二、多措并举精准施策，有效化解风险 长城公司北京分公司立足自身功能定位，充分发挥在不良资产处置和问题企业纾困领域的专业优势，针 对问题企业的痛点难点，设计并实施了综合性的纾困方案。一是优化债务结构，缓解兑付压力。通过设 立专项纾困计划，长城公司北京分公司出资认购信托份额，定向用于兑付上市公司即将到期的公司债 券，有效化解了上市公司的债务兑付危机，稳定了市场信心。二是盘活低效资产，提升运营效率。长城 公司北京分公司折价收购了上市公司部分长账龄应收账款债权，并与企业合作进行专业化处置清收。通 过设定清收目标、超额收益分成等市场化机制，激励企业加快资产盘活，改善了资产质量和现金流状 况。三是引入战略支持，筑牢风险防线。项目引入了某地方国有资本运营管理平台作为重要的合作与支 持方，共同为纾困方案提供支撑，确保了项目的顺利推进和风险可控。 日前，中国长城资产管理股份有限公司北京市分公司（以下简称"长城公司北京分公司"）联合多方成功 实施的某上市公司纾困项目圆满终结。该项目是长城公司北京分公司立足不良资产处置主业，积极服务 实体经济、化解金融风险的又一典型案例，充分展现了国有金融资产管理公司的专业能力与责任担当。 一、上 ...

Core Viewpoint - China Great Wall Asset Management Corporation's Beijing branch has successfully addressed a funding gap of nearly 1 billion yuan in a key real estate project, demonstrating the responsibility of state-owned financial institutions in ensuring project completion and stability for local residents [1][2]. Group 1: Project Background and Challenges - The project, initiated in May 2019, faced significant challenges due to the downturn in the real estate market and the liquidity crisis following Evergrande's financial troubles, leading to the project being included in the government's "guarantee delivery" list [2]. - The project has a total construction area of over 500,000 square meters and has left 3,952 households affected due to the funding shortfall and project stagnation [2]. Group 2: Actions Taken by the Company - In November 2023, the Beijing branch acquired the debt package related to the Evergrande project through public bidding, which included multiple residential land parcels [2]. - The company established a communication mechanism with local government to facilitate the resolution of project risks and engaged in discussions regarding special loans for project completion [3]. Group 3: Financial Contributions and Future Plans - The company has invested over 10 billion yuan to resolve construction payments and has contributed to the payment of approximately 500 million yuan in wages for migrant workers, facilitating the resumption of over 1,000 billion yuan in project value [4]. - Moving forward, the company plans to deepen cooperation with local governments and establish special urban renewal funds to support real estate recovery and risk mitigation efforts [4].

Core Viewpoint - The company has effectively focused on its core responsibilities, enhancing professional capabilities and innovating business models, leading to positive outcomes in mitigating regional financial risks, supporting the real economy, and cultivating new productive forces [3][9]. Group 1: Deepening Non-Performing Asset Management - The company has maintained its position in non-performing asset management, actively acquiring non-performing asset packages from banks and enhancing the efficiency of asset disposal through diversified methods [4][10]. - In a significant non-performing debt disposal case involving a cement enterprise group, the company helped banks reduce non-performing rates and supported the recovery of a nearly 2,000-employee enterprise, achieving a positive interaction between asset revitalization and high-quality local economic development [4][10]. - The company has innovatively utilized legal and various financial tools to address complex debt relationships in a major real estate risk project, ensuring the full repayment of all debts and promoting bankruptcy restructuring, thereby contributing to regional economic stability [4][10]. Group 2: Precision Cultivation of New Productive Forces - The company has integrated into the national innovation-driven development strategy, focusing on key technology sectors and supporting the development of strategic emerging industries to strengthen the real economy [5][11]. - The company invested CNY 790 million in a high-temperature alloy manufacturing enterprise, enhancing its R&D capabilities and production scale, thereby injecting financial support into technological innovation and advanced manufacturing [5][11]. - The company has facilitated substantial restructuring for a key new energy vehicle manufacturer, helping to solidify its capital base and enhance its market competitiveness, resulting in a significant year-on-year increase in sales [5][11]. Group 3: Strengthening Regional Financial Stability - The company prioritizes maintaining regional financial stability, innovating new risk mitigation models, and utilizing comprehensive financial means to support local economic development [6][12]. - In collaboration with a municipal state-owned enterprise, the company established a special relief platform, rolling out over CNY 10 billion to create a liquidity emergency support system for local state-owned enterprises, proactively mitigating debt risks [6][12]. - The company is committed to deepening its market presence and enhancing the quality of services to the real economy, demonstrating a new level of responsibility in supporting national development [6][12].

