★ 宏观动态 ★ 外交部：敦促美方切实保障中国留学生在内的各国留学生合法正当权益 据新华社报道，针对有报道称美方已通知各使领馆要求停止发放任何学生签证，外交部发言人毛宁28日在例行 记者会上回答提问时表示，中方一贯认为正常的教育合作和学术交流不应当受到干扰。"我们敦促美方切实保 障包括中国留学生在内的各国留学生的合法正当权益。"毛宁说。 中方将对沙特、阿曼、科威特、巴林试行免签政策 中方在东盟－中国－海合会峰会期间宣布对沙特、阿曼、科威特、巴林试行单方面免签政策，外交部发言人毛 宁28日在例行记者会上介绍相关情况。 毛宁说，为进一步便利中外人员往来，中方决定扩大免签国家范围，自2025年6月9日至2026年6月8日，对沙 特、阿曼、科威特、巴林持普通护照人员试行免签政策。上述4国持普通护照人员来华经商、旅游观光、探亲 访友、交流访问、过境不超过30天，可免办签证入境。"加上2018年全面互免签证的海合会成员国阿联酋和卡 塔尔，中方已实现对海合会国家免签'全覆盖'。我们欢迎更多海合会国家朋友来一次说走就走的'中国行'。"毛 宁说。 乘联分会：5月1—25日全国乘用车市场零售135.8万辆，同比增长16% 乘联分 ...

Core Viewpoint - Shanghai has launched a pilot program for real estate trust registration, following Beijing's earlier initiative, with the aim of expanding the application of trust services in various sectors, including charity and elderly care [1][2][3]. Group 1: Pilot Program Details - The pilot program in Shanghai is set to run for one year and involves multiple government departments, indicating a comprehensive approach to the initiative [1][2]. - The first batch of projects under this pilot is expected to be implemented soon, with Shanghai Trust actively participating in the process [1]. - Compared to Beijing's model, Shanghai's notification introduces innovations in scope, processing procedures, and collaborative mechanisms [1][2]. Group 2: Innovations and Applications - The pilot program expands the application of real estate trusts to charity, elderly care, and special needs, marking a significant innovation [2][3]. - The notification outlines a dual trustee model for charity organizations and trust companies, enhancing the operational framework for charitable trusts [3]. - The program includes a complete process for real estate trust registration, from pre-registration to feedback on registration results, creating a closed-loop system [7]. Group 3: Registration Process - The registration process requires the submission of trust documents, tax payment certificates, and other necessary materials to the real estate registration authority [5]. - The notification specifies that during the trust's existence or upon its termination, relevant parties must apply for registration when distributing or disposing of trust property [5][6]. - A new feedback mechanism has been introduced, allowing trust institutions to submit real estate registration results to enhance transparency [7]. Group 4: Taxation and Policy Considerations - Several industry experts have noted that the notification lacks clarity on the non-transactional nature of real estate as trust property and does not provide detailed tax policies [8][9]. - The requirement for tax payment certificates during the trust's entry and exit may pose challenges for the implementation of real estate trusts [9][10]. - There are concerns about potential policy loopholes and the need for further regulatory guidance to address taxation issues and prevent arbitrage [10][11].

Core Viewpoint - The announcement of the pilot program for real estate trust registration in Shanghai marks a significant step towards enhancing the financial services sector and supporting the development of the international financial center in Shanghai [2]. Group 1: Announcement Details - The pilot program involves multiple regulatory bodies, including the Shanghai Municipal Financial Committee and the State Taxation Administration, and outlines the definition, scope, and registration process for real estate trusts [1]. - The notification specifies a comprehensive process for real estate trust property registration, from pre-registration to feedback on registration results [2]. Group 2: Significance of the Notification - The implementation of the notification is expected to facilitate the development of the real estate trust registration system in Shanghai, contributing to high-quality growth in the trust industry [2]. - The notification emphasizes the importance of aligning trust services with social needs, particularly in areas such as elderly care, special needs, family services, public welfare, and risk management [2]. Group 3: Comparison with Beijing - In contrast to Beijing's earlier initiatives, Shanghai's pilot program introduces a "dual trustee model" for charitable trusts, allowing collaboration between trust institutions and recognized charitable organizations [4]. - Beijing had previously launched its real estate trust property registration program in December 2024, with notable early registrations completed by Guotou Taikang Trust and Foreign Trade Trust [3]. Group 4: Guidelines for Trust Management - The notification provides clear guidelines for the holding and termination phases of movable trust registration, requiring parties to apply for registration when distributing trust benefits or disposing of real estate [5].

