宁波建工公告称，其控股子公司市政集团因西安沣东地产等三被告未按时归还信托计划本金及利息，向 宁波市中级人民法院提起诉讼。2023年11月，市政集团购买3亿元信托计划，因被告未按期付息，曾起 诉后达成和解。现和解协议付款期限届满，被告仍未履约。涉案本金3亿元，利息及违约金4588.97万 元，合计3.46亿元。案件处于受理阶段，对公司利润影响尚不确定。 ...

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]

【大河财立方 记者 杨萨 洪昊旸 文 朱哲 摄影】 "国内险资长期重视另类投资配置，随着国家政策推动壮大耐心资本，未来险资另类投资将进一步加大实体经济投入，无论是规模还是占比有望长期保持高 位。"谭国彬分析，近3年险资另类投资重心逐渐转向资产支持计划、股权投资等品类。目前险资另类投资仍以债权类产品为主，债权计划和信托计划合计占 比超过50%，但受到化债、利率下行等因素影响，债权类产品增速下滑显著，带动险资另类投资规模增速整体降至8%的水平。同时，资产支持计划、股权 投资计划类等产品提速增长，未来或将成为险资另类投资的重要驱动力量。 谭国彬表示，当前险资另类投资整体正经历从旧模式向新模式转型。比如之前聚焦地产、城投、债权业务，现在更加注重产业、创新、资产以及多元业务。 针对市场的变化，人保资本的投资策略主要围绕三个方面：做稳债权投资业务、做优实物资产投资业务、做强私募股权投资业务。聚焦河南市场，人保资本 近年在河南累计投资近百亿元，主要包括郑州航空港债权投资计划、河南高发债权投资计划、超聚变项目等。 实习编辑:金怡杉 | 审校:陈筱娟 | 审核:李震 | 监审:古筝 另类投资作为匹配传统投资的工具，对稳健投资收 ...

登录新浪财经APP 搜索【信披】查看更多考评等级 在信托资管产品领域，截至2025年三季度，理财产品前十大持仓中的资管产品规模达3.63万亿元，其中信托计划 以2.65万亿元的规模、73%的占比形成"断崖式领先"，银行系理财产品仍是资管信托主要的机构投资者。而理财子 公司作为银行系理财产品主力军，亟需评估《办法》对业务合作的影响。 本文拟从合作信托产品模式以及与信托公司合作中应注意问题的角度，分析《办法》对理财子公司与信托公司合 作模式的具体影响。 《办法》第九条明确："单个投资者投资同一信托产品的金额，不得高于信托产品实收信托规模的百分之五十"， 单个机构投资者及其关联方投资上限也控制为80%。在此基础上，对于"投资基础资产涉及非标准化债权类资产的 开放式信托产品的"，"单个资产管理产品管理人管理的全部资产管理产品，投资金额合计不得超过该信托产品实 收规模的百分之五十"。 此项规定意味着今后将不再存在单一资管信托计划或产品（2020年《信托公司资金信托管理暂行办法（征求意见 稿）》曾保留了单一资管信托计划的相关条款。如果涉及非标资产，《办法》还设有进一步限制，详情见下 文），此条是《办法》发布之初市场反应最 ...

Core Viewpoint - The insurance asset management industry is entering a phase of "strict regulatory normalization," with increased transparency and regularity in enforcement actions [1][3]. Regulatory Actions - Recent penalties have been imposed on several insurance asset management companies, including China Merchants Insurance Asset Management Co. and Pacific Asset Management Co., totaling 1.259 million yuan in fines this year [2][3]. - Specific violations include non-compliance in investment operations related to trust plans and debt investment plans, with multiple responsible individuals also facing penalties [2][5]. Industry Trends - The insurance asset management sector has seen a significant increase in regulatory penalties, with 42 individuals penalized across four institutions this year alone [3]. - The shift from a "principle-oriented" to a "rule-oriented" regulatory approach indicates a tightening of oversight, reflecting a need for the industry to transition from rapid expansion to standardized development [3][6]. Areas of Concern - Violations are primarily concentrated in alternative investment areas such as debt investment plans and trust plans, which are characterized by their complexity and lack of transparency [5][6]. - The industry's pressure to deliver stable returns in a low-interest environment has led to a misalignment between risk appetite and compliance requirements [6]. Governance Issues - There is a notable correlation between the violations of insurance asset management companies and their parent insurance companies, often due to governance structure flaws and lack of independent decision-making [7][8]. - The dependence on parent companies for business and funding can lead to compromised compliance and risk management practices [8][9]. Recommendations for Future Regulation - Future regulatory focus should not only address operational violations but also strengthen governance structures to prevent parent company interference in asset management decisions [9].

Core Viewpoint - The company plans to collaborate with China Cinda Asset Management Co., Ltd. Shaanxi Branch to finance its 49% stake in Shaanxi Jianxin Coal Chemical Co., Ltd. [1] Group 1: Financing and Equity Structure - The company will entrust its 12% stake in Jianxin Coal Chemical to Jingu Trust to establish a trust plan [1] - A limited partnership named Tianjin Xinjianhe will be jointly initiated with Jingu Trust and Xinsengli Bao to facilitate the transaction [1] - Tianjin Xinjianhe will acquire the company's 37% stake in Jianxin Coal Chemical for a consideration of 1.45 billion yuan, resulting in a total ownership of 49% in Jianxin Coal Chemical [1] Group 2: Financial Implications - The transaction is expected to generate cash inflow of approximately 1.45 billion yuan, which will be used to supplement the company's working capital [1]

