河钢股份、河钢资源、财达证券三家上市公司负责人还就公司经营情况、融资需求、舆情应对等话题与 联合调研组进行了交流沟通。 农行河北省分行党委书记、行长相阳介绍，农行河北省分行和河钢集团是战略合作伙伴，在现有合作基 础上双方在科技金融、绿色金融、数字金融等方面还有很大合作空间。同时在河钢集团资产证券化、并 购重组等方面也可以发挥农业银行的优势，为集团转型发展提供支撑。 （文章来源：新华财经） 新华财经石家庄4月27日电（记者刘桃熊）近日，在证监会上市司指导下，河北证监局联合河北省委金 融办、河北省国资委、新华社河北分社、农业银行河北省分行等单位，对河钢集团旗下河钢股份、河钢 资源、财达证券等上市公司开展联合走访调研。 河钢集团党委书记、董事长刘键表示，当前河钢集团"四大基地"优势已经逐渐显现，在加快高端化、智 能化、绿色化发展方面也取得新的成效。除了聚焦主责主业外，集团将在资本运作方面进一步发力，支 持上市公司更好发展。 河北证监局党委书记、局长童卫华表示，按照证监会部署，要凝聚各方力量支持上市公司做大做强。河 钢集团作为河北最大省属国企，为河北省经济社会发展作出重要贡献。在资本市场上，希望河钢集团进 一步支持上 ...

Core Viewpoint - The establishment of the "Guojin Future 2025-11" knowledge property asset-backed special plan marks the sixth knowledge property ABS launched in 2023, indicating a growing trend in the knowledge property securitization market in China [1][2]. Industry Development - Knowledge property securitization involves institutions issuing securities backed by their intellectual property or related debts, which has gained momentum since 2015 due to supportive policies [2]. - As of April 25, 2023, a total of 128 knowledge property ABS have been issued in China, with a cumulative issuance scale of 21.751 billion yuan, and six new ABS issued this year totaling 734 million yuan [3]. Market Trends - The issuance of knowledge property ABS is becoming more diverse, with an increasing number of participating institutions, now totaling 32 [3]. - The concentration of issuance is notable, with three main institutions dominating the market, particularly Shenzhen High-tech Investment Microfinance Co., which has issued 43 knowledge property ABS totaling 9.183 billion yuan, accounting for 42.22% of the market [4]. Product Characteristics - Due to the lower credit ratings of underlying small and medium-sized tech enterprises, many knowledge property ABS incorporate both internal and external credit enhancements to meet issuance requirements [4]. - The complexity of knowledge property valuation and its weak correlation with cash flows from underlying assets pose challenges for independent credit ratings, necessitating reliance on external credit enhancement [6][7]. Future Outlook - The Chinese government is committed to enhancing the innovation environment, which is expected to drive rapid growth in knowledge property projects and improve valuation standards and legal protections [5]. - Recommendations for overcoming current challenges include improving the intellectual property valuation system, innovating asset models, and optimizing the market environment to enhance liquidity [8].

