"祥源系"违约事件持续发酵，旗下3家上市公司股价继续狂泻。 12月9日，祥源文旅（600576.SH）再跌7.51%，海昌海洋公园（02255.HK）跌12%，交建股份 （603815.SH）再次跌停。其中，交建股份9日晚间发布公告称，连续3个交易日内收盘价格跌幅偏离值 累计超过20%，股票交易异常波动。 在3家上市公司披露"祥源系"产品逾期兑付之后，随着股价的大跌，市值也大幅缩水，2个交易日3家公 司市值蒸发32亿元。 根据多位投资者提供给第一财经的产品说明书，"祥源系"产品的增信人为祥源控股集团有限责任公司 （下称"祥源控股"）、俞发祥。"祥源系方面也在筹钱，也在想办法兑付。"有投资者称。 筹钱，能筹到多少钱？从上市公司的角度来看，祥源控股、俞发祥的"家底"如何？仅以直接持有交建股 份的情况来看，若祥源控股、俞发祥三季度末以来的持股未发生变化，按照交建股份9日的股价计算， 尚未质押的直接持股市值合计约5.96亿。 2个交易日缩水约32亿 "祥源系"的爆雷传闻始于11月底。据第一财经记者了解，有些投资者在11月28日便发现部分未到期的产 品未能正常付息，也有投资者是在逾期兑付几天之后发现产品爆雷，在12月4 ...

Core Viewpoint - The article discusses the ongoing liquidity crisis of Zhejiang Jin Center, which has become a platform primarily for products from the Xiangyuan Group, raising questions about its operational integrity and the implications for investors [3]. Group 1: Company Background - Zhejiang Jin Center, formerly known as Zhejiang Financial Asset Trading Center Co., Ltd., has rebranded to Zhejiang Jin Asset Operation Co., Ltd. [3]. - The majority of products traded on Zhejiang Jin Center in recent years are from the Xiangyuan Group, with a reported transaction scale exceeding 12 billion yuan as of December 8 [3][4]. Group 2: Shareholder Dynamics - Key shareholders such as Ningbo Urban Construction Investment Group, Guoxin Hongsheng Private Fund Management, and Minsheng Real Estate have exited before the end of 2023, leaving Hangzhou Minzhi Investment Management Co., Ltd. as the largest shareholder with a 58.57% stake [3][4]. - Hangzhou Minzhi has had ties with the Xiangyuan Group since 2018, indicating a long-standing relationship between the two entities [4]. Group 3: Xiangyuan Group's Influence - The Xiangyuan Group has maintained control over various companies associated with Hangzhou Minzhi, with personnel consistently linked to the Xiangyuan Group holding key positions [6][7]. - The ownership structure of Anhui Xiangyu, a company closely tied to the Xiangyuan Group, has seen multiple changes, but it has remained under the influence of Xiangyuan personnel since its inception [6][7][8].

许多投资者选择将资金托付于此，主要不是源于高收益，而是 考虑该中心的"国资背景"。早在2013年成立之初，浙金中心 这家平台便以"政府指导、市场化运作"为定位，股权结构主要 由国资主导。 作者：蔡越坤 封图：图虫创意 自2025年11月28日起，通过浙江金融资产交易中心（现已更名为"浙江浙金资产运营股份有限公 司"，下称"浙金中心"）购买金融产品的数百位投资者，陆续面临产品到期无法兑付的情况。此次 涉及违约的产品大多由浙江"祥源系"企业发行并提供担保。 浙金中心多款产品的收益率集中在4.6%至5%之间，这一水平并不具备特别高的吸引力。许多投 资者选择将资金托付于此，主要不是源于高收益，而是考虑该中心的"国资背景"。早在2013年成 立之初，浙金中心这家平台便以"政府指导、市场化运作"为定位，股权结构主要由国资主导。 浙金中心的案例并非孤例。它揭示了一种投资者普遍存在的误区："把国资"股东背景与产品安全 直接画等号。 为何不能仅凭"国资"股东背景做判断？ 首先，股东责任有限，不等于产品无限兜底。即便企业拥有国资股东，也通常作为独立法人运营， 股东仅以出资为限承担责任。国资参股甚至控股，并不意味着该企业发行的每一 ...

一个曾经的省级金融产品交易平台，为何几乎沦为祥源系收益权产品的"专属平台"，成为此次违约风暴 中难以避开的追问。 浙金中心祥源系理财兑付危机还在发酵。一个曾经的省级金融产品交易平台，为何几乎沦为祥源系收益 权产品的"专属平台"，成为此次违约风暴中难以避开的追问。 "浙金中心"，即曾经的"浙江金融资产交易中心股份有限公司"，目前已改为"浙江浙金资产运营股份有 限公司"。 多位投资者告诉第一财经，近两年浙金中心的产品中大部分都来自祥源系。有投资者向记者提供的"祥 源系"产品登记表显示，截至12月8日，在浙金中心交易的"祥源系"产品交易规模已超过120亿元。 浙金中心此前股东中有宁波城建投资集团有限公司、国信弘盛私募基金管理有限公司、民生置业有限公 司，但是这三家公司在2023年年底之前都相继退出。杭州民置投资管理有限公司（下称"杭州民置"）自 2019年进入浙金中心股东名单，目前是第一大股东，持股比例为58.57%。 第一财经梳理发现，杭州民置与祥源系早在2018年就有交集，祥源系曾是杭州民置股东。 安徽翔誉成立于2017年1月，这家公司带有浓厚祥源系色彩。从天眼查显示的人员任职信息来看，成立 至今始终由祥源系人 ...

