Core Viewpoint - Baocheng Futures, a financial strategic platform under China Huaneng Group, has been enhancing its functional capabilities in the futures industry for over 30 years, focusing on serving shareholder development, empowering the transformation of the real economy, and supporting rural revitalization strategies [3][4]. Group 1: Company Strategy and Operations - The company adheres to the strategic philosophy of "safety, leadership, and service," implementing the "three improvements and two controls" approach to enhance work quality, efficiency, and effectiveness while strictly controlling risks and costs [3][4]. - Baocheng Futures has established a service system that integrates capital, business, and strategic collaboration, achieving deep integration from resource sharing to value co-creation [4]. - The company focuses on risk management needs in core sectors such as coal, coke, electricity, and new energy, providing customized financial solutions to help enterprises manage risks and lock in costs and profits [4][6]. Group 2: Service to Shareholders and Clients - Baocheng Futures has built a collaborative development pattern with complementary advantages and resource sharing, leveraging nearly 100 business outlets of Changcheng Securities to provide seamless nationwide service [4][6]. - The company actively participates in financial innovation practices for shareholder units, exploring emerging fields such as green finance and wealth management, thus enriching the customer service system [5][6]. Group 3: Commitment to Real Economy - Since its establishment, the company has remained committed to serving the real economy, creating a differentiated and personalized risk management service system tailored to the needs of various industries and enterprises [6]. - Baocheng Futures has developed comprehensive risk management solutions for energy companies affected by international crude oil price fluctuations, including strategies for hedging and basis trading [6]. Group 4: Social Responsibility and Rural Revitalization - The company actively responds to the national rural revitalization strategy by innovating a "finance + industry + public welfare" assistance model, injecting financial resources into rural revitalization efforts [7]. - Baocheng Futures has engaged in infrastructure construction and public welfare support in rural areas, forming a virtuous cycle of "party building, financial empowerment, and industrial development" [7]. Group 5: Professional Recognition and Future Outlook - The company has received multiple industry awards for its outstanding performance in industrial services, risk management, and customer service, reflecting its commitment to serving the real economy [8]. - Looking ahead, Baocheng Futures aims to deepen its development strategy of "serving shareholders, empowering the real economy, and supporting rural revitalization," continuing to contribute significantly to the financial sector [8].

Investment Rating - The report assigns a rating of "Buy" for CITIC Financial Assets [6]. Core Views - The company has established a new business pattern focusing on non-performing asset management and long-term equity investment, with the latter becoming a new stabilizing force for performance [2]. - The report highlights the ongoing transformation in non-performing asset management and the strategic shift towards long-term equity investments as a counter-cyclical measure [10]. Financial Summary - Total revenue is projected to reach RMB 62,183.98 million in 2025, with a growth rate of 142.8% in 2024, followed by a decline of 11.9% in 2025 [4]. - Net profit is expected to increase significantly, reaching RMB 9,618.37 million in 2025, reflecting a growth of 444.6% from the previous year [4]. - The report provides a price-to-earnings (PE) ratio of 7.42 for 2025 and a price-to-book (PB) ratio of 1.63 for the same year [4]. Business Analysis - The company is one of the four major Asset Management Companies (AMCs) in China, with a focus on non-performing asset management as its core business [31]. - The report indicates that the company is undergoing structural adjustments in its non-performing asset management, with a cautious approach to risk recognition [57]. - Long-term equity investments are highlighted as a new stabilizing factor, providing steady returns and long-term value [10][57]. Earnings Forecast and Valuation - The forecast predicts a net profit growth of 7.4% in 2025, 11.0% in 2026, and 8.6% in 2027, reaching RMB 12,451.52 million by 2027 [10]. - The report sets a target price of HKD 1.16 based on a 2x PB valuation for 2025 [10].

"十四五"以来，浙商证券从中型券商发展成为中型券商领头羊和浙江省规模最大的本土券商，其高质量 发展实践为行业提供了"浙商样本"。作为浙江省首家省属国有上市券商，浙商证券始终锚定"深耕浙 江、服务浙商、走向全国"的战略，以高质量发展为主线，扎实做好金融"五篇大文章"，在服务实体经 济、推动产业升级、助力共同富裕方面交出亮眼答卷。 深耕浙江 服务实体 金融"活水"精准滴灌经济毛细血管 近年来，浙商证券始终将服务实体经济作为一切业务的出发点和落脚点。"十四五"以来，积极参与浙江 省"凤凰行动"计划，通过打造"凤凰50指数"、开展走进上市公司等活动，系统性挖掘和培育浙商浙企的 投资价值。 当前，浙商证券已经在浙江省内编织了一张深入全省经济毛细血管的金融服务网络。在融资端，公司投 行业务股债双驱，"十四五"以来至今年9月，浙商证券完成股权、债券主承销项目近1300单，融资总规 模超5600亿元，其中债券承销规模超5300亿元，公司债承销排名在浙江省内稳居榜首，为浙江产业转型 升级注入了强劲的资本动能。 在服务中小企业与科技创新上，浙商证券构建了"投早、投小、投科技"的生态链。通过设立浙江省专精 特新母基金等工具，与产业 ...

