证券研究报告 | 2025年06月29日 可交换私募债跟踪 私募 EB 每周跟踪（20250623-20250627） 固定收益快评 | 证券分析师： | 王艺熹 | 021-60893204 | wangyixi@guosen.com.cn | 执证编码：S0980522100006 | | --- | --- | --- | --- | --- | | 证券分析师： | 赵婧 | 0755-22940745 | zhaojing@guosen.com.cn | 执证编码：S0980513080004 | | 证券分析师： | 董德志 | 021-60933158 | dongdz@guosen.com.cn | 执证编码：S0980513100001 | | 联系人： | 吴越 | 021-60375496 | wuyue8@guosen.com.cn | | 我们定期梳理从公开渠道可获得的最新的可交换私募债（私募 EB）项目情况，对私募可交换债项目做基本 要素跟踪，私募发行条款发行过程可能有更改，请以最终募集说明书为准，发行进度请与相关主承销商咨 询。 2. 紫金矿业投资（上海）有限公司 2025 年面 ...

证券研究报告 | 2025年06月23日 | 证券分析师： | 王艺熹 | 021-60893204 | wangyixi@guosen.com.cn | 执证编码：S0980522100006 | | --- | --- | --- | --- | --- | | 证券分析师： | 赵婧 | 0755-22940745 | zhaojing@guosen.com.cn | 执证编码：S0980513080004 | | 证券分析师： | 董德志 | 021-60933158 | dongdz@guosen.com.cn | 执证编码：S0980513100001 | | 联系人： | 吴越 | 021-60375496 | wuyue8@guosen.com.cn | | 我们定期梳理从公开渠道可获得的最新的可交换私募债（私募 EB）项目情况，对私募可交换债项目做基本 要素跟踪，私募发行条款发行过程可能有更改，请以最终募集说明书为准，发行进度请与相关主承销商咨 询。 本周新增项目信息如下：（部分项目因合规原因未予列示） 1. 辽宁成大股份有限公司 2025 年面向专业投资者非公开发行可交换公司债券项目获交易 ...

Group 1 - Lujiazui International Trust was fined 4.2 million yuan due to multiple violations including inadequate management of related transactions and serious imprudence in trust project management [1][2][3] - Specific violations included non-compliance with regulatory requirements for securities investment trust products, inaccurate classification of proprietary assets, and untimely disclosure of product risk information [1][2] - The Qingdao Regulatory Bureau also issued warnings and fines to several executives, including a fine of 100,000 yuan to the former deputy general manager Xu Danjian [2][3] Group 2 - Lujiazui Trust's financial report indicated a revenue of 656 million yuan for 2024, representing a year-on-year decline of 19.69%, while net profit decreased by 13.35% to 270 million yuan [4] - The company's non-performing asset ratio increased from 7.65% to 11.43% [4]

【导读】陆家嘴信托因多项违法违规被罚420万元 针对上述违法违规行为， 青岛监管局 对陆家嘴信托罚款 420 万元，对许丹健警告并处罚款 人民币 10 万元，对孙阳、钟小云、俞晓蕾给予警告。 阿里法拍网显示，南京市江北世茂璀璨江山项目（浦口区光固路 2 号）的土地使用权、地上 建筑物及地下车库被打包拍卖，起拍总价约为 12.5 亿元，将于 7 月 12 日开拍。 拍卖资产申请执行人为上海陆家嘴控股子公司陆家嘴信托。该笔债务起源于 2020 年，陆家 嘴信托— 佳合 73 号集合资金信托计划认购南京世荣置业有限公司发行的 " 南京世荣置业有 限公司 2020 年私募债券 1 号 " 。 陆家嘴信托财报数据显示， 2024 年其营收为 6.56 亿元，同比下滑 19.69% ；净利润为 2.7 亿元，同比下降 13.35%； 自营资产不良率从 7.65% 攀升至 11.43% 。 编辑：格林 见习记者 储是 因关联交易管理不到位等原因，陆家嘴信托被罚。 6 月 20 日，国家金融监督管理总局青岛监管局披露的行政处罚信息公开表显示， 陆家嘴国 际信托有限公司（以下简称陆家嘴信托）因多项违法违规行为，被罚 420 万 ...