Core Viewpoint - The 20th Central Committee's Fourth Plenary Session emphasizes the need for financial asset management companies to align with the "14th Five-Year Plan" to accelerate the construction of a financial powerhouse and promote high-quality economic and financial development [1][5]. Group 1: Political Leadership and Risk Management - Strengthening political leadership and adhering to the Party's guidance is fundamental, as the "14th Five-Year Plan" highlights the importance of the Party's comprehensive leadership in shaping policies and promoting reforms [2]. - The company recognizes that preventing and mitigating risks is essential for its operations, focusing on compliance and sustainable high-quality development [2][6]. Group 2: Opportunities in Financial Asset Management - The financial bad asset market presents significant potential for development during the "14th Five-Year Plan," as financial institutions will continue to improve asset quality and accelerate the clearance of existing risks [3]. - The company aims to leverage its expertise in resolving distressed projects and supporting the reform of small and medium-sized financial institutions to enhance its role in risk mitigation [3][6]. Group 3: Supporting the Real Economy - The company is committed to supporting the real economy by increasing financial support for key sectors and addressing challenges faced by struggling enterprises through asset revitalization and restructuring [4][7]. - The "14th Five-Year Plan" encourages optimizing traditional industries and fostering new and future industries, which aligns with the company's strategy to assist traditional energy companies in their low-carbon transitions [5][7]. Group 4: Strategic Initiatives for Financial Development - The company plans to enhance its political awareness and integrate the Party's leadership into all aspects of its governance, ensuring alignment with national strategies [5][6]. - It will focus on resolving financial bad asset risks and providing comprehensive solutions for local governments, particularly in real estate and debt management [6][7].

Core Viewpoint - The 20th Central Committee's Fourth Plenary Session outlines a grand blueprint for Chinese-style modernization, initiating a new journey of comprehensive deepening reform, with CITIC Financial Assets exploring a new path for reform and transformation in financial asset management [1] Group 1: Leadership and Strategic Direction - The fundamental reason for the historic achievements in comprehensive deepening reform is the adherence to the Party's overall leadership, which CITIC Financial Assets integrates into all aspects of reform and development [2] - CITIC Financial Assets has established the "One Three Five" strategic goal, aiming for significant improvements in performance over the next five years, with a focus on serving the real economy and mitigating financial risks [2] Group 2: Performance and Achievements - In 2023, CITIC Financial Assets successfully completed major tasks including rebranding, turning losses into profits, and stabilizing development, achieving a net profit of 9.618 billion yuan, the best performance in six years [3] - By the first half of 2025, the net profit is projected to reach 6.168 billion yuan, with an annualized return on equity (ROE) of 21.1%, marking a continuous increase in operational performance [3] Group 3: Reform and Governance - CITIC Financial Assets has implemented a tailored "One Company One Policy" reform approach, allowing for customized strategies for each branch based on their unique circumstances, which has led to significant performance improvements [4] - The company has made substantial progress in internal reforms, optimizing subsidiary layouts and management processes, which has enhanced operational efficiency and laid a solid foundation for high-quality development [5] Group 4: Technological Empowerment - The company is advancing its digital transformation by leveraging new technologies such as AI, big data, and mobile internet to enhance service efficiency and create a "smart financial asset management company" [6] - CITIC Financial Assets has developed an asset-centered information management platform and has prioritized cybersecurity, demonstrating a deep integration of technology and business operations [7] Group 5: Market Recognition and Future Goals - Over the years, CITIC Financial Assets has achieved a market value increase of 544%, gaining inclusion in major indices such as the Hang Seng Index and MSCI China Index, showcasing its successful reform and transformation [7] - The company aims to become a benchmark in the non-performing asset industry during the 14th Five-Year Plan period, contributing significantly to the modernization of China's financial sector [7]

