Core Viewpoint - The public fund industry in China is entering a critical phase of deepening reform and improving quality and efficiency, focusing on enhancing investment capabilities, optimizing customer experience, and increasing investor trust [1][2][3] Group 1: Industry Development - The China Securities Regulatory Commission (CSRC) released the "Action Plan for Promoting High-Quality Development of Public Funds," marking a new development stage for the industry [2] - The public fund industry has over 30 trillion yuan in managed assets and more than 800 million investors, playing a vital role in serving the real economy and maintaining financial stability [3] - The industry faces challenges in operational philosophy, functionality, and governance, necessitating reforms to better align with national strategies [3] Group 2: Reform Initiatives - The action plan aims to address market and social concerns, encouraging institutions to focus on core business, optimize supply, and enhance value creation capabilities [3][4] - Beijing is positioned to lead by example in high-quality development due to its concentration of financial resources and institutions [4] Group 3: Business Innovation - The industry is encouraged to innovate and optimize business structures, including the introduction of floating fee rate products and the development of equity products [5][6] - In the first half of 2025, 73 new equity fund products were launched, totaling 41.5 billion yuan, with 1,106 equity funds under management amounting to 1.66 trillion yuan [6] Group 4: Investor Services - The focus is on enhancing the service system centered around investors, including the introduction of personal pension products and a comprehensive investor support system [6][7] - Digital transformation is being promoted to improve service efficiency and enhance investor experience [7] Group 5: Research and Investment Capabilities - The industry is urged to build a research and investment system that aligns with high-quality development, including the establishment of digital research platforms and integrated research teams [7] - Strengthening talent development and optimizing investment decision-making processes are key priorities [7] Group 6: Contribution to the Real Economy - The public fund industry is actively supporting national strategies, including technology innovation and green development, with 48 managed science and technology innovation funds totaling 173.236 billion yuan [8][9] - The industry is also involved in urban modernization projects through REITs, with 37 REITs issued, amounting to 1.03995 trillion yuan [9] Group 7: Investor Protection and Risk Management - Investor protection is prioritized, with ongoing fee reforms leading to significant savings for investors, totaling 7.2 billion yuan in 2024 [10] - A comprehensive risk management framework is being established to enhance regulatory oversight and prevent systemic risks [10]

北京商报讯（记者 岳品瑜 董晗萱）9月12日，据金融监管总局官网，为贯彻落实中央金融工作会议精 神，推动信托行业坚持信托本源，深化改革转型，有效防控风险，金融监管总局修订发布了《信托公司 管理办法》（以下简称《办法》）。 金融监管总局有关司局负责人就相关问题回答记者提问表示，《办法》修订后的业务范围共三项：一是 信托业务，将原《办法》中五项信托业务调整为资产服务信托、资产管理信托和公益慈善信托三项；二 是固有资产负债业务，在固有负债项下增加向股东及股东关联方申请流动性借款、定向发债，明确可以 向信托业保障基金公司申请流动性支持借款，在固有资产项下取消对外提供担保业务；三是其他业务， 增加"为金融机构及其管理的资产管理产品、资产服务信托、公益慈善信托等提供投资顾问、咨询、托 管及其他技术服务""为资产管理产品提供代理销售服务"，将"受托经营国务院有关部门批准的证券承销 业务"调整为"为企业发行直接融资工具提供财务顾问、受托管理人等服务"。 此外，结合实际取消了与信托公司主业无关联的、或与现行监管政策相冲突的"作为投资基金或者基金 管理公司的发起人从事投资基金业务""代保管及保管箱业务""办理居间、咨询、资信调查 ...

（原标题：最新！信托公司管理办法正式发布！） 为贯彻落实中央金融工作会议精神，推动信托行业坚持信托本源，深化改革转型，有效防控风险，金融 监管总局修订发布了《信托公司管理办法》。主要修订内容如下： 一是聚焦主责主业，坚持信托本源。结合信托公司业务实践，突出信托主业，调整业务范围。明确立足 受托人定位，规范开展资产服务信托、资产管理信托和公益慈善信托业务。坚持"卖者尽责，买者自 负；卖者失责，按责赔偿"，打破刚性兑付。 修订发布《信托公司管理办法》答记者问 二是坚持目标导向，强化公司治理。明确信托公司要深化党建与公司治理有机融合。加强股东行为和关 联交易管理。建立科学的内部考核机制和激励约束机制。推行受益人合法利益最大化的价值取向，加强 信托文化建设。 三是加强风险防控，规范重点业务环节。督促信托公司以受托履职合规性管理和操作风险为重点加强全 面风险管理。明确信托业务全过程管理要求。 四是强化信托监管要求，明确风险处置机制。提高信托公司最低注册资本。强化信托公司资本和拨备管 理。加强行为监管和穿透监管。落实分级分类监管要求。提升风险处置和市场退出的约束力和操作性。 下一步，金融监管总局将加强督促指导，推动信托公 ...

