活动期间，嘉宾们先后走进浪潮集团展厅与国家中小企业数字化转型促进中心，实地感受数字科技前沿发展，深入理解数字经济对企业转型的推动作用。 在恒丰银行济南分行私行中心，总行私人银行部高江博士亲临现场，围绕家族财富传承与家族信托规划开展专题分享，以专业视角助力女企业家实现财富 稳健传承与增值。次日，与会嘉宾来到宏济堂中医药文化园区，在沉浸式体验中领略千年中医药文化的独特魅力，感受传统文化与现代生活的交融共生。 近日，恒丰银行枣庄分行联合枣庄市女企业家协会，共同举办了"鲁南巾帼聚·恒丰财富兴"私行尊享荟活动，组织女企业家客户赴济南开展了一场集数字 化转型洞察与文化艺术体验于一体的高端交流之旅。 本次活动不仅获得了女企业家们对恒丰银行专业服务能力的高度认可，也与枣庄市女企业家协会在合作共赢上取得积极成效，进一步夯实发展基础与合作 信任。 下一步，恒丰银行枣庄分行将继续深化与枣庄市女企业家协会的联动，整合服务资源，深耕女企业家客群，全力拓展零售业务新蓝海，不断提升"恒丰服 务"品牌影响力与社会美誉度。 ...

Core Viewpoint - The recent acquisition of an 8% stake in the A-share listed company Sanrenxing by the new Shaanxi billionaire Yan Jianya for 450 million yuan is a strategic move that reflects deep-rooted collaboration and mutual trust between Yan and Sanrenxing, aiming to optimize the company's governance and expand its market reach [4][10][14]. Group 1: Transaction Details - Sanrenxing's controlling shareholder transferred 8% of its shares to Yan Jianya for 450 million yuan, marking a significant investment in the company [5][10]. - Following the transaction, Sanrenxing's controlling shareholder's stake decreased from 53.88% to 45.88%, while Yan became the second-largest shareholder with over 5% of the shares [10][11]. - The transaction is characterized as a strategic move to optimize the company's equity structure and introduce a significant strategic investor [11][14]. Group 2: Background of Yan Jianya - Yan Jianya, who recently topped the Shaanxi billionaire list with a net worth of 33 billion yuan, is the founder of Giant Biogene, a leading player in the collagen protein sector [5][8]. - Yan's investment in Sanrenxing is not his first interaction with the company; both parties have collaborated on various projects, including a previous investment in Giant Biogene by Sanrenxing [6][12]. - Yan's business empire includes three listed companies: Giant Biogene, Triangle Defense, and Sanrenxing, forming a diversified capital matrix across biotechnology, aerospace, and marketing [7][24]. Group 3: Strategic Implications - The partnership is expected to enhance Sanrenxing's governance and market credibility, leveraging Yan's extensive industry resources to attract large clients, particularly in high-end manufacturing and military sectors [11][14]. - Yan's investment is seen as a strategic positioning to synergize with Sanrenxing's marketing capabilities, potentially benefiting his other ventures in the consumer goods sector [11][14]. - The collaboration has evolved over years, transitioning from initial joint ventures to a direct strategic investment, indicating a strong foundation of trust and resource complementarity [12][14]. Group 4: Financial Performance - Sanrenxing has faced declining revenues, with projections showing a drop from 5.65 billion yuan in 2022 to 4.21 billion yuan in 2024, and net profits falling from 740 million yuan to 120 million yuan during the same period [5][6]. - Yan's other company, Triangle Defense, reported revenues of 1.247 billion yuan and net profits of 375 million yuan in Q3 2025, showcasing a robust performance in the aerospace sector [22]. Group 5: Broader Context - The transaction reflects a broader trend of family-owned businesses in China actively engaging in capital markets and strategic investments to build diversified business ecosystems [26][28]. - Yan Jianya's approach emphasizes industry synergy and strategic expansion, as evidenced by his previous investments and the establishment of a private equity platform focused on sectors aligned with his core businesses [26][28].

