9月28日，"长钱 长投 长青"2025保险业、信托业高质量发展大会在北京举办。来自保险公司、保险资管 公司、信托公司的100余位机构高管及金融业内人士齐聚一堂，就行业转型、创新探索与服务国家战略 等议题展开深入讨论。与会嘉宾认为，保险资金"长钱长投"属性凸显，信托业正步入高质量发展新阶 段，两者通过重塑展业模式和优化资产配置，在支持实体经济、稳定资本市场中发挥关键作用。 从宏观环境来看，内需潜力的释放成为推动经济高质量发展的重要动力。第十四届全国政协委员、中国 发展研究基金会理事长、国务院发展研究中心原副主任张军扩表示，我国内需潜力巨大，应更大力度支 持服务型消费。特别是，针对群众急难愁盼的教育、医疗、养老等方面问题，政府可加大补贴力度提振 居民消费意愿，增强居民消费能力。 国寿资产副总裁刘凡认为，保险资金具备"长钱长投"的独特属性，拥有成为"耐心资本"的潜力，这一特 性使其天然契合资本市场的长期投资需求，也是保险资金区别于其他金融机构资金最核心、最本质的特 征。在当前市场环境下，保险资金配置正处于主动求变的关键时刻，需积极把握资本市场机遇，优化结 构，提升能力。 机制与能力建设同样是行业实现高质量发展的重 ...

信托公司金牛奖 家族信托金牛奖慈善信托金牛奖 上海国际信托有限公司 中国对外经济贸易信托有限公司 江苏省国际信托有限责任公司 家族信托金牛奖 建信信托有限责任公司 中国对外经济贸易信托有限公司 国投泰康信托有限公司 山东省国际信托股份有限公司 慈善信托金牛奖 中信信托有限责任公司 上海国际信托有限公司 中粮信托有限责任公司 英大国际信托有限责任公司 三年期固定收益类产品金牛奖 华鑫信托·鑫欣丰利6号集合资金信托计划 交银国信·汇益7号组合投资集合资金信托计划 中海信托·稳盈16号集合开放式资金信托计划 中粮信托·丰收1号集合资金信托计划 江苏信托-汇添利2号系列集合资金信托计划 陕国投·汇盈1号债券投资集合资金信托计划 建信信托-盛景通宝债券投资集合资金信托计划 财信信托·湘信稳健一年锁定期4号集合资金信托计划 国元·周周添利1号开放式集合资金信托计划 一年期固定收益类产品金牛奖 华鑫信托·鑫欣丰利8号集合资金信托计划 外贸信托-稳鑫1期集合资金信托计划 云南信托-玉象固收6号集合资金信托计划 华润信托·鹏远1号集合资金信托计划 西部信托·永宁11号债券投资集合资金信托计划 厦门信托-鹭鑫2号集合资金信托计划 ...

● 本报记者 石诗语 "经过近年来的行业调整，我们对信托行业未来发展的信心更强了。"陈兵表示，信托制度在财产独立、 风险隔离、财富传承和资产配置方面具有独特优势，通过信托制度和工具对股权、资金、房产等进行跨 代安排已经成为其切实需求。信托行业"1+N"顶层设计逐步完善，信托行业进入了高质量发展新阶段。 经过这些年的艰难探索，上海信托对重塑展业模式的底气更足了。陈兵在大会上表示，上海信托充分发 挥信托功能优势，持续构建财富管理和资产管理循环驱动的商业模式。 具体来看，一是重塑客户服务体系，立体化推进财富管理服务信托账户体系建设。截至今年上半年末， 上海信托财富管理服务信托规模存续单数突破1.3万户，合计规模达900亿元。为满足商业银行、保险公 司和证券公司等客户综合服务需要，更好地推动信托制度同业融合，上海信托一是大力开展金融同业机 构合作，强化与财富端金融机构的合作，将不同层级的信托账户全面嵌入到合作机构的财富客户服务体 系中，共同服务好客户经营。二是发挥信托在大类资产配置上的优势，打造信托特色资产管理产品体 系。三是发挥信托工具多元化的优势，重塑新型长周期投融资体系，打造信托贷款、PE股权投资和资 产证券化 ...

