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20 Jiantou 01: China Construction Bank Investment Co., Ltd. Public Offering of Corporate Bonds (First Phase) Credit Rating Report for 2020

Time: January 9, 2020 23:02:09 Zhongcai
Original Title: 20 Jiantou 01 : China Construction Bank Investment Co., Ltd. Public Issuance of Corporate Bonds (First Phase) Credit Rating Report in 2020














China Construction Bank Investment Co., Ltd.


20
20
Public Offering of Corporate Bonds (1st Issue)


Credit Rating Report






































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

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





































































































China Construction Bank Investment Co., Ltd.
20
20
Public Offering of Corporate Bonds (1st Issue)


Credit Rating Report


Overview


Issuer profile


China Construction Bank Investment Co., Ltd. (hereinafter referred to as "China Construction Investment")
2004
year
9
Established with the approval of the State Council on a monthly basis. At the beginning of the establishment, the main task was to receive, manage and dispose of the assets and business of the former China Construction Bank non-commercial bank.

Company registered capital
206.92
100 million yuan, the sole shareholder is Central Huijin Investment Co., Ltd. (hereinafter referred to as "Central Huijin"),
Managed by China Investment Corporation (hereinafter referred to as "China Investment Corporation"),
Under the supervision of the Ministry of Finance of the People's Republic of China.

2005
Years to
2008
year,
The company participated in the comprehensive governance of domestic securities companies and completed
Restructuring capital injection of securities companies and equity acquisitions of other financial enterprises.

2008
year
9
In January, the State Council approved the company to adjust its business direction as an important investment company under CIC. After years of development, the company has now become a comprehensive investment group covering investment, finance, and industrial operations.



As of
201
8
At the end of the year, the total audited consolidated assets of China Construction Investment were
1600.12
100 million yuan, shareholders' equity is
811.87
100 million yuan; realized operating income for the year
105.95
100 million yuan, operating profit
52.69
100 million yuan, net profit
46.88
100 million yuan.



As of
201
9
year
9
At the end of the month, the total unaudited combined assets of China Construction Investment Corporation were:
1711.
39
100 million yuan, shareholders' equity is
873.70
100 million yuan; current operating income
100.37
100 million yuan, operating profit
61.89
100 million yuan, net profit
52.61
100 million yuan.



2. Debt Overview


(1) Bond terms


2018
year
12
month
7
With the permission of the China Securities Regulatory Commission
[2018] 2026
Document approval,
China Construction Investment approved for public offering to qualified investors
80
100 million yuan (including
80
Billion yuan)
Corporate bonds .

The company has been
2019
year
4
month
2
Daily release
20
Billion
19
CCB
01
"

,
to
2019
year
7
month
twenty three
Daily release
25
Billion
19
CCB
03
"with
5
Billion
19
CCB
04
"

,to
2019
year
9
month
19
Daily release
25
Billion
19
CCB
05
"with
5
Billion
19
CCB
06
"

;
The proposed issuance of bonds does not exceed RMB
1
0
100 million yuan (including
10
Billion yuan)
For a period of
3
annual.



Figure 1. Overview of the current bond issue


Bond name:

China Construction Bank Investment Co., Ltd. Publicly Issues Corporate Bonds in 2020 (First Phase)

Total issue size:

No more than RMB 8 billion (including RMB 8 billion)

Current issue scale:

Not more than RMB 1 billion (including RMB 1 billion)

Bond maturity:

3-year term

Bond interest rate:

Fixed interest rate




Pricing:

Issuance at face value

Repayment method:

The single interest is used to calculate the annual interest, without compound interest. Interest is paid once a year and the principal is repaid once due. The last period of interest is paid along with the redemption of the principal

Upgrade arrangements:

no



Source: China Construction Investment

As of the date of the issuance of this rating report, China Construction Investment Corporation's consolidated caliber surviving bonds are summarized in the following table. The company is able to repay principal and interest on time for issued bonds without delay in payment of principal and interest.



Table 2. Overview of China Construction Investment's surviving bonds (Unit: 100 million yuan, year)


Bond / debt financing instrument name

Total issued

Coupon rate

Value date

Bond maturity

15 China Construction Investment Bonds 01

10

5.10

2015/1/21

5

15 China Construction Investment Bonds 02

20

4.46

2015/7/23

5

17 China Construction Investment Corporation MTN001

4

4.80

2017/7/24

3

17China Construction Investment & Leasing ABN001 Priority B

1.50

6.20

2017/8/10

3.79

17China Construction Investment & Leasing ABN001 Priority A

8.30

5.55

2017/8/10

2.79

17 building rent 01

10

5.48

2017/9/22

3

Letter from CCB 3.50% B2027

4 (USD)

3.50

2017/11/24

10

Letter from CCB 3.00% B2022

5 USD)

3.00

2017/11/24

5

Letter from CCB 0.50%

5 (Euro)

0.50

2017/11/24

3

18 building rent 01

9.60

6.79

2/9/2018

2

18 building lease 02

5

6.44

3/20/2018

2

18 building rent 04

5

6.40

2018/4/11

3

18 building rent 03

11

6.00

2018/4/11

2

18 building rent 05

4.40

6.76

2018/4/27

3

18 China Construction Investment Leasing PPN001

5

6.38

5/17/2018

3

18 China Construction Investment Leasing PPN002

5

5.80

2018/8/31

2

XINGSHENGB2109

5 USD)

4.50

2018/9/20

3

18 China Construction Investment Leasing PPN003

5

5.80

2018/9/20

2

19 building lease 01

5

5.50

2/22/2019

3

19 China Construction Investment & Rent ABN002 Priority A

10.07

4.45

3/26/2019

1.34

19 China Construction Investment & Rent ABN002 Priority B

0.56

5.80

3/26/2019

1.34

19 China Construction Investment Leasing PPN001

5

5.20

3/28/2019

3

19 Jianyin 01

20

3.87

4/4/2019

3

19China Construction Investment & Leasing ABN001 Priority A

8.19

4.37

2019/4/3

1.48

19China Construction Investment & Leasing ABN001 Priority B

0.3

6.00

2019/4/3

1.73

19 China Construction Investment Corporation rents SCP001

6

3.92

6/11/2019

0.57

19 China Construction Investment Corporation MTN001

10

4.74

2019/7/10

3

XINGSHENG B2022

5 USD)

3.375

7/25/2019

3

19 Jianyin 03

25

3.68

7/25/2019

3

19 Jianyin 04

5

3.98

7/25/2019

5

19 Jianyin 05

15

3.55

2019/9/19

3

19 Jianyin 06

5

3.95

2019/9/19

5



Source: China Construction Investment

(2) Use of raised funds


The funds raised by China Construction Investment Corp.'s current bonds are intended to be used to repay the company's debt and supplement liquidity.




business


External environment


(1) Macro environment


Since 2019, global trade frictions initiated by the United States, geopolitical conflicts in the Middle East and other hotspots have still exerted significant downward pressure on global economic growth, and the external environment facing China's economic growth has become more complicated and imported risks have increased.

Global economic growth is under pressure, and central banks' monetary policies have been loosened. In order to hedge against pressure, China has continued to increase counter-cyclical adjustments, and economic growth is expected to remain within the target range in the short term. In order to mitigate imported risks and improve the quality of economic growth, China's level of opening up has been further improved, and structural reforms on the supply side have continued to deepen. Economic fundamentals are expected to improve for a long time and maintain high-speed, high-quality development.


2019
Since the beginning of the year, global trade frictions initiated by the United States and geopolitical conflicts in the Middle East and other hot spots have still exerted significant downward pressure on global economic growth. The prosperity of multi-national manufacturing industries has fallen below the line of prosperity and dryness. Increased imported risk. In the environment of increasing pressure on global economic growth, the central banks of the United States and Europe and other countries have cut interest rates in response to the easing cycle of global monetary policy. Among the major developed economies, the U.S. economic growth rate has fallen from a high level, the Federal Reserve has cut interest rates to cope with potential pressures on employment and prices. The negative impact of U.S. tariffs on its own economy and the global economy has already appeared; EU economic growth Slowing down, the European Central Bank cutting interest rates and restarting asset purchase plans, Brexit, Italian debt issues and other internal risks of the union are important factors affecting the economic development of the European Union; Japan ’s economic downturn, monetary policy continues to be loose, and the increase in consumption tax will further increase Economic growth pressure. The BRICS countries except China have all cut interest rates to ease the pressure on economic growth. Among them, India ’s economic growth has fallen sharply. The effect of the policy of maintaining growth represented by stimulating real estate and foreign trade remains to be seen. The Russian economy continues to grow at a low rate.
At the same time, it faces the dual challenges of trade conflicts and economic sanctions from the United States; Brazil's economic recovery is slow and the unemployment rate remains high; although the South African economy has recovered, market confidence is still poor.



China's employment situation is generally stable, the price level has increased due to the impact of pork prices, the pressure on economic growth has increased and the growth rate has slowed to the bottom of the target range. China ’s new consumer formats are still growing fast, and the continued downturn in auto retailing is dragging down overall consumption growth, and the effectiveness of policies to promote consumption growth has yet to be released; real estate investment growth has slowed down due to tightening real estate financing and negative land purchase growth, and the prospect of trade disputes is uncertain and Insufficient demand leads to sluggish manufacturing investment,
The acceleration of the local government's special debt funds and policies that can be used as capital for major projects has stimulated the growth of infrastructure investment; the growth of import and export trade denominated in RMB has been under pressure from weak domestic and foreign demand, and Sino-U.S. Trade frictions are long-term And complexity, which have a certain negative impact on China's exports, but with the continuous adjustment of the foreign trade regional structure, the degree of impact is limited. China's industrial production has slowed down but the old and new kinetic energy continue to change, which represents rapid technological progress, transformation and upgrading, and relatively high-tech related industries and products that have maintained rapid growth. With the gradual implementation of tax and fee reductions, the operating efficiency of industrial enterprises has recently improved but Compared with the previous year, it is still slower, and there may be an increase in operating risks. Under the constraint of high leverage, it is necessary to guard against the risk of asset bubbles and the central government's firm development of the real economy. The general tone of real estate regulation and control policies will not change significantly. The housing rental market will usher in a period of development opportunities and promote the long-term development of the stable and healthy development of the real estate market. Mechanisms are taking shape. China's regional development plan continues to advance, and the central region has great attraction for manufacturing transfer in the eastern region.
The economic growth of the domestic regions covered by the "Yangtze River Economic Belt Development" and " Belt and Road Initiative " is relatively fast, and China's new growth poles and new growth zones are being formed.



In order to mitigate imported risks and hedge against domestic economic growth pressure, China's supply-side structural reforms continue to advance.



The counter-cyclical adjustment of various types of macro policies has been continuously increased, and a concerted effort has been made to ensure the stable operation of the economy. The proactive fiscal policy has boosted efficiency, reduced tax and expenses, and gradually implemented it, which has promoted stable economic growth and economic structural adjustment;
The issuance of local government bonds has been further accelerated and accelerated. Special bonds have played an important role in supplementing shortfalls in infrastructure and construction of major projects. Local government debt accountability and prevention and control mechanisms have been improved. Local government debt financing mechanisms have become increasingly standardized and transparent. The risk of government debt is generally controllable. The prudent monetary policy is moderately tight, and the central bank's RRR cuts have been strengthened.
While maintaining reasonable and sufficient market liquidity, unblock the transmission channels of monetary policy, and
LPR
Reform measures such as forming mechanisms to reduce the financing cost of the real economy. The macro-prudential regulatory framework is constantly improved and improved in accordance with regulatory needs, and the regulatory rhythm and intensity are adjusted in a timely and appropriate manner, which is conducive to strictly maintaining the bottom line of no systemic financial risks in the long run;
The shrinking pace of shadow banking and non-standard financing has slowed but the direction has not changed. The growth of physical financing has remained at a reasonable level, and the default risk of the bond market has improved significantly. RMB against the US dollar
7
"It is the common result of market expectations and the impact of events during the Sino-US trade friction. China's sufficient foreign exchange reserves and long-term positive economic fundamentals can provide protection for the RMB exchange rate.



