保险行业首现企业资本补充债兑付违约。 9月30日，天安财产保险股份有限公司（下称"天安财险"）发布公告称，公司2015年资本补充债券（下 称"15天安财险债"）应于2025年9月30日到期兑付，本期债券预计无法还本付息。 资料显示，天安财险在2015年9月29日发行规模为53亿元、期限为10年期的"15天安财险债"，其票面利 率采用分段式计息方式，前5年的票面利率为5.97%，若发行人在第5年末不行使赎回权，后5年的票面 利率为原前5个计息年度票面利率加100个基点（1%），即6.97%。 数据显示，2016年—2019年期间，"15天安财险债"均按期付息。 但是，随着当时天安财险实控人——"明天系"出现经营问题，原银保监会在2020年7月依法对天安财险 实施接管。 2020年9月，天安财险发布公告表示不行使"15天安财险债"的赎回选择权，且公司由原银保监会实施接 管，开展清产核资工作。 2020年—2024年期间，"15天安财险债"均采取计息挂账。 一位天安财险人士曾向记者透露，在相关部门实施接管举措后，天安财险日常财务开支均需通过接管工 作组审核，令企业资金支出主要用于日常业务运转，与主营业务关系不大的其 ...

【大河财立方消息】10月3日消息，天安财产保险股份有限公司（以下简称天安财险）近日发布《关于2015年资本补充债 券无法按期兑付的公告》，公司一笔53亿元资本补充债在2025年9月30日到期，因偿付能力不足，预计无法还本付息。这 是保险业首例债券违约。 天安财险预计无法还本付息的原因是截至2025年9月30日，公司不能确保在偿付本期债券本息后的偿付能力充足率不低于 100%且有能力清偿其他负债的本金和利息。 该期债券简称"15天安财险"，为天安财险于2015年9月29日发行的资本补充债券，发行总额53亿元，计息期限为2015年9 月30日至2025年9月29日。 债券票面利率采用分段式计息方式，前5年的票面利率为5.97%，若发行人不行使赎回权，后5年的票面利率为原前5个计 息年度票面利率加100个基点（1%），即6.97%。债券募集资金将依据适用法律和监管部门的批准用于补充发行人资本， 提高公司偿付能力，为公司业务的良性发展创造条件,支持业务持续稳健发展。 天安财险表示，公司已与本期债券的债券持有人开展积极沟通，全力配合债券持有人的相关诉求，后续将在公司的风险 处置工作中对本期债券统筹安排、处理。 2020 ...

9月30日，"明天系"旗下保险公司天安财险发布《关于2015年资本补充债券无法按期兑付的公告》显示，该公司一笔53亿元资本补充债"15天安财险"在当 日到期，因偿付能力不足，预计无法还本付息。 这标志着中国保险业出现了首例保险公司资本补充债券违约事件。 同时，天安财险表示，已与债券持有人开展积极沟通，并将在风险处置工作中对本期债券统筹安排处理。 "15天安财险"债券于2015年9月20日发行，期限为10年。该债券前5年票面利率为5.97%，后5年利率跳升至6.97%。 在2020年9月，天安财险决定不行使赎回选择权，并称公司正在开展资产清核工作，本期债券计息挂账。 这一决定与2020年7月天安财险等9家"明天系"金融机构被接管的事件紧密相连。作为曾经"明天系"的重要组成部分，天安财险的命运从此改变。 天安财险的违约并非突发事件，而是早有征兆。 早在2020年，中债资信评估有限责任公司就将天安财险的主体等级由"AA"下调至"AA-"，评级展望为"负面"。当时该机构指出，天安财险优质资产持续 消耗，资产质量和流动性弱化。 2019年前三季度，天安财险净利润亏损29.24亿元，同比大幅下滑。 为缓解流动性压力，天安 ...

Core Viewpoint - Tianan Property Insurance Co., Ltd., under the "Ming Tian" group, announced that it will be unable to repay its capital supplement bonds on time, marking the first default in the insurance industry [1][2]. Group 1: Company Announcement - On September 30, Tianan Property Insurance announced that it expects to be unable to repay the principal and interest of its 2015 capital supplement bonds, which are due on September 30, 2025 [1]. - The total issuance amount of the bonds is 5.3 billion RMB, with a fixed interest rate for the first five years and an increased rate for the subsequent five years [1]. - The company can only repay the bonds if its solvency ratio is above 100% after ensuring the repayment of other liabilities [1][2]. Group 2: Regulatory Actions - The National Financial Supervision Administration has publicly disclosed penalties against Tianan Property Insurance for various violations, including discrepancies in governance reports and unauthorized actions by senior management [4][6]. - The company has had its business license revoked, and several responsible individuals have been fined a total of 2.53 million RMB [4][6]. - Certain individuals have been banned from the insurance industry for varying periods, with some facing lifetime bans [7]. Group 3: Company Background - Tianan Property Insurance, established in January 1995, is the first shareholding commercial insurance company funded by enterprises in China, with a registered capital of 17.76 billion RMB [7]. - The company operates 33 secondary institutions and 966 tertiary institutions across most major administrative regions in China, excluding Hong Kong, Macau, Taiwan, Tibet, Qinghai, Ningxia, and Inner Mongolia [7].

