Core Viewpoint - The introduction of real estate trust property registration in cities like Beijing, Shanghai, and Guangdong is seen as a breakthrough in addressing legal obstacles related to trust property rights, facilitating the integration of real estate resources with pension security needs [1][2]. Group 1: Real Estate Trust Registration - Real estate trust property registration resolves legal barriers to trust property rights, enabling non-cash assets like real estate to be included in trusts, thus fostering innovation in pension finance [1]. - The registration system enhances asset security by clarifying property rights, which is crucial for the stability of pension finance [2]. Group 2: Advantages of Real Estate Trusts - Compared to traditional "reverse mortgage" models, real estate trusts offer risk isolation, ensuring that trust assets are independent from the trustee's and trustor's personal assets, thus safeguarding pension security [3]. - Real estate trusts allow for flexible inheritance arrangements, enabling multiple beneficiaries and achieving both pension and inheritance goals [3]. - The model supports comprehensive services by integrating medical and care services, creating a "finance + elderly care" ecosystem, unlike traditional models that only provide financial support [3]. Group 3: Target Audience and Accessibility - The primary audience for real estate pension solutions includes homeowners lacking stable cash flow, families without children, and high-net-worth families seeking both pension security and wealth transfer [4]. - Real estate trusts do not have specific entry thresholds, making them more accessible compared to traditional trust products that often require significant initial investments [4]. Group 4: Market Potential and Sustainability - The potential market for real estate trusts in China is substantial, especially in first- and second-tier cities, with estimates suggesting a market size of hundreds of billions if supportive tax policies are implemented [4]. - The model is expected to activate idle real estate assets and improve their utilization efficiency, while also allowing gradual asset value release to minimize market impact [4]. Group 5: Policy and Regulatory Support - Nationwide promotion of real estate trust registration will require time and supportive policies, with expectations for expansion in cities with high aging rates and stable property values by 2025 to 2027 [6]. - Key supportive policies include optimizing tax regulations, ensuring judicial protection for trust assets, and enhancing inter-departmental collaboration for unified regulatory standards [6]. Group 6: Recommendations for Trust Companies - Trust companies are encouraged to innovate products, such as combining "reverse mortgage" trusts with long-term care insurance, to extend service offerings [6]. - Building an ecosystem by collaborating with elderly care and medical institutions can create comprehensive pension solutions [6]. - Utilizing technology, such as AI, can enhance operational efficiency in property valuation and rental predictions [6].

Core Viewpoint - The article discusses the emergence and development of equity charitable trusts in China, highlighting their potential to provide sustainable funding for charitable causes while allowing for the appreciation of equity assets [1][2][4]. Group 1: Charitable Trusts Overview - Charitable trusts combine charity and trust mechanisms, gaining popularity among various stakeholders including the government, enterprises, and charitable organizations [1]. - In the first half of the year, there were 198 new registrations of charitable trusts in China, with a total scale of 358 million yuan, indicating stable growth in both quantity and scale [1]. Group 2: Equity Charitable Trusts - Equity charitable trusts allow the trustor to use their legally held equity as trust property, managed by a trustee to achieve specific charitable goals [2]. - Compared to traditional charitable donations, equity charitable trusts provide continuous and stable funding while maximizing the potential appreciation of equity assets [2]. Group 3: Pilot Registration in Hangzhou - Hangzhou has officially launched a pilot program for the registration of equity charitable trusts, aiming to encourage social capital participation in charitable activities through equity [3]. - The first case of equity charitable trust registration was completed by Kunlun Trust, involving a trust established for enhancing accounting capabilities of social organizations [3]. Group 4: Significance of the Pilot Program - The pilot program in Hangzhou is seen as a model for nationwide replication, providing practical experience for the development of equity charitable trusts [4]. - The program addresses several challenges, including establishing clear registration processes, ensuring asset independence, and reducing the costs associated with setting up trusts [5].

7月30日下午，并购新浪潮·东莞智造跃升新引擎——东莞资本市场2025年高质量发展大会举行，来 自"政产学研金"各界的代表济济一堂，共同探寻并购重组何以成为企业裂变成长、制造业高端跃升的重 要路径。同时，大会也围绕并购方法论、实操要点、协同生态等关键议题展开深入探讨，为东莞上市公 司提供决策参考与战略借鉴。 本次活动由东莞市委金融办指导，东莞市上市公司协会、东莞市投资控股集团有限公司（下称"投控集 团"）主办，东莞证券、东莞银行、东莞信托、东莞科创集团、智数公司、华联期货协办，南方报业传 媒集团东莞分社承办。 在当前资本市场不断改革深化、并购重组持续活跃的背景下，并购不仅是企业扩张、迭代、开拓的关键 路径，更是驱动"东莞智造"向全球价值链高端跃升的核心引擎。东莞，这座底蕴深厚的制造业名城，坐 拥境内外上市企业84家、上市后备企业347家、专精特新企业超3000家，正加速迈向国际科创制造强 市。本次活动以"并购"为核心议题，不仅全面回顾了2024年资本市场发展成果，也通过园区推介、战略 签约、主题演讲、圆桌论坛等多个重磅环节，凝聚各方并购智慧，全面助力"东莞智造"向高端化、智能 化、国际化迈进。 "政产学研金" ...

