然而，平静的水面之下暗流早已涌动。自2019年起，这家平台悄然开始了"大换血"。国有资本逐步淡出，到了2023年，控股股东已变为民营企业杭州民置投 资，国资持股仅剩象征性的一点。更为隐蔽的是，新股东与庞大的祥源集团有着千丝万缕的联系，双方共同持股多家企业，一条为特定对象服务的"专属融 资通道"悄然铺设。 随着股权结构的剧变，平台的业务重心也发生了危险的倾斜。浙金中心开始大力推介各类与祥源集团相关的产品，名称虽冠以"文旅项目收益权"、"基建应 收账款"等正规名目，但其底层资产，实质上多是祥源体系内部的自家债权。这无异于祥源集团通过自家控制的交易平台，为自己进行融资，同时还自行提 供担保，上演了一出"左手倒右手"的资本游戏。而最令人愤慨的是，监管的警报早已拉响，却被平台有意地屏蔽和淡化。 寒冬中的杭州，上城区浙金中心的办公楼前人头攒动。从五湖四海匆忙赶来的投资者们，手里紧握着已经冰冷的理财合同，脸上交织着焦虑与无助。他们投 入的，是少则数十万、多则数百万的家庭积蓄与血汗，如今却被一道"暂时无法提现"的数字屏障死死拦住。这场席卷近万人、涉及资金超过200亿的理财风 暴，将昔日光环加身的"浙江金融标杆"——浙金中心及 ...

本文自南都·湾财社。 采写 | 南都·湾财社记者 赵元 本次事件涉及的金融产品与祥源文旅及其参、控股子公司均无关，祥源文旅不承担任何兑付及担保义 务，公司亦未为任何金融理财产品的兑付提供担保或增信。 然而，公告并未能打消投资者的担忧，截至12月9日收盘，交建股份一字跌停，祥源文旅跌7.51%，海 昌海洋公园跌10%。 南都湾财社记者也就此事致电浙江省地方金融管理局，工作人员回应称相关融资产品仍在全面排查梳理 中，后续将根据工作进展及时通报相关信息，确保投资者合法权益得到公平公正对待。 编辑 | 子衿 11月底以来，陆续有投资者在浙金中心购买的祥源系理财产品出现到期无法兑付及无法提现的传闻出 现。这一传闻很快被证实，12月5日，祥源集团执行总裁沈保山在接受媒体采访时坦言，到期未兑付的 产品约有2至3款，"现在我们没有钱了"。 当晚，陆续有投资者收到来自浙金中心的群发短信，称"祥源俞老板"已和绍兴市越城区钱区长见面并沟 通，"绍兴作为责任主体一定会积极解决"。短信还邀请投资者次日到绍兴祥源大厦"见面"，称其已专门 设立工作组。 不过，投资者们普遍担忧尚未到期的产品究竟是否能如期兑付。有投资者向南都湾财社记者表示， ...

11月底以来，陆续有投资者在浙金中心购买的祥源系理财产品出现到期无法兑付及无法提现的传闻出 现。而这一传闻也很快被证实，12月5日，祥源集团执行总裁沈保山在接受媒体采访时坦言，到期未兑 付的产品约有2至3款，"现在我们没有钱了"。当晚，陆续有投资者收到来自浙金中心的群发短息， 称"祥源俞老板"已和绍兴市越城区钱区长见面并沟通，"绍兴作为责任主体一定会积极解决"，短信还邀 请投资者次日到绍兴祥源大厦"见面"，称其已专门设立工作组。不过，投资者们普遍担忧尚未到期的产 品究竟是否能如期兑付。有投资者向南都湾财社记者表示，其尚未到期的产品在浙金中心app已无法进 行转让操作。 前述公告中称的"某平台"即浙江浙金资产运营股份有限公司（以下简称"浙金中心"）。浙金中心原名浙 江金融资产交易中心股份有限公司，于2015年年初改为现名。该公司成立于2013年12月，浙金中心官网 信息显示，浙金中心是在省委省政府的指导和大力支持下设立的综合性金融资产及相关产品专业交易平 台。 工商登记信息显示，浙金中心最早由地方国资背景的浙江省金融市场投资有限公司、宁波城建投资集团 有限公司，与民生银行、国信证券旗下公司共同发起成立。多位受访 ...

Core Viewpoint - The article discusses the financial distress faced by investors in financial asset income rights products issued by Zhejiang Shaoxing Xiangyuan Group, highlighting issues of non-payment and the involvement of local financial authorities in addressing the situation [2][3][8]. Group 1: Investor Concerns - Multiple investors reported that financial products purchased from Zhejiang Financial Asset Exchange Center (Zhejiang Jin Center) have not been paid upon maturity, with total pending payments potentially exceeding 10 billion [2][5]. - Investors expressed that they had invested significant amounts, with one individual mentioning an investment of over 3 million, and noted that the usual payment process had failed since November 28 [5][6]. - The products typically had a duration of over one year, with expected annual returns ranging from 4.6% to 5% [5]. Group 2: Company Financial Status - Xiangyuan Holding Group's total assets are approximately 60 billion, with liabilities around 40 billion, leading to temporary cash flow issues attributed to problems in the real estate sector [2][8]. - The company is seeking government support to stabilize asset prices of its listed subsidiaries [2]. Group 3: Regulatory Response - The Zhejiang Provincial Local Financial Management Bureau is conducting a comprehensive review of related financing products and will provide updates as necessary [2][3]. - A special task force has been established to investigate the situation, indicating a serious regulatory response to the investor complaints [3]. Group 4: Company Guarantees - Xiangyuan Holding has provided unconditional joint liability guarantees for the investment income rights products, ensuring that they will cover any shortfalls in payment [12][13]. - The legal framework surrounding these guarantees indicates that investors can directly demand payment from the guarantors if the primary debtor fails to meet obligations [14]. Group 5: Credit Rating - Xiangyuan Holding received an AA+ credit rating from Hangzhou United Credit Rating Co., indicating a stable outlook despite existing debt pressures [15][17]. - The company has significant project resources and operational experience, which are seen as competitive advantages, although it faces challenges related to high debt levels and ongoing project expenditures [17][18].

