智通财经APP讯，京能清洁能源(00579)发布公告，于2025年11月24日，本公司与华润信托订立信托合 同，据此(其中包括)，本公司已有条件同意将基础资产委托予华润信托以成立信托、发行资产支持商业 票据以及管理、使用及处置信托财产，而华润信托已有条件同意为受益人的利益就第二次资产支持商业 票据发行事项担任信托的受托人及管理机构。 董事会认为，第二次资产支持商业票据发行事项可令本集团的集资渠道多元化，从而用于改善本集团的 融资结构并提升其营运活动及投资。其亦使本集团能够实现减少应收账款结余及优化本集团资产负债率 的目标。董事认为，为第二次资产支持商业票据发行事项进行的出售事项，将加快本集团资产的整体周 转。此外，通过此项安排拟进行的转让基础资产将加快回收本集团的应收账款。 就第二次资产支持商业票据发行事项而言，于2025年11月24日，本公司与华润信托订立服务合同、与华 润信托及招商银行订立承销合同以及与华润信托及招商银行北京分行订立资金监管合同，并已出具流动 性支持承诺函。 董事认为，尽管信托合同、服务合同、承销合同、流动性支持承诺函及资金监管合同各自的条款并非于 本集团一般及日常业务过程中订立，乃按正常 ...

Group 1: Financial Products and Investment Performance - The issue of inflated returns on bank wealth management products has gained significant attention, with many investors reporting discrepancies between advertised and actual returns [1] - Industry experts call for standardized performance displays and emphasize the need for investors to develop a more professional and rational understanding of performance benchmarks [1] - Liang Hong, a prominent private equity manager, publicly apologized for underperforming against major indices, attributing the decline to three main factors: heavy investments in innovative drugs, hardware companies, and stablecoin stocks [1][2] Group 2: Robotics and Electric Vehicles - The Ministry of Industry and Information Technology announced the establishment of a standardization committee for humanoid robots, with representatives from several listed companies included [2] - According to TrendForce, global sales of new energy vehicles reached 5.39 million units in Q3 2025, marking a 31% year-on-year increase, with battery electric vehicles (BEVs) growing by 48% [2] Group 3: Corporate Developments and Investments - Tuozhu denied reports of Tencent's investment in its latest funding round, stating that no current financing is taking place [3] - Jiangxi Changyun announced plans to publicly transfer land use rights and assets for 7.787 million yuan [5] - Longqi Technology's subsidiary plans to invest 30 million yuan in a venture capital fund focused on the intelligent industry [6] - Jusaylong intends to increase its subsidiary's capital by 170 million yuan through a debt-to-equity swap [7] - ST Sansheng received 254 million yuan from restructuring investors [8] - Lege Co., Ltd. plans to repurchase shares worth 40 to 80 million yuan [9] - Petty Co., Ltd. announced a share buyback plan of 50 to 70 million yuan [11] Group 4: Market Performance - The market showed a rebound with all major indices closing in the green, driven by strong performances in the aerospace, military, and AI application sectors [15] - The total trading volume in the Shanghai and Shenzhen markets was 1.73 trillion yuan, reflecting a decrease from the previous trading day [15]

Core Insights - The trust industry is in urgent need of new breakthroughs, particularly in real estate trust registration to revitalize existing assets [1][2] Group 1: Survival, Development, and Sentiment - The core significance of trust companies is defined by three keywords: "survival," "development," and "sentiment" [1] - "Survival" emphasizes the unique characteristics of trust companies, such as asset independence, risk isolation, and long-term sustainability, which are crucial for wealth inheritance markets [1] - "Development" highlights the decline of traditional business models in the trust industry, necessitating the search for new business opportunities and profit growth points [2] - "Sentiment" reflects the value of wealth inheritance business as a manifestation of the independence of the trust system, fulfilling multiple missions of the trust industry [2] Group 2: Innovation in Real Estate Trust - North Trust has made significant breakthroughs in real estate trust property registration, with six regions in the country implementing relevant policies [3] - In September, Tianjin became the fifth region to introduce such policies, and North Trust successfully executed four related business transactions in the same month [3] - The company has tailored its business focus to "revitalizing idle corporate real estate" in Tianjin, aligning with local characteristics and policy directions [3] - The rapid establishment of three business collaborations post-policy implementation demonstrates the market value and feasibility of this innovative direction [3]

【 导读 】吉林省委金融委员会办公室原副主任张巍被提起公诉 中国基金报记者 晨曦 11月24日，最高检官网显示，吉林检察机关依法对张巍涉嫌贪污、国有公司人员滥用职权、受贿案提起公诉。 被告人张巍利用担任吉林省信托有限责任公司长春信托部总经理职务上的便利，以非法占有为目的，侵吞公共财物，数额特别巨大； 张巍在担任吉林省信托有限责任公司长春信托部总经理期间，滥用职权，致使国家利益遭受特别重大损失； 张巍利用担任吉林省信托有限责任公司长春信托部总经理职务上的便利，为他人谋取利益，非法收受他人财物，数额巨大，依法应当以贪 污罪、国有公司人员滥用职权罪、受贿罪追究其刑事责任。 公开信息显示，张巍出生于1978年7月，吉林靖宇人。张巍曾在吉林信托工作多年，曾任长春信托部总经理、公司董事会秘书、办公室主 任等职务，后从事地方政府部门相关工作。2023年10月，张巍出任吉林省地方金融监督管理局（省金融工作办公室）副局长（副主任）。 日前，吉林省委金融委员会办公室（ 省地方金融管理局 ）原副主任（副局长）张巍涉嫌贪污罪、国有公司人员滥用职权罪、受贿罪一案， 由吉林省监察委员会调查终结，移送检察机关审查起诉。经吉林省人民检察院指 ...

