北京商报讯（记者 岳品瑜 董晗萱）8月28日，据新华社消息，中共中央 国务院发布关于推动城市高质 量发展的意见。其中要求，建立可持续的城市建设运营投融资体系。落实地方政府主体责任，统筹财政 资金、社会资本和金融等资金渠道。对涉及重大安全和基本民生保障的，中央财政加大专项转移支付支 持力度，中央预算内投资予以适当补助。创新财政金融政策工具，吸引和规范社会资金参与，稳慎推进 公用事业价格改革。强化中长期信贷供给，发挥债券市场、股票市场融资功能，鼓励保险、信托等机构 提供金融服务。加快融资平台改革转型，坚决遏制新增地方政府隐性债务。 ...

Core Insights - The article introduces a financial innovation trust project called "Digital Control Chain Financing No. 1," which is the first nationwide project combining blockchain, digital warehouse receipts, and trusts in China [1][7]. Group 1: Project Overview - "Digital Control Chain Financing No. 1" aims to address traditional financing challenges in the petrochemical sector, particularly the difficulties in verifying the authenticity of warehouse receipts for diesel [3][4]. - The project is a collaboration between Kunlun Trust and Liu Liu Cloud Chain Technology, focusing on real-time data monitoring of diesel inventory through IoT devices [4][6]. Group 2: Technological Innovation - The use of IoT devices allows for precise monitoring of storage tank parameters, which, combined with blockchain technology, creates an immutable record of warehouse receipt information, effectively providing a "digital ID" for the diesel [6][7]. - This innovation transforms the perception of diesel from "difficult to define" to "clearly identifiable," enhancing security and control over the physical goods [6][7]. Group 3: Financial Implications - The project ensures the safety and controllability of the goods, enabling financial institutions to confidently provide financing to enterprises [7][8]. - The trust products become more compliant, transparent, and attractive to investors, thereby facilitating a smoother flow of financial resources into the real economy [8][10]. Group 4: Future Prospects - The initiative is seen as a seed for the infinite possibilities of digital finance, with Kunlun Trust planning to collaborate with more technology partners to strengthen industrial finance [10].

Core Viewpoint - Shandong Guoxin, the only H-share listed trust company in mainland China, reported stable performance in the first half of 2025, achieving a total operating revenue of 634 million yuan, a year-on-year increase of 7.8%, and a net profit of 167 million yuan, which remained basically flat compared to the previous year [2] Group 1: Financial Performance - Shandong Guoxin's performance outperformed the overall industry, with 53 trust companies reporting a total operating revenue of 31.59 billion yuan, a year-on-year decline of 1.98%, and a net profit of 16.37 billion yuan, down 2.83% [3] - The company explained that the decrease in net income from fees and commissions and the increase in credit impairment losses were offset by gains from fair value changes and investment income [3] Group 2: Revenue Breakdown - In the first half of 2025, Shandong Guoxin achieved trust business income of 228 million yuan and proprietary business income of 406 million yuan, representing 35.9% and 64.1% of total revenue, respectively [4] - The proportion of trust business income decreased compared to the same period last year, while the share of proprietary business income increased significantly, aligning with industry trends [4] - The increase in proprietary business income was primarily due to fair value gains rising from 242 million yuan in the first half of 2024 to 319 million yuan in the first half of 2025, and investment income increasing from 42 million yuan to 84 million yuan [4] Group 3: Business Growth - The family trust business of Shandong Guoxin showed robust growth, with the scale of family trust in force reaching 61.93 billion yuan, a 19.3% increase from the beginning of the year [5] - The company successfully launched the first special needs service trust in Shandong province and expanded into innovative trust structures [5] - In the charitable trust sector, Shandong Guoxin achieved steady growth, with cumulative delivery amounts reaching 18.9 million yuan, a 16.7% increase from the beginning of the year [5] Group 4: Local Economic Support - As of the end of the first half of 2025, Shandong Guoxin's trust scale directed towards Shandong province reached 33.89 billion yuan, with "investment into Shandong" trust scale at 17.65 billion yuan [6] - The company established a service trust department and launched innovative financial service scenarios, including the "Rui Sheng Series" account management service trust [6] - The green trust scale reached 4.23 billion yuan, a year-on-year increase of 22.4%, supporting enterprises in achieving green and intelligent upgrades [6]

