业绩端显示，截至2025年6月末，不良贷款率攀升至2.36%，高于城商行平均水平，拨备覆盖率降至154.85%，上半年营收与净利润双双大幅下滑，而信用减 值损失竟占营收的60%以上。 自2022年原董事长、行长相继离任后，尽管新管理层已履职近三年，但深层次的经营困境与风险包袱仍未得到根本性缓解。 在金融监管持续收紧的背景下，如何实现合规经营与风险化解的双重破局，已成为摆在江西银行新领导团队面前最紧迫的生死考验。 监管处罚密集落地：征信与不良处置双线违规暴露深层管控漏洞 【文/羽扇观金工作室】 10月17日，江西银行因征信管理违规遭中国人民银行江西省分行处以106万元罚款，这已是该行在2025年总行层面收到的第二张罚单。 据不完全统计，今年以来该行及其分支机构累计罚单已达5张，总金额超过346万元，11名相关责任人被追责。 从违规处置不良资产到征信管理失序，一定程度也显示出这家区域性银行在内控机制、合规文化与资产质量管理方面存在的系统性缺陷。 | | 序号 披露日期 ◆ | 处罚日期 ◆ | 当事人 | √ 标签 | 当事人 | | --- | --- | --- | --- | --- | --- | | 1 ...

在当前促进房地产市场平稳健康发展的背景下，如何有效化解存量风险、保障项目交付与民生权 益，考验着各方的智慧与担当。中国信达资产管理股份有限公司（以下简称"中国信达"）旗下专业平台 ——信达地产股份有限公司（以下简称"信达地产"）在河南省郑州市与康桥集团的合作，提供了一种依 托专业能力与多元协同的解决方案。其探索出的"康桥模式"，不仅成功盘活了多个停滞项目，保障了近 万户家庭的安居，更为金融资产管理公司参与风险化解、服务实体经济提供了有益借鉴。 央企使命与"康桥模式"的诞生 中国信达作为国内首批成立的金融资产管理公司，自诞生之初便肩负着化解金融风险、服务实体经 济的重要使命。在房地产领域，通过收购各类金融机构不良资产债权，参与问题企业救助及问题项目纾 困。 多元化资金保障。信达地产构建了多层次资金支持体系，形成"纾困基金启动+销售回款循环+外部 融资补充"的闭环，确保项目现金流健康。在位康桥集团纾困项目中，信达地产以少量战略性资本入 股，推动中国信达新增投入26亿元，实现总额超70亿元货值的项目盘活。 专业运营赋能。信达地产全面接管项目建设后，通过举办品牌发布会、更换项目案名、召开业主见 面会、实行"工地开放日 ...

Core Insights - Bohai Life Insurance has made significant progress in its transformation and is entering a new phase with the completion of its first round of capital increase by Tianjin State-owned Assets at the end of 2024, officially transitioning from the "HNA system" to being state-controlled [1][3] - The company is also restructuring its governance system alongside changes in its equity structure [2][8] Capital Increase and Governance - Tianjin State-owned Assets has completed a 1 billion yuan (approximately 0.14 billion USD) initial capital increase, achieving state control, with plans for further investments to support the company's long-term strategy [3] - The capital increase is expected to enhance the company's net assets and solvency ratio, improving its overall risk resistance and governance level [3][4] Business Strategy and Performance - Bohai Life is focusing on improving profitability through multiple approaches, including liability management, investment strategies, and internal management [4] - The company has relocated its business premises to a new location in the Tianjin Airport Economic Zone, which is expected to leverage the advantages of state-owned shareholders and free trade zone policies for new development opportunities [4] Historical Context and Challenges - Established in December 2014, Bohai Life was initially part of the HNA Group and has undergone significant capital increases, reaching a registered capital of 13 billion yuan (approximately 1.82 billion USD) before the state takeover [5] - The company experienced rapid growth in its early years, with total premiums increasing from 3.3 billion yuan (approximately 0.46 billion USD) in 2015 to 18.5 billion yuan (approximately 2.59 billion USD) in 2016, primarily driven by short-term financial products [5] - Following regulatory changes, the company shifted focus to long-term savings and risk protection, leading to a decline in annual premiums below 10 billion yuan (approximately 1.4 billion USD) [5] Risk Management and Leadership Changes - Since 2024, Bohai Life has not disclosed quarterly solvency reports, and prior to that, it had received a C-level risk rating for multiple quarters, attributed to governance issues [6] - The company has appointed a new chairman, Kou Jianghua, who has extensive regulatory and market experience, to lead the governance restructuring [8] - The company is actively recruiting senior management, including two vice presidents to oversee insurance business channels and strategic planning [9]

