来源：中信信托 本周摘要 Weekly Summary 上周，A股上周重拾涨势。成交额、换手率、融资余额等反映市场情绪的指标指向当前风险偏好上升并处于较高位置。在此背景下，成长 风格整体跑赢稳定风格。由于归属科技成长范畴的电子行业和房地产、农林牧渔等传统周期行业录得上周涨幅前三，或反映当前市场主 线仍在寻求不同板块间的平衡以及在前期涨幅相对较小的行业中寻求机会。预计A股短期波动提升的同时上涨空间将打开。美国方面仍是 交易美联储降息节奏的加快。美元持续下行、美国国债收益率回落，以及美股和黄金的上涨，或反映市场对于美联储将实施货币宽松行 为的定价。报告维持前期观点，关注美国经济"类滞胀"风险及后续降息空间或仍将受限。 MACROECONOMICS 国内外宏观经济 国内方面 国内风险偏好升温，A股重拾涨势，但短期波动料将加大。我国上周先后发布8月贸易、通胀、社融信贷等重要月度经济数据。3季度以 来，我国经济数据表现冷热不均，除了出口项连续数月超预期，生产、需求以及通胀数据难言强劲。本次贸易、通胀和社融信贷数据的 主要特征是出口增速回落，CPI通胀同比增速重回负增；另一方面，PPI通胀降幅收窄，主要源于前期"反内卷" ...

Core Viewpoint - The restructuring of Sichuan Trust has been approved, with Shudao Investment Group becoming the largest shareholder, holding 58.6278% of the shares [1][2]. Group 1: Shareholding Changes - Sichuan Trust's shareholding structure has changed significantly, with Shudao Investment Group now holding 58.6278% of the company [1]. - Other shareholders include Sichuan Tianfu Chunxiao Enterprise Management Co., Ltd. with 15.0118%, Chengdu Jiaozi Financial Holding Group Co., Ltd. with 10.0949%, Chengdu Xingshuqing Enterprise Management Co., Ltd. with 10.0949%, and two limited partnership enterprises holding 0.1466% and 2.8260% respectively [1]. Group 2: Regulatory Compliance and Governance - The approval mandates Sichuan Trust to strictly adhere to relevant laws and regulations during the shareholding change process [2]. - Sichuan Trust is required to enhance its shareholding management, optimize its shareholding structure, and strengthen corporate governance and internal control mechanisms to mitigate risks [2]. Group 3: Background and Previous Issues - Sichuan Trust was established on November 28, 2010, with a registered capital of 3.5 billion yuan [2]. - In mid-2020, the company faced significant challenges due to the inability of financing enterprises to repay trust funds on time, leading to overdue trust products and regulatory intervention [2].

一纸判决书，曝光了华能贵诚信托有限公司（简称"华能信托"）的项目风险。 近日，记者获悉的民事判决书显示，多位投资者将华能信托和徽商银行告上法庭，原因是其购买的信托 产品未能如期兑付本金和收益。据知情人士透露，诉讼中涉及的信托产品之所以无法如期兑付，背后其 实是华能信托和徽商银行都未能预料到的"骗局"。 记者采访获悉，2019年开始，深圳兴睿信息科技有限公司（简称"兴睿科技"）实际控制人迟金龙等人通 过伪造保单、冒用人头等方式骗取华能信托与徽商银行"信保贷"项目中的贷款，金额超过10亿元。在业 内人士看来，此次"信保贷"项目不仅对投资者造成巨大伤害，还为行业敲响了警钟。信托公司未来开展 非标业务时，必须强化现场尽调、"核保核贷"意识，不盲目相信担保增信，真正做到卖者尽责。 投资人将华能信托告了 近日，记者获悉的两份民事判决书显示，多位投资者将华能信托告上法庭。 相关判决书显示，2021年11月12日，原告（投资人）通过徽商银行的金融服务平台"徽常有财"App，购 买了华能信托发行的"华能信托金盈30号"信托产品。原告认购信托产品的本金金额为200万元。 不过，2022年11月15日信托产品到期后，原告要求徽商银 ...

一纸判决书，曝光了华能贵诚信托有限公司（简称"华能信托"）的项目风险。 近日，记者获悉的民事判决书显示，多位投资者将华能信托和徽商银行告上法庭，原因是其购买的信托 产品未能如期兑付本金和收益。据知情人士透露，诉讼中涉及的信托产品之所以无法如期兑付，背后其 实是华能信托和徽商银行都未能预料到的"骗局"。 记者采访获悉，2019年开始，深圳兴睿信息科技有限公司（简称"兴睿科技"）实际控制人迟金龙等人通 过伪造保单、冒用人头等方式骗取华能信托与徽商银行"信保贷"项目中的贷款，金额超过10亿元。在业 内人士看来，此次"信保贷"项目不仅对投资者造成巨大伤害，还为行业敲响了警钟。信托公司未来开展 非标业务时，必须强化现场尽调、"核保核贷"意识，不盲目相信担保增信，真正做到卖者尽责。 相关判决书显示，2021年11月12日，原告（投资人）通过徽商银行的金融服务平台"徽常有财"App，购 买了华能信托发行的"华能信托金盈30号"信托产品。原告认购信托产品的本金金额为200万元。 不过，2022年11月15日信托产品到期后，原告要求徽商银行和华能信托给付信托本金并按照5.35%/年的 利率支付信托收益，但被拒绝支付。 对于投资 ...

