陕国投Ａ公告，第三季度营收为7.94亿元，同比增长30.64%；净利润为2.7亿元，同比增长8.96%。前三 季度营收为21.61亿元，同比增长7.18%；净利润为9.96亿元，同比增长6.60%。 ...

此前，据媒体报道，中诚信托旗下新能源3号、新能源5号先后出现违约。 2022年3月，中诚信托连发3份产品公告，宣布"新能源3号"预计延期至2023年3月5日，理由是恒大风险集中爆发导致"新能源3号"相关交易对手丧失回购和担 保履约能力，以及郑州房地产市场整体回落和恒大整体风险对抵押人项目销售产生重大不利影响。 中诚信托存在的主要违法违规行为包括部分高级管理人员未经任职资格核准提前履职，部分风险项目未纳入或未及时纳入风险项目要素表，尽职调查不审 慎，项目后期管理不到位，向不符合监管要求的项目、企业提供融资，以投资永续债权的方式变相开展融资类业务，流动资金贷款管理不到位，合格投资者 人数突破"资管新规"要求，个人信托贷款业务开展不规范，部分信托计划分级比例超过监管要求。 10月17日，国家金融监督管理总局北京监管分局发布的行政处罚信息公开表显示，中诚信托被罚款660万元，该公司相关责任人陈郭瑞、熊谞龙、金紫雨、 余明、尤彦媚封分别被给予警告并处罚款5万元。 | ਝਿ | 当事人 | 主要违法违规行为 | 行政处罚内容 | 作出决定 | | --- | --- | --- | --- | --- | | 름 | 名 ...

近日，中国信托业协会首席经济学家蔡概还在上海举办的资产管理与财富管理循环驱动论坛上致辞称， 截至今年6月末，信托全行业资产管理规模为32.43万亿元，与上年末相比增加了2.87万亿元，增幅为 9.7%，与上年同期相比增加了5.43万亿元，增长幅度20.11%。 值得关注的是，到2025年底是否还会有信托公司规模突破"万亿"大关。随着头部机构数量增加，七家头 部机构之间的竞争与合作将如何开展，又会对行业格局产生怎样的重塑作用，这些问题值得持续关注。 据中国平安披露数据，截至2025年6月末，平安信托受托管理资产规模达10524.16亿元，成功跻身"万亿 级"信托机构行列。 而在2024年末，华润信托、中信信托、外贸信托、建信信托、英大信托这5家信托公司规模已率先突 破"万亿"。 此外，上海国际信托也于2025年6月末实现管理规模跨越"万亿"门槛。至此，信托行业"万亿级"头部阵 营正式扩充至7家。 （原标题：信托行业头部阵营扩容至7家 "万亿级"机构竞争格局引关注） 日前，信托行业头部阵营再度扩容，至少已有7家信托公司管理规模突破"万亿"大关，行业格局正悄然 发生深刻变化。 ...

Core Insights - The recent Shanghai Global Asset Management Forum highlighted the transition of Chinese asset management institutions from a "trial phase" to a "scale-up phase" in overseas investments, with global exchanges optimizing rules and innovating products to capture opportunities in the Chinese market [1] Group 1: QDII Fund Growth - The QDII fund scale has surpassed 678 billion RMB, with over 70% of funds directed towards Hong Kong and U.S. markets, indicating a strong demand for overseas investments among domestic investors [2] - In the first half of the year, QDII funds invested over 30 billion RMB in Hong Kong stocks and approximately 20 billion RMB in U.S. stocks, with a preference for equity assets over bonds and gold [2] - The investment focus of QDII funds is primarily on information technology, communication, and non-durable consumer goods, reflecting a keen interest in emerging industries and high-growth sectors, particularly in AI [2] Group 2: International Collaboration and Market Connectivity - The Eurasian Capital Market Alliance (FEAS) is actively working to connect Eurasian markets, with initiatives like the Tabadul project aimed at enhancing market interconnectivity and reducing transaction costs [5][6] - The London Stock Exchange (LSE) has undergone significant reforms to attract more international companies, including the removal of certain listing requirements and the introduction of dual-class voting structures [6][7] - The Singapore Exchange (SGX) is expanding its product offerings and streamlining its IPO processes, aiming to attract more foreign listings, particularly from China and Southeast Asia [8] Group 3: Asset Management Strategies - High-net-worth clients are increasingly seeking both asset preservation and special asset services, with over 70% of trust funds allocated through QDII channels invested in Hong Kong and U.S. markets [3] - There is a growing interest in developing innovative QDII products that focus on specific countries, asset classes, or industries to meet diverse investor needs [2][3] - The focus on sectors such as technology, new energy, and new consumption is particularly appealing to European investors, indicating a strategic push by Chinese asset managers to promote Chinese assets in Europe [3]