● 本报记者 吴杨 石诗语 机制与能力建设同样是行业实现高质量发展的重要保障。中国保险资产管理业协会和中国精算师协会联 合党委委员、副秘书长商敬国表示，寿险公司应重塑资产负债表，以强健的资产负债表积极融入国家经 济发展大局。 同时，信托行业正在调整与探索中展现新活力。中国信托业协会副会长、上海信托党委书记、总经理陈 兵表示，信托制度在财产独立、风险隔离、财富传承和资产配置方面具有独特优势，通过制度和工具对 股权、资金、房产等进行跨代安排已经成为其切实需求。伴随"1+N"顶层设计逐步完善，信托业已进入 高质量发展新阶段。 居民消费意愿，增强居民消费能力。 在释放内需潜力的过程中，保险业迎来新的发展机遇。原中国保监会副主席周延礼表示，养老险市场需 求持续增长，为保险业提供广阔的发展空间。保险业要发挥规模、久期优势，做好资产管理；同时，需 加强产品创新和市场推广，提高养老保险第三支柱的市场竞争力和覆盖面。 国寿资产副总裁刘凡认为，保险资金具备"长钱长投"的独特属性，拥有成为"耐心资本"的潜力，这一特 性使其天然契合资本市场的长期投资需求，也是保险资金区别于其他金融机构资金最核心、最本质的特 征。在当前市场环境下，保 ...

9月28日，由中国证券报主办的"长钱 长投 长青"2025保险业、信托业高质量发展大会在北京举行。 ...

本报（chinatimes.net.cn）记者刘佳 北京报道 面对闲置不动产，企业不再仅局限于出售、租赁两种处置方式，而是通过信托模式盘活资产，成为当下 可探索的新方向。 近日，天津完成首单不动产信托登记项目"津不动产1号"，该项目由滨海新区国有资本投资运营有限公 司的子公司宏泰房产（下称：宏泰房产）与北方国际信托股份有限公司（下称：北方信托）合作，标的 为大港某小区一处价值300万元的两层配套商业地产。 梳理天津试点具体条款，其在制度设计上的差异化创新，成为推动实践落地的关键。 天津试点首次在全国范围内将"盘活存量资产"明确为不动产信托的核心应用场景，借助信托制度整合不 动产资源、优化资产结构，提升运营效率；除将已有不动产纳入信托外，还可委托信托机构代为购买不 动产；同时受益人可以为企业法人或自然人，兼顾民生与产业发展需求。 北京市京都律师事务所合伙人律师滕杰分析指出，除传统不动产转入信托模式外，天津试点创新增 设"受托人购买不动产"方式，有效兼顾存量盘活与增量创造，降低信托设立成本，减少了流转环节，不 仅可以满足委托人收购不动产的需求，也避免了委托人在当前税制环境下的重复纳税问题，进一步增强 信托的普惠属 ...

9月26日，信达证券发布公告称，董事长艾久超因工作安排调整辞去公司第六届董事会董事长及相关职务，同时选举林志忠为公司第六届董事会董事长。 林志忠此次职务变动备受市场关注，因其原任中国信达旗下中国金谷国际信托有限责任公司党委书记、董事长。 这位在中国信达体系内历练多年的"老将"短短半年内从信托公司掌门人转身成为券商董事长，标志着中国信达在股权划转至中央汇金后，对旗下金融资源 整合及业务协同进一步深化。 信达系老将林志忠调任 在林志忠短暂执掌金谷信托期间，这家央企背景的信托公司展现了良好的发展势头。 2024年，金谷信托交出了一份满意的答卷，实现营业收入14.11亿元，利润总额7.42亿元。 2025年上半年，金谷信托业绩继续保持快速增长，实现利润总额6.02亿元，在52家信托公司中排名前10；净利润4.5亿元，行业排名进入前15。 截至2024年6月30日，公司管理资产规模达3229亿元，较年初增长74%。 财富销售金额637亿元，同比提高142%，顺利实现"时间过半、任务过半"和"营收净利双增长"目标。 这些亮眼数据表明，在金谷信托期间，林志忠领导公司实现了业务规模的快速扩张与经营效益的显著提升。 此次人事变 ...

Group 1 - Wanda Group has recently faced a "high consumption restriction" measure related to a forced execution case, with a current forced execution amount of 186 million yuan [1] - The total amount of forced executions against Wanda Group has exceeded 5.2 billion yuan, indicating significant debt pressure [1] - From August to September 2025, Wanda Group will face forced executions from four independent cases, with amounts of 2.4 billion yuan, 330 million yuan, 407 million yuan, and 400 million yuan, respectively [1] Group 2 - Multiple financial institutions are involved as applicants for execution, including China Bank Chengdu Jinjiang Branch with a claim of 330 million yuan and Shanghai International Trust Co., Ltd. with a claim of 407 million yuan [2] - The case involving Shanghai International Trust has entered the first execution stage, with Wanda Group and its subsidiaries facing joint liability for a debt of 400 million yuan [2][3] - The cases are being adjudicated by specialized financial courts, highlighting the financial nature and complexity of the disputes [1][2]