Core Viewpoint - The commercial real estate industry in 2024 faces a dual challenge, with sales-driven developers experiencing significant profit declines and asset impairments, while operation-oriented companies see stable rental growth and improved financial structures [1] Group 1: Profit Divergence and Cash Flow - The financial reports of commercial real estate in 2024 show a stark contrast, with some companies facing substantial losses while others maintain profitability through consistent rental income [2][3] - Sales-driven companies like Vanke and Baolong are struggling, with Vanke reporting a net loss of 49.4 billion yuan, marking its first significant loss since listing, and Baolong's loss expanding to 5.5 billion yuan [3] - In contrast, companies like China Resources Land and Longfor Group are maintaining profitability, with China Resources Land achieving a net profit of 25.42 billion yuan, despite an 8.5% year-on-year decline [3] Group 2: Rental Income and EBITDA - Rental income has become a critical cash flow source, with China Resources Land reporting rental income of 23.3 billion yuan, a year-on-year increase of 8.4% [4] - EBITDA is emerging as a new valuation anchor, with Longfor Group's operating cash flow exceeding 6 billion yuan, indicating strong operational stability [5][6] - Companies like Baolong and New Town Holdings show weaker EBITDA coverage, relying on asset disposals or financing to sustain operations [5] Group 3: Financial Structure and Risk Resistance - The net debt ratio has become a key indicator of a company's ability to withstand risks, with companies like Swire Properties maintaining a low net debt ratio of 4.4% [8] - A cash-to-short-debt ratio above 1.2x indicates a strong ability to cover short-term liabilities, while ratios below 0.8x may lead to credit rating changes [11] - Companies with a net debt ratio above 70% face high risks and may rely on asset sales for survival [8] Group 4: Strategic Models and Organizational Capability - The industry is witnessing a shift from project-based thinking to systematic capabilities, with companies needing to establish replicable cash flow models to enhance future valuations [23][30] - Three strategic models are emerging: long-term operational, mixed development and holding, and transitioning from heavy to light asset structures [24] - Companies like Swire and Hang Lung are exemplifying pure operational strategies, while others like Vanke and Baolong are struggling to find a clear path in their transitions [25][27] Group 5: Valuation Logic and Market Perception - The valuation logic in commercial real estate is shifting from land appreciation expectations to the sustainability of cash flows, with investors focusing on the ability to generate predictable cash [31][35] - Shopping centers are becoming the few assets still attracting positive valuation expectations, with China Resources Land's shopping center rental income reaching 19.3 billion yuan, a year-on-year increase of 8.4% [32] - The ability to securitize rental income is becoming crucial for future valuations, with companies needing to demonstrate clear cash flow structures and exit mechanisms [35][36] Group 6: Future Outlook and Recommendations - The future of companies in the commercial real estate sector will depend on their ability to convert properties into predictable cash flows and establish robust organizational capabilities [45][46] - Companies are advised to shift focus from project-centric strategies to developing standardized cash flow and asset securitization models [43] - Investors should prioritize evaluating EBITDA, rental recovery cycles, and interest coverage capabilities over traditional metrics like sales and profit margins [43]

中金研究 本文旨在从金融视角对美国过去40-50年的房地产发展历程做一个框架式的回溯，针对资产价格、债务结构、融资模式、工具内涵、企业形态等方面做 一个纲要式的分析，为我们看待与展望中国的问题提供一些启示。 点击小程序查看报告原文 Abstract 过去40余年美国房地产债务扩张主要是利率长期下行这一宏观范式的结果。 我们考证发现：1）房价从可负担性的角度呈现周期变化，利率中枢下行带来 的可负担性提升是房价长期上行的主要原因；2）租售比水平长期和利率同步趋势下行，带动住房估值水平提升；3）鉴于住房自有率和成交量的长期变化 不明显，房地产债务扩张主要由长周期维度房价上涨（且跑赢通胀）驱动，因此也可以认为是过去全球化环境中宏观范式的一种体现。往前看，这种范式 可能会变化，房价对通胀的超额收益可能收敛。 融资结构的变化与流动性供给机制的创新有参考意义。 历轮房地产市场调整都可能会催生流动性供给机制的创新，因此从金融角度看美国近代房地产 史，也是一部金融创新与变迁史。主要的脉络，是从1970年代计起，直接融资在房地产债务中的占比持续扩大，50余年下来间接融资和直接融资的结构完 成了一次倒置（从大约七三开转换为三七开） ...