Core Viewpoint - The article discusses the financial crisis surrounding Zhejiang Financial Asset Trading Center (Zhejiang Jin Center) and its connection to Xiangyuan Holdings and its founder Yu Faxiang, highlighting the risks of aggressive capital expansion and the impact on investors and listed companies [3][5][10]. Group 1: Financial Crisis Overview - Zhejiang Jin Center has faced a significant crisis, with over 14 billion yuan in financial products unable to be redeemed, leading to widespread investor anxiety [7][10]. - The total amount involved in the crisis has exceeded 14 billion yuan, with many investors reporting amounts ranging from hundreds of thousands to millions [7][10]. - The crisis has led to a rapid decline in stock prices for Xiangyuan Holdings' listed companies, with declines of 14.23%, 16.32%, and 27.53% in just three trading days [14]. Group 2: Company Background and Expansion - Xiangyuan Holdings, founded by Yu Faxiang, has total assets of approximately 60 billion yuan and liabilities exceeding 40 billion yuan, primarily from bank loans and investor products [3][10]. - The company has aggressively expanded into the tourism sector, acquiring over 20 well-known scenic spots and controlling three listed companies [24][25]. - Yu Faxiang's entrepreneurial journey is characterized by a "grassroots reversal" narrative, having transitioned from a poor background to becoming a prominent businessman in Zhejiang [20][24]. Group 3: Financial Management and Risks - The financial products offered by Zhejiang Jin Center were primarily backed by Xiangyuan Holdings, which has been facing a liquidity crisis [10][16]. - The financing costs for Xiangyuan Holdings are reported to be around 8% to 9%, while the investment returns for investors are only 4% to 5%, indicating a significant gap [16]. - The company has been under scrutiny for misusing funds, with reports indicating that 410 million yuan was misappropriated for other projects [28][30]. Group 4: Market and Regulatory Environment - The Zhejiang Jin Center, previously backed by state-owned enterprises, has shifted to a private ownership model, which has raised concerns among investors about the stability of their investments [31]. - The regulatory environment has tightened, with the Zhejiang Securities Regulatory Bureau issuing penalties that revealed the financial strain on Xiangyuan Holdings [28][30]. - The article emphasizes the risks associated with high-yield financial products, particularly those linked to private enterprises and real estate projects, which are often less stable [33].

"金字招牌"信仰崩塌，浙金中心是怎样陷入"祥源 系"违约风暴的？ "浙金中心"，此前是"浙江金融资产交易中心股份有限公司"，目前全称已改为"浙江浙金资产运 营股份有限公司"。 "投资只信赖浙金中心，拿着稳定收益还能随时转让"——这是众多"祥源系"产品投资者多年来 的共同投资习惯。 但是，这一长期投资"信仰"，在"祥源系"产品爆雷后，彻底崩塌了。 多位投资者告诉第一财经记者，浙金中心一直是他们心目中值得信赖的国资平台，稳健持续运 营了10余年，收益在5%左右，这样的收益率没想到还能爆雷。 "以为在里面投什么产品都有保障。"一位投资者对记者说，也就是这样温水煮青蛙的状态，让 人失去风险意识。 浙金中心原本确实是国资背景股东占主，但是在众多投资者毫无察觉的情况下，浙金中心早已 褪去国资背书，与私人企业实现利益捆绑。 曾经的"金字招牌" 资料图。本文来源 ：第一 财经 作者：黄思瑜 "浙金中心一直稳健持续运营了10余年，我们都非常信任它，相信国资背景。收益虽然不高但很 稳定，自始至终都是把上面的产品当成省债、地方债来买，所以才会投入全部家当，并不是因 为我们看好'祥源系'的产品，甚至我们刚出事的时候，都不知道自己买的 ...

