Core Viewpoint - The People's Bank of China and several regulatory bodies issued a notification to further prevent and address risks associated with virtual currencies and real-world asset (RWA) tokenization, reiterating that activities related to virtual currencies are illegal financial activities [1][2]. Group 1: Notification Structure and Content - The notification consists of six parts and nineteen articles, focusing on the nature of virtual currencies, RWA, and related business activities, as well as establishing a collaborative working mechanism [2]. - It emphasizes risk monitoring, prevention, and management requirements, including the regulation of intermediary institutions, internet content management, and the registration of business entities [2][3]. - The notification aims to strengthen the regulatory framework for domestic entities and their overseas operations concerning virtual currencies and RWAs [2][3]. Group 2: Key Revisions Compared to Previous Regulations - The notification reaffirms the prohibition of virtual currencies in China, clarifying that they do not hold legal currency status and that related business activities are illegal [3]. - It specifies that stablecoins linked to legal currencies cannot be issued abroad without approval from relevant authorities, emphasizing the importance of currency sovereignty [3]. - The notification outlines a clear definition of RWA and stresses that conducting RWA business domestically or providing related intermediary services is considered illegal financial activity [3]. Group 3: Measures Against Virtual Currency Mining - The notification reiterates the ban on virtual currency mining in China, with the National Development and Reform Commission leading the strict control of mining activities [4]. - Provincial governments are held responsible for the oversight and rectification of mining activities within their jurisdictions, following existing regulations [4]. - It emphasizes the need for inter-departmental collaboration to maintain a high-pressure stance against illegal activities related to virtual currencies and RWAs [4].

Group 1 - The core point of the article is that Financial Street reported a total of 69,626 shareholders as of the end of January 2026 [2]

Core Insights - The State Administration of Foreign Exchange of China reported the international balance of payments for goods and services trade for December 2025, showing a total import-export scale of 52,808 billion yuan [1] Trade Data Summary - Goods trade exports amounted to 26,647 billion yuan, while imports were 18,114 billion yuan, resulting in a surplus of 8,533 billion yuan [1] - Service trade exports were 3,541 billion yuan, with imports at 4,507 billion yuan, leading to a deficit of 966 billion yuan [1] - Major components of service trade included travel services with an import-export scale of 2,301 billion yuan, transportation services at 2,050 billion yuan, other commercial services at 1,491 billion yuan, and telecommunications, computer, and information services at 1,025 billion yuan [1] Dollar Value Summary - In dollar terms, the total goods and services trade exports were 4,276 million USD, imports were 3,204 million USD, resulting in a surplus of 1,072 million USD [1]

Core Viewpoint - Financial Street (000402.SZ) forecasts a net loss of 4.5 billion to 6.5 billion yuan for the year 2025, which is an improvement compared to the previous year's loss of 11.084 billion yuan [1] Financial Performance - The net profit attributable to shareholders is expected to be a loss of 4.3 billion to 6.3 billion yuan after excluding non-recurring gains and losses, compared to a loss of 9.979 billion yuan in the same period last year [1] - The anticipated loss for 2025 exceeds 10% of the audited net assets as of the end of 2024, but represents a reduction in losses compared to 2024 [1] Strategic Focus - The company aims to stabilize and develop its strategy around "ensuring safety, strengthening transformation, improving mechanisms, and steady development" [1] - Emphasis is placed on rigorous decision-making, ensuring fund safety, and maintaining stable operations to guarantee smooth business performance [1]

Core Viewpoint - Financial Street is expected to report a net loss of 4.5 billion to 6.5 billion yuan in 2025, with a net loss of 4.3 billion to 6.3 billion yuan after excluding non-recurring gains and losses [1] Financial Performance - The projected net loss for 2025 is between 4.5 billion and 6.5 billion yuan [1] - The adjusted net loss, excluding non-recurring items, is estimated to be between 4.3 billion and 6.3 billion yuan [1]

