证券研究报告 A股投资者结构全景图（2025Q1） 华西策略团队 李立峰 SAC NO:S1120520090003 冯逸华 SAC NO:S1120523070007 2025年5月19日 请仔细阅读在本报告尾部的重要法律声明 A股投资者结构总览 图表1：A股投资者结构分类（按照管理机构类型划分） A股投资者结构 个人投资者 一般法人 境内专业机构投资者 公募基金 私募基金 证券机构 券商定向资管 券商自营 券商集合理财 保险机构 养老金 全国社会保障 基金 企业年金 信托机构 信托产品 信托公司自营 其他机构 财务公司 基金专户 期货公司资管 境外机构和个人 公募基金 银行（含理财 产品） 保险资管公司 资管产品 保险公司自有 资金 保险产品 QFII/RQFII 陆股通 基本养老保险 基金 私募基金 资料来源：中国证券投资基金业协会，华西证券研究所 2 目录 一、总市值口径：A股投资者结构分析 3 二、流通市值口径："八大类"专业机构投资者持股市值及占比 三、流通市值口径："四大类" 投资者持股市值及占比 四、总结：2025Q1 A股投资者结构全景图 五、风险提示 总市值口径：A股投资者结构分析 1.1 ...

Core Viewpoint - The article discusses the increasing accessibility of insurance trust products, particularly insurance money trusts, which are becoming more popular among ordinary families due to lower entry thresholds and the advantages they offer in wealth management and risk isolation [1][12]. Group 1: Insurance Money Trust Overview - Insurance money trust is defined as a trust established by a trust company based on the rights and interests of a life insurance contract, allowing for the management of funds according to the trust agreement [2]. - The product combines features of both insurance and trust, providing dual legal protections and facilitating wealth transfer while ensuring risk isolation [3][10]. Group 2: Market Trends and Demand - The demand for insurance money trusts is growing, with over 40 out of nearly 70 trust companies in China now offering such products, indicating a significant market shift [8]. - The trend is driven by the increasing accessibility of insurance products to average families, allowing for a broader customer base [9][12]. Group 3: Product Models - There are three main models of insurance money trusts: - Model 1.0 involves changing the beneficiary of the insurance policy to the trust company, which then distributes funds to the beneficiaries based on specific conditions [6]. - Model 2.0 requires the policyholder to also be the trust company, ensuring that all premiums are paid directly to the trust [7]. - Model 3.0 involves establishing a cash trust first, with the trust company as the policyholder, which is less common in practice [7]. Group 4: Lowering Entry Barriers - The entry threshold for insurance money trusts has been significantly lowered, with some companies reducing the minimum requirement from 500 million to 100 million in total premiums or coverage [12]. - This reduction aims to make trust services more inclusive and accessible to a wider range of clients, particularly those with urgent retirement needs [12]. Group 5: Legal and Compliance Considerations - There is currently no specific legal framework governing insurance money trusts, making it essential for consumers to work with legal professionals to ensure the validity and effectiveness of their trust arrangements [13][14]. - Key considerations include ensuring the legality of fund sources, protecting beneficiary rights, and maintaining compliance with evolving legal standards [13].

Core Viewpoint - Dongguan Holdings has completed the transfer of a 22.2069% stake in Dongguan Trust, receiving a total of 142,765.52 million yuan, which will positively impact the company's profit by reversing a bad debt provision of 5,996.15 million yuan [2][3]. Group 1: Transaction Information - As of May 16, 2025, Dongguan Holdings' stock closed at 10.33 yuan, down 1.15%, with a turnover rate of 0.47% and a trading volume of 48,500 shares, amounting to a transaction value of 50.2672 million yuan [1]. - On May 16, the capital flow for Dongguan Holdings showed a net outflow of 4.1351 million yuan from main funds, a net inflow of 3.2195 million yuan from speculative funds, and a net inflow of 915,600 yuan from retail investors [1][3]. Group 2: Company Announcements - Dongguan Holdings announced the progress of the transfer of its 22.2069% stake in Dongguan Trust to Dongguan City Road and Bridge Investment Construction Co., Ltd. for 142,765.52 million yuan [2]. - The company signed the equity transfer agreement on May 17, 2024, and received the first payment of 42,829.66 million yuan on May 23, 2024, followed by the second payment of 99,935.86 million yuan on May 16, 2025 [2]. - The completion of this transaction allows the company to reverse the previously recognized bad debt provision of 5,996.15 million yuan, leading to an increase in total profit [2][3].

