Core Points - The implementation of the "Notice on Strengthening the Management of Internet Loan Business by Commercial Banks" has established a "whitelist" system for financial institutions involved in internet lending, requiring banks to disclose and manage their partner institutions [1] - The new regulations have prompted at least 16 trust companies to publicly disclose their cooperation lists, indicating a shift towards greater transparency in the industry [1][2] - The focus of the regulations is not only on compliance but also on encouraging trust companies to enhance their active management capabilities and transition from a "light capital, high turnover" model to a "heavy capability, high value-added" model [2][3] Summary by Sections Section 1: Regulatory Changes - The "Notice" mandates that commercial banks manage platform operators and credit enhancement service providers through a whitelist system, prohibiting partnerships with non-listed entities [1] - The implementation has led to a significant number of trust companies publicly announcing their cooperation lists, enhancing market clarity [1] Section 2: Industry Impact - Major internet companies and fintech firms are the primary partners listed by banks and trust companies, indicating a concentration of collaboration among leading players in the market [2] - Less than 30% of companies in the consumer finance sector have disclosed their cooperation lists, reflecting a varied approach to compliance within the industry [2] Section 3: Future Directions - The "Asset Management Trust Management Measures" draft emphasizes the need for improved information disclosure, risk management, and a return to core asset management practices [3] - Experts suggest that the trust industry is moving towards a more regulated, transparent, and market-oriented development phase, marking the end of the old channel-based business model [3]

Core Viewpoint - Minmetals Capital announced a joint investment with its controlling shareholder, Minmetals Real Estate, to establish a joint venture in Beijing with a registered capital of 1 billion yuan [1] Group 1: Investment Details - The joint venture will have a registered capital of 1 billion yuan, with Minmetals Trust contributing 300 million yuan, representing a 30% equity stake in the joint venture [1] - The transaction involves transferring a package of financial assets related to real estate from Minmetals Trust to the joint venture, aimed at more effectively managing and revitalizing real estate trust assets [1] Group 2: Strategic Objectives - The collaboration leverages Minmetals Real Estate's extensive experience and expertise in the real estate sector for specialized management, enhancing asset operation efficiency and effectiveness [1] - The transaction is expected to reduce Minmetals Trust's liabilities and financial costs, thereby improving the asset quality of Minmetals Capital [1]

Core Viewpoint - The announcement highlights the establishment of a joint venture between Wenkang Capital's subsidiary, Wenkang International Trust, and its controlling shareholder, China Minmetals Corporation, aimed at enhancing asset management efficiency in the real estate sector [1] Group 1: Joint Venture Details - Wenkang International Trust and Wenkang Real Estate Holdings will jointly invest in a new company with a registered capital of 1 billion yuan [1] - Wenkang International Trust will contribute 300 million yuan, holding a 30% equity stake, while Wenkang Real Estate Holdings will contribute 700 million yuan for a 70% equity stake [1] Group 2: Strategic Objectives - The joint venture will utilize a portion of the trust assets related to real estate as part of its capital contribution [1] - The collaboration aims to leverage Wenkang Real Estate Holdings' extensive experience and expertise in the real estate industry for specialized management [1] - The initiative is expected to improve asset operation efficiency and effectively revitalize existing assets while optimizing resource allocation [1]

Core Viewpoint - Wenkang Capital (600390.SH) announced a joint investment with its controlling shareholder, China Minmetals Corporation, to establish a joint venture in Beijing with a registered capital of 1 billion yuan [1] Group 1: Investment Structure - Wenkang Trust will contribute 300 million yuan, holding a 30% equity stake in the joint venture [1] - Wenkang Real Estate Holdings will contribute 700 million yuan, holding a 70% equity stake in the joint venture [1] Group 2: Strategic Objectives - The joint venture aims to enhance asset operation efficiency and effectiveness by utilizing a package of trust assets related to the real estate sector [1] - The collaboration will leverage Wenkang Real Estate Holdings' extensive experience and expertise in the real estate industry for professional management [1] - The initiative is expected to effectively revitalize existing assets and optimize resource allocation [1]

五矿资本公告，控股子公司五矿国际信托有限公司与关联方五矿地产控股有限公司拟在北京共同投资设 立合资公司，注册资本10亿元，其中五矿信托认缴3亿元，持有30%股权，五矿地产控股认缴7亿元，持 有70%股权。五矿信托将以货币和资产包出资，其中3亿元货币出资计入实收资本，资产包出资计入资 本公积。五矿地产控股将以货币等资产出资，其中30亿元货币出资计入实收资本，23亿元货币出资计入 资本公积。本次交易构成关联交易，尚需公司股东会审议通过。 ...

