日前，天津市地方金融管理局、国家金融监督管理总局天津监管局、天津市规划和自然资源局、国家税 务总局天津市税务局、天津市民政局、中国(天津)自由贸易试验区管理委员会联合发布了《关于开展不 动产信托财产登记试点的通知》（以下简称：《通知》），标志着天津正式加入不动产信托财产登记试 点行列，试点范围进一步扩大。 9月24日，该《通知》正式对外公布。《通知》做出多项开创性制度设计，有效保障不动产信托财产登 记的规范、准确、完整，有力保护信托当事人合法权益，深入推进服务业扩大开放政策落地实践，形成 可复制可推广的不动产信托财产登记经验。 此次试点，天津创新性地将天津自贸试验区制度优势与不动产信托财产登记制度深度融合，构建起 "持 有和购买双场景 + 创新资产盘活应用 + 转入转出双流程 + 多部门协同" 的创新体系，为信托服务实体经 济、满足民生需求开辟了新路径。 目前，国内多地也已纷纷开展不动产信托登记试点工作。北京于2024年底率先开启试点，2025年4月初 外贸信托和国投泰康信托分别在昌平区和通州区的不动产登记中心完成了首次不动产信托财产登记； 2025年5月，上海启动试点，并于6月由爱建信托、上海信托成功落地案 ...

Core Viewpoint - The pilot program for real estate trust property registration has expanded to five cities, including Tianjin, following Beijing, Shanghai, Guangzhou, and Xiamen, indicating a significant move towards enhancing the real estate trust framework in China [1][2]. Group 1: Expansion of Pilot Cities - The pilot program for real estate trust property registration is accelerating, with Tianjin joining the initiative, bringing the total number of participating cities to five [2]. - The pilot program began in Beijing at the end of 2024, with successful registrations occurring in various districts by different trust companies [2]. - The new notification from Tianjin introduces innovative mechanisms, such as allowing trustees to purchase real estate, thus catering to diverse client needs and enhancing asset management capabilities [2]. Group 2: Addressing Pension Issues - The expansion of the pilot cities highlights the potential of real estate trusts in addressing pension challenges, particularly in the context of an aging population [3][4]. - The registration process has been clarified, which helps resolve ownership issues related to real estate as trust property, thereby facilitating the transfer of assets into trusts [3]. - Real estate trusts can activate existing assets to provide funding for elderly care, while the asset isolation feature of trusts protects the financial interests of older adults [3]. Group 3: Service Chain Extension - The increasing demand for elder care services due to population aging has prompted trust companies to explore innovative service models [4]. - Real estate trusts can lower pension costs and improve asset utilization and returns, contributing to the development of the elder care industry and optimizing wealth management [4]. - Several trust companies are actively promoting real estate trust services, particularly in the elder financial sector, aiming to create a comprehensive ecosystem involving various financial and elder care institutions [5].

Core Viewpoint - The pilot program for real estate trust property registration has expanded to five cities, including Tianjin, indicating a significant move towards utilizing real estate trusts as a tool for addressing aging population issues and enhancing wealth management [1][2]. Group 1: Expansion of Pilot Program - The pilot program for real estate trust property registration has accelerated, with Tianjin joining Beijing, Shanghai, Guangzhou, and Xiamen [2]. - The new regulations introduced in Tianjin allow for innovative methods of real estate trust registration, including the option for trustees to purchase real estate, thus catering to diverse client needs [2][3]. - The pilot program aims to enhance the flexibility of real estate trusts by broadening the range of beneficiaries [2]. Group 2: Addressing Aging Population Needs - Real estate trusts are seen as a viable solution for addressing the financial needs of the aging population by unlocking existing assets and providing a source of retirement funding [3][4]. - The property transfer and trust registration model aims to clarify ownership rights, thereby protecting the interests of beneficiaries [3]. - The integration of real estate trusts into the retirement planning landscape is expected to improve asset utilization and reduce costs compared to traditional retirement methods [4]. Group 3: Industry Innovations and Services - Several trust companies are actively promoting real estate trust services, particularly in the context of retirement finance [5]. - Companies like Shanghai Trust and Aijian Trust are innovating their business models to include comprehensive services that connect real estate trusts with quality retirement institutions [5]. - Aijian Trust is focusing on a "house-for-pension" model that maintains elderly individuals' control over their properties while providing integrated financial and retirement services [5].

