"取名费了一番心思。"沭阳县委副书记、省委驻沭阳县乡村振兴工作队队长余云飞说，"我们借助AI生 成多套方案，最终选定'虞美人.花田瓜'，既点明潼阳西瓜的地理标志，又融入了沭阳'虞姬故里'的历史 韵味。"一旁，从南京来跟进项目的江苏信托公益慈善部总经理李进军，以及从另一场会议赶到的潼阳 镇镇长姜长征，也加入讨论。 □ 本报记者倪敏 小寒时节，苏北田野上寒风凛冽。步入沭阳县潼阳镇的连栋温室大棚，阵阵暖意扑面而来。这里，一场 围绕西瓜产业升级的"诸葛亮会"正热气腾腾地进行。话题主角是当地新培育的西瓜品牌"虞美人.花田 瓜"，去年首度面市，不到半月便售罄。如今二期大棚已落成，预计端午前后，新一批瓜成熟后将经由 精品商超与"新农人"直播间，走向更广阔的市场。 产业链也在同步重塑。工作队与镇政府推动构建"公司+合作社+农户"体系，实行品种、技术、管理、 品牌、销售"五统一"，不仅"做给农民看"，还要带着农民干、帮助农民赚。 实实在在的收益最具说服力：元旦刚过，已有30户农户主动申请加入，每户计划种植3到4亩。李进军补 充道，该慈善信托资金还同步用于村庄路灯亮化等民生项目，就在2025年12月，"苏信弘善慈善信托"荣 获第 ...

登录新浪财经APP 搜索【信披】查看更多考评等级 炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 记者丨崔文静 编辑丨包芳鸣 12月31日，中国资本市场迎来重要创新。中国证监会正式发布《中国证监会关于推出商业不动产投资信 托基金试点的公告》（以下简称《公告》），标志着市场期盼已久的商业不动产公募REITs试点规则完 成意见征集并最终落地，自公布之日起施行。 同时，沪深交易所、中国结算、证券业协会、基金业协会等单位的全套配套业务规则同步发布。这不仅 是我国公募REITs市场从基础设施领域向商业不动产领域的关键扩容，更意味着市场正式迈入"商业不动 产与基础设施REITs并行发展"的新阶段，一个更具广度、深度与活力的多层次REITs市场生态开始加速 构建。 历经近五年探索，我国基础设施REITs市场已稳步成长。截至2025年12月27日，已上市REITs产品达78 只，累计融资2099亿元，总市值2199亿元。2024年以来，中证REITs全收益指数上涨19%，REITs已逐步 成为重要的大类资产配置品种。坚实的实践基础、清晰的顶层设计指引与庞大的商业不动产盘活需求共 同催生了此次试点的正 ...

登录新浪财经APP 搜索【信披】查看更多考评等级 12月31日，深交所发布《公开募集不动产投资信托基金业务办法》及配套规则指南，同日发布《关于商 业不动产投资信托基金试点有关工作的通知》（以下简称《商业不动产REITs通知》）。这是贯彻落实 《中国证监会关于推出商业不动产投资信托基金试点的公告》（以下简称《商业不动产REITs公告》） 的具体举措，将进一步丰富REITs业务类型，促进REITs功能发挥，推动REITs市场高质量发展。 深交所高度重视商业不动产REITs试点工作，扎实有序开展规则修订、技术系统开发、项目培育等各项 准备工作，推动商业不动产REITs试点开好局、起好步。按照《商业不动产REITs公告》相关要求，深 交所修订形成"1+7+6"REITs规则指南框架，即1项业务办法、7项业务指引和6项业务指南，夯实商业不 动产REITs制度基础。一是将商业不动产REITs纳入规则范围，新增商业不动产REITs经营与财务情况、 资产评估、运营管理安排等方面差异化的核查要求，分业态规范商业不动产REITs审核和存续期披露要 求。二是健全审核机制，明确审核各环节程序、缩短审核时限，优化REITs合规性、回收 ...