在港交所IPO中，信托计划（尤其是员工持股信托（ESOP Trust）与控制权信托（Control Trust））是常见的结构设计，用于实 现员工激励、保持控制权稳定或税务规划等目标。其设计需兼顾合规性、目的实现性及后续管理效率，以下是具体流程及核心 要点的梳理： 一、IPO信托计划的常见类型 在IPO语境下，信托计划主要服务于两类核心需求： 1. 员工持股信托（ESOP Trust）： 2. 公司或控股股东将股权/现金注入信托，通过信托向员工分配权益，实现长期激励（如限制性股票、期权）。 3. 控制权信托（Control Trust）： 4. 控股股东将股权注入信托，受托人按控股股东指示行使投票权，确保IPO后控制权不因股份分散而丧失（常见于家族企业 或创始人团队）。 目的定位：需清晰定义信托的核心目标（如员工激励、控制权保持、税务优化），这将决定信托的条款设计（如受益人范 围、分配条件、投票权安排）。 类型选择：根据需求选择员工持股信托（侧重激励有效性）或控制权信托（侧重控制权稳定性），或组合型结构。 具备信托业务牌照（受香港《信托条例》（第29章）监管）； 有丰富的IPO信托经验，能独立履行受托人职责（ ...

外资态度来看，本期较上一季度新披露的外资机构有 1 家 ，即J.P.Morgan Securities PLC-自有资金。 2025年10月25日，欣天科技(300615.SZ)发布2025年第三季报。截至2025年10月24日，共有5个机构投资 者披露持有欣天科技A股股份，合计持股量达1113.57万股，占欣天科技总股本的5.76%。其中，机构投 资者包括建信信托有限责任公司-建信信托-私人银行家族信托单一信托6888号、建信信托有限责任公司- 建信信托-私人银行家族信托单一信托6888号、上海嘉鸿私募基金管理有限公司-嘉鸿子逸未来1号私募 证券投资基金、J.P.Morgan Securities PLC-自有资金、中国工商银行股份有限公司-大成中证360互联网 +大数据100指数型证券投资基金，机构投资者合计持股比例达5.76%。相较于上一季度，机构持股比例 合计下跌了1.21个百分点。 公募基金方面，本期较上一季度新披露的公募基金共计1个，即大成中证360互联网+指数A。本期较上 一季未再披露的公募基金共计50个，主要包括中信保诚多策略混合(LOF)A、诺安多策略混合A、广发量 化多因子混合A、国金量化 ...

证券日报网讯 10月24日晚间，江苏国信发布2025年第三季度报告称，2025年第三季度公司实现营业收 入10，459，546，200.96元，同比增长2.47%；归属于上市公司股东的净利润为1，198，026，973.85 元，同比增长23.74%。 （文章来源：证券日报） ...