党的二十届四中全会对"十五五"时期加快建设金融强国提出明确要求、作出战略部署，为扎实做 好"十五五"时期金融工作提供了根本遵循。 作为第一家完成"股改—引战—上市"的全国性金融资产管理公司，中国信达资产管理股份有限公司 （以下简称"中国信达"）如何贯彻落实党的二十届四中全会精神，抓住时代机遇，助力金融强国建设和 经济金融高质量发展？对此，《金融时报》记者采访了中国信达党委书记、董事长张卫东。 《金融时报》记者：党的二十届四中全会是在向第二个百年奋斗目标进军的新征程上举行的一次十 分重要的会议。能谈谈您对党的二十届四中全会精神的理解和体会吗？ 张卫东：党的二十届四中全会对于进一步凝聚起全党全国各族人民磅礴力量，为以中国式现代化全 面推进强国建设、民族复兴伟业而团结奋斗，具有重大意义，也为新时代金融资产管理公司高质量发展 指明了方向。 强化政治引领，坚持党的领导是根本要求。"十五五"规划建议指出，要坚持党的全面领导，提高党 把方向、谋大局、定政策、促改革能力。中国信达深刻认识到，推动金融高质量发展，最根本是要深刻 领悟"两个确立"的决定性意义，坚决做到"两个维护"，加强党中央对金融工作的集中统一领导，把思想 和行 ...

Core Viewpoint - China Galaxy Asset is committed to its mission of serving the nation through financial means, actively exploring innovative practices for financial risk resolution and supporting the real economy [1] Group 1: Financial Support and Economic Stability - The capital market plays a crucial role in resource allocation, driving industrial upgrades and fostering new productive forces [1] - The restructuring plan for *ST Ningke in Ningxia Hui Autonomous Region has reached its final stage, marking significant progress in efforts to help the company recover and stabilize the regional economy [1] Group 2: Role of China Galaxy Asset - China Galaxy Asset has been a key player in the rescue efforts, utilizing precise and efficient common benefit bonds to revitalize the company [1] - The actions taken by China Galaxy Asset exemplify the functional role of financial asset management companies in supporting national strategies and stabilizing capital markets [1]

Core Viewpoint - The 20th Central Committee's Fourth Plenary Session outlines a grand blueprint for Chinese-style modernization, initiating a new journey of comprehensive deepening reform, with CITIC Financial Assets exploring a new path for reform and transformation in financial asset management [1] Group 1: Leadership and Strategic Direction - The fundamental reason for the historic achievements in comprehensive deepening reform is the adherence to the Party's overall leadership, which CITIC Financial Assets integrates into all aspects of reform and development [2] - CITIC Financial Assets has established the "One Three Five" strategic goal, aiming for significant improvements in operational quality and efficiency over the next five years, with a clear development plan for the 14th Five-Year Plan [2] Group 2: Performance and Financial Results - In 2023, CITIC Financial Assets successfully completed three major tasks: rebranding, turning losses into profits, and stabilizing development, achieving a net profit of 9.618 billion yuan, the best performance in six years [3] - By the first half of 2025, the net profit reached 6.168 billion yuan, with an annualized average return on equity (ROE) of 21.1%, marking three consecutive increases in operational performance [3] Group 3: Reform and Governance - CITIC Financial Assets has implemented a tailored "One Company One Policy" reform approach, allowing for customized development plans and assessment methods for each branch, which has effectively stimulated internal motivation and operational vitality [4] - The company has made significant strides in internal reforms since 2022, enhancing organizational decision-making and management processes, thereby laying a solid foundation for high-quality development [5] Group 4: Technological Empowerment - The company emphasizes the importance of digital intelligence in enhancing service efficiency, leveraging new technologies such as mobile internet, big data, and artificial intelligence to drive its transformation into a "digital intelligent financial asset management company" [6] - CITIC Financial Assets has integrated AI technology across various operational aspects, including due diligence and compliance management, and has developed an asset-centered information management platform [7] Group 5: Market Position and Future Goals - Over the years, CITIC Financial Assets has achieved a market value increase of 544%, gaining inclusion in major indices such as the Hang Seng Index and MSCI China Index, showcasing its successful reform and transformation [7] - The company aims to become a benchmark in the non-performing asset industry during the 14th Five-Year Plan period, contributing significantly to the modernization of China's financial sector [7]

