不过，由于采用长期股权投资权益法核算，这部分收益大多仍停留在账面上。通过此次减持，越秀资本 终于可以将纸面上的"富贵"落袋为安。 事实上，越秀资本近年来极为重视投资收益。2025年以来，该公司相继增持北京控股H股、新天绿色能 源H股，并向这两家公司派驻董事，因而也将采用权益法核算相应的投资收益。 由于北京控股及新天绿色能源的市净率较低，越秀资本财务部门预计，根据投资成本与可辨认净资产公 允价值的差额，可分别确认一次性收益约20.22亿元和2.98亿元。 依靠中信证券实现业绩"翻身"的越秀资本，正选择将收益"落袋为安"。 1月16日晚，越秀资本发布公告称，拟通过二级市场减持不超过中信证券总股本1.00%的股份，授权期 限至2026年12月31日。按当前股价计算，这部分股权市值约为41.36亿元。 越秀资本在中信证券上的投资获益显著。数据显示，2020年至2025年上半年，中信证券带来的投资收益 分别为7.47亿元、16.07亿元、16.39亿元、16.31亿元、18.54亿元、11.56亿元，合计约为86.34亿元。 在会计处理上，越秀资本将中信证券作为长期股权投资并按权益法核算，其投资收益对应中信证券净利 润 ...

Group 1 - The core point of the news is that Haide Co., Ltd. experienced a stock price increase of 5.77%, reaching 6.97 CNY per share, with a trading volume of 135 million CNY and a turnover rate of 1.03%, resulting in a total market capitalization of 13.624 billion CNY [1] - Haide Co., Ltd. is primarily engaged in the management of non-performing assets, with its revenue composition being 86.95% from asset management, 10.89% from other services, and 2.17% from financial technology services [1] Group 2 - Among the top circulating shareholders of Haide Co., Ltd., a fund under Southern Fund holds a position, specifically the Southern CSI 1000 ETF (512100), which reduced its holdings by 32,500 shares in the third quarter, now holding 5.3702 million shares, accounting for 0.28% of circulating shares [2] - The Southern CSI 1000 ETF (512100) has a total scale of 76.63 billion CNY and has achieved a year-to-date return of 28.96%, ranking 1851 out of 4197 in its category [2]

根据公司上半年财报，虽然受经济环境影响，处置规模有所下滑，但收购规模持续增长，或酝酿上行周 期弹性。2025年上半年，公司持续聚焦不良资产市场，巩固主业优势，收购经营类不良债权资产规模同 比增加。处置收益率维持相对低位。2025年H1收购经营业务内部收益率8.7%，去年全年在8.9%。 智通财经APP获悉，广发证券发布研报称，中国信达(01359)参与中金公司与信达证券的合并交易，预计 紧随交割后，公司将不再持有任何信达证券A股，并将收取13亿股中金A股。该公司主业方面，上半年 收购经营类不良资产规模同比增长，但收益率维持在低位；收购重组业务继续有序收缩。整体不良资产 管理业务保持稳健，投资投放增加且资产质量夯实。给予"增持"评级，目标价1.89港元。 广发证券主要观点如下： 中国信达披露有关拟议合并的可能非常重大出售事项及非常重大收购事项公告 （1）结构变更：于公告日期，中国信达持有26亿股信达证券A股，占信达证券约78.67%股权。预计紧 随交割后，公司将不再持有任何信达证券A股，并将收取13亿股中金A股，占中金公司约16.71%股权 （按扩大后的持股比例计算）。 （2）影响：拟议合并预计将为中国信达带来 ...

Core Insights - The article outlines the strategic direction for China's financial development over the next five years, emphasizing the importance of building a financial powerhouse and enhancing financial regulation to mitigate risks and maintain stability [1][2]. Group 1: Financial Risk Management - The company recognizes that preventing and resolving financial risks, particularly systemic risks, is a fundamental task of financial work and a perpetual theme [1][2]. - Key strategies for risk management include establishing a responsibility system that aligns authority and accountability, balancing speed and stability in risk resolution, and enhancing regulatory measures to control risk sources [2][3]. - The company emphasizes the need for a comprehensive risk management approach that adapts to changing domestic and international conditions, aiming to eliminate potential risks and support healthy economic development [2][3]. Group 2: Company Development and Contributions - The company has made significant contributions in managing non-performing assets and assisting financial institutions in risk resolution, aligning its operations with national strategies to maintain financial stability and reduce state asset losses [3][4]. - The company adheres to a framework of "four persistences and four enhancements," focusing on political leadership, innovation, risk prevention, and high-quality development [4][5]. - The company aims to enhance its core competitiveness by focusing on its main business, improving governance structures, and expanding asset management channels to ensure sustainable development [4][5]. Group 3: Future Strategic Goals - The company plans to align its development with the "six core elements" of building a financial powerhouse and the "five major articles" of financial development, aiming for high-quality growth [6][7]. - The company will maintain political determination and integrate party leadership into all aspects of its operations, ensuring alignment with national development strategies [7]. - The company intends to develop a strategic plan for 2026-2030, addressing key challenges and opportunities while enhancing its role in national financial strategies [7].