Core Insights - The collaboration between交银国际信托有限公司 (交银国信) and 恒生电子 marks a significant milestone in the Chinese trust industry, achieving a breakthrough in information technology innovation [1] - The project represents the largest and most comprehensive effort in information system construction for交银国信 since 2012, playing a crucial role in the company's digital transformation [1] - The successful implementation of the project paves the way for large-scale application of innovative systems in the trust industry, accelerating the industry's innovation process [1] Business Application - The project has successfully launched nearly 20 systems across various business areas, including wealth management, asset management, operational management, and data risk support [2] - In wealth management, the project upgraded systems such as the wealth marketing platform and online trust services, establishing a customer-centric wealth management capability [2] - In asset management, the project achieved upgrades for non-standard investment systems and performance risk control systems, enhancing the company's comprehensive management capabilities [2] Operational Management - The project upgraded key operational management systems, including the registration and transfer system and valuation and settlement system, improving operational efficiency and standardization [3] - A new generation of operational management platforms was established, enabling automated valuation and clearing, as well as visualized operations [3] - In the data risk support area, the project completed upgrades for systems like the data center and anti-money laundering system, creating a unified regulatory reporting and data governance framework [3] Technical Services - 恒生电子 provided a comprehensive range of technical services, including consulting, infrastructure support, and centralized monitoring platforms, facilitating the establishment of an innovative network for交银国信 [4] - The collaboration addressed challenges related to the completeness of the innovation ecosystem and the complexity of integrated operations, significantly reducing foundational resource costs [4] - The company aims to continue developing integrated solutions that merge financial technology with trust business, enhancing digital capabilities and information security in the trust industry [4]

NO.2北京：支持金融机构依法合规与社交电商、直播电商等开展合作 中国人民银行北京市分行等12部门印发《金融支持北京市提振和扩大消费的实施方案》，其中提出，发 挥信贷支持主渠道作用。辖内各银行、消费金融公司、汽车金融公司等金融机构要找准自身功能定位， 发挥自身优势，为消费领域提供差异化、特色化、便捷化的金融服务。支持金融机构依法合规与社交电 商、直播电商等开展合作，积极满足商户和消费者融资需求。 |2025年11月19日 星期三| NO.1央行开展4075亿元7天期逆回购操作 11月18日，央行公开市场开展4075亿元7天期逆回购操作，操作利率1.40%，与前次持平。当日有4038 亿元逆回购到期。 点评：央行此次开展4075亿元7天期逆回购操作，旨在稳定短期流动性并对冲到期逆回购规模，保持市 场资金平稳。这一操作反映出央行对当前经济环境的关注以及对流动性管理的精准把控，有助于维护金 融市场稳定。 NO.4现货黄金跌破4000美元/盎司 11月18日，现货黄金盘中跌破4000美元/盎司关口，现跌1.13%。 点评：由于美元升值以及市场对美联储12月降息的预期进一步降温，现货黄金连续调整。11月18日下 午，伦 ...