近期金价持续飙升，不少投资者打算将手中的黄金变现。 然而《中国经营报》记者注意到，多家淘宝商家已暂停回购业务。相关商家客服回应称："因近期平台 规则调整，暂无回购业务。" 其中一位商家进一步解释："淘宝对商家的规则导致我们回收流程无法正常进行。" 尽管部分线上商家的回购业务受限，但线下黄金回收市场依旧活跃。 一位黄金企业人士透露："最近黄金回收量明显增加。" "很多客户把黄金拿来回收，我们自己也在出货。"上海某黄金回收商对记者表示，"金价在780元—790 元/克区间盘整时已收了一批货，近期出手，每克可赚40元—50元，已经很满意了。" 中国有色金属工业协会金银分会副秘书长、山东招金金银精炼有限公司副总经理梁永慧分析认为，线上 平台收紧黄金回购业务，或出于监管政策趋严与平台风险防控的双重考虑。 梁永慧指出，自2025年8月1日起实施的《贵金属和宝石从业机构反洗钱和反恐怖融资管理办法》明确要 求，单笔或日累计10万元以上的贵金属现金交易需向央行报送大额交易报告。线上回购同时涉及资金流 与物流，洗钱风险更高。淘宝作为交易平台，需承担合规审查责任。为避免因客户身份审核不严、交易 信息不完整而触及监管红线，平台采取" ...

资产风险是新能源汽车租赁企业的另一大困扰。新能源汽车技术更新换代快，车辆贬值速度快，加上日常运营中的损耗，如何保障资产安全、实现资产增值 成为企业的难题。博弈融资租赁专注车辆融资租赁服务，通过科技闭环体系对车辆资产进行全程监控和管理。利用大数据分析车辆的市场价值变化趋势，为 企业提供科学的车辆更新和处置方案，降低资产贬值风险。同时，其自主审核、自主放款的模式，能对承租人的信用状况进行严格评估，减少租赁过程中的 违约风险，保障资产安全。 新能源汽车租赁市场的风险与机遇并存，企业唯有具备强大的风险应对能力，才能在市场中立足并发展。博弈融资租赁以专业的服务和创新的模式，为企业 保驾护航，让更多企业能够在这片充满机遇的市场中大胆探索、稳健发展，共同推动新能源汽车租赁行业走向成熟与繁荣。 在汽车金融行业市场广大但牌照有限的背景下，博弈融资租赁的优势为企业抵御风险增添了砝码。其 "合规牌照 + 科技闭环 + 资源整合" 的模式，形成了强 大的风险防控体系，为合作方构建起一道坚实的 "防火墙"。"打破传统金融枷锁，为实体产业注入'融资 + 运营'活水"，让企业在面对风险时拥有更充足的资 金和运营支持，能够更从容地应对挑战、 ...

Core Points - The focus is on enhancing risk prevention and control capabilities in response to the challenges posed by the upcoming closure of Hainan Free Trade Port [2] - Emphasis on combating smuggling as a top priority, leveraging professional advantages to improve regulatory effectiveness [2] - The need for detailed risk scenario analysis and tailored response measures to enhance the effectiveness of anti-smuggling efforts [2] Group 1 - Yang Jinbai conducted research on anti-smuggling and risk prevention work at Haikou Customs [2] - The implementation of a smart regulatory platform for customs in Hainan Free Trade Port was demonstrated [2] - The importance of legal education and public awareness campaigns to create a strong anti-smuggling atmosphere in society [2] Group 2 - The establishment of a joint prevention and control mechanism among Hainan, Guangdong, and Guangxi to strengthen collaboration [2] - The development of a risk prevention mechanism that triggers coordinated responses across multiple points [2] - Continuous pressure testing and practical drills to address weaknesses and enhance operational readiness [2]

Core Viewpoint - Both China Railway and China Railway Construction reported declines in revenue and net profit for the first half of 2025, attributed to macroeconomic conditions and intensified industry competition [1][2]. Group 1: Financial Performance - China Railway's revenue for the first half of 2025 reached 511.09 billion yuan, a year-on-year decrease of 5.93%, with a net profit of 10.27 billion yuan, down 21.59% [1]. - China Railway Construction's revenue was 489.20 billion yuan, with a net profit of 9.88 billion yuan, reflecting declines of 5.22% and 11.40% respectively [1]. - Both companies experienced a drop in gross margins across their main business segments, with China Railway's real estate development gross margin at 9.15%, down 3.42 percentage points from the previous year [1][2]. Group 2: New Contracts - China Railway signed new contracts worth 1,108.69 billion yuan in the first half of 2025, marking a 2.8% increase year-on-year, with domestic and overseas contract growth rates of -1.2% and 51.6% respectively [2]. - China Railway Construction's new contract total was 1,056.17 billion yuan, a year-on-year decrease of 4.04%, with domestic and overseas contract growth rates of -8.37% and 57.43% respectively [2]. Group 3: Strategic Outlook - The companies plan to enhance their operational capabilities and innovate business models in the second half of 2025, focusing on key markets, projects, and clients to improve performance [3]. - China Railway aims for a total revenue target of approximately 1,132 billion yuan for 2025, having completed 45.15% of this target in the first half [1].