Core Viewpoint - The official operation of the Hainan Free Trade Port will commence on December 18, 2025, leading to increased market attention on local financial institutions, particularly Haide Co., which has demonstrated confidence through significant share buybacks [1][2]. Group 1: Company Actions and Confidence - Haide Co.'s management has completed a share buyback plan, totaling 20.85 million yuan, exceeding the original target [1]. - The share buyback involved 22 individuals, including directors and executives, with a voluntary lock-up period of six months, indicating a strong alignment of management interests with long-term company performance [3]. Group 2: Business Fundamentals and Market Position - Haide Co. is the only financial listed company in Hainan, with a strong focus on non-performing asset management (AMC), where 86.95% of its revenue comes from asset disposal as of mid-2025 [2]. - The company has established a solid foundation for future market changes post-free trade port operation, particularly in energy and listed companies, ensuring stable long-term revenue [2]. - The individual loan non-performing asset segment shows significant growth potential, with a total of approximately 16.876 billion yuan in non-performing loans, positioning the company among the industry leaders [2]. Group 3: Strategic Planning and Governance - The company has developed a systematic "2025 Investor Relations Management Plan" to enhance communication with the capital market through various channels, reflecting a commitment to investor relations [3]. - Post-free trade port operation, Haide Co. aims to leverage its capital operation and local advantages to participate in the restructuring and revitalization of distressed assets in Hainan [3].

本报讯(记者李雯珊)近日，海南海德资本管理股份有限公司(以下简称"海德股份（000567）")发布公 告，公司董事、监事、高级管理人员及其他管理人员共22人，自2025年5月6日起6个月内，通过集中竞 价方式增持公司股份累计3017452股，占公司总股本约0.1544%，合计增持金额人民币2085.48万元。这 是自2019年以来，公司管理层第三次增持公司股票。本次增持在完成后，增持主体承诺6个月内不减持 所增持股份。 在2019年、2023年初，海德股份公司董事、监事、高管及员工和控股股东及所属企业核心管理人员通过 二级市场集中竞价的方式合计增持公司股份366万股，增持金额超过6200万元。时隔不到三年，公司董 事、监事、高级管理人员及其他管理人员再次主动增持，表明该公司管理层对公司战略方向、业务发展 和经营前景具备强烈信心。通过实质性持股投入，管理层将自身利益与公司及全体股东利益紧密捆绑， 进一步提升内部执行力与一致性。 近年来，海德股份在自身所在行业中不断深耕，优化业务结构、夯实创新能力、强化内控与治理水平。 面对广阔的市场机遇，海德股份持续以科技创新与战略布局提升竞争力。公司与蚂蚁集团合作打造 的"海 ...

Core Insights - The company reported a significant increase in cash flow, with net cash flow from operating activities reaching 1.267 billion yuan, a year-on-year growth of 782.20% [1][2] - The company focuses on distressed asset management, particularly in the area of listed company rescue, establishing a differentiated competitive advantage [1][2] Financial Performance - For the first three quarters, the company achieved operating revenue of 457 million yuan and a net profit attributable to shareholders of 171 million yuan, maintaining profitability [1] - The company has a balance of 686 million yuan in distressed asset projects as of June 2025, providing a flexible support for future performance growth [1][2] Business Strategy - The company employs a full-chain operational capability through various methods such as restructuring and value enhancement, creating a closed loop of "risk resolution - value restoration - quality improvement" [1] - An example of successful intervention is the case of Hailun Zhe, where the company became the largest shareholder in 2022, helping to mitigate delisting risks and optimize its main business layout, resulting in over 28% year-on-year growth in revenue and net profit for the first three quarters of 2025 [1] Industry Context - The distressed asset market in China is currently expanding, with an expected industry disposal scale of 3.8 trillion yuan in 2024 [2] - The company benefits from the upcoming closure of the Hainan Free Trade Port and the gradual release of policy dividends related to cross-border distressed asset disposal and financial opening [2] - Industry experts suggest that the company's leading rescue capabilities, ample project reserves, and geographical advantages position it well for sustained operational performance improvement and further consolidation of its leading position in the industry [2]

