非标产品发行放缓，资产风险收敛但持续存在 ——2025 年非标产品观察 联合资信 公用评级部 2025 年，中国非标市场在监管持续引导下进入深度转型与结构调整阶段。信托行业监管 框架迎来系统性重构，推动信托业回归资产管理和服务本源。融资租赁方面，监管明确将融 资平台业务划为"退出类"，相关业务面临到期置换压力。市场运行方面，2025 年债权投资 计划登记规模延续下滑趋势，同比下降 28.46%至 4419.06 亿元，湖北、浙江、山东、四川和 江苏存量债权投资计划规模合计占比 41.21%，区域集中度上升，交通运输类、园区基础设施 领域为前两大投资领域，占比分别为 49.24%和 21.21%；2025 年 6 月末，信托资产存续规模 继续增长至 24.43 万亿元，但资金投向持续向证券市场倾斜，传统非标融资业务进一步压降； 2025 年租赁融资财产价值同比下降 7.77%至 3.19 万亿元，城投相关业务继续收缩。风险层 面，非标风险事件数量显著下降，信托计划成为最主要的风险产品类型。城投企业作为重要 底层资产，在化债政策支持下短期风险整体可控，但山东、贵州等债务压力较大区域风险仍 需关注。展望未来，在监管 ...

1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report - Non - standard risk events have significantly eased in 2025, hitting a new low since 2019, mainly due to the implementation of debt - resolution policies, increased attention and initiative of urban investment platforms in non - standard product payments, and bank replacement of non - standard debts [2][6][26][65]. - However, the risk mitigation is structurally differentiated. Some regions and industries still face risks, and the resolution and clearance of non - standard credit risks remain a long - term task. The potential for non - standard risks to spread to priority debts such as bonds still needs attention [3][26][65]. - The debt security of the real estate industry depends on sales revenue. Without improvement in sales, risks are difficult to eliminate unless there is strong support from the actual controller. Tail risks in industries such as industrial holding, diversified finance, and construction also need to be vigilant [3][26][66]. 3. Summary by Directory 3.1 Non - standard Default Overall Situation - From 2018 - 2025, there were 7,219 non - standard risk events in total. The number of "default events" reached a peak of 978 in 2023, then decreased significantly in 2024 and 2025, with 165 events in 2025, a decrease of 544 from the previous year [6]. - For different financing methods, the number of trust plan risk events increased from 319 in 2019 to 570 in 2023, then decreased to 210 in 2025. The number of directional financing risk events increased significantly in 2023 - 2024 and decreased to 23 in 2025. The number of non - standard events in financing methods such as financial leasing, private funds, collective wealth management, and fund special accounts decreased year by year [6]. - For bond - issuing entities, the number of non - standard risk events in 2025 was 76, a significant decrease from 218 in 2024. The number of non - standard default events decreased by 86 in 2025 compared with the previous year, and the number of non - standard risk warning events decreased by 56 [8][10]. 3.2 Analysis of Urban Investment Non - standard Risk Events 3.2.1 By Province - Guizhou and Shandong had the most non - standard risk events among urban investment bond - issuing entities since 2018. Guizhou's non - standard default events decreased to 4 in 2025 from a peak of 55 in 2023. Shandong's non - standard default events decreased to 9 in 2025 after a sharp increase in 2023 - 2024. Henan, Yunnan, and Shaanxi also saw a significant decrease in non - standard default events in 2025, and Inner Mongolia had no new non - standard risk events in 2025 [28]. 3.2.2 By Urban Investment Hierarchy - Non - standard defaults of urban investment enterprises mainly occurred at the district - county and prefecture - level city levels. The number of non - standard default events of district - county - level urban investment platforms decreased to 12 in 2025 from 110 in 2023. The number of non - standard default events of prefecture - level city urban investment platforms also decreased in 2025. In 2025, there were no new non - standard default events at the provincial level [34]. 3.2.3 By Prefecture - level City (including Development Zones within Prefecture - level Cities) - The top five prefecture - level cities with the most non - standard default events were Zunyi, Weifang, Xi'an, Kunming, and Qiannan Buyi and Miao Autonomous Prefecture. In 2025, Weifang and Kunming had new non - standard default events, and Honghe Hani and Yi Autonomous Prefecture had its first non - standard default event at the prefecture - level city level [34]. 3.2.4 By District - county - The top five district - county regions with the most non - standard default events were Hanting District of Weifang, Licang District of Qingdao, Boshan District of Zibo, Dushan County of Qiannan Buyi and Miao Autonomous Prefecture, and Huichuan District of Zunyi. In 2025, the non - standard default events in most districts and counties decreased, and 50 districts and counties had no new non - standard risk events [39]. 3.2.5 Bond - issuing Urban Investment Entities with Multiple Non - standard Defaults - In 2025, Shaanxi, Shandong, and Yunnan were still areas with serious non - standard defaults of urban investment. Urban investment entities in Kunming of Yunnan, Licang District of Qingdao, Hanting District of Weifang, Mengzi City of Honghe Hani and Yi Autonomous Prefecture, and Weifang Binhai Economic and Technological Development Zone had 2 or more non - standard default events [44]. 3.2.6 Bond - issuing Urban Investment Entities with First Non - standard Defaults - In 2025, 5 bond - issuing urban investment entities had their first non - standard default, located in Shaanxi, Shandong, Sichuan, Fujian, and Yunnan. Rizhao Donggang District, Mianyang Jiangyou City, Putian Hanjiang District, and Honghe Hani and Yi Autonomous Prefecture were new areas with non - standard defaults [46]. 3.3 Analysis of Characteristics of Non - standard Risk Events in 2025 - In 2025, there were 82 non - standard risk events and 69 repayment events. Trust plans had the most non - standard risk events (44 times), including 30 default events. The industries with non - standard risk events were mainly urban investment and real estate development, accounting for 48% and 30% respectively [49][55]. - For bond - issuing entities, there were 23 non - standard risk events, including 19 default events and 4 extension events; 12 repayment events and 9 partial repayment events. In terms of regions, Shandong had the most non - standard risk events (6 times), followed by Shaanxi and Fujian (4 times each) [49][55]. - For urban investment bond - issuing entities, there were 9 default events and 2 extension events, involving 8 entities. The default events were mainly in Shandong, Shaanxi, and Guizhou. In terms of hierarchy, non - standard risk events occurred at the district - county and national new - area levels [58]. - There were 16 non - standard repayment events of urban investment bond - issuing entities in 2025, including 10 full - repayment events and 6 partial - repayment events. Other industries had 12 non - standard risk events, mainly in the real estate industry [59][63]. 3.4 Summary - Non - standard risk events have improved significantly in 2025, but the risk mitigation is structural. The non - standard debt is still in an inferior position in the repayment order, and the debt continuation in weak regions is still difficult. The potential spread of non - standard risks to priority debts needs attention [65][66]. - In the real estate industry, debt security depends on sales revenue. Tail risks in industries such as industrial holding, diversified finance, and construction also need to be vigilant [66].

