在线一本码道高清

20 Dongfang 01: Zhejiang Dongfang Financial Holding Group Co., Ltd. Public Offering of Corporate Bonds (First Phase) Credit Rating Report for 2020

Time: January 9, 2020 23:01:56 Zhongcai
Original Title: 20 Dongfang 01 : Zhejiang Dongfang Financial Holding Group Co., Ltd. Public Offering of Corporate Bonds (First Phase) Credit Rating Report in 2020













Zhejiang Oriental Financial Holdings Group Co., Ltd.


2019
Public offering of corporate bonds


Credit Rating Report










































































Shanghai New Century Credit Rating Investment Service Co., Ltd.


Shanghai Brilliance Credit Rating & Investors Service Co., Ltd.


Number: [New Century Debt Review
(201
9
)
0
1167



Rating object:


Zhejiang Oriental Financial Holdings Group Co., Ltd.
2019
Public release
Corporate debt
Coupon


Subject credit rating:


AA








Rating Outlook:


stable








Debt Credit Rating:


AA


Rating time:


201
9
year
9
month
1
1
day


Planned release:


Does not exceed
35
Billion
Inclusive)


Purpose of issue:


Replenish working capital and pay off corporate debt


Duration:


Does not exceed
5
year(
Inclusive)


Repayment method:


Interest is paid once a year, with principal and interest paid back in the last year


Upgrade arrangements:


no













Overview





Main financial data and indicators





project


2016
year


2017
year


201
8
year


2019
year


First quarter


Amount of unit: RMB 100 million














Total assets


151.31


1
91.15


183.63


19.36


total liability


69.46


83.95


85.4


95.63


Rigid debt


1
3.24


11.8


21.5


22.35


Owners' equity


81.85


107.19


98.19


103.73


Total operating income


58.37


98.1


107.18


22.42


Net profit


7.94


7.42


7.79


4.7


EBITDA


11.
73


11.
2
4


11.
41


-


Assets and liabilities
[%]


45.91


43.92


46.53


47.97


Equity capital to rigid debt ratio
[%]


618.18


90
2.1


45.67


464.13


Current ratio
[
Times
]


1
.
3
6


1
.
09


1.05


1.39


Cash ratio
[%]


52.93


53.09


86.1


124.23


Roe
[%]


11.37


7.85


7.59


4.73


EBITDA /
Interest expense
[
Times
]


19.1


17.2


16.34


-


EBITDA /
Rigid debt
[
Times
]


0.
85


0.
89


0.50


-




Note
1
: Audited by Zhejiang Dongfang
201
6
-
201
8
Annual financial data and
201
9
Sorting and calculation of unaudited financial data in the first quarter of the year;


Note
2
: Unless otherwise specified in this rating report, all values are reserved
2
Decimal places, if the total does not match the sum of the sub-item values, the rounding is caused by rounding;


Note
3
: In the table
201
6
Annual data is
2017
Annual retrospective.












Analyst





Li Yuding
lyd
@ shxsj.com


Wang Yingying
wangjy
@ shxsj.com


Tel
:
(021) 63501349 Fax: (021) 6350872





Hankou Road, Shanghai
398
Huasheng Building
14F


htp: /w.shxsj.com

















Rating perspective


Key advantages:


. Regional economic advantages and shareholder support.

Zhejiang's economic development level is good, the private economy is active, and financial resources are abundant. Zhejiang Dongfang is the only state-owned listed financial control platform in the province.
It will continue to benefit from regional economic development, and can obtain strong support from local governments and Zhejiang International Trade in terms of policies, capital injection, and business synergy.

. Financial business development opportunities.

Zhejiang Dongfang owns trust, futures, financial leasing, equity investment and other holding subsidiaries, as well as joint ventures such as life insurance and private equity fund management. Licensed financial institutions and a diversified business structure are conducive to enhancing the company's comprehensive competitiveness.

. The financial structure is relatively stable.

2
017
After the completion of the annual asset reorganization,
Zhejiang Dongfang 's asset scale and capital strength have both increased,
The company's current debt ratio is relatively low, and it has relatively abundant monetary funds and readily realizable financial assets, and has strong liquidity management capabilities.






1








New Century Rating





Briliance Ratings





























































































































Key risks:


. Economic and financial environment risks.

In the context of slowing macroeconomic growth and intensified financial supervision, the risks of policy adjustments and business operating pressures faced by Zhejiang Oriental's financial business have increased.

Volatility in the value of financial assets.

Zhejiang Oriental Financial Assets Investment Co., Ltd. has a large investment scale. The value of equity assets is greatly affected by fluctuations in the securities market.

. Risk management is under pressure.

Zhejiang Dongfang
Its business scope covers trusts,
Futures, financial leasing, direct investment and many other businesses. The company has a wide business scope and is difficult to manage



In the case of slowing macroeconomic growth, its risk management pressure is greater.

. Future Outlook


By right
Zhejiang Dongfang
And the analysis of the major credit risk elements of the bonds issued by this company, this rating agency gives the company
AA
The credit rating of the entity and the rating outlook are stable; the bond repayment is considered to be highly secure, and the bond is given
AA
Credit rating.






2








New Century Rating





Briliance Ratings





























on


Haixin Century Credit Rating Investment Service Co., Ltd.





Shanghai New Century Credit Rating Investment Service Co., Ltd.



Zhejiang Oriental Financial Holdings Group Co., Ltd.


2019
Public offering of corporate bonds


Credit Rating Report


Overview


Issuer profile


Zhejiang Oriental Financial Holdings Group Co., Ltd. (hereinafter referred to as "
Zhejiang Dongfang
"

,
"
The company"

or"
the company"

)was founded in
198
In the predecessor, Zhejiang Knitted Cotton Fabrics Branch of China National Textile Import and Export Corporation, it was renamed as Zhejiang Knitted Cotton Fabrics Import and Export Corporation after approval by the Ministry of Foreign Trade and Economic Cooperation Provincial professional foreign trade company.

192
Years
[192] 47
Haowen and Zhejiang shares
[192] 13
The approval of the document was initiated exclusively by Zhejiang Knitted Cotton Import & Export Corporation, and the company raised shares from social legal persons and internal employees to establish Zhejiang Oriental Co., Ltd. with a registered capital of
1.3
100 million yuan, the total share capital is
1.3
100 million shares.

194
year
7
Ministry of Foreign Trade and Economic Cooperation
[194]
Letter of Foreign Trade and Economic Review Letter
13
Document approved, the company changed its name to Zhejiang
Orient Group Co., Ltd.



197
year
11
month
12
Issued by China Securities Regulatory Commission
[197] 507
Number
[197] 508
Document approved, the company publicly issues RMB common stock
1050
10,000 shares, the total shares of the company after the issuance is
0.50
100 million yuan, of which Zhejiang Oriental Group Holding Co., Ltd. holds
0.23
100 million shares, the shareholding ratio is
46.19%
Is the controlling shareholder of Zhejiang Dongfang , and the actual controller is Zhejiang State-owned Assets Supervision and Administration Commission. After several capital increase and share expansion, as of
201
9
year
3
At the end of the month, the company's registered capital was
8.74
100 million yuan,
The holding company of the company is Zhejiang International Trade Group Co., Ltd. (hereinafter referred to as "
Zhejiang International Trade "

), The actual controller is the SASAC of Zhejiang Province.



Table 1. Top 10 shareholders of Zhejiang Dongfang


Serial number

Shareholder name

Number of shares held (100 million shares)

Shareholding ratio (%)

1


Zhejiang International Trade Group Co., Ltd.


4.23


48.38


2


China Securities Finance Co., Ltd.


0.43


4.90


3


Zhejiang Zheyan Holding Co., Ltd.


0.38


4.40


4


Central Huijin Asset Management Co., Ltd.


0.2


2.57


5


Huaan Fund
-
Industrial Bank
-
Hangzhou Financial Investment Group Co., Ltd.


0.15


1.76


6


National Social Security Fund Portfolio 102


0.08


0.8


7


Wuhu Huarongbin Investment Center
(
Limited Partnership
)


0.08


0.8


8


National Social Security Fund 501 Portfolio


0.08


0.8


9


Zhejiang Zhongda Group Investment Co., Ltd.


0.06


0.69


10


Harvest Fund
-
Agricultural Bank of China
-
Castrol CSI Financial Asset Management Plan


0.06


0.68


total


-


5.7


66.
02




Source: Zhejiang Dongfang (as of
2019
year
3
End of the month)



2017
In 2002, the company purchased the Zhejiang Merchants Trust Co., Ltd. (hereinafter referred to as "Zhejin Trust") held by Zhejiang International Trade by issuing shares.
56%
Equity,
Dadi Futures Limited (hereinafter referred to as "Dadi Futures")
87%
Equity and China-Korea Life Insurance Co., Ltd. (hereinafter referred to as "China-Korea Life")
50%
Equity
To Zhejiang Zhongda Group Investment Co., Ltd. (hereinafter referred to as "
CUHK Investment "

)
Buy the earth futures it holds
13%
Equity. Through this asset reorganization,
The company incorporated trust, futures, and life insurance (joint venture) on the basis of the original financing lease, direct investment and fund management business
, Wealth management and other financial subsidiaries, became the first state-owned listed financial control platform in Zhejiang Province. At present, the company's business scope involves financial investment, domestic and foreign trade, clothing manufacturing, cross-border e-commerce and other fields.
38
It is a wholly-owned or holding subsidiary with operations in domestic and overseas markets.



As of
201
8
At the end of the year, the company's total audited consolidated assets were
183.63
100 million yuan, total liabilities are
85.43
100 million yuan, owner's equity is
98.19
100 million yuan; total operating income for the year
107.18
100 million yuan, net profit
7.79
100 million yuan (of which net profit attributable to owners of the parent company
7.04
Billion).



As of
201
9
year
3
At the end of the month, the company's total unaudited consolidated assets were
19.36
100 million yuan,
Total liabilities are
95.63
100 million yuan, owner's equity is
103.73
100 million yuan
201
9
The company achieved total operating income in the first quarter of the year
22.42
100 million yuan, net profit
4.
7
7
100 million yuan (of which net profit attributable to owners of the parent company
4.3
0
Billion).



2. Debt Overview


(1) Bond terms


The company's board of directors
201
9
year
4
month
2
9
The 17th meeting of the eighth session of the Board of Directors of Zhejiang Oriental Financial Holdings Group Co., Ltd. was held on the same day, and reviewed and approved the "Proposal on the Company's Public Issuance of Corporate Bonds to Qualified Investors" and other proposals, and agreed that the issuer should open to qualified investors Issuing no more than
3
5
100 million yuan (including
3
5
100 million yuan) corporate bonds , maturity not to exceed
5
Year (including
5
Year), combined with market conditions, issued in one installment or in installments.



The company at
2019
year
5
month
1
6
Zhejiang Oriental Financial Holdings Group Co., Ltd.
2019
The first extraordinary general meeting of shareholders in 2007 considered and approved the "Proposal on the Company's Public Offering of Corporate Bonds to Qualified Investors" and other proposals, and agreed that the issuer's public offering to qualified investors should not exceed
3
5
100 million yuan (including
3
5
Billion yuan)
Corporate bonds , maturity
5
Year (including
5
year)
Based on market conditions, it will be issued in one installment or in installments.



Zhejiang Oriental Financial Holdings Group Co., Ltd.
2019
Annual public offering of corporate bonds not exceeding RMB
35
100 million yuan (including
3
5
Billion yuan)
, Intended to be issued in installments. The term of this bond is no more than
5
Year (including
5
year)
.

The outline of the bonds to be issued this time is as follows.



Figure 2. Overview of the bonds to be issued this time


Bond name:


Zhejiang Oriental Financial Holdings Group Co., Ltd.
2019
Public offering of corporate bonds


Bond maturity:


Does not exceed
35
Billion
Inclusive)


Issue scale:


Does not exceed
5
year(
Inclusive)


Bond type:


Public offering of corporate bonds


Bond interest rate:


Fixed interest rate, please refer to the prospectus





Interest payment method:


Simple interest is calculated annually, without compound interest. Interest is paid once a year and the principal is repaid once due.


Guarantee method:


No guarantee




source:
Zhejiang Oriental Financial Holdings Group Co., Ltd.
2019
Prospectus for Public Offering of Corporate Bonds


As of the date of this rating report,
The company has not issued outstanding bonds.



(2) Use of raised funds


After deducting the issuing expenses, the proceeds raised from the bond are intended to be used to supplement working capital and repay corporate bonds.
Business.



business


External environment


(1) Macro environment


2
019
In the first half of the year, the global economic climate continued to decline, and the monetary policies of major central banks were turning to easing; the trade conflict provoked by the United States had a greater impact on the global trading environment, and hot geopolitics in the Middle East and other regions were still uncertainties affecting global economic growth. ; China's economic development is facing weaker external demand and more complex and changeable. In the short term, while China's macroeconomic growth pressure is increasing, various macroeconomic policies are working together to keep economic growth operating within the target range. In the medium and long term, with the continuous improvement of China's level of opening up, economic structure optimization, industrial upgrading, expansion of domestic demand, and gradual deepening of coordinated regional development, the fundamentals of China's economy are expected to improve for a long time and maintain a medium-to-high-speed growth trend.



2
019
In the first half of the year, the global economic climate continued to decline, and the monetary policies of major central banks were turning to easing; the trade conflict provoked by the United States had a greater impact on the global trading environment, and hot geopolitics in the Middle East and other regions were still uncertainties affecting global economic growth. ; China's economic development is facing weaker external demand and more complex and changeable. In major advanced economies,
US economic growth momentum has declined,
Employment and price growth are slowing, the Fed ’s interest rate cuts are expected to rise and it will stop shrinking. The US foreign trade policy is exacerbating tensions in global trade; the outlook for economic growth in the EU is down,
Weak manufacturing and poor consumer confidence, the European Central Bank will maintain low interest rates for a longer period of time and will launch a third round of targeted long-term refinancing operations. Brexit, Italy ’s debt problems, and other internal risks to the union will affect the EU ’s economic development. Important factors; Japan's economic recovery is unstable, price levels continue to grow at a low level, manufacturing growth is weak, and monetary policy continues to be loose. In major emerging economies other than China, the rate of price increases has generally accelerated, currency depreciation,
Capital outflow pressure has eased under the direction of the Federal Reserve ’s monetary policy.
The interest rate cut stimulates the expansion of the economy; India ’s economic growth rate is still fast but slowed down. The Indian central bank has repeatedly cut interest rates, the slow employment growth and the high bank bad debts are still ills.
However, due to the impact of economic sanctions and geopolitical frictions, Brazil's economic recovery has slowed down, and the rapid rise of iron ore prices in the early stage may provide some support. South Africa's economy is repeatedly on the verge of recession.
Election settles in favor of former



The environment has improved, but the challenges are still great.



China's employment situation is good, the price level has increased, and economic growth pressure has increased, but it is still within the target range. China's new consumer industry is still growing rapidly. Under the situation of stable consumer spending growth, the actual consumption growth rate continues to bottom out. Social group consumption is the key to whether consumption can stabilize in the later period; real estate investment growth is still fast, and manufacturing investment growth rate With the decline in capacity utilization rate and operating efficiency growth, the pace of infrastructure investment is expected to accelerate and stabilize overall investment after the new policy of special debt; the growth of import and export trade denominated in RMB is affected by weak internal and external demand. US trade frictions are long-term and complex, and have a negative impact on China's exports to a limited extent. China's industrial production has slowed down but the new and old kinetic energy continue to change, representing rapid progress in related industries and products that represent technological progress, transformation and upgrading, and relatively high technological content; the operating efficiency of industrial enterprises has recently improved but has slowed significantly compared to the previous year , There is a possibility of rising operating risks. The general tone of the real estate regulation and control policy remains unchanged, the housing rental market has a good opportunity for development, and a long-term mechanism to promote the stable and healthy development of the real estate market is being formed. China's regional development plan continues to advance, and the central region has great attraction for the transfer of manufacturing in the eastern region. The economic growth of domestic regions covered by the "Yangtze River Economic Belt Development" and " Belt and Road Initiative" is relatively fast. Growth zones are forming.