Core Viewpoint - The financial products associated with Xiangyuan Group are facing default issues, leading to investor concerns about the ability to redeem both matured and unmatured products [1][2][7]. Group 1: Default Issues - Since late November, rumors have emerged regarding the inability to redeem financial products purchased by investors at Zhejiang Jin Center, which were confirmed on December 5 when Xiangyuan Group's executive stated that about 2 to 3 products had not been redeemed, indicating a lack of funds [1]. - On December 7, several companies controlled by Xiangyuan Group announced that financial products related to real estate cooperation projects were experiencing overdue payments, with the actual controller assuming joint guarantee responsibilities [2]. - As of December 9, shares of Xiangyuan Group's listed companies experienced significant declines, with Jiangjian Co. hitting a trading halt and Xiangyuan Culture and Ocean Park also facing substantial drops [2][13]. Group 2: Company and Product Background - Zhejiang Jin Center, established in 2013, is a comprehensive financial asset trading platform supported by local government and has undergone ownership changes, with a significant stake now held by Hangzhou Minzhi Investment Management Co., which has close ties to Xiangyuan Group [3][4]. - Xiangyuan Group, founded in 1992, has evolved into a leading enterprise in the cultural tourism investment and operation sector, controlling several listed companies [4]. - The financial products in question are primarily backed by debts from real estate companies associated with Xiangyuan Group, with funds reportedly used to supplement liquidity for the trading platform [7][8]. Group 3: Investor Concerns - Investors holding unmatured products are worried about their ability to redeem these investments, as some products have become untransferable on the trading app [1][7]. - The underlying assets of these financial products are primarily debts owed by real estate companies controlled by Xiangyuan Group, raising concerns about the financial health of these companies [8][12]. - Recent reports indicate that several underlying debtors have been in a state of continuous overdue payments, further exacerbating investor anxiety [10][11].

2025.12.09 但是，这一长期投资"信仰"，在"祥源系"产品爆雷后，彻底崩塌了。 "浙金中心"，此前是"浙江金融资产交易中心股份有限公司"，目前全称已改为"浙江浙金资产运营股份 有限公司"。 多位投资者告诉第一财经记者，浙金中心一直是他们心目中值得信赖的国资平台，稳健持续运营了10余 年，收益在5%左右，这样的收益率没想到还能爆雷。 "以为在里面投什么产品都有保障。"一位投资者对记者说，也就是这样温水煮青蛙的状态，让人失去风 险意识。 浙金中心原本确实是国资背景股东占主，但是在众多投资者毫无察觉的情况下，浙金中心早已褪去国资 背书，与私人企业实现利益捆绑。 曾经的"金字招牌" "浙金中心一直稳健持续运营了10余年，我们都非常信任它，相信国资背景。收益虽然不高但很稳定， 自始至终都是把上面的产品当成省债、地方债来买，所以才会投入全部家当，并不是因为我们看好'祥 源系'的产品，甚至我们刚出事的时候，都不知道自己买的都是'祥源系'的产品。"杨帆对第一财经说。 多位投资者告诉记者，目前浙金平台上大部分产品都来自"祥源系"。 本文字数：3142，阅读时长大约5分钟 作者 |第一财经 黄思瑜 "投资只信赖浙金中心， ...

2025.12. 09 本文字数：3142，阅读时长大约5分钟 作者 | 第 一财经 黄思瑜 "投资只信赖浙金中心，拿着稳定收益还能随时转让"——这是众多"祥源系"产品投资者多年来的共同 投资习惯。 但是，这一长期投资"信仰"，在"祥源系"产品爆雷后，彻底崩塌了。 "浙金中心"，此前是"浙江金融资产交易中心股份有限公司"，目前全称已改为"浙江浙金资产运营股份 有限公司"。 多位投资者告诉第一财经记者，浙金中心一直是他们心目中值得信赖的国资平台，稳健持续运营了 10余年，收益在5%左右，这样的收益率没想到还能爆雷。 "以为在里面投什么产品都有保障。"一位投资者对记者说，也就是这样温水煮青蛙的状态，让人失去 风险意识。 浙金中心原本确实是国资背景股东占主，但是在众多投资者毫无察觉的情况下，浙金中心早已褪去国 资背书，与私人企业实现利益捆绑。 曾经的"金字招牌" "浙金中心一直稳健持续运营了10余年，我们都非常信任它，相信国资背景。收益虽然不高但很稳 定，自始至终都是把上面的产品当成省债、地方债来买，所以才会投入全部家当，并不是因为我们看 好'祥源系'的产品，甚至我们刚出事的时候，都不知道自己买的都是'祥源系'的产 ...

"投资只信赖浙金中心，拿着稳定收益还能随时转让"——这是众多"祥源系"产品投资者多年来的共同投 资习惯。 但是，这一长期投资"信仰"，在"祥源系"产品爆雷后，彻底崩塌了。 "浙金中心"，此前是"浙江金融资产交易中心股份有限公司"，目前全称已改为"浙江浙金资产运营股份 有限公司"。 多位投资者告诉第一财经记者，浙金中心一直是他们心目中值得信赖的国资平台，稳健持续运营了10余 年，收益在5%左右，这样的收益率没想到还能爆雷。 "以为在里面投什么产品都有保障。"一位投资者对记者说，也就是这样温水煮青蛙的状态，让人失去风 险意识。 浙金中心原本确实是国资背景股东占主，但是在众多投资者毫无察觉的情况下，浙金中心早已褪去国资 背书，与私人企业实现利益捆绑。 曾经的"金字招牌" "浙金中心一直稳健持续运营了10余年，我们都非常信任它，相信国资背景。收益虽然不高但很稳定， 自始至终都是把上面的产品当成省债、地方债来买，所以才会投入全部家当，并不是因为我们看好'祥 源系'的产品，甚至我们刚出事的时候，都不知道自己买的都是'祥源系'的产品。"杨帆对第一财经说。 多位投资者告诉记者，目前浙金平台上大部分产品都来自"祥源系"。 称" ...