地方 AMC 参与企业破产重整 的分析与建议 联合资信 金融评级二部 | 梁兰琼 | 陈鸿儒 | 卢芮欣 近年来，在退市常态化与严监管的背景下，国家支持企业通过破产重整化 解债务风险；而地方 AMC 依托属地区域资源，可高效协调区域内司法、 产业及金融机构，加速资产盘活，并能对属地风险企业形成支持，参与企 业破产重整已成为地方 AMC 重要业务方向之一。但破产重整业务风险较 大，参与其中仍需加强专业能力建设和风险把控，并从地区协同、模式创 新、风险锁定等维度探索可持续发展路径。 www.lhratings.com 研究报告 1 近年破产重整案件快速增长，参与机构增多，地方 AMC 参与企业破产重整的业 务也逐渐增多，本文主要分析地方 AMC 参与的破产重整案件的特点、模式、优劣势， 总结其影响并给出建议。 一、 地方 AMC 参与企业破产重整的背景分析 会纪要》（以下简称《纪要》），《上市公司监管指引第 11 号——上市公司破产重整相 关事项》（以下简称"11 号文"）也于同月开始征求意见，这两项重要新规对上市公司 重整提出了更高标准，包括债权调整方案的创新性、清偿结构的合理性等要求，重整 方案需更精细的法律 ...

Investment Rating - The coal industry is rated with low credit risk for 2026, with a manageable concentration of repayment pressure on high-rated entities [10][64]. Core Insights - The coal industry has shifted its focus to "stabilizing production and increasing output," emphasizing intelligent and automated transformation while enhancing safety and environmental regulations [10][13]. - The industry is experiencing a slight increase in coal production, with a decrease in imports, and a stable demand from the power sector, although non-electric sectors are showing weak demand [10][17]. - The overall profitability of the coal industry has declined year-on-year, with a significant drop in profits for major coal enterprises [23][29]. - The industry is characterized by a stable competitive landscape, with a concentration of production in key regions and dominance by leading enterprises [26][64]. Industry Fundamentals Macroeconomic Environment - The macroeconomic environment has shifted from total cyclical fluctuations to structural differentiation on the demand side, with policies supporting economic recovery [11][12]. - The economic performance is stable but faces challenges from weak domestic demand and a complex external environment [11]. Industry Policies and Regulatory Environment - The coal industry is transitioning from "scale expansion" to "safe, intelligent, and green" high-quality development, with multiple regulatory policies introduced to enhance production safety and environmental protection [13][14]. Industry Operating Conditions - In the first ten months of 2025, coal production increased slightly, primarily concentrated in the Shanxi, Shaanxi, and Inner Mongolia regions, while coal imports decreased by 11% year-on-year [17][19]. - The demand for coal is primarily driven by the power, steel, and construction industries, with weak performance in the real estate sector impacting demand for steel and cement [20][23]. Financial Performance Growth and Profitability - The coal industry's revenue and profit have been contracting, with a significant decline in overall profits for major coal enterprises [29][30]. - The operating cash flow of coal enterprises has decreased, indicating a weakening ability to cover capital expenditures [30][32]. Leverage Levels - The overall debt burden in the coal industry is moderate, with a stable average debt-to-asset ratio, although some enterprises face increasing debt pressures [38][41]. Debt Servicing Capability - The indicators of debt servicing capability have weakened, particularly for smaller enterprises facing liquidity risks [41][42]. Bond Market Performance Issuance Overview - The coal industry has seen a contraction in bond issuance, with a total of 249 bonds issued amounting to 338.3 billion yuan, a decrease of 11.05% compared to the previous year [43][44]. - The majority of new bond issuances are from high-rated enterprises, indicating a preference for quality over quantity in the current market [44][48]. Credit Migration - There has been a credit migration within the coal industry, with one downgrade and one upgrade among bond issuers, reflecting the varying financial health of enterprises [50][52]. Outlook - The coal industry is expected to maintain a "tight balance" in supply and demand, with a slight increase in coal prices anticipated in 2026, leading to stabilization in revenue and profits [64][65].

