Core Viewpoint - The importance of compliance for the stable development of financial institutions has become increasingly prominent under the backdrop of stringent regulation and risk prevention. The "Compliance Management Measures for Financial Institutions" will take effect on March 1, 2025, emphasizing the establishment of a compliance culture starting from the top management and involving all employees [1] Group 1: Compliance Officer Appointment - A one-year transition period has been set for financial institutions to comply with the new regulations, with many non-bank institutions already appointing Chief Compliance Officers (CCOs) [1] - As of now, various financial institutions such as trust companies, financial leasing firms, and consumer finance companies have initiated the appointment of CCOs, with regulatory approvals accelerating [1] - The first CCO in the financial leasing industry post-regulation is Ma Chi from Kunlun Financial Leasing, approved by the Financial Regulatory Bureau at the end of December 2024 [2] Group 2: Trust Companies and Financial Companies - Several trust companies have successfully appointed CCOs, including Lujiazui Trust and Shanxi Trust, with approvals from local regulatory authorities [3] - The trend of appointing CCOs is also evident in corporate financial companies, with multiple firms like Anhui Jiaokong Financial Company and others across key sectors such as energy and transportation establishing CCO positions [4] Group 3: Compliance Management Framework - In 2025, financial regulatory authorities have issued various management measures and guidelines aimed at clarifying business boundaries and reinforcing accountability, thereby establishing a structured compliance management framework [5] - The regulatory environment for non-bank institutions in 2025 is characterized by a dual focus on "system improvement and enforcement enhancement," shifting compliance management from mere formal compliance to substantive compliance [6] Group 4: Industry-Specific Compliance Practices - Different non-bank institutions are exploring compliance practices tailored to their specific regulatory requirements, such as trust companies enhancing management in areas like related transactions and fund flows [7] - Consumer finance companies are focusing on consumer rights protection through mechanisms like a "white list" of partner institutions and AI-driven fraud prevention systems [7] - Financial leasing companies are strengthening their compliance measures in project due diligence and asset management to prevent issues like false leasing [7]

Core Viewpoint - The trust investment industry is experiencing a shift where investors are becoming more discerning and moving towards independent research and decision-making, leading to a potential "gentle diversion" in 2026 towards other asset management channels [1][2][6] Group 1: Investor Behavior Changes - Investors are increasingly transitioning from relying on financial advisors to conducting their own research and analysis, with a focus on understanding product performance and risks [2][8] - The criteria for selecting trust products have become more stringent, with negative news leading to immediate rejection of products [2][8] - Investors are utilizing various news and analysis tools, including AI assistants, to validate their investment choices and assess the credibility of trust companies [2][8] Group 2: Industry Challenges and Responses - The trust industry is facing an asset scarcity issue, which is expected to persist into 2026, prompting a focus on core business areas such as family trusts and insurance trusts [3][9] - There is a consensus within the industry to return to fundamental business practices, emphasizing professionalism and compliance as key development themes for 2026 [3][9] - The industry is lacking not just projects but also the professional talent needed to navigate complex legal, tax, and inheritance issues for high-net-worth clients [3][9] Group 3: Regulatory and Trust Issues - The transition towards new business models is hindered by inconsistent regional regulatory policies and a historical trust deficit among investors [4][10] - Investors often react with suspicion to fluctuations in product net values, questioning the integrity of trust companies [4][10] Group 4: Building Sustainable Trust Relationships - The industry is seeking to establish healthier, more sustainable trust relationships characterized by transparency and mutual trust between clients and trust companies [5][11] - There is a strong demand for improved information disclosure regarding product performance and underlying assets to enhance investor confidence [5][11] - The integration of AI and big data into risk control, investment research, and customer service is expected to become essential for institutions in 2026 [5][11] Group 5: Future Positioning of Trust Companies - Trust companies are likely to redefine their roles from traditional financial products to comprehensive financial solution providers, particularly for wealth inheritance needs [6][12] - The industry is expected to focus on niche areas such as industrial finance and green trusts, with larger firms leading the way while smaller institutions face pressure to adapt [5][12]

长江商报消息 ●长江商报记者 徐佳 上市信托公司陕国投A（000563.SZ）将追投本地城商行。 1月5日晚间，陕国投A发布对外投资计划，拟参与长安银行股份有限公司（以下简称"长安银行"）增资 扩股，增资金额不超过8亿元，增资股份不超过2.09亿股。本次增资后，陕国投A将持有长安银行股份 6.35亿股。 做强做大金融股权投资、优化公司长期资本配置结构，是陕国投A追投长安银行的主要原因。长安银行 也将通过本次增资扩股补充核心一级资本，提升资本充足水平。 长江商报记者注意到，在"三分类"格局下，信托业正从传统的非标融资业务向更加多元化和专业化的资 产服务信托，以及资产管理信托并重的业务模式转型。作为A股首家信托上市公司，陕国投A也加速信 托业务转型，夯实信托主业经营能力。 2025年9月末，陕国投A的信托资产规模为5724.56亿元，其中集合资金信托、财产权信托资产占比分别 为73.87%、20.57%。 目前，陕国投A正在推进38亿元规模的定增，以进一步夯实资本实力，增强风险抵御能力。2025年末， 公司已完成深交所审核问询回复。 陕西国资助力长安银行提升资本实力 根据增资计划，陕国投A拟参与长安银行本次增资， ...

