Core Viewpoint - The company plans to increase the use of idle self-owned funds for cash management to a total of no more than 1.1 billion yuan, aiming to enhance fund utilization efficiency and provide better returns for shareholders [1][2]. Cash Management Details - Purpose: To improve fund utilization efficiency and achieve capital preservation and appreciation without affecting normal operations, thereby safeguarding shareholder interests [2]. - Amount and Duration: The company intends to increase the total amount for cash management by no more than 300 million yuan, bringing the total to no more than 1.1 billion yuan. The funds can be used on a rolling basis from the date of approval until the next annual shareholders' meeting in 2025 [2]. - Investment Types: The funds will primarily be invested in bank wealth management products, brokerage wealth management products, and trust products that are low-risk and highly liquid, excluding investments in stocks, securities investment funds, and derivatives [2]. - Source of Funds: The funds are sourced from idle self-owned funds, which are legal and compliant [2]. - Approval Process: The proposal has been approved by the board and the audit committee, pending final approval from the shareholders' meeting [2]. Risk Management and Control Measures - Risks: The financial market is significantly influenced by macroeconomic factors, and investments may be affected by market volatility. There are also operational and monitoring risks [3]. - Control Measures: The company will adhere to prudent investment principles, select safe and liquid products, and ensure that products are not used for pledging. The finance department will conduct timely analysis and tracking, while the internal audit department will perform supervision and annual checks [3]. Impact on the Company - The cash management will only utilize idle self-owned funds, with controllable risks and high liquidity investment products. This strategy is expected to enhance fund utilization efficiency and returns without impacting daily operations, ultimately benefiting shareholders [4]. - Review Status: The proposal was unanimously approved by the board and the audit committee, confirming its compliance with regulations and its potential to improve the efficiency of idle fund usage without harming shareholder interests [4].

Summary of the Conference Call Industry Overview - The conference call discusses the asset management industry in China, focusing on its overall situation, trends, and regulatory environment as of 2024 and projections for 2025. The estimated total asset management scale is approximately 159.78 trillion yuan, reflecting a year-on-year increase of about 13.27% [6][29][25]. Key Points and Arguments Asset Management Industry Growth - The asset management industry in China has shown robust growth, with various segments experiencing different rates of expansion. The public fund sector leads with a total net value of 32.83 trillion yuan, up 18.93% from the previous year [10][29]. - The bank wealth management products reached a scale of 29.95 trillion yuan, increasing by 11.75% [28][29]. - Trust assets grew to 29.56 trillion yuan, marking a 23.58% increase, while private equity funds saw a slight decline to 19.93 trillion yuan, down 1.92% [28][29]. Regulatory Environment - The regulatory framework for the asset management industry emphasizes risk prevention, standardization, and transformation towards high-quality development. Key policies include the promotion of personal pension systems and the establishment of a comprehensive regulatory framework for private equity funds [7][9][10]. - The "9.24" policy supports stock repurchases and enhances the capital-asset cycle, indicating a shift towards a more supportive regulatory environment for asset management [7]. Trends in Specific Sectors - **Bank Wealth Management**: The market is expected to expand steadily, with a shift towards fixed-income products as cash management products decline [8]. - **Trust Industry**: The trust sector is undergoing a transformation, with a focus on risk management and asset quality improvement. New trust products are primarily asset service trusts [9]. - **Public Funds**: The public fund sector is witnessing a trend towards passive investment strategies, with the number of funds reaching a historical high of 12,367 [10]. - **Insurance Asset Management**: The insurance asset management sector is stable, with a focus on long-term investments and a gradual increase in external funding sources [11]. - **Securities Firms**: The securities asset management sector is stabilizing, with a slight recovery in net income and a focus on public fund qualifications [12]. Investment Performance - The average performance benchmark for newly issued wealth management products has declined from 3.32% in January 2024 to 2.70% by December 2024, indicating a challenging environment for fixed-income products [33]. - Conversely, equity-related wealth management products have seen an increase in performance benchmarks, reflecting a recovery in the stock market [33]. AI Integration - The integration of AI in asset management is gaining attention, with potential applications in investment advisory and operational efficiency. However, there are concerns regarding risks associated with AI, including cybersecurity and data quality [14]. Additional Important Insights - The asset management industry is transitioning from a focus on scale to quality, with an emphasis on optimizing product strategies and enhancing operational efficiency [13][24]. - The overall market dynamics indicate a growing demand for diversified investment products as consumer preferences evolve in response to changing economic conditions [27][29]. This summary encapsulates the key insights from the conference call, highlighting the current state and future outlook of the asset management industry in China.