At the same time, various measures such as the expansion of China's free trade pilot zone, the promotion of trade and investment liberalization and facilitation, and the reduction of the negative list of foreign investment access are being actively promoted. The opening of the financial industry has been implemented steadily. Economic high-quality development provides important impetus. The volume of RMB cross-border settlements still maintains a rapid growth. As more and more major government bonds enter into “negative interest rates” and the restrictions on qualified foreign investors ’investment quotas are lifted, the attractiveness of RMB-denominated assets to international investors continues to increase .



China's economy has shifted from a high-speed growth stage to a medium-high-speed, high-quality development stage.
The tackling period for optimizing the economic structure and transforming the growth momentum.

2019
In “stabilizing employment, financial stability, foreign trade, foreign investment,
"Stabilizing investment and stabilizing expectations" is an important goal of China's economic work and various policies. Although China's macroeconomic growth pressure has increased in the short term, it will continue to operate within the target range under the hedging of countercyclical adjustment. Look, with the continuous improvement of China's level of opening up and the further deepening of supply-side structural reforms, China's economic fundamentals are expected to improve for a long time and maintain high-speed, high-quality development. At the same time, geopolitics, international economics and finance are still facing Under the background of greater uncertainty and the difficult task of domestic deleveraging, China's economic growth and development will still be accompanied by regional structural risks, industrial structural risks, structural friction risks of international trade and investment, and international uncertainty. Risk of sexual shock factors.



(2) Environment of the private equity investment industry


In 2018, China's equity investment industry's fundraising and investment amount both declined year-on-year, and the industry's head-gathering effect in terms of fundraising, investment and exit has become increasingly apparent. Finance, Internet and IT are the three industries with the highest total investment. The market has gradually increased its focus on projects related to technological innovation. With regard to withdrawal, in 2018, A-share IPOs were still under strict review, and the number of exit cases for equity investment funds decreased year-on-year.


2018
In the year, with the adjustment of the domestic economic structure , the implementation of new financial asset management regulations, and the further strengthening of private equity supervision,
The amount of funds raised in China's equity investment market has dropped significantly compared to the previous year, and the average amount of funds raised by a single fund has continued to fall compared to the previous year.

2018
In the year, domestic equity investment institutions (including angels,
VC
,
PE
) Newly raised funds
3637
Support, total funds raised
13317.41
100 million yuan, down year on year
25.56%
. Average fundraising scale of a single fund
3.66
100 million yuan, continued to decrease compared to the previous year
1.34
100 million yuan. In terms of sub-fund types, the number of growth funds established is
2376
Support
65.3%
;
The number of venture capital funds established is
1014
Support
27.9%
; M & A funds, early-stage funds, real estate funds,
The number of infrastructure funds established is
102
support,
66
support,
47
Zhihe
28
Support, proportions are
2.8%
,
1.8%
,



1.3%
with
0.8%
. The head-crowding effect of the fund-raising market has become increasingly apparent.

2018
Before China's equity investment market raised
20
Well-known funds that account for the entire market
20%
,among them,
VC
The market gathering effect is more obvious.
20
Funds accounted for
VC
Amount raised in the market
46%
.



Figure 3. 2006
-
2018
Annual Equity Investment Fund Raising (including angels,
VC
,
PE
)




Source: Zero2IPO Research Center

In terms of investment,
2018
In the year, China's equity investment market invested a total of
10021
Total amount of investment involved
1.08
Trillion yuan, a year-on-year decrease of
1.2%
with
10.9%
, Investment fever has declined. In terms of investment types,
2018
Number of venture capital investment cases in 2015
3828
From, the investment amount is
2370
100 million yuan, proportion
22.0%
; Number of growth capital investment cases
4563
From, the investment amount is
6394
100 million yuan, proportion
59.4%
; The number of listed investment cases
137
From, the investment amount is
1115.7
100 million yuan, proportion
10.3%
. In addition, real estate investment, infrastructure investment,
The number of investment cases of non-performing debt investment and merger and acquisition investment are relatively small.
79
,
4
,
16
,
20
Up.



Figure 4. 2006
-
2018
Equity Investment Fund Investment (including angels,
VC
,
PE
)




Source: Zero2IPO Research Center

From the perspective of investment,
2018
In 2014, the top three industries with the highest number of investments remained
IT
, Internet, biotechnology
/
Healthcare, total investment in three major industries
52.9%
. Looking at the amount of investment,
201
8
The top three industries with the highest total annual investment are finance, internet and
IT
, The proportion of total investment in the three major industries
43.6%
.

2018
year,
China's equity market
1 Project attention has gradually increased, the number of related investment cases and the amount of investment


1 Includes: IT, telecommunications and value-added services, semiconductors, electronics and optoelectronic equipment, broadcast television and digital television, machinery manufacturing, clean technology and biotechnology / medical health.




Rising year by year.

2018
In 2005, investment cases in the field of technology innovation in the equity market totaled
5250
From, the investment amount is
3861.90
100 million yuan, accounting for
35.8%
.



The exit methods of equity investment institution projects generally include
IPO
, Mergers and acquisitions and equity transfers. The smoothness of the exit channel has an important impact on the realization of investment income of venture capital institutions.

2018
year,
A
share
IPO
Strict audits are still implemented, and overseas listings of investment companies have increased significantly year-on-year.

2018
Years of Equity Investment Fund Exit Cases
26
57
Pens, down from last year
22.1%
. among them
IPO
Number of exit cases
996
Pen, proportion
37.5%
; Exit cases occurred through mergers and acquisitions
428
Up, down year on year
5.1%
. The withdrawal of private equity investment from the market also shows the effect of capital accumulation.

2018
Invested Enterprises in China's Equity Investment Market
IPO
Before book exit amount
10
Institutions account for the entire market
IPO
Total book exit
43%
.



Exhibit 5. 2011
-
2018
Equity investment market project exits (including
VC
,
PE
)




Source: Zero2IPO Research Center

Exhibit 6. 2018
Equity investment market
PE
) Distribution of project exit methods




Source: Zero2IPO Research Center

New rules on asset management have been introduced, and the private equity investment industry faces difficulties in raising funds. The private equity investment industry is tightened,
Frequent policies have guided the healthy development of the industry. In January 2019, the launch of the science and technology board became a major positive for the industry.


2018
year
4
month
27
On the day, the People's Bank of China, the China Banking Regulatory Commission, the Securities Regulatory Commission and the Foreign Exchange Bureau jointly issued the "Guiding Opinions on Regulating the Asset Management Business of Financial Institutions" (hereinafter referred to as the "New Rules for Asset Management"). The promulgation of the new rules on asset management mainly affects limited partnerships in venture capital funds and government-issued asset industry investment funds (
LP
) The supply of social funds



Equity investment institutions are in a difficult position to raise funds. Specifically, publicly-funded asset management products and all wealth management products will not be able to invest in the above two types of funds in the future; maturity mismatches and exit arrangements require that only some asset management products with a longer closed period can invest in the above two types of funds; the number of nesting levels is limited The level of penetrating regulatory requirements makes the previous multi-level nesting and evading methods of investing in the above two types of funds no longer feasible; funds in transition may also reduce the funding supply of the above two types of funds.



Against this background, private equity investment institutions have begun to shift their focus to post-investment and risk control, and have started to refine and professionalize their management. On the one hand, the extensive mode of operation in the past has been difficult to sustain, and many investment fields have begun to focus on gaining in-depth industry awareness. On the other hand, the current domestic economy is facing a transformation and the development of various industries is gradually becoming mature. Next, post-investment management of private equity investment institutions has become an important part of the competition. High-quality post-investment management capabilities can improve an institution's overall strength, thereby improving its ability to raise funds and acquire projects. Continued post-investment management of investee companies can improve the exit of institutions and increase overall returns.



In recent years, the supervision of the private equity investment industry has become stricter, and policies have been frequently introduced to guide the healthy development of the industry.

2016
In 2014, under the guidance of the China Securities Regulatory Commission, China Fund Industry Association
7
Individual management measures (recruitment, registration and filing, information disclosure, investment advisory business, custody business, outsourcing services, qualifications) and
2
Guidelines (internal control, fund contracts),
A modest regulatory framework for private equity funds has been initially established to guide the standardized operation of the private equity fund industry.

2017
year
8
month
30
The State Council of Japan issued the “Interim Regulations on the Management of Private Equity Investment Funds (Draft for Soliciting Opinions)”, which further reaffirmed the regulatory functions of the CSRC and the fund industry associations in the private equity investment industry. Level.

2018
In 2012, the policies of the private equity investment industry came out frequently, and a self-regulatory rule system was gradually established.



Figure 7. 2016
Review of the regulatory policies of the private equity investment industry since


Release Date

Policy documents

main content

2016.2

Guidelines for Internal Control of Private Equity Fund Managers

Mainly from the objectives and principles of internal control of private fund managers, internal environment, risk assessment,
Control activities, information and communication and internal supervision and other system construction for self-discipline management,
It constitutes a self-regulatory regulatory framework for the internal control of private equity fund managers.


2016.2

"Administrative Measures on Information Disclosure of Private Investment Funds"

It is stipulated that in addition to disclosing information to investors, private equity fund managers shall also submit information through the private equity fund information disclosure backup platform designated by the China Fund Industry Association, and shall not publicly disclose or publicly disclose fund information in disguise. Private equity funds are disclosed to investors at least quarterly, but only private equity investment funds that manage more than 50 million yuan are disclosed to investors at least once a month.


2016.2

Announcement on Further Regulating the Registration of Private Equity Fund Managers

Strengthen the regulation of matters related to the registration of private fund managers from the four aspects of canceling the registration certificate of private fund managers, strengthening the submission of information, legal opinions, and senior management qualification requirements.


2016.4

"Administrative Measures for the Raising of Private Investment Funds"

The fundraising process required for fundraising: (1) publicity of basic information; (2) identification of specific objects; (3) matching of investor suitability; (4) private equity fund promotion; (5) fund risk disclosure; (6) qualified investment (7) the signing of the fund contract; (8) the investment cooling-off period; (9) the return visit confirmation.


2016.4

"Private Investment Fund Contract Guidelines" 1-3

Sub-contract type, company type and partnership type have provided normative guidelines for related contracts.


2016.11

"Private Investment Fund Information Disclosure Content and Format Guide No. 2"

Private equity managers regularly and privately disclose to private equity investors (including entrepreneurship)
Guidance on the operation of investment funds.


2016.11

"Administrative Measures for Private Equity Investment Fund Services (Trial) (Draft for Solicitation of Comments)"

Clarified the legal relationship between private equity fund service institutions and private equity fund managers, proposed the responsibilities boundaries and self-regulatory management requirements of various businesses, and focused on standardizing three businesses such as share registration, valuation accounting, and information technology system services. The basic registration requirements have been improved, self-regulatory management measures have been improved, and the withdrawal mechanism of service agencies has been introduced.