Investment Rating - The investment rating for the company is "Outperform the Market" [6][4][17] Core Views - The company has achieved significant growth in net profit due to the issuance of REITs, with a projected net profit of 1.567 billion yuan in 2024, representing a year-on-year increase of 292.93% [1][7] - The company is undergoing a transformation in its core business, focusing on trends such as two-dimensional culture shopping malls and outlet stores, which may pressure short-term performance but support long-term growth [1][7] - The retail environment remains challenging, particularly for the department store segment, which has seen a revenue decline of 31.93% year-on-year [2][8] Financial Performance Summary - In 2024, the company is expected to generate revenue of 27.675 billion yuan, a decrease of 9.32% year-on-year, while the net profit is projected to be 1.567 billion yuan [1][5] - The gross margin for 2024 is estimated at 25.88%, with a net margin of 5.00%, reflecting a significant increase in net margin due to REIT-related gains [3][11] - The company’s various business segments show mixed performance, with department stores declining significantly, while shopping centers and outlet stores show resilience [2][8][10] Segment Performance Summary - **Department Stores**: Revenue of 1.483 billion yuan in 2024, down 31.93%, with a gross margin of 31.42% [2][8] - **Shopping Centers**: Revenue of 2.234 billion yuan, up 17.60%, but with a declining gross margin of 45.18% [2][8] - **Outlets**: Revenue of 1.517 billion yuan, stable growth of 0.03%, with a gross margin of 78.06% [2][8] - **Supermarkets**: The supermarket segment, particularly the Lianhua Supermarket, reported a net loss of 333 million yuan, with overall revenue declining across various formats [2][8][10] Future Outlook - The company is expected to continue leveraging its geographical and property advantages to enhance operational performance, with ongoing adjustments in business strategy [4][17] - The projected net profits for 2025, 2026, and 2027 are revised to 548 million, 620 million, and 679 million yuan respectively, reflecting a cautious outlook due to pressures in the supermarket segment [4][19]

Core Insights - The Hubei Provincial Conference on the Development of the Private Economy highlighted the growth of Jiuzhoutong Pharmaceutical Group, which has nearly 30,000 franchise pharmacies and expects sales to exceed 7 billion yuan in 2024, representing a 50% year-on-year increase [1][2] Company Overview - Jiuzhoutong was listed on the Shanghai Stock Exchange in 2010 and currently has 682 holding companies and over 30,000 employees [1] - For the first three quarters of 2024, the company achieved a revenue of 113.4 billion yuan, ranking 176th among China's top 500 companies and 55th among private enterprises [1] Strategic Initiatives - The company is advancing its "Three New and Two Transformations" strategy, focusing on new products, new retail, new medical services, digitalization, and real estate securitization [2] - In the new product segment, Jiuzhoutong has established four R&D institutions and collaborates with several research institutes, with an annual R&D expenditure of 200-300 million yuan [2] - The new retail initiative has seen nearly 30,000 franchise pharmacies, with projected sales of over 7 billion yuan in 2024, marking a 50% increase [2] - In the new medical sector, the company has developed a "digital + supply chain" system, with 1,366 franchise clinics and plans to exceed 10,000 clinics in the next five years [2] - The digitalization effort includes a dedicated leadership team and over 1,400 IT engineers, completing more than 100 digital projects [2] - Jiuzhoutong successfully issued the first public REITs for pharmaceutical warehousing and logistics assets in the industry, raising 1.158 billion yuan [2] Corporate Governance - In 2020, Jiuzhoutong transitioned from founder-led management to a professional management team, which is currently functioning well [2] - The company aims to optimize its institutional mechanisms to establish a modern corporate governance system and contribute to the construction of Hubei's economic framework [2]

东百集团 20250415 摘要 • 东百集团聚焦商业消费和物流仓储，商业零售包括自营（化妆品）、联营 （服饰等）和租赁模式（餐饮等配套）。2024 年商业零售收入 15.6 亿元， 略降但毛利增加；仓储物流收入 1.38 亿元，同比增长 39%，主要受益于 项目竣工和出租率提升。 • 公司拥有八个主要商业项目，集中在福建和甘肃，总经营面积约 87 万平 方米，自持物业占比三分之二。核心项目包括福州东百中心和兰州中心， 客流量分别超过 3,700 万和 3,600 万人次，同比增长显著。 • 东百中心和兰州中心持续引进首店品牌，其中多个品牌销售额进入全国 Top 10，显示出强大的品牌吸引力和市场竞争力。东百中心客单价约 2000 元，兰州中心客单价从 1,200 元增长到 1,350 元。 • 公司深化零售数字化建设，会员人数超 410 万，同比增长 13%，活跃会 员超 65 万。通过小程序、全渠道宣传矩阵和多场景直播实现精准营销， 平台浏览量近 5,000 万人次。 • 仓储物流业务以轻资产运营为主，累计开发 18 个物流项目，总建筑面积 180 万方，布局重点城市，已退出 7 个项目，与黑石集团等合作 ...