Core Viewpoint - The revenue and profit of China Railway decreased in the first half of 2025 due to macroeconomic conditions and intensified industry competition [1][2]. Financial Performance - In the first half of 2025, China Railway reported a revenue of 511.09 billion yuan, a year-on-year decrease of 5.93%, and a net profit of 10.27 billion yuan, down 21.59% [2]. - China Railway Construction also experienced declines, with revenues of 489.20 billion yuan and a net profit of 9.88 billion yuan, representing decreases of 5.22% and 11.40% respectively [2]. Business Strategy and Goals - For the second half of 2025, the company plans to focus on high-quality growth, accelerate reform and innovation, and strengthen risk management [3]. - The target for total revenue in 2025 is approximately 1,132.0 billion yuan, indicating that the company has completed 45.15% of its annual target in the first half [3]. Margin Analysis - The gross margins across major business segments, including infrastructure construction, design consulting, equipment manufacturing, and real estate development, have all declined, with the real estate development margin at 9.15%, down 3.42 percentage points year-on-year [3]. - China Railway Construction noted a similar trend in its five business segments, with declines in engineering contracting, planning and design consulting, and real estate development, while industrial manufacturing and logistics saw margin increases [3]. Contracting Activity - In the first half of 2025, China Railway signed new contracts worth 1,108.69 billion yuan, a year-on-year increase of 2.8%, with domestic and international contracts growing at rates of -1.2% and 51.6% respectively [3][4]. - China Railway Construction's new contracts totaled 1,056.17 billion yuan, down 4.04%, with domestic and international contracts decreasing by 8.37% and increasing by 57.43% respectively [3]. International Business Development - The growth in new contracts for China Railway was significantly driven by overseas business, which achieved a contract value of 124.87 billion yuan, up 51.6%, accounting for 11.3% of total new contracts [4]. - The company plans to continue focusing on key markets and projects, enhancing operational capabilities and exploring new business models to mitigate market fluctuations [4].

Core Viewpoint - The banking industry is accelerating the disposal of credit card non-performing assets, indicating a shift from scale expansion to quality prioritization under regulatory guidance and market mechanisms [1][4]. Group 1: Non-Performing Asset Disposal - Since 2025, financial institutions, including state-owned banks and joint-stock commercial banks, have issued nearly a thousand announcements regarding non-performing loan transfers, with some projects exceeding 10 billion yuan [1][2]. - In the first quarter of 2025, the scale of personal non-performing loan batch transfers reached 37.04 billion yuan, a year-on-year increase of over 700%, with credit card overdraft non-performing loans accounting for 14% [2][3]. - A specific bank announced the transfer of a credit card non-performing loan package with a total principal and interest exceeding 10.7 billion yuan, at a discount rate of only 0.23 [2]. Group 2: Regulatory Support and Policy Changes - Regulatory authorities have intensified policy support for non-performing asset disposal, emphasizing the need for financial asset management companies to enhance their acquisition and management capabilities [3]. - The guidelines issued this year require banks to strengthen risk control and implement strict credit card marketing management, preventing excessive credit issuance [4][5]. Group 3: Industry Transformation and Risk Management - The current wave of credit card non-performing asset disposal is driven by changes in both banking business logic and external environments, including tightened regulations and increased judicial challenges [4][5]. - The large-scale disposal of non-performing assets helps banks reshape their asset quality baseline, utilizing big data and AI to enhance risk control and recovery efficiency [6]. - Future sustainable development of credit card business should focus on three directions: deepening scenario integration, strengthening technological empowerment, and optimizing customer segmentation strategies [6].

Core Viewpoint - The banking industry is accelerating the disposal of credit card non-performing assets, indicating a shift from scale expansion to quality prioritization under regulatory guidance and market mechanisms [1][4]. Group 1: Non-Performing Asset Disposal - Since 2025, financial institutions, including state-owned banks and joint-stock commercial banks, have issued nearly a thousand announcements regarding non-performing loan transfers, with some projects exceeding 10 billion yuan [1][2]. - In the first quarter of 2025, the batch transfer scale of personal non-performing loans reached 37.04 billion yuan, a year-on-year increase of over 700%, with credit card overdraft non-performing loans accounting for 14% [2][3]. - A specific joint-stock bank announced the transfer of credit card non-performing loans with an outstanding principal and interest totaling 10.789 billion yuan at a discount rate of only 0.23 [2]. Group 2: Regulatory Support and Policy Changes - Regulatory authorities have intensified policy support for non-performing asset disposal, emphasizing the need for financial asset management companies to enhance their acquisition and management capabilities [3]. - The guidelines require banks to strengthen risk control and implement strict credit card marketing management, preventing excessive credit issuance [4][5]. Group 3: Industry Transformation and Risk Management - The current wave of credit card non-performing asset disposal is driven by changes in banking business logic and external environments, including tighter regulations and increased judicial challenges [4][5]. - The large-scale disposal of non-performing assets helps banks reshape their asset quality baseline, utilizing big data and AI to enhance risk management and recovery efficiency [6]. - Future sustainable development of credit card business should focus on three directions: deepening scenario integration, enhancing technological empowerment, and optimizing customer segmentation strategies [6].