Core Viewpoint - The appointment of Wang Xin as the new Party Committee member and Secretary of Ping An Trust marks a significant leadership change, with expectations for continued growth and risk management in the trust industry [1][2]. Group 1: Leadership Changes - Wang Xin has been appointed as the Party Committee member and Secretary of Ping An Trust, succeeding Fang Weihua, who is no longer in this role [1]. - Wang Xin has a strong background in risk management and compliance, having previously served as the Chief Risk Management Executive and Compliance Officer at Ping An Asset Management [1]. Group 2: Company Performance - In the 2024 annual performance report, Ping An Trust achieved a revenue of 14.148 billion RMB, with net profit reaching 3.421 billion RMB [1]. - The asset management scale of Ping An Trust reached 993 billion RMB by the end of 2024, reflecting a year-on-year growth of 49.88% [1]. Group 3: Business Strategy - Following the "Three Classification New Regulations," Ping An Trust is focusing on the development of wealth management service trusts and asset service trust businesses [2]. - The asset service trust business scale is reported at 273.545 billion RMB, while the asset management trust business scale is 715.6 billion RMB [2]. - The company aims to enhance risk control and provide high-quality financial services, aligning with the "Fourteen Five" plan's objectives [2].

Core Viewpoint - The trust industry is entering a new phase of transformation following the major revision of the "Trust Company Management Measures" after 18 years, with a focus on enhancing capabilities and adapting to new market demands [1][8]. Group 1: Industry Transformation - The trust industry is increasing its business layout in areas such as green finance, pension finance, and digital finance, with noticeable differentiation in inclusive finance [1]. - Trust companies are urged to strengthen their capabilities in trust culture and professional talent to achieve high-quality development during the transformation [1]. - The shift towards digitalization and collaboration with leading internet platforms is seen as a crucial direction for trust companies to enhance inclusive finance and stimulate consumption [1][3]. Group 2: Consumption Finance - After a low period post-Spring Festival, trust issuance has shown signs of recovery, with consumption finance becoming a significant support [2]. - In March, the issuance of trust products reached 2,772, a month-on-month increase of 32.51%, with a disclosed issuance scale of 151.12 billion yuan, up 57.41% [2]. - Trust companies are exploring new positioning in the consumption finance sector, leveraging digitalization to reach previously inaccessible consumer segments [3]. Group 3: Collaboration and Market Reach - Huaxin Trust's collaboration with Meituan has reached over 72 million users, focusing on small payment scenarios, with an average loan amount of only 45 yuan [4]. - Huaxin Trust's inclusive finance scale was approximately 50 billion yuan by the end of last year, with cumulative credit granted to 420 million individual clients and over 4.2 million small and micro enterprises [4]. Group 4: Regulatory Environment - The trust industry has been undergoing continuous reform under regulatory guidance, with a focus on returning to core business and addressing challenges such as client loss and declining profitability [4][8]. - Recent regulatory documents emphasize the importance of the trust industry in serving the real economy and propose a framework for high-quality development [8][9]. - The Financial Regulatory Administration plans to revise the "Trust Company Management Measures" again by 2025, indicating ongoing regulatory evolution [9]. Group 5: Market Participation - Trust companies are increasingly participating in the capital market, with the total scale of trust funds reaching 19.95 trillion yuan, of which over 8 trillion yuan is directed towards the securities market [6]. - Various trust companies are engaging in direct investments and private equity funds to facilitate the entry of long-term funds into the market [7]. - The industry is encouraged to enhance equity investment capabilities and develop long-term equity products to support capital market participation [6][7].

Company Overview - The company has a total of 6 shareholders, with 5 major shareholders holding a combined equity stake of 82.3333% [3][4] - The company has undergone changes in its board of directors, with new appointments and resignations noted [5][8] Governance Structure - The board consists of 8 directors, including 3 independent directors [5][6] - The company has a supervisory board with 3 members, including 2 employee supervisors [6] Employee Information - As of the reporting period, the company has 380 employees with an average age of 39 years [9] - The educational background of employees includes 5 PhDs (1.32%), 187 Master's degrees (49.21%), and 185 Bachelor's degrees (48.68%) [9] Compensation System - The company has established a compensation management system that emphasizes fairness internally and competitiveness externally [10] - Performance-based compensation includes both short-term and long-term incentives, with a focus on aligning pay with risk-adjusted performance [11] Anti-Corruption Measures - The company has implemented strict anti-corruption measures and has established a comprehensive supervision mechanism to prevent corruption [12] Business Management - The company aims to enhance its professional service capabilities and support the strategic implementation of the parent bank's "commercial bank + investment bank" strategy [13][15] - The strategic plan includes a focus on risk management and the development of three major business systems: asset service trust, asset management trust, and public welfare trust [15][16] Market Analysis - The macroeconomic environment in 2024 shows resilience, with opportunities arising from policy support and market demand [17][18] - The trust industry is expected to grow, with significant increases in asset service trusts and asset management trusts [18][19] Risk Management - The company faces various risks, including credit risk, market risk, operational risk, and compliance risk [26] - A comprehensive risk management framework is in place, with specific strategies for managing credit and market risks [34][35] Financial Performance - As of the reporting period, the company's trust assets totaled 404.427 billion yuan, with a focus on maintaining adequate provisions for potential losses [28] - The company has a structured approach to managing its financial assets, including a significant portion allocated to securities investments [31]

证券代码：000563 证券简称：陕国投A 公告编号：2025-11 陕西省国际信托股份有限公司 2025 年度向特定对象发行 A 股股票募集资金使用的 可行性分析报告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 陕西省国际信托股份有限公司（以下简称"陕国投"或"公司"）拟通过向 特定对象发行 A 股股票（以下简称"本次向特定对象发行"或"本次发行"）的 方式募集资金。公司对本次向特定对象发行 A 股股票募集资金使用可行性分析 如下： 一、本次募集资金使用计划 本次发行募集资金总额不超过 38 亿元，扣除发行费用后拟全部用于补充公 司资本金。 二、本次募集资金使用必要性分析 （一）应对行业转型，增强竞争优势 2020 年 5 月 8 日，原中国银保监会发布《信托公司资金信托管理暂行办法 （征求意见稿）》，要求信托公司开展信托业务集中度与公司净资产挂钩，信托公 司的净资产及净资本将直接影响其可以管理的信托资产规模和固有业务规模，进 而影响信托公司的收入和利润。2023 年 11 月《信托公司监管评级与分级分类监 管暂行办法》正式施行，其中"资本要求"一项占据 ...