（文章来源：证券日报） 证券日报网讯 2月24日，中粮资本在互动平台回答投资者提问时表示，公司二级市场股价波动受宏观经 济、行业政策、市场情绪及公司基本面等多重复杂因素共同影响，存在较大不确定性。公司价值建设体 现在多维度：中英人寿聚焦养老金融战略，打造"保险+健康+养老"生态；中粮期货统筹发展境内经 纪、国际业务与风险管理三大板块，新加坡子公司及香港清算资格落地有效拓展国际业务空间；中粮信 托聚焦产融结合与资产管理转型，构建标品资管、证券服务信托等七大核心业务赛道，以供应链金融创 新模式赋能集团产业链，并通过慈善信托创新践行社会责任。管理层薪酬严格遵循公司治理规范，与业 绩及战略目标挂钩。未来，公司将坚持金融赋能集团主业，以扎实经营回馈投资者信任。 ...

Core Insights - The trust industry is experiencing growth in both revenue and net profit for 2025, but internal differentiation among companies is intensifying [1][3][4] Revenue and Profit Overview - In 2025, 50 trust companies reported a total revenue of 70.871 billion yuan and a net profit of 31.418 billion yuan, with nearly 60% of companies achieving positive net profit growth [1][5] - The top five companies account for over 30% of the total revenue, indicating a significant head effect, with the leading company, CITIC Trust, generating 6.326 billion yuan in revenue, representing 8.93% of the total [3][4] - The revenue of the top ten companies constitutes 51.85% of the total revenue of the 50 companies, while half of the companies reported revenues below 1 billion yuan [3][4] Profitability Differentiation - The net profit margin varies significantly among companies, with 16 companies exceeding a 50% net profit margin, while 7 companies reported margins below 10%, the lowest being 2.87% [7] - CITIC Trust led in net profit with 3.052 billion yuan, followed closely by Yingda Trust and Jiangsu Trust [5][6] Business Model Transformation - The trust industry is shifting from homogeneous competition to differentiated operations, driven by inherent resource endowments and strategic transformation paths [4][8] - Companies with different backgrounds, such as bank-affiliated trusts and financial holding group trusts, are leveraging their unique advantages to enhance their competitive edge [4][8] Trust Business vs. Proprietary Business - Trust business revenue decreased to 36.568 billion yuan, down 8.76% year-on-year, continuing a downward trend [8][9] - In contrast, proprietary business revenue saw significant growth, supported by a recovering capital market and improved investment management capabilities [9][10] Asset Management Growth - By mid-2025, the total trust asset management scale reached 32.43 trillion yuan, a year-on-year increase of 20.11%, ranking third in the asset management industry [9][10]

Core Insights - The trust industry is experiencing revenue and profit growth in 2025, but internal differentiation is intensifying [1][2] - Nearly 60% of the 50 trust companies reported positive net profit growth, with total revenue reaching 70.87 billion yuan and net profit at 31.42 billion yuan [1][2] Revenue Analysis - The top five trust companies account for over 30% of the industry's total revenue, indicating a significant head effect [1][5] - The total revenue of the 50 trust companies is 70.87 billion yuan, with the top five companies generating 32.60% of this total [5][6] - The revenue of the trust business continues to decline, contrasting sharply with the substantial growth in proprietary business income [1][9] Profit Analysis - The total net profit for the 50 trust companies is 31.42 billion yuan, with nearly 60% achieving positive growth [7] - CITIC Trust leads with a net profit of 3.05 billion yuan, followed by Yingda Trust and Jiangsu Trust [7][8] - There is a notable disparity in net profit margins, with 16 companies exceeding 50% and 7 companies below 10% [7][8] Business Transformation - The industry is shifting from homogeneous competition to differentiated operations, with varying paths of transformation among companies [1][6] - Companies with different backgrounds are leveraging their core advantages to establish unique development paths [6][11] - The proprietary business income is significantly increasing, while trust business income is declining, reflecting a structural adjustment in profit models [10][11] Asset Management Growth - The total trust asset management scale reached 32.43 trillion yuan, growing by 20.11% year-on-year, ranking third in the asset management industry [11][12] - The growth in asset management scale indicates the industry's strong position and potential for development [12]

Core Viewpoint - The company, Junyu Foundation (01757), is expanding its business operations into the financial services sector, aiming to diversify its revenue sources and enhance shareholder value [1] Group 1: Company Overview - Junyu Foundation is primarily engaged in providing foundation engineering services in Hong Kong, including excavation, lateral support works, cap construction and demolition, underground drainage, earthworks, and structural reinforcement services [1] - The company also rents machinery to third-party construction firms [1] Group 2: New Business Development - The company intends to develop new business activities in the financial services sector, focusing on regulated activities under Class 1 (securities trading), Class 4 (advising on securities), Class 9 (asset management), and trust services [1] - The board believes that the strong macro support from government policies will bolster the prospects of the financial services industry in Hong Kong [1] Group 3: Strategic Expansion - The board views the initiation of this new business as a strategic expansion of the company's operations, aimed at diversifying income sources and seizing new market opportunities within the financial services sector [1] - This development is expected to align with the overall interests of the company and its shareholders [1]