近期，中信信托、建信信托、外贸信托、华鑫信托、国投泰康信托、中粮信托等多家信托公司启动2026 年校园招聘，提前招揽人才。 近日，在全球财富管理论坛·2025上海苏河湾大会上，上海信托总经理陈兵表示，资管机构专业化、特 色化的格局也正在加速形成。如何在激烈内卷的市场中突围，是摆在每个资管机构面前现实的问题，费 力的竞争会对机构的成本结构、人才稳定产生冲击。 他表示，各类机构都在结合自身的资源禀赋，找准差异化的定位，在细分领域建立相对比较优势。例 如，公募基金近年来在被动投资与ETF领域加速布局，规模持续增长，成为重要的配置工具。银行理财 也专注于为客户打造低波动绝对收益型产品，并加大固收+以及含权产品的布局。部分券商专注于 IBS、等领域，取得了一定的市场比较优势，也有机构率先通过科技赋能与数字化转型，将大数据、AI 等技术运用于投研、风控、客户服务等领域。通过智能投顾、组合管理平台等工具，提升效率与精准 度，降低运营成本。 信托规模首破30万亿、已超32万亿 10月21日，中国信托业协会首席经济学家蔡概还在上海举办的资产管理与财富管理循环驱动论坛上介 绍，截至今年6月末，信托全行业资产管理规模为32.43万 ...

Group 1 - The core point of the article is that Wukuang Capital (SH 600390) held its 27th meeting of the 9th board of directors on October 24, 2025, to discuss the reappointment of the auditing institution for the 2025 financial report and internal control [1] - For the first half of 2025, Wukuang Capital's revenue composition is as follows: leasing companies accounted for 37.21%, futures companies 28.15%, trust companies 17.16%, securities companies 15.13%, and other industries 2.33% [1] - As of the report date, Wukuang Capital has a market capitalization of 26.9 billion yuan [1] Group 2 - The article mentions that Chinese innovative drugs have sold overseas licenses worth 80 billion USD this year, highlighting the hot secondary market in biomedicine while questioning the cold fundraising environment in the primary market [1]

Core Insights - Xi'an Yicai, a leading domestic 12-inch semiconductor wafer company, is set to debut on the Sci-Tech Innovation Board next week with a pre-listing market value of 34.806 billion yuan [1] - The company is expected to raise 4.9 billion yuan through its IPO, primarily for the construction of a second factory, which will significantly increase its monthly production capacity to 1.2 million wafers [1][2] - The global market for 12-inch wafers is projected to reach $22 billion by 2025, with a compound annual growth rate of over 15% [2] Company Overview - Founded by Wang Dongsheng, known as the "Father of China's Semiconductor Display Industry," Xi'an Yicai has rapidly risen in the 12-inch semiconductor wafer sector, achieving a revenue of 2.121 billion yuan in 2024 [1] - The company ranks first in 12-inch wafer shipment and production capacity in mainland China and sixth globally, holding approximately 7% of global capacity and 6% of monthly shipments [1] - Xi'an Yicai's products are widely used in advanced technologies such as 2YY-layer NAND flash memory chips and logic chips below 7nm, and it has begun bulk supply to leading foundries like UMC and GlobalFoundries [1] Industry Context - The demand for semiconductor chips is surging due to the explosive growth of emerging technologies like AI and 5G, creating a significant gap in the 12-inch wafer market [2] - Currently, China's self-sufficiency rate for 12-inch wafers is below 30%, but government policies are increasingly supporting the localization of semiconductor materials [2] - The listing of Xi'an Yicai is expected to enhance the autonomy of the domestic semiconductor supply chain [2] Investment Insights - Shaanxi Guotou A holds a 0.218% stake in Xi'an Yicai, with a pre-listing market value of approximately 75.87 million yuan, and is projected to see a book profit of between 150 million yuan and 227 million yuan on the first day of trading [2] - Several institutions predict that Xi'an Yicai's stock price may increase by 200%-300% on its debut, based on historical data from similar IPOs on the Sci-Tech Innovation Board [2] - Shaanxi Guotou A has shown stable performance, with a net profit of 996 million yuan in the first three quarters of 2025, reflecting a year-on-year growth of 6.6% [3]