Core Viewpoint - China Cinda is a comprehensive financial group focused on non-performing asset management, with stable total assets but declining revenue and net profit in recent years [1][2] Group 1: Business Overview - China Cinda's business includes non-performing asset management and financial services, with non-performing asset management contributing 53% and financial services 48% to revenue in the first half of 2024 [1] - The total assets of China Cinda were approximately 1.58 trillion yuan at the end of Q2 2024, with operating revenue of 37.4 billion yuan and net profit of 1.6 billion yuan in the first half of 2024 [1] Group 2: Financial Performance - The company's return on equity (ROE) was 2% in 2023 and is estimated to decline to around 1% in 2024 [1] - The forecast for net profit for ordinary shareholders from 2024 to 2026 is 2.4 billion, 4 billion, and 4.7 billion yuan, representing year-on-year growth of -43%, 67%, and 16% respectively [2] Group 3: Subsidiary Performance - China Cinda operates through four financial subsidiaries, with significant growth in the management scale of Jinda Trust and improved ROE for Jinda Financial Leasing, while Nanshan Bank faces rising non-performing loan ratios [2] - The annualized ROE for Nanshan Bank in the first half of 2024 was 5.1% [2] Group 4: Market Outlook - The company is expected to benefit from economic recovery, which may lead to a reduction in asset impairment losses and improvement in performance [2] - The estimated reasonable valuation for the company is between 1.27 and 1.62 HKD, indicating a premium of 2% to 30% relative to the current stock price [2]

Core Insights - The Chinese trust industry is undergoing structural transformation driven by capital market reforms and the new "three-category" regulations, with trust assets expected to reach 29.56 trillion yuan by the end of 2024, an increase of 5.64 trillion yuan or 23.58% from the end of 2023 [2][3] - The securities market has become the largest destination for trust funds, with a total of 10.27 trillion yuan allocated to securities (including stocks, funds, and bonds) by the end of 2024, marking a significant increase of 3.67 trillion yuan or 55.61% from the previous year [2][7] - Wealth management service trusts are increasingly important, with a total of approximately 1.03 trillion yuan in wealth management service trusts by the end of 2024, reflecting a shift in client demand towards comprehensive wealth management [5] Trust Asset Growth - Trust assets in China have shown a stable growth trend, recovering from a decline between 2017 and 2020, with significant growth resuming from 2021 onwards [3] - The implementation of the "three-category" business transformation has led to a notable change in the asset scale of the trust industry, aligning with market demand [3][4] Wealth Management Services - Wealth management service trusts have become a core focus of the trust industry's transformation, with family trusts, insurance trusts, and other personal wealth trusts showing significant balances [5] - The overall profitability of trust companies remains under pressure, with operating income of 940.36 billion yuan in 2024, a year-on-year increase of 8.89%, while total profit decreased by 45.52% to 230.87 billion yuan [5] Securities Market Investment - The securities market has emerged as the highest allocation area for trust funds, with 46.17% of total trust funds directed towards this sector [7] - Specific allocations include 7.23 trillion yuan to stocks, 3.98 trillion yuan to funds, and 9.15 trillion yuan to bonds, with respective growth rates of 22.1%, 19.38%, and 61.2% [7] Real Estate and Other Investments - Trust funds allocated to the real estate sector decreased to 840.17 billion yuan by the end of 2024, down 1.34 billion yuan from the previous year, indicating a declining trend [8] - Investments in industrial enterprises and basic industries have increased, with respective allocations of 3.97 trillion yuan and 1.6 trillion yuan, reflecting a shift in focus [8] Economic Impact - The trust industry is expected to channel 22.25 trillion yuan of funds, with 28.81% directly supporting the real economy and 46.17% indirectly through the securities market, totaling 16.68 trillion yuan [9]