Core Viewpoint - The interbank market trading association has issued penalties to three trust companies for violations related to debt financing tools, requiring comprehensive rectification measures from the involved companies [1][2]. Group 1: Penalties and Violations - Yunnan Trust failed to perform prudent management duties, facilitating unauthorized trading by unqualified personnel and engaging in improper holding transactions of debt financing tools, resulting in a severe warning and a mandate for comprehensive internal control and compliance rectification [1][2]. - Shanxi Trust conducted transactions not based on genuine demand, charged fees beyond interest during the purchase of debt financing tools, and assisted issuers in non-market-based issuance, leading to a warning and a requirement for thorough rectification [2]. - Zhongrong Trust also engaged in transactions not grounded in real demand, charging additional fees during the acquisition of debt financing tools, which resulted in a warning and a directive for comprehensive rectification [2]. Group 2: Regulatory Actions and Monitoring - The trading association will closely monitor violations in the primary bond issuance process, including structured bond issuance, rebate issuance, and interference with issuance rates, with strict penalties for serious violations across various institutions [3]. - There are multiple institutions currently under investigation for suspected non-market-based issuance practices [4].

梳理这家信托公司的发展历程，其前身可追溯至1987年1月成立的包头市信托投资公司。据公司官网信息，2003年经原中国银行业监督管理委员会核准重 新登记后，公司更名为新时代信托投资股份有限公司；2009年6月，经原银监会批准，公司正式更名为新时代信托股份有限公司并换领新的金融许可证。 值得关注的是，这并非新时代信托股权首次寻求转让。回溯其风险处置进程，自2020年7月中旬因违法违规经营导致产品大面积逾期被原银保监会依法接 管以来，公司处置工作一直在持续推进。2022年9月，刚结束两年接管期的新时代信托，首次将60亿股股份挂牌转让，转让底价23.14亿元，转让方为新时 代远景(北京)投资有限公司、上海人广实业发展有限公司、潍坊科微投资有限公司、包头市鑫鼎盛贸易有限责任公司。 首次挂牌未果后，2024年5月，北京产权交易所再次挂出新时代信托100%股权，转让底价较首次下调两成，降至18.51亿元。如今，历经三年两次挂牌未 成交，这已是新时代信托第三次推出股权整体转让方案，此次底价与2024年第二次挂牌时保持一致。 近日，《金融时报》记者从北京产权交易所获悉，新时代信托股份有限公司(以下简称"新时代信托")60亿股股 ...

Core Viewpoint - The article emphasizes the growing importance of special asset management in the context of economic restructuring and the need for diversified asset disposal strategies, highlighting the role of JianYuan Trust in this sector [1][2]. Group 1: Special Asset Business Opportunities - JianYuan Trust has achieved a business scale of 130 billion yuan in special asset management over the past two years, positioning itself as a key player in this market [1]. - The company views itself as a "discoverer, activator, and enabler" of special asset value, focusing on risk disposal services, revitalization of state-owned assets, and comprehensive services for non-performing assets [1][13]. - The trust's unique resources, including its location in Shanghai and partnerships with major stakeholders, provide a solid foundation for its special asset business [3]. Group 2: Industry Trends and Strategic Positioning - The special asset business is seen as a "value lowland" in the financial market, with JianYuan Trust strategically focusing on this area to align with industry transformation and regulatory changes [2]. - The introduction of new regulations in the trust industry has clarified its role in supporting the real economy and protecting creditor interests, making special asset management a critical tool for financial risk mitigation [2]. Group 3: Challenges and Market Dynamics - Despite facing challenges such as complex pricing and increased competition, the special asset business is gaining importance due to its counter-cyclical nature, requiring specialized capabilities for value reconstruction [4]. - The supply of special assets is increasing in both quantity and quality, driven by various economic adjustments, creating opportunities for professional management and restructuring [4]. Group 4: Methodologies and Best Practices - JianYuan Trust has developed a methodology for asset disposal that emphasizes timely decision-making and the use of diverse tools to break deadlocks, such as bankruptcy restructuring and market-oriented reorganization [6][7]. - The company aims to shift from passive disposal to proactive management, creating an ecosystem that integrates industry, capital, judiciary, and government resources for effective asset value recovery [7]. Group 5: Future Outlook and Strategic Goals - JianYuan Trust anticipates significant growth in its special asset business, projecting a doubling of revenue in the coming year, with a focus on transforming from passive disposal to active empowerment of assets [12][13]. - The company aims to create a replicable model for special asset management that emphasizes risk resolution, value enhancement, and industrial empowerment, contributing to the broader financial ecosystem [13].

