国家金融监管总局四川监管局近期发布任职批复，正式核准李跃、杨豪等人担任四川天府信托有限公司（下称"天府信托"）核心管理职 务，标志着这家完成重整与更名的信托机构，在治理架构完善上迈出关键一步。 根据批复内容，李跃获任天府信托董事、董事长，杨豪出任公司总裁；同时，张新国的副总裁、董事会秘书任职资格，宋长旭、杨云勇的 副总裁任职资格，以及关炜的首席风险官、首席合规官任职资格均获核准。公开信息显示，新任董事长李跃目前还兼任蜀道资本集团副总 经理，以及蜀道（四川）股权投资基金有限公司党总支书记、执行董事，其任职进一步强化了控股股东对天府信托的战略管控与资源协 同。 2025年10月，四川信托正式发布公告，经国家金融监督管理总局四川监管局批复，公司名称变更为天府信托并换领新的《金融许可证》。 2025年8月20日，国家金融监管总局正式批复同意四川信托96.8020%的股权变更，蜀道投资集团有限责任公司（下称"蜀道集团"）以 58.6278%的持股比例成为控股股东，彻底改变了公司的资本属性。 股权变更完成后，天府信托的股东阵容进一步优化：春晓公司持股15.0118%，成都交子金融控股集团有限公司与成都兴蜀青企业管理有限 ...

Core Viewpoint - Shandong International Trust Co., Ltd. has received a new financial license, effective from January 9, 2026, as per the National Financial Regulatory Administration's licensing information query platform [1]. Group 1: Company Information - The institution's name is Shandong International Trust Co., Ltd., with the institution code K0039H237010002 [3]. - The company is located at 2788 A Tower, Aoti West Road, Lixia District, Jinan City, Shandong Province, with a postal code of 250013 [3]. - The company was established on June 20, 2007, and the license was issued by the Shandong Bureau [3]. Group 2: Business Scope - The business scope includes trust services such as asset service trust, asset management trust, and public welfare trust [3]. - It also engages in proprietary asset liability business, including interbank deposits, interbank lending, loans, investments, and bond repurchase agreements [3]. - The company provides investment advisory, consulting, custody, and other technical services for financial institutions and their managed asset management products [3]. - It offers financial advisory and trustee management services for enterprises issuing direct financing instruments and provides agency sales services for asset management products [3].

Core Viewpoint - The implementation of the "Asset Management Trust Management Measures" in 2026 will mark a new chapter in the development of asset management trusts, necessitating a reevaluation of their role and strategic direction to promote high-quality growth [1] Group 1: Return to the Essence of Asset Management Trusts - Asset management trusts must return to their essence of pooling funds for investment management, focusing on value preservation and appreciation, while breaking the practice of guaranteed returns [2] - A shift from financing-oriented thinking to investment-oriented thinking is essential for trust companies to define product strategies and asset selection [2] - The need for diversified risk through portfolio investment is emphasized, with a call for trust companies to adhere to classic financial principles rather than superficial compliance with regulations [3] Group 2: Professional Capability as a Competitive Edge - Unified regulation of asset management businesses is a global trend, requiring all asset management entities to adhere to similar operational rules to avoid regulatory arbitrage [4] - Trust companies must enhance their professional capabilities in investment research and asset discovery to remain competitive in the asset management market [4] Group 3: Strategic Positioning of Asset Management Trusts - Trust companies face the challenge of positioning themselves as either asset management or wealth management institutions, with insights drawn from overseas experiences [5][6] - The future landscape may see a differentiation in trust business models, including specialized asset management firms, service-oriented financial service providers, and integrated financial service firms [8] Group 4: Development Directions for Asset Management Trusts - The consensus among trust companies is to transition from non-standard to standard asset management, with a focus on traditional and alternative investments [9] - Alternative investments are gaining traction among institutional investors, and trust companies are encouraged to leverage their expertise in this area [11] - ESG investment is becoming increasingly important, with trust companies advised to build capabilities in ESG risk analysis and management to meet growing market demand [12][13]

登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：000563 证券简称：陕国投A编号：2026-02 注：上述数据以公司合并报表数据填列。 二、经营业绩和财务状况情况说明 2025年度实现营业总收入 292,837.36万元，同比增长0.03%；实现营业利润191,890.91万元，同比增长 4.53%；实现利润总额 191,670.38万元，同比增长4.98%；实现净利润143,864.19万元，同比增长5.70%； 扣除非经常性损益后的归属于上市公司股东的净利润143,548.53万元，同比增长15.27%；基本每股收益 0.2813元，同比增长5.71%。公司积极落实为实体经济让利的相关政策，主动降低融资成本，营业收入 总体保持平稳；净利润增长的主要原因是固有业务投资成效进一步显现，风险防控成效良好，整体运行 平稳。 报告期末，公司总资产2,974,971.90万元，较期初增长16.89%；归属于上市公司股东的净资产 1,916,583.31万元，较期初增长7.15%；归属于上市公司股东的每股净资产为3.75元，较期初增长 7.14%。 三、与前次业绩预计的差异说明 本次业绩快报披露前，公司 ...