Core Viewpoint - China Foreign Trade Trust has achieved significant recognition in the bond market by being listed among the "Top 100 Bond Market Traders" and "Top 10 Trust Companies in Bond Market Trading" for three consecutive years, reflecting its strong performance and commitment to serving the real economy [1][3]. Group 1: Company Achievements - In 2024, China Foreign Trade Trust achieved a bond trading volume of nearly 820 billion yuan on the Shanghai Stock Exchange [3]. - As of the first quarter of 2025, the company held approximately 640 billion yuan in bonds issued on the Shanghai Stock Exchange, ranking among the top in trading and new bond subscription volumes among trust companies [3]. - The company has been recognized for its comprehensive service system that includes trust, fundraising, valuation, trading, risk control, and settlement, which has garnered widespread market acclaim [3]. Group 2: Future Plans - China Foreign Trade Trust aims to deepen its participation in the bond market by enhancing both the breadth and depth of its services, focusing on stable trading and responsible financial practices [4]. - The company plans to contribute to the construction of a new development pattern and promote high-quality economic development while creating long-term value for investors [4]. - The commitment to financial innovation and service to national strategies will be central to the company's future endeavors in the capital market [4].

Core Insights - The trust industry in China has seen significant growth in asset scale, reaching 29.56 trillion yuan by the end of 2024, a 23.58% increase from the end of 2023 [1][2] - Despite the growth in asset scale, the industry's profit has sharply declined by 45.52% to 230.87 billion yuan, indicating a pressing need for new revenue and profit drivers [5][6] Asset Scale and Revenue - The trust asset scale increased by 5.64 trillion yuan from the end of 2023, marking a substantial annual growth [1] - Operating income for the trust industry reached 94.036 billion yuan in 2024, up 8.89% from 86.361 billion yuan in 2023 [1][5] - The average trust business income for 57 companies was 7.81 million yuan, a decrease of 6.99% from the previous year [5] Business Transformation - The growth in asset scale is attributed to the implementation of the "Three Classification New Regulations," which has led to a shift from traditional non-standard financing to diversified asset service trusts and asset management trusts [2][3] - Asset service trusts accounted for 70% of new products and 50% of the scale of newly established products in 2024, despite their low fee structure impacting overall profitability [1][4] Specific Trust Categories - By the end of 2024, family trust balances reached 643.58 billion yuan, while insurance trust balances were 270.40 billion yuan, contributing to a total of 1.0289 trillion yuan in personal wealth trusts [2] - The administrative management service trust business had a scale of 1.8177 trillion yuan, indicating a deepening of service scenarios and the social value of trusts [3] - Asset management trusts totaled 11.39 trillion yuan, with fixed income trusts primarily invested in bond assets amounting to 9.15 trillion yuan [3] Profitability Challenges - The overall profitability of the trust industry has weakened, with a significant drop in profits due to the low fee structure of asset service trusts [5][6] - The average fair value loss for 57 companies was 94 million yuan, indicating increased pressure on revenue and profit margins [6] - The industry is urged to balance traditional and new business growth to enhance profit performance and adapt to regulatory changes [7]

