中小银行并购重组步伐正在加快。据国家金融监督管理总局披露的信息，截至5月18日，今年以来已有 26家中小银行收购或解散旗下村镇银行的申请获监管批复。另据金融监管总局近日发布的《银行业金融 机构法人名单》，截至2024年末，我国共有银行业金融机构法人4295家，相较于2023年末的4490家减少 了195家；分机构来看，农村商业银行、农村信用社和村镇银行分别较上一年减少了44家、41家和98 家。 推进地方中小金融机构风险处置和转型发展，是近年来金融监管工作的重点之一。尤其是今年1月份， 金融监管总局召开2025年监管工作会议，再次明确将加快推进中小金融机构改革化险作为今年的重点任 务。在这一重点任务背后，部分资产质量不佳、公司治理不完善的高风险城商行，一些规模较小、竞争 力不足的农商行、农村信用社和村镇银行成为监管重点关注的对象。 除了向外寻求补充资本金，在风险防控上，中小银行也要练好内功。尤其是兼并重组后新设立的中小银 行须完善全面风险管理体系，进一步优化信贷结构，同时对各个环节的风险开展动态监测和预警，推动 整体实现减量提质。 从监管工作措施和各地具体实践来看，推动中小银行改革化险主要分为两方面：一是千方 ...

｜2025年5月23日星期五｜ NO.1 中交地产持有人会议通过债务承继议案 5月22日，中交地产发布关于2024年度第二期中期票据2025年第一次持有人会议的决议公告。该次持有 人会议于2025年5月15日以非现场形式召开，会议召集人为中信建投证券股份有限公司。会议审议了关 于中交地产股份有限公司进行债务承继的议案，最终所有参与表决的持有人均同意该议案，无反对票， 议案得以通过。 点评：这标志着其剥离房地产开发业务、化解退市风险的战略迈出关键一步，债务将转移至控股股东中 交房地产集团，为后续资产重组扫清障碍。长期来看，债务承继若能配合资产重组顺利落地，或缓解中 交地产信用风险，但轻资产业务的盈利能力及市场竞争力仍需时间验证。 NO.3 碧桂园及杨惠妍等高管遭上交所公开谴责 5月21日，碧桂园控股公告称，由于未能按时披露2024年中期报告的情况，公司及公司执行董事兼主席 杨惠妍、执行董事兼总裁莫斌及执行董事兼财务负责人伍碧君于近期收到上海证券交易所通知，分别对 公司、杨女士、莫先生、伍女士及其他具名人士予以公开谴责，并记入诚信档案。此外，公司附属公司 碧桂园地产及杨女士等亦因未按时提交并披露碧桂园地产2024 ...

2024年3月12日，公司收到江西证监局出具的《行政处罚事先告知书》，载明2019年至2020年期间，世龙实业 全资子公司江西世龙供应链管理有限公司通过与相关客户开展无实物流转、不具有商业实质的虚假贸易业务， 虚增营业收入、营业成本和利润，导致公司2019年年度报告和2020年年度报告存在虚假记载。2024年5月15 日，公司收到江西证监局下发的《行政处罚决定书》。根据深交所2024年4月30日发布并施行的《深圳证券交 易所股票上市规则》（以下简称"《股票上市规则》"）中新旧规则适用的衔接安排第七条，公司股票自2024年 5月17日起被实施"其他风险警示"，股票简称由"世龙实业"变更为"ST世龙"。 针对公司2019年年度报告和2020年年度报告存在虚假记载的问题，公司已对2019年度、2020年度财务报表进行 了会计差错更正及追溯调整，大华会计师事务所（特殊普通合伙）出具了《江西世龙实业股份有限公司前期重 大会计差错更正专项说明的鉴证报告》。 又有3只A股即将"摘星脱帽"。 5月21日晚间，*ST农尚（300536）发布公告称，公司股票将撤销退市风险警示，简称变更为"农尚环境"，并 将于5月22日停牌一天， ...