Core Viewpoint - The launch of the real estate trust registration pilot in Shanghai marks a significant step in promoting the high-quality development of the trust industry and supports the construction of Shanghai as an international financial center [6]. Summary by Sections Notification Overview - The notification issued on May 27 outlines the definitions of real estate trusts and the scope of the pilot program, which applies to trust institutions operating within the administrative region of Shanghai [2]. - It specifies the compliance requirements for trustees and the legal legitimacy of the real estate involved in the trust [2]. - The notification details the registration process, including pre-registration, signing trust documents, applying for registration certificates, and registering trust property [2]. - It establishes a mechanism for information sharing, judicial protection, and a trial period, emphasizing the role of the Pudong New Area in supporting the pilot [2]. Comparison with Beijing Pilot - The Shanghai pilot involves six departments, compared to only two in Beijing, indicating a more comprehensive approach [4]. - The Shanghai notification includes provisions for charitable trusts involving collaboration between charitable organizations and trust companies [4]. - It encourages the design of trust service models around various social needs, such as elderly care and public welfare, and provides a more detailed registration process [4][5]. Implications for the Trust Industry - The notification reflects the rigorous consideration and strong support from various Shanghai departments, highlighting the city's commitment to the initiative [5]. - It aims to address not only the establishment of real estate trusts but also issues related to their holding and termination [5]. - The pilot is seen as a crucial measure for the high-quality development of the trust industry and the construction of Shanghai as an international financial center [6].

百万用户都在看 突然，大抛售！三大利空，突袭！ 集体飙升！半导体，突传重磅！ 午后！日本，重大突发！ 刚刚，大涨！关税，突传大消息！ 刚刚，A股异动！一则消息，突然引爆！ 俄乌突发！刚刚，大规模袭击！特朗普"怒了" 5月27日，湖北省荆州市中级人民法院一审公开开庭审理了光大信托原党委书记、董事长闫桂军受贿、违法发 放贷款、国有公司人员滥用职权一案。 荆州市人民检察院指控：2002年下半年至2021年，被告人闫桂军利用担任光大银行宁波分行党委书记、行长， 光大银行公司业务部总经理，光大金控资产管理有限公司党委副书记、总裁，光大兴拢信托有限责任公司党委 副书记、党委书记、总裁、董事长等职务上的便利，为有关单位和个人在贷款审批、业务发展和入职晋升等事 项上提供帮助， 非法收受财物，共计折合人民币21171万余元 。2016年5月至2020年2月，闫桂军在担任光大信 托党委副书记、党委书记、总裁、董事长期间，明知相关公司不符合贷款条件， 违反法律规定，指使下属办 理并违规审批，促使相关信托计划等项目通过评审，向相关公司发放贷款共计63.9亿余元 。2020年5月至7月， 闫桂军在担任光大信托党委书记、董事长期间，违反 ...

责任编辑：王馨茹 整体来看，在信托业转型进入"深水区"，盈利模式转型进度依旧迟缓的背景下，平安信托营收、净利润 同比均有所下降。2024年，平安信托实现营业收入141.48亿元，净利润34.21亿元，手续费及佣金净收入 96.81亿元。 但值得注意的是，平安信托资产管理规模显著上涨，2024年，平安信托资产管理规模达9930亿元，同比 增长49.88%；另外，"三分类新规"发布后，其重点布局的服务类信托，如去年财富服务信托业务规模整 体新增超530亿元，目前该业务整体规模已突破2200亿元，行业占比达20%。 此次高管轮换主要涉及平安信托、平安资管、平安银行三家"平安系"公司。方蔚豪"从平安信托调去平 安银行"，将出任平安银行副行长。早在今年3月，平安银行发布董事会决议公告指出，该行第十二届董 事会第三十七次会议审议通过了《关于聘任方蔚豪先生为平安银行股份有限公司副行长的议案》，同意 聘任方蔚豪为平安银行副行长。上述任职须报国家金融监督管理总局核准。 王欣"从平安资管调去平安信托"，新近刚卸任平安资管总经理助理、首席风险管理执行官、合规负责 人。而董续勇从"平安银行调去平安资管"，平安银行总行风险管理部总经理 ...

Core Viewpoint - The appointment of Wang Xin as the new Party Committee member and Secretary of Ping An Trust marks a significant leadership change, with expectations for continued growth and risk management in the trust industry [1][2]. Group 1: Leadership Changes - Wang Xin has been appointed as the Party Committee member and Secretary of Ping An Trust, succeeding Fang Weihua, who is no longer in this role [1]. - Wang Xin has a strong background in risk management and compliance, having previously served as the Chief Risk Management Executive and Compliance Officer at Ping An Asset Management [1]. Group 2: Company Performance - In the 2024 annual performance report, Ping An Trust achieved a revenue of 14.148 billion RMB, with net profit reaching 3.421 billion RMB [1]. - The asset management scale of Ping An Trust reached 993 billion RMB by the end of 2024, reflecting a year-on-year growth of 49.88% [1]. Group 3: Business Strategy - Following the "Three Classification New Regulations," Ping An Trust is focusing on the development of wealth management service trusts and asset service trust businesses [2]. - The asset service trust business scale is reported at 273.545 billion RMB, while the asset management trust business scale is 715.6 billion RMB [2]. - The company aims to enhance risk control and provide high-quality financial services, aligning with the "Fourteen Five" plan's objectives [2].