2017.3

"Administrative Measures for Private Equity Fund Service Business (Trial)"

2017.8

"Interim Regulations on the Management of Private Equity Investment Funds (Draft for Solicitation of Comments)"

Further reaffirmed the regulatory functions of the CSRC and the Fund Industry Association on the private equity investment industry, and the development functions of the private equity investment industry were more assumed and led by the Development and Reform Commission

2017.12

"Registration Notice for Private Equity Fund Managers"

Clarified the regulatory requirements and norms for the registration and filing of private equity funds

2018.1

Notes for the Record of Private Equity Funds

The fund industry association clearly stipulates that the three types of private equity funds that are subject to the nature of borrowing, indirectly engaging in lending activities, and engaging in the above activities in disguise are not in line with the nature of "investment" and do not belong to the scope of private equity funds.
Not to be filed since February 12, 2018

2018.3

"Guidelines for Valuation of Unlisted Equity Investments in Private Equity Funds (Trial)"

Published by the China Foundation, it mainly includes three parts: general principles, valuation principles, and valuation methods. It provides detailed descriptions and regulations on the valuation of private equity unlisted equity investments.


2018.12

New version of "Registration Notice for Private Equity Fund Managers"

The company's equity structure, key points of actual controllers, employees / executives, and related parties were updated, and the suspension and non-registration were clarified.




Source: Public information, New Century rating


2019
year
1
month
twenty three
On the 6th meeting of the Central Committee of Comprehensive and Deepening Reform, the General Implementation Plan for Establishing a Science and Technology Innovation Board and Pilot Registration System on the Shanghai Stock Exchange was approved.
2019
year
1
month
30
On September, the CSRC officially issued the "Administrative Measures for the Registration of Science and Technology Innovation Board Initial Public Offerings (Trial)", which marked the heavy landing of China's Science and Technology Innovation Board. The launch of the science and technology board is very good for private equity investment institutions currently facing difficulties in exiting, and positively guides private equity investment institutions in the value investment of science and technology enterprises, which is conducive to the healthy development of the equity investment market.



(3) Environment of the trust industry


In 2018, the supervisory authorities increased the rectification of 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 the bank's 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 was relaxed, and the pressure on the contraction of the trust industry in the future has eased.


The trust industry is highly correlated with the macro economy and 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.
III
Promoting prudential supervision, the supervision of the financial sector has created a space 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 liberalization of large-scale asset management and the rapid expansion of non-standard business of asset management by securities firms and fund subsidiaries,
The banking-trust cooperation business has been transformed into a banking-trust cooperation and a silver-based trust cooperation under regulatory restrictions. The macroeconomic downturn and the turmoil in the stock market have all affected the trust industry. Steady climb,
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 regulated the risk supervision 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 8. 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 has been continuously improved. The unified supervision of asset management industry, deleveraging and channel elimination, and the breaking of the policy trend that has just been strengthened, the banking industry is facing high-pressure supervision, and the cross-industry competition in the asset management segment is further standardized.

11
month
17
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 (Draft for Solicitation of Comments)" to standardize the asset management business of financial institutions and unify the regulatory standards for 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. Judging from the regulatory policies and measures of the trust industry,
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 the regulation and supervision, the CBRC carried out "three, thirty and forty" special governance and on-site inspections of trust companies.
Found that the trust company has corporate governance and internal control that need to be improved, inherent business compliance and inadequate risk management and control, use the trust business as a channel to hide risks for the bank, have not strictly verified the source and availability of project capital, insufficient post-investment information disclosure, Credit enhancement measures have not been 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
[2017] 55
number)
, Increase window guidance and risk prevention and control in key business areas. In guiding the industry transformation and making up for the shortcomings of the system, the CBRC and the Ministry of Civil Affairs formulated and issued the "Charity Trust Management Measures."
(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
No.), promote the online operation of the trust registration system, and guide the trust industry association to formulate the "Due Company Due Diligence Guidelines for Trust Companies". 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 beginning of the year, and 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 an impact, and the scale of trust assets has decreased significantly.

However, with the formal implementation of the asset management series of policies, the supervision of the asset management business during the transitional period will be relaxed, and the pressure to reduce the scale of trust assets may be eased.

2018
year
4
month
27
day,
The Central Bank, the China Banking Regulatory Commission, the Securities Regulatory Commission, and the State Administration of Foreign Exchange jointly issued the "Guiding Opinions on Regulating the Asset Management Business of Financial Institutions"
(Silver hair
[
2018] 106
number)
. The official release 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 is allowed to issue unexpired assets of old products to invest in stock products 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 regulatory 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 depreciation has begun to appear. From the perspective of industry investment, real estate trusts have increased significantly. Specifically, the proportion of trust funds used for trading financial assets, available-for-sale and held-to-maturity financial assets, and repurchase agreements continued to decline, indicating that the growth trend of nested products has been reversed; The proportion of long-term equity investments has continued to increase, and trust funds have tilted towards supporting the real economy. From the perspective of industry investment,
2017
At the end of the year, the rankings of investment in trust assets were 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
year
9
At the end of the month,
The proportion of funds invested by trust funds in industrial and commercial enterprises, financial institutions, basic industries, securities markets and real estate is respectively
29.49%
,
16.14%
,
14.64%
,
12.57%
with
13.42%
Among them, the proportion of real estate trust funds increased significantly, while the proportion of trust funds of financial institutions and securities markets 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.



This has led to accelerated exposure to credit risk and increased default risk in the trust industry. From the perspective of changes in the scale of risky assets and the number of risky projects,
As of
2018
year
9
Number of risk projects in the trust industry at the end of the month
832
More than the end of last year
38.44%
; Total amount of trust risk items
2159.73
100 million yuan, up from the end of the previous year
64.32%
.

Based on the collation of public information, the beneficiaries of trust products that have occurred 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 intensifying the risk of default, refinancing pressure on medium and low-rated issuers has increased, and pressure on the continued exposure of trust risks remains. In the future, in the process of market wide liquidity transition to wide credit,
Risk prevention and control is still the focus of trust company operations.



(4) Environment of Financing 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.


The financial leasing industry in developed countries is related to "
Bank credit "

,
"
capital market"

One of the three major financial instruments, which play a role in parallel, plays an important role in the development of the national economy and financial system. China's modern leasing industry started in the early 1980's and mainly provides funds for importing advanced equipment and technologies. Due to the reorganization of the industry and regulatory structure, the leasing industry experienced a period of stagnation in the 1990s. In compliance with China's commitment to open up to the World Trade Organization, with the promulgation of a number of laws and regulations of the Chinese government,
2004
Since the beginning of this year, China's financial leasing industry has begun to develop on the right track, and
2009
Since the beginning of the year, it has entered a stage of rapid development.

2015
Since the beginning of this year, with the introduction of various national policies to support and encourage the development of the financial leasing industry, the financial leasing industry has further shown explosive growth.



Figure 9.
2006
-
2018
Balance of National Financing Leasing Contracts at the End of the Year (Unit: 100 million yuan)




Source: WIND, China Leasing Alliance, Joint Leasing R & D Center, Tianjin Binhai Leasing Research Institute

Financial leasing has the characteristics of combining financing and financing. According to the development experience of developed countries, financial leasing has obvious advantages in driving domestic demand and promoting regional and industrial structural adjustments . It has an irreplaceable role in solving the financing difficulties of small and medium-sized enterprises, promoting technological progress, and allocating financial costs. At present, China's lease penetration is insufficient
7%
,
With developed countries
15% ~ 30%
Compared with the lease penetration rate, there is still much room for development.




In recent years, the number of registered companies in the financial leasing industry has exploded.

2014
-
2018
In 2005, the average annual compound growth rate of the number of various types of financial leasing companies reached
39.84%
. but
2017
Since the beginning of the year, the growth of the number of financial leasing companies has slowed as the base number has increased, coupled with financial supervision and deleveraging pressure. As of
2018
At the end of the year, all types of leasing companies (excluding single project financing leasing companies)
11777
Home, year-on-year growth
21.71%
Growth rate
13.88
Percentage points. In addition, the scale of the financial leasing industry has also slowed down. Among them, the amount of new financial lease contracts is
2015
After reaching its peak in 2015, it has fallen for three consecutive years. According to statistics from China Leasing Union,
2018
The annual net new contract value of the national financial leasing industry is
5900
100 million yuan, net increase in contract value
1400
100 million yuan. On the whole, the domestic financial leasing industry has ended its explosive growth phase, and the industry may stabilize in the future. Strong financial regulation,
Under the background of deleveraging, the industry may face greater pressure for transformation.



From the perspective of industry concentration and industry competition, according to statistics from the China Alliance, as of
2018
At the end of the year, the national registered capital of financial leasing enterprises reached
32763.00
100 million yuan, a year-on-year increase
1.34%
; At the end of the same period, the proportion of registered capital of the top ten leasing companies was still lower than
5%
The industry concentration is still low and the industry competition is fierce.



According to different regulatory bodies and standards, China's financial leasing companies can be divided into three types: one is a financial leasing company approved by the China Banking Regulatory Commission and a non-bank financial institution; the other is a foreign-invested financial leasing company approved by the Ministry of Commerce And domestic-funded pilot financial leasing companies; the third is a non-financial domestic-funded pilot leasing company affiliated to the manufacturer and promoted by the Ministry of Commerce and the State Administration of Taxation for product promotion purposes.

2
017
Since the beginning of the year, under the background of strong financial supervision, the regulatory structure of the bulls in the financial leasing industry has faced major adjustments.

2018
year
5
Month, the Ministry of Commerce issued the "Notice on Relevant Matters Regarding the Management Responsibility of Financial Leasing Companies, Commercial Factoring Companies and Pawnshops" (Commercial Circulation Letter
[2018] 165
number),
The responsibility for formulating the operating and supervision rules of financial leasing companies is assigned to the CBRC. At this point, financial leasing companies are under centralized supervision.
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

Legal basis

注册资本要求

杠杆上限

获批难度

金融租赁

CBRC

(现银保监会)

《金融租赁公司管理办法》

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》

$ 10 million

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
0.59%
,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. 201
6
-
201
8
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

外资租赁

6872

96.30

8745

96.20

11311

96.04

total

7136

100.00

9090

100.00

11777

100.00



资料来源: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。 In recent years,
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

公司情况

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:
2009
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。 among them,
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
2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
03.00
Billion). In addition,


2 不含资产证券化产品


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%
,
9.99%
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。



2. 业务运营


中国建投由原建设银行重组改制设立,曾参与多家金融机构重组,发挥了维护金融稳定的功能,并实现了良好的投资业绩;近年来公司采用集团化发展模式与业务平台化的经营思路,形成投资与实业运营、金融服务两大业务板块。投资业务方面除持有并管理申万宏源上海银行等金融机构股权以外,公司目前主要布局工业制造、信息技术、
文化消费及医疗健康四大领域。金融服务板块中基金、信托及融资租赁业务规模增速较快,但在金融政策调整、证券市场波动及信用风险上升的环境下,公司金融服务板块的收入及利润水平承压,市场及信用风险管理面临更大挑战。


中国建投是根据银监会
2004
year
9
月《关于中国建设银行重组改制设立中国建银投资有限责任公司的批复》(银监复
[2004]144
号)改制设立的。为支持建设银行上市,公司承继了原建设银行未纳入中国建设银行股份有限公司的非商业银行资产和负债,资产多存在瑕疵,历史包袱较重。在成立之初,公司在国家有关部门支持下,完成承继资产的接收、清理工作,同时加大管理、处置和经营力度,积极维持安全运营和合理收益。