Core Viewpoint - The pilot program for real estate trust property registration has expanded to five cities, including Tianjin, which joins Beijing, Shanghai, Guangzhou, and Xiamen, indicating a significant acceleration in the implementation of real estate trusts as a tool for asset management and elder care [1][2]. Group 1: Expansion of Pilot Cities - The pilot program for real estate trust property registration has been accelerated, with Tianjin becoming the fifth city to join after Beijing, Shanghai, Guangzhou, and Xiamen [2]. - The new regulations introduced in Tianjin include innovative mechanisms such as allowing trustees to purchase real estate, catering to diverse client needs and enhancing asset management capabilities [2][3]. Group 2: Addressing Elderly Care Issues - Real estate trusts are increasingly recognized for their potential to address elderly care challenges by unlocking existing assets to provide financial support for retirement [3][4]. - The registration process for real estate trusts has been clarified in pilot cities, facilitating the transfer of property into trusts and ensuring the protection of beneficiaries' rights [3]. Group 3: Service Chain Extension - The growing demand for elderly care services amid an aging population has prompted trust companies to explore innovative service models, enhancing asset utilization and efficiency [4][5]. - Companies like Aijian Trust are developing integrated solutions that combine real estate trusts with various elder care services, aiming to create a comprehensive support system for the elderly [5].

Core Viewpoint - The pilot program for real estate trust property registration has expanded to five cities, including Tianjin, indicating a significant move towards enhancing the application of real estate trusts, particularly in addressing pension needs amid an aging population [1][2][3]. Group 1: Expansion of Pilot Cities - The pilot program has accelerated, with Tianjin joining Beijing, Shanghai, Guangzhou, and Xiamen, increasing the total number of pilot cities to five [2]. - The new notification from Tianjin introduces innovative mechanisms, such as allowing trustees to purchase real estate, which caters to diverse client needs and enhances asset management capabilities [2][3]. Group 2: Addressing Pension Issues - Real estate trusts are gaining attention for their potential to address pension challenges, as they can activate existing assets to provide funding for elderly care [3][4]. - The registration process has been clarified in pilot cities, which helps in resolving ownership issues and ensures the protection of beneficiaries' rights [3][4]. Group 3: Service Chain Extension - The growing demand for elderly care services has prompted trust companies to explore innovative service models, which can lower costs and improve asset utilization [4][5]. - Companies like Aijian Trust are developing integrated solutions that combine real estate trusts with various elderly care services, aiming to enhance the quality of life for seniors [5].

上月，蜀道集团党委副书记、副董事长、总经理张胜专题调研四川信托、天府证券改革发展情况。张胜 表示，两家公司要积极融入集团转型创新发展大局，增强整体实力，提升服务实体经济质效水平，着力 打造金融行业"天府系"金字招牌。 四川信托恢复展业提速 值得注意的是，四川信托新股东阵容还包括四川天府春晓企业管理有限公司（持股约15%）、成都交子 金融控股集团有限公司（持股约10%）、成都兴蜀青企业管理有限公司（持股约10%）等。 事实上，蜀道集团入主四川信托早有消息传出。 今年2月，蜀道集团董事长张正红率队调研宏信证券和四川信托改革发展工作时表示，要打造蜀道"天府 金融"品牌核心价值。随后，5月，宏信证券更名为"天府证券"。 近日，国家金融监督管理总局公布相关批复，同意四川信托有限公司（以下简称四川信托）变更 96.8020%股权，其中，实控人为四川省国资委的蜀道投资集团有限责任公司（以下简称蜀道集团）持 有58.6278%股权，成为四川信托控股股东。 据悉，蜀道集团于2021年5月揭牌成立，目前总资产超过1.5万亿元，为四川省属国有企业首家"世界500 强"并连续4年入围。 多名新股东"浮出水面" 近年来，蜀道集团的"天 ...

地方国资参与风险处置 今年8月14日，华信信托发公告称，华信信托近日收到大连安鼎企业管理有限公司（下称：大连安鼎） 致函。根据来函，大连安鼎将按照风险处置的整体安排，于2025年9月25日前收购符合资格的个人投资 者的信托受益权。签约对象为目前持有华信信托发行的集合资金信托计划（华冠系列、华悦系列以及悦 盈稳健增长72号定向发行部分信托计划）受益权份额的个人投资者。签约时间为2025年9月25日前。 9月16日华信信托再次发公告称，目前签约工作进展顺利，已临近尾声。并提醒投资者，签约窗口期即 将于2025年9月25日正式结束，没有延期安排。 历时5年，华信信托风险处置接近尾声。 华信信托9月24日公告称，截至2025年9月24日17时，已与安鼎公司签订信托受益权转让合同的个人投资 者人数已达到3004人，整体签约率达到 95.5%。以此推算，还剩约141位投资者尚未签约。 据公告称，签约窗口期将于2025年9月25日16时30分正式结束。如逾期未签约，视为主动放弃本次签约 机会。9月25日下午3点多记者从华信信托客服处了解到，目前只剩少量投资者未签约。 70亿风险 天眼查资料显示，大连安鼎成立于2025年7月 ...

