3: Financial Performance and Growth - As of June 2025, China Cinda's total assets reached 1.68 trillion yuan, reflecting a 2.62% increase from the end of 2024 [2]. - The company reported a net profit of 2.281 billion yuan for the first half of 2025, marking a 5.8% year-on-year growth, indicating a recovery in profitability [6]. Group 4: Future Outlook - Looking ahead to 2026, China Cinda aims to focus on high-quality urban renewal, revitalizing troubled real estate projects, and exploring opportunities in non-residential sectors and restructuring [7].

Core Viewpoint - During the "14th Five-Year Plan" period, China Cinda has successfully completed its tasks related to ensuring the delivery of housing and projects, actively participating in risk resolution in the real estate sector across 43 cities in China [2][3]. Group 1: Financial Performance and Strategy - As of June 2025, China Cinda's total assets reached 1.68 trillion yuan, reflecting a 2.62% increase from the end of 2024 [3]. - The company aims to be a problem solver for distressed real estate and a value investor in operational real estate, adapting to market changes and policy directions [3][8]. - China Cinda has invested 945 billion yuan to facilitate the resumption of projects valued at approximately 4.524 trillion yuan, achieving a leverage ratio of 1:5 [5]. Group 2: Project Management and Risk Resolution - The company has engaged in 191 real estate risk resolution projects from 2022 to September 2025, ensuring the delivery of around 130,000 housing units [2][3]. - China Cinda employs a multi-faceted approach to project management, involving collaboration with various stakeholders, including government departments and financial institutions, to address issues across the entire business chain [4][5]. - The company has successfully restructured projects like the Henan Kangqiao project, injecting funds and management expertise, resulting in the delivery of over 6,400 housing units and resolving 2 billion yuan in construction payments [3][5]. Group 3: Future Outlook and Development - Looking ahead to 2026, China Cinda plans to focus on high-quality urban renewal, revitalizing distressed real estate projects, and exploring opportunities in non-residential sectors and restructuring [8]. - The company is transitioning from merely providing financial support to offering comprehensive solutions that include substantial restructuring and operational management [8].

Core Viewpoint - China Cinda (01359.HK) announced the resignation of its non-executive director Chen Xiaowu, effective December 31, 2025, due to retirement age [1] Group 1 - Chen Xiaowu will resign from multiple positions, including non-executive director, chairman of the Risk Management Committee, member of the Strategic Development Committee, and member of the Nomination and Remuneration Committee [1]

Core Viewpoint - China Cinda (01359) announced the resignation of non-executive director Mr. Chen Xiaowu, effective December 31, 2025, due to retirement age [1] Group 1 - Mr. Chen Xiaowu will resign from his positions as non-executive director, chairman of the Risk Management Committee, member of the Strategic Development Committee, and member of the Nomination and Remuneration Committee [1]