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].

经济观察网截至2025年12月11日，浙江东方（600120）金融控股集团股份有限公司股价单日下跌 1.78%，成交额2.65亿元，换手率1.27%，总市值207.66亿元。近期主力资金呈净流出状态，技术面呈现 区间震荡特征。 股票近期走势 当日换手率偏低，反映交投活跃度一般；主力资金净流出2363.97万元，占成交额比例较小。 业绩经营情况 2025年前三季度，公司实现营业收入54.12亿元，同比下降22.34%；归母净利润8.00亿元，同比增长 91.22%。资产总计582.17亿元，归属于母公司所有者权益163.81亿元。 业务进展情况 公司主营业务涵盖信托、期货、保险、融资租赁等金融投资，概念板块包括量子科技、创投、参股券商 等。2025年第三季度，公司完成对杭州联合农村商业银行股份的收购，预计2025年度因此产生非经常性 收益约1.3亿元。 未来发展 公司尚未披露2025年全年财报的具体发布日期，按惯例预计在2026年第一季度公布。作为浙江省国资背 景的金融控股平台，公司可能持续围绕科技金融、长三角一体化等政策方向调整业务。 以上内容基于公开资料整理，不构成投资建议。 ...

Core Viewpoint - Hefei is leveraging the pilot reform of low-altitude airspace management to accelerate the development of a leading low-altitude economy, with CITIC Bank Hefei Branch playing a crucial role in providing comprehensive financial services to support this emerging industry [1][2]. Group 1: Strategic Initiatives - CITIC Bank Hefei Branch quickly responded to the national strategy by establishing a dedicated working group for low-altitude economy, focusing on the entire industry chain from technology research to operational integration [2]. - The bank has tailored financial service plans to align with the regional development goals of Anhui Province and Hefei City, which emphasizes low-altitude economy as a key emerging industry [2]. Group 2: Financial Support and Innovation - The bank has provided significant financial support, including a CNY 50 million credit line to Zhongke Xingtu Digital Earth Co., and has established a financial service network covering the entire industry chain [3]. - By the beginning of 2026, the bank had issued over CNY 200 million in credit to low-altitude economy enterprises, demonstrating its proactive role in activating new growth drivers in the industry [3]. Group 3: Addressing Financing Challenges - CITIC Bank Hefei Branch has introduced an innovative "technology flow" evaluation system to assess the value of technology-driven companies, moving away from traditional credit assessment methods [4]. - The bank has implemented differentiated approval and credit enhancement solutions for companies at various development stages, significantly improving financing efficiency [4]. Group 4: Case Study and Tailored Solutions - The bank has developed customized financing solutions for companies like Zero Gravity Aircraft Industry, addressing their unique funding needs throughout the R&D and commercialization process [5]. Group 5: Collaborative Ecosystem - CITIC Bank Hefei Branch has built a collaborative ecosystem by integrating party-building initiatives with industry and finance, facilitating resource sharing and project connections among leading enterprises [6]. - The bank aims to enhance its service model by leveraging the full capabilities of CITIC Group, providing comprehensive financial services that lower overall financing costs for enterprises [7]. Group 6: Future Outlook - The bank plans to continue its role as a financial "connector" and "amplifier," focusing on new business models in the low-altitude economy and developing specialized financial products [7]. - Future initiatives will include deepening collaborations with government, industry associations, and other stakeholders to create an innovative ecosystem that supports the growth of the low-altitude economy in Anhui [7].

Summary of Key Points Core Viewpoint - The company has approved a series of guarantee agreements to support its subsidiaries' financing needs, reflecting its commitment to financial stability and growth [2][3]. Group 1: Overview of Guarantees - Yunnan Enjie New Materials (Group) Co., Ltd. convened its fifth board meeting on December 30, 2025, to approve the guarantee limit for the consolidated financial statements for 2026 [2]. - The company held a temporary shareholders' meeting on January 16, 2026, to ratify the aforementioned guarantee limit [2]. Group 2: Progress of Guarantees - The company signed a guarantee contract with China Merchants Jinling Financial Leasing Co., Ltd. for a financing lease of RMB 20,000 million for its subsidiary Suzhou Jieli New Energy Materials Co., Ltd. [3]. - A maximum irrevocable guarantee letter was issued to China Merchants Bank Suzhou Branch for a credit limit of RMB 20,000 million for Suzhou Jieli [3]. - A guarantee contract was also signed with Bangyin Financial Leasing Co., Ltd. for a financing lease of RMB 5,000 million for its holding subsidiary Shanghai Enjie New Materials Technology Co., Ltd. [3]. Group 3: Total Guarantees and Overdue Guarantees - As of the announcement date, the total approved guarantees by the company and its subsidiaries amounted to RMB 6,000,000 million, which is 245.19% of the latest audited net assets attributable to shareholders [3]. - The actual signed guarantees totaled RMB 3,495,203.61 million, representing 142.83% of the latest audited net assets attributable to shareholders [3]. Group 4: Other Guarantee Matters - The company has no other external guarantee matters, overdue guarantees, or guarantees involved in litigation that could result in losses due to adverse judgments [4].