Report Industry Investment Rating No relevant content provided. Report's Core View - In the context of the stock - bond seesaw effect and the new regulations on public fund sales, interest rates have been oscillating and adjusting since September, and market sentiment has become more cautious. Debt funds have continuously sold long - term credit bonds and bought short - term credit bonds around 1Y since the first and middle ten days of this month. This week, ultra - long - term credit bonds saw a significant catch - up decline. Currently, with the pressure of wealth management products returning to the balance sheet gradually clearing and interest rates approaching the top of the periodic range, ultra - long - term bonds may gradually enter the area of attention [4][44]. Summary According to Related Catalogs 1. Primary Market 1.1 Net Financing Scale - The net financing of credit bonds (excluding asset - backed securities) this week was 165.2 billion yuan, a decrease of 184.3 billion yuan compared to last week. The total issuance was 598 billion yuan, an increase of 15 billion yuan, and the total repayment was 432.9 billion yuan, an increase of 199.3 billion yuan. The net financing of asset - backed securities was - 8.2 billion yuan, a decrease of 69.7 billion yuan compared to last week [9]. - By product type, the net financing of urban investment bonds was 47.7 billion yuan, a decrease of 23.7 billion yuan; that of industrial bonds was 126.4 billion yuan, an increase of 23.9 billion yuan; and that of financial bonds was - 8.9 billion yuan, a decrease of 184.6 billion yuan [9]. - In terms of issuance and redemption quantity, the issuance quantity of urban investment bonds increased by 25, and the redemption quantity increased by 27; for industrial bonds, the issuance quantity increased by 23, and the redemption quantity increased by 50; for financial bonds, the issuance quantity decreased by 20, and the redemption quantity decreased by 12 [11]. 1.2 Issuance Cost - The issuance rates of AAA industrial bonds and financial bonds decreased. The issuance rates of AA urban investment bonds and industrial bonds rose above 2.8%, and the issuance rate of AA financial bonds increased by 72BP compared to last week. Specifically, the weighted average issuance rates of AA and AA + industrial bonds increased by 33BP and 24BP respectively, while those of AAA industrial bonds and financial bonds decreased by 9BP and 19BP respectively [17]. 2. Secondary Market 2.1 Transaction Situation - In terms of trading volume, the trading volume of credit bonds (excluding asset - backed securities) increased by 96.3 billion yuan compared to last week. The trading volume of urban investment bonds was 292.8 billion yuan, an increase of 36.2 billion yuan; that of industrial bonds was 369.9 billion yuan, an increase of 47.3 billion yuan; and that of financial bonds was 537 billion yuan, an increase of 12.8 billion yuan. The trading volume of asset - backed securities was 24.3 billion yuan, a decrease of 3.4 billion yuan [18]. - In terms of turnover rate, the turnover rate of traditional credit bonds increased overall, while that of asset - backed securities decreased slightly. The turnover rates of urban investment bonds, industrial bonds, and financial bonds were 1.87%, 2.02%, and 3.53% respectively, with month - on - month increases of 0.23pct, 0.25pct, and 0.07pct. The turnover rate of asset - backed securities was 0.7%, a month - on - month decrease of 0.09pct [19]. 2.2 Yield - The yields of credit bonds with different ratings and maturities all adjusted to varying degrees, with the adjustment of medium - and long - term bonds being significantly greater than that of short - term bonds. For example, the yields of AA, AAA -, and AAA + credit bonds within 1Y increased by 5BP, 4BP, and 4BP respectively; those of 3 - 5Y increased by 7BP, 8BP, and 10BP respectively; and those of over 10Y increased by 12BP, 11BP, and 9BP respectively [23][25]. - Taking AA + 5Y bonds of each variety as an example, the yields of non - publicly issued industrial bonds and perpetual industrial bonds increased by 9BP; that of AA + 5Y urban investment bonds increased by 10BP; those of commercial bank ordinary bonds and secondary capital bonds increased by 8BP and 17BP respectively; and that of AA + 5Y asset - backed securities increased by 10BP [26]. 2.3 Credit Spread - Overall, the credit spreads of the AA construction and decoration and AA + electronics industries widened significantly, while the fluctuations of credit spreads of other industries and ratings did not exceed 10BP. Specifically, the credit spread of the AA construction and decoration industry widened by 11BP, and that of the AA + electronics industry widened by 22BP [27]. 2.3.1 Urban Investment Bonds - By maturity, the credit spreads of urban investment bonds with different maturities all widened to varying degrees. For example, the credit spreads of 0.5 - 1Y, 1 - 3Y, 3 - 5Y, 5 - 10Y, and over 10Y urban investment bonds widened by 5BP, 6BP, 7BP, 6BP, and 5BP respectively [32]. - By region, the credit spreads of urban investment bonds with different ratings and in different regions all widened to varying degrees, and the credit spread of AA + urban investment bonds in Heilongjiang widened by more than 10BP. The top five regions with the highest credit spreads of AA - rated urban investment bonds were Guizhou, Jilin, Yunnan, Shandong, and Sichuan; those of AA + urban investment bonds were Guizhou, Inner Mongolia, Gansu, Shaanxi, and Qinghai; and those of AAA urban investment bonds were Liaoning, Yunnan, Shaanxi, Tianjin, and Jilin [33]. 2.3.2 Industrial Bonds - The credit spreads of industrial bonds widened to varying degrees compared to last week. For example, the credit spreads of 1Y and 10Y private - placement industrial bonds and perpetual industrial bonds of AAA -, AA +, and AA all widened [36]. 2.3.3 Bank Capital Bonds - The credit spreads of bank Tier 2 and perpetual bonds with different maturities and ratings all widened to varying degrees, and the widening amplitude of 5 - 10Y bonds exceeded 10BP. For example, the credit spreads of 1Y and 10Y Tier 2 capital bonds and bank perpetual bonds of AAA -, AA +, and AA all widened [38]. 3. This Week's Bond Market Sentiment - A total of 16 bond issues of 5 entities had their implied ratings downgraded, including 8 issues of Nanshan Group Co., Ltd., 4 issues of China National Foreign Trade Trust Co., Ltd., and 2 issues of Xiamen International Trust Co., Ltd. The "19 Qidi G2" issued by Qidi Environmental Technology Development Co., Ltd. was extended [3][41]. 4. Investment Suggestion - This week, there were 1826.8 billion yuan of reverse repurchases due in the open market, 6 billion yuan of central bank bills were issued, and 30 billion yuan of MLF was withdrawn. The central bank conducted a total of 2467.4 billion yuan of reverse repurchase operations and injected 60 billion yuan of MLF, achieving a net injection of 880.6 billion yuan for the whole week. The DR001 dropped from 1.40% at the Monday close to 1.25% at the Friday close, and the overnight capital interest rate remained in a low - level oscillation [43]. - Overall, the credit spreads of the AA construction and decoration and AA + electronics industries widened significantly, while the fluctuations of credit spreads of other industries and ratings did not exceed 10BP. The credit spreads of urban investment bonds, industrial bonds, and bank capital bonds all widened to varying degrees [43].