Core Insights - The event organized by Zhong Cheng Trust in Beijing aimed to educate high-net-worth clients from Chengdu about the unique functions of insurance trust in family wealth management and inheritance [1][4] - The current economic environment is complex, but Chengdu is positioned as a core economic engine in the West, with a focus on family wealth accumulation and intergenerational transfer [1][2] Group 1: Event Overview - Zhong Cheng Trust hosted a specialized sharing event on "Insurance Trust" for high-net-worth clients from Chengdu, highlighting the importance of understanding trust mechanisms in wealth management [1][4] - The event featured a detailed analysis of macroeconomic trends and local wealth characteristics, addressing the specific concerns of Chengdu's affluent families [1][2] Group 2: Product Features - The integration of insurance and trust services provides a robust risk protection framework while ensuring precise wealth distribution for key life events such as education and retirement [2][3] - Insurance trust serves as a critical tool for high-net-worth families in Chengdu, allowing for effective asset isolation and equitable wealth distribution among heirs [3] Group 3: Client Engagement - The event included practical case studies relevant to local entrepreneurs and high-net-worth families, demonstrating the application of insurance trust in real-life scenarios [3] - One-on-one consultations were provided, allowing clients to receive tailored advice on debt isolation, retirement planning, and wealth preservation strategies [3][4] Group 4: Future Commitment - Zhong Cheng Trust aims to continue its commitment to serving Chengdu clients by integrating local needs into its financial services, ensuring a high level of professionalism and local understanding [2][4] - The company emphasizes its mission of protecting local wealth and supporting families in achieving their aspirations for wealth preservation and happiness [4]

2025.11.24 本文字数：3224，阅读时长大约5分钟 作者 |第一财经 吴斯旻 即将进入耄耋之年，家住北京的李奶奶却没有办法独立考虑自己的养老问题。78岁的她长年独自照顾两 名心智障碍者——40岁的女儿和她年仅15岁的外孙女。随着自己的身体每况愈下，李奶奶开始考虑自己 的积蓄能否兼顾自身养老和儿孙监护。 李奶奶一家三口所面临的托付难题，也是大龄心智障碍家庭所面临的共同挑战。 在中国，心智障碍群体约有1200万~2000万人，其中孤独症谱系人群约为1400万人。目前，社会公共服 务和政府财政对于这类群体的支持往往聚焦于学龄前和义务教育阶段，当他们进入成年阶段而家长步入 老年期时，家庭照护则面临"支持断层"。 近年来，以特殊需要信托（下称"特需信托"）为代表的金融业务逐渐发展，成为解决大龄心智障碍群体 照护的创新工具。今年，在北京、上海等多地，不动产信托财产登记试点相继落地，意味着房产等非资 金资产可通过进入信托，成为心智障碍者未来托付的保障。 北京市晓更助残基金会近日发布的《心智障碍者家庭现状与未来托付需求调研》（下称"调研"）显示， 家长为心智障碍人士未来生活预算的费用平均为123万元，预计可维持平均 ...

Core Viewpoint - The article discusses the challenges faced by families with mentally disabled members in China, particularly regarding the establishment of special needs trusts as a financial tool for future care and support [4][5]. Group 1: Current Situation of Families with Mentally Disabled Members - There are approximately 12 to 20 million individuals with mental disabilities in China, with around 14 million diagnosed with autism spectrum disorders [4]. - Many families, like that of 78-year-old Li, struggle to balance their own aging and health issues while caring for mentally disabled children and grandchildren [3][4]. - The average budget for the future care of mentally disabled individuals is estimated at 1.23 million yuan, which is expected to last for about 15 years [4]. Group 2: Development of Special Needs Trusts - Special needs trusts have gained traction as a financial solution for families with mentally disabled members, with awareness reaching 61% among relevant families [4]. - In less than three years, 133 parents have established special needs trusts, indicating a growing interest in this financial tool [4]. - The introduction of real estate trust property registration in cities like Beijing and Shanghai marks a significant step in allowing non-cash assets to be included in trusts [4][15]. Group 3: Challenges in Establishing Special Needs Trusts - The supply side faces challenges such as low profitability for trust service providers and complex processes for asset registration and liquidation [5]. - On the demand side, families encounter difficulties in finding reliable guardians, high financial thresholds, and a lack of suitable service systems [5][12]. - Many families report that they cannot find suitable relatives to act as guardians, with 39% indicating a lack of trustworthy individuals to manage their child's care and finances [10]. Group 4: Financial Barriers and Recommendations - The starting capital for special needs trusts is often above 300,000 yuan, which is a barrier for many families, especially those with lower incomes [12]. - The average monthly expenditure for families with mentally disabled members is around 5,871 yuan, with 43% of that spent on the care of the disabled individual [12]. - Recommendations include considering non-cash assets like real estate for inclusion in special needs trusts to broaden access for families [14][15]. Group 5: Legal and Taxation Issues - The lack of standardized regulations for special needs trusts creates uncertainty for families regarding the management and protection of their assets [7][11]. - Tax burdens associated with transferring real estate into trusts can be prohibitively high, potentially discouraging families from utilizing this option [16]. - Suggestions have been made to exempt certain taxes on trust property transfers to make special needs trusts more accessible for families with significant real estate assets [16].