通过计提减值准备、核销不良资产、收购实体债权、积极处理应诉案件等多种方式,防范和化解风险,基本覆盖了承继资产的风险,有力地支持了国有银行的改革。



此外,中国建投还承担了其他国家有关部门赋予的政策性任务。

2007
年,公司完成了人民银行委托的原中国农村发展信托投资公司的剩余资产处置任务和银监会委托的金信信托停业整顿工作。金信信托停业整顿工作是我国问题金融机构托管时间最短和唯一实现资产盈余的案例。同年,按照国务院批复方案,公司出资设立了光大实业(集团)有限责任公司,有力支持了光大集团的重组和改革。自成立以来,公司还积极参与了证券公司综合治理工作,利用市场化手段,通过向证券公司及与证券公司重组相关的非证券类企业进行股权投资和向证券公司提供短期流动性支持等方式,完成了南方证券、华夏证券、宏源证券、新疆证券、 西南证券 、齐鲁证券、天同证券、北京证券等
8
证券公司重组的任务,有效化解了证券业风险,维护了资本市场稳定,同时保证了国有资本的安全和合理收益。



2008
年之后,随着政策性任务的基本完成,中国建投逐渐向市场化转型。中投公司成立之后对公司进行直接管理并为公司规划了新的业务方向和定位。

2008
year
9
month,
国务院批准了公司业务方向的调整和转型。此后,公司作为中投公司整体投资战略的重要组成部分开展实业股权投资,并据此制定了自身的发展战略,把投资业务列为发展的重点;实业投资以外,公司还通过基金、信托及融资租赁等控股子公司从事金融服务。

公司着重投资于符合国家经济结构转型趋势、资金规模相对较大、对行业发展具有影响、



技术或政策门槛较高的项目,并且充分利用国际国内两个市场、两种资源,与境外投资机构及国内产业集团开展合作,寻求有技术竞争力的企业并购重组机会。



近年来,中国建投确立了集团化的发展模式与业务平台化的经营思路,推动业务模块独立运营,将业务分为投资与实业运营、金融服务两大板块。

201
6
-
2018
年及
2019
年前三季度,
公司各业务板块营业收入情况如下表所示。



图表13. 中国建投各版块营业收入情况(单位:亿元,
%
)


Operating income

2016 year

2017 year

2018 year

2019年前三季度



Amount

Proportion

Amount

Proportion

Amount

Proportion

Amount

Proportion

投资与实业运营

45.68

41.90

38.00

36.03

40.23

37.97

41.47

41.32

金融服务3

63.35

58.10

67.46

63.97

65.72

62.03

58.91

58.68

total

109.03

100.00

105.46

100.00

105.95

100.00

100.37

100.00



3 中国建投金融服务板块收入来源包括控股以及联营的金融机构。


资料来源:中国建投

(1) 投资业务


中国建投开展股权投资,运营主体包括公司本部(直接投资部)、子公司建投投资有限责任公司(以下简称“建投投资”)、建投华科投资股份有限公司(以下简称“建投华科”)
,
建投华文投资有限责任公司(以下简称“建投华文”)及建投控股有限责任公司(以下简称“建投控股”),主要布局工业制造、信息技术、文化消费及医疗健康等四大方向。其中直接投资部系公司直投业务决策、
资源调配的执行部门,
负责组织研究产业布局策略,
建立并完善直接投资业务质量标准体系,规范战略投资业务流程等。



建投投资成立于
2012
年,注册资本
50
亿元,
专注于工业制造、环保等领域的股权投资,目前已投资江淮汽车龙蟠科技 、盛瑞传动、铁建装备、 海林节能 、向阳航材等境内外拥有核心产业优势的企业,
2018
年新增博奇环保香港
IPO
锚定投资和大族激光
可交债投资,
同期实现乐谱医疗可交债换股后二级市场退出。建投华科成立于
1
995
year,
Registered capital
15
亿元,
专注于互联网、物联网、云计算和大数据等领域的投资机会,以国家信息技术升级和互联网改造传统产业为投资重心,在产业链的核心价值创造、关键资源等环节进行投资布局,
在自有资金投资之外还负责管理私募股权投资基金,
曾投资于首汽约车、
荷兰恩智浦半导体等,
2018
年直投新增慧智微电子项目。

建投华文成立于
2
013
年,注册资本
20
亿元,
主要投资向消费、医疗、文化传媒等领域,
已投资企业包括顺丰速运、达利食品等,
2018
年新增
2
个投资项目,其中战略性投资项目系与公司本部联合完成澳大利亚领先的维生素、膳食营养补充剂和护肤品制造、
Sales company
----
N
ature's Care
的股权投资,合计出资
2.01
亿澳元和
0.14
亿美元收购标的公司
45%
股权,
2018
年末股权投资余额为
11.
8
9
亿元;
财务性投资项目标的为新加坡知识产权信息服务领域的领先厂商智慧芽公司股权,投资额为
1200
万美元。

建投控股成立于
2006
year,
是中国建投为有效管理承继原建设银行持续经营自办实体(非咨询类)而设立的子公司,
注册资本为
20
亿元,主要负责大健康养老领域的投资。



近年来,中国建投股权投资规模保持增长,投资业务为公司贡献了较为可观的收入及盈利。

201
6
-
201
8
年末及
2019
year
9
月末,公司长期股权投资净值分别为
399.81
亿元、



409.11
亿元、
441.51
亿元和
466.39
亿元,占资产总额的比重分别为
32.06%
,
26.66%
,
27.59
%
with
27.25%
;
同期,公司分别实现长期股权投资收益
42.13
亿元、
27.33
亿元、
21.54
亿元和
21.44
100 million yuan.

among them,
2016
年公司在获得长期股权投资权益法核算收益
24.31
亿元之外,出让所持中投发展有限责任公司
60%
股权实现投资收益
14.38
亿元,当年长期股权投资处置收益合计
17.83
亿元;
2017
-
2018
年,公司长期股权投资收益主要来自按权益法确认的投资收益,且联营企业申万宏源上海银行等贡献收益占比较高。

公司主要联营企业概况及主要股权投资项目概况如下列图表所示。



图表14. 中国建投主要联营企业概况(单位:亿元)


Associates

2017年(末)

2018年(末)

2019年前三季度(末)

Shareholding ratio

Equity investment

账面余额

Associates

归母净利润

Shareholding ratio

Equity investment

账面余额

Associates

归母净利润

Shareholding ratio

Equity investment

账面余额

Associates

归母净利润

Shen Wanhongyuan

32.88%

291.77

46.00

29.27%

313.37

41.60

26.34%

325.30

47.57

Shanghai Bank

4.84%

71.06

153.28

4.84%

77.97

169.94

4.84%

85.75

163.59



资料来源:中国建投


图表15. 截至
201
9
year
9
月末中国建投主要股权投资业务情况(单位:亿元)


Company Name

投资时间

Category

Registration

Types of

Shareholding ratio

initial

Investment

退出及

分红收益

南京莱斯

2010-7

information Technology

Jiangsu

非上市

15.50%

1.90

0.17

上海农商行

2010-11

Financial Services

Shanghai

非上市

0.43%

1.50

0.30

航天电子

2011-5

Industrial manufacturing

Hubei

Go public

1.40%

1.95

-

建信人寿

2011-6

Financial Services

Shanghai

非上市

5.08%

4.42

0.04

Shanghai Bank

2011-9

Financial Services

Shanghai

Go public

4.84%

33.35

8.03

向阳航材

2013-2

Industrial manufacturing

Shaanxi

非上市

13.59%

0.84

0.03

S.F. Express

2013-9

文化消费

Guangdong

Go public

4.10%

1.00

2.09

JAC

2013-9

Industrial manufacturing

Anhui

Go public

7.10%

10.00

4.09

海林节能

2013-10

Industrial manufacturing

Beijing

非上市

16.13%

0.90

0.39

龙蟠科技

2013-11

Industrial manufacturing

Jiangsu

Go public

8.28%

1.90

0.55

科玛控股

2014-8

Industrial manufacturing

Europe

非上市

32.74%

1.51

-

光明全球

2015-8

文化消费

Australia

非上市

16.00%

3.84

0.67

米盖尔

2015-9

文化消费

Europe

非上市

18.00%

1.43

-

达利食品

2015-11

文化消费

Fujian

Go public

0.68%

9.50

7.57

铁建装备

2015-12

Industrial manufacturing

Yunnan

Go public

1.21%

0.80

0.04

东方精工

2016-1

Industrial manufacturing

Guangdong

Go public

2.13%

2.00

0.02

三诺生物 (原
PTS项目)

2016-7/

2017-6

文化消费

Hunan

Go public

4.22%

2.91

0.36

SGD

2016-10

Industrial manufacturing

Europe

非上市

99.02%

24.93

0.99

新星出版社

2014-4

文化消费

Beijing

非上市

40.00%

0.70

0.01

意中传媒

2014-12

文化消费

Beijing

非上市

49.40%

0.06

-

Huace Film

2015-11

文化消费

Zhejiang

Go public

0.99%

2.00

0.02

芒果超媒 (原芒果TV)

2016-6

文化消费

Hunan

Go public

0.41%

2.08

1.43

首汽约车

2015-12

information Technology

Beijing

非上市

11.38%

1.98

-

中顺易

2017-1

Financial Services

Guangdong

非上市

4.02%

0.30

-

Wentou Holdings

2017-6

文化消费

Beijing

Go public

0.84%

1.75

0.01

horizon

2017-12

information Technology

Beijing

非上市

2.21%

1.33

0.67

博奇环保

2018-3

Industrial manufacturing

Beijing

Go public

3.23%

0.64

0.03




Company Name

投资时间

Category

Registration

Types of

Shareholding ratio

initial

Investment

退出及

分红收益

西南证券

2006-12

Financial Services

Chongqing

Go public

5.82%

11.90

41.47

Shen Wanhongyuan

2015

Financial Services

Shanghai

Go public

26.34%

237.47

20.52

N
ature's
Care


2018-8

文化消费

Australia

非上市

45.00%

11.89

-

Han's Laser

2018-8

Industrial manufacturing

Guangdong

非上市

-

1.90

-

智慧芽

2018-9

文化消费

Singapore

非上市

3.31%

0.82

-

慧智微电子

2018-12

information Technology

Guangdong

非上市

5.94%

0.80

-

瑞能项目

2019-3

information Technology

Jiangxi

非上市

11.94%

1.30

-

久其软件

2019-3

Industrial manufacturing

Beijing

非上市

-

1.00

-

时代凌宇

2019-6

information Technology

Beijing

非上市

10.40%

1.30

-

银河航天

2019-9

information Technology

Beijing

非上市

2.83%

1.42



total

-

-

-

-

-

385.33

89.50



资料来源:中国建投

此外, 中建投资本管理(天津)有限公司(以下简称“建投资本”)系中国建投通过建投华科控股的子公司,主要从事私募基金管理,投资方向集中于信息技术、先进制造、医疗健康与清洁能源产业等,
先后成功收购荷兰恩智浦半导体旗下射频功率事业部
RF POWER
和标准产品业务。

201
8
年末,建投资本管理基金合计
37
支,受托管理资产规模合计约
225
亿元,较上年末减少
10.65
%
;当年新增投资项目
3
个,
新增投资金额合计
14.81
亿元;退出投资项目
3
个,实现投资收益
0.
84
100 million yuan.



