该行指，中信金融资产自2023年加大长期股权投资力度，投资优质上市公司以平滑经济周期波动带来的 影响。目前中信金融资产持有中国银行、中信股份、光大银行、大秦铁路（601006）等优质上市公司， 长期股权投资在初始确认股权账面价值时为公司贡献大量收入，且优质联营企业的分红和业绩表现也会 为中信金融资产贡献稳定利润垫。通过长期股权投资，中信金融资产2023/2024年分别确认其他收入及 其他净损益414.76、756.62亿元，贡献股利和所占业绩分别为14.73、94.95亿元。2025年中信金融资产仍 在继续增持优质上市公司股权，截至2025年6月30日，已增持中国银行股权比例至4.71%，截至2025年7 月23日，已增持光大银行股权比例至8%。 西部证券（002673）发布研报称，一方面中信金融资产(02799)聚焦不良资产主业发展，已完成旗下大 部分金融子公司的处置，实现"轻装上阵";另一方面公司积极开展优质上市公司的长期股权投资，持有 众多核心优质资产，长股投资产未来将为公司提供稳定回报，平滑经济周期波动带来的影响。该行看好 公司整体划转至中信后长期股权投资战略的有效性，首次覆盖，给予"增持"评级。 报 ...

Core Viewpoint - CITIC Financial Asset Management Co., Ltd. reported a net profit of 6.168 billion yuan for the first half of 2025, representing a year-on-year increase of 15.7%, and a 27.5% increase when excluding the impact of financial leasing [1] Group 1: Business Performance - The company achieved significant improvements in four areas: operating performance, core business capabilities, brand image, and team capabilities [1] - The company increased its main business investment to 87.9 billion yuan in the first half of 2025, which is 1.4 times that of the same period last year [1][2] Group 2: Asset Acquisition and Management - In the first half of the year, the company acquired non-performing asset debts totaling 125.2 billion yuan, maintaining a leading market share [2] - The company focused on "acquisition and revenue generation," enhancing market marketing and expanding acquisition channels [2] - The company implemented refined management to improve quality and efficiency, optimizing asset layout with new acquisitions concentrated in key regions [2][3] Group 3: Asset Disposal and Efficiency - The company accelerated asset turnover and improved disposal efficiency through various measures such as litigation recovery and judicial disposal [3] - Collaborated with JD.com to promote commercial assets exceeding 120 billion yuan, aiming to enhance transaction conversion rates and disposal efficiency [3] Group 4: Real Estate Sector Support - The company focused on risk resolution in the real estate sector, actively playing a role in financial rescue and supporting key national strategies [4] - Since 2022, the company has invested in 93 real estate relief projects, achieving the delivery of 75,900 homes [5] - The company employed innovative models to revitalize distressed projects, demonstrating collaborative advantages within the CITIC Group [5] Group 5: Industry Benchmarking - The company aims to establish benchmarks in six areas: party-building leadership, operational performance, core business capabilities, compliance and risk control, reform and innovation, and talent development [6] - The company emphasizes the need for a comprehensive understanding of macroeconomic trends and national strategies to effectively manage financial assets [6][7]

Regulatory Issues - China Cinda Asset Management Co., Ltd. Shenzhen Branch and responsible individuals were fined 400,000 yuan for "long-term non-compliance issues" [2] - Since 2025, China Cinda has received multiple fines exceeding 3 million yuan from various regulatory bodies [2] - In June 2023, Shandong Financial Regulatory Bureau fined China Cinda Shandong Branch 700,000 yuan for inadequate due diligence on debt acquisition [2] - In May 2023, the company was fined 900,000 yuan by the National Financial Supervision Administration for failing to report the appointment of directors and senior management of overseas subsidiaries [2] - In April 2023, the Tianjin Branch was fined 500,000 yuan for improperly classifying the risk of restructured assets [2] - In February 2023, the Jilin Branch was fined 300,000 yuan for insufficient basis in recognizing non-financial institution's bad assets [2] - In February 2023, the Guangdong Branch was fined 500,000 yuan for non-compliance in bad debt acquisition and imprudent asset transfer [2] - In January 2023, the Shaanxi Branch was fined 620,000 yuan for imprudent acquisition of non-financial institution's bad assets [2] Company Background - China Cinda was established in April 1999 to mitigate financial risks and stabilize the financial system [3] - The company transformed into a joint-stock company in June 2010 and went public on the Hong Kong Stock Exchange in December 2013 [3] - As of the end of 2024, China Cinda reported total assets of 1,638.96 billion yuan and equity attributable to shareholders of 194.18 billion yuan [3] - The company employs approximately 14,000 staff members [3] Recent Transactions - On June 26, 2023, China Cinda announced an internal loan agreement to provide up to 7 billion yuan to its wholly-owned subsidiary, Huajian Shenzhen, for the acquisition of Sinopec sales company shares [3]