Core Insights - The trust industry in China is undergoing significant transformation, with a focus on high-quality development driven by a "1+N" policy framework aimed at strong regulation, risk prevention, and promoting transformation [1][3][4] Policy Framework - The "1+N" policy framework is being refined, with the State Council's opinions emphasizing the trust industry's critical role in the financial system and its service to the real economy [3] - The revised "Trust Company Management Measures" clarifies the legal status and functional positioning of trust companies, guiding them to shift from financing platforms to trustee services [3][4] Industry Growth - By mid-2025, the total trust asset scale reached 32.43 trillion yuan, marking a year-on-year growth of 20.11% [6] - The asset management trust and asset service trust have replaced traditional financing and channel trust models, becoming the main drivers of asset scale growth [6][7] Revenue and Profitability - The trust industry achieved a revenue of 34.36 billion yuan in the first half of 2025, with a profit of 19.68 billion yuan, reflecting a structural optimization in earnings sources [7] - The shift towards net value-based income from investment management and service fees indicates an improvement in the quality of earnings [7] Risk Management - Significant progress has been made in risk management, with successful resolution of major risks, including the restructuring of Sichuan Trust and the bankruptcy proceedings of Huaxin Trust [8][9] - The industry has seen a reduction in non-performing rates and risk project scales, enhancing overall risk mitigation capabilities [9] Future Outlook - The end of the transition period in May 2026 will serve as a critical juncture for the trust industry, focusing on completing compliance adjustments and fostering sustainable business models [10][11] - Challenges remain, including the need for effective management of complex legacy assets and the cultivation of new business models amid competitive pressures [10][11]

（原标题：信托首家，业绩来了！） 【导读】陕国投披露业绩快报 中国基金报记者 江右 信托行业2025年首家业绩披露，A股上市的陕国投A率先发布。 陕国投业绩快报显示，2025年营业收入为29.28亿元，同比增长0.03%，略微保持了正增长；归母净利润 为14.39亿元，同比增长5.7%。 为实体经济让利，营收仅微增长 1月9日晚间，陕国投率先发布2025年业绩快报。2025年营业收入为29.28亿元，同比增长0.03%；归母净 利润为14.39亿元，同比增长5.7%。2025年的加权平均净资产收益率为7.82%，相比2024年增加0.05个百 分点。 相比而言，2025年前三季度，陕国投的营业收入为21.61亿元，同比增长7.18%。这意味着，陕国投2025 年四季度营收同比有所下降。 对于2025年的业绩表现，陕国投表示，公司积极落实为实体经济让利的相关政策，主动降低融资成本， 营业收入总体保持平稳；净利润增长的主要原因是固有业务投资成效进一步显现，风险防控成效良好， 整体运行平稳。 陕国投表示，2025年末，公司总资产达297.5亿元，较期初增长16.89%；归属于上市公司股东的净资产 为191.66亿元 ...

Core Viewpoint - Shaanxi Guotou (陕国投) has released its performance report for 2025, showing slight growth in revenue and a more significant increase in net profit, indicating a stable operational performance while implementing policies to benefit the real economy [1][2][4]. Financial Performance - The total operating revenue for 2025 is 2.928 billion yuan, reflecting a year-on-year growth of 0.03% [2][3]. - The net profit attributable to shareholders is 1.439 billion yuan, with a year-on-year increase of 5.7% [2][3]. - The weighted average return on net assets for 2025 is 7.82%, up by 0.05 percentage points from 2024 [2][3]. Revenue and Profit Breakdown - Operating profit for 2025 is 1.919 billion yuan, showing a growth of 4.53% compared to 2024 [3]. - Total profit for 2025 is 1.917 billion yuan, which is a 4.98% increase from the previous year [3]. - Basic earnings per share for 2025 is 0.2813 yuan, up by 5.71% from 2024 [3]. Asset and Equity Growth - By the end of 2025, total assets reached 29.75 billion yuan, an increase of 16.89% from the beginning of the year [4]. - The net assets attributable to shareholders are 19.166 billion yuan, reflecting a growth of 7.15% [4]. - The net asset per share is 3.75 yuan, which is a 7.14% increase from the start of the year [4]. Strategic Initiatives - The company is actively implementing policies to reduce financing costs and benefit the real economy, which has contributed to stable revenue [4]. - Shaanxi Guotou is planning a private placement to raise up to 3.8 billion yuan to strengthen its capital base, which has been approved by relevant authorities [5][6]. - The raised funds will be used entirely to supplement the company's capital, enhancing its risk resilience and competitive strength [6].