At the same time that the pressure on domestic economic growth has increased, the counter-cyclical adjustment of various macroeconomic policies in China has increased.
Cooperate together to ensure the stable operation of the economy. China ’s proactive fiscal policy has stepped up efforts to improve efficiency, and the deficit rate has increased.
The reduction of taxes and fees has been intensified and is gradually being implemented, which will play a positive role in stabilizing growth and promoting economic structural adjustment ;
The speed of local government bond issuance and use efficiency has improved.
Special bonds can be used as capital for major projects. Implicit debt accountability and prevention and control mechanisms have been improved. Local government debt financing mechanisms have become increasingly standardized.
At the same time of transparency, debt risk is generally controllable. Tight monetary policy is moderately tight,
The central bank continued to reduce the quota and "precise drip irrigation" to support the improvement of physical financing, while maintaining reasonable and sufficient market liquidity, while unblocking the transmission channels of monetary policy,
Reduce real interest rates. The macro-prudential regulatory framework has been continuously improved and improved according to regulatory needs. The financial regulatory system has been supplemented and the regulatory rhythm and intensity have been adjusted in a timely manner. The shadow banking and non-standard financing contraction rhythm has slowed but the direction has not changed, which is conducive to strict adherence to no system The bottom line of sexual financial risk. Although the exchange rate of the RMB has fluctuated,
The market-oriented reform of the exchange rate formation mechanism has been advanced in an orderly manner, and China's sufficient foreign exchange reserves and long-term sound economic fundamentals can provide protection for the RMB exchange rate.



China intends to further establish a new free trade pilot zone, to promote trade and investment liberalization and facilitation, and to reduce the negative list of foreign investment access, and other measures are being actively promoted. The financial industry's opening to the outside world has been implemented steadily.
China's opening to the outside world has intensified and its pace has accelerated.

While expanding the opening up, the internationalization of the renminbi is also steadily advancing. The cross-border RMB settlement volume has maintained a rapid growth, and the scale of the allocation of renminbi-denominated assets by the international community has continued to increase.



China's economy has shifted from a high-speed growth stage to a medium-high-speed, high-quality development stage. It is now in the tackling phase of transforming the development mode, optimizing the economic structure, and transforming the growth momentum.

2019
In the year, "stabilizing employment, financial stability, foreign trade, foreign investment, investment, and expectations" are important goals of China's economic work and various policies. In the short term, although China's macroeconomic growth pressure is increasing, it will continue to operate within the target range under the synergy of various macro policies. In the medium and long term, with the continuous improvement of China's level of opening up, economic structure optimization, industrial upgrading, expansion of domestic demand, and gradual deepening of coordinated regional development, the fundamentals of China's economy are expected to improve for a long time and maintain a medium and high-speed growth trend. At the same time, in geopolitics,



Economic finance still faces greater uncertainty and domestic deleveraging tasks are still arduous. China's economic growth and development will still be accompanied by regional structural risks, industrial structural risks, and structural friction risks of international trade and investment. And the risks of international uncertainties.



2. The region where the company is located and the economic environment of the industry


Zhejiang Dongfang's business involves trust business, futures brokerage business, and financial leasing business. The economic conditions of Zhejiang Province, the environment of the trust, futures, and financial leasing industry will affect its business operations.



(1) Regional economic and financial environment in Zhejiang Province


Zhejiang Province enjoys a favorable geographical position, and its overall economic development ranks at the forefront of the country, with a developed private economy.

2017
In Zhejiang Province, the economy operated steadily and steadily for three years, the three major demands grew steadily, the industrial structure was continuously optimized, and the supply-side structural reform continued to show significant results.



Zhejiang Province is located in the Yangtze River Delta, where China's economy is the most developed and active, and is close to Shanghai, the economic center of China. It is an important seaport and a trading port in China. Relying on its advantageous geographical location, Zhejiang's economy is relatively developed, and its main economic indicators are at the forefront of all provinces (autonomous regions) in the country. Zhejiang's industrial structure is relatively balanced.

201
8
The proportion of the three industrial structures in Zhejiang Province in
3.
5
:
4
1
.
8
:
5
4
.7
The proportion of the tertiary industry has further increased. The secondary industry in Zhejiang Province takes textiles and garments, chemicals, and equipment manufacturing as the pillar industries. The total output value of each major industry category in the national economic industry classification does not exceed
10%
The industry is highly fragmented; the tertiary industry is dominated by wholesale and retail, financial, real estate and transportation, warehousing and postal services.



Zhejiang's comprehensive financial resources are strong and comprehensive financial resources are at the forefront of the country.

201
8
Annual general public budget revenue
6598
100 million yuan, of which the tax share of income is
8
4.7
%
, General budget income stability is strong. From the perspective of economic operation, the province's economy is operating steadily and for the better, the three major demands have grown steadily, the industrial structure has been continuously optimized, and the supply-side structural reform has continued to show significant results. First, the growth rate of investment in fixed assets has slowed down, and the investment structure has continued to optimize. Year-on-year growth in fixed asset investment
7.1
%
, Down year-on-year
1.5
Percentage points. Second, the consumer market is operating steadily, and emerging consumption is developing rapidly. Growth in retail sales of consumer goods
9.0
%
; Online retail sales and online consumption of residents in the province increased year-on-year respectively
25
.4%
with
2
5.0
%
. Third, foreign trade is picking up. Of which total exports are
2182
100 million yuan, a year-on-year increase
9.0
%
; Total imports are
737
100 million yuan, a year-on-year increase
19.0
%
; The introduction of foreign investment has steadily increased. Fourth, the industrial economy is stable and improving. Value added, sales output and corporate profits of industrial enterprises above designated size increased year-on-year respectively
7
.3%
,
1
0
.6%
with
5.3
%
; The value added of equipment manufacturing, strategic emerging, high-tech industries increased year-on-year respectively
10.0
%
,
11.5
%
with
9.4
%
,
The growth rate is higher than that of industrial enterprises above designated size. Fifth, the leading role of the information service industry is obvious. With e-commerce,
The rapid development of information service industries such as Internet finance, smart logistics , the Internet of Things, cloud computing, and big data.
The information economy has become a new driving force and engine for economic development. Sixth, the supply-side structural reform has been further advanced.

Disposal of zombie companies throughout the province
393
Family;
Capacity utilization rate of industrial enterprises above designated size is
81.9%
. Among the industries above designated size, the value-added of high energy-consuming industries accounted for
33.3%
, Down from last year
0.7
Percentage points. The area of commercial housing for sale at the end of the year decreased compared to the end of the previous year
24.4%
, Of which, the area of commercial housing for sale fell
38.2%
.

Asset-liability ratio of industrial enterprises above designated size at the end of the year
55.5%
, Asset-liability ratio of service enterprises above designated size
52.6%
. The annual cost of the main business income of industrial enterprises above designated size for each hundred yuan is
83.8
yuan. Investment in transportation investment, ecological protection and environmental governance increased respectively
25.8%
,
19.3%
.




(2) Operating environment of the trust industry


2018
In 2007, the regulatory authorities increased the rectification of the chaos in the trust channel and guided the trust industry to return to its origins. With the strengthening of supervision and financial deleveraging, the scale of trust assets decreased significantly. After the phased return of the previous channel business, the passive management business of the trust company was curtailed by the impact of bank off-balance sheet return, duration and declining risk appetite. In the context of long-term policy regulation, the real estate industry cycle is down, refinancing channels are tightened, and new trust funds are tilted towards the real estate industry. With the expansion of credit spreads and intensified default risks, the scale of trust risk projects has spread, and the overall scale of trust risk has increased significantly. In the transition period of the asset management industry, the margin of supervision has been relaxed, and the pressure on the contraction of the trust industry has eased in the future.



The trust industry is highly correlated with the macro economy and the financial environment. After the financial crisis, the macro economy shifted from a high-speed growth stage to a new normal. Economic stimulus policies have stimulated strong financing needs, and the banking industry has followed the Basel Accord.
II
Promoting prudential supervision, the supervision of the financial sector has created room for regulatory evasion and arbitrage, and has deteriorated due to the high level of peer leverage. During this period, the development of the trust industry has exhibited relatively distinct characteristics.

2
010
-
2012
In the year when bank credit resources were strictly controlled, relying on the advantages of cross-market investment licenses, the risk isolation advantage of the trust system itself, and the implicit guarantee of rigid redemption, trust companies provided strong financing needs for government financing platforms and real estate companies. Trading arrangements, quarter-on-quarter growth rate of trust assets maintained at
1
5%
Above the high level, the compound annual growth rate is
56.75%
.

2
013
Years to
2016
In the first half of the year,
Under the guidance of the financial industry's policy of encouraging innovation and deregulation, the asset management of securities firms and the non-standard business of fund subsidiaries have expanded rapidly.
Bank-trust cooperation business has been transformed into bank-certificate cooperation,
Yinjixin cooperation, and the macroeconomic downturn and the turmoil of the stock market umbrella umbrella trust have a greater impact on the trust industry, but the size of the trust assets continued to rise steadily during the period,
2
013
-
2015
Compound annual growth rate
22.26%
. enter
2
016
In the second half of the year, financial supervision focused on reducing leverage and preventing risks. The Securities Regulatory Commission regulates the risk management of securities companies' asset management and fund subsidiaries.
Channel funds began to flow back to the trust,
The growth rate of trust assets increased significantly.



Table 3. Trust asset scale and quarter-on-quarter growth rate (Unit: trillion yuan)





Source: China Trust Industry Association


2017
For years,
The top-level design of financial supervision is constantly improved. The unified supervision of the asset management industry, deleveraging and channel elimination, and breaking the policy trend of strengthening exchanges have strengthened. The banking industry is facing high-pressure supervision.



Industry competition is further standardized.

11
month
17
On the day, the Central Bank, the China Banking Regulatory Commission, the China Insurance Regulatory Commission, the China Securities Regulatory Commission and the State Administration of Foreign Exchange jointly issued the "Guiding Opinions on Regulating the Asset Management Business of Financial Institutions (Consultation Draft)"
In order to regulate the asset management business of financial institutions, unify the regulatory standards of similar asset management products, effectively prevent and control financial risks, guide social funds to the real economy, and better support economic structural adjustment and transformation and upgrading, provide guidance. From the perspective of the trust industry's regulatory policies and measures, the CBRC urged trust companies to transform from high-speed growth to high-quality development through on-site inspections, regulatory ratings, and policy guidance. Regarding standardization and supervision, the CBRC conducted special "three to forty" governance and on-site inspections of trust companies, and found that the trust companies have corporate governance and internal controls that need to be improved, inherent business compliance and imperfect risk management and control.
Use trust business as a channel to hide risks for banks, not strictly verify the source and availability of project capital,
Post-investment information disclosure was insufficient, and credit enhancement measures were not implemented.

2
017
At the end of the year, the CBRC issued the "Notice of the China Banking Regulatory Commission on Regulating Bank Credit Services" (the
[2017] 5
number)
,
Increase window guidance and risk prevention and control in key business areas. In guiding the industry's transformation and making up for the shortcomings of the system,
The CBRC, together with the Ministry of Civil Affairs, formulated and promulgated the "Administrative Measures for Charitable Trusts"
(CBRC issued
[2017] 37
number)
, Issued the “Measures for the Supervision and Rating of Trust Companies”, and issued the “Measures for the Administration of Trust Registration” (issued by the China Banking Regulatory Commission)
[
2017]
47
number),
Promote the online operation of the trust registration system, and guide the trust industry association to formulate the "Due Company Due Diligence Guidelines". In general, the further maturity of the regulatory and legal environment can help the trust industry better return to its roots, take advantage of the system to meet wealth management needs, and support the development of the real economy.



Against the background of the ever-increasing pre-regulation,
2
018
The channel business of the trust industry has been suppressed since
The source of trust funds is also limited in the context of important institutional counterparties facing strict supervision, the overall operation of trust companies is facing shocks, and the scale of trust assets has decreased significantly.

However, with the formal implementation of the asset management series of policies and the loosening of supervision margins during the transition period of the asset management business, the pressure to shrink the scale of trust assets may be reduced.

2018
year
4
month
27
day,
The Central Bank, the China Banking Regulatory Commission, the China Securities Regulatory Commission, and the State Administration of Foreign Exchange jointly issued the Guiding Opinions on Regulating the Asset Management Business of Financial Institutions (Yinfa
[
2018] 106
number)
. The official release draft is more relaxed than the consultation draft, mainly reflected in the relaxation of the transition period to
2020
At the end of the year, it was allowed to issue unexpired assets from old products to stock products investment during the period; net value management has previously allowed only fair value measurement, changed to allow compliance with corporate accounting standards and use amortized cost measurement under certain conditions.

8
month
2
1
Date, the CBRC issued the Notice of the Trust Department on Strengthening the Regulation of Trust Supervision in the Transitional Period of Asset Management Business (Trust Letter
[2018] 37
No.), it is clear that family trusts and public welfare (charity) trusts do not apply the relevant provisions of the New Rules on Asset Management; they have made clear distinctions in channel business, support legal and compliance-related affairs management trusts, and prohibit the supervision of arbitrage Channel business that violates laws and regulations.



Regarding the use of trust funds,
2
018
In the context of the contraction of total trust assets, the scale of physical trusts has also shown a downward trend since the beginning of the year, but the proportion has continued to rise, and the effect of the industry's devaluation has begun to appear. From the perspective of industry investment, real estate trusts have increased significantly. Specifically, trust funds are used for trading financial assets,
The proportion of available-for-sale and held-to-maturity financial assets and buy-back resale continued to decline, indicating that the growth trend of nested products has been reversed to a certain extent; the proportion of loans used for loans and long-term equity investments has continued to increase, and trust funds have supported The real economy is leaning. From the perspective of industry investment,
2017
At the end of the year, the ranking of investment in trust assets was in order of industrial and commercial enterprises,
Financial institutions, basic industries, securities markets and real estate,
Its proportions are
2
7.84%
,
1
8.76%
,
1
4.49%
,
1
4.15%
with
1
0.42%
.

2018
At the end of the year, the proportion of trust funds invested in industrial and commercial enterprises, financial institutions, basic industries, securities markets and real estate was respectively
29.90%
,
15.9%
,
14.59%
,
11.59
%
with
14.18%
The proportion of real estate trust funds has increased significantly, and financial institutions and



The proportion of trust funds in the securities market decreased accordingly.



2
018
Since the beginning of the year, the downward pressure on the macro economy has increased. Under the influence of policy adjustments, market liquidity has tightened, which has led to accelerated exposure of credit risks and increased default risk in the trust industry. From the perspective of changes in the size of risky assets and the number of risky projects,
As of
2018
Number of risk projects in the trust industry at the end of the year
872
Total amount of trust risk items
221.89
100 million yuan, a significant increase over the end of last year.

Based on the collation of public information, the beneficiaries of trust products that have experienced risk events have spread from private enterprises to large state-owned enterprises and even provincial government financing platforms; business types have spread from channel business to non-channel business. On the whole, the risk of the trust industry is spreading, or it may be related to the surge in the default of private enterprises, the frequent occurrence of non-standard defaults in urban investment platforms, and the tightening of real estate financing channels. Under the circumstances of breaking rigid payments, expanding credit spreads, and increasing default risk, refinancing pressures on low- and medium-rated issuers have increased, and pressure on the continued exposure of trust risks remains. In the process of the transition from wide liquidity to wide credit in the future, risk prevention and control will remain the focus of trust company operations.