（原标题：瑭明家办郭兴业：另类投资成家办新宠，家族传承需解代际思维差） 南方财经 21世纪经济报道记者 张伟泽 实习生 谢巧云 香港报道 另类投资为何在家庭资产配置中占比持续攀升？创一代与二代在投资理念上存在哪些本质差异？家族财 富传承过程中最常见的误区是什么？近日，21世纪经济报道记者在2025湾区财富大会上专访了瑭明家族 办公室联合创始人、香港家族办公室协会副主席郭兴业，深入探讨另类投资趋势与家族财富传承新挑 战。 近年来，另类投资在家族办公室配置中的占比正显著提升。根据瑞银发布的《2024年全球家族办公室报 告》，家族办公室正显著加大对私募信贷的投资力度。报告数据显示，私募信贷在其投资组合中的平均 配置比例已从2023年的2%翻倍增长至2024年的4%，成为增长最快的资产类别。 此外，高达46%的受访 家族办公室计划在未来五年内继续增加对私募信贷的投资，这一比例远超其他资产类别，清晰地表明了 他们将资金从传统投资和其他另类资产转向私募债权的战略趋势。 郭兴业认为这源于投资理念的根本转变。高净值人群不再局限于传统配置方式，更注重通过多元资产类 别实现分散配置目标。在具体标的选择上，前五年私募股权备受关注， ...

（本文作者为京华世家家族办公室董事长、北京大学战略研究所特约研究员聂俊峰） 中国本土家族信托业务自2012年萌芽以来正从混沌生长迈向规范发展的重要转折点。近年来因多家信托 公司"爆雷"而导致的"委托人（信托设立人）尚健在而受托人（信托公司）却不久于人世"的怪诞现状， 叠加行业监管与自律新规引发的一场行业大洗牌即将来临。除了规范国内"幸存"信托公司的家族信托业 务，监管者应该考虑打破信托公司对家族信托及相关民事信托的牌照垄断，鼓励商业银行私人银行部门 在账户权益托管、财产信托登记的基础上开展家族（家庭）信托服务，迎接老龄化时代中国财富传承的 时代大考。 中国信托业协会于2025年11月形成的《家族信托业务指引（征求意见稿）》，标志着家族信托业务将告 别监管空白时代。这份行业指引对家族信托的定义、业务边界、信托公司资质和收费原则等核心问题作 出了明确规定。 作为长期服务于高净值家族的财富管理从业者，我认为新规不仅将重塑行业生态，更将重新定义家族信 托的价值主张。家族信托的本质应是传承而非理财，是服务而非销售。《征求意见稿》对家族信托业务 边界重塑：从"单纯赚钱"到"传承守护"——明确划定了家族信托的边界，规定单纯 ...

Core Viewpoint - The article discusses the wealth transfer within the Lou family, highlighting the significant share transfer of approximately 3.4 billion yuan in Kintian Investment, which controls Kintian Co., a leading copper processing company with over 100 billion yuan in revenue and substantial debt [2][3][9]. Group 1: Wealth Transfer and Company Control - The Lou family transferred shares of Kintian Investment to their children, with a total value of approximately 3.4 billion yuan, while maintaining control over Kintian Co. [2][4][5] - After the transfer, Lou Cheng holds 70.75% of Kintian Investment, while Lou Jingjing holds 8.20%, ensuring the family's control remains intact [4][5][6]. - Kintian Co. has a market capitalization of about 17.67 billion yuan, with Kintian Investment owning 24.49% of the shares, valued at approximately 4.33 billion yuan [4][5]. Group 2: Company Performance and Financials - Kintian Co. reported a revenue of 124.2 billion yuan in 2024, with a total copper and copper alloy production of 1.9162 million tons [9]. - In the first three quarters of 2025, Kintian Co. achieved a revenue of 91.76 billion yuan, with a net profit of 588 million yuan, marking a year-on-year increase of 104.37% [9][22]. - The company faces cash flow challenges, with a net cash flow from operating activities of -1.201 billion yuan and a debt ratio of 63.81% as of the first three quarters of 2025 [22]. Group 3: Company History and Development - Kintian Co. evolved from a struggling factory to a global leader in copper processing under the leadership of Lou Guoqiang, who transformed the business model in the late 1980s [10][11][14]. - The company faced multiple challenges in its IPO attempts, with two failed attempts before successfully listing on the Shanghai Stock Exchange in 2020 [19][21]. - Since its listing, Kintian Co. has seen significant growth, achieving over 100 billion yuan in revenue for three consecutive years [22]. Group 4: Succession Planning - Lou Cheng and Lou Jingjing, both born in the 1980s, have been groomed for leadership roles within the company, with Lou Cheng taking on the role of CEO and Chairman [26][27]. - The succession plan ensures continuity in management, with Lou Cheng focusing on strategic leadership and Lou Jingjing providing support in human resources and administration [27].