Core Viewpoint - Shaanxi Guotou (陕国投) has released its performance report for 2025, showing slight growth in revenue and a more significant increase in net profit, reflecting the company's efforts to support the real economy while maintaining stable operations [2][4]. Financial Performance - The total operating revenue for 2025 is 2.928 billion yuan, a year-on-year increase of 0.03% [3]. - The net profit attributable to shareholders is 1.439 billion yuan, representing a year-on-year growth of 5.7% [3]. - The weighted average return on net assets for 2025 is 7.82%, an increase of 0.05 percentage points compared to 2024 [3]. Asset and Equity Growth - As of December 31, 2025, the total assets of the company reached 29.75 billion yuan, an increase of 16.89% from the beginning of the year [4]. - The net assets attributable to shareholders increased to 19.166 billion yuan, up 7.15% from the beginning of the year [4]. - The net asset per share is 3.75 yuan, reflecting a growth of 7.14% [4]. Capital Raising Plans - The company plans to raise up to 3.8 billion yuan through a private placement to strengthen its capital base [5]. - The fundraising plan has been approved by the company's board and shareholders, and is pending approval from the Shenzhen Stock Exchange and the China Securities Regulatory Commission [5]. - The raised funds will be used entirely to supplement the company's capital, enhancing its risk resistance and competitive strength [5]. Comparison with Industry Peers - As of the end of 2024, Shaanxi Guotou ranks between 10th and 15th in terms of net assets and management scale among publicly listed trust companies in China [5]. - The net capital as of September 2025 is 13.771 billion yuan, and the planned fundraising will significantly enhance the company's capital strength [6].

【导读】陕国投披露业绩快报 中国基金报记者 江右 信托行业 2025 年首家业绩披露， A 股上市的陕国投 A 率先发布。 陕国投业绩快报显示， 2025 年营业收入为 29.28 亿元，同比增长 0.03% ，略微保持了正 增长；归母净利润为 14.39 亿元，同比增长 5.7% 。 为实体经济让利，营收仅微增长 1 月 9 日晚间，陕国投率先发布 2025 年业绩快报。 2025 年营业收入为 29.28 亿元，同 比增长 0.03% ；归母净利润为 14.39 亿元，同比增长 5.7% 。 2025 年的加权平均净资产 收益率为 7.82% ，相比 2024 年增加 0.05 个百分点。 相比而言， 2025 年前三季度，陕国投的营业收入为 21.61 亿元，同比增长 7.18% 。这意 味着，陕国投 2025 年四季度营收同比有所下降。 对于 2025 年的业绩表现，陕国投表示，公司积极落实为实体经济让利的相关政策，主动降 低融资成本，营业收入总体保持平稳；净利润增长的主要原因是固有业务投资成效进一步显 现，风险防控成效良好，整体运行平稳。 陕国投表示， 2025 年末，公司总资产达 297.5 亿元 ...

去年9月，时任四川信托党委副书记、拟任总裁的杨豪在拜访中国五冶集团时表示，四川信托当前正重点围绕大交通行业，聚焦"基建+能源+矿业"主业， 以打造交通领域特色信托公司为核心目标，以建设特色化、专业化、产业化"大交通"领域信托机构为战略方向，构建全方位服务体系，精心打造富有川信 特色的信托模式。 1月9日，四川金融监管局发布相关批复，核准李跃天府信托董事、董事长的任职资格。同时，四川金融监管局核准杨豪天府信托总裁的任职资格。与此同 时，天府信托还有其他10人的任职资格获批。信托百佬汇记者获悉，天府信托董事长曾在蜀道集团任职，总裁曾为中国银行省一级分行副行长。 多名高管资格获批 据悉，天府信托董事长李跃此前为蜀道资本集团副总经理兼蜀道基金公司执行董事、党总支书记。 信托百佬汇记者独家获悉，天府信托总裁杨豪长期在中国银行工作，2024年3月获国家金融监督管理总局宁夏监管局批复担任中国银行宁夏回族自治区分 行副行长。 除了董事长以及总裁，天府信托还有多名高管任职资格同日获批。四川金融监管局核准杜若榕、李里、周昊楠天府信托董事的任职资格；核准张新国天府 信托副总裁、董事会秘书的任职资格；核准宋长旭、杨云勇天府信托副总裁 ...