(2) 金融服务


中国建投金融服务业务原涉及证券业务,自
2015
年原子公司宏源证券不再纳入合并范围以后,公司主要从事基金、信托和租赁业务,运营主体分别为国泰基金管理有限公司(以下简称“国泰基金”)
中建投信托股份有限公司
4(以下简称“建投信托”)和
中建投租赁股份有限公司(以下简称“ 中建投租赁”)。



4 2018年上半年, 中建投信托整体变更为股份制公司,由“ 中建投信托有限责任公司”更名为“ 中建投信托股份有限公司”,注册资本变更为50亿元。


图表16. 金融板块主要控股子公司财务数据(单位:亿元)


project

Registered capital

合计持股比例

Total assets

股东权益

Operating income

Net profit

Cathay Fund

1.10

60.00%

28.26

19.42

15.66

4.28

建投信托

50.00

100.00%

96.03

73.95

19.53

9.14

中建投租赁

26.68

75.00%

354.16

45.16

24.34

4.64



资料来源:中国建投(2018年末/2018年)

国泰基金成立于
1998
year
3
月,注册资本为
1.10
亿元,中国建投持股
60%
.国泰基金下设北京和深圳
2
家分公司及控股子公司国泰元鑫资产管理有限公司,并在香港设立子公司国泰全球投资管理有限公司,将业务拓展至境外。

201
6
-
201
8
年末及
2019
year
9
月末,国泰基金资产总额分别为
19.31
亿元、
23.54
亿元、
28.26
亿元和
31.03
亿元;股东权益分别为
12.6
9
亿元、
16.46
亿元、
19.42
亿元和
22.09
亿元;同期,分别实现营业收入
12.15
亿元、
14.36
亿元、
15.66
亿元和
12.10
亿元,实现净利润
4.41
亿元、
4.99
亿元、
4.27
亿元和
3.15
100 million yuan.

2018
year,
国泰基金积极利用互联网平台发展货币基金,旗下利



是宝货币基金正式接入余额宝,
此外在股指大幅下跌的环境下着力发展债券基金,
2018
年以来管理资产规模呈现较快增长。

As of
201
9
year
9
月末,国泰基金旗下共
116
只公募基金、
3
只养老金产品和包括专户、年金、社保、投资咨询在内
100
个资产委托组合,
管理资产总额约为
3622
亿元,较上年末增长约
22.65
%
.



建投信托前身为浙江省国际信托投资公司,创建于
1979
年,是国内最早经营信托投资业务的公司之一。自
2007
年入主后,中国建投多次对其增资,至
201
9
year
9
月末建投信托注册资本为
50
100 million yuan.近年来,建投信托的信托管理业务稳步发展,资产管理规模及收入、盈利规模保持增长,目前已形成以杭州、北京、上海、深圳、成都、南京
6
大城市为支点的全国性展业布局,并在
ABS
项目、现金管理类项目以及影视消费信托等领域实现较大突破。

2016
-
2018
年及
2019
年前三季度,建投信托分别实现营业收入
17.23
亿元、
18.23
亿元、
19.53
亿元和
16.78
亿元;
实现净利润
8.52
亿元、
10.00
亿元、
9.14
亿元和
8.91
100 million yuan.

2018
年以来,
随着信托监管强化,以及金融去杠杆带来银行资金表外回表、久期和风险偏好下降,
信托行业的整体资产规模降幅明显,建投信托管理信托资产规模也有所下降。

在信用利差扩大、违约风险加剧的环境下,信托行业风险项目规模呈扩散化趋势,建投信托固有及信托业务的风险暴露亦同比扩大。



2017
-
201
8
年末,建投信托管理信托资产规模分别为
1702.46
亿元和
1693.89
亿元,
among them
2017
年末不良类信托资产余额为
32.52
亿元,均来自被动管理型信托;
2018
年末主动管理资产出现一定不良,但仍控制在合理水平。从信托业务类型来看,
同期末建投信托主动和被动管理型信托资产比例结构分别为
61.46
:
38.54
with
66.84
:
33.16
.

2017
-
2018
年,建投信托分别新增项目
269
个和
187
个,实收信托规模为
1386.72
亿元和
1095.32
亿元,其中主动和被动管理型比例结构分别为
63.46
:
36.54
with
79.97
:
20.03
,被动管理型信托逐步收缩。

201
7
-
2018
年,建投信托清算结束的主动管理型信托项目规模分别为
617.29
亿元和
538.80
亿元,股权投资类、融资类、事务管理类的平均年化收益率分别为
7.25%
,
8.02%
,
4.83%
with
6.59%
,
7.09%
,
5.16%
.固有资产投资方面,
2017
-
2018
年末建投信托固有信用风险资产余额分别为
86.10
亿元和
85.55
亿元,其中关注类资产分别为
1.52
亿元和
12.98
亿元,占比
1.76%
with
15.17%
;不良资产分别为
2.80
亿元和
3.54
亿元,占比
3.25%
with
4.14%
.

2018
年末,建投信托固有资产关注类占比上升较快,主要包括证券投资资产和应收款项类投资等,
其中证券投资受股票市场震荡影响较大,应收款项类投资的抵质押措施充分,损失风险总体可控。

2017
-
2018
年末,建投信托净资本分别为
53.19
亿元和
60.40
亿元,净资本
/
各项业务风险资本之和分别为
179.40%
with
187.96%
,净资本
/
净资产为
79.74%
with
81.65%
,各项监管指标表现较好。



中建投租赁原名中建投租赁有限责任公司,于
2016
year
7
月完成股份制改造并更为现名,正在筹备
A
股上市。

2018
年末, 中建投租赁注册资本为
26.68
亿元,其中中国建投直接及间接持股比例合计
75%
.

中建投租赁以融资租赁业务为主,并开展与融资租赁相关的商业保理和咨询业务,主要业务领域包括信息技术、交通运输、绿色环保、消费服务、公用事业、装备制造等。

中建投租赁在香港、上海、天津设有子公司,业务范围辐射全国,并向国际化方向拓展。在拓展渠道方面,
中建投租赁通过增强与商业银行的业务合作,进一步扩大渠道网络 ,并继续深化与行业协会、设备厂商等机构的合作。

2016
-
2018
年及
2019
年前三季度, 中建投租赁分别实现营业收入
15.48
亿元、
18.39
亿元、
24.34
亿元和
21.06
亿元;净利润
3.63
亿元、
4.14
亿元、
4
.64
亿元和
4.48
100 million yuan.




近年来,受产能过剩及产业转型升级影响,装备制造及化工行业的租赁资产规模有所收缩;
消费服务业的租赁资产规模大幅增加,主要来自食品饮料行业和医疗设备租赁领域;
交通运输业的租赁资产规模亦有明显增长,系围绕航空航材、汽车、城市轨道交通开展。

As of
201
9
year
9
月末, 中建投租赁应收融资租赁款余额为
367.31
亿元,较上年末增长
13.13
%
,业务主要以直接租赁和售后回租两种模式开展,其中售后回租模式占
80%
the above.

In recent years,
中建投租赁生息资产
5的不良率维持在较低水平,
2016
-
201
8
年末及
2019
year
9
月末分别为
0.71%
,
0.95%
,
0.9
8
%
with
1.08%
,其中
201
9
year
9
月末不良资产余额为
4.04
亿元,
拨备覆盖率约为
198.05
%
;但
2018
年以来,
在宏观经济持续底部运行、
信用风险事件频发的环境下, 中建投租赁也面临较大的资产质量下行压力,
201
9
year
9
月末其生息资产中关注类余额为
26.99
亿元,
Proportion
7.22
%
.



5 除融资租赁业务以外, 中建投租赁同时从事商业保理业务,其中保理业务占比较小。2019年9月末,中建投租赁生息资产包括应收融资租赁款367.31亿元及应收保理融资款6.45亿元。


图表17. 中建投租赁应收融资租赁款行业分布(单位:亿元,
%
)


Business segments

2016年末

2017年末

2018年末

余额

Proportion

余额

Proportion

余额

Proportion

Equipment Manufacturing

68.96

29.58

56.95

19.77

38.75

11.94

消费服务

13.98

5.99

50.33

17.47

88.31

27.19

Transportation

38.65

16.58

49.56

17.20

71.60

22.05

Green

44.94

19.28

43.75

15.19

48.61

14.97

Chemical Industry

26.47

11.36

32.44

11.26

21.80

6.72

能源行业

23.69

10.16

24.82

8.62

19.73

6.08

information Technology

6.87

2.95

20.62

7.16

24.67

7.60

Utilities

9.58

4.11

9.61

3.33

11.20

3.45

total

233.13

100.00

288.08

100.00

324.67

100.00



资料来源:中国建投

图表18. 中建投租赁应收融资租赁款信用质量情况(单位:亿元)


classification

2017年末

2018年末

余额

Proportion

余额

Proportion

未逾期未减值

279.43

97.00%

302.72

93.24%

已逾期

5.78

2.01%

18.67

5.75%

其中:逾期3个月以内(含)

5.17

1.80%

16.30

5.02%

逾期3个月至6个月(含)

0.61

0.21%

1.66

0.51%

逾期6个月至1年(含)

-

-

0.72

0.22%

单项评估减值

2.87

1.00%

3.28

1.01%

total

288.08

100.00%

324.67

100.00%



资料来源:中国建投



(3) 实业运营


中国建投实业运营板块主要包括资产处置业务、不动产业务、咨询业务和医药玻璃包装业务等。



A. 资产处置业务


为支持建设银行上市,
2004
年中国建投承继了原建设银行未纳入中国建设银行股份有限公司的资产和负债,公司成立之初,资产处置业务是公司的主要业务之一。

2012
year
5
月公司成立资产管理分公司,专门从事承继资产的经营管理和清理清算,包括对承继固定资产和承继非持续经营实体的处置工作。随着承继资产处置工作的持续推进,公司不良资产管理规模不断缩减。

2016
-
201
8
年及
2019
年前三季度,公司分别实现资产处置收益
0.28
亿元、
1.80
亿元、
0.65
亿元和
-
0.01
100 million yuan.



B. 不动产业务


中国建投不动产业务的经营主体主要为建投控股、建投嘉昱(上海)投资有限公司(以下简称“建投嘉昱”)以及公司本部。



建投控股是中国建投为有效管理承继原建设银行持续经营自办实体(非咨询类)而设立的子公司,目前注册资本为
20
100 million yuan.作为公司养老健康服务产业的投资运营平台,
建投控股业务集中于养老健康产业的直接投资、资产管理业务,以及通过产业投资形成的养老健康、不动产、物业管理等领域的经营业务,拥有
5
家一级企业以及逾
40
家二级企业,分布于全国
twenty two
个省、市、自治区。

201
6
-
2018
年末及
2019
year
9
月末,建投控股资产总额分别为
41.53
亿元、
42.38
亿元、
38
.00
亿元和
38.56
亿元;同期,分别实现营业收入
12.09
亿元、
11.27
亿元、
14.51
亿元和
9.21
亿元,实现净利润
0.32
亿元、
1.50
亿元、
1.11
亿元和
0.94
100 million yuan.



建投嘉昱主要负责上海市虹口区嘉昱大厦以及北京市朝阳区北控大厦两处写字楼的经营管理。其中嘉昱大厦账面价值
22.52
亿元,
201
8
年平均出租率约
93
%
,实现租金收入
0.71
亿元;北控大厦账面价值
16.49
亿元,
system
2017
年购入,
目前主要为自用。

201
8
年末,建投嘉昱资产总额
4
2.20
亿元,股东权益
4
1.79
亿元;当年实现营业收入
0
.71
亿元,净亏损
1.24
100 million yuan.



中国建投本部亦从事不动产经营及管理业务,主要来自建行承继的商业不动产,
由不动产产权管理部负责管理。 As of
201
8
年末,
公司不动产产权管理部管理商业不动产
900
余项,建筑面积
91.82
万平方米,主要分布于北京、上海、武汉、厦门等一、
二线城市,年租金收入约
5.06
100 million yuan.

201
8
年末,公司本部投资性房地产账面原值合计
37.28
亿元,账面净值为
12.
02
100 million yuan.