Core Insights - Lujiazui reported a revenue increase but a decline in net profit for the first half of 2025, indicating a challenging financial environment [1][2] Financial Performance - Total revenue reached 6.598 billion yuan, a year-on-year increase of 33.91% [1] - Net profit attributable to shareholders was 815 million yuan, down 7.87% year-on-year [1] - Gross margin decreased to 50.8%, down 15.94% year-on-year [1] - Net margin fell to 17.76%, down 15.81% year-on-year [1] - Operating cash flow per share increased significantly by 96.98% to 0.94 yuan [1] Key Financial Metrics - The company’s total assets included cash and cash equivalents of 9.905 billion yuan, a 31.75% increase [2] - Accounts receivable decreased by 9.65% to 585 million yuan [1] - Interest-bearing liabilities rose by 2.13% to 70.637 billion yuan [1] - The ratio of selling, general, and administrative expenses to revenue decreased by 20.07% to 16.22% [1] Business Operations - The increase in revenue was attributed to higher sales in real estate, property services, hotel services, and financial business [3] - The cost of sales increased by 66.51%, primarily due to differences in project cost recognition [3] - The company’s return on invested capital (ROIC) was reported at 2.64%, indicating weak capital returns historically [4] Cash Flow and Debt Analysis - The company’s cash flow situation is healthy, with cash assets representing 8.7% of total assets [5] - The debt situation shows an interest-bearing asset liability ratio of 41.57% [5] - Inventory levels are high, with inventory to revenue ratio at 416.91% [5] Market Expectations - Analysts expect the company’s performance for 2025 to reach 1.585 billion yuan, with an average earnings per share of 0.31 yuan [5]

证券代码：600816 证券简称：建元信托 公告编号：临 2025-021 建元信托股份有限公司 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大 遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： ? 本次会议是否有否决议案：无 一、 会议召开和出席情况 (一) 股东大会召开的时间：2025 年 7 月 30 日 (二) 股东大会召开的地点：上海市杨浦区佳木斯路 777 号中谷小南国花园酒 店三楼红宝石 CD 厅 (三) 出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情况： 份总数的比例（%） (四) 表决方式是否符合《公司法》及《公司章程》的规定，大会主持情况等。 本次股东大会由公司董事会召集，公司第九届董事会董事长秦怿先生主持。 本次股东大会表决方式采用现场投票和网络投票相结合的方式进行表决。会议的 建元信托股份有限公司公告 (一) 非累积投票议案 审议结果：通过 表决情况： | 股东类 | 同意 | | | 反对 | | | 弃权 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- ...

金融界消息 截至2025年7月30日收盘，建元信托（600816）报收于2.98元，下跌1.65%，换手率1.27%， 成交量69.27万手，成交金额2.07亿元。 通过天眼查大数据分析，建元信托股份有限公司共对外投资了60家企业，参与招投标项目15次，知识产 权方面有商标信息37条，此外企业还拥有行政许可11个。 资金流向方面，今日主力资金净流出1958.53万元，占比成交额9.45%。其中，超大单净流出2323.27万 元、占成交额11.21%，大单净流入364.74万元、占成交额1.76%，中单净流出流入640.88万元、占成交 额3.09%，小单净流入1317.65万元、占成交额6.36%。 来源：金融界 建元信托最新一期业绩显示，截至2025一季报，公司营业总收入6795.44万元、同比增长55.74%，归属 净利润2634.17万元，同比增长27.56%，扣非净利润4381.84万元，同比增长14.36%，流动比率1.195、速 动比率1.195、资产负债率36.12%。 天眼查商业履历信息显示，建元信托股份有限公司，成立于1995年，位于上海市，是一家以从事其他金 融业为主的企业。企业注册资本9 ...

（文章来源：证券日报） 证券日报网讯 7月30日晚间，建元信托发布公告称，公司2025年第一次临时股东大会于2025年7月30日 召开，审议通过了《关于修订并撤销监事会的议案》等议案。 ...

活动现场，世界金融论坛副主席、金砖智库学术委员会主席、全国社保基金理事会原副理事长王忠民， 中国上市公司协会 党委委员、副会长孙念瑞，广东证监局党委委员、副局长戴文慧，东莞市委常委、 常务副市长曾坚朋，市委金融办常务副主任钟正良，市市场监管局二级调研员梁少华，市税务局二级高 级主办石小辉，投控集团、东莞证券董事长陈照星，东莞市上市公司协会会长林海川等出席活动。 曾坚朋在致辞中表示，近年来，资本市场初步形成了以"科技创新+先进制造"为鲜明特色的东莞板块， 孕育了基础雄厚、活力充沛的企业生态，对并购重组有着强烈的内生需求。近年来，东莞出台《东莞市 便利企业融资赋能高质量发展若干措施》，多维度发力强化金融供给与财政协同，同时大力支持市上市 公司协会发挥桥梁作用，支持企业通过并购做大做优做强。曾坚朋表示，热切期盼全球上市公司龙头企 业、证券交易所、金融机构、专业服务商等各方齐发力，为东莞加快建设国际科创制造强市、为中国资 本市场高质量发展贡献力量。 7月30日下午，并购新浪潮·东莞智造跃升新引擎——东莞资本市场2025年高质量发展大会举行，来 自"政产学研金"各界的代表济济一堂，共同探寻并购重组何以成为企业裂变成长、 ...