Financial Performance - The company repaid all acquisition loans to AVIC Trust amounting to 830 million yuan using self-owned and self-raised funds [1] - For the first half of 2025, the company achieved a total revenue of 179.79 million yuan [2] - The company aims to ensure the completion of its annual operational goals and mitigate delisting risks [3] Employee Information - As of December 31, 2024, the total number of employees is 383, excluding the subsidiary Ruien Pharmaceutical [2] Restructuring Plans - The company is currently in the pre-restructuring phase, with the Chongqing Fifth Intermediate People's Court completing the filing for pre-restructuring [3] - There is significant uncertainty regarding whether the company will formally enter the restructuring process [3] - The company signed restructuring investment agreements with strategic investors in September 2025, which may lead to changes in control [3][4] Debt and Compensation - The company is actively pursuing the collection of performance compensation from individuals, with a total of 135 million yuan already paid by Kou Han and 21.41 million yuan by Lin Jiaxi, leaving outstanding balances of 311.99 million yuan and 22.70 million yuan respectively [5][6] - The company is conducting a debt review as part of the pre-restructuring process, with specific figures to be disclosed in future announcements [5] Future Outlook - The company is focused on improving its core business operations and exploring partnerships to enhance market demand [8] - The introduction of strategic investors is expected to provide financial and operational support to improve the company's performance [9][10] - The company plans to implement a capital increase through the conversion of capital reserves, with a proposed ratio of 10 shares for every 4.8 shares issued [13][14]

Group 1 - The core announcement is regarding the transfer of trust beneficiary rights from Huaxin Trust to Anding Company, which officially commenced on August 14, 2025 [1] - As of September 24, 2025, a total of 3,004 individual investors have signed contracts for the transfer of trust beneficiary rights, resulting in an overall signing rate of 95.5% [2] - The signing window will close on September 25, 2025, at 16:30, after which Anding Company will no longer accept the transfer of trust beneficiary rights from individual investors [2] Group 2 - Anding Company was established on July 31, 2025, and is located in Dalian, Liaoning Province, primarily engaged in the financial industry with a registered capital of 1 million yuan [2] - The sole shareholder of Anding Company is Dalian State-owned Financial Capital Management and Operation Co., Ltd., which is fully owned by the Dalian Municipal Finance Bureau and has a registered capital of 10 billion yuan [2]

Core Viewpoint - Tianjin has officially joined the pilot program for real estate trust property registration, becoming the fifth city in China to do so, following Beijing, Shanghai, Guangzhou, and Xiamen, with the aim of integrating financial innovation with real estate trust services to better serve the economy and meet public needs [1][2]. Summary by Sections Pilot Program Announcement - The pilot program for real estate trust property registration in Tianjin was announced by multiple local and national regulatory bodies, marking a significant step in financial innovation [1]. Objectives of the Pilot Program - The pilot program aims to achieve three core objectives: 1. Establish Tianjin as a demonstration benchmark for financial innovation and service industry openness [2]. 2. Encourage the trust industry to return to its core purpose of serving the real economy, focusing on areas such as elderly care, special needs, intergenerational wealth transfer, social welfare, asset revitalization, and risk management [3]. 3. Leverage the advantages of the Tianjin Free Trade Zone to enhance the real estate trust property registration system [3]. Innovations in the Registration System - The pilot program introduces three major innovations to optimize service experience and improve efficiency: 1. "Revitalizing existing assets" is defined as the core application scenario for real estate trusts, addressing issues like asset liquidity and high conversion costs [5]. 2. The program allows for both "holding and purchasing" real estate, providing flexibility in trust establishment and catering to various business needs [6][7]. 3. A "dual process" for asset transfer is established, enhancing transparency and efficiency in the registration process, with a focus on seamless transitions from establishment to exit [8]. Collaborative Mechanism - A collaborative mechanism involving six departments has been established to ensure smooth implementation of the pilot program, enhancing information sharing and coordination throughout the registration process [8].