Core Viewpoint - The company, Junyu Foundation (01757.HK), is expanding its business into the financial services sector, aiming to diversify its revenue sources and enhance shareholder value [1] Group 1: Company Overview - Junyu Foundation is primarily engaged in providing foundation engineering services in Hong Kong, including excavation, lateral support works, cap construction and demolition, underground drainage, earthworks, and structural reinforcement services [1] - The company also rents machinery to third-party construction firms [1] Group 2: New Business Development - The company intends to develop new business activities in the financial services sector, focusing on regulated activities under Class 1 (securities trading), Class 4 (advising on securities), Class 9 (asset management), and trust services [1] - The board believes that the macro support from government policies indicates a strong outlook for the financial services industry in Hong Kong [1] - This strategic expansion into financial services is seen as a way to diversify income sources and seize new market opportunities within the financial sector [1]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示，概 不 對 因 本 公 告 全部或任何部份內容而產生或因倚賴該等內容而引致之任何損失承擔任何責 任。 Afuent Foundation Holdings Limited 俊裕地基集團有限公司 （於開曼群島註冊成立的有限公司） （股份代號：1757） 自願公告 開展新業務 周振林 香 港，二 零 二 六 年 一 月 二 十 二 日 於 本 公 告 日 期，董 事 局 包 括 執 行 董 事 周 振 林 先 生，非 執 行 董 事 張 章 女 士 以 及 獨 立 非 執 行 董 事 鄭 承 欣 女 士、蔡 志 熙 先 生 及 周 文 灿 女 士。 – 1 – 董 事 局 謹 此 強 調，於 本 公 告 日 期，新 業 務 未 必 會 進 行，且 本 集 團 並 無 就 新 業 務 訂 立 任 何 具 法 律 約 束 力 的 協 議。倘 新 業 務 得 以 落 實，本 公 司 將 根 據 香 港 聯 合 交 易 所 有 限 公 司 證 券 上 市 規 ...

Core Points - The company has received approval from the Shanghai Regulatory Bureau of the National Financial Supervision Administration to issue a new financial license [1] - The company has updated its business scope to include various trust services, asset management, and financial advisory services [1] - The company will proceed with amending its articles of association and business scope as required by law [2] Group 1 - The company has been granted a new financial license, allowing it to operate in multiple areas including trust business and asset management [1] - The specific business scope includes trust services, inherent asset liability business, investment advisory, and overseas wealth management qualifications [1] - The company is located at 1553-1555 Kongjiang Road, Yangpu District, Shanghai [2] Group 2 - The license approval date is May 9, 1991, indicating a long-standing presence in the financial sector [2] - The company will undertake necessary legal procedures to revise its company charter and business scope following the license update [2] - The announcement was made by the board of directors of the company on January 21, 2026 [4]

Core Viewpoint - J-Yuan Trust Co., Ltd. has received approval from the Shanghai Regulatory Bureau of the National Financial Supervision Administration to issue a new financial license, indicating a significant regulatory milestone for the company [1]. Group 1: Company Information - The company has successfully obtained a new financial license, as per the notification issued by the Shanghai Regulatory Bureau [1]. - The new financial license allows the company to engage in various trust-related businesses, including asset service trusts, asset management trusts, and charitable trusts [2]. - The company is located at Room 301, Building A, No. 1553-1555, Kongjiang Road, Yangpu District, Shanghai [3]. Group 2: Business Scope - The business scope includes trust services, proprietary asset and liability business, investment advisory, consulting, custody services, and other technical services for financial institutions [2]. - The company is also authorized to provide liquidity support loans and issue bonds directed at shareholders and related parties [2]. - Additionally, the company has qualifications for overseas wealth management business and other services approved by the National Financial Supervision Administration [2].

Core Viewpoint - Jianyuan Trust has received a new financial license from the Shanghai Regulatory Bureau of the National Financial Supervision Administration, allowing it to expand its business operations [1] Group 1: License and Business Scope - The new financial license specifies that the institution's name is Jianyuan Trust Co., Ltd. [1] - The approved business scope includes trust business, proprietary asset liability business, investment advisory and technical services, entrusted overseas wealth management, and other businesses approved by the National Financial Supervision Administration [1] - The company will subsequently amend its Articles of Association and change its business scope in accordance with the law [1]

Group 1 - The core viewpoint of the news is that Zhejiang Dongfang's stock has experienced fluctuations, with a recent decline of 2.04% and a year-to-date increase of 9.68% [1] - As of January 16, the stock price is reported at 6.73 yuan per share, with a total market capitalization of 22.986 billion yuan [1] - The company has seen a net outflow of main funds amounting to 21.1136 million yuan, with significant selling pressure observed [1] Group 2 - Zhejiang Dongfang's main business segments include futures (80.29% of revenue), financing leasing (7.81%), insurance (5.07%), trust (3.32%), and other investments (0.64%) [1] - The company operates in the non-banking financial sector, specifically in diversified finance and financial holding [2] - For the period from January to September 2025, Zhejiang Dongfang reported operating revenue of 5.412 billion yuan, a year-on-year decrease of 22.34%, while net profit attributable to shareholders increased by 91.22% to 800 million yuan [2] Group 3 - The company has distributed a total of 2.405 billion yuan in dividends since its A-share listing, with 862 million yuan distributed over the past three years [3] - As of September 30, 2025, the number of shareholders decreased by 13.26% to 157,700, while the average circulating shares per person increased by 15.29% to 21,661 shares [2][3] - The top ten circulating shareholders include significant institutional investors, with Hong Kong Central Clearing Limited being the fifth largest shareholder, increasing its holdings by 4.084 million shares [3]