（上接1版）在这一过程中，中小金融机构"减量提质"成效显著，我国的银行业金融机构数量从2019年 的4600多家，降至2024年末的4295家，金融资源配置持续优化。 "近年来，中小金融机构改革化险工作力度明显加大。"招联首席研究员董希淼接受上海证券报记者采访 时表示，措施包括：采取兼并重组、在线修复、市场退出、补充资本等措施，以体制机制改革提升机构 的风险抵御能力；发挥存款保险的流动性救助作用，加大不良资产处置；提升中小机构公司治理水平， 避免银行成为个别人的"提款机"，增强稳健发展能力和服务实体经济能力。 当前，我国的高风险机构数量、高风险资产规模，都较峰值大幅压降，在金融体系中均占比较小、风险 可控。数据显示，2025年二季度末，我国商业银行不良贷款率为1.49%，较2020年末的"1.84%"明显下 行，资产质量总体向好。 精准拆弹 防范化解房地产和地方债务风险 几经辗转易手、面临大额银团贷款违约，上海大兴街项目历经20余年仍未完成拆迁安置；本土优质房企 郑州康桥集团，也由于城改项目资金大量占压，经营一度步履维艰…… 近年来，一些房地产项目遭遇 困境。 作为金融纾困力量，金融资产管理公司中国信达发挥其 ...

Policy Measures - The meeting emphasized a "steady progress" approach, focusing on macro policy coordination to stabilize expectations and stimulate economic vitality[3] - Fiscal policy will be "more proactive" while monetary policy will remain "appropriately loose," aiming to lower financing costs for enterprises[8] - The government plans to issue 800 billion yuan in special bonds to support key infrastructure projects, with all project lists already distributed[9] Domestic Demand - The primary task is to tap into and release the potential of service consumption, with a focus on sectors like elderly care and cultural tourism[9] - Effective investment expansion is crucial for stabilizing growth, with a focus on high-quality projects and avoiding inefficient construction[10] Reform and Innovation - The meeting highlighted the importance of technological innovation in driving industrial upgrades and fostering new competitive industries[11] - Measures will be taken to create a unified national market and eliminate local protectionism, ensuring fair competition[11] Social Welfare - Employment stability is prioritized, with policies aimed at supporting key groups such as college graduates and migrant workers[12] - The government will enhance social security systems to provide targeted assistance to vulnerable populations[12] Risk Management - The meeting stressed the need to mitigate local government debt risks and prevent the emergence of new hidden debts[13] - Policies will be implemented to ensure the stability of the real estate market and promote urban renewal projects[13]