登录新浪财经APP 搜索【信披】查看更多考评等级 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误导性陈述或重大遗 漏。 2025年4月24日，哈尔滨誉衡药业股份有限公司（以下简称"公司"）第七届董事会第三次会议审议通过 了《关于使用闲置自有资金进行委托理财的议案》。同意公司及纳入合并报表范围内的子公司使用不超 过人民币39,000万元自有闲置资金额度在金融机构购买中等或中等以下风险的委托理财产品，在上述投 资额度内，各投资主体资金可以滚动使用，委托理财期限自董事会审议通过之日起一年内有效，并授权 公司经理层负责具体组织实施。具体情况详见2025年4月26日公司披露于《中国证券报》、《证券时 报》及巨潮资讯网http://www.cninfo.com.cn的《关于使用闲置自有资金进行委托理财的公告》。 2025年7月7日至2025年9月18日，公司使用自有闲置资金28,000万元购买了理财产品，现将具体情况公 告如下： 一、委托理财的情况 （一）国泰海通证券股份有限公司（以下简称"国泰海通"）理财产品基本情况 1、理财产品名称：国泰海通证券睿博系列尧睿25154 号收益凭证 2、产品 ...

Group 1 - The core point of the announcement is that State Grid Yingda has declared a cash dividend of 0.042 yuan per share (tax included) for the first half of 2025 [2] - The record date for the dividend is set for September 24, 2025 [2] - The ex-dividend date and the date of cash dividend distribution are both scheduled for September 25, 2025 [2]

Group 1 - The company, Times Neighborhood Holdings Limited, announced investments in two financial products through its wholly-owned subsidiary, Times Xinhui, totaling RMB 4 million (RMB 1.5 million and RMB 2.5 million) [1][2] - The financial products are characterized by liquidity and strong diversification, enhancing the safety and flexibility of cash management [2] - The board believes these financial products offer better yields compared to current fixed deposit rates provided by commercial banks in China and Hong Kong, thus providing greater flexibility in wealth management [2] Group 2 - The investments will be funded using the company's surplus cash reserves, ensuring that operational capital and liquidity are not affected [2] - Diversified financial management is expected to strengthen capital utilization and increase income from idle funds [2] - The board considers the terms of these financial products to be fair and reasonable, aligning with the overall interests of the company and its shareholders [2]

Core Viewpoint - The company, Times Neighborhood Holdings Limited, has announced investments in two financial products through its wholly-owned subsidiary, Times Xinhui, totaling RMB 4 million [1] Investment Details - On August 12, 2025, Times Xinhui entered into a trust agreement with GF Securities as the investment advisor and Guotou Taikang Trust as the trustee to subscribe to the first financial product with an investment amount of RMB 15 million [1] - On September 18, 2025, Times Xinhui entered into a second trust agreement with GF Securities as the investment advisor and Caixin Trust as the trustee to subscribe to the second financial product with an investment amount of RMB 25 million [1] - The company is utilizing its own surplus cash reserves to fund these investment subscriptions [1]

Core Viewpoint - The company, Times Neighborhood (09928), has announced two significant investments in financial products through its wholly-owned subsidiary, Times Xinhui, totaling RMB 4 million [1] Group 1: Investment Details - On August 12, 2025, Times Xinhui entered into a trust agreement with GF Securities as the investment advisor and Guotai Junan Trust as the trustee to subscribe to the first financial product with an investment amount of RMB 15 million [1] - On September 18, 2025, Times Xinhui entered into a second trust agreement with GF Securities as the investment advisor and Caixin Trust as the trustee to subscribe to the second financial product with an investment amount of RMB 25 million [1] - The company utilized its own surplus cash reserves to fund these investment subscriptions [1]

Core Insights - The significant decline in new resident deposits and the increase in non-bank deposits in August has sparked discussions about the phenomenon of "deposit migration" in the market [1] - The trend of asset allocation is shifting towards higher-yielding financial products due to declining deposit rates and a recovering equity market [1] - The overall scale of listed companies' financial management has shown a downward trend, with a 26.17% decrease from the peak in 2022 [1][3] Group 1: Financial Management Trends - Listed companies are increasingly investing in financial products, primarily using their own funds, with a focus on structured deposits and bank wealth management products [3] - The demand for corporate financial management is driven by the need for stable returns and liquidity, especially as companies stabilize and experience cash accumulation [3][4] - The proportion of cash holdings remains high at over 70%, but is declining, while the shares of bank wealth management, securities asset management, and trust products are on the rise [1][4] Group 2: Market Dynamics - The decline in deposit rates has heightened the demand for capital preservation and appreciation among companies, leading to a renewed interest in corporate wealth management [4][5] - The implementation of asset management regulations has facilitated the diversification and net value transformation of financial products, offering higher yields and flexibility compared to traditional deposits [4][5] - Companies are increasingly focused on optimizing their capital structure and improving asset return efficiency in response to uncertain operating environments [5] Group 3: Investment Performance - The average annualized yield of cash management products is currently at 1.32%, while fixed-income products have shown varying yields, generally outperforming traditional deposit products [7] - The investment scale in structured deposits remains significant, but has decreased by approximately 100 billion yuan year-on-year [7][8] - As corporate profits begin to recover, the total scale of funds used for financial management by listed companies is expected to improve [8] Group 4: Opportunities for Asset Management Institutions - Asset management institutions are recognizing the growing demand for corporate wealth management and are actively positioning themselves to meet this need [9][10] - Institutions are advised to enhance product customization, flexibility, and transparency to better serve corporate clients [10] - The market for corporate financial management is becoming more institutionalized and professionalized, necessitating asset management institutions to adapt and strengthen their competitive capabilities [10]