C. 咨询业务


中国建投咨询业务的经营实体为中国投资咨询有限责任公司,主要为政府、企事业单位、投资机构提供投资咨询、管理咨询、信息咨询、资信评级等业务。

201
6
-
201
8
year,
其营业收入分别为
0.62
亿元、
0.75
亿元和
0.
70
亿元,净利润分别为
0.79
亿元、
-
0.03
亿元和
-
0.06
100 million yuan.










D. 医药玻璃包装业务


2016
year
10
月,中国建投通过全资子公司建投嘉奂(上海)投资有限公司(
以下简称“
建投嘉奂”

)
向橡树资本管理有限公司支付
3.36
亿欧元购买其持有的法国
SGD
Pharma
(
以下简称“SGD”

)全部股权并形成实际控制。

SGD
是世界领先的医药玻璃包装制造商,是全球范围内少数几家能够生产一类医药玻璃瓶(具有高化学稳定性和高耐热性,简称“
一类瓶”

)的厂家之一。医药包装与药品质量和用药安全密切相关,是医药工业体系中重要的组成部分,目前国内一类瓶的应用在医药玻璃包装中占比约
8%
,且进口依赖度较高,和欧洲
18%
及美国
27%
的应用率相比有较大的提升空间。

SGD
主要产品包括一类模制瓶、一类管制瓶以及二三类模制瓶,截至
2018
年末拥有
5
个生产基地,
玻璃容器年产量约
30
亿个,主要收入来自欧美市场。中国建投入主后,将为
SGD
带来亚洲市场的增长机会。

2017
-
2018
年末,
SGD
项目公司中建投梧桐合并资产总额分别为
9.69
亿欧元和
9
.60
亿欧元,股东权益分别为
4.43
亿欧元和
4
.48
亿欧元;同期实现营业收入
3.01
亿欧元和
3
.21
亿欧元,净利润
0.04
亿欧元和
0
.16
亿欧元。



management


1. 公司产权状况


中国建投是中央汇金的全资子公司,由中投公司管理,受中华人民共和国财政部监管。


As of
201
9
year
9
月末,中国建投注册资本
206.92
亿元,唯一股东是中央汇金,
由中投公司管理,
受中华人民共和国财政部监管。公司产权结构如附录一所示。



2. 公司法人治理结构


该公司由出资人行使股东会职权,设有董事会和监事会等决策和监督机构,法人治理情况良好。


中国建投未设有股东会,由出资人行使股东会职权。公司设有董事会及监事会,其中董事会是公司的决策机构,由七名董事组成,包括股东代表董事、执行董事和职工代表董事,其中职工代表董事一名,截至
2018
年末公司董事会
7
名成员中有
2
名董事暂时空缺;监事会由五名监事组成,其中职工代表监事的比例不得低于三分之一。经营层方面,公司设总裁一名,副总裁若干名,由董事会聘任或者解聘。同时,公司建立了与自身经营相适应的组织结构,详见附录二。



As of
2018
年末,中国建投控制的一级子公司合计
13
家,基本情况如图表
12
As shown.

此外,公司还参股申万宏源上海银行等。其中,原宏源证券为中国建投控股子公司,
其于
2015
year
1
月与申银万国证券重组后新设成立申万宏源 ,转换完成后,公司持有申万宏源
32.8
9
%
的股权,并对其实施重大影响,将其纳入长期股权投资按照权益法核算。







图表19. 2018
年末中国建投一级子公司情况表(单位:
%
、亿元)


Company Abbreviation

业务性质

Registered capital

Shareholding ratio

建投投资有限责任公司

Investment management

50.00

100.00%

建投嘉昱(上海)投资有限公司

Industrial Investment

50.00

100.00%

中建投信托股份有限公司

信托服务

50.00

100.00%

中建投租赁股份有限公司

租赁业

26.68

75.00%

建投控股有限责任公司

Investment management

20.00

100.00%

建投华科投资股份有限公司

投资管理、技术服务

20.00

100.00%

中投财富辛卯(天津)创业投资合伙企业(有限合伙)

Venture Capital

Not applicable

43.12%

中国投资咨询有限责任公司

consultation service

1.88

100.00%

Cathay Fund Management Co., Ltd.

基金业务管理

1.10

60.00%

建投华文投资有限责任公司

Investment management

20.00

100.00%

建投嘉奂(上海)投资有限公司

Investment management

1.00

100.00%

安徽建投嘉信投资有限公司

Industrial Investment

1.99

100.00%

中国建投(香港)有限公司

融资及资金管理

Not applicable

100.00%



资料来源:中国建投

3. 公司管理水平


中国建投已形成了与现有投资业务相适应的管理体系和制度,并建立了较为完善的投资决策体系,以有效控制投资业务的风险。


中国建投围绕风险管理目标和基本原则,建立包括公司风险管理委员会、风险管理部及其他各部门在内的风险管理组织体系。风险管理委员会是公司专项风险事项的决策机构,直接对总裁负责,秘书处设于风险管理部。风险管理部是公司的综合风险管理部门,牵头负责组织公司全面风险管理工作,并牵头组织内控合规工作。公司针对专项风险确定牵头管理部门:品牌和传播部牵头负责管理声誉风险;战略发展部牵头负责管理战略风险和国家风险;财务资金部牵头负责管理流动性风险;各业务部门负责管理市场风险、信用风险、操作风险、业绩风险和经营风险,并配合专项风险牵头管理部门的风险管理工作;审计部负责监督、评价、检查公司经营管理活动的合规性以及内部控制体系和风险管理体系的有效性,督促和指导有关部门及时整改和优化。



在管理层专门委员会管理方面,中国建投制订了金融产品投资委员会、直接投资委员会、资产处置审批委员会、承继业务投资审批委员会、风险管理委员会、不动产管理委员会和学术研究管理委员会等专门委员会的工作规则,对相关业务的审批集中管理。

对于直投业务,公司直接投资委员会委员有
3
-
5
人,由总裁及相关分管公司领导组成,
委员会主任由总裁担任。直接投资委员会负责在总裁授权范围内审批公司直接投资项目,包括投资项目的进入、调整与退出事项的审批。直接投资项目审批分为立项审批、
项目预审和项目审批三个环节。直接投资委员会预审组成员由在投资、
战略、财务、风



险、法律等领域具备专长的人员组成,预审组组长由公司分管投资业务的领导担任。预审组成员以会议讨论的方式履行对投资项目进行预审的职责。



在授权体系方面,中国建投分别对董事会、总裁、管理层专门委员会、分管领导和部门负责人等,逐级制订了不同的授权方案,明确规范各层级的权责。



在投融资管理方面,中国建投要求提出投融资方案,
按照授权履行审批程序,并落实决策和执行的责任。投资项目提交审批时,应提交可行性研究报告、投资方案、法律意见书等材料。融资方案须明确融资目的、融资模式、企业债务结构、可接受的资金成本水平和偿付能力等内容,并对潜在融资风险和具体应对措施做出安排和说明。



中国建投未来将继续加强风险管理的措施和手段,包括完善风险政策和管理手段、
加强集团风险体系建设、倡导和形成风险管理文化等。



Finance


1. 公司财务质量


德勤华永会计师事务所对中国建投的
2015
-
2017
年度的财务报表进行了审计,
安永华明会计师事务所对中国建投的
2
018
年度的财务报表进行了审计,
均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(
2006
版)、企业会计制度及其补充规定。



As of
201
8
年末,中国建投经审计的合并财务报表口径资产总额为
1600.12
亿元,股东权益为
811.87
亿元,其中归属于母公司股东权益为
791.42
亿元;
201
8
年公司实现营业收入合计
105.95
亿元,营业利润
52.69
亿元,净利润
46.88
亿元,其中归属于母公司股东的净利润为
43.44
100 million yuan.



As of
2019
year
9
月末,中国建投未经审计的合并口径资产总额为
1711.39
亿元,股东权益为
873.7
0
亿元,其中归属于母公司股东权益为
850.18
亿元;当期实现营业收入合计
100.37
亿元,
operating profit
61.89
亿元,
Net profit
52.61
亿元,其中归属于母公司股东的净利润为
47.61
100 million yuan.



2. 公司盈利能力


中国建投的收入主要来源于金融服务业务和投资业务板块,盈利水平易受宏观经济形势和金融市场景气度的影响。


中国建投利润主要来源于金融服务业务和投资业务板块,公司盈利水平易受宏观经济形势和金融市场景气度的影响。从营业收入构成来看,公司主营业务净收入主要为非银行类企业的手续费及佣金净收入、租赁业务净收入、利息净收入等;中间业务净收入主要来自信托业务的手续费及佣金净收入;投资收益主要为长期股权投资与金融资产投资所产生的回报。



201
6
-
2018
年及
2019
年前三季度,中国建投实现的营业收入分别为
109.03
亿元、
105.46
亿元、
105.95
亿元和
100.37
100 million yuan.

期间公司主营业务净收入保持增长,主要得益



于主要经营板块业务规模的扩大;中间业务净收入略有下降,主要来自信托板块的收入缩减。



图表20. 中国建投营业收入构成情况(单位:亿元、
%
)


project

2016 year

2017 year

2018 year

2019年前三季度

Amount

Proportion

Amount

Proportion

Amount

Proportion

Amount

Proportion

主营业务净收入

24.33

22.32

30.06

28.50

35.15

33.18

35.97

35.83

中间业务净收入

13.03

11.95

10.71

10.16

10.47

9.88

12.90

12.85

Investment income

66.19

60.71

58.84

55.79

52.78

49.82

48.11

47.93

公允价值变动损失

-0.02

-0.02

0.40

0.38

0.50

0.47

0.58

0.58

Income from asset disposal

0.28

0.26

1.80

1.70

0.65

0.61

-0.01

-0.01

Exchange gains and losses

1.98

1.82

-1.88

-1.78

1.03

0.97

0.90

0.90

Other income

3.24

2.97

5.53

5.24

5.36

5.06

1.93

1.92

total

109.03

100.00

105.46

100.00

105.95

100.00

100.37

100.00



资料来源:中国建投

中国建投的投资收益主要来源于可供出售金融资产及长期股权投资。

201
6
-
2018
年及
2019
年前三季度,
公司分别实现长期股权投资收益
42.1
4
亿元、
27.33
亿元、
21.54
亿元和
21.44
100 million yuan.

期间公司对结构化产品重分类,部分信托产品投资收益在可供出售金融资产和应收款项类投资收益间调整,
201
6
-
2018
年及
2019
年前三季度两类金融资产投资收益合计分别为
23.98
亿元、
31.39
亿元、
30.55
亿元和
24.65
100 million yuan.