近年来，西安市雁塔区市场监管局深入贯彻落实国家关于"优化消费环境、提振消费信心"的决策部署，紧扣西 安建设国际消费中心城市战略目标，创新构建多元共治的消费环境治理体系，全力打造"放心消费在雁塔"品 牌，有效提升了消费者满意度与市场治理效能，为区域经济高质量发展注入新动能。 以"安全、质量、价格、服务、维权"五大领域为突破口，推出"一五一十"专项活动方案，制定消费服务标准化 体系，建立失信联合惩戒机制，推动消费环境治理迈向精细化。同时，联合长安信托推出预付款信托托管服 务，成为首个西北地区预付消费领域的创新实践。 创新开发"放心消费在雁塔"微信小程序，推出"消费共治随手拍"功能，特邀观察员通过小程序上传问题线索， 系统推送至属地市场监管所，监管人员迅速响应，构建"发现问题-智能分派-跟踪处置-结果反馈"的闭环管理体 系。通过对特聘"消费共治特邀观察员"开展专题培训，明确取证标准，提升监督效能。实施特邀观察员积分排 名制度，激发社会各界参与消费共治的积极性。 "放心消费在雁塔"活动现场（雁塔区委网信办供图） 积极整合社会资源，凝聚多元共治合力，与西北政法大学签署战略合作协议，围绕消费者权益保护模式研究、 法治人才 ...

Core Viewpoint - The trust industry is experiencing significant pressure on profitability, with a notable decline in revenue and profit margins, indicating a period of transformation and adjustment within the sector [1][2][3]. Financial Performance - In 2024, the total revenue of 57 disclosed trust companies fell to 632.41 billion yuan, a decrease of approximately 125 billion yuan or 16.49% compared to the previous year [2][3]. - The total profit for the industry dropped nearly 30% to 315.54 billion yuan, with net profit at 257.58 billion yuan, reflecting a decline of 25.76% year-on-year [2][3]. - The average revenue per trust company was 11.09 billion yuan, down over 2 billion yuan from 2023, with only 25 companies reporting positive revenue growth [3][4]. Industry Segmentation - The industry is witnessing a "Matthew Effect," where the gap between leading and lagging companies is widening, with some companies experiencing significant revenue declines [4][5]. - Notably, Jilin Trust reported an extraordinary revenue increase of 88 times, primarily due to substantial investment gains [3][4]. - Conversely, companies like Wukuang Trust saw their revenue drop significantly, falling from the top ten to the bottom ranks due to losses in net interest income and investment returns [4][5]. Business Structure and Transformation - Trust business revenue totaled approximately 444 billion yuan, down about 7%, while proprietary business revenue fell nearly 33% to less than 188 billion yuan [9][13]. - The decline in both trust and proprietary business revenues indicates challenges in the traditional business model, with many companies facing a "gap" in returns due to the contraction of high-yield non-standard businesses [9][13]. - The industry is undergoing a transformation, with a focus on asset service trusts and family trusts, as companies seek to adapt to regulatory changes and market demands [15][16]. Risk Management and Asset Scale - The total trust asset scale surpassed 27 trillion yuan, reflecting a year-on-year growth of 26.64%, although 11 companies experienced a reduction in asset scale [14]. - The top 20 trust companies hold nearly 74% of the total industry assets, indicating challenges for smaller institutions in expanding their business [14]. - Companies are actively working on risk resolution, particularly in the real estate and urban investment sectors, with varying degrees of success in managing existing risks [15][16].

Core Viewpoint - The article outlines the management measures for related party transactions of Jianyuan Trust Co., Ltd., aiming to regulate related party transactions, prevent risks, and protect the rights of the company and its shareholders [2][3]. Group 1: General Principles of Related Party Transactions - Related party transactions must adhere to the principles of legality and compliance, ensuring adherence to laws, regulations, and internal governance [2][3]. - Transactions should be conducted transparently, avoiding complex arrangements that could lead to regulatory arbitrage or financial manipulation [3]. - The independence of operations must be maintained, ensuring that transactions are necessary and reasonable without favoring major shareholders [3]. - Transactions should follow general commercial principles, ensuring that terms are not more favorable than those offered to non-related parties [3]. - There is a requirement for public disclosure of related party transactions, ensuring that information is accurate, complete, and timely [3]. Group 2: Management Structure and Responsibilities - The company has established a management structure involving the board of directors, a related party transaction committee, independent directors, and senior management to oversee related party transactions [4][5]. - The board of directors is ultimately responsible for the management of related party transactions, while the related party transaction committee reviews compliance and necessity [5][6]. - The supervisory board is tasked with overseeing the review, voting, disclosure, and data governance of related party transactions [6][7]. Group 3: Identification and Management of Related Parties - Related parties include both natural persons and legal entities, categorized according to definitions from financial regulatory authorities [9][10]. - Departments within the company are responsible for actively identifying related parties and reporting any changes in their status [10][11]. - The board of directors and supervisory board office are responsible for maintaining and updating the list of related parties based on feedback and changes in business operations [10][11]. Group 4: Review, Disclosure, and Reporting of Related Transactions - Related party transactions are classified into significant and general transactions, with specific thresholds for review and disclosure [12][13]. - Significant transactions require approval from the related party transaction committee and the board of directors, with a majority of non-related directors present [12][13]. - The company must report all related party transactions to regulatory authorities within specified timeframes [12][13]. Group 5: Internal Management and Compliance - The company must establish a robust internal control mechanism for related party transactions, ensuring compliance with legal and regulatory requirements [22][23]. - Transactions should be documented in written agreements, adhering to commercial principles and ensuring fair pricing [22][23]. - The company is prohibited from using various means to evade regulatory requirements related to significant related party transactions [23][24].