(3) Operating environment of futures industry


China's futures market started late and there are still fewer futures varieties.
There is more room for future development. At present, the futures company's business model is relatively single. It has a high dependence on the fee income and net interest income brought by futures brokers. The profit level is susceptible to market prosperity, and the periodic fluctuations are obvious.

As the CSRC promotes the risk supervision indicator system with net capital as the core, and the implementation of the classification and supervision of futures companies,
The industry's internal differentiation has become increasingly apparent, and the market concentration has gradually increased.



In the context of the recent complex and volatile external economic environment, China's futures market has fluctuated greatly. The uncertainties of the external environment facing futures companies are increasing, but the overall operation is still relatively stable. According to the statistics of the Interim Association, in recent years,
Affected by the financial futures position restriction policy and futures margin adjustment,
China's futures market futures trading volume and volume have fluctuated.



Figure 4. China's futures market volume and turnover


project

2012

year 2013

Year 2014

2015 year

2016 year

2017 year

2018 year

Volume (100 million lots)

14.50


20.62


25.06


35.78


41.38


30.76


30.
29


Turnover (trillion yuan)

171.12


267.47


291.9


554.23


195.63


187.90


210.82




Data source: China Futures Association


Figure 5. Exchange futures transactions


Exchange name

year 2013

Year 2014

2015 year

2016 year

2017 year

2018 year

Annual average compound

Growth rate

Dashang Office (million lots)

70.50


769.64


116.32


1537.48


1101.28


981.93


6.9


Last issue (million lots)

642.47


842.29


1050.49


1680.71


1364.24


1175.39


12.84


Zhengshang Office (million lots)

525.25


676.31


1070.2


901.24


586.03


817.83


9.26


CICC (million hands)

193.5


217.58


340
.87


18.3


24.60


27.21


-
32.46




Data source: China Futures Association


Under the circumstances of large fluctuations in the size of the futures market, stricter regulatory policies, and increasingly fierce market competition, the performance of China's futures industry has also fluctuated to some extent, but the overall operation is still relatively stable, and after gradually experiencing short-term fluctuations, the fees gradually stabilize and rise.

2016
In 2015, China's futures companies realized a total of fees



income
13.38
100 million yuan, net profit
64.75
100 million yuan,
2010
-
2016
The average annual compound growth rates are
3.38%
with
14.28%
.



Table 6. Fee income and net profit of futures companies (Unit: 100 million yuan)


project

year 2010

year 2011

2012

year 2013

Year 2014

2015 year

2016 year

Compound annual growth rate

Fee income

105.69

101.36

123.63

124.11

102.41

122.99

133.38

3.38%

Net profit

25.44

23.06

35.77

35.55

41.43

60.37

64.75

14.28%



Data Sources:
2010
-
2016
The annual data comes from the "China Futures Industry Development Report" released by the Interim Association, Futures Industry Association


As the China Securities Regulatory Commission promotes a risk supervision indicator system with net capital as its core and the implementation of the classification and supervision of futures companies, the internal differentiation of China's futures industry is becoming increasingly apparent, and the market concentration is gradually increasing. China's futures industry has a low concentration and it is difficult to form a scale effect. Under the risk supervision indicator system with net capital as the core, futures companies' expansion of business scale and qualifications for operating various businesses are linked to their net capital scale. However, at present, the homogeneous competition in China's futures companies is still serious, the market competition is becoming increasingly fierce, and the industry's innovation and transformation needs are still large. High-quality futures companies have innovative businesses to try first,
Capital strength, business scale, talent introduction and other advantages, showing the trend of strong and constant strength. In the future, domestic futures companies will easily form an industry pattern in which a few large futures companies with comprehensive competitiveness and small and medium futures companies with competitive advantages in certain market segments coexist.



Table 7. Concentration of futures companies (Unit:
%
)


classification

Customer Margin Industry Proportion

Proportion of fee income industry

Proportion of net profit industries

Year 2014

2015 year

2016 year

Year 2014

2015 year

2016 year

Year 2014

2015 year

2016 year

top 10

38.75

45.14

41.54

27.07

30.54

29.21

41.30

44.09

40.85

Top 20

56.69

61.26

59.53

43.54

48.01

46.72

61.60

63.88

63.39

Top 30

67.65

71.77

69.92

55.18

59.32

59.30

74.63

75.56

76.10



Data source: China Futures Association


Affected by the market development level and regulatory environment, the domestic futures company's business model is relatively single, and it relies heavily on futures brokerage's fee income and net interest income. The fee income is highly related to the trading volume and trading volume of China's futures market, and the transaction size of the futures market directly affects the overall income and profit level of our futures companies. Due to the increasingly homogeneous competition in the futures industry in China, reducing the commission rate has become the main means of competition in the industry in recent years, and the average commission rate of the industry has been decreasing year by year.

2016
In the year, regulators strengthened the regulation and control of futures contracts, and maintained the stable operation of the futures market by adjusting contract fees, margin ratios, and limits on daily fluctuations. The commission rate for this year was significantly higher than the previous year.



Table 8. Average commission rate of futures industry (Unit:
%
)


project

year 2010

year 2011

2012

year 2013

Year 2014

2015 year

2016 year

Industry average commission rate

0.00342

0.00369

0.00361

0.00232

0.00172

0.00105

0.00334



Data source: China Futures Industry Association, China Futures Industry Development Report


In recent years, China's futures market regulatory policies have actively responded to abnormal market fluctuations and strengthened supervision and enforcement. At the same time, they have continued to maintain the market supervision transformation thinking, and have continued to promote futures products and business innovation based on controllable and standardized development . The continuous launch of innovative businesses is conducive to enriching futures companies.



The company's source of income improves the business structure; at the same time, it can also promote differentiated competition within the industry, effectively alleviate the current competition model that uses fee rates as the main means, and realize the futures company's transition from pure trading channels to derivatives financial services Business transformation provides opportunities to promote the industry's transformation to differentiated competition. The futures industry is a product-driven industry, and its growth is largely determined by the growth of futures trading varieties. With the increase of trading varieties in the market, the number and activity of trading participants will increase, and the trading volume of the entire futures market will further expand.



With the maturity of China's futures industry regulatory system and regulatory system and the formal implementation of classified supervision, the internal control system and risk prevention capabilities of China's futures companies have been significantly improved, but the futures business has become increasingly complex, and innovative businesses have been gradually introduced to futures The company's risk management and internal control capabilities have set higher and higher requirements. In addition, although China ’s futures companies ’capital scale, internal control system and risk prevention capabilities have significantly improved in recent years, compared with banks, insurance companies and securities companies , domestic futures companies’ capital funds are generally small in scale, while financial The industry is a capital-intensive industry, and the small scale of net capital makes it difficult to withstand large operating risks.



(4) Operating environment of the financial leasing industry


In recent years, China's financial leasing industry is in an explosive growth stage, and market participants and business scale have been expanding year by year. Policy support, strong corporate demand and expanding financing channels have created a favorable external environment for the development of the financial leasing industry. However, it should also be noted that, under the background of strong financial supervision and deleveraging, financial leasing companies continue to face challenges in business development and liquidity management. In the future, in the context of industry transformation, the industry's competitive landscape may further differentiate.



融资租赁行业在发达国家是与“
银行信贷”

,
"
资本市场”

并驾齐驱的三大金融工具之一,在国家经济和金融体系发展中扮演着重要的角色。我国现代租赁业始于二十世纪八十年代初,主要为进口先进设备及技术提供资金。由于行业及监管结构重整,租赁业于九十年代经历了一段停滞时期。顺应中国加入世界贸易组织的开放承诺,随着中国政府多项法律及法规政策的颁布,
204
年以来,我国融资租赁行业开始步入发展正轨,并于
209
年起进入快速发展阶段。

2015
年以来,随着国家各项扶持、鼓励融资租赁行业发展政策的出台,融资租赁行业进一步呈现爆发式增长。




图表9. 206
-
2018
年末全国融资租赁业合同余额(单位:亿元)





source:
WIND
,中国租赁联盟,联合租赁研发中心,天津滨海租赁研究院


融资租赁有融资和融物相结合的特点。根据发达国家的发展经验,融资租赁在拉动内需、推动区域和产业结构调整中具备明显的优势,在解决中小微企业融资难、促进技术进步、分摊财务成本等方面有着不可替代的作用。 Currently,
我国租赁渗透率不足
7%
,与发达国家
15%~30%
的租赁渗透率相比,仍有较大发展空间。



近年来,融资租赁行业注册公司数量呈爆发式增长。

2014
-
2018
年,各类融资租赁公司数量年均复合增长率达
39.84%
. but
2017
年以来,随着基数增长,
加之金融监管和去杠杆压力,融资租赁公司数量增速有所放缓。 As of
2018
年末,全国注册的各类租赁公司(不含单一项目融资租赁公司)共
117
家,同比增长
21.71%
,增速下降
13.8
个百分点。此外,融资租赁行业规模增速也趋于放缓。其中,新增融资租赁合同金额规模在
2015
年达到顶点后,已连续三年下降。根据中国租赁联盟的统计,
2018
年全国融资租赁行业净新增合同金额为
590
亿元,净新增合同金额下降
140
亿元。整体来看,国内融资租赁行业已结束了爆发式增长阶段,未来行业发展或趋于稳定。在金融强监管、去杠杆的背景之下,行业或将面临较大的转型压力。



从行业集中度与行业竞争程度来看,据中国联盟数据统计,截至
2018
年末全国融资租赁企业注册资金达到
32763.0
亿元人民币,同比增长
1.34%
;同期末,前十大租赁公司注册资本占比仍低于
5%
,行业集中度仍然较低,行业竞争较为激烈。



根据监管主体和监管标准的不同,我国融资租赁公司可分为三种类型:一是由中国银保监会批准,属于非银行金融机构的金融租赁公司;二是由商务部批准的外商投资融资租赁公司及内资试点融资租赁公司;三是由商务部、国家税务总局联合审批的附属于制造厂商、以产品促销为目的非金融机构内资试点租赁公司。

2
017
年以来,在金融强监管的背景之下,融资租赁行业多头监



管格局面临较大的调整。

2018
year
5
月,商务部发布《关于融资租赁公司、商业保理公司和典当行管理职责调整有关事宜的通知》(商办流通函
[2018]165
号),
将制定融资租赁公司经营和监管规则的职责划归银保监会。至此,融资租赁公司统一归口监管,
但基于监管效率和成本上的考量,除金融租赁公司继续直接由中央金融管理部门或其派出机构监管外,外商租赁公司和内资租赁公司将由地方金融监管部门实施监管。



图表10. 现阶段三类租赁公司设立门槛


category

Regulatory Authority

法律依据

注册资本要求

杠杆上限

获批难度

金融租赁

CBRC

(现银保监会)

《金融租赁公司》

1.00 亿元

12.50

Larger

内资租赁

Ministry of Commerce

(现划归银保监会)

《商务部国税总局关于从事融租赁业务有关问题的通知》

1.70 亿元

10.00

Larger

外资租赁

Ministry of Commerce

(现划归银保监会)

《外商投资租赁业管理办法》

1000 万美元

10.00

Smaller



资料来源:根据公开信息整理


由于设立门槛与监管要求存在一定差异,目前各类租赁公司发展存在一定的不均衡性。其中,金融租赁公司数量较少,且由于审批较严,增速相对较慢;
但得益于股东背景和资金优势,业务体量占比较大。内资试点租赁公司增资较为平稳,
2017
年以来,随着相关审批权限的下放,数量增幅较为明显。外商租赁公司由于设立门槛相对较低,数量占比最高,发展速度最快;但部分企业也存在无实际开展业务、违法经营等问题。 As of
2018
年末,金融租赁公司数量占比为
0.5
9%
,业务规模占
37.59%
;内资公司家数占行业
3.37%
,业务规模占
31.28%
;外资公司家数占行业
96.04%
,业务规模占
31.13%
.



图表11. 2016
-
2018
年末全国融资租赁企业家数(单位:家,
%
)


project

2016 年末

2017 年末

2018 年末

Quantity

Proportion

Quantity

Proportion

Quantity

Proportion

金融租赁

59

0.83

69

0.76

69


0.59


内资租赁

205

2.87

276

3.04

397


3.37


project

2016 年末

2017 年末

2018 年末

Quantity

Proportion

Quantity

Proportion

Quantity

Proportion

外资租赁

6872

96.30

8745

96.20

1131


96.04


total

7136

100.00

9090

100.00

117


10.0




source:
WIND
,中国租赁联盟


按股东背景及国际惯例,融资租赁公司又分为金融租赁公司、厂商系租赁公司和独立第三方租赁公司。根据融资租赁行业理论及国外的发展实践,各类租赁公司的特点及重点发展领域存在一定差异,并在各自细分市场中进行差异化竞争。然而,近年来,受国内宏观经济及金融环境的影响,国内各类背景的融资租赁公司业务差异化程度相对较低。一方面,各类融资租赁公司的业务均呈现较为明显的类信贷特征。售后回租业务在各类融资租赁公司中均占据绝对优势地位,融资租赁业务收入主要来自于息差收益,融资租赁业务的融物特性较弱。另一方面,各类融资租赁公司目标客户特征趋同。近年来,为控制业务风险、做大规模,各类融资租赁公司普遍将客户瞄准基础设施、公用事业、医



疗以及教育等与区域经济、地方财政状况密切相关的行业领域,或是其他行业中的大中型民营企业或国有企业,融资租赁在服务中小企业助推经济转型的功能没有得到充分发挥。随着行业进入稳步发展阶段,特别是在金融去杠杆、地方债务控制进一步趋严的背景之下,各类融资租赁公司在业务发展上面临较大的转型压力。



图表12. 融资租赁公司按股东背景分类


category

company situation

金融租赁公司

多具有较强的资本实力,并能依赖其股东的营销网络拓展业务,能通过母行投入资本金、同业拆借、发行金融债券和租赁项目专项贷款等多种渠道获得资金,目前是国内融资租赁行业规模最大的参与者,其业务往往集中于大型设备租赁,如飞机、船舶、电力、医疗等,单笔金额多在亿元以上。


厂商系租赁公司

受限于母公司的产品及客户,租赁标的及服务对象较为单一,产品灵活性不足,但借助制造商对设备的熟悉度及其营销和售后网络,在租赁物的回收和再出售方面有一定优势,对风险能起到一定缓冲作用。


独立第三方租赁公司

在选择客户及经营策略等方面更独立,在利用自身行业经营积累及客户资源基础上,能为客户提供更多的综合增值服务。




资料来源:根据公开信息整理


资金融通是融资租赁行业普遍关注的问题。长期以来,国内融资租赁公司的资金来源仍主要来源于银行贷款等传统融资方式。随着政策层面的放开和资本市场的成熟,融资租赁公司的融资渠道逐步多元化:
209
year
8
月,中国人民银行和银监会共同发布公告,允许合格的金融租赁公司在银行间债券市场发行金融债券;
而其他融资租赁公司纷通过公开发行股份并上市、国内发行债券、赴香港发行人民币点心债、发行资产管理计划、进行境外借款以及与信托公司合作等多种方式获取资金,支持业务高速发展。其中,
2014
年以来,随着国内债券市场的高速发展,直接融资渠道已成为融资租赁公司重要的融资方式。 according to
Wind
统计,
2015
-
2018
年国内融资租赁公司(含金融租赁公司)债券发行规模分别为
540.5
亿元、
1071.3
亿元、
2130.1
亿元和
3
246.40
亿元(其中金融租赁公司债券发行规模分别为
197
亿元、
280
亿元、
519
亿元和
9
03.0
亿元)。此外,以租赁租金为基础资产的资产证券化产品规模亦呈现井喷状态,
2015
-
2018
年,发行规模分别为
591.93
亿元、
1035.23
亿元、
793.21
亿元和
1
603.81
亿元,分别占同期企业资产证券化规模的
29.17%
,
22.13%
,
9.9%
with
8
.01%
.