■ 截至本公告披露日，五矿信托及五矿地产控股已经按照协议约定履行了在2025年12月31日前的出资义 务，并完成了相关出资资产包的交割过户。 特此公告。 五矿资本股份有限公司董事会 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、准确性和完整性依法承担法律责任。 一、交易基本情况 五矿资本股份有限公司（以下简称"公司"）于2025年11月19日召开第九届董事会第二十八次会议，于 2025年12月15日召开2025年第四次临时股东会，审议批准了《关于控股子公司五矿信托与关联方共同投 资的议案》，同意公司控股子公司五矿国际信托有限公司（以下简称"五矿信托"）与公司控股股东中国 五矿股份有限公司全资子公司五矿地产控股有限公司（以下简称"五矿地产控股"）共同出资设立合资公 司，具体内容详见公司于2025年11月20日披露的《五矿资本股份有限公司关于子公司拟与关联方共同设 立合资公司暨关联交易公告》（公告编号：临2025-078）。 二、交易进展情况 合资公司已在北京市东城区市场监督管理局完成工商注册登记，取得《营业执照》，主要登记信息如 下： 2026年1月6日 ...

Core Viewpoint - The stock price of Shaanxi Guotou A has shown a modest increase of 3.48% since the beginning of the year, with a recent trading volume indicating active market participation [2] Group 1: Stock Performance - As of January 6, Shaanxi Guotou A's stock price rose by 2.00%, reaching 3.57 CNY per share, with a trading volume of 291 million CNY and a turnover rate of 1.61% [1] - The stock has experienced a 2.29% increase over the last five trading days and a 2.29% increase over the last twenty days, while showing a decline of 1.11% over the last sixty days [2] Group 2: Financial Performance - For the period from January to September 2025, Shaanxi Guotou A reported a revenue of 2.161 billion CNY, reflecting a year-on-year growth of 7.18%, and a net profit attributable to shareholders of 996 million CNY, which is a 6.60% increase compared to the previous year [2] - The company has distributed a total of 2.081 billion CNY in dividends since its listing, with 1.125 billion CNY distributed over the last three years [3] Group 3: Shareholder Information - As of December 31, the number of shareholders for Shaanxi Guotou A was 103,000, a decrease of 0.97% from the previous period, with an average of 49,661 circulating shares per shareholder, which is an increase of 0.98% [2] - The seventh largest circulating shareholder is the Southern CSI 500 ETF, holding 44.7628 million shares, which is a decrease of 1.0562 million shares from the previous period [3]

Core Viewpoint - The establishment of the Bay Area International Restructuring Center in Guangzhou aims to create a comprehensive restructuring service ecosystem to support enterprises in the Guangdong-Hong Kong-Macao Greater Bay Area, enhancing asset revitalization and risk resolution [1][2] Group 1: Establishment and Objectives - The Bay Area International Restructuring Center will officially be established in 2025, focusing on a "government guidance + market drive + judicial guarantee" model [1] - The center aims to provide an efficient and transparent platform for asset revitalization and risk resolution for enterprises in the Greater Bay Area [1] Group 2: Role of Daye Trust - Daye Trust has successfully qualified as a restructuring coordinator, investor, and professional service institution, making it the only financial institution with all three roles in the Bay Area restructuring service platform [1] - This qualification highlights Daye Trust's cross-domain integration capabilities and its commitment to applying trust systems for major project risk prevention and resolution [1][2] Group 3: Future Plans and Market Impact - Daye Trust plans to deeply integrate into the economic development of the Greater Bay Area, providing customized solutions throughout the entire restructuring process [2] - The company aims to address existing industry challenges such as coordination disconnection, funding delays, and fragmented services, thereby enhancing the seamless connection of "coordination-investment-service" [1][2]

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、准确性和完整性依法承担法律责任。 一、交易基本情况 五矿资本股份有限公司（以下简称"公司"）于2025年11月19日召开第九届董事会第二十八次会议，于 2025年12月15日召开2025年第四次临时股东会，审议批准了《关于控股子公司五矿信托与关联方共同投 资的议案》，同意公司控股子公司五矿国际信托有限公司（以下简称"五矿信托"）与公司控股股东中国 五矿股份有限公司全资子公司五矿地产控股有限公司（以下简称"五矿地产控股"）共同出资设立合资公 司，具体内容详见公司于2025年11月20日披露的《五矿资本股份有限公司关于子公司拟与关联方共同设 立合资公司暨关联交易公告》（公告编号：临2025-078）。 证券代码：600390 证券简称：五矿资本 公告编号：临2026-001 五矿资本股份有限公司 关于子公司与关联方共同设立合资公司暨关联交易的进展公告 特此公告。 五矿资本股份有限公司董事会 2026年1月6日 二、交易进展情况 合资公司已在北京市东城区市场监督管理局完成工商注册登记，取得《营业执照》，主要登记信息 ...