1. Report Industry Investment Rating No information about the industry investment rating is provided in the report. 2. Core Viewpoints of the Report - In Q3 2025, the overall default rate of bonds continued to decline, and the repayment rate increased significantly. There were no newly - added first - time default entities, and the default rate of private enterprise credit bonds decreased. The cumulative default repayment rate continued to rise, mainly due to debt restructuring of defaulting enterprises [1][8]. - The Zhongzhuang Construction convertible bond defaulted, and many construction - related enterprises triggered debt restructuring. The cash flow recovery efficiency of the construction industry is expected to improve, and the subsequent pressure may be alleviated [4]. 3. Summary According to the Table of Contents 3.1 2025 Q3: Overall Default Rate Continued to Decline, Repayment Rate Increased Significantly 3.1.1 Bond Default Rate - The overall default rate of credit bonds showed a downward trend. In Q3, there were no newly - added first - time substantial default entities. The total default scale of credit bonds in Q3 was 592 million yuan. From July to September, the overall default rates of credit bonds were 0.98%, 0.97%, and 0.96% respectively [8]. - The default rate of private enterprise credit bonds continued to decline. From July to September, the default amounts of private enterprise bonds were 1.671 billion yuan, 829 million yuan, and 2.126 billion yuan respectively; the default rates were 8.94%, 8.90%, and 8.89% respectively, lower than those in Q2 [8]. 3.1.2 Default Repayment Rate - The cumulative default repayment rate in Q3 2025 continued to rise. From July to September, the cumulative default repayment rates were 14.29%, 14.40%, and 14.42% respectively. The high repayment amount in July drove the repayment rate to rise significantly compared with the previous quarter [13]. - The principal repayment scale of default bonds increased compared with the previous quarter. The debt restructuring of private real - estate enterprises accelerated the bond repurchase progress. Longfor Group, Sunac Group, and Furi Group promoted debt restructuring, and Furi Group completed the merger and restructuring [16]. - In the future, enterprises such as CIFI and Zhenro Properties will successively launch domestic debt restructuring plans, and the default repayment rate of real - estate enterprises is expected to further increase. However, the cash repayment obtained by investors after the restructuring plan is reached is limited, and the overall interests are still difficult to guarantee [17]. 3.1.3 Credit Event Statistics - In Q3 2025, a total of 31 new default bonds were added to domestic bonds, with a total balance of 3.4677 billion yuan. Among them, 26 bonds reached an extension agreement, mostly second - time extensions of bonds of troubled real - estate industry entities. Other industries included Contemporary Technology (medical), Chuying Agriculture and Animal Husbandry (agriculture), and Pengbo Telecom (telecom). There were 5 first - time extension bonds and 4 substantial default bonds [20]. 3.1.4 Urban Investment Sentiment - In Q3 2025, the number of non - standard risk events of urban investment decreased by 3 compared with the previous quarter, mainly distributed in Shandong, Yunnan, and Sichuan. In terms of administrative levels, they were mainly distributed at the district - county and prefecture - city levels, with 3 and 2 cases respectively in Q3 2025, accounting for 60% and 40% respectively. The proportion of non - standard risk events of district - county - level urban investment decreased [24]. - The number of urban investment commercial paper overdue entities remained high. In July and August 2025, the number of urban investment entities with continuous commercial paper overdue (i.e., the acceptor had more than 3 times of bill overdue within 6 months) was 59 and 55 respectively, similar to the level in Q2 2025, and still mainly distributed in Shandong, Yunnan, Henan, Guizhou and other places [27]. 3.2 Hotspot Analysis: Zhongzhuang Construction Convertible Bond Default, Many Construction - Related Enterprises Triggered Restructuring - Zhongzhuang Construction is a private construction enterprise. Due to the adjustment of the real - estate industry in recent years, the company's construction decoration business has faced pressure, and its profit has been mainly contributed by the property management service business. In Q3 2025, the company's convertible bond stopped trading and converting shares. The non - converted scale was 192.5902 million yuan, and the non - converted proportion was 16.06% [30][31]. - Many private and mixed - ownership construction enterprises have defaulted on debts and undergone bankruptcy restructuring. For construction enterprises that have not yet encountered problems, the central government has recently issued the "Accelerating and Strengthening the Clearance of Arrears Owed to Enterprises" plan, which is expected to improve the cash flow recovery efficiency of the construction industry and relieve the subsequent pressure [44][45].