固收 商业不动产 REITs 新规与展望 2025 年 12 月 22 日│中国内地 信用周报 信用热点：商业不动产 REITs 新规与展望 证券研究报告 市场回顾：信用债收益率多数下行，信用利差被动上行 上周信用债收益率多数小幅下行，但下行幅度不及国开债，利差多数被动上 行。2025 年 12 月 12 日至 12 月 19 日，税期资金面平稳，债基赎回短暂扰 动市场，LPR 降息预期再起，利率债先上后下，普信债收益率多数小幅下 行 2BP 左右，二永债除 1Y 外多数亦小幅下行 2BP 左右，但下行幅度不及 国开债，利差被动上行，1-5Y 品种多数利差上行 2-3BP。上周理财净买入 376 亿元，基金净买入 82 亿元，基金买入力度环比前一周有所下滑。信用 债 ETF 规模 5282 亿元，环比前一周上升 3.73%。行业利差方面，上周各 行业 AAA 主体评级公募债利差中位数多数上行 3BP 左右，各省公募城投债 利差中位数普遍上升 2-4BP，云南、贵州上行超 6BP。 一级发行：信用债净融资小幅下滑，发行利率涨跌互现 2025 年 12 月 15 日至 2025 年 12 月 19 日，公司类信用 ...

（文/罗叶馨梅）12月8日，康强电子（002119.SZ）发布简式权益变动报告书称，信息披露义务人华润深国投信托有限公司（代表"华润深国投信托—泽熙6 期单一资金信托计划"）所持公司1876.43万股无限售流通股已被司法拍卖并完成过户登记。公司公告指出，本次权益变动系因法院执行裁定及司法拍卖导致 的被动减持。 报告书中，信息披露义务人对本次权益变动作出说明称，本次变动为被动减持，不属于其主动股份处置行为；并声明在本报告签署日除披露事项外，未通过 其他方式增减在公司中持股。信息披露义务人同时承诺本报告不存在虚假记载、误导性陈述或重大遗漏，并对其真实性、准确性和完整性承担法律责任。 康强电子指出本次权益变动已按照《证券法》《上市公司收购管理办法》及相关信息披露规则编制并披露报告书，相关备查文件已存放于公司证券部备查。 公司公告提醒投资者关注该权益变动并已履行相应信息披露义务。 （校对/秋贤） 公告披露，本次被司法拍卖处置的股份数量为18,764,272股，变动前占公司总股本比例为5.00%；拍卖完成后，信息披露义务人持股由18,764,272股降至0 股，持股比例由5.00%降至0%。报告显示，涉拍卖股份此前处于 ...

Core Viewpoint - Hanhua Financial Holdings (03903.HK) announced that Chongqing Liangxin Holdings Co., Ltd. will transfer a total of 373,626,304 shares of the company to various creditors as part of a court ruling, significantly altering the ownership structure of the company [1] Group 1 - The Chongqing Fifth Intermediate People's Court approved the transfer of shares held by Chongqing Liangxin Holdings Co., Ltd. to creditors on November 14, 2025 [1] - As of November 20, 2025, Chongqing Liangxin Holdings Co., Ltd. held 432,188,780 shares of the company, accounting for approximately 9.40% of the total shares [1] - Following the transfer, National Trust will hold 360,659,988 shares, representing about 7.84% of the total shares, while Chongqing International Trust and China Orient Asset will hold 8,959,620 shares (0.19%) and 4,006,696 shares (0.09%) respectively [1] Group 2 - After the transfer, Chongqing Liangxin Holdings Co., Ltd. will retain 58,562,476 shares, which is approximately 1.27% of the total shares [1]

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has announced the pilot program for Commercial Real Estate Investment Trusts (REITs), aiming to enhance the market's capacity and efficiency in managing commercial real estate assets [1][2]. Group 1: Regulatory Developments - The CSRC has released a draft announcement for the pilot of Commercial Real Estate REITs, with exchanges actively working on rule revisions and project cultivation [1]. - The Shanghai Stock Exchange (SSE) plans to advance the pilot program under CSRC's guidance, focusing on quality commercial real estate and risk prevention [1]. - The Shenzhen Stock Exchange (SZSE) will optimize REITs rules and collaborate with market participants to ensure the successful implementation of the pilot [1]. Group 2: Market Context - As of now, there are 77 REITs products listed in the market, with a total issuance scale of 207 billion yuan, indicating a growing market capacity and a mature investor base [1]. - Since 2024, nearly 100 billion yuan worth of CMBS, quasi-REITs, and holding-type real estate ABS products have been issued, reflecting a consensus on valuation logic and operational management in the commercial real estate sector [2]. - The pilot program for public REITs has been in place for five years, demonstrating significant achievements and the potential to further activate existing assets and stimulate economic growth [2].

