作为信托业内的头部企业，两家公司董事长的更替自然备受瞩目。王欣和吕天贵的到任也意味着自2024 年1月执掌平安信托20个月的方蔚豪和自2024年5月执掌中信信托16个月的芦苇正式离任。 除两家头部信托公司同步进行"换帅"，其他信托公司近期的高管人事调整同样引人关注。 《金融时报》记者注意到，国家金融监督管理总局北京金融监管局在9月19日还批复同意包恋群任国投 泰康信托总经理。10多天前，陆家嘴国际信托董事长也发生了变更，王岗接替黎作强出任董事长。而在 更早之前，云南国际信托发布公告称，因工作调动，甘煜已辞任云南国际信托董事长，目前由总经理代 为履行董事长职责，代为履职期限不超过6个月。 就在同一天，中信信托与平安信托董事长任职资格公告发布。 9月19日，国家金融监督管理总局北京金融监管局与深圳金融监管局分别发布公告，批复同意中信信托 董事长吕天贵以及平安信托董事长王欣的任职资格。 这意味着两家公司的董事长正式进入履职阶段，目前，工商层面的变更流程仍在推进中。 从经营业绩来看，中信信托2024年实现营业收入53.79亿元，净利润26.53亿元，主要经营指标已连续15 年保持在行业前三。另外，数据显示，平安信托2 ...

1. Report Industry Investment Rating No information regarding the industry investment rating is provided in the report. 2. Core Viewpoints of the Report The report comprehensively analyzes various policies from September 5th to September 20th, 2025, including macro - economic, fiscal, monetary, financial regulatory, real estate, and tariff policies. It aims to provide an overview of the current economic policy environment and potential impacts on different sectors [1][2][3]. 3. Summary by Directory 3.1 Macro - economic Tone - The government is promoting the construction of a unified national market and expanding service consumption. Measures include rectifying disorderly competition, boosting consumer spending with about 420 billion yuan in fiscal support driving over 2.9 trillion yuan in sales, and promoting private investment [1][11][12] - The State Council has deployed measures to promote private investment, aiming to expand investment space, ensure fair competition, and support private capital in new areas [13][16] 3.2 Fiscal Policy - The fiscal policy is more active, with a focus on using special bonds to repay government arrears to enterprises. As of September 19th, 2025, 1.1506 trillion yuan of special bonds have been issued, exceeding the annual limit of 800 billion yuan [17] - Over 60% of financing platforms have exited, and 4 trillion yuan of the 6 - trillion - yuan special debt quota has been issued. The government debt risk is under control, and it plans to issue part of the 2026 local government debt quota in advance [18][19] 3.3 Monetary Policy - The central bank has optimized and simplified the evaluation indicators for primary dealers, which helps to improve the transmission of interest rates and strengthen the benchmark nature of the Treasury yield curve [21] - The 14 - day reverse repurchase operation has been adjusted to a fixed - quantity, interest - rate tender, and multiple - price winning bid method, further strengthening the policy interest rate status of the 7 - day reverse repurchase [22] - The global financial stability system faces challenges such as fragmented regulatory frameworks, insufficient regulation in digital finance, and weak regulation of non - bank intermediaries [23] 3.4 Financial Supervision - A draft for public comments on the management regulations of public fund sales fees has been released, and the second batch of science and technology innovation bond ETFs will be listed on September 24th [26] - New regulations for insurance, trust, and securities industries have been introduced, including the "Insurance Company Capital Guarantee Management Measures", the "Trust Company Management Measures", and the start of the self - evaluation of securities company classification [27][28] - The controlling rights of three AMC companies have been transferred to Central Huijin. There are concerns about the liquidity risk of funds concentrated in the technology sector, and the proportion of cash wealth management in August reached a new low for the year [29] 3.5 Real Estate Policy - Shenzhen has relaxed purchase restrictions in multiple districts, and Shanghai has exempted first - home buyers from property tax under certain conditions [32] - Shenzhen has released a draft for public comments on the housing provident fund management measures, and Beijing and Shanghai have adjusted the upper and lower limits of the monthly housing provident fund payment base [33] 3.6 Tariff Policy - Chinese and US leaders had a phone call, and the two sides reached a basic framework on issues such as TikTok. China opposes the politicization of technology and economic and trade issues [36][37]