Core Viewpoint - China Cinda Asset Management Co., Ltd. demonstrated stable growth in its business scale and capital structure amid a complex macroeconomic environment, with a focus on non-performing asset management and improved profitability in its financial services segment [2][8]. Financial Performance - As of June 30, 2025, the total assets of China Cinda reached 1.68 trillion yuan, a year-on-year increase of 2.62%, while total liabilities rose to 1.46 trillion yuan, up 2.80% [2]. - The net profit attributable to shareholders was 2.281 billion yuan, reflecting a growth of 5.78% year-on-year, driven by the core business of non-performing asset management and improved profitability in financial services [2]. Non-Performing Asset Management - The total assets in the non-performing asset management segment reached 938.229 billion yuan, with a revenue of 18.491 billion yuan, showing a year-on-year revenue growth of 0.30% [3]. - The company significantly increased its acquisition of financial non-performing debt assets, totaling 25.506 billion yuan, a year-on-year increase of 56.80%, maintaining its industry-leading position [3]. Individual Loan Asset Acquisition - China Cinda made breakthroughs in acquiring individual loan non-performing assets, acquiring 342,000 cases involving a principal of 4.7 billion yuan, indicating its established capabilities in data modeling and asset management [4]. Financial Services Segment - The financial services segment showed strong growth, with total assets of 736.737 billion yuan and a pre-tax profit of 3.518 billion yuan, a substantial increase of 63.87% year-on-year [5]. - Subsidiaries such as Nanyang Commercial Bank and Cinda Securities reported significant profit increases, with pre-tax profits of 2.014 billion yuan and 1.138 billion yuan, respectively, driven by stable net interest margins and improved non-interest income [6]. Risk Mitigation and Strategic Involvement - China Cinda actively participated in risk mitigation for small and medium-sized financial institutions, acquiring nearly 60 billion yuan in non-performing debts from 54 local banks, a year-on-year increase of 85.4% [8]. - The company engaged in 19 real estate risk resolution projects, investing 5.4 billion yuan to ensure the delivery of 14,000 housing units, which helped stabilize local economies [8]. Market Position and Future Outlook - The company is transitioning from traditional non-performing asset management to supporting national strategies and structural transformations, with a balanced allocation in key sectors such as energy and infrastructure [9]. - Challenges include changing sources of non-performing assets, increased regulatory scrutiny, and the need for improved market mechanisms for asset recovery [10].

Core Viewpoint - The new regulations from China Trust Registration Co., Ltd. will phase out single non-standard financing trust products, pushing the industry towards a combination investment model [1][4][7]. Group 1: Regulatory Changes - Starting September 1, 2023, the new "Trust Registration Business Guidelines (Version 3.0)" prohibits trust companies from conducting trust business that essentially provides financing to a single borrower [1]. - The regulatory stance has been consistent since the "Three Classification Notification" was issued in March 2023, emphasizing the reduction of non-standard assets in the trust industry [4][5]. Group 2: Market Response - Following the announcement of the new regulations, there was a notable increase in the issuance of non-standard trust products, with a recorded scale of 5.34 billion yuan in the third week of August, marking a 9.25% increase [2]. - Despite the increase in issuance, the performance benchmark for non-standard products fell to 5.21%, a decrease of 0.08 percentage points [3]. Group 3: Industry Transition - The shift towards combination investment products is seen as a long-term trend, with expectations for more diverse combinations of non-standard and standard products in the market [3][8]. - The combination investment model presents challenges for trust companies, including the need for enhanced asset management capabilities and a shift in their traditional business models [7][8]. Group 4: Future Outlook - The industry anticipates that the combination investment model will become mainstream, with regulatory requirements becoming stricter and necessitating higher compliance standards [3][6]. - The upcoming "Asset Management Trust Management Measures" is expected to provide further clarity on the implementation of combination investments [6][8].

Core Insights - The consumer loan business of trust companies is experiencing growth, accompanied by an increase in business complaints and compliance risks [1][5][6] - Some trust companies are entering the consumer finance sector while others are reducing their scale or exiting due to regulatory pressures [2][3][4] Group 1: Industry Trends - Approximately 53 trust companies are involved in inclusive finance, with 23 companies engaging in consumer finance in 2023, resulting in a business scale of 453.67 billion yuan [2] - The total scale of trust funds reached 19.95 billion yuan by the end of Q2 2024, with 14.83% allocated to financial institutions, marking a 35% year-on-year increase [2] - Trust loan scale reached 3.53 trillion yuan by the end of 2024, showing a growth trend [2] Group 2: Company Performance - Tianjin Trust, Guomin Trust, and Huaxin Trust led in consumer loan business scale in the first seven months of the year, with respective scales of approximately 37.3 billion yuan, 22.8 billion yuan, and 19.6 billion yuan, all more than doubling from the previous year [3] - Guomin Trust reached 196.3 million customers through inclusive finance projects in 2024, with a year-end scale of approximately 26.15 billion yuan [4] Group 3: Compliance and Risks - The "assisted loan" model used by trust companies poses compliance risks, as it relies heavily on partnerships with other financial institutions [5][6] - Complaints related to consumer finance have increased, with Guomin Trust receiving 9,897 complaints in 2024, primarily in the consumer finance sector [6] - Legal and operational risks are prevalent, including issues with electronic contract validity and reliance on third-party risk management [6] Group 4: Future Directions - Trust companies are encouraged to explore business models that align with regulatory guidance and market demand, such as asset securitization and prepayment fund management [7][8] - The industry is expected to play a positive role in boosting domestic demand, with a focus on providing targeted financial services rather than just loans [8]