Core Insights - The couple, Lou Guoqiang and Lu Xiaomi, transferred approximately 3.4 billion RMB worth of shares to their two children, completing a family wealth succession process [1] - Prior to the transfer, the controlling shareholder, Jintian Investment, held 423,284,500 shares of Jintian Co., accounting for 24.49% of the total shares [1] - After the transfer, the indirect shareholdings of Lou Cheng and Lou Jingjing in the listed company are valued at approximately 3.055 billion RMB and 354 million RMB, respectively, totaling around 3.4 billion RMB [1] Company Information - Ningbo Jintian Investment Holding Co., Ltd. was established in 2007, with Lou Cheng as the legal representative and a registered capital of 22.8 million RMB [2] - Ningbo Jintian Copper Industry (Group) Co., Ltd. was founded in 1992, also with Lou Cheng as the legal representative, and has a registered capital exceeding 1.7 billion RMB [2] - Lou Cheng, born in the 1980s, has been with Jintian Co. since July 2011, serving in various roles and currently holds the positions of Chairman and General Manager since April 2023 [2] Financial Performance - For the third quarter of 2025, Jintian Co. reported total operating revenue of 91.765 billion RMB, a slight decrease of 0.09% compared to the same period last year [2] - The net profit attributable to shareholders increased by 104.37% year-on-year, amounting to 588 million RMB [2]

Core Viewpoint - The article discusses the internal asset redistribution within the Lou Guoqiang family, the actual controller of Jintian Co., Ltd., involving a transfer of shares valued at 3.4 billion yuan, marking a significant generational transition in ownership [1][5]. Group 1: Share Redistribution - The shareholding structure of Jintian Co., Ltd. will change as Lou Guoqiang and Lu Xiaomi plan to transfer their stakes of 50.7862% and 19.9594% in Jintian Investment to their son Lou Cheng, while Lou Guoqiang will also transfer 8.2018% to his daughter Lou Jingjing [1]. - After the transfer, Lou Cheng will hold 70.7456% of Jintian Investment, and Lou Jingjing will hold 8.2018% [1]. Group 2: Company Background - Jintian Investment holds 423 million shares of Jintian Co., Ltd., accounting for 24.49% of the total shares, with a market value of approximately 4.319 billion yuan [5]. - The total market value of the shares transferred to Lou Cheng and Lou Jingjing is about 3.4 billion yuan, with Lou Cheng's indirect holdings valued at 3.055 billion yuan and Lou Jingjing's at 354 million yuan [5]. Group 3: Company Performance - Jintian Co., Ltd. has seen a compound annual growth rate of 8% in copper production from 2021 to 2024, with total production reaching 1.9162 million tons in 2024, maintaining its position as a global leader [9]. - In the first three quarters of the current year, Jintian Co., Ltd. reported revenues of 91.765 billion yuan and a net profit of 588 million yuan, reflecting a year-on-year increase of 104.37% [9]. Group 4: Leadership and History - Lou Guoqiang, born in 1957, is recognized for transforming a struggling sand wheel factory into one of China's top 500 private enterprises, now known as Jintian Co., Ltd. [5][9]. - Lou Cheng and Lou Jingjing, both born in the 1980s, have taken on significant roles within the company, with Lou Cheng serving as Chairman and General Manager since 2023 [10][12].