简单说，就是找银行借钱。可以是国内银行的海外分行，也可以直接找境外银行。这笔钱能用来支持海外项目、进行并购，或者补充日常运营的流动资 金。 谁适合用？最好是那些信用记录良好、现金流稳定、能拿出抵押物（比如海外资产、应收账款，或者由母公司担保）的成熟企业。它常用于具体的项目融 资、贸易往来，或者解决短期资金周转。 企业想出海闯一闯，资金是个绕不开的大问题。项目要运转，并购要推进，钱从哪里来，怎么来得巧，直接关系到出海之路顺不顺。 从传统的银行贷款、发债券，到引入投资、盘活供应链，路子不少，各有各的用武之地和门道。选对了，事半功倍；选错了，可能就得兜圈子。 今天，小楹就来聊聊六种主流的出海融资方式，说清楚它们适合谁、好在哪、怎么办，帮你根据自家的情况，找到最对路的那条钱途。 1、银行贷款 它的好处是，对于资质好的企业，利率相对较低；而且借钱不会稀释你的股权，公司还是你说了算；加上产品成熟，流程比较规范。 不过，银行的风控可不是闹着玩的，对信用和抵押物的审核会很严格。这会增加你的资产负债率，而且每月还本付息是刚性支出，对现金流有压力。另 外，国内外政策变化和外汇管制，也可能影响到贷款。 2、债券发行 这指的是企业跑 ...

格隆汇2月4日丨兴业控股(00132.HK)公告，于2026年2月4日，公司附属公司绿金租赁与承租人庆云县康 泉污水处理订立融资租赁，以总代价人民币4500万元自承租人取得资产所有权，该等资产将返租予承租 人，供其使用及占有，期限为八年。 ...

Group 1 - The company held its fifth board meeting on December 30, 2025, to approve the guarantee limit for the consolidated financial statements for 2026 [2] - The company provided a joint liability guarantee for its subsidiary Shanghai Enljet Trading Co., Ltd. for a credit limit of RMB 10 million with Jiangsu Bank [3] - The company signed a guarantee contract with Industrial Financial Leasing Co., Ltd. for a financing lease limit of RMB 250 million for its subsidiaries Jiangxi Enljet New Materials Technology Co., Ltd. and Jiangxi Tongrui New Energy Technology Development Co., Ltd. [3] Group 2 - As of the announcement date, the total approved external guarantees by the company and its subsidiaries amounted to RMB 600 billion, which is 245.19% of the latest audited net assets attributable to shareholders [4] - The actual signed effective guarantees totaled RMB 346.52 billion, representing 141.60% of the latest audited net assets attributable to shareholders [4] - The company has no overdue guarantees, litigation-related guarantees, or losses due to guarantees resulting from court judgments [4]

Core Viewpoint - Under the dual drive of investment and new energy businesses, Guangzhou State-owned Assets' diversified financial platform, Yuexiu Capital, is expected to achieve significant profit growth in 2025, with net profit projected to increase by 50% to 60% year-on-year [1][4]. Group 1: Financial Performance - Yuexiu Capital forecasts a net profit attributable to shareholders of 3.441 billion to 3.67 billion yuan for 2025, representing a year-on-year growth of 50% to 60% [1][4]. - The company's net profit after deducting non-recurring gains and losses is expected to be between 1.745 billion and 1.974 billion yuan, reflecting a growth of 20% to 35% [1][4]. - A one-time gain of approximately 2.588 billion yuan is anticipated due to a change in accounting treatment for certain equity assets [1][7]. Group 2: Business Strategy and Operations - Yuexiu Capital has a diversified financial service system with a core industry structure of "financing leasing, non-performing asset management, investment management + strategic investment in CITIC Securities" [3]. - The company is focusing on core regions and key sectors, with 53% of new investments in Guangdong Province and the Yangtze River Delta region, and 63% in green, inclusive, and technology sectors in the first half of 2025 [3]. - The new energy business has become a key driver of performance growth, with a total installed capacity of 15.34 GW in household distributed photovoltaic systems, benefiting hundreds of thousands of rural households [3]. Group 3: Investment Activities - Yuexiu Capital plans to use up to 1 billion yuan of its own funds to further increase its stake in Beijing Enterprises Holdings, currently holding 55.913 million shares, or 4.44% of the total [2][7]. - The company is also reducing its stake in CITIC Securities, planning to sell up to 1% of its shares, which represents a strategic move to realize investment gains [6]. - The recent leadership change, with Li Feng becoming the new chairman, may influence future strategic directions and investment decisions [8].

证券代码：600830 证券简称：香溢融通 公告编号：临时2026-004 香溢融通控股集团股份有限公司 二、本次提前解除租赁合同情况 现捞王公司与公司经友好协商，就提前解除房屋租赁合同达成一致，并签订了《解除协议》，主要内容 如下： 关于提前解除房屋租赁合同的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容 的真实性、准确性和完整性承担法律责任。 一、交易概述 香溢融通控股集团股份有限公司（以下简称：公司）与捞王（上海）餐饮管理有限公司（以下简称：捞 王公司）于2024年7月16日签订《房屋租赁合同》，将名下位于宁波市海曙区大来街1-9号一至二层房产 出租给其经营使用，租期10年，自2024年8月1日到2034年7月31日。2024年8月1日至2029年7月31日期 间，每年租金150万元，2029年8月1日至2034年7月31日期间，每年租金157.50万元。 具体情况详见公司临时公告2024-042。 （一）公司同意与捞王公司提前解除房屋租赁合同，原合同租赁期于2026年1月31日终止。 （二）捞王公司应于2026年1月31日之前向公司支付提前解除合同的违 ...