雷达财经出品 文|彭程 编|深海 12月9日。"祥源系"股票大跌，其中，交建股份"一"字跌停，祥源文旅跌7.51%，海昌海洋公园大跌 12%。 一位投资者老张向媒体透露，他手上的一只产品在11月24号到期时刚收到50万本金，但还有550万的本 金在里面尚未到期。 12月7日晚间，祥源文旅、交建股份、海昌海洋公园三家上市公司针对前述事项同步发布声明，确认了 存在部分金融产品兑付逾期的情况，并表示上市公司不承担任何兑付及担保义务。 公告显示，在浙金中心发行的涉及与祥源控股地产合作项目的金融产品存在部分逾期兑付情形，祥源控 股、公司实际控制人俞发祥就上述兑付义务承担连带保证责任。三家上市公司均强调，相关金融产 品"与上市公司及其参控股子公司均无关"，上市公司"不承担任何兑付及担保义务"。 12月8日，受此消息影响，三家上市公司股价集体下跌。其中，交建股份"一"字跌停，收于10.87元/股； 祥源文旅股价跌3.62%至6.39元/股；海昌海洋公园股价跌3.85%至0.5港元/股。 12月9日，三家公司股价再跌下跌。 消息面上，有媒体报道称，浙江金融资产交易中心股份有限公司出现理财产品到期未兑付。这些违约产 品的增信主 ...

许多投资者选择将资金托付于此，主要不是源于高收益，而是 考虑该中心的"国资背景"。早在2013年成立之初，浙金中心 这家平台便以"政府指导、市场化运作"为定位，股权结构主要 由国资主导。 作者：蔡越坤 封图：图虫创意 自2025年11月28日起，通过浙江金融资产交易中心（现已更名为"浙江浙金资产运营股份有限公 司"，下称"浙金中心"）购买金融产品的数百位投资者，陆续面临产品到期无法兑付的情况。此次 涉及违约的产品大多由浙江"祥源系"企业发行并提供担保。 浙金中心多款产品的收益率集中在4.6%至5%之间，这一水平并不具备特别高的吸引力。许多投 资者选择将资金托付于此，主要不是源于高收益，而是考虑该中心的"国资背景"。早在2013年成 立之初，浙金中心这家平台便以"政府指导、市场化运作"为定位，股权结构主要由国资主导。 浙金中心的案例并非孤例。它揭示了一种投资者普遍存在的误区："把国资"股东背景与产品安全 直接画等号。 为何不能仅凭"国资"股东背景做判断？ 首先，股东责任有限，不等于产品无限兜底。即便企业拥有国资股东，也通常作为独立法人运营， 股东仅以出资为限承担责任。国资参股甚至控股，并不意味着该企业发行的每一 ...

Core Viewpoint - The financial products issued by the controlling shareholder, Xiangyuan Holdings, have defaulted, causing significant concern in the market despite the listed companies claiming no direct responsibility for the situation [1][10]. Group 1: Financial Crisis - Recent reports indicate that financial products on the Zhejiang Financial Assets Exchange have failed to pay out, with the total amount involved exceeding 200 billion yuan and potentially affecting over 10,000 investors [2][13]. - Xiangyuan Holdings, which operates in tourism, infrastructure, and real estate, reported revenues of 18.05 billion yuan and a net profit of 1.538 billion yuan in 2021, but has faced challenges due to a downturn in the real estate sector [2][13]. - The company has been issuing high-interest debt through the Zhejiang Financial Assets Exchange, with financing costs reaching 8%-9%, primarily backed by its real estate projects [4][15]. Group 2: Company Operations and Market Reaction - Three listed companies under Xiangyuan Holdings issued announcements stating that the overdue products are unrelated to their operations and that they bear no responsibility for repayment [10][21]. - Despite these assurances, the market reacted negatively, with stock prices for Xiangyuan Wenlv, Jiaojian Co., and Haichang Ocean Park dropping by approximately 4%, 10%, and 4% respectively [1][12]. - The operational performance of Xiangyuan Wenlv has been relatively stable, but its stock has declined by 17% over the past year, while Jiaojian Co. has seen consecutive declines in revenue and net profit [10][23]. Group 3: Regulatory and Legal Issues - Xiangyuan Holdings and its subsidiaries, including Xiangyuan Wenlv and Jiaojian Co., are under investigation by the China Securities Regulatory Commission for failing to disclose non-operating fund transactions in their financial reports [10][23]. - The investigation revealed that Xiangyuan Wenlv had provided 410 million yuan to Xiangyuan Holdings through prepayments for asset purchases, raising concerns about financial transparency [10][23]. Group 4: Founder Background - The founder of Xiangyuan Holdings, Yu Faxiang, has a compelling rags-to-riches story, having built his wealth through various ventures, including real estate, and was listed with a fortune of 13.5 billion yuan on the Hurun Global Rich List in 2024 [6][17][20].