Core Viewpoint - The investigation into Wang Guangxi, the controlling shareholder of Yongtai Energy and Hailun Zhe, is linked to his role in Haide Co., which has raised concerns regarding information disclosure violations [1][2]. Group 1: Company Announcements - Yongtai Energy and Hailun Zhe both announced that the investigation concerning Wang Guangxi is unrelated to their operations and will not impact their business activities [3]. - Yongtai Energy emphasized that its production and operations are stable and that it has a positive development outlook [3]. - Hailun Zhe stated that it currently has no controlling shareholder and that its operations remain normal [3]. Group 2: Background on Wang Guangxi - Wang Guangxi, born in October 1969, has a background in finance and investment, having previously worked in various institutions before founding Yongtai Group, which became a major private coal enterprise in Shanxi [3]. - He transformed Haide Co. from textiles and real estate into a platform focused on asset management, enhancing its industry influence [3][4]. Group 3: Financial Performance - As of November 28, Haide Co. has a total market value of 150.89 billion yuan, with a significant decline in revenue and net profit reported for the first three quarters of 2025 [5]. - Haide Co.'s revenue decreased by 46.54% to 457 million yuan, and net profit fell by 66.96% to 171 million yuan compared to the previous year [5]. Group 4: Regulatory Actions - The Hainan Securities Regulatory Bureau issued a warning to Haide Co. and Wang Guangxi in April for failing to disclose related party transactions involving fund occupation [7][8]. - The investigation revealed that as of December 31, 2024, 884 million yuan was occupied by the controlling shareholder or its affiliates, which was later recovered [8].

Core Viewpoint - Both Yongtai Energy and Hailun Zhe announced that their significant shareholder, Wang Guangxi, is under investigation, which is related to his role as the actual controller of Haide Co., Ltd. The companies assert that the investigation does not impact their operations or decision-making processes [1][2]. Group 1: Company Announcements - Yongtai Energy stated that the investigation pertains to its actual controller and is unrelated to the company's operations, emphasizing that its production and business activities remain normal and stable [2]. - Hailun Zhe also clarified that the matters concerning Wang Guangxi do not affect its daily operations, asserting that the company is currently functioning normally [2]. Group 2: Background on Wang Guangxi - Wang Guangxi, born in October 1969 and a graduate of Zhongnan University of Economics and Law, has a history in investment and energy sectors, founding Yongtai Group and transforming Haide Co. into a significant player in asset management [2]. - Wang was once listed on the Hurun Rich List with a peak net worth of 37 billion yuan, but he has since fallen off the list due to Yongtai Energy's debt crisis [3][4]. Group 3: Financial Performance - As of November 28, Haide Co. has a total market value of 15.089 billion yuan. The company reported a 46.54% year-on-year decline in revenue to 457 million yuan and a 66.96% drop in net profit to 171 million yuan for the first three quarters of 2025 [4]. - Wang Guangxi received a total pre-tax remuneration of 3.05 million yuan from Yongtai Energy and 2 million yuan from Hailun Zhe as per their 2024 annual reports [5]. Group 4: Regulatory Actions - The Hainan Securities Regulatory Bureau issued a warning letter to Haide Co. and Wang Guangxi in April 2024 for failing to disclose the occupation of funds by the controlling shareholder or its affiliates, which amounted to 884 million yuan [6][7]. - Haide Co. has stated that it will cooperate with the China Securities Regulatory Commission and comply with disclosure obligations as required by law [7].

截至11月28日收盘，海德股份总市值150.89亿元。据公司2025年半年报，其主要布局在熟悉和擅长的底 层资产为能源、上市公司等业务领域，或者具有确定性的特殊机遇业务，通过重组、重整、盘活、纾 困、提质、增效、赋能、处置等多种手段化解不良资产、提升价值，与其他资管公司错位竞争。2025年 前三季度，海德股份营收同比下滑46.54%至4.57亿元，归母净利润同比下滑66.96%至1.71亿元。 登录新浪财经APP 搜索【信披】查看更多考评等级 每经记者｜蔡鼎 每经编辑｜魏官红 11月28日晚间，永泰能源（SH600157，股价1.61元，市值351.27亿元）和海伦哲（SZ300201，股价6.10 元，市值61.55亿元）均公告重要股东王广西被立案。两家公司均称立案事项与王广西为实控人的海德 股份（SZ000567，股价7.72元，市值150.89亿元）有关。 同日晚间，海德股份也发布了相关公告，称因涉嫌信披违法违规，中国证监会决定对公司及实控人王广 西进行立案调查。 永泰能源、海伦哲急忙"撇清关系" 永泰能源公告显示，本次立案所涉主体为公司实控人，涉及事项与公司无关，不会对公司经营决策和正 常生产经营活动 ...