日前，河南金融监管局批复，核准中原信托变更注册资本及调整股权结构。根据批复，河南金融监管局同意河南投资集团有限公司（以下简称：河南投资集 团）对中原信托有限公司（以下简称：中原信托）增资约7.24亿元，其中增加注册资本约3.19亿元，其余部分计入资本公积。增资完成后，中原信托注册资 本变更为50亿元。 据中原信托官网，中原信托成立于1985年，总部位于河南郑州，是国家金融监督管理总局核准的国有控股金融机构。中原信托作为深耕河南近40年的老牌信 托公司，其发展历程备受关注。数据显示，2022年至2024年，公司营业收入分别为7.57亿元、7.91亿元和8.81亿元，净利润分别为1.26亿元、1.4亿元、1.44亿 元。自2008年5月起，历经多次增资，截至2024年末注册资本约46.81亿元。 责任编辑：秦艺 中原信托2024年年报显示，公司股东共三家，其中河南投资集团持股约64.93%，为第一大股东，河南中原高速公路股份有限公司持股约27.27%、光大兴陇 信托有限责任公司持股约7.8%，两家公司分列第二和第三大股东。2025年2月28日，根据甘肃省高级人民法院（2024）甘执复234号司法裁定，公司第三大 ...

Core Insights - The article highlights the achievements of China's financial industry during the "14th Five-Year Plan" period, emphasizing high-quality development and effective risk management [1][2][4] Financial Industry Strength - As of June 2025, China's banking sector assets are expected to reach nearly 470 trillion yuan, ranking first globally; the stock and bond markets are the second largest in the world [1] - The total assets of the banking and insurance sectors have surpassed 500 trillion yuan, with an annual growth rate of 9% over the past five years [2] - The asset management of trust, wealth management, and insurance institutions has doubled compared to the end of the "13th Five-Year Plan," reaching nearly 100 trillion yuan [2] Support for the Real Economy - During the "14th Five-Year Plan," the banking and insurance sectors provided an additional 170 trillion yuan in funding to the real economy through various financial instruments [2] - Loans for scientific research, manufacturing, and infrastructure have seen average annual growth rates of 27.2%, 21.7%, and 10.1%, respectively [2] - The balance of loans to small and micro enterprises has reached 36 trillion yuan, 2.3 times that of the end of the "13th Five-Year Plan," with interest rates decreasing by 2 percentage points [2] Risk Management - The financial management departments have made significant progress in risk prevention and control, with a focus on stabilizing the overall situation and coordinating efforts [3][4] - A mechanism for coordinating real estate financing has been established, with credit support exceeding 7 trillion yuan for nearly 2 million housing units [3] - The number of local government financing platforms has decreased by over 60%, and the scale of financial debt has dropped by more than 50% compared to early 2023 [3] Governance and Market Stability - There have been breakthroughs in corporate governance regulation, with over 3,600 illegal shareholders removed and significant improvements in the governance efficiency of financial institutions [4] - The stability of the financial market has been enhanced, with the RMB exchange rate remaining stable and low bond default rates [4] - The People's Bank of China is exploring new monetary policy tools to maintain capital market stability [4] Internationalization and Openness - By the end of July, foreign institutions and individuals held over 10 trillion yuan in domestic stocks, bonds, and deposits, indicating active cross-border investment [6] - The RMB has become the largest settlement currency for China's external payments and ranks among the top three trade financing and payment currencies globally [6] - The financial industry has made systematic progress in opening up, with enhanced risk prevention capabilities in the context of a more open financial environment [6][7] Future Outlook - The foreign exchange management system will be further improved to facilitate a more convenient, open, secure, and intelligent foreign exchange management mechanism [7]