Group 1 - GuoXin Securities announced personnel changes, including the appointment of Hu Hao as a non-independent director and the removal of Zhang Rui from her independent director position [2][6] - Hu Hao has recently been nominated as the chairman of China Resources Trust, which is the second-largest shareholder of GuoXin Securities, holding 22.23% of its shares [6] - Hu Hao has extensive experience in the banking sector, having held various positions at Bank of Communications before joining China Resources Trust [6] Group 2 - Yi Longxin has been appointed as an independent director, replacing Zhang Rui, who was removed due to consecutive absences from board meetings [7][8] - Yi Longxin is currently a professor and head of the Accounting Department at Shenzhen University and has served as an independent director for other companies [7] - Zhang Rui was removed from her position after failing to attend two consecutive board meetings without delegating another independent director to attend on her behalf [8]

Report Industry Investment Rating - No relevant information provided Core Viewpoints of the Report - In H1 2025, the issuance scale of asset - backed notes increased rapidly year - on - year, and the issuance cost decreased. Personal consumer finance and micro - loans were active among the underlying assets. Secondary market transactions also showed growth [3]. Summary by Related Catalogs Issuance Situation - In H1 2025, 280 asset - backed note products were issued, with a total issuance scale of 258.275 billion yuan, a year - on - year increase of 74 in quantity and 48.44% in scale. April had the highest issuance volume and scale [3][4]. - The top five issuing institutions in terms of issuance scale were SDIC Taikang Trust Co., Ltd., Beijing Jingdong Century Trading Co., Ltd., China National Foreign Trade Trust Co., Ltd., Huaxin International Trust Co., Ltd., and Huaneng Guicheng Trust Co., Ltd. The top five and top ten issuing institutions accounted for 42.97% and 62.85% of the total issuance scale respectively [6]. - In terms of underlying asset categories, debt - based ABNs dominated, with a scale of 231.007 billion yuan, a year - on - year increase of 52.45% and a scale share of 89.44%. The average issuance scale of other - type assets was the highest at 175.1 million yuan per unit [9]. - The underlying asset sub - types included personal consumer finance, micro - loans, accounts receivable, specific non - financial claims, and supply chains. Personal consumer finance had the largest scale share at 44.48% [11]. - The highest single - product issuance scale was 6.043 billion yuan, and the lowest was 90 million yuan. Products with a single - issuance scale in the (5, 10] billion yuan range had the largest number of issuances and the highest scale share [15]. - The shortest product term was 0.17 years, and the longest was 23.41 years. Products with a term in the (0, 1] year range had the largest number of issuances and the highest scale share [18]. - By rating level, AAAsf - rated notes accounted for 90.64% of the issuance scale [19]. - For one - year AAAsf - rated notes, the interest rate center was around 1.97%, and the median decreased by 34BP year - on - year [21]. - In H1 2025, 88 ABCP products were issued, with a total scale of 89.119 billion yuan, accounting for 34.51% of the ABN issuance scale [23]. Issuance Spread - Compared with the same - term treasury bonds, the issuance spread of 1 - year asset - backed notes narrowed, while that of 3 - year notes widened slightly. Compared with the same - term AAA - rated corporate bonds, the issuance spreads of both 1 - year and 3 - year asset - backed notes narrowed [27][29][32]. - For personal consumer finance, micro - loans, and accounts receivable, the issuance spreads showed different trends. The issuance costs of these three types of products decreased significantly compared with the previous year [32][34][36]. Secondary Market Transaction - In H1 2025, the total trading volume of asset - backed notes in the secondary market was 258.04 billion yuan, and the number of transactions was 2,840, with year - on - year increases of 23.34% and 21.89% respectively [39]. - The products with active secondary - market transactions were mainly personal consumer finance, class REITs, accounts receivable, micro - loans, and partnership shares [40]. Industry Dynamic Review - On March 14, 2025, the National Association of Financial Market Institutional Investors (NAFMII) issued the Action Plan for Further Supporting the High - quality Development of Private Enterprises in the Inter - bank Bond Market, which was conducive to optimizing the bond financing environment for private enterprises [42]. - On May 7, 2025, NAFMII issued the Notice on Launching Science and Technology Innovation Bonds and Building a "Science and Technology Board" in the Bond Market. On May 26, the first science and technology innovation asset - backed security was successfully issued, which was helpful for the bond market to serve the science and technology innovation field [43].