Core Viewpoint - Wenkang Capital (600390.SH) announced the establishment of a joint venture with its subsidiary Wenkang Trust and related party Wenkang Real Estate Holdings in Beijing, with a registered capital of 100 million yuan [1] Group 1: Joint Venture Details - The registered capital of the joint venture is 100 million yuan, with Wenkang Trust contributing 30 million yuan, holding a 30% equity stake, while Wenkang Real Estate Holdings will contribute 70 million yuan, holding a 70% equity stake [1] - Wenkang Real Estate Holdings will contribute 3 billion yuan in cash by December 31, 2025, with 700 million yuan recorded as paid-in capital and 2.3 billion yuan recorded as capital reserve [1] - By December 31, 2026, Wenkang Real Estate Holdings will fulfill its remaining capital contribution obligations based on the assessed value of Wenkang Trust's asset package, in accordance with the investment agreement [1]

Group 1: Company Performance - In the first three quarters of 2025, COFCO Capital achieved total revenue of 7.168 billion CNY and a net profit attributable to shareholders of 1.025 billion CNY [1] - The company has fully implemented the new insurance contract accounting standards (IFRS 17) since January 1, 2025, leading to adjustments in the previous year's comparative data [1] - The net profit attributable to shareholders in Q3 2025 showed a year-on-year decline due to reduced contributions from investment business profits [1] Group 2: Business Strategy and Features - COFCO Trust has transitioned from traditional trust services to asset management, leveraging the flexibility of the trust system and a comprehensive risk management framework [2] - The company focuses on core business areas, with standard product fixed-income investments becoming the most stable revenue source [2] - COFCO Trust has developed a comprehensive business system centered on operational custody and investment advisory services, enhancing growth support [2] Group 3: Insurance Operations - China-UK Life Insurance adheres to a growth culture and value-driven growth path, emphasizing risk management and customer needs [3] - The company targets four core areas: health, retirement, wealth, and inheritance, offering branded and integrated product solutions [3] - A multi-channel marketing system has been established, focusing on individual insurance, agency, and bank insurance channels to enhance competitive advantages [4]

Group 1 - The concept of "short-term elderly care" is gaining popularity, especially during holidays, with services offered at a daily cost of 99 yuan for meals and daily care [1] - There is a growing concern about the well-being of elderly individuals, particularly those who are neglected or mistreated in care facilities [1] - The number of empty-nest elderly individuals in China is significant, with nearly 150 million reported in 2020, and the trend is expected to continue as the population ages [2][3] Group 2 - The aging population in China is projected to exceed 400 million by 2035, accounting for over 30% of the total population, indicating a severe aging crisis [2] - The "silver economy" is anticipated to drive economic growth, with estimates suggesting that by 2030, 60-70% of national wealth will be held by the elderly [3][4] Group 3 - High-end elderly care facilities are emerging, with examples like the "He Yuan" community in Beijing, which offers comprehensive services and activities for residents [6][10] - The cost of living in such facilities can be substantial, with monthly fees ranging from 8,000 to 14,000 yuan, making them accessible primarily to higher-income families [6][10] Group 4 - The current elderly care system in China is characterized by a "9073" model, where 90% of elderly individuals live at home, 7% rely on community support, and only 3% reside in care institutions [10][11] - The market for mid to high-end elderly care is dominated by real estate companies and insurance firms, indicating a shift towards privatized care solutions [12][15] Group 5 - The financial burden of elderly care is significant, with many families unable to afford high-quality care, leading to a reliance on government-supported facilities [11][12] - The average urban household in China has assets averaging 3.179 million yuan, but many families still struggle to finance elderly care due to high costs and limited savings [16] Group 6 - The pension system in China is under pressure, with projections indicating that the replacement rate may drop to 30-40% of pre-retirement income, raising concerns about financial security in old age [17][19] - The third pillar of the pension system, which includes personal savings and investments, is not widely adopted, limiting its effectiveness in providing additional retirement income [19][20] Group 7 - The shortage of qualified caregivers is a pressing issue, with a reported gap of 5.5 million caregivers needed to meet the demands of the aging population [22][23] - Community-based support and services are essential for addressing the needs of elderly individuals, with many preferring to age in place rather than in institutional settings [24][25] Group 8 - Trust services are being explored as a means to manage elderly care finances, allowing individuals to allocate funds for care without relying solely on family support [30][31] - The concept of designated guardianship is also being discussed to ensure that elderly individuals receive appropriate care and support when needed [31][32]