Core Viewpoint - The trust industry is experiencing significant pressure on profitability, with a notable decline in revenue and profit margins, indicating a period of transformation and adjustment within the sector [1][2][3]. Financial Performance - In 2024, the total revenue of 57 disclosed trust companies fell to 632.41 billion yuan, a decrease of approximately 125 billion yuan or 16.49% compared to the previous year [2][3]. - The total profit for the industry dropped nearly 30% to 315.54 billion yuan, with net profit at 257.58 billion yuan, reflecting a decline of 25.76% year-on-year [2][3]. - The average revenue per trust company was 11.09 billion yuan, down over 2 billion yuan from 2023, with only 25 companies reporting positive revenue growth [3][4]. Industry Segmentation - The industry is witnessing a "Matthew Effect," where the gap between leading and lagging companies is widening, with some companies experiencing significant revenue declines [4][5]. - Notably, Jilin Trust reported an extraordinary revenue increase of 88 times, primarily due to substantial investment gains [3][4]. - Conversely, companies like Wukuang Trust saw their revenue drop significantly, falling from the top ten to the bottom ranks due to losses in net interest income and investment returns [4][5]. Business Structure and Transformation - Trust business revenue totaled approximately 444 billion yuan, down about 7%, while proprietary business revenue fell nearly 33% to less than 188 billion yuan [9][13]. - The decline in both trust and proprietary business revenues indicates challenges in the traditional business model, with many companies facing a "gap" in returns due to the contraction of high-yield non-standard businesses [9][13]. - The industry is undergoing a transformation, with a focus on asset service trusts and family trusts, as companies seek to adapt to regulatory changes and market demands [15][16]. Risk Management and Asset Scale - The total trust asset scale surpassed 27 trillion yuan, reflecting a year-on-year growth of 26.64%, although 11 companies experienced a reduction in asset scale [14]. - The top 20 trust companies hold nearly 74% of the total industry assets, indicating challenges for smaller institutions in expanding their business [14]. - Companies are actively working on risk resolution, particularly in the real estate and urban investment sectors, with varying degrees of success in managing existing risks [15][16].

Group 1: Company Performance and Strategies - The company plans to increase R&D investment to enhance product market share and revenue [1][3][6] - Expansion of entrusted business to improve revenue generation capabilities [1][3][6] - Optimization of operational processes to reduce operating costs and enhance profitability [1][3][6] - Streamlining organizational structure to improve operational efficiency and control labor costs [1][3][6] - Expansion of export activities to create new profit growth points [1][3][6] Group 2: Risk Management and Future Plans - The company is actively taking measures to mitigate delisting risks, including adapting to new healthcare policies and participating in procurement [6][9] - Focus on maintaining existing customer orders in the peptide business while expanding customer channels [7][9] - Commitment to advancing the approval of products under review and engaging in international business development activities [7][9] - Emphasis on cost control measures to enhance efficiency and reduce waste [7][9] Group 3: Acquisition and Restructuring - The company currently has no acquisition plans, and all relevant information will be disclosed through designated media [2][4][8] - Suggestions from investors regarding restructuring and acquisitions have been acknowledged, but no concrete plans are in place [2][3][4][8]

Core Viewpoint - Despite facing significant pressure on revenue and net profit in 2024 due to industry adjustments and changes in consumer demand, the company is determined to transform into a comprehensive biopharmaceutical enterprise through innovation, optimized strategies, and international collaboration [1] Group 1: Innovation and Product Development - The company has achieved key breakthroughs in its vaccine pipeline, including the approval of a quadrivalent influenza vaccine and the acceptance of the application for a human diploid rabies vaccine [2] - The company aims to launch 1-2 self-developed products annually over the next 2-3 years to optimize its revenue structure [2] - The metabolic disease treatment sector is emerging as a new growth area, with significant progress in GLP-1 and insulin analogs, including the submission of liraglutide for market approval [2] Group 2: Risk Management Strategies - The company has implemented various measures to mitigate operational risks since the second quarter of the previous year, including enhancing communication with partners and adjusting promotional policies [3] - The company is focusing on inventory management and has initiated a "de-inventory" campaign to improve sales and reduce operational risks [4] - As of the end of Q1 2024, the company's accounts receivable have decreased to 14.6 billion, with ongoing efforts to manage aging receivables [4] Group 3: Shareholder Returns and Future Outlook - The company has prioritized shareholder returns by implementing a mid-term dividend of 479 million and completing over 300 million in share buybacks, reflecting its commitment to shareholder interests [5] - Management's proactive attitude and robust measures are expected to instill confidence in investors, with a focus on continuous R&D innovation and market expansion [5] - The company aims to achieve steady growth in performance and is committed to becoming a world-class biopharmaceutical enterprise [5]

谈及对于房地产行业的影响，刘水认为，在当前行业深度调整的背景下，金科股份作为曾经销售规模超 千亿的房企，树立了房企化解风险的示范，可为其他出险房企走出困境提供借鉴和参考，有助于加快行 业风险出清，有助于提振行业发展信心。 对于债权人，刘水表示，司法重整提供了一个相较于破产清算更为有利的解决方案，债权人的整体清偿 率得到大幅提升，合法权益得到最大限度的保护。 "对于购房者而言，金科股份重整计划裁定通过是'保交楼、稳民生'的重大利好，尤其是金科股份重整 方案中明确重整投资款中有部分定向用于'保交楼'工作。"刘水说，对于重庆市而言，金科股份作为本 土重要的民营企业和上市公司，重整裁定通过对于稳定地方经济、促进民营经济健康发展具有重要意 义。 编辑：张瑶 转自：新华财经 新华财经北京5月12日电（记者高婷）近日，金科股份司法重整取得重要阶段性成果，正式进入执行环 节，也意味着在经历三年多的财务困境后，金科股份将成功卸下历史包袱，迈向发展的新阶段。中指研 究院企业研究总监刘水表示，金科股份重整计划的顺利通过和即将实施，对各方面将带来积极影响。 首先，刘水认为，对于金科股份，此次重整是其走出困境、恢复正常经营的关键一步。 ...

