东方资产：市场对宏观政策提振不良资产市场的效果保持乐观预期

Group 1 - The core viewpoint of the report indicates that respondents maintain an optimistic expectation regarding the macro policy's impact on the non-performing asset (NPA) market in 2025, with an increase in investment willingness [1] - The report highlights that as the business scale of financial asset investment companies continues to expand, their influence on the NPA market's asset package transfer market is increasing, leading to a decrease in the supply scale of asset packages in the primary NPA market [1] - The market share of local asset management companies is stabilizing, with non-performing assets from local state-owned enterprises becoming an important acquisition source for these companies [1] Group 2 - Commercial bank respondents believe that the newly released management measures for NPA business by the National Financial Regulatory Administration will lead to a slight increase in restructured assets in 2025 [2] - The primary risk facing small and medium-sized banks in 2025 is the rising pressure of non-performing assets, with mergers and restructuring being the most effective measures to prevent and mitigate risks [2] - The average recovery rate for asset management companies' NPA disposal is showing signs of stabilization, with the trend of declining acquisition prices for NPA packages in 2024 indicating a steady market recovery [2]