Investment Rating - The report initiates coverage with a "Buy" rating for the company [4][9]. Core Views - The company, a subsidiary of the State Grid, is driven by a dual business model of "finance + manufacturing," which positions it to benefit from accelerated investments in the power grid [1][4]. - The carbon asset management business is expected to continue its high growth due to the establishment of a carbon market framework and increasing trading volumes [2][38]. - The electrical manufacturing segment is poised to benefit from rising investments in distribution networks, particularly in amorphous transformers, which are more energy-efficient compared to traditional silicon steel transformers [3][46]. Summary by Sections Company Overview - The company is a subsidiary of the State Grid Corporation and has diversified into financial services through significant asset restructuring completed in 2020, which included trust, securities, and futures businesses [1][14]. - In 2024, the company reported total revenue of 11.288 billion yuan, a year-on-year increase of 3.60%, and a net profit attributable to shareholders of 1.574 billion yuan, up 15.39% [1][24]. Carbon Asset Management - The carbon asset management business has shown promising growth, with revenue reaching 0.70 billion yuan in 2024, reflecting a year-on-year increase of 13.39%, and net profit of 0.10 billion yuan, up 14.51% [2][40]. - The company is the only specialized carbon asset management firm within the State Grid system, focusing on carbon trading and management services [2][40]. Electrical Manufacturing - The company’s subsidiary, ZhiXin Electric, is a leader in the production of amorphous alloy transformers, which are expected to gain market share as distribution network investments increase [3][46]. - From 2020 to 2024, ZhiXin Electric's revenue grew from 5.001 billion yuan to 7.375 billion yuan, with a compound annual growth rate (CAGR) of 10%, and net profit increased from 0.16 billion yuan to 1.49 billion yuan, with a CAGR of 75% [3][24]. Financial Forecast and Valuation - The company is projected to achieve revenues of 12.487 billion yuan, 13.908 billion yuan, and 15.578 billion yuan for the years 2025, 2026, and 2027, respectively, with year-on-year growth rates of 11%, 11%, and 12% [4][8]. - The expected net profits for the same years are 1.731 billion yuan, 1.850 billion yuan, and 1.961 billion yuan, with growth rates of 10%, 7%, and 6% [4][8].

Core Viewpoint - Shanghai has initiated a pilot program for real estate trust registration, following Beijing's lead, aiming to address the challenges of property rights confirmation in real estate trusts through an innovative system involving multiple scenarios, full process closure, and inter-departmental collaboration [1][2]. Group 1: Definitions and Scope - The notification defines real estate trusts and the scope of the pilot program, which applies to trust institutions operating within Shanghai's administrative region, including provisions for charitable trusts in collaboration with trust companies [1][2]. Group 2: Compliance Requirements - The notification outlines compliance requirements for trustees conducting real estate trust business, ensuring the legality and compliance of the entrusted real estate assets [1]. Group 3: Registration Process - A comprehensive registration process is established, detailing steps from pre-registration, signing trust documents, applying for registration proof, to the actual registration of trust assets [1][3]. Group 4: Supporting Mechanisms - The notification includes mechanisms for information sharing, judicial protection, and a trial period, with a specific emphasis on leveraging the advantages of the Pudong New Area to support the pilot program [2][4]. Group 5: Innovative Aspects - The notification introduces an innovative "dual registration" model for real estate trust products, requiring the transfer of property registration to the trustee and marking the property as "trust assets" to ensure asset independence [3]. - It also includes provisions for charitable trusts and encourages the development of real estate trust registrations related to social welfare, such as elderly care and public charity [3]. Group 6: Collaborative Framework - The notification is a joint effort by multiple government departments, establishing a collaborative framework that enhances the professional registration capabilities of the China Trust Registration Co., Ltd., and promotes effective information sharing among the involved parties [4].

万里扬(002434.SZ)公告称，公司股东华润深国投信托有限公司（代表"华润信托·华颖16号单一资金信 托"）计划自公告披露之日起15个交易日后的3个月内，通过集中竞价交易和/或大宗交易方式减持公司 股份不超过3937.8万股，不超过公司总股本的3%。其中，通过集中竞价交易方式减持股份总数不超过 公司总股本的1%。减持原因为股东自身资金需求，股份来源为协议转让方式受让获得。减持价格区间 将根据市场情况确定。 ...