2025年商业银行不良资产处置最新政策、清收创新技巧、处置中的合规性与贷后管理专题研修班 个贷及小额贷款业务逾期清收技巧及诉讼清收、资产处置、破产中的常见法律问题专题研修班 农信金融人-仝金贝 一、国有企业融资与政府隐性债务的关联机制 1.1 政府隐性债务的内涵与特征 根据《中共中央 国务院关于防范化解地方政府隐性债务风险的意见》，政府隐性债务的核心界定标准为 "法定预算外、财政资金偿还、违法担保"。具体而言，隐性债务是指地方政府在法定债务限额之外，直接 或间接以财政资金偿还，以及违法提供担保等方式举借的债务。 隐性债务具有以下显著特征：一是隐蔽性，未纳入政府预算体系，通过融资平台、PPP 项目、政府购买服 务等多种形式存在；二是刚性兑付压力，虽未纳入预算管理，但其本质是地方政府对公共项目资金需求的 延伸，市场普遍预期政府会在债务违约时介入；三是风险累积性，脱离预算约束的债务扩张容易形成 "债 务利息→新增债务→利息叠加" 的恶性循环。 从债务规模看，财政部数据显示，截至 2024 年末，我国政府全口径债务总额为 92.6 万亿元，其中地方政 府法定债务为 47.5 万亿元，隐性债务为 10.5 万亿元，政府 ...

Group 1: Trust Product Issuance - In October, the issuance of trust products decreased by 15.87% month-on-month, totaling 1,124 products [1] - Securities investment trusts accounted for 78.02% of the total issuance, with a slight increase of 0.24 percentage points from September [1] - The scale proportion of securities investment trusts rose from 36.43% in September to 42.37% in October [1] Group 2: Performance of Securities Investment Products - The stock market showed mixed results in October, with the STAR 50 Index down by 5.33% while the Shanghai Composite Index rose by 1.85% [2] - Bond-type trusts saw an average return of 1.91% over the first ten months of the year, while stock-type trusts had an average return of 17.71%, down from 18.58% in the previous nine months [3] Group 3: Strategy Performance - Macro strategies continued to perform best with an average return of 25.89% over the first ten months, while stock strategies had an average return of 20.51% [5] - In October, stock strategies had a negative average return of -0.8%, with quantitative long strategies showing the highest average return of 34.67% [5] Group 4: Trust Company Performance - BaiRui Trust's bond-type trusts had the highest average return over the first ten months, while National Trust and Jilin Trust ranked lower [9] - Huaxin Trust's bond-type trusts improved their ranking due to a 1.39% average return in October [9] Group 5: Regulatory Developments - The National Financial Supervision Administration released a draft for the Asset Management Trust Management Measures, emphasizing the positioning of asset management trusts as private asset management products [13] - The draft prohibits channel business, fund pool business, and rigid payment, aiming to enhance the regulatory framework of the trust industry [13] Group 6: Industry Penalties - Zhongcheng Trust was fined 6.6 million yuan for various violations, highlighting ongoing regulatory scrutiny in the trust industry [14] - The penalties reflect a continued high-pressure regulatory environment focusing on business violations and poor management [14] Group 7: Industry Growth - The total asset management scale of the trust industry reached 32.43 trillion yuan as of June, marking a 9.7% increase from the previous year [15] - This milestone positions the trust industry as the third largest in the asset management sector, following insurance and public funds [15]

一、信托产品发行：10月发行量环比减少16% Wind数据显示，以产品成立日统计，10月发行信托产品1124只，环比减少15.87%。其中证券投资信托发行877只，占比78.02%，环比上升0.24个百分点。其 他投资信托发行222只，占比19.75%，贷款类信托发行19只，占比1.69%。 证券投资信托无论数量占比还是规模占比均相比9月出现上升，规模占比也由9月的36.43%上升至10月的42.37%。 从发行机构来看，10月发行信托产品最多的还是对外经济贸易信托，中粮信托发行数量排第二，华鑫信托发行数量排第三。 二、证券投资类产品表现：股票型信托10月回报缩水 10月债市出现反弹，股市行情出现分化，科创50指数10月下跌5.33%，而大盘股权重占比较高的上证指数上涨1.85%。 债券型信托收益表现好转，今年前10个月回报平均值为1.91%，股票型信托表现则有所退步，前10个月平均回报为17.71%，低于前9个月平均回报18.58%。 | 投资策略 | 前10个月回 | 近1月回报平 | | --- | --- | --- | | | 报平均值 | 均值(%) | | | (%) | | | 宏观策略 | ...