整体来看,随着融资渠道的扩宽,融资租赁公司负债管理工具进一步丰富。但是,也需关注到与传统的银行贷款相比,债券、
ABS
等融资方式的可得性和成本受监管政策及金融市场波动的影响较大,在金融强监管和金融去杠杆的背景之下,融资租赁公司面临的流动性管理难度或将进一步加大。



3. 业务运营


该公司形成了金融和类金融业务与传统商贸共同发展的多元业务格局。

近年来,
在原有融资租赁及投资业务的基础之上,
公司纳入信托、期货、人寿保险等多家金融子公司,金融业务板块持续发展;商贸业务规模较易受市场环境影响,盈利贡献较弱。

未来公司将推动公司各板块的业务协同、
金融和类金融板块的创新发展以及商贸板块的整合重组。



该公司早期主要从事商业贸易,涉及进出口贸易及内贸业务;公司自
2
008



年开始从事直接投资,包括非上市公司的股权投资及上市公司的定增投资,并逐步培育、提升私募基金管理能力;公司于
2
012
年投资设立国金租赁,涉足融资租赁业务;期间公司还涉足少量房地产业务,形成了以商贸为主、类金融为辅的业务模式。

2
017
年公司完成资产重组,通过浙金信托、大地期货、中韩人寿(合营)分别经营信托、期货和人身险业务,转变为“金控
+
商贸”的发展思路,形成了金融和类金融业务与传统商贸共同发展的多元业务格局。



综合来看,近年来在原有类金融业务的基础之上,该公司纳入信托、期货、
人寿保险等多家金融子公司,金融业务板块得到有力促进;商贸业务规模较易受市场环境影响,盈利贡献较弱。目前公司经营范围涉及金融服务、国内外贸易、服装制造、
跨境电商等领域。 As of
2018
年末,公司旗下拥有
30
多家全资或控股子公司,近
20
家参股公司,业务遍及国内及海外市场。

201
6
-
201
8
年及
2019
年一季度,
公司各业务板块营业收入及营业利润情况如下表所示。



图表13. 浙江东方
收入结构情况(单位:亿元,
%
)


Operating income

2016 year

2017 year

2018 year

2019 年一季度

income

Proportion

income

Proportion

income

Proportion

income

Proportion

金融及类金融

14.45

24.76

20.93

21.33

45.21

42.18

8.30

37.04

Commodity circulation

30.88

52.90

74.90

76.34

60.77

56.70

14.04

62.62

other

13.05

22.35

2.42

2.47

1.27

1.18

0.10

0.45

抵消

-0.00

-0.01

-0.13

-0.13

-0.07

-0.06

-0.03

-0.12

total

58.37

100.00

98.11

100.00

107.18

100.00

22.42

100.00

operating profit

2016 year

2017 year

2018 year

2019 年一季度

cost

Proportion

cost

Proportion

cost

Proportion

cost

Proportion

金融及类金融

4
.7


41.96


5.82


61.34


9.85


85.46


2.93


73.32


Commodity circulation

4.01


35.30


2.56


26.9


1.17


10.13


0.68


16.94


other

2.25


19.80


0.65


6.80


0.31


2.73


0.04


0.95


抵消

0.3


2.93


0.46


4.87


0.19


1.68


0.35


8.79


total

11.37


10.0


9.49


10.0


11.53


10.0


3.9


10.0




source:
浙江东方


(1) 金融业务


该公司主要通过多家金融类子公司、合营公司等分别经营信托、期货、人身险、基金管理、直接投资、融资租赁、财富管理等金融和类金融业务。



图表14. 公司金融业务主要持股情况(
单位:亿元、
%
)


institution name

Short name

Registered capital

公司持股比例

Remark

浙商金汇信托股份有限公司

浙金信托

17.00

78.00

控股子公司

大地期货有限公司

大地期货

2.40

100.00

全资子公司

浙江国金融资租赁股份有限公司

国金租赁

0.50 亿美元

86.52

控股子公司

浙江般若理资产管理有限公司

般若理财

1.00

100.00

全资子公司

中韩人寿保险有限公司

中韩人寿

10.00

50.00

参股公司



source:
浙金东方(截至
201
9
year
3
月末)



A. 信托业务


信托业务是该公司主要利润来源之一,由浙金信托开展。浙金信托成立于
193
year
5
月,前身为金华市信托投资公司。

2017
年, 浙江东方
通过发行股份购买资产的方式获得浙金信托
56
%
股份成为其第一大股东并募集配套资金向浙金信托增资
9.5
0
亿元。

经增资扩股后,
201
8
年末,
浙金信托注册资本为
17
100 million yuan,
浙江东方 、中国际金融股份有限公司及传化集团有限公司分别持有其
78
%
,
17.5
%
with
4.5
%
股份。



浙金信托的信托业务主要包括基础设施建设信托、房地产信托、工商企业信托业务、
证券投资类信托等;固有业务主要包括存放同业、债券投资业务、
认购公司自身信托产品、
认购中国信托业保障基金等。

2018
年,
受监管强化和金融去杠杆的影响,浙金信托信托业务规模快速下降。

2
01
6
-
201
8
年末,
浙金信托管理信托资产规模分别为
4
90.68
亿元、
1
585.1
亿元和
1080.52
100 million yuan,
单体口径固有资产规模分别为
9.03
亿元、
26.67
亿元和
29.85
亿元。近年来,
得益于清算项目规模的增加,
浙金信托盈利水平有所提升。

2
016
-
2018
年浙金信托分别实现营业收入
1
.94
亿元、
5
.19
亿元和
7.41
亿元,其中信托业务净收入(手续费及佣金净收入)分别为
1
.81
亿元、
4
.62
亿元和
6.48
亿元;分别实现净利润
0
.60
亿元、
1
.52
亿元和
1.54
亿元。



信托业务方面,
浙金信托以实施“大品牌·大客户”战略为主要方针,其房地产业务向行业排名前
30
客户集中,建立了城市白名单制;政府平台业务向直辖市、江浙等经济发达地区拓展;上市公司投融资业务针对符合国家产业导向、前景良好、经营稳健、具有良好存续经营预期和抗风险能力的上市公司开展。在资产端上,浙金信托与万科、碧桂园、世茂、 天沃科技等具有行业龙头地位和品牌价值的大型集团、优质公司签订了战略合作协议。在资金端上,
浙金信托销售路径日益丰富和多元化,与招商银行总行、 建设银行总行建立了代销合作,与浙商银行总行、 华夏银行总行签订了战略合作协议并拓展了
37
家地方城商行和农商行作为辅助渠道。

综合而言,浙金信托确立了较明确的业务发展方向,拓宽销售渠道不断拓宽,
整体信托业务发展较为稳定。

2018
年,
受监管趋严及金融去杠杆的影响,
浙金信托信托业务规模降幅较大。

As of
201
8
年末,
浙金信托管理的信托规模余额为
1080.52
100 million yuan,
较上年末下降
31.83
%
,
信托资产投向以贷款和持有至到期投资为主,
占信托资产的比例分别为
41.41
%
with
30.94
%
;
按资产分布来看,
浙金信托信托资产主要分布于房地产业、实业及金融机构,
三者占信托资产的比例分别为
32.17
%
,
24.47
%
with
33.76
%
.

同年末,
浙金信托信托业务主动管理类信托业务规模为
361.29
亿元,占全部信托业务规模的
33.4
%
.



图表15. 浙金信托信托资产运用情况(单位:亿元、
%
)


资产运用

2016 年末

2017 年末

2018 年末

Amount

Proportion

Amount

Proportion

Amount

Proportion

货币资产

8.16

1.66

7.65

0.48

16.29

1.51

loan

199.91

40.74

491.29

30.99

447.49

41.41




资产运用

2016 年末

2017 年末

2018 年末



Amount

Proportion

Amount

Proportion

Amount

Proportion

以公允价值计量且其变动计入当期损益的金融资产投资

-

-

17.4

1.1

11.04

1.02

可供出售金融资产投资

49.4

10.07

88.87

5.61

63.28

5.86

持有至到期投资

192.85

39.3

766.38

48.35

334.34

30.94

长期股权投资

15.42

3.14

115.59

7.29

109.5

10.13

other

24.95

5.09

97.92

6.18

98.59

9.13

total

490.68

100

1585.11

100

1080.52

100



source:
浙金信托
2
01
6
-
201
8
annual report


从新增项目情况来看,
得益于资本实力的增强,
近年来浙金信托新增信托规模迅速扩张,
尤其是被动管理型信托业务规模。

2
018
年以来,在金融强监管、资管去通道的环境下,公司新增被动管理型信托业务剧烈收缩,
新增主动管理业务规模亦有所下降。

从清算结束项目情况看,
清算结束项目规模及报酬率亦维持稳定增长,
但被动管理型项目占比的大幅上升使得其整体信托报酬率出现一定下滑。

整体来看,
浙金信托未来仍需持续加强主动管理能力以提升整体信托业务报酬率。



图表16. 浙金信托新增项目情况(
单位:亿元)


新增项目

2016 year

2017 year

2018 year

项目数

Amount

项目数

Amount

项目数

Amount

集合类

46


140.28


113


712.34


70


254.15


单一类

42


345.24


123


961.6


56


103.54


财产管理类

1


8.08


31


546.28


3


5.18


total

89


493.60


267


220.28


129


362.87


其中:主动管理型

39


87.74


88


297.47


69


242.51


被动管理型

50


405.86


179


192.82


60


120.36




source:
浙金信托
2
01
6
-
201
8
annual report


图表17. 浙金信托年度已清算结束的信托项目情况(单位:亿元、
%
)


已清算结束

主动管理型信托项目

2016 year

2017 year

2018 year

实收

报酬率

实收

报酬率

实收

报酬率

证券投资类

-


-


-


-


-


-


股权投资类

8.5


0.82


32.01


1.30


93.20


0.72


融资类

37.94


1.74


18.58


2.3


152.75


1.8


事务管理类

61.58


0.37


-


-


-


-


已清算结束

被动管理型信托项目

2016 year

2017 year

2018 year

实收

报酬率

实收

报酬率

实收

报酬率

证券投资类

3.0


0.15


-


-


-


-


股权投资类

-


-


-


-


-


-


融资类

-


-


-


-


-


-


事务管理类

41.91


0.15


276.87


0.19


979.64


0.14


资本利润率

7.79


11.19


7.75


信托报酬率

0.83


0.36


0
.46




source:
浙金信托
2
01
6
-
201
8
annual report


注:此处报酬率为加权平均实际年化信托报酬率。




信托业务信用风险管理方面,
浙金信托针对事务管理类、房地产、地方政府融资平台、上市公司融资、股权投资、证券投资和新型业务等七类信托业务领域,制定年度《信托业务开展的指导意见》,明确各类信托业务的准入要求、
展业模式和风控措施;细化传统重点信托业务的展业要求,设有《地方政府融资平台信托业务指引》、《关于房地产信托业务开展的指导意见》、《房地产信托业务集中度控制指引》;建立资本市场信托业务警示名单,并定期更新。



其中,
在地方政府融资平台信托业务方面,
浙金信托对区域选择、
交易对手(借款人或担保人)
选择、
担保措施等方面均设置了准入要求。浙金信托原则上要求地方政府债务率(地方政府性债务余额
/
地方政府可支配财力)不超过
10%
;要求借款人或担保人为发债主体;担保人应优先选择有较好的盈利性项目、优质资产和经营性收入来源且主体评级不低于
AA
级的发债主体担保。

在房地产信托业务方面,
浙金信托亦在交易对手(借款人或担保人)的选择、
用款项目所在区域的选择、
用款项目的选择、
增信措施等方面设置了展业要求,
其原则上不与净资产规模低于
30
亿元的民营房地产开发企业开展项目合作并根据条件将交易对手划分为优先合作类、正常合作类、谨慎合作类和回避合作类;针对区域选择,建立城市白名单,
禁止进入白名单以外的城市;用款项目原则上不介入一线城市以外大量拆迁尚未完成的一二级联动项目。



浙金信托主动管理型信托项目中房地产信托占比较高。

As of
2018
年末,
浙金信托存续房地产信托
253
个,其中,事务管理类房地产信托
151
个,信托规模
715.43
亿元;主动管理类房地产信托
102
个,实收信托规模
361.75
亿元。

主动管理类房地产信托项目中,具有房地产类抵押作为风险缓释措施的信托项目实收信托规模为
203.70
亿元。根据资产风险分类情况,存续房地产信托的风险分类为正常类的房地产信托项目金额为
336.24
亿元,占比为
96.72%
,分类为关注类的金额为
3.21
亿元,占比为
0.92%
.



针对信托业务后期风险管理,
浙金信托制定了《信托项目存续期风险管理操作指引》,明确业务部门是信托项目的第一责任人、存续期风险管理的具体实施部门,负责信托项目存续期事务处理,并对项目风险变化情况进行持续的跟踪、监测,定期开展非现场监测和现场检查等工作,各个信托项目均应由业务部门指定专人,负责具体执行存续期风险管理工作。

浙金信托由运营管理部全面负责信托项目存续期风险管理的体系及制度建设,组织指导业务部门开展存续期风险管理工作,对业务部门存续期风险管理工作完成情况及完成质量进行监督检查并进行评价;协助收集交易各方内、外部相关负面信息,对发现的风险或潜在风险隐患及时提出预警;不定期组织开展各项专项检查,并根据需要参与现场检查工作。



此外,浙金信托要求对于存在风险隐患的存续项目,制订和完善风险化解预案和措施,积极化解风险隐患;按季实施固有业务和信托业务的资产风险分类,持续关注固有资产和信托资产风险状况。对于存续信托业务,浙金信托关注三个月内到期信托项目以及重点关注项目的收息分配等重要节点、运营管理状况和风险状况。浙金信托定期开展年度全面风险评估,掌握和评估公司经营



管理面临的主要风险隐患,防范各类风险。



固有业务方面,浙金信托固有业务以应收款项类金融资产投资为主,
2018
年末浙金信托贷款及应收款余额为
16.13
亿元,主要系以固有资金投资自身管理的信托项目受益权,或购买自己的信托项目的信托资产;可供出售金融资产余额为
2.46
100 million yuan,
主要系认购的中国信托业保障基金;其他类资产主要由买入返售金融资产和其他应收款组成,
其中买入返售金融资产余额为
6.49
100 million yuan,
全部为银行间债券逆回购。



图表18. 浙金信托固有资产运用情况(单位:亿元、
%
)


资产运用

2016 年末

2017 年末

2018 年末

Amount

Proportion

Amount

Proportion

Amount

Proportion

货币资产

3.19


35.27


1.19


4.4


0.53


1.78


贷款及应收款

0.18


2.01


15.72


58.95


16.13


54.04


交易性金融资产

0.60


6.61


0.59


2.2


-


-


可供出售金融资产

0.19


2.10


4.06


15.2


2.46


8.23


持有至到期投资

0.0


0.0


-


-


-


-


长期股权投资

0.0


0.0


-


-


-


-


other

4.8


54.01


5.1


19.17


10.73


35.95


total

9.03


10.0


26.67


10.0


29.85


10.0




source:
浙金信托
2
01
6
-
201
8
年度报告(母公司口径)