电力行业 2026 年度信用风险展望（2025 年 12 月） 电力行业样本企业杠杆水平指标 电力行业信用风险展望丨 2026 摘要 公司邮箱：lianhe@lhratings.com 网址：www.lhratings.com 电话：010-85679696 传真：010-85679228 地址：北京市朝阳区建国门外大街 2 号中国人保财险大厦 17 层 工商评级三部 电力行业样本企业营业总收入及营业利润情况 www.lhratings.com 信用风险展望 0 2024－2025 年分月全社会用电量及其增速情况 电力行业装机规模及五大发电企业装机占比情况 宏观方面，2025 年前三季度，内需动能仍待提振，全年增长 目标可期；行业方面，全社会用电量保持同比增长，电力总 装机容量进一步提升，发电量保持同比增长。随着新能源发 电装机规模和占比的不断提高，行业呈现"头部稳固、转型 分化、新兴突围"特征。 行业财务状况方面，2022 年以来，电力行业样本企业营业总 收入和营业利润总额逐年增长。其中，火力发电企业在煤价 回落及电价政策支持下盈利水平有所提升，新能源发电企业 盈利水平保持相对稳定，但投资扩张带来持续的融资 ...

Investment Rating - The report does not explicitly provide an investment rating for the financing leasing industry Core Insights - The financing leasing industry is undergoing a transformation driven by stricter regulatory policies aimed at returning to its core function of serving the real economy. This transformation is particularly pressing for commercial leasing companies as they face increasing competition and pressure on profitability and asset quality [4][10] - The impact of debt reduction policies has limited the ability of financing leasing companies to engage in municipal investment projects, while a low interest rate environment has intensified competition within the industry [4][19] - The transition of financing leasing companies is seen as inevitable, with opportunities arising from national macro policies such as equipment upgrades and the "dual carbon" strategy [4][23] Summary by Sections External Environment for Business Transformation - Regulatory policies are guiding the industry back to its core functions, emphasizing compliance and service to the real economy. Key documents include the "12th Document" and the "8th Document," which impose stricter requirements on leasing assets and aim for a significant increase in direct leasing business by 2026 [6][7][10] - The debt reduction policies have significantly impacted municipal investment projects, which have traditionally been a major business segment for financing leasing companies. New policies restrict non-standard financing and require a focus on sustainable debt management [11][14] Business Transformation Opportunities - The government is promoting large-scale equipment upgrades and the replacement of consumer goods, creating new opportunities for financing leasing companies to align with national strategies [23][24] - The "dual carbon" strategy is also seen as a catalyst for the growth of green leasing businesses, with specific encouragement for financing leasing in renewable energy sectors [24][27] Transformation Effectiveness - The report highlights that financing leasing companies are diversifying into sectors such as aviation, green low-carbon initiatives, and high-end equipment. The focus is on aligning with regulatory expectations and market demands [26][27] - Data indicates that while some companies are successfully transitioning, many face significant challenges, particularly those heavily invested in municipal projects. Approximately 70% of sampled companies show a good business structure, but 30% face considerable pressure to transform [31][32] - The performance of financial leasing companies is mixed, with some achieving growth in direct leasing and green leasing, while others struggle with declining profitability and asset quality [48][49][58]

Industry Overview - China's consumer finance market has evolved from a dominance of bank credit cards to a technology-driven inclusive ecosystem over 40 years[2] - As of September 2025, the balance of consumer loans (excluding personal housing loans) reached CNY 21.29 trillion, growing by 1.33% year-on-year, indicating a significant slowdown in growth[5] Market Dynamics - The consumer finance industry is entering a phase of stock operation, with increasing pressure on some participants to transform their business models due to slowing growth rates[19] - The introduction of new regulations has led to a significant impact on the industry, pushing institutions to abandon high-interest, high-risk business models in favor of refined risk management and pricing strategies[19] Competitive Landscape - Commercial banks hold a dominant position in the consumer finance market, accounting for approximately 70% of the total consumer credit market, although the internal structure is changing with a decline in credit card usage and an increase in self-operated consumer loans[9] - Consumer finance companies are experiencing growth in loan balances, but their market share remains low compared to commercial banks, and they face pressure from regulatory changes and competition[10] Risk and Regulation - The average loan interest rates for consumer finance companies are on a downward trend, with many institutions receiving guidance to keep new loan rates below 20%[14] - The credit risk level in the consumer finance industry has increased, with asset quality facing downward pressure due to macroeconomic conditions and competitive dynamics[17] Future Outlook - The consumer finance market is expected to continue its growth but at a slower pace, with a shift towards more regulated and standardized operations as high-risk businesses contract[19] - Internet financial platforms are likely to maintain significant roles in the market, leveraging their advantages in technology and customer acquisition, while smaller platforms may face greater challenges[20]