Core Insights - The insurance trust sector is witnessing significant transactions, indicating a growing acceptance among high-net-worth individuals for insurance trust services [1][3] - The future of insurance trusts appears promising, with potential for further growth despite some risk factors [2] Group 1: Recent Developments - Sunshine Life and Zhongcheng Trust successfully established a large-scale insurance trust for a family business, showcasing the integration of insurance and family trust structures for wealth management [3] - On November 11, a high-net-worth client signed a 180 million yuan insurance trust service agreement with China United Insurance, marking a substantial advancement in comprehensive wealth planning solutions [3] Group 2: Industry Growth - The insurance trust business has experienced rapid growth, with the scale increasing from 5 billion yuan in 2017 to approximately 747.93 billion yuan by 2021, marking a pivotal point in its development [4] - By the end of 2024, the wealth management service trust scale is projected to exceed 1 trillion yuan, with insurance trusts accounting for about 270.3 billion yuan, representing over 26% of the total [4] - As of early 2025, more than 60 insurance companies are involved in the insurance trust business, indicating a growing market participation [4] Group 3: Market Drivers - The rapid expansion of insurance trusts is driven by increasing demand for wealth transfer and asset isolation among high-net-worth individuals, along with the effective combination of insurance and trust management features [5] - The decline in fixed-income product yields has made whole life insurance a preferred choice for wealth management, further boosting the insurance trust market [5] - The competitive landscape among financial institutions has led to a focus on middle-net-worth and mass affluent clients, enhancing the accessibility of insurance trusts [6] Group 4: Future Trends - The threshold for entering the insurance trust market is decreasing, with a trend towards inclusivity and broader market appeal [6] - The upcoming generational wealth transfer and enhanced client understanding of wealth management are expected to sustain strong demand for insurance trusts [6] - The insurance trust sector is anticipated to evolve from a niche market to a mainstream wealth management tool, supported by product innovation and regulatory improvements [6]

Core Insights - The event organized by Zhong Cheng Trust in Beijing aimed to educate high-net-worth clients from Chengdu about the unique functions of insurance trust in family wealth management and inheritance [1][4] - The current economic environment is complex, but Chengdu is positioned as a core economic engine in the West, with a focus on family wealth accumulation and intergenerational transfer [1][2] Group 1: Event Overview - Zhong Cheng Trust hosted a specialized sharing event on "Insurance Trust" for high-net-worth clients from Chengdu, highlighting the importance of understanding trust mechanisms in wealth management [1][4] - The event featured a detailed analysis of macroeconomic trends and local wealth characteristics, addressing the specific concerns of Chengdu's affluent families [1][2] Group 2: Product Features - The integration of insurance and trust services provides a robust risk protection framework while ensuring precise wealth distribution for key life events such as education and retirement [2][3] - Insurance trust serves as a critical tool for high-net-worth families in Chengdu, allowing for effective asset isolation and equitable wealth distribution among heirs [3] Group 3: Client Engagement - The event included practical case studies relevant to local entrepreneurs and high-net-worth families, demonstrating the application of insurance trust in real-life scenarios [3] - One-on-one consultations were provided, allowing clients to receive tailored advice on debt isolation, retirement planning, and wealth preservation strategies [3][4] Group 4: Future Commitment - Zhong Cheng Trust aims to continue its commitment to serving Chengdu clients by integrating local needs into its financial services, ensuring a high level of professionalism and local understanding [2][4] - The company emphasizes its mission of protecting local wealth and supporting families in achieving their aspirations for wealth preservation and happiness [4]

Group 1 - The 2025 Bay Area Wealth Conference was held in Shenzhen, focusing on global asset allocation, cross-border wealth management, and wealth management and inheritance [1] - Discussions highlighted the changing investment behaviors of high-net-worth clients, with insights from family office founders and trust business leaders [1] - The need for systematic and institutionalized approaches to family wealth succession was emphasized, particularly in the context of generational differences between the first and second generations of business leaders [1][2] Group 2 - The first generation tends to be conservative and seeks stability, while the second generation, influenced by web 3.0, is more innovative and exposed to diverse information sources [2] - Family wealth succession is described as a long-term, systematic process that requires careful planning and consideration of the next generation's capabilities and institutional frameworks [2] - The importance of providing the next generation with opportunities for error and growth, rather than a one-time training approach, was highlighted as essential for successful succession [2]