*此图由AI生成，非现场图 作者| 史大郎&猫哥 来源| 是史大郎&大猫财经Pro 又一"固收类产品"暴雷了。 举个例子。 "盛磊绍兴"金融资产收益权，4.6%的年化收益，挂牌机构是盛磊绍兴，保证人/增信人是祥源控股和俞 发祥，债务人是岳阳祥源，底层资产是岳阳祥源对保理公司的应收账款。 这是啥操作呢？三方都是自己人，"自己欠自己的钱，创造出金融产品"，一旦形成资金池，钱的去向就 很难把控了。 而卖理财的浙金中心，本身是一个"金交所"，也就是10年左右，主要卖固收理财，它的简介说，"成立 至今未出现产品兑付问题"。 最近，浙江金融资产交易中心陆续有投资者上门，11月底应该到期的理财，无法提现，基本上是暴雷 了。 20万起投，还要验资50万，但是收益率只有4-5%，目前统计的规模大约在140亿左右，也有数字说，超 过200亿。 这些产品的融资方和担保人，都指向了祥源控股以及浙商大佬俞发祥，大部分产品，都流向了祥源的地 产业务。 为啥暴雷呢？可能和以往的金交所产品类似。 当然了，大规模的开发，也是需要钱的，它的融资成本可一点也不低。 为啥"4-5%的固收"会暴雷呢？ 后来，国企大股东抽身，民企接盘，跟祥源的关系也非 ...

Core Viewpoint - The financial products issued by the controlling shareholder, Xiangyuan Holdings, have defaulted, causing significant concern in the market despite the listed companies claiming no direct responsibility for the situation [1][10]. Group 1: Financial Crisis - Recent reports indicate that financial products on the Zhejiang Financial Assets Exchange have failed to pay out, with the total amount involved exceeding 200 billion yuan and potentially affecting over 10,000 investors [2][13]. - Xiangyuan Holdings, which operates in tourism, infrastructure, and real estate, reported revenues of 18.05 billion yuan and a net profit of 1.538 billion yuan in 2021, but has faced challenges due to a downturn in the real estate sector [2][13]. - The company has been issuing high-interest debt through the Zhejiang Financial Assets Exchange, with financing costs reaching 8%-9%, primarily backed by its real estate projects [4][15]. Group 2: Company Operations and Market Reaction - Three listed companies under Xiangyuan Holdings issued announcements stating that the overdue products are unrelated to their operations and that they bear no responsibility for repayment [10][21]. - Despite these assurances, the market reacted negatively, with stock prices for Xiangyuan Wenlv, Jiaojian Co., and Haichang Ocean Park dropping by approximately 4%, 10%, and 4% respectively [1][12]. - The operational performance of Xiangyuan Wenlv has been relatively stable, but its stock has declined by 17% over the past year, while Jiaojian Co. has seen consecutive declines in revenue and net profit [10][23]. Group 3: Regulatory and Legal Issues - Xiangyuan Holdings and its subsidiaries, including Xiangyuan Wenlv and Jiaojian Co., are under investigation by the China Securities Regulatory Commission for failing to disclose non-operating fund transactions in their financial reports [10][23]. - The investigation revealed that Xiangyuan Wenlv had provided 410 million yuan to Xiangyuan Holdings through prepayments for asset purchases, raising concerns about financial transparency [10][23]. Group 4: Founder Background - The founder of Xiangyuan Holdings, Yu Faxiang, has a compelling rags-to-riches story, having built his wealth through various ventures, including real estate, and was listed with a fortune of 13.5 billion yuan on the Hurun Global Rich List in 2024 [6][17][20].