制度优势是信托业的根基，而将这一优势转化为面向未来的深度服务能力，是2026年展业的核心关键。 随着《信托公司管理办法》修订并正式施行，行业监管框架完成根本性重构，为信托公司回归"受人之 托、代人理财"的本源奠定了坚实基础。 当"存款搬家"成为居民财富管理常态，资管新规全面落地重构行业逻辑，一个共识在金融业形成：服务 能力已成为所有金融机构面向未来的核心竞争力。 从功能上看，信托公司能提供其他金融机构难以企及的确定性架构。如在企业破产重整服务中，信托计 划能实现资产隔离与有序处置；在预付金管理中，信托架构能保障资金安全。以上海为例，其成功落地 的不动产信托登记试点，就将服务拓展至家庭财富定向传承、银发老人特殊需要等普惠金融领域。 从服务范围看，信托的触角可延伸至传统金融之外的社会治理领域。家族信托、慈善信托、员工持股信 托等业务，对应的是家族财富传承、社会公益落地、企业激励机制构建等综合性需求。 当银行聚焦信贷、券商发力交易、基金深耕标准化投资时，信托公司的生态位在于：通过定制化、结构 化的受托服务，解决需要长期锁定、风险隔离和复杂安排的"非标需求"。 构建面向未来的服务能力：从功能实现到信任建立 银行、券商 ...