Core Insights - The trust industry in China is experiencing significant growth, with total trust assets reaching 29.56 trillion yuan by the end of 2024, an increase of 5.64 trillion yuan or 23.58% from the end of 2023 [1] - However, the total profit of the trust industry has decreased sharply to 23.09 billion yuan, a nearly 50% decline year-on-year, indicating challenges in profitability despite asset growth [1][6] Industry Overview - By the end of 2024, the trust asset scale is approaching 30 trillion yuan, reflecting a substantial change following the implementation of the "three classifications" business transformation [1] - The trust industry is adjusting to market demands, leading to a notable increase in asset scale [1] Investment Trends - In 2024, 22.25 trillion yuan of funds were allocated to trust investments, with nearly 50% (10.27 trillion yuan) directed towards the securities market, marking a 55.61% increase from 6.60 trillion yuan at the end of 2023 [2][3] - The breakdown of investments shows that 7.23 trillion yuan was invested in the stock market, 3.98 trillion yuan in funds, and 9.15 trillion yuan in bonds [2] Profitability Challenges - The trust industry's total profit for 2024 is reported at 23.09 billion yuan, a decrease of 45.52% from the previous year, highlighting a significant decline in profitability [6] - The low fee structure of asset service trusts is impacting overall profit income, necessitating a focus on improving trust business yield [6] Business Classification Reform - The recent regulatory changes have categorized trust businesses into asset service trusts, asset management trusts, and public welfare trusts, promoting a shift from traditional non-standard financing to more diversified and specialized business models [7][9] - The wealth management trust sector is seeing growth, with family trusts and insurance trusts becoming increasingly significant, reflecting the rising demand for wealth management services [8][9] Future Outlook - The trust industry is expected to continue evolving, with a focus on balancing traditional and new business growth to enhance profitability [6] - The development of asset service trusts is emphasized as a key area for future growth, aligning with the industry's core business objectives [9]

Core Insights - The trust industry is experiencing intense price competition, leading to a situation where companies are engaging in low-cost bidding to attract clients, which is unsustainable in the long term [2][3][4] - The industry is facing a significant decline in profits despite an increase in revenue, indicating a troubling trend for future growth [5][6] - There is a call for trust companies to enhance their active management capabilities and differentiate themselves to escape the cycle of low-price competition [9][10] Industry Challenges - Many trust companies have focused on non-standard business models over the past decade, resulting in a lack of standardized and efficient operational frameworks, which weakens their bargaining power [6][7] - The introduction of new business models, such as asset securitization and family trusts, has led to fierce competition, with companies often resorting to low pricing to gain market share [4][7] - The current pricing strategies are causing a downward trend in service fees, impacting overall profitability and leading to a vicious cycle of reduced service capabilities [7][8] Financial Performance - In 2024, the trust industry reported operating income of 94.036 billion yuan, an increase of 8.89% from 2023, while profits fell to 23.087 billion yuan, a decrease of 45.52% [5] - The decline in profits is attributed to the low-fee structure of asset service trusts, which is affecting the overall profitability of the industry [5][6] Recommendations for Improvement - Trust companies are advised to focus on enhancing their active management capabilities and developing unique advantages to break free from low-price competition [9][10] - There is a suggestion to establish self-regulatory mechanisms within the industry to promote healthy competition and set standard pricing guidelines [10]

Group 1 - The trust industry in China has reached a record asset scale of 29.56 trillion yuan by the end of 2024, an increase of 5.64 trillion yuan from the end of 2023, representing a year-on-year growth of 23.58% [2] - The scale of fund trusts has reached 22.25 trillion yuan, increasing by 4.87 trillion yuan from the end of 2023, with a growth rate of 28.02% [2] - The scale of fund trusts directed towards the securities market has significantly increased to 10.27 trillion yuan, a growth of 55.61% from the end of 2023, accounting for 46.17% of the total fund trust scale [2] Group 2 - Traditional trust business in sectors such as industrial enterprises, infrastructure, and real estate is declining, with the scale of fund trusts directed towards industrial enterprises decreasing from 21.80% at the end of 2023 to 17.83% [2] - The proportion of trading financial assets has risen to 63.28%, with a year-on-year increase of 34.87% to 14.08 trillion yuan, while the shares of trust loans, debt investments, and equity investments have decreased [2] - Despite the growth in asset scale, the industry's profit has faced challenges, with operating income at 94.036 billion yuan, a year-on-year increase of 8.89%, while industry profit has dropped by 45.52% to 23.087 billion yuan [4]