Core Points - The company has established a financial management policy to enhance fund management, standardize investment approval processes, and mitigate investment risks while improving financial management efficiency [1][5] - The investment scope includes various financial products such as money market funds, credit asset products, and trust plans [1][2] - The financial management department is responsible for analyzing investment products and proposing investment plans for approval [2][3] Investment Scope and Types - The company can invest in money market funds and other financial products with market price fluctuations [1] - Investments are also allowed in credit asset products and non-redeemable financial products [1] - Trust plans that involve the transfer of income rights are included in the investment scope [1] Basic Principles of Fund Management - The company can use raised funds, national special subsidies, and bank credit funds for direct or indirect investment [1] - Investments must not affect the company's normal operations [1] Organizational Structure for Fund Management - The fund management team includes the chairman, general manager, board secretary, financial director, and finance department manager [1][2] - The team is responsible for approving investment projects [2] Implementation of Fund Management - The financial management department analyzes investment products and submits proposals to the fund management team for review [2] - Investments exceeding 10% of the latest audited net assets or 10 million RMB require board approval [2] - Investments exceeding 50% of the latest audited net assets or 50 million RMB must be submitted to the shareholders' meeting after board approval [2] Risk Prevention Measures - The company evaluates risks associated with financial products and implements measures to control investment risks [3] - Regular reports on risk management and annual summaries are submitted to the fund management team [3] Compliance and Amendments - The policy must comply with relevant laws, regulations, and the company's articles of association [4][5] - The board is responsible for interpreting and amending the policy as necessary [5]

Core Viewpoint - The company plans to use part of its temporarily idle self-owned funds for entrusted wealth management to improve capital efficiency and increase shareholder returns while ensuring normal operations and effective risk control [1][3]. Group 1: Purpose and Investment Strategy - The purpose of entrusted wealth management is to enhance the efficiency of fund utilization and increase returns for shareholders without affecting the company's normal operations [1]. - The company intends to invest in high-security, good liquidity products with a maturity of no more than twelve months, including wealth management products from banks, securities companies, insurance companies, futures companies, trust companies, asset management companies, and private equity funds [1][4]. Group 2: Investment Amount and Duration - The company and its subsidiaries plan to use an amount not exceeding RMB 800 million for entrusted wealth management, effective for 12 months from the date of approval by the board of directors [1][2]. Group 3: Implementation and Decision-Making Process - The company authorizes the chairman or their representative to sign relevant contracts within the approved amount and duration, including selecting qualified wealth management product issuers and defining investment amounts [2]. - The decision-making process complies with the Shenzhen Stock Exchange's rules and the company's articles of association, requiring only board approval without needing to submit to the shareholders' meeting [2]. Group 4: Risk Management and Impact on Operations - The company acknowledges potential investment risks, including market fluctuations and default risks, but emphasizes that the investment will not adversely affect daily operations and will be conducted with a focus on capital safety [3][4]. - The supervisory board supports the decision, stating that the investment will improve fund efficiency and will not harm the interests of the company or its shareholders, particularly minority shareholders [4].

Core Viewpoint - The company received an inquiry letter from the Shanghai Stock Exchange regarding its 2024 annual report, specifically focusing on the acquisition of a 60% stake in Shanghai Pu Jing Enterprise Management Center (Limited Partnership) and the related financial implications [1][2]. Group 1: Acquisition Details - The company acquired a 60% stake in Shanghai Pu Jing for a cash consideration of 90 million yuan, with the identifiable net assets of the acquired entity showing a book value of -942 million yuan and a fair value of 135 million yuan, resulting in an assessment increment of 1.076 billion yuan [1][2]. - The acquisition was driven by the need to stabilize control and management of the acquired entity due to financial difficulties faced by one of its partners, Shanghai Jing Rui Investment Co., Ltd. [2][3]. Group 2: Financial Impact - The acquisition led to an increase in the book value of intangible assets by 1.929 billion yuan, primarily due to mining rights, and an increase in investment property by 483 million yuan [1][2]. - The total assets of the acquired entity amounted to 3.032 billion yuan, with a net profit of -325.6 million yuan for the year 2024 [5][6]. Group 3: Management and Operational Strategy - Post-acquisition, the company plans to appoint a senior management team to enhance governance and operational efficiency, focusing on cost reduction and revenue enhancement through improved sales and marketing efforts [6][7]. - The company aims to leverage its experience in mining rights management to mitigate potential impairment risks associated with the acquired assets [1][3]. Group 4: Asset Valuation and Assessment - The identifiable assets and liabilities of the acquired company were assessed using various valuation methods, including the discounted cash flow method for mining rights, which were valued at 2.0009436 billion yuan [7][8]. - The fair value of investment properties was determined to be 452 million yuan, reflecting a 17.82% increase from the book value [7][8].

Core Viewpoint - The company plans to utilize idle self-owned funds for cash management to enhance fund efficiency and returns for the company and its shareholders [1][5]. Group 1: Basic Situation of Cash Management - The investment purpose is to improve fund efficiency without affecting the company's main business operations [1]. - The company intends to use up to 1 billion RMB or equivalent foreign currency for cash management, with a rolling usage period until the 2025 annual general meeting [1][4]. - The investment types include low-risk financial products such as bank time deposits, structured deposits, and wealth management products [2]. Group 2: Funding Source and Implementation - The cash management will be funded by the company's idle self-owned funds, without involving raised funds or bank loans [2]. - The board of directors will seek authorization from the shareholders' meeting for cash management decisions, including investment product selection and contract signing [2]. Group 3: Impact on Daily Operations - The cash management will not affect the company's daily operations and will not harm the interests of shareholders, especially minority shareholders [3]. Group 4: Review Procedures and Opinions - The board of directors and the supervisory board have approved the cash management plan, confirming it aligns with the company's interests and complies with relevant regulations [4][5]. - The sponsor believes the cash management plan has undergone necessary approval procedures and does not harm the interests of shareholders [5].