Group 1: Default Events - Tianying Investment announced that its subsidiary, Hubei Tianqian Asset Management Co., Ltd. (Tianqian Asset Management), failed to repay the principal of 450 million yuan and interest of 84.51 million yuan for the bond "20 Tianqian 01" on time [3][6] - Tianying Investment itself defaulted on 536 million yuan of "H20 Tianying 1" bonds on June 9 this year [7] - Currently, Tianying Investment has six outstanding bonds with a total scale of 1.301 billion yuan, of which 550 million yuan is due within one year [7] Group 2: Debt Crisis - The parent company, Contemporary Group, has faced significant financial difficulties, with 14 bonds defaulting and a total default scale of 7.745 billion yuan [9] - The company has a total debt of 6.3947 billion yuan against total assets of 96.326 billion yuan, resulting in a debt-to-asset ratio of 66.39% [14] - The liquidity situation is concerning, with cash on hand only 654.6 million yuan, leading to a cash-to-short-term debt ratio of only 0.42 [15] Group 3: Company Background - Contemporary Group, established in 1988, has diversified into various sectors including pharmaceuticals, consumer goods, and culture [10] - The company has undergone significant changes in its ownership structure, with the actual controller changing to a trust with no clear individual control [12] - The group has a history of aggressive mergers and acquisitions, which has contributed to its current high debt levels and liquidity issues [28]

Core Viewpoint - Guodu Securities is embroiled in a significant bond default dispute involving a claim of 475 million yuan from Wukuang International Trust due to the default of the "20 Fusheng 01" bond issued by Fujian Fusheng Group [1][3][4] Financial Performance - Guodu Securities reported a revenue of 749 million yuan for the first half of the year, a year-on-year decrease of 4.42%, and a net profit attributable to shareholders of 358 million yuan, down 8.1% [1][10] - In contrast, Zheshang Securities, which has recently become the controlling shareholder of Guodu Securities, achieved a net profit of 1.149 billion yuan, a year-on-year increase of 46.49%, but its revenue fell by 23.66% [10] Legal Proceedings - The lawsuit filed by Wukuang Trust claims that Guodu Securities, as the lead underwriter, failed to fulfill its due diligence obligations, leading to the bond default [3][6] - The court has accepted the case, but no hearing has been scheduled yet [4] - Legal experts suggest that Guodu Securities may bear 10% to 30% of the liability based on past similar cases, with the possibility of a full compensation being low due to the absence of fraud allegations against the firm [2][7][8] Industry Context - The bond default case is part of a broader trend of increasing bond defaults in the real estate sector, which has been under significant financial strain [4][6] - The regulatory environment has become stricter for intermediary institutions, with recent cases establishing precedents for liability in bond issuance [6][8] Business Segments - Guodu Securities' business lines showed mixed results, with brokerage income increasing by 6.73% to 125 million yuan, while proprietary trading and investment banking revenues fell significantly [11] - The firm is also facing additional lawsuits related to contract disputes and alleged false statements in bond underwriting, which could further impact its financial standing and reputation [11]