Meeting Overview - The company will hold its second extraordinary general meeting of shareholders in 2025 on October 10, 2025 [2][3] - The meeting is convened by the company's board of directors, which approved the proposal to hold the meeting on September 22, 2025 [2][29] - The meeting complies with relevant laws, regulations, and the company's articles of association [2] Meeting Details - The on-site meeting will take place at 14:50 on October 10, 2025, with network voting available from 9:15 to 15:00 on the same day [3][4] - Shareholders can participate through on-site voting or online voting via the Shenzhen Stock Exchange [3][20] - The record date for shareholders eligible to attend the meeting is September 26, 2025 [4] Attendees - Ordinary shareholders or their proxies registered by the record date are entitled to attend the meeting [5][6] - Company directors, supervisors, and senior management will also be present [5][6] Meeting Agenda - The meeting will review several proposals, including amendments to the company's articles of association and the appointment of an accounting firm [8][9] - Proposals 1, 2, and 3 require a two-thirds majority vote from attending shareholders [9] - The report on the evaluation of major shareholders for the year 2024 will also be presented [8][10] Voting Procedures - Shareholders can vote through the Shenzhen Stock Exchange trading system or the internet voting system [13][20] - The voting process includes filling out opinions on proposals, with the first valid vote being counted in case of duplicates [16][17] Registration Information - Registration for the meeting is required, with specific documentation needed for both corporate and individual shareholders [11][12] - Registration will be open on October 9 and the morning of October 10, 2025 [12]

河南金融监管局近日批覆，覈准中原信托变更注册资本及调整股权结构。 批覆信息显示，河南金融监管局同意河南投资集团有限公司(简称「河南投资集团」)对中原信托有限公司(简称「中原信托」)增资约7.24亿元，其中增加 注册资本约3.19亿元，其余部分计入资本公积。增资完成后，中原信托注册资本变更为50亿元。 中原信托成立于1985年。自2008年5月起，历经多次增资，截至2024年末注册资本约46.81亿元。 中原信托2024年年报显示，公司股东共三家，其中河南投资集团持股约64.93%，为第一大股东，河南中原高速公路股份有限公司(简称「中原高速」)持股 约27.27%、光大兴陇信托有限责任公司持股约7.8%，两家公司分列第二和第三大股东。2025年2月28日，根据甘肃省高级人民法院(2024)甘执复234号司法 裁定，公司第三大股东由光大兴陇信托有限责任公司恢复为河南省豫粮粮食集团有限公司。 在今年2月举行的中原信托2025年度工作会议上，中原信托党委副书记、总经理(拟任)赵阳在经营工作报告中指出，2024年是中原信托全面转型发展的关 键之年，公司按照「12345」经营思路，加快转型创新，严格风险管控，加强内部管理 ...

中信信托是国内信托行业的头部机构，注册资本112.76亿元，2024年实现营业总收入53.79亿元，净利润26.53亿元，两项指标均位列行业首位。据 云南信托研究发展部研报，2025年上半年，中信信托的营收和净利润均排名行业第一。截至2024年末，公司信托资产余额为26244亿元。在2.62万 亿元信托资产中，有1.53万亿元为资产服务信托，另有1万亿元为资产管理信托。 2025年上半年，合并口径下中信信托实现营业总收入29.16亿元，手续费及佣金净收入10.05亿元，均较2024年同期有所增长。上半年公司实现利润 总额16.82亿元，同比增长3.6%；实现净利润15.67亿元，同比增长13.5%。 （原标题：中信信托新一届董事长、总经理班子调整到位） 日前，国家金融监督管理总局北京监管局批复同意，中信信托党委书记吕天贵出任中信信托董事、董事长。这意味着，中信信托新一届总经理、 董事长班子调整到位。 据公开资料，吕天贵从事金融行业超30年。今年3月吕天贵辞去中信银行副行长职务，并出任中信信托党委书记。他于2003年加入中信银行，历任 信用卡中心总裁、零售银行部总经理、私人银行部总经理、业务总监等职。2020年 ...

Group 1: Strategic Framework - The company has established a "11445" strategic framework aimed at becoming an internationally recognized, domestically leading financial service provider, focusing on "innovation, market, service, and green" strategies [1] - The framework includes four major platforms: financial asset supervision, financial business integration, financial equity investment, and financial risk management, targeting high-quality development across five key businesses: banking, finance companies, trusts, financial leasing, and insurance [1] Group 2: Business Focus Areas - Kunlun Bank is advancing its industrial-financial strategy, expanding its customer base, and developing a unique product system that integrates online and offline services [2] - Zhongyou Finance serves as the internal bank and treasury platform for China National Petroleum Corporation, recognized for its efficient and professional services in treasury, industrial finance, and international business [2] - Kunlun Financial Leasing is implementing a differentiated and internationalized development strategy, maintaining stable asset growth and good asset quality [2] - Kunlun Trust is focusing on the energy and chemical industry chain, aiming to become a leading energy trust company while adhering to its core mission of serving the real economy [2] - The insurance segment is enhancing its support for core business capabilities, providing robust insurance coverage for assets, liabilities, and employee health [2] Group 3: Market Value Management - The company has developed a market value management approach that incorporates performance indicators into the annual contracts of management [3] - A "Quality Return Dual Improvement" action plan has been established, focusing on seven areas: party building, industrial-financial integration, business development, risk control, market value management, information disclosure, and shareholder returns [3] - Future efforts will include the implementation of regulatory requirements and the introduction of long-term patient capital to enhance investment value [3]