地方政府与城投企业债务风险研究报告－江苏省篇 联合资信 公用评级二部 |张建飞|邢小帆 www.lhratings.com 研究报告 1 报告概要： www.lhratings.com 研究报告 2 江苏省地理位置优越，资源禀赋突出，交通体系完善；城镇化水平较高；产业结构完备；"一 带一路"建设、长江经济带发展、长三角区域一体化发展以及近年来陆续出台的一系列稳经 济促发展的政策对江苏省经济、社会、文化发展起到了重大推进作用，江苏省经济总量及人 均 GDP 位居全国前列。2024 年，江苏省一般公共预算收入稳定增长，规模稳居全国第二位， 且质量及自给率较高；政府性基金收入规模有所下降，但仍对综合财力贡献大；江苏省整体 财政实力强。江苏省政府负债率及债务率在全国处于低水平。 江苏省各地级市在经济、财政、人口、产业分布等方面相对不均衡，南北差异明显，苏南地 区整体优于苏中、苏北地区。2024 年，江苏省各地级市经济规模均同比增长，除南京市外， 各地市一般公共预算收入均实现增长，苏南地区财政自给率高于苏北地区；受房地产市场低 迷影响，大部分地级市政府性基金收入同比下降。江苏省各地级市政府债务余额均保持增长， 地市政府 ...

1. Report Industry Investment Rating - There is no information provided regarding the report industry investment rating in the given content. 2. Core Viewpoints of the Report - Yancheng City, a core city in Jiangsu's coastal development, has significant location advantages, an improving transportation network, and steady economic growth. In 2024, its GDP reached 7779.2 billion yuan, ranking 7th in Jiangsu. The city is transforming its industrial structure, with the new - energy industry being a highlight, and it has received strong policy support [4][7][8]. - Yancheng's general public budget revenue is at a mid - level in Jiangsu, with room for improvement in revenue quality and medium - level fiscal self - sufficiency. The government debt burden is relatively heavy, but it is at a mid - level among Jiangsu's prefecture - level cities [4][12]. - The economic development of Yancheng's districts, counties, and cities is generally high but shows regional differences. Dongtai City has the strongest overall economic strength. In 2024, most areas had high tax revenue ratios, but government - funded revenue in many areas was under pressure. All local governments are strengthening debt management [4][20]. - Yancheng has many bond - issuing urban investment enterprises, mainly at AA and AA+ levels. Affected by debt - resolution policies, the net bond financing scale of most district - level urban investment enterprises has shrunk significantly. The debt scale of bond - issuing urban investment enterprises continues to grow, and they face short - term debt repayment pressure [4]. 3. Summary by Relevant Catalogs 3.1 Yancheng City's Economic and Fiscal Strength 3.1.1 Regional Characteristics and Economic Development - Location: Yancheng is located in the eastern coastal area of Jiangsu, with the longest coastline and rich tidal flat resources. It is an important node connecting the Yangtze River Delta urban agglomeration and northern Jiangsu [5]. - Transportation: It has built a three - dimensional transportation network. By the end of 2024, the total highway mileage was 26382.3 kilometers, and the railway passenger volume increased by 9.0% year - on - year. Yancheng Nanyang International Airport's passenger throughput increased by 4.6% [6]. - Urbanization: By the end of 2024, the permanent urban population was about 4.47 million, and the urbanization rate reached 67%, an increase of 0.7 percentage points [7]. - Economic Aggregate: In 2024, Yancheng's GDP was 7779.2 billion yuan, ranking 7th in Jiangsu, with a growth rate of 5.5%. In the first half of 2025, it was about 3720 billion yuan, with a year - on - year growth of 5.2% [7]. - Industrial Structure: The industrial structure is changing from "secondary - tertiary - primary" to "tertiary - secondary - primary". The new - energy industry is well - developed, with the installed new - energy power generation capacity reaching 16.7572 million kilowatts by the end of 2024. The automobile industry also has a certain scale, with a production value of 120 billion yuan in 2024 [8]. - Policy Support: Yancheng has received national and provincial policy support, such as transfer payment income of about 42.8 billion yuan in 2024, and has introduced a series of local policies [11]. 