浙金信托自营资产信用风险资产五级分类如下表所示。

2018
年,浙金信托《浙金.汇实
9
号盾安实业应收债权投资集合资金信托计划》(以下简称“汇实
9
号”)、《浙金.金服项目集合资金信托计划》(以下简称“金服项目”)以及《浙金.汇实
13
号凯迪阳光新能源集合资金信托计划》(以下简称“汇实
13
号”)
三个项目的交易对手浙江盾安实业有限公司(以下简称“盾安实业”)、三胞集团有限公司(以下简称“三胞集团”)和凯迪阳光生物能源投资有限公司(以下简称“凯迪阳光”)出现流动性问题。 As of
2018
年末,针对上述交易对手,
浙金信托均已成立对应的债权人委员会,并积极采取措施化解相关债务风险。

2018
年,
浙金信托公司针对上述信托计划投资共计提减值损失
12
229.58
万元。

As of
2018
年末,汇实
9
号账面余额本息合计
twenty one
364.1
万元,减值准备余额为
640.92
万元;金服项目账面余额本息合计
67
663.86
万元,减值准备余额为
2
029.92
万元;汇实
13
号账面余额本息合计
31
862.47
万元,减值准备余额为
9
558.74
万元。



浙金信托次级类资产系浙江三联集团有限公司不良债权,项目到期对方未按时偿付,浙金信托已针对相关事项提起诉讼请求相关抵押物的优先受偿权。

2
018
年该笔资产债权已按照重整计划草案执行,浙金信托债权清偿金额拟为
14350.56
万元。

2018
年末浙金信托已收到浙江三联债务清偿款
1.0
亿元,剩余清偿款将于一年内清偿,该年公司需转回减值准备
4914
Ten thousand yuan,
转回后减值准备余额为
612.26
万元。







图表19. 浙金信托固有资产信用风险资产五级分类(单位:
万元、
%
)


资产运用

2016 年末

2017 年末

2018 年末

Amount

Proportion

Amount

Proportion

Amount

Proportion

正常类

57682.34


73.81


193059.34


90.41


16434.80


60.3


Attention class

-


-


-


-


97590.0


35.83


Secondary class

20472.26


26.19


20472.26


9.59


10472.26


3.84


Suspicious

-


-


-


-


-


-


Loss class

-


-


-


-


-


-


total

78154.60


10.0


213531.60


10.0


272397.06


10.0




source:
浙金信托
2
01
6
-
201
8
annual report


总体而言,浙金信托业务波动性较大。

在增资扩股完成后,
浙金信托管理信托规模及盈利能力实现了快速提升。在受监管强化和金融去杠杆的影响下,
浙金信托业务规模快速下降,尤其是信托业务以被动管理型项目为主,
2018
年浙金信托仍需在主动管理能力提升等方面加强管控,坚持信托业务本源。

同时,业务规模的扩大亦对其业务新增管理、存量管理、期间管理等多方面管理能力提出了进一步的要求。



B. 期货业务


该公司期货业务由大地期货开展。大地期货成立于
195
年,
经历多次增资、
股权转让后,
As of
2016
year
7
月末,
其注册资本为
2.40
100 million yuan,
浙江国贸和中大投资分别持有其
87
%
with
13
%
的股份。

2
017
年,
浙江东方
通过发行股份购买资产的方式取得大地期货
10%
股权,大地期货成为该公司全资子公司。

As of
201
8
年末,
大地期货经审计的合并口径资产总额为
37.24
亿元,负债总额为
29.39
亿元,所有者权益为
7.84
亿元;
2
018
年实现营业总收入
36.14
100 million yuan,
Net profit
0.
twenty three
亿元。



大地期货主营业务包括期货经纪业务、期货投资咨询和资产管理业务。此外,大地期货通过子公司浙江济海开展大宗商品期货、现货结合方面的风险管理服务业务,经营范围主要涵盖仓单服务、合作套保、基差交易、定价服务等。

近年来,大地期货营业总收入(剔除大宗商品销售)主要来源于期货经纪业务带来的交易手续费净收入和交易手续费减免返还收入以及自有资金和客户保证金带来的利息净收入,收入水平易受市场环境波动影响,整体营收稳定性尚有不足。

大地期货营业网点较少,
其总部位于浙江省杭州市。 As of
201
9
year
3
月末,
大地期货分支机构共
14
家(包括在北京、上海、山东、福建、浙江等地设有
2
家分公司及
12
家营业部)以及
1
家风险管理子公司和
1
家香港子公司。
















图表20. 大地期货营业部、客户权益和手续费收入情况


project

2016 年末

2017 年末

2018 年末

2019 年3 月末

营业部(家)

12


12


14


14


客户权益(亿元)

20.18


23.02


26.45


31.38


project

2016 year

2017 year

2018 year

2019 年一季度

手续费收入(亿元)

1.0


1.04


0.84


0.
038




资料来源: 浙江东方


大地期货以提升整体客户权益规模为目标。

2
018
年以来,
大地期货客户权益结构中小型客户拓展速度较快,
10
万元以上亦有所增加。

代理交易额分布方面,
代理交易额仍集中在
1
亿元以上,
2018
年末
1
亿元以上客户交易额占代理交易额的比重为
95.76
%
.

综合来看,
大地期货客户权益集中度和代理交易额集中度较高。



图表21. 大地期货客户权益结构和代理交易额分布情况(单位:户、
%
)


客户权益结构

2016 年末

2017 年末

2018 年末

2019 年3 月末

Number of households

期末金额占比

Number of households

期末金额占比

Number of households

期末金额占比

Number of households

期末金额占比

1000 万元以上

36

58.49

34

59.60


35

64.8


38


68.48


100-1000 万元

200

27.38

224


25.36


220


20.95


238


18.81


100 万元以下

13931

14.13

16547


15.04


18936


14.17


19304


12.71


total

14167

100.00

16805


10.0


19191


10.0


19580


10.0


代理交易额分布

Number of households

交易额

Proportion

Number of households

交易额

Proportion

Number of households

交易额

Proportion

Number of households

交易额

Proportion

100 million yuan or more

1455

97.51

159


96.52


161


95.76


276


80.10


3000 万元-1 亿元

746

1.82

971


2.5


105


3.1


358


11.50


3000 万元以下

1856

0.67

2320


0.92


264


1.12


2515


8.40


total

4057

100.00

4890


10.0


5360


10.0


3149


10.0




资料来源: 浙江东方


近年来,受证监会多项政策影响,大地期货金融期货和商品期货成交量和成交额逐年减少。

在行业整体成交量和成交额下滑的情况下,
大地期货在商品期货和金融期货的市场占有率有所提升,
2
018
年大地期货金融期货和商品期货成交量合计市场占有率和成交额合计市场占有率分别为
1.14
%
with
0.94
%
.






图表22. 大地期货期货成交量、成交金额和市场占有率情况


project

2016 year

2017 year

2018 year

2019 年一季度

成交量(亿手)

金融期货

0.08


0.09


0.07


0.03


商品期货

0.54


0.42


0.34


0.03


total

0.54


0.42


0.34


0.03


成交额(万亿元)

金融期货

0.07


0.09


0.07


0.04


商品期货

2.32


2.12


1.91


0.14


total

2.39


2.21


1.98


0.1
8


成交量市场占有率

金融期货

0.21%


0.18%


0.27%


0.26%


商品期货

0.65%


0.68%


1.15%


0.36%


total

0.65%


0.68%


1.14%


0.31%


成交额市场占有率

金融期货

0.20%


0.18%


0.26%


0.27%





project

2016 year

2017 year

2018 year

2019 年一季度

商品期货

0.65%


0.65%


1.04%


0.32%


total

0.61%


0.59%


0.94%


0.36%




资料来源: 浙江东方


注:此表数据为双边口径


大地期货经纪业务的商品期货交易额的比重高于行业平均水平,金融期货占比则偏低。近年来,受股指期货限仓政策影响,手续费率水平较低的金融期货交易额大幅降低,带动了整体经纪手续费率的回升。

一季度证券市场单边行情带动了大地期货金融期货交易量的提升,
该期公司佣金率略有下滑。



图表23. 大地期货经纪业务佣金率情况




2016 year

2017 year

2018 year

2019 年一季度

公司佣金率(万分之一)

0.205


0.19


0.512


0.2
19


行业佣金率(万分之一)

0.34


-


-


-


公司金融期货交易额占比(%)

3.1


3.95


3.48


20.6


行业金融期货交易额占比(%)

9.31


13.09


12.39


23.14




资料来源: 浙江东方


注:佣金率
=
(手续费净收入
+
交易所手续费返还收入)
/
交易额
* 10
.



除手续费收入外,自有资金和保证金利息净收入亦是大地期货重要的收入来源。

相关收入水平主要取决于保证金可存款规模、
对银行的议价能力和货币市场整体利率走势。除存入银行外,大地期货亦在保证净资本充足性的前提下使用自有资金投资部分风险较低的金融产品,以获取高于银行存款利率的投资回报。 As of
201
9
year
3
月末,大地期货合计投资规模为
4.34
亿元。其中,交易性金融资产中其他类投资主要为信托计划投资及国债逆回购
1.0
亿元。



图表24. 大地期货自有资金和期货保证金运用情况(单位:亿元)


subject

2016 年末

2017 年末

2018 年末

2019 year

3 月末

银行存款余额

13.41

17.07

17.31

16.26

其中:自有资金

0.98

0.25

0.42

0.65

Futures margin

12.43

16.82

16.88

15.61

交易性金融资产

2.79

1.01

2.44

4.34

其中:股票

0.14

-

-

-

fund

0.86

0.57

1.04

0.97

National debt

0.20

0.28

1.12

1.00

金融债

-

-

-

-

corporate debt

-

-

0.20

0.22

other

1.59

0.16

0.53

2.15

可供出售金融资产

0.54

1.34

0.69

-

其中:股权

-

0.60

-

-

信托计划

-

-

-

-

Bank wealth management

-

-

-

-

other

0.54

0.74

0.69

-

应付货币保证金

18.58

21.03

24.77

30.01

期货保证金存款/应付货币保证金(%)

93.60

80.28

66.01

50.85



资料来源: 浙江东方



2
016
年以来,
受资产管理行业的政策调整影响,大地期货资产管理业务规模持续下降。 As of
201
9
year
3
月末,大地期货资产管理部正常运行
2
支主动管理型资管产品,分别为大地丰泽一号资产管理计划和大地丰乐一号资产管理计划,产品受托资产总规模为
60
万元。



图表25. 大地期货资产管理业务发展情况


project

2016 年末

2017 年末

2018 年末

2019 year

3 月末

期末受托管理资金规模(亿元)


7.05


2.19


0.06


0.06



主动管理占比(
%
)


78.91


10.0


10.0


10.0



通道类占比(
%
)


21.09


0.0


0.0


0.0


资产管理业务收入(万元)


575.06


33.7


23.79


0.67


资产管理业务个人客户数量(户)


89


15


2


2


资产管理业务机构客户数量(户)


11


0


1


1




资料来源: 浙江东方


其他业务方面,
大地期货主要以风险管理子公司为经营主体,运用仓单服务、基差贸易、合作套保、场外衍生品业务及做市业务等试点业务,将风险管理业务与贸易仓储、物流、融资等服务相结合,为实体企业提供专业化、个性化的一揽子风险管理服务。



风险管理方面,
大地期货确立了风险管理三道防线,即各部门及分支机构实施有效自我控制为第一道防线;风险管理岗位、部门进行事前和事中实施专业的风险管理为第二道防线;审计、稽核部门实施事前审核,事中、事后监督、
评价为第三道防线。

Simultaneously,
大地期货建立自下而上的风险报告机制,各业务部门和分支机构向合规、风控部门报送风险报告;合规、风险管理部门对风控情况进行汇总、整理、分析,向分管领导、总经理、首席风险官报告。在发生重大或突发事件时,各部门及分支机构同时向各风险部门和公司领导报告,使公司内部风险信息得到及时有效地沟通,实现公司内部风险控制信息共享,为公司管理风险和制定风险控制措施提供依据。



从期货经纪业务强制平仓情况来看,
受金融期货开仓限制及商品期货保证金调整的影响,
近年来大地期货成交手数有所下降,
但受期货行情影响大地期货每天结算后出现强平客户及被采取强平客户数量仍有一定波动。综合来看,
在极端市场环境下大地期货仍面临一定的信用风险控制压力。



图表26. 大地期货强平客户情况


project

2016 年末

2017 年末

2018 年末

2019 year

3 月末

成交手数(亿手)

0.54


0.42


0.34


0.07


每天结算后出现强平客户(人次)

232


98


88


10


被采取强平处理客户(人次)

2041


1784


175


216


强平手数(手)

15084


10178


7370


636




资料来源: 浙江东方


同时,大地期货存在一定数量的保证金优惠客户。随着实际有交易的优惠客户数量逐步扩大,其信用风险管理难度也有所上升。大地期货仍需在公司业务持续扩张的同时,相应提高保证金优惠门槛,以保证风险与收益处于相对



等的水平。



图表27. 大地期货期货经纪业务客户申请优惠保证金的情况(单位:户)


project

2016 年末

2017 年末

2018 年末

2019 year

3 月末

年度申请优惠保证金客户

619


99


1371


337


实际有交易的优惠保证金客户

892


1174


1468


1618


已有优惠保证金人数

248


3098


4467


4804




资料来源: 浙江东方


总体而言,大地期货客户权益稳定增长,
但受监管和市场环境的影响,大地期货成交量和成交金额有所下降。在此情况下,大地期货手续费收入亦有所下滑。

资管业务方面,受资管新规的影响,整体发展较为缓慢。

大地期货已建立了系统的风险管理架构,但内外部环境存在的不确定性和个体信用风险迁移将持续挑战其风险管理能力。



C. 投资业务


浙江东方投资业务系以本部及全资子公司东方产融作为主要投资平台,通过行业研究挖掘项目标的,从多途径获得投资信息以及利用自身储备资源开拓投资渠道,寻找具有成长性的目标企业,在进行系统的尽职调查后,履行相应程序,以参股形式或者联合成立基金间接投资的方式,投资于企业股权。从实际操作模式来看,公司投资业务大致可分为直接股权投资、私募股权基金投资以及上市公司定增项目三类。



近年来,浙江东方投资规模保持增长,投资业务为公司贡献了较为可观的收入及盈利。

201
6
-
201
8
年末,公司可供出售金融资产余额及以公允价值计量且其变动计入当期损益的金融资产余额合计为
47.45
亿元、
73.63
亿元和
52.84
亿元,占资产总额的比重分别为
3
1.36
%
,
38.52
%
with
28.7
%
;
同期,公司分别实现投资收益
9.04
亿元、
9.16
亿元和
10.47
亿元。

201
9
year
3
月末,公司交易性金融资产余额为
43.30
100 million yuan,
2019
年一季度公司实现投资收益
0.16
亿元。

As of
201
8
年月末,公司直接股权投资项目概况如下表所示。



图表28. 浙江东方直接股权投资业务情况(单位:亿元)


Company Name

Investment time

Category

Registration

Types of

持股比例

initial

Investment

退出及

分红收益

账面价值

永安期货


209


Financial Services


Hangzhou


Go public


12.70%


4.58


0.63


15.63


Huaan Securities


20


Financial Services


Hefei


Go public


1.9%


0.81


0.58


4.12


硅谷天堂


201


Financial Services


Beijing


Go public


1.69%


0.50


0.08


0.79


Hikvision


208


Industrial manufacturing


Hangzhou


Go public


0.45%


0.03


42.96


15
.37


total

-

-

-

-

-

5.92


44.25


35.90




资料来源: 浙江东方 (截至
2018
年末)