总体来看,受货币政策调整、
证券市场波动、
金融去杠杆及委外赎回、市场信用风险暴露趋增等因素影响,
公司金融资产投资压力有所上升,以公允价值计量且其变动计入当期损益的金融资产、
可供出售金融资产及贷款和应收款类金融资产投资收益一方面随着投资规模的扩大有所增长,另一方面在扣除资金成本和合并结构化主体其他权益人收益后,利润贡献呈现下滑态势。



图表21. 中国建投投资收益构成(单位:亿元、
%
)


project

2016 year

2017 year

2018 year

2019

前三季度

Amount

Proportion

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收益

0.07

0.11

0.11

0.20

0.70

1.33

0.17

0.35

可供出售金融资产收益

20.50

30.97

18.97

32.24

25.83

48.93

16.98

35.29

长期股权投资收益

42.14

63.67

27.33

46.45

21.54

40.81

21.44

44.57

贷款和应收款类金融资产收益

3.48

5.26

12.42

21.11

4.72

8.94

7.67

15.94

持有至到期投资收益

-

-

-

-

-

-

1.85

3.85

投资收益合计

66.19

100.00

58.84

100.00

52.78

100.00

48.11

100.00



资料来源:中国建投

201
6
-
2018
年及
2019
年前三季度,中国建投的营业支出分别为
36.
39
亿元、
39.09
亿元、
53.25
亿元和
38.48
亿元,
营业支出占营业收入的比例分别为
33.37%
,
37.06%
,
50.27
%
with
38.34%
,
总体呈上升趋势。公司营业支出主要包括其他业务成本、业务及管理费和资产减值损失,其中其他业务成本分布于财务费用和合并结构化主体其他受益人收益,近年来随财务费用的上升逐年增加,
2016
-
2018
年及
2019
年前三季度分别为
2.42
亿元、
7.78
亿元、
9.86
亿元和
10.16
100 million yuan.同期,公司业务及管理费分别为
24.42
亿元、
28.48
亿元、



34.11
亿元和
24.98
亿元,
占营业支出的比重为
67.09%
,
72.86%
,
64.05
%
with
64.92%
,主要来自职工薪酬。

201
6
-
2018
年及
2019
年前三季度,
公司分别实现营业利润
72.64
亿元、
66.37
亿元、
52.69
亿元和
61.89
亿元,净利润
64.46
亿元、
58.75
亿元、
46.88
亿元和
52.61
100 million yuan.



3. 公司偿债能力


中国建投利用资本及债务杠杆不断推进投资及金融服务业务发展,负债规模快速攀升,但目前债务率仍处于合理水平。公司资产集中分布于各类金融产品投资与股权投资,
资产价值较高,但易受宏观经济与金融市场环境影响。公司现金类资产及短期理财产品存量充裕,能够对即期债务偿付形成有效保障。


(1) 债务分析


In recent years,
随着融资租赁业务的增长及投资并购业务的开展,
中国建投的融资需求有所扩大,
债务规模与杠杆水平逐渐上升。

2016
-
2018
年末及
2019
year
9
月末,中国建投负债总额分别为
520.99
亿元、
753.17
亿元、
788.26
亿元和
837.90
亿元;
资产负债率分别为
41.78%
,
49.09%
,
49.26
%
with
48.95%
.



中国建投的融资渠道畅通,主要通过金融机构借款、发行直接债务融资工具等渠道补充资金,
公司负债大量集中于刚性债务,
2016
-
2018
年末及
2019
year
9
月末刚性债务余额占负债总额的比例分别为
61.68%
,
60.86%
,
66.38
%
with
71.97%
.



20
18
年末,中国建投的刚性债务主要包括短期借款、
长期借款及应付债券,其中长期借款及应付债券占比合计
86.31
%
,且期限分布较为分散。同期末,公司短期借款余额为
63.77
亿元,
在有息债务中占比
12.19
%
,长期借款余额为
205.37
亿元,在有息债务中占比
39.25
%
.从承债主体来看,
公司长短期借款主要来自中建投租赁、
建投投资、建投嘉奂及建投华科。

201
8
年末,公司应付债券余额为
246.2
6
亿元,
在有息债务中占比
47.06
%
,
包括公司发行的金融债
29.8
6
亿元、通过中国建投(香港)有限公司子公司发行的
9
亿美元和
5
亿欧元境外高级无抵押债券以及中建投租赁发行的
Corporate debt
券及定向债务融资工具
59.95
亿元、
short-term bond
14.99
亿元、
Medium-term notes
4.00
亿元、资产支持证券
3.06
亿元和中建投租赁子公司在境外发行的
5
亿美元高级无抵押债券,
其中一年内到期的债券余额为
16.40
100 million yuan.

2019
年以来,公司归还部分短期银行借款,并发行债务融资工具筹措中长期资金,债务期限有所拉长。

2019
year
9
月末,公司短期借款、长期借款和应付债券余额分别为
28.35
亿元、
181.00
亿元和
381.97
亿元,在有息债务中占比分别为
4.70%
,
30.02%
with
63.36%
.



图表22. 中国建投刚性债务构成情况(单位:亿元、
%
)


project

2016年末

2017年末

2018年末

2019年9月末

Amount

Proportion

Amount

Proportion

Amount

Proportion

Amount

Proportion

short-term loan

20.35

6.33

21.90

4.78

63.77

12.19

28.35

4.70

Interest payable

4.40

1.37

4.60

1.00

6.44

1.23

4.69

0.78

应付信托保障基金款项

17.50

5.45

14.50

3.16

1.40

0.27

6.90

1.14




project

2016年末

2017年末

2018年末

2019年9月末



Amount

Proportion

Amount

Proportion

Amount

Proportion

Amount

Proportion

长期借款

218.49

67.99

223.78

48.82

205.37

39.25

181.00

30.02

Bonds payable

60.63

18.87

193.59

42.24

246.26

47.06

381.97

63.36

total

321.37

100.00

458.37

100.00

523.25

100.00

602.90

100.00



资料来源:中国建投

除刚性负债以外,中国建投的债务还主要分布于应付款项、预计负债和其他负债等。

among them
201
8
年末公司应付款项余额为
29.49
亿元,
较上年末减少
65.90%
,系因当年公司完成划转中央汇金于
201
4
年提供的再贷款专项偿债资金
63.10
100 million yuan.

预计负债系公司对承继的自办实体及对外投资因出资不实、人员安置、
诉讼等原因计提。公司对自办实体计提预计负债涉及的或有事项可能导致经济利益的流出进行持续评估,
并转回部分已计提的预计负债,计入营业外收入。

2018
年末公司预计负债余额为
24.50
亿元,较上年末减少
12.83%
,当年转回金额为
3.80
100 million yuan.

公司还承继了原建设银行的委托贷款基金及委托贷款,
201
8
年末公司应支付基金委托人款项净额为
24.2
4
亿元,
计入其他负债。

2018
年末,公司其他负债余额为
176.59
亿元,
除上述委托贷款基金结余以外主要包括合并结构性主体形成的负债
110.90
亿元和租赁保证金
28.01
100 million yuan.

公司合并结构化主体主要为能够实施控制权的信托产品和基金产品,
2018
年末公司管理及合并的信托产品和基金产品总资产金额为
354.20
亿元,其他权益人享有权益金额为
110.90
100 million yuan.

2019
year
9
月末,公司应付款项余额为
4
4.92
亿元,较上年末增长
5
2.30%
,主要系下属公司建投资本子公司北京建广资产管理有限公司收到
G
P
Share
70%
的转让价款
15.73
亿元形成的挂账款;
预计负债余额为
24.46
亿元;
其他负债余额为
137.94
亿元,
较上年末减少
21.89%
,主要原因为合并结构化主体形成的其他负债减少。

2019
year
9
月末,公司管理及合并的信托产品和基金产品总资产金额为
148.6
0
亿元,其他权益人享有权益金额为
71.49
100 million yuan.



综上,
近年来中国建投的负债保持在适度的水平。

由于公司投资业务具有较多的融资需求,随着业务的逐步放量,公司通过发行债券或银行借款等方式募集资金,未来债务水平可能逐步上升,公司预计负债计提与转回情况、公司所承继委托贷款基金结余变化及支付义务等情况仍值得关注。



根据中国建投
201
9
year
12
month
13
日征信查询结果,公司无信用违约记录。



(2) 现金流分析


中国建投目前处于业务快速扩张阶段,面临较大的投资压力,其资金缺口主要通过外部筹资来解决。

201
6
-
2018
年及
2019
年前三季度,
公司经营活动产生的净现金流分别为
-
36.94
亿元、
-
36.88
亿元、
-
24.34
亿元和
3.57
100 million yuan.同期,公司投资性现金流量净额分别为
-
38.48
亿元、
-
96.93
亿元、
-
71.79
亿元和
-
27.65
100 million yuan.



为满足经营及投资活动资金需求,中国建投同时采用股权融资和债权融资的方式,
201
6
-
2018
年及
2019
年前三季度,筹资活动产生的现金流量净额分别为
73.91
亿元、
233.91
亿元、
22.46
亿元和
37.60
100 million yuan.短期来看,公司投资规模仍较大,预计非筹资



性现金流将继续呈现净流出,但未来随着各板块业务收益的逐步实现和回收,净流出状态有望得到一定改善。



近年来,中国建投非筹资性现金流持续呈现净流出状态,难以对负债形成保障。

2016
-
2018
year,
the company
E
BITDA
逐年递减,但对利息支出的保障程度良好。

同期,
公司刚性债务规模较大,
E
BITDA
对其覆盖率较低。



图表23. 中国建投
E
BITDA
及非筹资活动现金流对债务的保障情况


index

2016 year

2017 year

2018 year

EBITDA(亿元)

80.60

75.59

69.74

EBITDA/利息支出(倍)

38.26

26.41

12.66

EBITDA/刚性债务(倍)

0.31

0.19

0.14

经营性现金净流入量与负债总额比率[%]

-8.16

-5.79

-3.16

非筹资性现金净流入量与负债总额比率[%]

-16.66

-21.00

-12.47



资料来源:中国建投

(3) 资产质量分析


近年来,中国建投各业务板块持续发展,其中融资租赁业务取得较快增长,
金融产品投资增幅也尤为显著,使得资产规模相应扩张。

201
6
-
2018
年末及
2019
year
9
月末,
公司资产总额分别为
1247.10
亿元、
1534.32
亿元、
1600.12
亿元和
1711.39
100 million yuan.



图表24. 中国建投主要资产构成情况(单位:亿元、
%
)


project

2016年末

2017年末

2018年末

2019年9月末

Amount

Proportion

Amount

Proportion

Amount

Proportion

Amount

Proportion

Money funds

55.21

4.43

154.50

10.07

87.57

5.47

101.96

5.96

应收款项

253.82

20.35

309.29

20.16

341.90

21.37

392.34

22.93

Available for sale financial assets

275.43

22.09

214.10

13.95

265.64

16.60

340.31

19.89

应收款项类投资

89.02

7.14

253.08

16.49

253.01

15.81

170.32

9.95

Long-term equity investment

399.81

32.06

409.12

26.66

441.51

27.59

466.39

27.25

Other assets

173.81

13.93

194.23

12.67

210.49

13.16

240.07

14.03

total

1247.10

100.00

1534.32

100.00

1600.12

100.00

1711.39

100.00



资料来源:中国建投

中国建投资产构成主要为各类金融资产与股权投资,
资产价值易受宏观经济与金融市场环境变化而出现波动。

2
018
年末,公司可供出售金融资产余额为
265.64
亿元,应收款项类投资余额为
253.01
亿元,占总资产的比重分别为
16.60
%
with
15.81
%
,
主要投资品种包括信托产品
232.43
亿元、理财产品
108.49
亿元、
fund
68.35
亿元、股票
38.87
亿元、债券
28.49
亿元、资管计划
12.81
亿元和股权投资
26.69
亿元等,
其中信托投资的交易对手主要为建投信托;理财产品投资期限一般为
6
个月以内,并保持一定的
T
+
0
,
T + 1
产品份额;
基金投资系来源于
2017
year
11
月公司美元、欧元债券募集资金的外币基



金投资;
股票、债券等投资主要来自并表结构化主体的资产配置;股权投资由公司直接股权投资业务产生。

2018
年末,公司长期股权投资余额为
441.51
亿元,占总资产的
27.59
%
,主要为公司直接股权投资资产,投资额较高的包括申万宏源上海银行 、江淮汽车及西南证券等。

2019
year
9
月末,公司可供出售金融资产和应收款项类投资余额分别为
340.31
亿元和
170.32
亿元,分别较上年末增长
28.11%
和减少
32.68%
,主要原因为年末将结构化主体报表进行调整,对两个科目进行重分类,年度中间未做该笔调整。

同期末,公司投资品种主要包括信托产品
216.34
亿元、理财产品
123.84
亿元、
fund
67.70
亿元、股票
36.57
亿元、债券
10.20
亿元、资管计划
35.58
亿元和股权投资
17.12
100 million yuan.