3.1.2 Fiscal Strength and Debt Situation - Fiscal Revenue: In 2024, Yancheng's general public budget revenue was at a mid - level in Jiangsu, with a tax revenue ratio of 67.6%. The government - funded revenue was affected by the real - estate market. The transfer payment income was about 42.8 billion yuan [12][13]. - Debt: The local government debt balance increased to 196.16 billion yuan in 2024, with a debt ratio of 118.5% and a debt - to - GDP ratio of 25.2%, ranking 5th and 12th respectively among Jiangsu's prefecture - level cities [13]. 3.2 Economic and Fiscal Conditions of Yancheng's Districts, Counties, and Cities 3.2.1 Economic Strength - Regional Planning: Yancheng has 3 districts, 5 counties, and 1 city, and it plans to build a "one - core, one - pole, three - belt" spatial structure [16]. - Industrial Layout: It has built a "5 + 2" strategic emerging industry system. Different areas have different pillar industries, such as new - energy in Dongtai and Dafeng [18][20]. - Economic Development: In 2024, Dongtai was the only county - level city with a GDP exceeding 100 billion yuan. Most areas had an economic growth rate of over 5.00%. Dongtai had the highest per - capita GDP, and Funing had the lowest [20][22]. - Urbanization Level: The overall urbanization level of Yancheng's districts, counties, and cities is high, all exceeding 60.00%, with Tinghu having the highest rate of 88.49% [22]. 3.2.2 Fiscal Revenue and Debt - Fiscal Revenue: In 2024, the fiscal revenue structure showed significant regional differences. Dongtai and Dafeng had the highest general public budget revenues. Most areas had a relatively high tax revenue ratio, but government - funded revenues in many areas declined [23][25][26]. - Debt: In 2024, the government debt balance of all districts, counties, and cities increased. Dongtai had the largest debt scale, and Jianhu had the heaviest debt burden. Governments at all levels are strengthening debt management [30]. 3.3 Debt Repayment Ability of Yancheng's Urban Investment Enterprises 3.3.1 Overview of Yancheng's Urban Investment Enterprises - As of September 30, 2025, there were 54 bond - issuing urban investment enterprises in Yancheng, mainly at AA and AA+ levels. Dafeng had the most bond - issuing urban investment enterprises [39][40]. 3.3.2 Bond - Issuing Situation - In 2024, the bond - issuing scale of Yancheng's urban investment enterprises decreased by 16.35% year - on - year, and most district - level urban investment enterprises' net bond financing scale shrank significantly. In 2025, the net bond financing turned negative [41][42]. 3.3.3 Debt Repayment Ability Analysis - By the end of 2024, the total debt balance of Yancheng's bond - issuing urban investment enterprises was 845.069 billion yuan, with a 3.24% increase. The debt was concentrated in the city - level and Dafeng. Most enterprises' debt - to - capitalization ratios decreased, but the cash - to - short - term - debt coverage ratio was generally low [45][46]. - In 2024, the net cash inflow from financing activities of urban investment enterprises decreased by 45.87% year - on - year, indicating a slowdown in financing [53]. 3.3.4 Support and Guarantee Ability of Fiscal Revenue for Debt - The ratio of "(total debt of bond - issuing urban investment enterprises + local government debt)/comprehensive fiscal revenue" in Yancheng's districts and counties ranged from 330.41% to 838.84%, with Dafeng having the highest ratio [56].