Group 1: Blue Light Development - Blue Light Development has been added to the list of dishonest executors, with 25 new entries from June 17, 2025, to September 16, 2025 [1] - The company reported a net loss of 2.552 billion yuan for the first half of 2025, primarily due to an operating loss of approximately 1.88 billion yuan, impairment provisions of 194 million yuan, and non-operating losses of 480 million yuan [2] - As of the latest update, Blue Light Development has 15 defaulted bonds totaling 12.067 billion yuan, with 3 offshore bonds remaining in circulation, totaling 1.05 billion USD, all of which are also in default [2] Group 2: Guanghui Automobile Service - Guanghui Automobile Service has been added to the list of dishonest executors, along with its subsidiaries, due to failure to pay rent and penalties as per court judgment [2] - The company’s chairman and controlling shareholder have also been restricted from high consumption activities [2] - Guanghui Automobile Service has 3 defaulted bonds amounting to 2.117 billion yuan [3] Group 3: ST Dongshi - ST Dongshi has had its bank accounts frozen for an amount of 265.2 million yuan due to a court ruling related to a liability dispute [3] - The company expects a net profit loss of between 126 million yuan and 105 million yuan for the first half of 2025, primarily due to declining revenue and high fixed costs [4] - ST Dongshi reported a continuous net loss of 903 million yuan in 2024 and 362 million yuan in 2023 [4] Group 4: Shandong Shengtong Group - Shandong Shengtong Group has defaulted on 9 bonds, with a total default amount of 5.756 billion yuan [4] - Ordinary creditors received a distribution of 0.2% of their unpaid claims as part of the bond default process [4] Group 5: Hongyang Real Estate - Hongyang Real Estate's liquidation hearing has been postponed to March 23, 2026, with support from several priority noteholders [5] - The company reported a revenue of approximately 2.712 billion yuan for the first half of 2025, a decrease of 54.8% compared to the same period in 2024 [5] - The net loss attributable to the parent company was approximately 1.884 billion yuan, an increase of 5.59% year-on-year [5] - Hongyang Real Estate has 6 offshore bonds in circulation, with a total outstanding balance of 1.5134 billion USD, all of which are in default [6]

21世纪经济报道记者 孙永乐 浙商证券新"入主"的国都证券，正卷入一起"天价"债券违约纠纷。 近日，国都证券（870488.NQ）突发公告称，因"20福晟01"债券违约，五矿国际信托有限公司（简称"五矿信托"）将债券发行人福建福晟集团有限公司（简 称"福晟集团"）及国都证券告上法庭，索赔金额高达4.75亿元。 值得注意的是，不久前，国都证券交出浙商证券（601878.SH）"入主"后的首份半年报。在上半年券商业绩普遍较好的背景下，国都证券业绩表现不佳，营 收净利双降，实现营收7.49亿元，同比下降4.42%；归母净利润3.58亿元，同比下降8.1%。 接近两家券商的人士表示，该案若后续裁定国都证券需承担部分赔偿，不仅将加剧国都证券未来的盈利压力，还可能对浙商证券形成一定"牵连"，毕竟浙商 证券已成为国都证券的控股股东。 案涉债券主承销商国都证券应担责几何？回顾过往债券违约案例，中介机构有不担连带责任的，有按过错担10%或其他比例责任的，也有因参与欺诈发行担 全部连带责任的。 例如，在2021年全国首例公司债欺诈发行"五洋债"案中，德邦证券因直接参与财务造假、隐瞒关键风险，被判与发行人共担7.4亿元全额赔偿，开 ...

Core Viewpoint - Southwest Securities is actively disposing of assets, including over 70 projects involving real estate, parking spaces, and vehicles, primarily due to previous bond defaults by developers linked to these assets [2][5][6]. Group 1: Asset Disposal Details - From September 10 to 12, Southwest Securities listed more than 70 asset transfer projects, with a total minimum transfer price of approximately 487.82 million yuan [3][4]. - The majority of the assets are parking spaces, with 68 spaces located in Zhengyuan Xiangyuan, each priced at 21,000 yuan. Additionally, two real estate projects and three Audi vehicles are also listed for sale [3][4]. - The real estate projects include a 122.66 square meter property in Anhui Province priced at 1.0426 million yuan and a 666.15 square meter property in Dalian priced at 2.3315 million yuan [3][4]. Group 2: Background of Asset Ownership - The assets being disposed of are linked to developers whose controlling shareholders have previously been sued by Southwest Securities due to bond defaults [5][6]. - Southwest Securities confirmed that the assets are indeed collateral for two defaulted bonds in litigation, and the actual ownership belongs to the asset management products issued by Southwest Securities, not the company itself [2][5]. Group 3: Legal Proceedings and Financial Recovery - In 2019, the developer Zhengyuan Real Estate faced a debt crisis, leading to bond defaults and subsequent lawsuits from multiple financial institutions, including Southwest Securities [6][7]. - Southwest Securities has recovered approximately 54.786 million yuan through cash and asset disposals related to these legal proceedings, with ongoing efforts to recover additional funds [7][8]. - The company has also engaged in similar legal actions against Anhui Foreign Economic Construction Group, which has entered bankruptcy proceedings, further complicating asset recovery [7][8]. Group 4: Industry Trends - Other securities firms are also engaging in asset disposals to optimize their asset structures and improve operational efficiency, with notable examples including Hongta Securities and Huaxi Securities [8].