Core Viewpoint - The establishment of the "Bai Nian Qi Cheng Family Office" by Bai Nian Life Insurance marks a significant step in the company's strategic layout in the high-net-worth service sector, aiming for value transformation and high-quality development [1][4]. Group 1: Strategic Significance and Vision - The "Bai Nian Qi Cheng" family office is designed to address the challenges of wealth security, preservation, and inheritance in the current uncertain macroeconomic environment [2]. - The family office aims to provide a comprehensive service covering the entire wealth lifecycle, including wealth creation, preservation, inheritance, and enjoyment, thus supporting clients in achieving a sustainable family legacy [4][11]. Group 2: Collaboration with Shanghai Trust - Bai Nian Life Insurance has entered into a comprehensive cooperation with Shanghai International Trust, focusing on resource sharing and value co-creation, integrating insurance safety with trust flexibility [5][7]. - The partnership aims to create a top-tier family office ecosystem, leveraging both companies' strengths to enhance client services and ensure long-term strategic collaboration [11]. Group 3: Service Model and Offerings - The family office will utilize a "1+3+N" service model, where one family office consultant coordinates three core service officers to provide customized, diversified, and global resources for high-net-worth clients [2]. - The goal is to offer a "one-stop, long-term, and warm" wealth inheritance solution, helping clients navigate future uncertainties and achieve wealth security, preservation, appreciation, and orderly transfer [2][4]. Group 4: Future Outlook - The collaboration is expected to introduce global top-tier resources in law, investment banking, asset management, charity, education, and healthcare, establishing a benchmark for family offices in China [5][11]. - Both companies are committed to creating a client-centered value proposition and exploring growth paths through digital empowerment, aiming for innovative solutions that meet future challenges [7][11].