Core Viewpoint - Trust companies are enhancing consumer financial education and protection efforts, transitioning from periodic promotions to ongoing services, fostering consumer trust and understanding of trust products [1][5][15] Group 1: Consumer Expectations - Consumers expect sincerity, professionalism, and partnership from financial institutions, emphasizing the need for realistic and responsible product introductions [4][20] - Trust companies should actively engage in investor education and communication regarding macroeconomic trends and market dynamics [6][11] Group 2: Industry Initiatives - During the 2025 China International Service Trade Fair, China Foreign Trade Trust effectively engaged the audience through interactive activities to promote trust knowledge [3][9] - Trust companies are increasingly utilizing innovative methods, such as technology-driven educational tools, to enhance public understanding of trust services [9][14] Group 3: Consumer Insights - Long-term trust investors express a preference for stable, low-risk products, with a focus on wealth preservation and retirement planning [10][12][20] - Some consumers appreciate trust companies that prioritize education from a buyer's perspective, respecting their risk preferences while offering diverse product options [12][21] Group 4: Industry Responsibility - Trust companies must build public trust to ensure long-term development, recognizing that every interaction with consumers carries significant responsibility [15][18] - The industry faces the challenge of improving public understanding of trust mechanisms and their applications in wealth management and philanthropy [17][21]

连日来，信托公司多元、丰富的各类消保活动，吸引了市场关注。事实上，从"金融消费者权益保 护教育宣传月"到"金融教育宣传周"，信托公司一直在消费者权益保护的道路上精耕细作、持续发力。 筑牢消费者权益保护防线，首先要跳出固有思路、传统模式，构建生动的、贴近群众的消保方案， 让消保信息真正以大众可触达、易接受的方式进行传播。比如，在消保宣教方面，可借助视频号、抖音 等互联网平台，制作以信托消保小剧场为主题的系列内容，通过情景剧演绎、动画制作等更通俗的方 式，解决消费者在信托业务中可能遇到的虚假宣传等典型问题，用生活化的剧情、幽默的表达讲解专业 知识；依托微信公众号、官网等平台，推出信托消保问答专栏，针对消费者关心的各类问题，以图文结 合、漫画解读的形式进行解答，让消保宣教融入大众的碎片化生活场景，做到"润物细无声"。 筑牢消费者权益保护防线，还要从制度出发，一方面，建立标准化的信息披露体系，将产品的投资 方向、风险等级、费用构成等关键信息，以直接的方式呈现给消费者；另一方面，高效的投诉处理与反 馈机制不能缺位。若没有完善的投诉处理与反馈机制，消费者的诉求难以得到有效回应，不仅会加剧消 费者与信托公司之间的矛盾，也会 ...

● 华鑫国际信托有限公司 朱勇 "波荡"一词并不常用，却很适合描述信托业23年间大起大落、波澜壮阔的发展轨迹。 作为自2002年从事信托行业至今的一名"老兵"，借此机会从行业视角，谈谈对这个重要金融子行业的认 知，以及对未来的展望。 23年历经三个发展阶段 信托业属于资管行业，以私募为定位，追求绝对收益目标，特色是另类投资和非标直接融资。信托产品 存在刚性结构。前期投融资结构中房地产业务占比较高，因房地产行业风险外溢，目前处于业务结构调 整中。 如果只用一个维度来量化描述信托，这个维度应是受托管理的资产规模指标。生物发展一般会经历三个 时期：缓慢发展期、高速成长期、成熟期，纵观信托行业过去23年的资产规模变化，也可以分为三个时 期：探索期、高速成长期、调整期。 2001年《中华人民共和国信托法》正式施行，首次以法律形式确立信托制度框架，信托业迎来规范化发 展契机。2002年至2006年是行业规范发展的早期阶段，这一阶段是探索期，信托业虽然规模小、增长不 快、业务未定型，却像竹子一样，向下扎根，用了4年时间，做好了基础设施建设。这一时期，信托从 业者在产品设计、市场方向、资金寻找、金融基础设施等方面，为后续发展 ...

