Bei Ke Cai Jing·2025-03-26 13:57Core Viewpoint - The asset quality pressure in the real estate market is expected to continue, but there is a trend of marginal improvement anticipated in 2024 and 2025 [1][2]. Group 1: Economic Outlook - The long-term positive trend of China's economy remains unchanged despite a more complex external environment and insufficient effective demand [1]. - The real estate sector is currently the largest source of new non-performing loans domestically, but the risk is gradually being cleared, showing a year-on-year decline [1]. Group 2: Asset Quality and Loan Performance - In the personal business sector, new non-performing loans for personal operating loans and mortgages have increased year-on-year, indicating ongoing asset quality pressure [1]. - The increase in watchlist loans and overdue loans is influenced by the rising risks in these business areas, although the upward trend in overdue loans observed in the second half of the previous year has been contained [1]. Group 3: Future Expectations - The real estate market is still in a deep adjustment phase, but with the implementation of national incremental policies, it is expected to gradually stabilize [1]. - The asset quality pressure for development loans from the bank is anticipated to continue the trend of marginal improvement seen in 2024 [1]. - The bank expresses confidence in maintaining stable asset quality for the entire group in 2025, with credit costs expected to remain within a reasonable range [3]. Group 4: Risk Management Strategies - The bank will continue to balance development and safety, acting as a stabilizing force for financial stability [2]. - There will be a focus on optimizing the financial supply structure and enhancing comprehensive credit risk management [2]. - The bank aims to proactively address the diversification and small-scale nature of non-performing assets, maximizing cash recovery and resource activation [2].