浙江东方旗下私募股权基金投资及管理业务主要通过子公司东方产融和合营公司浙江国贸东方投资管理有限公司(以下简称“国贸东方资本”)、杭州东方嘉富资产管理有限公司(以下简称“东方嘉富”)开展,涉及
VC
,
PE
,
PIPE
和夹层基金。业务的营收来源于各支基金的管理费和超额业绩报酬,两



项收入分别取决于管理基金的规模以及专业的投研分析能力。公司依托其省属国有上市公司的背景以及近年来的经验积累,目前已具备一定的资金募集及投资能力;此外,公司还与天堂硅谷、上海高特佳等积极开展投资合作。

2018
年末及
2019
year
3
月末,公司基金管理业务存续资管规模分别为
12.
40
亿元和
123.3
9
亿元。



东方产融为浙江东方全资子公司,注册资本
1
亿元,具有中国证券投资基金业协会登记的私募基金管理人资格。东方产融的三个主要业务方向为:围绕上市公司的核心发展战略,积极有效地利用上市公司资源优势进行战略投资和财务投资;利用产融的自身平台优势和上市公司的资金优势,以
FOF
为主要发展方向,打造核心母基金群,其母基金群的产品将分为东方平台母基金、全市场母基金及基金份额转让母基金三种类型,利用母基金的特点尽可能的扩大优质资产的触及面,提高深入度;加强与公司内部金融牌照的协同,以及与全市场优秀资产管理人的合作,共同发起或设立覆盖不同行业、不同阶段、不同细分领域的各类基金或资管产品。国贸东方资本和东方嘉富两家投资管理平台公司均具有私募基金管理人资格,是浙江东方权益资产管理的重要组成。



目前浙江东方投资的基金类型涵盖
VC
,
PE
、定增、并购以及夹层基金等类型,上述基金聚焦的投资领域包括金融科技 、跨境电商、人工智能、医疗健康等创业创新领域;另外还围绕供给侧结构性改革,通过并购整合方式投资于产品及服务转型升级的传统企业。

As of
2019
year
3
月末,公司已退出
3
只私募股权投资基金,初始投资成本合计
0.38
亿元,退出及分红收益合计
0.48
亿元;
在投私募股权基金
13
只,初始投资成本合计
12.8
亿元,已取得分配收益
2.27
亿元,投资业绩较好。同期末,公司旗下私募股权基金已投资项目累计
70
个,
累计投资金额
twenty three
亿元,累计回收资金
9.1
亿元,其中
9
个项目已经实现退出,
在投项目合计
61
个,投资总额
20.91
亿元,投资回收总额
4.59
亿元;投资的企业中,
10
家实现成功上市,
1
家已
IPO
过会,
6
家实现新三板挂牌。



图表29. 浙江东方在投私募股权基金情况(单位:亿元)


Fund name

管理人


Date of establishment


fund

scale

Paid

scale

the company

Contribution

Investment areas

浙江天堂硅谷盈通创业投资有限公司

天堂硅谷

2010.06


0.31


0.31


0.07


专项股权

浙江东翰高投长三角投资合伙企业(有限合伙)

杭州东翰高投长三角

2010.09


1.21


1.21


0.20


专项股权

苏州汇源同谷股权投资合伙企业(有限合伙)

杭州汇金同谷投资管理企业

2012.09


1.01


0.76


0.07


专项股权

杭州兆富投资合伙企业(有限合伙)

东方国贸资本

2012.1


5.67


5.67


1.60


专项股权

南通高特佳汇金投资合伙企业(有限合伙)

上海高特佳

2013.05


1.64


1.64


0.20


专项股权

杭州金研睿成启汉投资管理合伙企业(有限合伙)— 贝达药业基金

杭州浙金睿成

2013.06


0.79


0.79


0.19


专项股权

上海仲益哲忱杜坤投资管理合伙企业(有限合伙)-南证大厦基金

上海仲益哲忱

2014.05


2.0


2.0


0.10


专项股权

杭州兴富投资管理合伙企业(有限合伙)

杭州东方嘉富

2016.05


5.35


5.35


2.50


专项股权

宁波东方首新股权投资合伙企业(有限合伙)

宁波东方首科

2017.03


0.31


0.31


0.15


新三板挂牌及拟挂牌企业股权

杭州驰富投资管理合伙企业(有限合伙)

杭州东方嘉富

2017.07


6.02


1.70


0.90


专项股权

诸暨甲子品字标浙江制造股权投资合伙企业(有限合伙)

东方产融

2017.12


6.0


5.03


2.50


专项股权




Fund name

管理人


Date of establishment


fund

scale

Paid

scale

the company

Contribution

Investment areas

诸暨联砺品字标浙江制造集成电路股权投资合伙企业(有限合伙)

杭州联力

2017.12


9.30


6.39


2.50


专项股权

徐州首科东方创业投资合伙企业(有限合伙)-新三板基金二期

宁波东方首科

2018.01


2.0


0.50


0.25


专项股权

total

-

-


4
1
.
6
1


3
3
.
66


1
2
.
38


-



资料来源: 浙江东方
(截至
2018
年末)


上市公司定增业务方面, 浙江东方通过投资产管理计划、私募基金等产品间接参与。

As of
2018
年末,公司在投定增类资管产品
5
个,初始投资额合计
5
.31
亿元,投资概况如下表所示,在证券市场大幅调整阶段,公司该类投资面临一定的价值波动风险。



图表30. 浙江东方在投定增项目情况(单位:亿元)


project name

管理人


公司初始投资额

Investment time


定增主体

华安理财2 号避险增利集合资产管理计划

Huaan Securities

0.05


2012.03


-

北信瑞丰—东方嘉瑞1 号

国贸东方

0.26


2016.06


龙宇燃油 、中电鑫龙、旋极信息

东方嘉富-兴瑞1 号专项私募基金

东方嘉富

2.70


2016.1


Jingu shares

东方嘉富-兴好1 号私募基金

东方嘉富

0.30


2017.07


-

东方嘉富-兴好1 号私募基金

东方嘉富

2.0


2017.02


中天能源、润新科技、上海海兰劳雷海洋科技有限公司

total

-

5.31


-


-



资料来源: 浙江东方


D. 融资租赁业务


浙江东方的融资租赁业务由国金租赁负责。国金租赁成立于
2012
年,
by
浙江东方 、浙江省五金矿产进出口有限公司、
Forever Treasure Int
'
I Investment
Limited
投资设立,初始注册资本
250
万美元,后增至
5
00
万美元。国金租赁主要从事融资租赁、经营性租赁、租赁交易咨询等业务,为医疗健康产业、
公用事业以及工业制造等行业提供融资服务。



国金租赁在成立初期主要投资于浙江省内的制造业企业,后随着中小企业
信用环境的恶化自
2
013
年开始陆续出现风险暴露,国金租赁随即调整业务方向,
以医院和教育行业为主,项目主要集中在四川、云南、湖南等地区并由各县级政府平台提供担保。

得益于近年来融资租赁行业良好的发展环境以及市场人员积累的客户资源,
国金租赁业务取得了较快的发展。

2019
年以来,为控制业务风险,公司收缩业务投放区域及行业,业务开展转以省内公用事业行业为主。

201
6
-
201
8
年及
201
9
年一季度,
国金租赁分别累计完成租赁项目投放
13
笔、
5
笔、
32
笔和
15
笔,对应租赁资金投放金额分别为
3
.91
亿元、
2.25
亿元、
18.50
亿元和
9.50
亿元。

As of
2018
年末,
国金租赁资产总额为
22.5
100 million yuan,
所有者权益为
4.37
亿元;
2
018
年实现营业总收入
1.69
亿元,净利润
0.4
2
亿元。







图表31. 国金租赁融资租赁项目投放情况(单位:笔、亿元)


project

2016 year

2017 year

2018 year

2019 year

一季度

累计完成租赁业务笔数

13

5

32

15

融资租赁款投放额

3.91

2.25

18.50

9.50



source:
浙江东方


从业务投放行业分布看,
国金租赁项目投向向医疗行业集中。

As of
2019
year
3
月末,
其应收融资租赁款余额为
36.2
亿元,资金投向主要为医疗和公用行业,占比分别为
62.57
%
with
33.93
%
.



图表32. 国金租赁应收融资租赁款行业分布情况
(
单位:亿元、
%)


industry

2016 年末

2017 年末

2018 年末

2019 年3 月末

Amount

Proportion

Amount

Proportion

Amount

Proportion

Amount

Proportion

Medical

5.12

47.44

4.20

46.69

20.05

74.77

22.66

62.57

education

3.86

35.77

3.38

37.54

0.04

0.13

-

-

公用

0.43

3.98

0.25

2.73

5.44

20.28

12.29

33.93

industry

1.38

12.80

1.17

13.04

1.29

4.82

1.27

3.51

total

10.80

100.00

9.00

100.00

26.82

100.00

36.22

100.00



source:
浙江东方


从租赁方式来看,
国金租赁业务以售后回租为主,截至
2019
year
3
月末,
其融资租赁业务全部为售后回租项目。从项目投放期限分布看,期限多为
3
-
5
年及以上,按月或按季收取租金。



从客户集中度看,
国金租赁租赁项目投放金额较小,
As of
2019
year
3
月末,
其最大五家单一客户应收融资租赁款余额合计和最大单一客户应收租融资租赁款余额分别为
4.0
亿元和
0.80
亿元,占总租赁资产余额比例分别为
12.95
%
with
2.59
%
,随融资租赁业务规模的增长客户集中度较年初有所下降。



图表33. 国金租赁前五大客户情况
(
unit:
万元、
%)


2018 年末

2019 年3 月末

承租方名称

租赁资产余额

Proportion

承租方名称

租赁资产余额

Proportion

百色市人民医院


767.76


3.31


普洱市人民医院


80
.0


2.59


兴义市人民医院


7676.41


3.31


长兴宏达水利建设发展有限公司


80
.0


2.59


嵊州市城东新城建设发展有限公司


760.37


3.27


象山县大目湾新城投资开发有限公司


80
.0


2.59


三台县人民医院


7348.38


3.17


浙江象山经济开发区城南开发建设有限公司


80
.0


2.59


蒙自县人民医院


7195.93


3.10


安吉县国有资本投资运营有限公司


80
.0


2.59


total


37498.85


16.16


total


40
.0


12.95




source:
国金租赁


资产质量方面,
As of
2
019
year
3
月末,
国金租赁应收融资租赁款本金分类为关注类的金额为
1.53
亿元,不良类为
1.06
亿。不良类资产主要为
2
015
年前投放的
5
笔风险项目。 As of
2
019
year
3
月末,公司不良应收融资租赁款最大单一客户的不良应收融资租赁款余额为
0.
55
亿元。 Company in
2013
-
2014
年投放该五笔项目,承租人为江苏、浙江和上海地区的民营工业制造业企业,其中
4
笔项



目涉及法人的连带责任担保措施。 As of
2
01
9
year
3
月末,国金租赁已通过法院裁定、担保人或土地及租赁物拍卖回收了少部分款项。



国金租赁放款资金主要来源于母公司资金支持,截至
2018
年末其他应付款余额为
15.7
100 million yuan,
其中拆借款
15.69
亿元;
长期应付款余额为
1.29
亿元。



(2) 商贸业务及其他


该公司商贸流通业务主要为两个部分:进出口贸易业务以及内贸业务。进出口贸易业务主要由公司下属各进出口子公司开展和经营,出口商品分类为针织服装,梭织服装、家用纺织品、服饰类、鞋靴类等,贸易模式主要是根据海外客户订单和国内供应商生产情况,通过接单、采购、出口、结汇、退税等环节实现服务交易,子公司自身无零售业务,无零售门店;此外,子公司还从事部分代理进出口业务,经营模式为通过收取代理费获得收益。内贸业务主要包括钢材、 有色金属 、纸浆、化工产品、食品等贸易,贸易模式主要为采购、销售;公司开展期现结合业务,所涉及的主要产品为白银、橡胶、
PTA
,经营模式为无风险套保模式。

2
018
年,浙江东方商贸业务板块各子公司及少量房地产业务项目公司经营情况如下表所示。



图表34. 浙江东方商贸业务及房地产业务各子公司经营情况(单位:万元、
%
)


company name

business

nature

registered

capital

assets

scale

持股

proportion

Net profit

Open

income

owner

rights and interests

浙江东方集团供应链管理有限公司


商贸流通


120.0


9571.84


51.0


363.52


6293.23


-
934.39


浙江东方集团泓业进出口有限公司


商贸流通


10.0


608.61


60.0


834.14


2053.05


2832.90


浙江东方集团服装服饰进出口有限公司


商贸流通


1250.0


7152.23


62.40


797.1


189.1


5142.6


浙江东方集团振业进出口有限公司


商贸流通


1638.0


720.98


61.0


680.16


14217.24


3628.45


浙江东方集团骏业进出口有限公司


商贸流通


70.0


2818.68


65.0


364.65


11863.7
3


1535.0


浙江东方集团嘉业进出口有限公司


商贸流通


120.0


5606.19


61.0


356.83


1950.87


2941.8


浙江东方集团新业进出口有限责任公司


商贸流通


1367.10


4837.78


56.25


50.1


12962.6


3213.17


浙江东方集团恒业进出口有限公司


商贸流通


10.0


2723.24


65.0


163.32


4193.1


2121.90


浙江东方集团茂业进出口有限公司


商贸流通


1360.0


3076.69


65.
00


272.71


771.0


2462.80


浙江东方集团华业进出口有限公司


商贸流通


130.0


4062.18


61.85


387.53


13708.95


2574.72


浙江东方集团盛业进出口有限公司


商贸流通


550.0


2060.50


65.0


13.21


626.97


110.63


浙江东方集团凯业进出口有限公司


商贸流通


902.0


3742.61


65.0


257.6


7951.96


1178.6


浙江东方集团建业进出口有限公司


商贸流通


50.0


3
996.24


60.0


585.49


1592.2


2078.21


浙江东方集团国际货运有限公司


商贸流通


550.0


1825.61


56.50


1313.79


6402.06


-
2803.1


杭州舒博特新材料科技有限公司


商贸流通


80.0


5487.49


10.0


801.36


108.96


1248.79


浙江国贸东方房地产有限公司


real estate


250.0


121893.79


60.0


1054.37


1028.78


-
4020.05


浙江新帝置业有限公司


real estate


30.0


21018.81


61.0


564.6


740.0


737.46




source:
浙江东方(截至
2018
年末)



management


该公司控股东为浙江国贸,实际控制人为浙江省国资委,
产权结构清晰。

公司建立了与自身业务状况相适应的法人治理结构,法人治理结构完善。



1. 产权关系与公司治理


(1) 产权关系


As of
201
9
year
3
月末,该公司控股东为浙江国贸,持股比例为
48.38%
,
实际控制人为浙江省国资委。公司产权状况详见附录一。



(2) 公司治理


该公司建立了健全的包括股东大会、董事会、监事会和管理层在内的治理结构,并制定相应的议事规则,明确决策、执行、监督等方面的职责权限,形成了科学有效的职责分工和制衡机制。在职责分配方面,公司把内部控制的各项要求融入公司管理和业务流程中,建立了完善的权责管理体系、制定了完善的授权管理文件。通过这些规定,公司构建了下属公司在一定的范围内进行自主决策,但重要事项或交易必须经过母公司管理层、董事会或股东会审批的较为全面的分级授权机制。此外,公司还建立了内部审计工作程序与机制,并通过持续开展内部审计工作,保证对内部控制和风险防范制度有效性的监督检查和报告机制。