登录新浪财经APP 搜索【信披】查看更多考评等级 截至2025年8月31日，公司货币资金余额为8.06亿元。 二、公司拟对部分闲置资金进行现金管理的情况 公司拟授权闲置自有资金的现金管理总额度为不超过人民币3亿元，在公司董事会审议通过之日起12个 月之内，可在不超过上述总额度内进行滚动使用。主要用于投资信托产品、券商资管计划、基金产品及 银行等金融机构低风险、流动性保障型理财产品。 三、风险控制 股票代码：002083 股票简称：孚日股份 公告编号：临2025-047 孚日集团股份有限公司 对暂时闲置资金进行现金管理的公告 本公司及董监高全体成员保证公告内容的真实、准确和完整，没有虚假记载、误导性陈述或者重大遗 漏。 为提高公司暂时闲置资金使用效率，增加公司现金资产收益，根据相关规定和公司自有资金管理现状， 在不影响公司正常经营和有效控制风险的前提下，公司拟对暂时闲置资金进行现金管理，具体情况如 下： 一、闲置资金现金管理现状 1、由财务部根据公司资金情况，以及投资产品安全性、流动性、发行主体相关承诺、预测收益率等， 选择合适的投资产品，并提出投资方案。 2、投资方案经董事会秘书、财务总监确认后，报董事长批准 ...

Core Viewpoint - The company has issued a correction notice regarding the timing of voting for the upcoming extraordinary general meeting, changing the date from September 19, 2025, to October 10, 2025, for both the trading system and internet voting [1][3]. Group 1: Extraordinary General Meeting Notification - The company published a notice about the extraordinary general meeting on September 20, 2025, which contained an error regarding the voting schedule [1]. - The corrected voting times are now set for October 10, 2025, with specific time slots for both trading system and internet voting [1]. Group 2: Cash Management of Idle Funds - The company aims to improve the efficiency of temporarily idle funds, with a cash balance of 806 million yuan as of August 31, 2025 [4]. - The company plans to authorize a total cash management limit of up to 300 million yuan for a period of 12 months, focusing on low-risk financial products [5]. - The board of directors approved the cash management proposal on September 19, 2025, allowing for rolling use of the funds within the specified limit [11]. Group 3: Risk Control Measures - The finance department will select suitable investment products based on safety, liquidity, and expected returns [6]. - Investment proposals require confirmation from the board secretary and finance director before being executed upon the chairman's approval [7]. - The audit supervision department will oversee the cash management activities, with independent directors having the right to monitor fund usage [8][9]. Group 4: Impact on the Company - The cash management initiative is expected to enhance the company's fund returns without affecting its main business operations [10]. Group 5: Board Meeting Resolutions - The board meeting held on September 19, 2025, resulted in unanimous approval for the cash management proposal, with all nine directors voting in favor [15].