Group 1 - The company, Financial Street, expects a net profit loss for the fiscal year 2025, projecting a loss between 4.5 billion to 6.5 billion yuan [1] - In the same period last year, the company reported a loss of 11.084 billion yuan [1]

Group 1 - The company is projected to report a preliminary net loss ranging from 4.5 billion to 6.5 billion RMB for the year [1]

Financial Performance - The company expects a net profit attributable to shareholders to be a loss of between 450 million and 650 million yuan, compared to a loss of 1,108.372 million yuan in the same period last year[3]. - The net profit after deducting non-recurring gains and losses is projected to be a loss of 430 million to 630 million yuan, compared to a loss of 997.901 million yuan in the previous year[3]. - The basic earnings per share is expected to be a loss of between 1.51 yuan and 2.17 yuan, compared to a loss of 3.71 yuan per share in the previous year[3]. Real Estate Development Losses - The company anticipates a loss of approximately 2.5 to 3 billion yuan from real estate development due to market pricing strategies and project settlement losses[6]. - An additional loss of about 1.5 to 3 billion yuan is expected from impairment provisions on certain inventory projects[6]. Cash Flow and Liabilities - The company aims to achieve a net cash flow from operating activities of approximately 2 billion yuan, maintaining positive cash flow for seven consecutive years[7]. - By the end of 2025, the company's cash balance is expected to be around 16.6 billion yuan, covering all interest-bearing liabilities due within one year for six consecutive years[7]. - The company plans to reduce interest-bearing liabilities by approximately 5 billion yuan by the end of 2026, following the repayment of financial products issued in December 2025[7]. Operational Focus - The company will focus on enhancing operational efficiency and cost control while promoting sales and project cash collection in its real estate development business[9]. - The company is committed to improving service levels and customer experience in its asset management business while expanding and upgrading urban renewal and cultural tourism projects[9].

关于 金融街控股股份有限公司 2025 年度业绩预告的 2026 年 1 月 重要声明 本报告依据《公司债券发行与交易管理办法》《公司债券受托管理人执业行 为准则》、金融街控股股份有限公司（以下简称"发行人"或"公司"）就存续 公司债券与受托管理人签署的受托管理协议（以下简称"《受托管理协议》"） 及其它相关信息披露文件以及发行人出具的相关说明文件和提供的相关资料等， 由受托管理人中信建投证券股份有限公司（以下简称"中信建投证券"或"受托 管理人"）编制。中信建投证券编制本报告的内容及信息均来源发行人提供的资 料或说明。 本报告不构成对投资者进行或不进行某项行为的推荐意见，投资者应对相关 事宜作出独立判断，而不应将本报告中的任何内容据以作为中信建投证券所作的 承诺或声明。在任何情况下，未经中信建投证券书面许可，不得将本报告用作其 他任何用途。 1 临时受托管理事务报告 | 债券简称：21 | 金街 | 07 | 债券代码：149746.SZ | | --- | --- | --- | --- | | 债券简称：22 | 金街 | 03 | 债券代码：149915.SZ | | 债券简称：22 | 金街 | 0 ...

| 债券代码: | 148333.SZ | 债券简称: | 23 金街 07 | | --- | --- | --- | --- | | | 148378.SZ | | 23 金街 10 | | | 148459.SZ | | 23 金街 11 | | | 148796.SZ | | 24 金街 03 | | | 148797.SZ | | 24 金街 04 | | | 148598.SZ | | 24 金街 05 | | | 148599.SZ | | 24 金街 06 | | | 524026.SZ | | 24 金街 09 | | | 133958.SZ | | 25 金街 01 | | | 134276.SZ | | 25 金街 02 | 平安证券 (住所: 深圳市福田区福田街道益田路5023号平安金 融中心B座第22-25层) 2026年 1 月 重要声明 本报告依据《公司债券发行与交易管理办法》、《公司债券受托管理人执业 行为准则》、《债券受托管理协议》、《募集说明书》等相关信息披露文件、公 开信息以及金融街控股股份有限公司（以下简称"发行人"或"公司"）出具的 相关说明文件以及提供的相关资料等, ...