东北证券股份有限公司 简式权益变动报告书 上市公司名称：东北证券股份有限公司 股票上市地点：深圳证券交易所 股票简称：东北证券 股票代码：000686 信息披露义务人：吉林省金融控股集团股份有限公司 住所/通讯地址：长春市人民大街 10606 号 股份变动性质：拥有权益的股份增加 二、信息披露义务人签署本报告书已获得必要的授权和批准，其履行不违反 信息披露义务人内部规则中的任何条款，或与之相冲突。 三、依据《中华人民共和国证券法》《上市公司收购管理办法》《公开发行 证券的公司信息披露内容与格式准则第 15 号—权益变动报告书》的规定，本报 告书已全面披露了信息披露义务人在东北证券股份有限公司中拥有权益的股份 变动情况。截至本报告书签署日，除本报告书披露的拥有权益的信息外，上述信 息披露义务人没有通过任何其他方式增加或减少其在东北证券股份有限公司中 拥有权益的股份。 四、本次权益变动是根据本报告书所载明的资料进行的。信息披露义务人没 有委托或者授权其他任何人提供未在本报告书列载的信息和对本报告书作出任 何解释或者说明。 五、信息披露义务人承诺本报告书不存在虚假记载、误导性陈述或重大遗漏， 并对其真实性、准确性、 ...

Core Viewpoint - The trust industry in China is undergoing significant transformation, with a projected asset scale of 29.56 trillion yuan by the end of 2024, reflecting a year-on-year growth of 23.58% due to the implementation of the "three classifications" business model [1] Group 1: Asset Scale and Growth - By the end of 2024, the trust asset scale is expected to reach 29.56 trillion yuan, an increase of 5.64 trillion yuan from the end of 2023 [1] - The growth is attributed to the shift from traditional non-standard financing to a more diversified and professional asset service trust model [1] Group 2: New Product Formation - Over 70% of newly established products in 2024 are asset service trusts, with 4.73 million products totaling 4.48 trillion yuan, accounting for 70.17% and 53.84% of new products by number and scale, respectively [2] - Wealth management service trusts alone have a scale exceeding 1 trillion yuan, with family trusts at 6435.79 billion yuan and insurance trusts at 2703.97 billion yuan [2] Group 3: Wealth Management Demand - The demand for wealth management services is increasing as both high-net-worth individuals and the general public seek to enhance their income through asset allocation [3] - The "three classifications" regulation is seen as a driving force for sustainable development in the trust industry, encouraging a return to core competencies [3] Group 4: Risk Disposal Services - By the end of 2024, risk disposal service trusts have become the largest segment within asset service trusts, with a scale of 24099.78 billion yuan [4] Group 5: Securities Investment Trusts - The scale of securities investment trusts has surpassed 10 trillion yuan, with a total of 10.99 trillion yuan by the end of 2024, primarily invested in bonds [5] - Funds directed towards the securities market from trust funds have increased significantly, with over 40% of funds now allocated to this area [5] Group 6: Revenue and Profit Trends - In 2024, the trust industry's operating income rose to 940.36 billion yuan, an increase of 8.89% from 2023, while profits fell by 45.52% to 230.87 billion yuan [7] - The shift towards asset service trusts, which typically have lower fees, is impacting overall profit margins [7] Group 7: Regulatory Developments - The trust industry is experiencing new opportunities with the implementation of regulatory measures aimed at promoting high-quality development [8] - Pilot programs for trust property registration are being launched in various cities, supporting the industry's standardization and transformation [8]

Group 1 - The importance of youth employment, particularly for college graduates, is emphasized by the central government, highlighting it as a priority area [1] - Financial students face challenges in job selection, often questioning their career paths and the relevance of their education to industry demands [2][3] - The financial industry is experiencing a transformation, with a growing need for high-quality, versatile talent to meet evolving market demands [4][5] Group 2 - Educational institutions are adapting their curricula to better align with industry needs, introducing new programs in financial technology and data analysis [5][6] - The competition for positions in banks and non-bank financial institutions is intense, with a notable increase in the number of high-qualification candidates [7][8] - The financial sector is undergoing structural changes, with a shift towards hiring professionals who possess both financial knowledge and technical skills [8][9]