Core Viewpoint - The announcement from Xiangyuan Cultural Tourism (600576.SH) addresses concerns regarding overdue payments on financial products linked to real estate projects with Xiangyuan Holdings, clarifying that the company is not responsible for any payment obligations related to these products [1][4]. Group 1 - The financial products in question are associated with a platform and involve real estate projects in collaboration with Xiangyuan Holdings, which, along with the actual controller, bears joint guarantee responsibility for the overdue payments [1][4]. - Xiangyuan Cultural Tourism and its subsidiaries are not involved in the overdue payments, and the company does not have any obligations for payment or guarantees related to these financial products [1][4]. - The company's operations are reported to be normal, and management has committed to maintaining independence from the controlling shareholder in various aspects, including assets and finances [1]. Group 2 - Other companies, including Jiaojian Co. (603815) and Haichang Ocean Park (02255.HK), have also issued announcements stating that they are not responsible for the overdue payments and have no obligations related to the financial products in question [4]. - A representative from Xiangyuan Group confirmed that the three listed companies do not bear any debts or provide guarantees, indicating no impact on their operations [4]. - Xiangyuan Group, founded in 1992, primarily focuses on cultural tourism investment and operations, with several subsidiaries including Xiangyuan Cultural Tourism, Jiaojian Co., and Haichang Ocean Park [4].

记者丨曾静娇 编辑丨刘雪莹 2、本次事件涉及的金融产品与祥源文旅及其参、控股子公司均无关，祥源文旅不承担任何兑付及担保 义务，公司亦未为任何金融理财产品的兑付提供担保或增信。 3、公司目前生产经营一切正常。公司管理层承诺遵照《上市公司治理准则》，确保与控股股东、实际 控制人在资产、人员、财务、机构及业务等方面的独立。 12月7日，祥源文旅（600576.SH）公告称，公司实际控制人承担连带保证责任的金融产品出现部分逾 期兑付的媒体报道并引发投资者关注。公司就相关事项向祥源控股及公司实际控制人进行了核实并进行 自查。为避免不实信息误导市场，保障投资者合法权益，现作如下说明： 1、在某平台发行的涉及与祥源控股地产合作项目的金融产品存在部分逾期兑付情形，祥源控股、公司 实际控制人就上述兑付义务承担连带保证责任。祥源控股及公司实际控制人正与相关方就逾期兑付的具 体情况进行沟通处理。 公司公告截图 此外，交建股份（603815）、海昌海洋公园（02255.HK）也发布公告进行说明。"在某平台发行的涉及 与祥源控股地产合作项目的金融产品存在部分逾期兑付情形，祥源控股、公司实际控制人就上述兑付义 务承担连带保证责任。祥源控 ...

11月28日，上交所发布关于防城港市文旅集团有限公司2025年面向专业投资者非公开发行公司债券（第 三期）(品种二)挂牌的公告。 依据《上海证券交易所非公开发行公司债券挂牌规则》等规定，上交所同意防城港市文旅集团有限公司 2025年面向专业投资者非公开发行公司债券（第三期）(品种二)于2025年12月1日起在上交所挂牌，并 采取点击成交、询价成交、竞买成交、协商成交交易方式。该债券证券简称为"25防旅04"，证券代码 为"280796"。 来源：市场资讯 ...

Core Viewpoint - The recent bankruptcy of Qinghai Tourism Investment Group and its subsidiaries highlights the systemic issues within local tourism investment companies, revealing a pattern of mismanagement and lack of accountability in the industry [4][20][66]. Group 1: Bankruptcy Announcement - Qinghai Tourism Investment Group and its subsidiaries, including several notable projects, have declared bankruptcy, leading to significant industry concern [4][6]. - The bankruptcy announcement indicates a complete loss of the company's registered capital of 480 million yuan, raising questions about the management and operational viability of the company [6][7]. Group 2: Historical Context - Established with ambitious goals, Qinghai Tourism Investment Group aimed to achieve 10 billion yuan in financing within three years and go public within five years, but these goals were never realized [8][13]. - The company was once seen as a promising provincial-level tourism platform, but over the years, it failed to deliver on its promises and ultimately faced liquidation [12][13]. Group 3: Management Issues - The leadership of Qinghai Tourism Investment Group has faced severe legal repercussions, with key executives being prosecuted for corruption and mismanagement [21][24][26]. - The systemic issues within the company stem from a lack of proper oversight and accountability, leading to reckless investment decisions and significant financial losses [32][66]. Group 4: Broader Industry Implications - The bankruptcy of Qinghai Tourism Investment Group is not an isolated incident; it reflects a broader trend of local tourism investment companies facing similar fates across the country [15][47]. - Many local tourism platforms are established not for genuine project development but as financial instruments to meet governmental fiscal requirements, leading to unsustainable business practices [55][66]. Group 5: Future Outlook - The article suggests that more local tourism investment companies are likely to follow suit, as the underlying issues of mismanagement and lack of accountability persist in the industry [47][70]. - For the tourism sector to thrive, it must transition from being a mere tool for financial maneuvering to a legitimate business focused on service and operational excellence [71][73].