树立房企风险化解示范 金科地产集团股份有限公司（简称"金科股份"）司法重整取得重要进展。 日前，金科股份发布公告显示，其全资子公司重庆金科房地产开发有限公司（简称"重庆金科"）第二次 债权人会议表决通过重整计划。同时，重庆市第五中级人民法院（简称"重庆五中院"）分别于5月10日 及11日裁定批准公司及重庆金科的重整计划并终止重整程序，公司及重庆金科将进入重整计划执行阶 段。 业内人士认为，金科股份作为曾经销售规模超千亿的房企，树立了房企化解风险的示范，可为其他出险 房企走出困境提供借鉴和参考，有助于加快行业风险出清，有助于提振行业发展信心。 法院批准金科重整计划 5月11日，金科股份发布公告称，《金科股份重整计划》及《重庆金科重整计划》均已获第二次债权人 会议表决通过，且重庆五中院已裁定批准公司及重庆金科的重整计划，并终止公司及重庆金科重整程 序。 公告还称，重庆五中院裁定批准公司及重庆金科的重整计划后，公司及重庆金科将进入重整计划执行阶 段。 据了解，本次重整金科股份及重庆金科重整涉及的债务规模达1470亿元，债权人数量超8400家，是房地 产行业迄今最大的重整案，也是重庆市有史以来最大的重整案。 根据重整 ...

Group 1 - The Ministry of Housing and Urban-Rural Development held a meeting to promote policies supporting the development of the private economy, emphasizing the need to eliminate market access barriers and optimize the policy environment for private enterprises in housing and urban construction [1] - The meeting aims to create a better policy and legal environment for private enterprises, which aligns with recent measures introduced by various regions to assist enterprises [1] Group 2 - Kinsford Holdings and its wholly-owned subsidiary received court approval for their restructuring plans, marking a significant step in optimizing their asset-liability structure and enhancing operational and profitability capabilities [2] - As the first nationwide real estate company in A-shares to complete judicial restructuring, Kinsford's approach provides a model for addressing industry risks through asset isolation, debt restructuring, and strategic transformation [2] Group 3 - Ocean Group announced the resumption of trading for seven company bonds, which may provide liquidity for debt restructuring, although the transfer is limited to professional institutional investors [3] - This event reflects the complexity of credit recovery in the real estate industry, with companies seeking to alleviate pressure through asset disposal and negotiation [3] Group 4 - Country Garden emphasized its commitment to ensuring property delivery and restoring normal operations, with significant investments directed towards this goal [4] - The case highlights the survival logic of real estate companies prioritizing delivery and debt alleviation amid liquidity crises, with the efficiency of debt restructuring and sales recovery being critical for returning to normal operations [4] Group 5 - Six residential projects were launched in Shanghai, totaling approximately 85,500 square meters and 734 units, indicating a rapid market supply increase [5] - Real estate companies with differentiated product capabilities and effective land cost management are expected to benefit from this accelerated market clearing [5][6]

证券研究报告 | 2025年05月09日 化解存量风险，轻装上阵迎发展 蒙商银行 2024 年报分析 |  行业研究·行业快评 | | |  银行 |  投资评级：优于大市（维持） | | --- | --- | --- | --- | --- | | 证券分析师： | 王剑 | 021-60875165 | wangjian@guosen.com.cn | 执证编码：S0980518070002 | | 证券分析师： | 陈俊良 | 021-60933163 | chenjunliang@guosen.com.cn | 执证编码：S0980519010001 | 事项： 蒙商银行近日披露 2024 年报。近几年监管部门不断强化风险监管，化解金融风险，我们通过持续跟踪蒙 商银行经营数据来观察中小银行风险化解的效果。2024 年是蒙商银行经营的第四个完整年度，从主要财务 数据来看，蒙商银行规模持续增长、资产负债结构正常，不良贷款率下降、拨备覆盖率回升，资本充足、 流动性达标。其中，受村镇银行吸收合并计提减值影响，蒙商银行 2024 年净利润亏损，但剔除该影响后 母行连续四年实现盈利，说明公司经营持续正常化 ...