Core Viewpoint - A recent transaction involving 1.913 billion yuan in deposits has attracted market attention due to its "non-cash" payment arrangement, where Guizhou Bank acquires the deposits of Longli Guofeng Village Bank through a trust plan without immediate cash payment [1][2]. Group 1: Transaction Details - Guizhou Bank signed a deposit transfer agreement with Longli Guofeng Village Bank, effective from January 12, 2026, with a total deposit principal and interest amounting to 1.913 billion yuan, leading to a final transfer price of 1.849 billion yuan after deducting related rights [2][3]. - The payment arrangement is unique as Guizhou Bank does not pay cash directly but instead receives a beneficial interest in a trust plan, allowing for a quick transfer of deposit liabilities without complex negotiations [2][5]. Group 2: Regulatory and Operational Context - The Guizhou Financial Regulatory Bureau approved the dissolution of Longli Guofeng Village Bank on January 8, 2026, with Guizhou Bank taking over all deposits and managing existing loans [3]. - Guizhou Bank only assumes deposit liabilities and does not take on loan assets, ensuring that customer obligations remain unchanged and repayments continue as per original agreements [3]. Group 3: Reform and Innovation - The transaction is viewed as an innovative attempt to navigate the ongoing reforms in village banks, which have included various restructuring methods since 2026, such as mergers and acquisitions [4][8]. - The use of trust tools in this context is relatively rare, and it serves to align with policy advancements and regional risk management efforts [4][6]. Group 4: Risk Management and Future Considerations - While the model aims to isolate risks, experts caution that risks have merely transformed rather than disappeared, with underlying credit risks still present [6][7]. - The uncertainty surrounding the recovery of underlying assets, primarily loans from the village bank, poses potential challenges for the trust's beneficial interests and the bank's liquidity [7][8].

Core Viewpoint - A recent transaction involving 1.913 billion yuan in deposits has attracted market attention due to its "non-cash" payment arrangement, where Guizhou Bank acquires the deposits of Longli Guofeng Village Bank through a trust plan without immediate cash payment [1][2] Group 1: Transaction Details - Guizhou Bank signed a deposit transfer agreement with Longli Guofeng Village Bank, effective from January 12, 2026, where Guizhou Bank will assume the liabilities and rights related to the deposits totaling 1.913 billion yuan, with a final transfer price of 1.849 billion yuan after deducting related rights [1][2] - The payment is structured through a trust plan, allowing Guizhou Bank to receive trust benefits instead of direct cash payment, facilitating a quicker transfer of deposit liabilities without complex negotiations [2] Group 2: Regulatory and Structural Context - The transaction is part of ongoing reforms in village banks, with Guizhou Bank being the main initiator of Longli Guofeng Village Bank, which was established in December 2008 [2] - Regulatory approval was granted for the dissolution of Longli Guofeng Village Bank, with all deposits to be managed by Guizhou Bank from January 9, 2026, while new loans will not be issued [2] Group 3: Risk Management and Implications - Guizhou Bank is only assuming deposit liabilities and not the loan assets, maintaining the existing debtor-creditor relationship between customers and the village bank [3] - The use of trust tools in this transaction is seen as a novel approach to manage potential asset risks while alleviating immediate capital and liquidity pressures on the main initiator [3][4] - The model aims to isolate risks but does not eliminate them, as the underlying credit risks of the assets remain, necessitating careful management of uncertainties related to asset recovery and liquidity [5][6]

Core Viewpoint - The company has approved a plan to use idle self-owned funds not exceeding 550 million RMB or equivalent in USD for entrusted wealth management [1] Group 1: Investment Plan - The investment types include bank wealth management products, trust plans, asset management plans, and various high-security, liquid financial products issued by securities, funds, and insurance companies [1] - The source of funds is from the company's and its subsidiaries' idle self-owned funds, and it does not involve raised funds [1] Group 2: Approval Process - The matter is within the decision-making authority of the board of directors and does not require submission to the shareholders' meeting for approval [1] - The plan has already been approved by the board of directors [1]