Core Viewpoint - The company has achieved significant results in the Qingdao area by implementing the "Five Ones" youth employee capability enhancement project, guided by Xi Jinping's Thought on Socialism with Chinese Characteristics for a New Era [2][6] Group 1: Strategic Planning - The business team consists of 7 employees with an average age of 33, all graduates from renowned domestic and international institutions, including 2 with CPA certificates and 3 with legal qualifications [2][6] - The team focuses on high-quality development goals and regional characteristics, employing strategies such as "intensive reading + sharing" to strengthen business foundations and encourage professional certification [2][6] - The establishment of research groups targeting the province's "top ten industries" has led to the development of 2 special projects in high-end equipment manufacturing and new materials, enhancing the practical level of equity business [2][6] Group 2: Innovation and Business Model - The team actively engages in frontline work, responding to the call to "complete a project" and exploring new business models in key risk areas [3][6] - The company has been involved in risk resolution for small and medium-sized financial institutions since the issuance of regulatory guidelines, contributing to regional financial stability [3][7] - The company has successfully revitalized approximately 4 billion yuan of inefficient assets through its first state-owned enterprise "two non" and "two assets" separation business and S fund business [3][7] Group 3: Achievements and Impact - The implementation of the "Five Ones" project has led to three breakthroughs: team building, business quality, and industry influence [4][8] - Half of the young employees are now capable of independent work, and the coverage of professional certificates within the team has increased [4][8] - In 2024, the company plans to execute 4 projects related to real estate restructuring and revitalization of inefficient assets, achieving a market share of over half in regional bank transfers [4][8]

Group 1 - The proposed merger is expected to result in a significant one-time after-tax gain of approximately RMB 20 billion for China Cinda, primarily due to the change in measurement from cost method to fair value exchange [1] - Following the merger, China Cinda will no longer hold any shares in Cinda Securities A-shares and will receive 1.3 billion shares in China International Capital Corporation (CICC), representing about 16.71% of CICC's equity [1] - In the first half of 2025, the internal rate of return for the acquisition business was 8.7%, slightly down from 8.9% for the entire previous year, indicating a focus on the non-performing asset market [1] Group 2 - Revenue from acquisition and restructuring business in the first half of 2025 was RMB 676 million, a decline of 65.5% year-on-year, with net assets from acquisition and restructuring dropping from RMB 28.485 billion at the end of 2024 to RMB 24.948 billion by mid-2025 [2] - The investment balance for other non-performing asset management business was RMB 211.12 billion at the end of 2024 and RMB 208.29 billion by mid-2025, with new investments increasing from RMB 16.16 billion in the first half of 2024 to RMB 30.41 billion in the first half of 2025 [2] - The company forecasts a net profit attributable to shareholders of RMB 3.7 billion for 2025, representing a year-on-year growth of 21%, with a corresponding book value per share (BVPS) of RMB 4.35 [2]