债权类 ABS 尽调新规解读 本期作者：孙佳彤 朱江泰 常皓 施泽宇 引言 2025 年 3 月 28 日，中国证券投资基金业协会发布《债权类资产证券化业务尽职调查工 作细则》（以下简称"《尽调细则》"），其内容涵盖开展企业应收账款债权、融资租赁债权、 小额贷款债权、企业融资债权等债权类基础资产证券化业务的尽调细则。本次《尽调细则》 的制定，较大程度的结合了《上海证券交易所资产支持证券挂牌条件确认规则适用指引第 2 号——大类基础资产》（以下简称"《指引 2 号》"）的相关规则，在《企业应收账款资产证券 化业务尽职调查工作细则》《融资租赁债权资产证券化业务尽职调查工作细则》（以下简称 "原《尽调细则》"）的基础上进行了延伸和补充。联合资信在《指引 2 号》颁布时已经对其 内容与原《尽调细则》进行了详细的对比（详见上交所 ABS 挂牌新规简析系列文章），因此 本文旨在通过系统对比分析《尽调细则》与《指引 2 号》的核心内容，重点考察其在业务参 与人、基础资产、现金流及交易结构的尽职调查要求及风险控制逻辑的异同。两套政策配套 协同使用，相互补充，使资产证券化业务操作更为完善健全，可为市场参与主体提供更清晰 的操作 ...

Core Viewpoint - Tianqin Equipment's 2024 annual report shows significant growth in revenue and net profit, indicating strong performance in the military equipment sector driven by industry trends and improved market share [2][3]. Financial Performance - The company achieved operating revenue of 231 million yuan, a year-on-year increase of 49.14% [2]. - Net profit attributable to shareholders reached 41.68 million yuan, up 29.49% year-on-year [2]. - The net profit excluding non-recurring items was 38.75 million yuan, reflecting a growth of 44.68% [2]. Product Line Performance - Revenue from specialized protective devices was 206 million yuan, a year-on-year increase of 36.74% [3]. - Revenue from equipment components surged to 2.401 million yuan, with a remarkable growth rate of 742.57% [3]. Industry Context - The acceleration of national defense modernization is driving the upgrade of equipment and increasing demand for protective gear, benefiting Tianqin Equipment's main products [3]. - The overall market for equipment manufacturing is expanding due to sustained industry demand [3]. Technological Advancements - The company has a strong technical foundation in various areas, including engineering plastic formulation and composite material design [4]. - In 2024, Tianqin Equipment invested 8.147 million yuan in R&D and has accumulated 15 invention patents and 16 utility model patents [5]. Strategic Focus - The company aims to enhance product performance and quality while expanding into civilian protective fields to maintain long-term competitive advantages [5]. - Tianqin Equipment emphasizes collaboration with domestic research institutions to innovate and apply theoretical research to product development [5].

公司愿景&业务构成 发挥野村集团的全球平台资源，长期立足中国资本市场，持续投入，逐步发展成为全牌照证券公司； 为中 国客户提供高端的综合金融服务方案。致力于树立中国金融市场上合资证券公司的"经营典范"。 财富管理部 机构业务部 研究部 资产管理部 企业金融部 自营交易部 品宣公关部 财富管理部 整合公司的牌照资源、业务资源、人力资源服务于国内高净值人群和大众理财人群并为其提供相应的专业 化、个性化的财富管理综合解决方案。 部门定位 定位及发展方向 · 财富管理部致力于为中国大陆市场的高端个人及企业投资者提供具有国际水准的咨询及交易服务。 · 凭借野村多年全球化深耕经验，发挥出通过面谈进行财富规划的咨询优势，服务于中国高净值人群。 · 秉承野村传统，通过专业化精细化的财富管理服务团队，一切以客户为中心。 发展 方向 ·立足中国，依托野村全球资源，打造一流的国际化财富管理平台。 ·"客户至上"原则，始终坚持"买方"财富管理理念，与客户共成长。 ·强化服务能力，依托专业财富资源团队，打造一流的财富管理队伍。 机构业务部 机构业务部依托野村集团全球平台、整合公司各业务领域资源，为合格境外机构投资者、国内公募基金、 私 ...