Core Viewpoint - Guizhou Bank is set to assume all deposit liabilities of Longli Guofeng Village Bank, totaling 19.13 billion yuan, through a trust plan instead of cash payment, marking an innovative approach in village bank reforms [1][3][5]. Group 1: Transaction Details - The deposit assumption agreement will take effect on January 12, 2026, with a total principal and interest amount of 19.13 billion yuan, and a net consideration of 18.49 billion yuan after deducting related rights [1][2][5]. - The transaction involves Guizhou Bank receiving trust beneficiary shares in exchange for the debt it assumes, which is a rare method in village bank reforms [1][3][4]. Group 2: Strategic Implications - This approach is based on market-oriented and legal principles, aiming to protect the rights of all parties involved and maintain local financial stability [1][5][18]. - The trust structure allows for risk isolation, ensuring the safety of the trust beneficiary rights and optimizing liquidity, which aids in a smooth exit for the institution [6][8][18]. Group 3: Broader Context - Guizhou Bank is also consolidating several other village banks, having completed the acquisition of Tongren Fengyuan Village Bank in 2025 and planning to absorb three more banks pending regulatory approval [2][19][20]. - The bank's actions align with the ongoing nationwide reform of village banks, where over 200 banks have exited the market in the past year, with absorption and restructuring becoming mainstream [4][15].

Group 1 - The core issue involves Ningbo Construction's subsidiary, Municipal Group, filing a lawsuit against three defendants, including Xi'an Fengdong Real Estate, for failing to repay the principal and interest of a trust plan on time [1] - In November 2023, Municipal Group purchased a trust plan worth 300 million yuan, and after the defendants failed to pay interest, a lawsuit was filed which led to a settlement [1] - The settlement agreement's payment deadline has passed, and the defendants have still not fulfilled their obligations, with the total amount in question being 346 million yuan, which includes 300 million yuan in principal and 45.8897 million yuan in interest and penalties [1]

Core Viewpoint - The company emphasizes its commitment to the guidance of Xi Jinping's Thought on Socialism with Chinese Characteristics for a New Era, focusing on implementing the decisions of the Party's 20th National Congress and subsequent meetings, while enhancing the integration of Party leadership into corporate governance [2][11] Group 1: Risk Management - The company has intensified efforts in risk resolution, particularly in the financial non-performing asset market, ensuring that systemic risks are effectively managed [12] - There is a proactive approach to addressing risks associated with non-bank financial institutions, including trust plans, wealth management products, and securities asset management [12] - The company plays a role in financial rescue and counter-cyclical adjustments, participating in risk resolution in key areas such as real estate, local government debt, and small financial institutions, contributing to regional economic stability [12] Group 2: Support for the Real Economy - The company integrates into national strategies, increasing financial support for key sectors and vulnerable areas, and actively engages in the "Five Major Financial Articles" [4] - It supports the deepening of state-owned enterprise reforms and the growth of the private economy and enterprises [4] - The company has been involved in bankruptcy restructuring, helping distressed companies recover, and has been recognized for leading projects that are among the top ten "National Bankruptcy Classic Cases" [4][12] - The company has made social contributions, donating 5.58 million Hong Kong dollars for disaster relief and engaging in rural revitalization efforts [4][12] Group 3: Development and Reform - The company has joined the China Investment Corporation system, marking the beginning of a new phase of high-quality development [14] - It focuses on customer-centric strategies, fostering strategic client relationships, and enhancing the ecosystem for non-performing assets [14] - The company emphasizes the importance of correct performance and risk perspectives, aiming for sustainable and high-quality development [14] Group 4: Future Outlook - The company reflects on the achievements of 2025 and prepares for the new strategic development phase in 2026, emphasizing the need to explore development paths that align with national needs [15] - It aims to continue its role in risk prevention and resolution while serving the real economy effectively [15]

Core Insights - Alternative investments are rapidly expanding and play a crucial role in stabilizing investment returns, with a projected annual growth rate of approximately 13.1% from 2000 to 2024, expected to reach $35 trillion by 2032, accounting for 24% of the global asset management total [3] - The shift in China's financing methods from incremental to stock-based models necessitates the activation of existing assets through securitization products [3] - Insurance capital is increasingly focusing on alternative investments, with a notable shift towards asset-backed plans and equity investments over the past three years, despite a decline in the growth rate of debt-related products [4] Industry Trends - The current trend in alternative investments among domestic insurance capital is characterized by a transition from traditional debt products, which currently account for over 50% of investments, to more diverse categories such as asset-backed plans and equity investments [4] - The overall growth rate of alternative investments in the insurance sector has decreased to 8%, influenced by factors such as debt resolution and declining interest rates [4] - Human Insurance Capital's investment strategy focuses on three main areas: stable debt investment, quality physical asset investment, and strong private equity investment [4] Regional Focus - Human Insurance Capital has invested nearly 10 billion yuan in the Henan market in recent years, including projects like the Zhengzhou Airport debt investment plan and the Henan High-speed debt investment plan [4]