Core Insights - Institutional funds are increasingly entering the market, with Sunshine Insurance announcing a significant investment of 20 billion yuan in a pilot fund project, marking a substantial step forward for the initiative [2][3] - The trend of insurance capital accelerating its allocation to equity assets is supported by the ongoing long-term investment pilot and the decline in risk-free interest rates, prompting a reallocation of institutional assets [3][5] Group 1: Institutional Investment Trends - Sunshine Insurance's subsidiary, Sunshine Hengyi Private Fund Management Co., has completed its registration and signed a fund contract with Sunshine Life and China Merchants Bank, indicating progress in establishing a private fund [3] - Multiple insurance companies have established private fund management firms this year, including those under Taikang Insurance, China Pacific Insurance, Ping An Insurance, and China Life Insurance [3] - Data from Yuny Trust shows that the issuance of equity trust products increased by over 50% month-on-month in October, while fixed-income products saw a decline [4] Group 2: Market Dynamics and Asset Allocation - The attractiveness of equity assets has increased due to the ongoing structural market conditions in A-shares, leading trust companies to focus more on equity products [5] - Trust companies are prioritizing "fixed income plus" products, diversifying into REITs, convertible bonds, and gold ETFs as risk-free yields decline [5] - Fund managers are optimistic about the medium to long-term outlook for equity markets, driven by institutional and retail asset reallocation, alongside favorable policy signals and the rapid development of key industries in China [6]

北京、上海、广州、厦门、天津等城市相继启动不动产信托登记试点，一批标志性案例陆续涌现， 在养老服务、财富传承、特需保障、风险隔离与资产盘活等领域，涌现出诸多可复制、可推广的实践经 验。 近日，《金融时报》记者注意到，江苏省也"官宣"了在南京市、苏州市两地开展不动产信托登记试 点的消息，全省首单业务已快速落地。 据了解，苏州信托有限公司（以下简称为"苏州信托"）于11月10日成功设立江苏省首单不动产服务 信托，并于11月17日完成江苏省首次不动产信托财产登记，项目落地见证了一份跨越时光的托付。 养老与慈善相拥：一份跨越时光的托付 继续做好不动产信托 所谓不动产信托就是指委托人依法将其不动产转移给信托公司，由信托公司按照委托人的意愿以受 托人名义进行管理、运用和处分的信托业务。 在业内人士看来，不动产信托是做好金融"五篇大文章"中养老金融与普惠金融的重要实践。江苏不 动产信托的落地生根，离不开信托财产登记制度的持续完善。回溯政策脉络，相关探索早已稳步推进。 2023年11月，国务院发布《关于支持北京深化国家服务业扩大开放综合示范区建设工作方案》的批 复，提出"在风险可控的前提下，探索建立不动产、股权等作为信托财产 ...

Core Insights - Institutional funds are increasingly entering the market, with significant movements from insurance and trust sectors towards equity assets [2][3][4] Group 1: Insurance Sector Developments - Sunshine Insurance announced a substantial investment of 20 billion yuan in a pilot fund project, marking a significant step in their equity asset allocation strategy [2][3] - Multiple insurance companies have established private fund management firms this year, indicating a broader trend of insurance capital accelerating its layout in equity assets [3][4] - The establishment of Sunshine Hengyi Private Fund Management Company and its subsequent fund contract signing with Sunshine Life and China Merchants Bank highlights the growing involvement of insurance capital in equity investments [3][4] Group 2: Trust Sector Trends - Trust funds are also increasingly investing in equity markets, with a notable 55.56% increase in the issuance of equity trust products in October compared to the previous month [4][5] - The shift towards equity products is driven by a decline in risk-free interest rates and a growing focus on "fixed income plus" products among trust companies [4][5] - Trust companies are diversifying their investment portfolios to include REITs, convertible bonds, and gold ETFs, reflecting a strategic pivot towards equity assets [4][5] Group 3: Market Outlook - Fund managers express a positive outlook for the medium to long-term performance of equity markets, driven by institutional and retail asset reallocation [6] - The ongoing structural market dynamics in A-shares and Hong Kong stocks are expected to continue, supported by favorable policies and the rapid development of key industries in China [6] - Increased market activity and optimism among long-term investors are seen as strong indicators for sustained growth in equity assets [6]