Group 1 - The core viewpoint of the report is that the high uncertainty in the U.S. policy environment and fiscal path will dominate global economic and market trends over the next 12 months, with geopolitical risks and high debt levels exacerbating market vulnerabilities [1] - Major economies are showing resilience, but their growth paths are diverging, with the U.S. economy expected to slow down while Europe is projected to achieve moderate growth [1] - The report forecasts global economic growth to slow down, with estimates of 2.9% for 2025 and 2.8% for 2026, while developed markets are expected to grow at approximately 1.3% and emerging markets at 3.9% over the next two years [1] Group 2 - In fixed income investments, due to increased interest rate volatility, a steepening yield curve is anticipated, leading to a preference for flexible strategies and diversification into global markets outside the U.S., particularly European and emerging market government bonds [2] - The company is optimistic about global equities, focusing on reasonably valued and profit-stable companies, while cautiously selecting sectors through major investment themes such as European defense and infrastructure, artificial intelligence, and U.S. deregulation [2] - The current investment strategy emphasizes risk diversification, reducing reliance on U.S. Treasuries, and shifting towards European and emerging market bonds due to high debt levels and rising inflation expectations [2] Group 3 - Overall, while policy uncertainty presents challenges for the global economy and markets, the company identifies investment opportunities related to different asset prices, noting that major economies and companies have shown strong resilience despite the uncertain and weak growth outlook [3] - The outlook for the global credit market remains optimistic, with expectations that corporate earnings will not fall into recession [3]

| 债券名称 | 周口城投发展集团有限公司2025年面向专业投资者非公开发行公司债券 | | --- | --- | | 债券类别 | 私募 | | 申报规模(亿元) | 22.20 | | 发行人 | 周口城投发展集团有限公司 | | 地区 | 河南 | | 承销商/管理人 | 华泰联合证券有限责任公司,五矿证券有限公司 | | 项目状态 | 通过 | | 交易所确认文件文号 | | | 受理日期 | 2025-03-31 | | 更新日期 | 2025-06-13 | 深交所项目进度信息显示，周口城投发展集团有限公司22.20亿元私募债项目状态更新为"通过"，更新 日期为2025年6月13日。 ...

证券研究报告 | 2025年06月08日 固定收益快评 | 证券分析师： | 王艺熹 | 021-60893204 | wangyixi@guosen.com.cn | 执证编码：S0980522100006 | | --- | --- | --- | --- | --- | | 证券分析师： | 赵婧 | 0755-22940745 | zhaojing@guosen.com.cn | 执证编码：S0980513080004 | | 证券分析师： | 董德志 | 021-60933158 | dongdz@guosen.com.cn | 执证编码：S0980513100001 | | 联系人： | 吴越 | 021-60375496 | wuyue8@guosen.com.cn | | 我们定期梳理从公开渠道可获得的最新的可交换私募债（私募 EB）项目情况，对私募可交换债项目做基本 要素跟踪，私募发行条款发行过程可能有更改，请以最终募集说明书为准，发行进度请与相关主承销商咨 询。 本周新增项目信息如下：（部分项目因合规原因未予列示） 1. 辽宁成大股份有限公司 2025 年面向专业投资者非公开发行可交换公司 ...