Core Viewpoint - The article discusses a significant loan fraud case involving Huaneng Trust, a state-owned trust company, and its partners, which has resulted in over 1.7 billion yuan in unrecoverable trust funds. The case highlights severe regulatory and compliance failures within the financial industry, particularly in risk management and internal controls [4][5][17]. Summary by Sections Background of the Case - The fraud case, known as the "Credit Insurance Loan" scheme, began in June 2019 when Huaneng Trust partnered with Huishang Bank and a local insurance company to create a loan product designed to share risks among multiple parties [7]. - The scheme was initially presented as a financial innovation aimed at mutual benefits, but it devolved into a fraudulent operation involving collusion among various parties [5][6]. Mechanism of the Fraud - The fraud was orchestrated by Chi Jinlong, the actual controller of Shenzhen Xingrui Information Technology Co., who manipulated the loan process by using fake identities to secure loans [11]. - Key players, including bank officials and insurance executives, neglected their due diligence responsibilities, allowing fraudulent loans to be approved without proper verification [9][10]. Scale of the Fraud - The fraud involved multiple layers, with Chi Jinlong's operations leading to the misappropriation of 2.5 million yuan in the first loan and a total of 12.7 billion yuan in loans being fraudulently obtained by the team of former Century Huatong director Shao Heng [12][11]. - By the time the fraud was uncovered, only 8.3 billion yuan of the principal had been repaid, resulting in a loss of 4.2 billion yuan to financial institutions [12]. Regulatory and Compliance Failures - The case underscores significant deficiencies in the risk management practices of Huishang Bank, which faced multiple regulatory penalties for various compliance failures between 2021 and 2025, totaling over 22.79 million yuan [17][18]. - The article also highlights systemic issues within the bank's governance, including corruption among senior executives, which has led to a series of legal actions against them [19]. Judicial Outcomes - As of July 2025, Chi Jinlong faced criminal charges for loan fraud and bribery, while Shao Heng received a non-prosecution decision, raising concerns about the fairness of the judicial process [14][12]. - The case remains ongoing, with implications for the broader financial industry regarding the need for improved regulatory oversight and internal controls [5][17].

国家金融监督管理总局近日修订发布《信托公司管理办法》（以下简称《办法》），推动信托行业坚持 信托本源，深化改革转型，有效防控风险。 "《办法》修订相较于征求意见稿，在监管要求上更趋严格、内容规定更为细化，其核心导向是推动信 托行业从过往的粗放式规模扩张，转向聚焦主业的精细化专业经营。全行业也将进一步回归服务实体经 济与财富管理的本源定位。"中国信托业协会特约研究员周萍说。 《办法》主要修订了4方面内容。一是聚焦主责主业，坚持信托本源。结合信托公司业务实践，突出信 托主业，调整业务范围。明确立足受托人定位，规范开展资产服务信托、资产管理信托和公益慈善信托 业务。坚持"卖者尽责，买者自负；卖者失责，按责赔偿"，打破刚性兑付。二是坚持目标导向，强化公 司治理。明确信托公司要深化党建与公司治理有机融合，发挥治理机制制衡作用。加强股东行为和关联 交易管理。建立科学的内部考核机制和激励约束机制。树立受益人合法利益最大化的价值取向，加强受 托文化建设。三是加强风险防控，规范重点业务环节。督促信托公司以受托履职合规性管理和操作风险 为重点加强全面风险管理。明确信托业务全过程管理要求。四是强化信托监管要求，明确风险处置机 制。 ...