不良资产变现难度加大，AMC频频增持银行股

Core Viewpoint - The recent increase in shareholding by major asset management companies (AMCs) in Shanghai Pudong Development Bank (SPDB) is driven by the bank's strong stock performance and solid financial results, providing a favorable investment opportunity for these AMCs [2][5]. Group 1: Stock Performance - As of October 16, SPDB's stock price reached 13.37 yuan per share, marking a year-to-date increase of 30.98% [2][5]. - The stock price saw a daily increase of 1.52% on October 16, 2023 [2]. Group 2: AMC Shareholding Activities - China Mobile increased its stake in SPDB by converting 450 million yuan of convertible bonds into ordinary shares, raising its ownership from 17% to 18.18% [3]. - Oriental Asset Management and China Cinda Asset Management have also increased their holdings in SPDB through similar convertible bond conversions [3][4]. - As of September 30, Oriental Asset held 1.073 billion shares of SPDB and 8.6 million convertible bonds [3]. Group 3: Financial Performance - SPDB reported a net profit attributable to shareholders of 45.257 billion yuan for 2024, a year-on-year increase of 23.31% [5]. - For the first half of 2025, the bank achieved a net profit of 29.737 billion yuan, reflecting a 10.19% year-on-year growth [5]. - The total assets of SPDB reached approximately 9.65 trillion yuan [5]. Group 4: AMC Investment Strategy - AMCs are increasingly focusing on bank stocks due to the strong performance of the banking sector, with the China Securities Banking Index showing a cumulative increase of about 24% from September 2024 to September 2025 [6]. - The investment behavior of AMCs is primarily driven by the need for stable returns, with large AMCs like China Cinda and Oriental Asset focusing on high-dividend, stable-performing banks [7].