2019
year
9
月末,公司长期股权投资余额为
466.39
亿元,占总资产的
27.25%
.



除金融资产与股权投资以外,中国建投的资产还分布于应收款项、投资性房地产、
固定资产、无形资产、商誉及其他资产。

具体来看,
201
8
年末,公司应收款项余额为
341.90
亿元,同比增加
10.54
%
,主要包括应收融资租赁款(扣除减值准备前)
324.69
亿元和应收保理款(扣除减值准备前)
8.50
亿元;
投资性房地产余额为
57.29
亿元,
来自于不动产经营板块,较上年末减少
6.34
%
;固定资产、
无形资产和商誉余额分别为
19.74
亿元、
19.
95
亿元和
33.
96
亿元,
mainly include
SGD
的生产设备、
客户关系及商标权、
合并商誉等资产;其他资产余额为
19.53
亿元,
较上年末减少
56.01%
,
主要因当年根据与中央汇金的协议将应收清算组款项
21.86
亿元划转至中央汇金,年末其他资产集中于存货和其他应收款,其中存货为建投控股等的开发成本及开发产品。

2019
year
9
月末,公司应收款项、投资性房地产、固定资产、无形资产、商誉及其他资产余额分别为
392.34
亿元、
56.74
亿元、
18.71
亿元、
19.20
亿元、
33.61
亿元和
23.53
亿元,分别占总资产的
22.93%
,
3.32%
,
1.09%
,
1.12%
,
1.96%
with
1.37%
.

其中,应收款项较上年末增长
14.75%
,
主要包括应收融资租赁款(扣除减值准备前)
367.31
亿元和应收保理款(扣除减值准备前)
6.45
100 million yuan.



(4) 流动性
/
短期因素


中国建投持有较大规模短期可变现资产,能够对短期债务及有息债务形成一定覆盖。

2
01
9
year
9
月末,公司所持自有货币资金和可供出售金融资产分别为
101.96
亿元和
340.31
亿元,
占总资产的
5.96
%
with
19.88
%
.

公司货币资金保有量充裕,
且可供出售金融资产中包含大额短期理财产品,
对即期债务的偿付保障程度较强。

此外,公司长期以来与商业银行保持良好的合作关系,能够取得较为充足的授信支持。

As of
201
9
year
9
月末,
公司合并口径银行授信总额为人民币
1
204.74
亿元、欧元
8.95
亿元、港币
12.60
亿元、
卢比
2.95
亿元及美元
5.85
亿元,已使用授信人民币
214.90
亿元、欧元
8.69
亿元、港币
12.60
亿元、卢比
1.84
亿元及美元
0.26
亿元,未使用授信人民币
989.84
亿元、欧元
0.26
亿元、卢比
1.11
亿元及美元
5.59
100 million yuan.



图表25. 中国建投短期偿债能力(单位:
%
)


index

2016年末

2017年末

2018年末

货币资金/短期刚性债务

41.51

122.25

54.29

(货币资金+以公允价值计量且其变动计入当期损益的金融资产+可供出售金融资产)/短期刚性债务

248.61

293.29

232.84




(货币资金+以公允价值计量且其变动计入当期损益的金融资产+可供出售金融资产)/刚性债务

102.90

80.86

71.78



资料来源:中国建投

As of
201
9
year
9
月末,
中国建投受限资产共计
164.23
亿元,
大量集中于应收融资租赁款质押融资,公司总体仍保有较大规模的未受限现金类资产以及较强的资产变现、再融资能力。



图表26. 2019
year
9
月末中国建投资产受限情况(单位:亿元)


category

use

Amount

Money funds

一般风险准备金及基金业务专项准备

16.18

长期借款质押

1.24

保理业务和资产保全

0.21

Margin

0.56

预售房款监管资金

0.08

大维基金

0.23

应收款项

短期借款质押

-

应收融资租赁款质押

142.89

应收保理款质押

1.87

固定资产

短期借款抵押

0.67

投资性房地产

长期借款抵押

0.30

total

-

164.23



资料来源:中国建投

外部支持因素


中国建投是中央汇金的全资子公司,
由中投公司管理,公司由原中国建设银行分立设立,承担承继资产的管理及处置工作,并曾参与多家金融机构的重组工作,发挥了维护金融稳定的功能,目前系中投公司旗下重要投资企业,能够获得股东方的有力支持。



中央汇金成立于
2013
year
12
month,
代表国家依法行使对国有商业银行等重点金融企业出资人的权利和义务。

2007
year
9
月,财政部发行特别国债,从中国人民银行购买中央汇金的全部股权,并将上述股权作为对中国投资有限责任公司(以下简称“中投公司”)
出资的一部分,注入中投公司。中央汇金的重要股东职责由国务院行使,
董事会、监事会成员由国务院任命,对国务院负责。中央汇金根据国务院授权,对国有重点金融企业进行股权投资。 As of
2018
年末,中央汇金注册资本为
8282.09
亿元,控股参股机构除中国建投以外,还包括国家开发银行、中国工商银行股份有限公司、中国农业银行股份有限公司、 中国银行股份有限公司、中国建设银行股份有限公司、中国光大集团股份公司、
中国光大银行股份有限公司、中国出口信用保险公司、中国再保险(集团)股份有限公司、新华人寿保险股份有限公司、 中国银河金融控股有限责任公司、 申万宏源集团股份有限公司、中国国际金融股份有限公司、 中信建投证券有限责任公司、建投中信资产管理有限责任公司、 国泰君安投资管理股份有限公司。




本期债券偿付保障分析


As of
201
9
year
9
月末,中国建投货币资金存量充裕,为
101.96
亿元,且可供出售金融资产规模较大,
for
340.31
亿元,可变现能力相对较强,必要时公司可以通过变现流动资产补充偿债资金。



此外,中国建投与多家银行保持了良好合作关系,获得资金周转与补充的间接融资渠道畅通,具有较强的融资能力。

As of
201
9
year
9
月末,公司合并口径银行授信总额为人民币
1
204.74
亿元、欧元
8
.95
亿元、港币
12.60
亿元、卢比
2.95
亿元及美元
5.85
亿元,
已使用授信人民币
214.90
亿元、欧元
8.69
亿元、港币
12.60
亿元、卢比
1.84
亿元及美元
0.26
亿元,未使用授信人民币
989.84
亿元、欧元
0.26
亿元、卢比
1.11
亿元及美元
5.59
100 million yuan.



评级结论


中国建投是中央汇金的全资子公司,
由中投公司管理。

公司由原中国建设银行分立设立,承担承继资产的管理及处置工作,并曾参与多家金融机构的重组工作,发挥了维护金融稳定的功能,目前系中投公司在境内的重要投资平台,能够获得股东方的有力支持。



In recent years,
中国建投采用集团化发展模式与业务平台化的经营思路,形成投资与实业运营、金融服务两大业务板块。

其中,投资方面除持有并管理申万宏源上海银行等金融机构股权以外,公司目前主要布局工业制造、信息技术、文化消费及医疗健康四大领域;
金融服务板块中基金、信托及融资租赁业务规模增速较快,但在金融政策调整、证券市场波动及信用风险上升的环境下,公司金融服务板块的收入及利润水平承压,市场及信用风险管理面临更大挑战。



中国建投资本实力雄厚,并利用债务杠杆不断推进投资及金融服务业务发展,
公司负债水平持续上升,但目前负债率仍处于合理水平。公司资产集中分布于各类金融产品投资与股权投资,资产价值较高,但易受宏观经济与金融市场环境影响。公司现金类资产及短期理财产品存量充裕,能够对即期债务偿付形成有效保障。




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,在本期
公司债存续期(
本期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:

公司与实际控制人关系图




100%

中央汇金投资有限责任公司

中国投资有限责任公司

China Construction Bank Investment Co., Ltd.

100%



注:根据中国建投提供的资料绘制(截至2019年9月末)





附录二:

公司组织结构图




注:根据中国建投提供的资料绘制(截至2019年9月末)


附录三:


发行人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

2018 year

2019年前三季度

总资产(亿元)

1247.10

1534.32

1600.12

1711.39

货币资金(亿元)

55.21

154.50

87.57

101.96

刚性债务(亿元)

321.37

458.37

523.25

602.90

股东权益(亿元)

726.11

781.16

811.87

873.70

营业收入(亿元)

109.03

105.46

105.95

100.37

净利润(亿元)

64.46

58.75

46.88

52.61

EBITDA(亿元)

80.60

75.59

69.74

-

经营性现金净流入量(亿元)

-36.94

-36.88

-24.35

3.57

投资性现金净流入量(亿元)

-38.48

-96.93

-71.79

-27.65

Assets and liabilities(%)

41.78

49.09

49.26

48.95

权益资本与刚性债务比率(%)

225.94

170.42

155.16

144.92

EBITDA/利息支出(倍)

38.26

26.41

12.66

-

短期刚性债务/刚性债务(%)

41.39

27.57

30.83

6.62

货币资金/短期刚性债务(%)

41.51

122.25

54.29

-

经营性现金净流入量与负债总额比率[%]

-8.16

-5.79

-3.16

-

非筹资性现金净流入量与负债总额比率[%]

-16.66

-21.00

-12.47

-

营业利润率(%)

66.63

62.94

49.73

61.66

总资产报酬率(%)

6.66

5.01

3.98

-

净资产收益率(%)

9.24

7.79

5.89

-



注:表中数据依据中国建投经审计的2016-2018年度财务数据、未经审计的2019年前三季度财务数据整理、计算。



附录四:

各项财务指标的计算公式


Indicator name

Calculation formula

资产负债率(%)

期末负债合计/期末资产总计×100%

长短期债务比(%)

期末非流动负债合计/期末流动负债合计×100%

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×100%

流动比率(%)

期末流动资产合计/期末流动负债合计×100%

速动比率(%)

(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)×100%

现金比率(%)

[期末货币资金余额+期末短期投资余额+期末应收银行承兑汇票余额]/期末流动负债合计×100%

利息保障倍数(倍)

(报告期利润总额+报告期列入财务费用的利息支出)/(报告期列入财务费用的利息支出+报告期资本化利息支出)

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)×100%

担保比率(%)

期末未清担保余额/期末所有者权益合计×100%

毛利率(%)

1-报告期营业成本/报告期营业收入×100%

营业利润率(%)

报告期营业利润/报告期营业收入×100%

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]×100%

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]×100%

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×100%

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]×100%

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]×100%

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]×100%

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]×100%

EBITDA/利息支出[倍]

报告期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[倍]

EBITDA/[(期初刚性债务余额+期末刚性债务余额)/2]



注1. 上述指标计算以公司合并财务报表数据为准注2. 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+其他具期债务注3. EBITDA=利润总额+列入财务费用的利息支出+固定资产折旧+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

AAA级

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 grade

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

Class A

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

BBB级

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级

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

Class B

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

CCC级

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级

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

Class C

发行人不能偿还债务



注:除AAA级、CCC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

AAA级

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 grade

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。


Class A

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。


BBB级

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级

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。


Class B

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。


CCC级

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级

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。


Class C

不能偿还债券本息。




注:除AAA级、CCC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实地调查和诚信义务,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期债券存续期内有效。本期债券存续期内,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(2012)》
. 《工商企业信用评级方法概论(2014)》


上述评级技术文件可于新世纪评级官方网站查阅。








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