Group 1 - The company plans to distribute a cash dividend of RMB 0.042 per share (including tax) to all shareholders based on the total share capital as of the equity distribution registration date [1][2] - As of June 30, 2025, the company's undistributed profits amount to RMB 370,161,299.92 [1] - The profit distribution proposal does not require approval from the company's shareholders' meeting [1][2] Group 2 - The board of directors approved the profit distribution proposal during the second meeting of the ninth board on August 27, 2025, with a unanimous vote of 9 in favor [2] - The proposal aligns with the company's profit distribution policy as outlined in its articles of association [2]

Group 1 - The company State Grid Yingda announced on August 28 that its ninth second board meeting was held via telecommunication voting on August 27, 2025 [1] - The meeting reviewed the proposal regarding the company's 2025 semi-annual report and summary [1]

Group 1 - The current chairman of Shanxi Trust, Wu Xu, is set to be appointed as the head of a state-owned enterprise in Shanxi Province, indicating a leadership change within the company [1] - Under Wu Xu's leadership, Shanxi Trust has been actively pursuing business transformation, focusing on wealth management, asset securitization, and family trusts amid challenges in traditional trust business [1] - Financial data shows that Shanxi Trust experienced a decline in performance, with operating income of 285 million yuan in 2024, down 4.56% year-on-year, and net profit of 24.54 million yuan, down 37.32% year-on-year [1] Group 2 - Shanxi Trust is the only trust institution in Shanxi Province, with a registered capital of 1.554 billion yuan as of the end of 2024, primarily owned by Shanxi Financial Investment Holding Group [2] - The trust industry is experiencing frequent executive changes, with several companies, including CITIC Trust and Guotou Taikang Trust, undergoing leadership transitions [2] - The current trend in the trust industry shows a "two-way flow" of executives, with leaders from banks and securities firms moving to trust companies, while some trust executives are transitioning to other financial sectors [3] Group 3 - The trust industry is undergoing profound changes, moving away from rapid growth to a transformation phase, with a significant contraction in traditional financing and real estate trust businesses [3] - As of the end of 2024, the total asset scale of the trust industry reached 29.56 trillion yuan, an increase of 5.64 trillion yuan or 23.58% from the end of 2023 [3] - Future challenges for trust companies include optimizing organizational structures and management models while focusing on sustainable profitability and leveraging shareholder resources for stable returns [3]

Core Insights - The A-share market's strong performance and the upcoming trust pre-registration regulations are significantly impacting the asset management trust market's product landscape [1][2] - Non-standard trust products are experiencing growth in establishment scale, while standard trust products are facing a downturn due to capital being diverted to the stock market [1][5] Non-Standard Trust Products - From August 18 to August 24, 163 non-standard trust products were established, marking a 7.95% increase, with a total disclosed establishment scale of 5.34 billion yuan, up 9.25% [2] - The establishment scale of basic industry non-standard trust products grew by 21.59%, while financial non-standard trust products saw a 47.73% increase; however, industrial and commercial enterprise trust products decreased by 73.48% [2] - The geographical distribution shows that Jiangsu Province leads with 39 products, followed by Shaanxi (23) and Zhejiang (22) [2] Standard Trust Products - The standard trust market is experiencing a downturn, with the number of established products reaching 172, a 14.67% increase, but the establishment scale is declining due to the stock market's "siphoning effect" [5][6] - The average performance benchmark for fixed-income products is 2.80%, down 0.09 percentage points [6] Market Dynamics - The upcoming regulations are expected to shift the traditional operation model of non-standard trusts towards a combination investment and net value management approach [3] - The average expected annual yield for non-standard products is 5.21%, a decrease of 0.08 percentage points, indicating a tightening of high-yield non-standard debt [3][4] - The divergence in performance between non-standard and standard products is seen as a temporary phenomenon influenced by policy adjustments and market conditions [7]