董事会是该公司的决策机构,对公司股东大会负责,在事先充分听取公司党委意见情况下,依法自行或经过有关报批手续后决定公司的重大事项。董事会由
9
名董事组成,设董事长一名、副董事长两名、独立董事三名,董事长为公司的法定代表人。董事由股东大会选举或更换,任期三年。董事任期届满,
可连选连任。董事在任期届满以前,股东大会不能无故解除其职务。董事长和副董事长由公司董事担任,以全体董事的过半数选举产生和罢免。



该公司监事会由五名监事组成,设监事会主席一名,监事会副主席一名,
监事会主席和副主席由全体监事过半数选举产生和罢免。监事由股东代表和公司职工代表担任。公司职工代表担任的监事不得少于监事人数的三分之一。监事每届任期三年。股东担任的监事由股东大会选举或更换,职工担任的监事由公司职工民主选举产生或更换,监事连选可以连任。监事可以列席董事会议,
并对董事会决议事项提出质询或者建议。



2. 运营管理


(1) 管理架构及模式


该公司根据实际经营需要设置了董事会办公室、战略发展部、综合办公室、人力资源部、党群工作部、资产财务部、投资管理部、
监察审计部(安



全生产部)、法务风控部、信息科技部和外贸管理服务中心等
1
1
个部门。其中,战略发展部主要负责宏观环境、市场及竞争对手分析,
集团战略、集团面临的重大问题的研究制定,作为战略管理委员会的执行机构牵头负责集团整体战略规划及日常战略管理工作,集团业务协同机会的挖掘、梳理与牵头落实等工作。

资产财务部主要负责集团财务及制度建设,集团全面预算管理,集团财务核算管理,集团资金管理,担保管理,税收筹划、出口退税和税务管理,对外申报,协助年度财务报告的审计,公司固定资产的财务管理,参与集团业绩管理与经营规划,集中的会计核算、运营中心等工作。

投资管理部主要负责集团投资计划和管理,审查各子公司报送的年度投融资计划,对计划外投融资项目申请提出审查意见等工作。整体来看,公司内部组织机构设置合理,能够满足目前业务发展需要,为公司合理规范运营管理提供有力保障。公司组织结构图见附录二。



As of
2018
年末,该公司纳入合并范围的公司合并范围内的主体合计
4
9
Family,
其中包括国金租赁、
东方产融、大地期货、浙金信托等。



As of
2018
年末,除存在控制关系已纳入公司合并范围的子公司,该公司无其他重大关联交易事项。



(2) 管理制度及水平


为建立统一、规范、有效的内部控制体系,增强风险防范能力,为集团战略发展提供可靠保障,该公司建立健全了一系列的内部控制度。在投资管理方面,
为加强公司资金管理,提高资金使用效率,防范经营风险,加强公司对外投资管理,保障对外投资安全,提高对外投资收益,公司根据财政部《
内部控制基本规范》
及其配套指引、上海证券交易所有关规定等有关法律法规,制定了公司投资管理制度。

公司对外投资实行专业管理和逐级审批,
董事长对单项投资额在
30
万元以内的,且一年内累计金额在公司最近一期经审计净资产
10
%
以内的项目拥有决策权;
董事会对单项金额在公司最近一期经审计净资产
50%
以内,且一年内累计金额在公司最近一期经审计总资产
50
%
以内的事项或单笔金额在公司最近一期经审计净资产的
30
%
以内的项目行使决策权;
股东大会主要审议公司在一年内购买、出售重大资产超过公司最近一期经审计总资产
30
%
的事项。

按照投资期限的长短,公司对外投资分为短期投资和长期投资,
两类投资均严格制定了相关投资流程,并分别从资金审批、
投资备案、
资产保管等方面和投资计划制定、
项目审批和授权、
项目管理等方面对两类投资制定了相关细则。公司还通过投资管理部对投资项目进行跟踪管理,
并在投资进行收回、转让、核销等投资处置方面亦制定了相关细则。



在财务管理方面,为了加强公司内部财务管理,保障公司整体资产营运安全,完善公司的管理制度,同时为了规范公司会计确认、计量和报告行为,使公司的会计工作有章可循、有法可依,保证会计信息质量,维护股东的权益,
该公司根据《会计法》、《企业会计准则》、《会计基础工作规范》及上市公司有关法律、法规的规定,特制定《 浙江东方金融控股集团股份有限公司财务管理



制度》。



该公司人力资本仍偏向于传统产业,
金融行业专业技术人员占比相对较低。从母公司和主要子公司人员的专业构成来看,
公司技术人员占统计人数的
6.78
%
.从学历构成来看,公司硕士及以上学历人员占统计人数比例为
1
6.15
%
,
较同类金融控股公司相比,
公司金融行业专业人员占比仍相对较低。



图表35. 浙江东方母公司和主要子公司员工情况


专业构成

People

占员工总数的比例

Production staff


343


22.79%


salesperson


657


43.65%


技术人员


102


6.78%


财务人员


80


5.32%


行政人员


323


21.46%


total


1505


10.0%


学历构成

People

占员工总数的比例

Master degree and above


243


16.15%


Undergraduate


642


42.6%


College


357


23.72%


初高中


263


17.48%


total


1505


10.0%




source:
浙江东方(
As of
2018
年末)


(3) 过往债务履约及其他行为记录


根据公开市场信息、审计报告披露信息、该公司提供的
2019
year
8
month
6
日《企业基本信用信息报告》以及其他信息,公司不存在违约记录。



3. 发展战略


该公司将按照“
党建聚力、管理提质、市场引领、协同驱动”

的工作主线,
践行“
专业、诚信、协同、创新”

的企业价值观,充分发挥自身资源优势 ,进一步加强业务协同及资源共享,实施人才战略招贤纳士,构建完善的金融业务布局,围绕核心业务形成特色竞争力和市场影响力,以“
为客户创造财富,为股东提升价值,为员工谋求发展”

为使命,致力打造以“
大资管”

为核心,最具特色的国有上市金融控股集团。



Finance


该公司负债主要为经营性负债,刚性债务规模较小,
负债经营程度处于合理水平。目前公司可动用的货币资金仍较充裕,且持有一定规模的上市公司股权,能够对债务的偿还形成较好保障。

公司金融及投资板块稳定发展,传统商贸板块处于转型升级阶段。得益于投资项目退出积累,公司投资收益较为稳定,
但受金融市场环境变化影响,公司权益类投资工具市值仍具有一定不确定性。




公司期货、
融资租赁等业务盈利能力有待进一步体现,盈利结构仍有较大优化空间。



大华会计师事务所对该公司
2016
-
201
8
年的财务报表进行了审计,并出具了标准无保留意见的审计报告。公司执行企业会计准则及其他相关规定。



(1) 债务分析


A. 债务结构


201
6
-
201
8
年末及
201
9
year
3
月末,该公司所有者权益分别为
81.85
亿元、
107.19
亿元、
98.19
亿元和
10
3.73
亿元。从净资产构成看,公司所有者权益以未分配利润和资本公积为主,
2019
year
3
月末占比分别为
56.14
%
with
18.64
%
.



该公司负债规模处于合理水平,
2016
-
201
8
年末及
201
9
year
3
月末,合并口径负债总额分别为
69.46
亿元、
83.95
亿元、
85
.43
亿元和
95.63
亿元;同期末资产负债率分别为
4
5.91
%
,
4
3.92
%
,
4
6.53
%
with
4
7.97
%
.



从负债结构看,
该公司流动负债占比较高,
201
6
-
201
8
年末及
201
9
year
3
月末,公司流动负债占负债总额的比例分别为
84.71%
,
86.10%
,
87.05
%
with
8
1.29
%
.

公司流动负债以经营性负债为主,
构成中短期借款和其他流动负债占比较高。

公司其他流动负债主要为期货公司应付货币保证金、
应付质押保证金和期货风险准备金。



非流动负债方面,
2016
-
2018
年末及
2019
year
3
月末,该公司非流动负债余额分别为
10.
62
亿元、
11.67
亿元、
11.07
亿元和
17.
89
100 million yuan,
非流动负债占负债总额的比例分别为
15.29
%
,
13.90
%
,
12.95
%
with
18.71
%
.

公司非流动负债主要为长期借款和递延所得税负债。

2016
-
201
8
年末及
201
9
year
3
月末递延所得税负债余额分别占非流动负债的比例分别为
76.92%
,
82.47%
,
43.26
%
with
33.29
%
;
2018
年末及
2019
year
3
月末,公司长期借款余额分别为
3.98
亿元和
4.68
100 million yuan,
占非流动负债分别为
35.95
%
with
26.15
%
.



图表36. 浙江东方负债结构(单位:
%
)


project

2016 年末

2017 年末

2018 年末

2019 year

3 月末

刚性债务占比

24.28


1
8.2


26
.
82


twenty three
.
twenty one


其中:短期借款

16.68


13.70


18.05


16.31


应付票据及应付账款

6.78


4.40


4.04


1.92


应付利息

0.04


0.04


0.05


0.08


一年内到期的长期借款

0.68


0.08


0.02


0.01


长期借款

0.10


0.0


4.6


4.
89


其他应付款占比

19.
31


3.
42


4.60


2.75


其他流动负债占比

29.23


27.16


29.3


33.13


流动负债合计占比

84.71


86.10


87.05


81.29




资料来源:浙江东方


整体来看,该公司杠杆水平处于合理水平,负债主要为经营性负债,刚性债务规模较小。




B. 或有负债


根据该公司
2018
年度审计报告披露信息,
该年末公司或有负债主要为公司控股子公司浙江新帝置业有限公司与杭州住房公积金管理中心和有关按揭贷款银行签署的协议,浙江新帝置业有限公司为部分购房者办妥相关房产抵押手续前的按揭贷款提供连带责任保证;控股子公司东方浩业公司
2018
年末已资不抵债,无证据表明东方浩业公司能够有效改善公司的财务和经营状况。

As of
2018
年末,公司本级对东方浩业公司拆出资金余额为
2062.56
Ten thousand yuan,
公司有较大可能承担原应由少数股东承担超额亏损的额外义务,公司已计提预计负债
1081.70
万元。



(2) 现金流分析


2016
-
201
8
年及
201
9
年一季度,该公司经营活动产生的现金流量净额分别为
0.87
亿元、
8.41
亿元、
-
11.15
亿元和
-
2.12
亿元。

2018
年以来公司经营活动产生的现金流量净额呈净流出状态,主要系子公司融资租赁业务项目投放增加所致。



201
6
-
201
8
年及
201
9
年一季度,该公司投资活动产生的现金流量净额分别为
1.80
亿元、
-
27
.27
亿元、
1.95
亿元和
0.
62
100 million yuan,
201
8
年投资活动产生的现金流量净额较上期增加
107.14%
,主要系公司本期投资支付的现金减少所致。

同期,
公司筹资活动产生的现金流量净额分别为
-
0.56
亿元、
21.06
亿元、
6.03
亿元和
5.37
100 million yuan,
2018
年筹资活动产生的现金流量净额较上期减少
71.39%
,
主要系公司纳入合并范围的结构化主体收到其他投资者的投资款减少所致。



201
6
-
201
8
年,该公司
EBITDA
分别为
11.73
亿元、
1
1.24
亿元和
11.
41
100 million yuan,
201
8
年公司
EBITDA
对利息支出的保障倍数为
16.
34
Times.



图表37. 该公司
EBITDA
和经营性净现金流对债务的覆盖情况


Indicator name


2016
year


2017
year


2018
year


EBITDA/
利息支出
(
Times
)


19.1


17.2


16.34


EBITDA/
刚性债务
(
Times
)


0.89


0.60


0.49


非筹资性现金净流入量与流动负债比率
(%)


5.14


-
28.7


-
12.5


非筹资性现金净流入量与负债总额比率
(%)


4.27


-
24.59


-
10.87




source:
浙江东方


(3) 资产质量分析


随着各项业务的持续发展,该公司资产规模逐年增长,
201
6
-
201
8
年末及
201
9
year
3
月末,公司合并口径资产总额分别为
151.31
亿元、
191.15
亿元、
183.
63
亿元和
19.36
亿元。公司非流动资产占比相对较高,
2018
年末及
201
9
year
3
月末非流动资产占总资产的比分别为
57.60
%
with
45.7
%
;
2
01
9
year
3
月末公司流动比率和速动比率分别为
1.39
with
1.25
,资产流动性指标表现较好。



2016
-
201
8
年末及
201
9
year
3
月末,该公司流动资产分别为
79.9
亿元、
78.84
亿元、
77.86
亿元和
108.10
亿元。公司流动资产主要由货币资金、
交易性金融



资产和其他流动资产构成,
2019
year
3
月末分别占流动资产的
28.15
%
,
40.06
%
with
16.42
%
.其中,货币资金余额为
30.
43
亿元,主要为银行存款和其他货币资金,其他货币资金主要系期货保证金存款
15.
59
亿元;
交易性金融资产余额为
43.30
100 million yuan,
主要系公司投资业务所投股权、
资管计划及基金等;
其他流动资产余额为
17.75
亿元,主要为应收货币保证金和信托产品,
其中应收货币保证金
16.4
7
亿元。



2016
-
201
8
年末及
201
9
year
3
月末,该公司非流动资产分别
71.32
亿元、
112.30
亿元、
105.7
亿元和
91.25
亿元,主要由长期应收款、
长期股权投资、
其他权益工具投资和其他非流动金融资产构成。

201
9
year
3
月末上述科目余额分别为
29.41
亿元、
19.2
亿元、
13.43
亿元和
17.
28
亿元,占非流动资产的比重分别为
32.2
%
,
21.06
%
,
14.72
%
with
1
8.93
%
.

其中,
可供出售金融资产主要系公司投资业务所投股权、
资管计划及基金等。

公司长期股权投资主要系对合营企业中韩人寿及联营企业的投资。

其他权益工具投资主要是持有的永安期货的股份。其他非流动金融资产主要系持有的
Huaan Securities
及广发银行的股份以及部分信托产品。



(4) 盈利分析


该公司盈利主要来源于金融及类金融板块,
其中信托业务和直投业务利润贡献占比较高,其他利润主要为期货业务、融资租赁业务及财富管理业务。



近年来,随大地期货风险管理子公司期现交易业务规模的增长、
国金租赁投放规模的扩大,该公司营业收入稳定增长。

201
6
-
201
8
年及
201
9
年一季度,
该公司分别实现营业总收入
58.37
亿元、
98.1
亿元、
107.18
with
22.42
亿元。



从收入结构来看,
201
8
年营业收入中大地期货和该公司商贸流通及其他业务贡献占比较大,
两者营业收入分别为
36.14
亿元和
23.42
亿元,分别占当期营业收入的比例为
3
3.72
%
with
21.85
%
.

按分部板块划分看,公司营业收入主要来源于金融及类金融和商品流通板块,
2018
年两者营业收入贡献占比分别为
42.18
%
with
56.70
%
.