Core Viewpoint - The bond investment landscape has significantly changed due to the continuous decline in risk-free yields, leading to a sharp compression in traditional bond investment returns, prompting private equity firms to upgrade their investment strategies to navigate the challenging environment [1][2][3]. Group 1: Bond Investment Returns - The average yield of private equity bond strategy products has dropped to 2.32% since 2025, with only 86.74% of 1101 products achieving positive returns [2]. - In comparison, the average yield for all private equity bond strategy products in 2024 was 7.91%, with large private equity firms averaging 6.94% [2]. - Public bond funds have also underperformed, with a median yield of only 0.65% year-to-date as of June 3 [2]. Group 2: Challenges in the Current Market - The low interest rate environment has made it difficult to achieve stable returns, with reduced coupon income and increased market volatility [3]. - Regulatory constraints on private equity bond investment operations have intensified, affecting product issuance and trading [3]. - The competition for quality assets among private equity firms has increased, raising acquisition costs and further compressing investment returns [3]. Group 3: Strategy Upgrades - Private equity firms are shifting their strategies to include cross-border composite products and increasing wave trading to enhance returns [1][4]. - There is a focus on diversifying into convertible bonds and overseas debt products to meet higher return expectations from clients [4][5]. - Enhanced research efforts in the convertible bond sector and the introduction of multi-strategy products are being prioritized [5]. Group 4: Importance of Trading Capability - Effective risk control and trading capabilities are essential for both private and public bond strategies in the current low-yield environment [6]. - Fund managers are required to implement precise timing and asset rotation strategies to manage risks effectively [6]. - Institutions are encouraged to improve their trading capabilities by closely monitoring market trends and maintaining communication with trading counterparts [6].

本文来自微信公众号：家办新智点 （ID：foinsight），编译：foinsight，头图来自：AI生成 近日，瑞银发布了《2025年全球家族办公室报告》，这份年度报告梳理了来自全球30多个市场的317个单一家族办 公室（以下简称为"家办"）的观点。受访家办的平均净资产为27亿美元，平均管理资产为11亿美元。这项在线调 查于2025年1月22日至4月4日进行。 本文，家办新智点精心编辑了有关报告六大要点以及家办在战略资产配置层面的关键信息。 展望未来五年，家办担忧可能接踵而至的风险——尤其是重大地缘政治冲突、全球经济衰退或债务危机。为保护 投资组合，家办正在寻求通过诸如基金经理甄选或主动管理、对冲基金以及日益增多的贵金属等策略来实现多元 化投资。 内部职能管理：专业度、隐私与控制权为核心 一、六大要点 谋定长远：家办锚定结构性增长、收益增强与多元配置 尽管家办对于传统资产与另类资产的战略配置比例整体保持稳定，但深层结构正发生显著演变。家办持续削减现 金持仓，并加码发达市场股票投资——此举或为捕捉工智能与医疗健康等领域的长期结构性增长机遇。同时，家 办正提升私募债配置比重，部分家办着手增配发达市场固定收益资产 ...

为满足债券发行要求，公司用PS做假账，虚增上亿元营业收入和净利润，最终导致1.5亿元投资款无法兑付。检察机关揪出财务造假源头后发现了背后隐 藏的问题—— 资本市场"看门人"变"放水者" 在前不久最高检发布的第五十五批指导性案例中，上海市检察院第一分院、上海市检察院办理的甲皮业有限公司、周某等欺诈发行债券、马某出具证明文 件重大失实案披露，为满足债券发行要求，公司直接用PS做起了假账，虚增上亿元营业收入和净利润，最终因无力偿付债券本息，造成投资人重大经济 损失。 这背后，审计等中介机构究竟是严重失职，还是与发行人存在不当利益捆绑？几方刑事责任应如何认定？ 为迈私募债券"发行门槛" 打造虚增10亿元营收的"纸上帝国" 2012年下半年，甲皮业有限公司（以下简称"甲公司"）老板周某因经营困难，急需募集大量资金，便想到了发行中小企业私募债券的"捷径"。于是，周某 指派公司总经理林某、财务经理叶某负责与承销券商、会计师事务所等中介机构联络对接，提供发债所需的财务资料，同时委托朋友介绍的会计师王某牵 头负责发债现场审计工作。 王某因所在的乙会计师事务所没有从事证券类审计业务的资质，就与具有资质的丙会计师事务所有限公司北京 ...