Group 1: Economic Development and Strategic Positioning - The economic gap between Northern Jiangsu and Southern Jiangsu is significant, with Northern Jiangsu's GDP at 3.22 trillion yuan in 2024, growing at 7.03%, compared to Southern Jiangsu's GDP of 7.78 trillion yuan with a growth rate of 6.77%[4][6] - Northern Jiangsu is undergoing a dual task of "catching up" and "transformation," influenced by national strategies like the Yangtze River Delta integration and the Huai River ecological economic belt[3][6] - The development of national-level parks in Northern Jiangsu is crucial for industrial agglomeration and economic growth, with a focus on quality improvement and innovation-driven development during the 14th Five-Year Plan[9][10] Group 2: Transformation of Urban Investment Enterprises - Urban investment enterprises in Northern Jiangsu have shown some success in transformation, with a 2.69% increase in equity fund investments and a 6.29% increase in self-operated project investments by 2024 compared to 2016[39] - The average proportion of urban construction assets decreased by 8.75% from 2016 to 2024, indicating a shift towards more market-oriented operations[39] - Despite improvements in asset and income diversification, profit contributions from operational activities remain weak, with government subsidies still comprising a significant portion of net profits[37][40]

Investment Rating - The tourism industry maintains a stable development trend, with a stable outlook rating [29] Core Insights - In the first three quarters of 2025, domestic travel volume and total spending both experienced double-digit growth year-on-year, although the growth rate of total spending has slowed down despite an increase in travel volume [4][29] - The recovery of inbound tourism is strong, with international flight passenger transport volume exceeding the same period in 2019 [4][8] - The industry is supported by various government policies aimed at promoting high-quality development in tourism [27][29] Summary by Sections Industry Operation Status - Domestic tourism reached 4.998 billion trips in the first three quarters of 2025, an increase of 761 million trips, representing an 18.0% year-on-year growth, surpassing the 2019 level [4] - Domestic tourism revenue totaled 4.85 trillion yuan, a year-on-year increase of 11.5%, but the growth rate has slowed compared to the previous year [4] - Inbound tourism saw a 23.5% year-on-year increase in international flight passenger transport volume, reaching 591.55 billion ton-kilometers [8] Sub-industry Analysis Scenic Areas - Most scenic areas saw improved cash flow, but profitability declined compared to the previous year, with total profits of 1.785 billion yuan, down 5.67% year-on-year [10] Hotels and Restaurants - The hotel industry faces intensified competition, with only a few major hotel groups showing slight improvements in occupancy rates and RevPAR [14][20] - Major hotel groups reported mixed performance, with some experiencing significant profit declines due to high base effects from previous asset sales [20] Duty-Free Shopping - The duty-free market in Hainan continues to face pressure from weak consumer spending, with sales down 7.7% year-on-year in the first three quarters [22] - However, the market began to recover in September 2025, showing a 3.4% year-on-year increase in monthly sales [24] Industry Policies - The government has introduced multiple support policies, including cultural tourism consumption vouchers and expanding the supply of quality products to promote high-quality development in the tourism sector [27][29] Outlook - The tourism industry is expected to maintain stable demand, supported by ongoing government policies and a recovering economy, with a stable outlook rating maintained [29]

Investment Rating - The report indicates a challenging environment for copper smelting enterprises, particularly in China, as they enter a "negative processing fee" era, which significantly impacts profitability [2][6]. Core Insights - The copper smelting industry is undergoing profound changes due to structural imbalances caused by "tight supply at the mine end" and "expansion of smelting capacity" [2]. - Leading enterprises are adapting by enhancing resource self-sufficiency, exploring the value of by-products, optimizing technology for efficiency and cost reduction, flexibly using financial tools, and promoting industry consolidation to build new competitive advantages [2]. - Long-term growth is anticipated as demand for materials from new energy and high-end manufacturing continues to rise, transitioning the copper smelting industry from a "strong cyclical attribute" to a "growth attribute" for high-quality development [2]. Summary by Sections Industry Overview - Copper is one of the earliest metals recognized and used by humans, with extensive applications due to its excellent conductivity, thermal properties, ductility, and corrosion resistance [4]. - The copper industry chain can be divided into upstream mining, midstream smelting, and downstream processing, ultimately reaching the end consumer market [4]. Current Market Dynamics - China, as the largest refined copper producer, faces a significant resource shortage, heavily relying on imported mineral resources, a situation expected to persist in the short term [6]. - In 2024, China's copper ore production is projected to decline by 11% to approximately 1.8 million tons, while refined copper production is expected to increase by over 5% to 13.64 million tons, contributing to about 50% of global output [6]. - The import volume of copper ore and concentrates is anticipated to rise to 28.11 million tons in 2024, with a self-sufficiency rate of only 13% for domestic copper concentrate [6]. Processing Fee Trends - The pricing logic for imported copper concentrates is based on the LME spot average price minus processing fees (TC/RC), which directly reflects the relationship between mines and smelters [7]. - Since the end of Q3 2023, the global copper concentrate market has experienced a structural shift, with TC/RC entering a downward trend, reaching a historical low of negative $40 per dry ton by 2025 [7][8]. - The decline in processing fees is a direct manifestation of the structural imbalance between tight raw material supply and expanded smelting capacity, severely weakening the bargaining power of Chinese copper smelting enterprises [7]. Profitability Analysis - The profitability of smelting enterprises is primarily derived from processing fees, recovery rates, and by-product sales, with processing fees historically being a crucial profit source [10]. - The report illustrates the impact of processing fee declines on profitability, showing scenarios where negative processing fees lead to significant losses for smelting enterprises [11]. - The long-term low processing fees may result in substantial losses for copper smelting enterprises, prompting potential production adjustments and accelerating industry consolidation [11]. By-Product Revenue - By-products such as sulfuric acid and precious metals significantly contribute to the profitability of copper smelting enterprises, with sulfuric acid prices remaining high and enhancing profit margins [17][19]. - The extraction of precious metals from copper anode mud has become economically valuable, with recovery rates exceeding 98% [18][19]. Technological and Cost Efficiency - Continuous technological advancements in smelting processes have positioned leading enterprises at the forefront of global standards, enhancing recovery rates and reducing costs [21][23]. - Scale production helps lower fixed costs, and effective cost control measures have been implemented by major enterprises [23]. Strategic Outlook - The report emphasizes the need for copper smelting enterprises to adapt to the negative processing fee environment by securing upstream resources, maintaining by-product profitability, and leveraging technological advancements [31]. - The strategic importance of copper is expected to grow with global energy transitions and industrial upgrades, presenting opportunities for enterprises that successfully navigate the current challenges [31].