从首艘7500车位液化天然气（LNG）双燃料汽车运输船"辽河口"轮顺利首航，到国内首艘建造全过 程零碳排放船舶完成交付，再到17.4万立方米LNG运输船"青城"轮成功交付……在船舶建造与营运 的"破冰"之旅中，一直有着金融租赁公司的身影。 扬帆逐浪、经略海洋，成为金融租赁业践行海洋强国战略、服务实体经济，深化产融协同、实现高 质量转型的一大鲜明特色。 《中共中央关于制定国民经济和社会发展第十五个五年规划的建议》特别提到，加强海洋科技创 新，巩固提升海洋装备制造业优势，壮大海洋新兴产业，发展现代航运服务业。 《金融时报》记者在采访中了解到，近年来，金融租赁公司积极服务工程建造、水下设施、船舶等 海洋相关产业，特别是在绿色船舶、智能船舶等重点领域，通过直租、售后回租等多元模式，为船舶的 研发、新造、运营全链条注入金融活水，为航运企业降本增效，为海洋产业发展筑牢金融支撑。 一艘艘绿色智能船舶的破浪远航，是金融租赁公司实打实的资金支持与模式创新。 据悉，民生金租近年来在国内某大型船舶集团累计下单建造了22艘现代化高附加值船舶，总价值近 200亿元。 克拉克森研究（Clarksons Research）近期发布的《中国 ...

Core Insights - The event "Chuangrong Jiangsu Capital Towards New" was successfully held, focusing on connecting quality enterprises with investment capital and enhancing the integration of industry and finance [1] - The event was organized by the Jiangsu Provincial Financial Office and involved participation from various financial institutions and enterprises in the Suqian region [1] Group 1: Event Overview - The event featured nearly 20 venture capital state-owned enterprises and technology innovation companies, along with over 10 investment institutions [1] - Key presentations included a lecture on innovative financial products by Wang Xia, Deputy General Manager of the Corporate Finance and Investment Banking Department of Bank of China Suqian Branch [1] Group 2: Financial Products and Services - Wang Xia shared insights on the AIC equity investment pilot fund, requirements for Hong Kong stock listings, and technology innovation bonds [1] - The event facilitated discussions between enterprises and financial institutions regarding future listings and financial services [1] Group 3: Future Directions - The Bank of China Suqian Branch aims to deepen the collaboration between industry and finance, helping local enterprises connect with capital markets [1] - The focus will be on directing financial resources towards advanced manufacturing and technology innovation sectors to support high-quality local economic development [1]

12月11日，2025年"保险资管河南行"产融对接会在郑州航空港区举行。这场高规格的产业对接会，已成 为保险资金与中原产业精准对接的重要纽带和高能级平台。 主题分享环节，国内头部保险资管机构代表围绕保险资金优势发挥、另类投资创新、行业发展展望等核 心议题分享前沿实践，为河南产业融资提供了新思路与新方案。 交流环节，观点碰撞，诚意满满。保险资管机构、AIC机构等代表共探产融协同新模式，为险资服务区 域产业出谋划策；项目路演现场，省内多家重点企业携基础设施、先进制造、产业园区等领域优质项目 集中亮相，与在场金融机构面对面洽谈，达成多项初步合作意向。 "保险资金是天然的耐心资本，我们非常看好河南未来的发展，将会持续加大在豫投资。"建信保险资产 管理有限公司副总裁林玉霜交流时说。 从2023年首届"保险资管河南行"活动启动以来，"险资入豫"这三年，对河南而言，可谓收获满满。在省 委、省政府大力推进下，河南与各保险资管机构深化合作、相向而行，充分发挥保险资金耐心、长期的 优势，源源不断的金融"活水"持续流向重大战略、重大项目和重点企业。 先来看一组数据，保险资金对河南实体经济的赋能作用持续凸显：截至今年10月末，河南累 ...

2025年是"十四五"规划收官之年，我国产业结构转型进入深化攻坚阶段，融资租赁作为服务实体经济、产业转型升级中的重要力量，伴随着中国经济腾飞， 引金融活水流向千家万户、千企百业。 平安国际融资租赁有限公司（以下简称"平安租赁"）自成立以来，坚守服务实体经济、推动行业进步、助力产业升级的初心，持续优化金融服务能力，创新 贴合客户需求的多样化融资租赁产品，充分发挥"融资+融物"的行业属性，助力产业高质量发展，截至目前，平安租赁已累计投放超万亿元支持实体经济发 展。 作为平安租赁打造的首个行业级线上狂欢节，2025 PA租赁节于12月10日正式启幕，此次租赁节联动众多产业伙伴，带来工程建设租赁、汽车租赁、城市基 础设施与运营租赁、制造加工&小微租赁、商业保理五大专场，深入进行产业探秘，近距离感受身边无处不在的融资租赁服务体验，也为广大消费者带来产 品钜惠和好礼欢送。 金融活水深耕实体赛道 助力产业发展 平安租赁聚焦工程建设、城市发展与运营等实体经济领域，与产业伙伴携手同行，推动产业高质量发展。首届PA租赁节直播间走进洋山港基地，登上海上 巨无霸—风电安装船"风范号"，探秘吉利汽车超级工厂，深入中国规模最大清远鸡提供 ...