Summary of Politburo Meeting Content and Review 1. Meeting Summaries - **2025/7/30 Meeting**: China's economy has made new achievements in high - quality development, with major economic indicators performing well, new - quality productivity actively developing, and reform and opening - up deepening. However, it still faces risks and challenges. The focus is on maintaining policy continuity and flexibility, stabilizing employment, enterprises, markets, and expectations, and promoting domestic and international double - circulation to achieve the "14th Five - Year Plan" finalization [2]. - **2025/4/25 Meeting**: The economy shows a positive trend, but the foundation for continuous recovery needs further consolidation. Policies should be more actively implemented, and efforts should be made to stabilize employment, enterprises, markets, and expectations, and deal with external impacts [2]. - **2024/12/9 Meeting**: The economy has run steadily with progress, and the main goals of economic and social development for the year will be smoothly achieved. Next year, it is necessary to strengthen counter - cyclical adjustment, promote high - quality development, and lay a solid foundation for the "15th Five - Year Plan" [2]. 2. Policy Directions Macroeconomic Policy - **General Tone**: All meetings emphasize the need for proactive macro - policies. In 2025/7/30 and 2025/4/25, it is about implementing and making full use of active fiscal and moderately loose monetary policies. In 2024/12/9, it focuses on super - conventional counter - cyclical adjustment [2]. - **Fiscal Policy**: All meetings stress positive fiscal policies, including accelerating the issuance and use of government bonds and ensuring the "three guarantees" at the grass - roots level [2]. - **Monetary Policy**: Meetings advocate maintaining liquidity, with 2025/4/25 specifically mentioning timely reserve requirement ratio cuts and interest rate cuts, and all meetings highlighting support for key areas through structural monetary policy tools [2]. Industry Policy - **New - Quality Productivity**: Promote the development of new - quality productivity through technological innovation and industry - innovation integration, and cultivate emerging pillar industries [2]. - **Competition Order**: Regulate competition order, manage over - capacity in key industries, and standardize local investment promotion [2]. Domestic Demand Expansion - **Consumption**: Stimulate consumption through various means such as increasing the income of low - and middle - income groups, developing service consumption, and implementing consumption promotion campaigns [2]. - **Investment**: Promote "two - major" construction, expand effective investment, and stimulate private investment [2]. Risk Resolution - All meetings stress the need to prevent and resolve key - area risks, especially local government debt risks, and ensure no systemic risks [2]. Other Key Areas - **Reform and Opening - up**: Deepen reform, expand high - level opening - up, and stabilize foreign trade and investment [2]. - **Agriculture, Rural Areas, and Farmers**: Strengthen the "three rural" work, stabilize agricultural product prices, and promote rural development [2]. - **Employment**: Implement employment - priority policies to promote the employment of key groups [2]. - **Real Estate**: Promote the stable development of the real estate market and build a new development model [2]. - **Capital Market**: Strengthen the attractiveness and stability of the capital market [2].

Core Viewpoint - The China Securities Regulatory Commission (CSRC) emphasizes the importance of political construction and the need for high-quality development in the capital market, focusing on risk prevention, strict regulation, and promoting high-quality growth amidst complex external challenges [2][4][9]. Group 1: Market Stability and Development - The CSRC has implemented a series of policies to stabilize the capital market, including the "New Nine Articles" and the "1+N" policy documents, which aim to enhance market resilience and improve expectations [2][4]. - Key reforms have been initiated, such as promoting long-term capital inflow, public fund reforms, and measures for mergers and acquisitions of listed companies [2][5]. - The CSRC is committed to maintaining a stable market environment while addressing risks in key areas like bond defaults and private fund violations [6][5]. Group 2: Regulatory Enhancements - The CSRC is enhancing its regulatory framework by focusing on serious violations such as financial fraud and market manipulation, ensuring strict enforcement of laws [5][6]. - There is a strong emphasis on improving the effectiveness of regulatory measures, utilizing technology to enhance oversight capabilities, and preventing a one-size-fits-all approach in regulation [5][6]. Group 3: Party Construction and Governance - The CSRC is prioritizing the strengthening of party construction within its system, emphasizing political awareness and accountability among its members [9][10]. - Continuous efforts are being made to combat corruption and improve governance, including the implementation of stricter oversight and the promotion of a culture of integrity [9][10]. - The CSRC aims to foster a capable regulatory team by focusing on leadership and personnel development, ensuring that the right individuals are in place to drive the commission's objectives [10].