Core Viewpoint - Guangdong Province is implementing measures to promote high-quality development in venture capital by creating a supportive financial ecosystem for technological innovation [1] Group 1: Policy Initiatives - The Guangdong Provincial Government is encouraging banks, insurance companies, leasing firms, and guarantee companies to collaborate with venture capital institutions through linked business models such as "loan + external direct investment" and "loan + bank investment subsidiary + external direct investment" [1] - There will be a relaxation of the applicable scope, duration, and investment ratio for merger loans in the technology innovation sector, aimed at increasing the availability of such loans [1] Group 2: Financial Support for Startups - The policy emphasizes the use of intellectual property financial pilot zone policies to encourage trust companies to establish service trusts based on new types of property rights, such as intellectual property [1] - There is an increased focus on providing comprehensive financial support for seed-stage and early-stage technology enterprises [1]

Group 1: Financial Performance - In 2024, COFCO Capital achieved total operating revenue of CNY 25.25 billion, a year-on-year increase of 13.32%, and net profit attributable to shareholders of CNY 1.21 billion, up 18.55% [1] - In Q1 2025, COFCO Capital reported operating revenue of CNY 2.35 billion and net profit of CNY 392 million [1] - In 2024, China-UK Life Insurance recorded a net profit of CNY 803 million, with original insurance premium income of CNY 21.031 billion, a 30% increase year-on-year [2] Group 2: Business Development - China-UK Life Insurance's new single premium income reached CNY 8.707 billion, while renewal premium income was CNY 12.324 billion, both maintaining good growth [2] - Individual insurance channels achieved premium income of approximately CNY 6.1 billion, a 15% increase year-on-year [3] - The agency channel reported premium income of about CNY 7.89 billion, a 21% increase year-on-year [3] Group 3: Trust and Asset Management - COFCO Trust's business scale exceeded CNY 600 billion, with a year-on-year increase of 107%, and trust income of CNY 1.234 billion, up 5.5% [5] - COFCO Trust achieved a net profit of CNY 703 million, a 16% increase year-on-year [5] - The asset management product system of COFCO Trust saw its scale surpass CNY 100 billion by the end of 2024 [5] Group 4: Futures and Risk Management - COFCO Futures achieved a net profit of CNY 265 million in 2024, an 11% increase, with a return on equity (ROE) of 7.2% [6] - COFCO Futures has maintained an AA rating from the CSRC for 11 consecutive years and received multiple industry awards [6]

今年4月中旬，北京金融监管局与北京市市场监督管理局联合印发《关于做好股权信托财产登记工作的 通知（试行）》，正式启动全国首个股权信托财产登记试点。 政策相继破冰之后，业务实践方面也在迅速推进。4月16日，中信信托成功完成了"中信信托—东方园林 破产重整专项服务信托"的股权信托财产登记，标志着全国首例股权信托财产登记正式落地。 此外，股权信托财产登记新政落地首月，外贸信托实现三单股权信托项目落地，项目分别覆盖家族传 承、产业升级、破产重整三大场景。4月2日，国投泰康信托和外贸信托分别完成了首次不动产信托财产 登记，实现了"零突破"。 "北京市依托深厚的制度创新底蕴与政策资源储备，在不动产信托登记和股权信托领域率先实现历史性 突破，为全国信托业转型升级树立了标杆典范。我们坚信，北京市将持续发挥政策创新策源地优势，在 信托财产登记细则完善、税收优惠配套等领域深化探索。"中信信托方面近日在接受《中国经营报》记 者采访时表示，这种制度创新的"北京速度"与"北京质量"，必将催化更多跨区域、跨市场的优化制度的 出现，为信托业服务实体经济、助力共同富裕的高质量发展注入新动能。 政策落地切实解决了行业痛点 《中国经营报》：你怎 ...

债务重组是化解企业债务风险、优化资源配置的核心机制，在 宏观经济转型与产业结构调整中发挥关键作用。从事债务重组 相关工作的律师，常把自己的角色比作企业医生。 作者：李晓丹 封图：图片资料室 4月17日晚间，某房地产企业发布公告，宣布总规模约95.5亿美元的境外债务重组获得重大进展， 同时披露实施"强制性债转股"重组方案。该公司在2023年11月完成首次境外债重组，16个月后将 二次重组的方案摆上谈判桌，而这次谋求的是"彻底化解公司境外债务风险"。 这家企业的境外债务重组仅仅是在复杂的经济环境中，房地产行业探索债务重组的一个缩影。当前 中国经济已进入新旧动能、新旧产业、新旧模式转化的关键过渡期，市场发展的主旋律从"高速扩 张"变为"做优增量和盘活存量"并举。在此背景下，债务重组成为当前阶段各市场主体深化结构调 整必要而关键的手段和工具。金杜律师事务所债务重组团队近日发布的《2024年度债务重组市场 观察报告》（以下简称《报告》）就指出，房地产行业的"减速增质"恰恰揭示了当前中国经济的深 层次变化——债务重组正在从风险处置的"最后防线"，升级为资源配置的核心枢纽。 根据2025年最高人民法院工作报告，2024年全 ...