黄浦江畔的上海国际金融中心，正以全球要素配置枢纽的姿态链接产业与资本。在这里，兖矿融资租赁有限公司董事、总经理夏晓晖深耕八载，将上海的金 融开放优势与兖矿的能源产业根基精准对接。从自贸区政策红利的先行者到跨区域银团模式的构建者，从合规创新的践行者到沪鲁协同的架桥人，他以上海 为创新原点，书写了能源金融产融协同的"上海样本"。 锚定自贸区优势 打通跨境租赁 "上海路径" "上海自贸区的制度创新，是融资租赁打通'两个市场、两种资源'的关键钥匙。"这是夏晓晖扎根上海多年的深刻体悟。初到伊始，他便敏锐捕捉到自贸区在 跨境交易、税收优化等领域的政策红利，牵头搭建起"境内外联动"的业务框架，主导的"国产高端矿用车出口跨境融资租赁项目"，成为上海自贸区赋能装备 出海的标杆案例。面对中国内地、中国香港、澳洲三地迥异的法律税务体系，夏晓晖团队以上海自贸区为操作枢纽，创新性打通"上海-天津-香港"多口岸跨 境租赁通道，将28辆330吨级国产高端矿车以融资租赁方式出口至兖煤澳洲，实现1.2亿美元合同落地。这一项目不仅创下"工信部重大技术装备自主创新目 录设备融资租赁出口首单"等两项全国纪录，更借助上海自贸区的外汇管理便利化政策，将 ...

作为中石油旗下金融板块，财务公司在支持能源转型、低碳发展方面发挥了怎样的作用？近日，《金融 时报》记者采访了中油财务有限责任公司（以下简称"中油财务公司"）党委副书记、总经理闫宏。 《金融时报》记者：为实体经济服务是金融的天职。"十四五"时期，中油财务公司在坚持以融促产、培 育新质生产力等方面有哪些突破性实践？ 闫宏："十四五"时期，我们基于国家导向、集团所需和自身功能定位，把"高质量服务集团公司主责主 业"作为首要大事来抓，坚持集团需求在哪里、财务公司服务就在哪里。 财务公司资金主要来源于归集成员企业资金，5年来，我们聚焦集团所需和企业所求，通过为成员企业 搭建"子资金池"、协助油田单位解决混改企业资金集中管理难题、量身定制境外资金归集方案等措施， 协助集团进一步强化资金集中管理。 公司积极落实集团创新战略、资源战略和市场战略，在机构、团队、制度、系统、产品等方面协同发 力，建立健全产融服务体系，创新开发"储气贷""油品惠"等十余款专项产品。5年来，我们累计为集团 油气增储上产和新质生产力培育等重大项目发放本外币贷款超6500亿元，基本实现"应贷尽贷"，用实际 行动当好能源保供"顶梁柱"。 近年来，集团因地 ...

坚守主业：夯实高端制动根基，打通产融对接脉络 2025年12月3-4日，由上海报业集团指导，智通财经主办、中关村股权投资协会联合主办的"2025智通财经上市公司价值引领大会暨第六届精英董秘之夜"在 厦门同安佰翔波特曼七星湾酒店圆满落幕。在这场汇聚资本市场核心力量的行业盛会中，北摩高科董秘王习凭借扎实的专业功底、精细化的市值管理策略及 高效的投资者关系维护能力，成功摘得2025精英董秘奖项，成为资本市场认可的优秀董秘标杆，也为企业的资本价值提升增添了重磅助力。 北摩高科自2003年成立、2020年4月登陆深交所以来，始终坚守高端装备制动摩擦材料主业，深耕航空航天、轨道交通、装甲装备制动等核心细分领域，已 成长为集研发、生产、销售于一体的国家高新技术企业，更是国内制动摩擦材料领域的领军企业、2025北京高端制造企业创新50强企业。 公司核心产品覆盖航空制动装置、高铁制动闸片、装甲装备制动组件等多个品类，其中2000年便攻克苏30战机刹车盘国产化技术，2005年掌握炭炭复合材料 全链条自主知识产权，其炭炭刹车盘适配歼20、运20等主力机型，实现关键部件的国产化替代；同时公司牵头参与了航空制动摩擦材料、高铁制动闸片等 ...