Core Viewpoint - The China Securities Regulatory Commission (CSRC) emphasizes the importance of strengthening party building and regulatory measures to ensure the stability and high-quality development of the capital market amidst complex risks and challenges [1][2][3]. Group 1: Current Situation and Achievements - The CSRC has effectively implemented the decisions of the Central Committee and the State Council, focusing on risk prevention, strict regulation, and promoting high-quality development [2]. - Significant reforms have been achieved, including the implementation of the new "National Nine Articles" and the "1+N" policy documents for the capital market, which have contributed to market stability [2]. - The capital market has shown resilience against unexpected external shocks, with improved expectations and a stabilizing trend [2][3]. Group 2: Future Directions - The CSRC plans to maintain a stable and healthy capital market by focusing on four key areas: ensuring market stability, enhancing regulatory effectiveness, deepening reforms, and managing risks in key sectors [3]. - Specific measures include improving market monitoring, promoting the implementation of reforms in the Sci-Tech Innovation Board, and enhancing the governance of listed companies [3]. - The CSRC aims to foster long-term capital inflows and improve the regulatory framework to prevent illegal activities in the capital market [3]. Group 3: Party Building and Governance - The meeting highlighted the need for high-quality party building to lead high-quality development, emphasizing political construction and the rectification of issues within the CSRC [4][5]. - Continuous efforts will be made to improve work style, combat corruption, and strengthen the supervision of public power [5]. - The CSRC is committed to enhancing the capabilities of its leadership and workforce to ensure effective regulatory practices [5].

Core Viewpoint - The article discusses the performance and management of the fund "Oriental Theme Selection" (400032), highlighting its long-term underperformance and recent recovery efforts under new management [2][3]. Fund Overview - The fund was established on March 23, 2015, and has a cumulative net value of 0.9978 yuan, reflecting a -0.22% performance since inception [2][11]. - The fund has experienced significant fluctuations, particularly during market downturns, leading to a current net value that is still below the initial investment [2][3]. Management Performance - The current fund manager, Zhou Siyue, has managed the fund since November 13, 2023, with a return of -9.02% during his tenure [2][3]. - The previous manager, Jiang Qian, achieved a remarkable return of 122.18% over nearly five years, successfully bringing the fund back to break-even [2][3]. Recent Market Analysis - In the first quarter of 2025, despite poor performance in the US stock market, the A-share market showed moderate growth, particularly in small-cap sectors driven by innovations in AI and robotics [3]. - The macroeconomic environment remains stable but uncertain, with low growth rates in investment, exports, and consumption [3]. Fund Performance Metrics - Year-to-date performance is +2.98%, with a ranking of 1365 out of 2296 in its category [11]. - Over the past year, the fund has gained 14.51%, ranking 977 out of 2253, which is considered good [11]. - The fund's three-year performance shows a decline of -34.42%, ranking poorly at 1852 out of 2039 [11]. Fund Holdings - As of the first quarter of 2025, the fund's major holdings include stocks from non-bank financial institutions, such as Dongfang Caifu, China Galaxy, and CITIC Securities [14]. - The fund has seen a significant reduction in total shares over the past two to three years, decreasing by over 5.5 billion shares, which is more than 44% [13][14].

年报不仅是上市公司年度经营情况的全面总结，也是对股票被实施风险警示的上市公司风险化解情况的 综合检验。根据Wind数据，截至5月6日收盘，A股多家上市公司在披露2024年年度报告后撤销退市风险 警示或其他风险警示，实现"摘帽"。 此外，还有十余家公司向交易所提出了撤销风险警示申请，相关"摘帽"流程正依规推进中。 积极主动化解风险 5月6日，文投控股股份有限公司（以下简称"文投控股"）等8家公司的股票正式撤销退市风险警示或其 他风险警示。 此前，辽宁和展能源集团股份有限公司（以下简称"和展能源"）、辽宁曙光汽车集团股份有限公司（以 下简称"曙光股份"）等多家公司的股票已经撤销了退市风险警示或其他风险警示。 中央财经大学副教授刘春生在接受《证券日报》记者采访时表示："撤销风险警示，意味着这些公司的 基本面发生了积极的变化。" 公开信息显示，因原控股股东强行推进的关联交易，曙光股份2021年度内部控制被出具否定意见的审计 报告，公司股票自2022年5月6日起被实施其他风险警示。此后的2022年度和2023年度，因触及"内部控 制非标意见"以及"连续3个会计年度扣非前后净利润孰低者均为负值且审计报告显示公司持续经营能 ...