Core Viewpoint - The trend of "deposit migration" among residents and companies is highlighted, with a significant decrease in resident deposits and an increase in wealth management products due to lower deposit rates and a recovering equity market [1][2]. Group 1: Deposit Trends - In August, new resident deposits decreased by 110 billion yuan, down 600 billion yuan year-on-year, while new non-bank deposits increased by 11.8 billion yuan, up 5.5 billion yuan year-on-year [1]. - The overall scale of listed companies' wealth management has shown a downward trend, with a total subscription amount of 1.10 trillion yuan in the past year, a decrease of 26.17% from the peak of 1.49 trillion yuan in 2022 [2]. Group 2: Wealth Management Preferences - Listed companies are increasingly favoring wealth management products, with a notable shift towards structured deposits and bank wealth management products, which now account for 9.93%, 6.87%, and 2.07% of their investments, respectively [2][4]. - The demand for wealth management among listed companies is driven by the need for stable returns and liquidity, especially as companies mature and experience cash accumulation [3]. Group 3: Market Dynamics - The decline in deposit rates has made bank wealth management products more attractive, with average annualized yields for cash management products at 1.32% and long-term fixed income products at 1.39% [6][7]. - The total investment in structured deposits by listed companies was approximately 681.12 billion yuan, although this has decreased by around 100 billion yuan year-on-year [7]. Group 4: Corporate Financial Strategies - Companies are increasingly focusing on optimizing their capital structure and improving asset return efficiency, necessitating flexible management of idle funds to mitigate liquidity risks [5]. - The recovery in corporate profits is expected to lead to a restoration of the total scale of funds used for wealth management, as net profits for all A-share listed companies rose to 3.21 trillion yuan in the first half of 2025, up 2.23% year-on-year [8]. Group 5: Asset Management Opportunities - Asset management institutions are actively positioning themselves to meet the growing demand for corporate wealth management, with a focus on customized and flexible product offerings [9][10]. - The trend towards institutionalization and professionalization in the listed company wealth management market presents significant opportunities for asset management firms to enhance their competitive capabilities [11].

记者丨 吴霜 编辑丨方海平 8月份央行金融数据中，"8月新增居民存款1100亿元，同比大降6000亿元；新增非银存款 11800亿元，同比多增5500亿元"的数据使得居民"存款搬家"成为了市场热议的话题。 尽管对于存款是否真的"搬家"还存在分歧，但由于存款利率的下降，以及权益市场的回暖等因 素，资管产品以其相对存款较高的收益，吸引力逐渐上升是不争的事实。 而这一资产配置的趋势则更为明显的体现在了上市公司的理财偏好上。 近日，记者统计了连续5年上市公司理财数据发现，从整体规模来看，上市公司理财规模（包 括购买存款以及各类理财产品在内）呈现下降趋势，截至9月17日，最近一年的认购金额合计 1.10万亿元，较高点，也就是2022年的1.49万亿元下降了26.17%，降幅超过四分之一。 中信证券首席经济学家明明认为，上市公司理财规模自2022年高点持续回落，主要源于对资金 空转的严控，由此银行结构性存款额度存在管控要求。 但是从近三年的数据来看，现金类占比尽管最大，在70%以上，但呈现明显的下滑趋势；而银 行理财、券商资管、信托等产品占比则是在不断上涨，最近一年占比分别为9.93%，仅次于现 金，6.87%和2.07 ...

尽管对于存款是否真的"搬家"还存在分歧，但由于存款利率的下降，以及权益市场的回暖等因素，资管产品以其相对存款较高的收益，吸引力逐渐上升是不 争的事实。 而这一资产配置的趋势则更为明显的体现在了上市公司的理财偏好上。 近日，记者统计了连续5年上市公司理财数据发现，从整体规模来看，上市公司理财规模（包括购买存款以及各类理财产品在内）呈现下降趋势，截至9月17 日，最近一年的认购金额合计1.10万亿元，较高点，也就是2022年的1.49万亿元下降了26.17%，降幅超过四分之一。 中信证券首席经济学家明明认为，上市公司理财规模自2022年高点持续回落，主要源于对资金空转的严控，由此银行结构性存款额度存在管控要求。 但是从近三年的数据来看，现金类占比尽管最大，在70%以上，但呈现明显的下滑趋势；而银行理财、券商资管、信托等产品占比则是在不断上涨，最近一 年占比分别为9.93%，仅次于现金，6.87%和2.07%。 8月份央行金融数据中，"8月新增居民存款1100亿元，同比大降6000亿元；新增非银存款11800亿元，同比多增5500亿元"的数据使得居民"存款搬家"成为了 市场热议的话题。 上市公司理财"转轨" 近期， ...