除业务形成的收入外,该公司直接投资形成的投资收益是公司收入的有力补充。

2
016
-
2018
年,
公司投资收益分别为
9.04
亿元、
9.16
亿元、
10.47
亿元。

投资收益主要为处置以公允价值计量且其变动计入当期损益的金融资产取得的投资收益和处置可供出售金融资产取得的投资收益,
2
018
年上述投资收益分别为
1.7
亿元和
5.37
100 million yuan,
占投资收益总额比重为
16.8
8
%
with
51.31
%
.公司处置可供出售金融资产取得的投资收益主要为出售
海康威视股票取得的投资收益,
2016
-
2018
年公司处置海康威视股票分别取得投资收益
6.59
亿元、
4.16
亿元和
5.37
亿元。

In addition,
2018
年公司的投资收益来源还包括银行理财产品收益及信托产品收益,
两者分别贡献投资收益
0.21
亿元和
1.
12
亿元。



近年来,
随业务规模扩大,
该公司营业总成本逐年增长。

2
016
-
2018
年及
2
019
年一季度,
公司营业总成本分别为
57.30
亿元、
97.94
亿元、
107.4
100 million yuan



with
20.76
亿元。从成本构成情况看,
公司营业总成本主要由各板块营业成本、
期间费用构成和资产减值损失构成。

其中各期营业成本占营业总成本的比例分别为
81.97
%
,
89.8
%
,
88.75
%
with
88.18
%
,
主要系商品销售成本。

同期,公司期间费用规模保持稳定。资产减值损失主要为可供出售金融资产减值损失。



近年来,
得益于较好的投资收益,
该公司营业利润及净利润维持稳定,
2
016
-
2018
年及
2
019
年一季度,
公司营业利润分别为
10.50
亿元、
10.2
亿元、
10.24
亿元和
6.35
亿元;净利润分别为
7.94
亿元、
7.42
亿元、
7.79
亿元和
4.7
亿元。同期,
公司营业利润率分别为
19.1
%
,
11.13
%
,
10.35
%
with
32.34
%
;
净利润率分别为
14.45
%
,
8.07
%
,
7.87
%
with
24.31
%
.总体来看,公司目前各类业务开展情况较好,
投资收益亦对公司盈利形成了一定补充。

但公司金融和类金融板块的业务收入和投资收益易受市场风险和宏观经济影响,盈利稳定性偏弱。



外部支持


作为浙江省属唯一的国有上市金控平台,该公司可在资金、
业务协同及政策等方面持续得到浙江省政府的大力支持。

2017
年,
公司以发行股份方式成功获取浙江国贸其持有的浙金信托公司
56%
股份、大地期货公司
87%
股权及中韩人寿
50%
股权。浙江国贸为公司控股股东,实际控制人为浙江省国资委。



该公司控股东浙江国贸集团成立于
208
年,是浙江省政府投资设立的国有独资公司,并由浙江省国资委代行出资人职能,实际控制人为浙江省国资委。浙江国贸集团经营范围涉及商贸流通、金融服务和医药健康三大产业,拥有该公司和浙江英特集团股份有限公司( 英特集团
0041.SZ
)两家上市公司。 As of
201
8
年末,浙江国贸集团资产总额
88.10
亿元,所有者权益合计
253.61
亿元(其中少数股东权益
117.06
亿元);
201
8
年,公司实现营业收入
583.89
亿元,利润总额
24.12
亿元。



本次债券偿付保障分析


(一)持续的盈利积累


该公司业务发展较为稳定,
2016
-
2018
年分别实现净利润
7.94
亿元、
7.
42
亿元和
7.
79
亿元。近年来公司均保持盈利,持续的收入和盈利能力能为其偿还债券本息提供保障。



(二)融资渠道畅通


该公司拥有畅通的资本市场融资渠道,可根据实际情况综合运用发行债券、定向增发等多种融资方式,融入资金用于补足偿债资金缺口,保障债券本



息兑付。



(三)股东支持


作为浙江省属唯一的国有上市金控平台,该公司可在资金、
业务协同及政策等方面持续得到浙江省政府的大力支持。



in conclusion


该公司形成了金融和类金融业务与传统商贸共同发展的多元业务格局。近年来,在原有融资租赁及投资业务的基础之上,公司成功纳入信托、期货、人寿保险等多家金融子公司,金融业务板块持续发展;受国内外经济局势影响,
商贸板块收入和利润未有增长,公司将加快推进传统商贸的转型升级。 Currently,
公司的经营范围涉及金融投资、国内外贸易、服装制造、跨境电商等领域,旗下拥有
30
多家全资或控股子公司,近
20
家参股公司,业务遍及国内及海外市场。



该公司金融及投资板块稳定发展,传统商贸板块处于转型升级阶段。得益于投资项目退出积累,公司投资收益较为稳定,但受金融市场环境变化影响,
公司权益类投资工具市值仍具有一定不确定性。公司期货、融资租赁等业务盈利能力有待进一步体现,盈利结构仍有较大优化空间。公司负债主要为经营性负债,刚性债务规模较小,负债经营程度处于合理水平。目前公司可动用的货币资金仍较充裕,且持有一定规模的上市公司股权,能够对债务的偿还形成较好保障。
















































跟踪评级安排


根据相关主管部门的监管要求和本评级机构的业务操作规范,在本次
公司债存续期(本次
公司债发行日至到期兑付日止)内,本评级机构将对其进行跟踪评级。



定期跟踪评级报告每年出具一次,跟踪评级结果和报告于发行人年度报告披露后
2
个月内出具,且不晚于每一会计年度结束之日起
6
个月内。定期跟踪评级报告是本评级机构在发行人所提供的跟踪评级资料的基础上做出的评级判断。



在发生可能影响发行人信用质量的重大事项时,本评级机构将启动不定期跟踪评级程序,发行人应根据已作出的书面承诺及时告知本评级机构相应事项并提供相应资料。



本评级机构的跟踪评级报告和评级结果将对发行人、监管部门及监管部门要求的披露对象进行披露。



在持续跟踪评级报告出具
5
个工作日内,本评级机构将把跟踪评级报告发送至发行人,并同时发送至交易所网站公告,且交易所网站公告披露时间将不晚于在其他交易场所、媒体或者其他场合公开披露的时间。



如发行人不能及时提供跟踪评级所需资料,本评级机构将根据相关主管部门监管的要求和本评级机构的业务操作规范,采取公告延迟披露跟踪评级报告,或暂停评级、终止评级等评级行动。







附录一:


公司股权结构图



Shareholding structure





source:
浙江东方(截至
2018
年末)


























































































Appendix II:


Company organization chart





source:
浙江东方(
As of
201
9
year
3
月末)



附录三:


主要财务数据及指标表


主要财务数据与指标
[
合并口径
]


2016
year


2017
year


201
8
year


2
01
9
year


一季度


资产总额[亿元
]


151.31


191.15


183.63


19.36


货币资金[亿元
]


27.30


29.51


26.62


30.43


刚性债务
[
100 million yuan
]


1
3.24


11.8


21.5


22.35


所有者权益
[
100 million yuan
]


81.85


107.19


98.19


103.73


Total operating income
[
100 million yuan
]


58.37


98.1


107.18


22.42


Net profit
[
100 million yuan
]


7.94


7.42


7.79


4.7


EBITDA[
100 million yuan
]


11.
73


11.2
4


11.
41


-


Assets and liabilities
[%]


45.91


43.92


46.53


47.97


长期资本固定化比率
[%]


77.14


94.48


96.80


75.03


权益资本与刚性债务比率
[%]


618.18


902.1


45.67


464.13


Current ratio
[%]


135.92


109.08


104.69


139.06


速动比率[
%]


96.19


91.36


86.94


124.23


现金比率
[%]


52.93


53.09


41.41


94.85


有形净值债务率
[%]


90.68


82.26


91.78


9
6.9


营运资金与非流动负债比率
[%]


19.09


56.2


31.5


169.71


应收账款周转速度
[
Times
]


9.68


27.56


37.14


9.73


存货周转速度
[
Times
]


1.89


4.86


7.3


1.53


固定资产周转速度
[
Times
]



21.34



86.96


99.42


18.18


总资产周转速度
[
Times
]



0.4



0.57



0.57



0.12


Gross profit margin
[%]


19.54


10.
28


11.03


18.34


营业利润率
[%]


19.
47


9.67


10.
76


32.34


总资产报酬率
[%]


8.50


6.36


5.85


3.31


Roe
[%]


11.37


7.85


7.59


4.73


Roe
*[%]


11.6


8.23


7.31


4.54


营业收入现金率
[%]


107.31


119.38


114.91


119.70


EBITDA/
利息支出
[
Times
]


19.
11


17.
twenty two


16.
34


-


EBITDA/
刚性债务
[
Times
]


0.
85


0.
89


0.50


-




Note
1
:表中数据依据
浙江东方
经审计的
201
6
-
201
8
年度审计报告及
201
9
年一季度未经审计的财务报告整理、
计算;


Note
2
:表中
201
6
年数据为
2017
年追溯数。







附录四:


各项财务指标的计算公式


Indicator name


计算公式


Assets and liabilities
(%)


期末负债合计
/
期末资产总计×10%


长期资本固定化比率
(%)


期末非流动资产合计
/(
期末负债及所有者权益总计-期末流动负债合计
)×10%


权益资本与刚性债务比率
(%)


期末所有者权益合计
/
期末刚性债务余额×10%


Current ratio
(%)


期末流动资产合计
/
期末流动负债合计×
10%


Quick ratio
(%)


(
期末流动资产合计-期末存货余额-期末预付账款余额-期末待摊费用余额
)/
期末流动负债合计
)×10%


现金比率
(%)


[
期末货币资金余额
+
期末交易性金融资产余额
+
期末应收银行承兑汇票余额
]/
期末流动负债合计×10%


有形净值债务率
(%)


期末负债合计
/(
期末所有者权益合计
-
期末无形资产余额
-
期末商誉余额
-
期末长期待摊费用余额
-
期末待摊费用余额
)×10%


营运资金与非流动负债比率
(%)


(
期末流动资产合计-期末流动负债合计
)/
期末非流动负债合计×10%


担保比率
(%)


期末未清担保余额
/
期末所有者权益合计×10%


应收账款周转速度
(
Times
)


报告期营业收入
/[(
期初应收账款余额
+
期末应收账款余额
)/2]


存货周转速度
(
Times
)


报告期营业成本
/[(
期初存货余额
+
期末存货余额
)/2]


固定资产周转速度
(
Times
)


报告期营业收入
/[(
期初固定资产余额
+
期末固定资产余额
)/2]


总资产周转速度
(
Times
)


报告期营业收入
/[(
期初资产总计
+
期末资产总计
)/2]


Gross profit margin
(%)


1
-报告期营业成本
/
报告期营业收入×10%


营业利润率
(%)


报告期营业利润
/
报告期营业收入×10%


总资产报酬率
(%)



(
报告期利润总额
+
报告期列入财务费用的利息支出
)/[(
期初资产总计
+
期末资产总计
)/2]×10%


Roe
(%)


报告期净利润
/[(
期初所有者权益合计
+
期末所有者权益合计
)/2]×10%


Roe
*(%)


报告期归属于母公司所有者的净利润
/[(
期初归属母公司所有者权益合计
+
期末归属母公司所有者权益合计
)/2]×10%


营业收入现金率
(%)


报告期销售商品、提供劳务收到的现金
/
报告期营业收入×10%


经营性现金净流入量与流动负债比率
(%)


报告期经营活动产生的现金流量净额
/[(
期初流动负债合计
+
期末流动负债合计
)/2]×10%


经营性现金净流入量与负债总额比率
(%)


报告期经营活动产生的现金流量净额
/[(
期初负债总额
+
期末负债总额
)/2]×10%


非筹资性现金净流入量与流动负债比率
(%)


(
报告期经营活动产生的现金流量净额
+
报告期投资活动产生的现金流量净额
)/[(
期初流动负债合计
+
期末流动负债合计
)/2]×10%


非筹资性现金净流入量与负债总额比率
(%)


(
报告期经营活动产生的现金流量净额
+
报告期投资活动产生的现金流量净额
)/[(
期初负债合计
+
期末负债合计
)/2]×10%


EBITDA/
利息支出
[
Times
]


Reporting period
EBITDA/
(报告期列入财务费用的利息支出
+
报告期资本化利息)


EBITDA/
刚性债务
[
Times
]


EBITDA/[
(期初刚性债务余额
+
期末刚性债务余额)
/2]




上述指标计算以公司合并财务报表数据为准;


刚性债务
=
短期借款
+
应付票据
+
一年内到期的长期借款
+
应付短期融资券
+
应付利息
+
长期借款
+
应付债券
+
其他具期债务;


EBITDA=
The total profit
+
列入财务费用的利息支出
+
Depreciation of fixed assets
+
无形资产及其他资产摊销。






附录五:


评级结果释义


本评级机构主体信用等级划分及释义如下:


grade


meaning


投资级


AA
level


发行人偿还债务的能力极强,基本不受不利经济环境的影响,违约风险极低


AA
level


发行人偿还债务的能力很强,受不利经济环境的影响不大,违约风险很低


A
level


发行人偿还债务能力较强,较易受不利经济环境的影响,违约风险较低


BB
level


发行人偿还债务能力一般,受不利经济环境影响较大,违约风险一般


投机级


BB
level


发行人偿还债务能力较弱,受不利经济环境影响很大,违约风险较高


B
level


发行人偿还债务的能力较大地依赖于良好的经济环境,违约风险很高


CC
level


发行人偿还债务的能力极度依赖于良好的经济环境,违约风险极高


CC
level


发行人在破产或重组时可获得保护较小,基本不能保证偿还债务


C
level


发行人不能偿还债务




注:除
AA
级、
CC
级(含)以下等级外,每一个信用等级可用“+”

,
"
-
"

符号进行微调,表示略高或略低于本等级。






本评级机构中长期债券信用等级划分及释义如下:


grade


meaning


投资级


AA
level


债券的偿付安全性极强,基本不受不利经济环境的影响,违约风险极低。



AA
level


债券的偿付安全性很强,受不利经济环境的影响不大,违约风险很低。



A
level


债券的偿付安全性较强,较易受不利经济环境的影响,违约风险较低。



BB
level


债券的偿付安全性一般,受不利经济环境影响较大,违约风险一般。



投机级


BB
level


债券的偿付安全性较弱,受不利经济环境影响很大,有较高违约风险。



B
level


债券的偿付安全性较大地依赖于良好的经济环境,违约风险很高。



CC
level


债券的偿付安全性极度依赖于良好的经济环境,违约风险极高。



CC
level


在破产或重组时可获得保护较小,基本不能保证偿还债券本息。



C
level


不能偿还债券本息。





注:除
AA
级、
CC
级(含)以下等级外,每一个信用等级可用“+”

,
"
-
"

符号进行微调,表示略高或略低于本等级。

















































































评级声明


除因本次评级事项使本评级机构与评级对象构成委托关系外,本评级机构、评级人员与评级对象不存在任何影响评级行为独立、客观、公正的关联关系。



本评级机构与评级人员履行了尽职调查和诚信义务,有充分理由保证所出具的评级报告遵循了真实、客观、
公正的原则。



本信用评级报告的评级结论是本评级机构依据合理的内部信用评级标准和程序做出的独立判断,未因评级对象和其他任何组织或个人的不当影响改变评级意见。



本评级机构的信用评级和其后的跟踪评级均依据评级对象所提供的资料,评级对象对其提供资料的合法性、
真实性、完整性、正确性负责。



本信用评级报告用于相关决策参考,并非是某种决策的结论、建议。



本次评级的信用等级在本次债券存续期内有效。本次债券存续期内,新世纪评级将根据《跟踪评级安排》,
定期或不定期对评级对象实施跟踪评级并形成结论,决定维持、变更、暂停或中止评级对象信用等级。



本评级报告所涉及的有关内容及数字分析均属敏感性商业资料,其版权归本评级机构所有,未经授权不得修改、复制、转载、散发、
出售或以任何方式外传。



本次评级所依据的评级技术文件


. 《新世纪评级方法总论》(发布于
2014
year
6
月)


上述评级技术文件可于新世纪评级官方网站查阅。












Zhongcai
Headlines
pop up description layer