2024年地方AMC回顾与展望系列之2025年展望—— 使命担当化风险 业务重塑存挑战

Investment Rating - The report does not explicitly state an investment rating for the industry Core Insights - The industry continues to operate under a "strict regulation + encouragement for business development" policy framework, with a dual regulatory structure of "central + local" authorities, promoting the role of local Asset Management Companies (AMCs) in financial rescue and counter-cyclical adjustments [1][3] - The introduction of the "Measures for the Management of Non-Performing Asset Business of Financial Asset Management Companies" is expected to provide significant guidance for local AMCs, leading to a unified regulatory system [1][3][6] - The industry is experiencing a trend towards diversification in market supply, disposal methods, and financing channels, with both opportunities and challenges coexisting [1][8] Policy Review - The regulatory environment has shifted to a dual regulatory framework, with the establishment of the Financial Supervision Administration (金监局) responsible for drafting regulations for local financial organizations, including AMCs [5][6] - The new management measures emphasize the need for AMCs to focus on their core responsibilities and improve their capabilities in managing and disposing of non-performing assets [6][7] Industry Development Trends - Market Supply Diversification: The industry is expanding its business scope to include personal non-performing loans and assets from non-bank financial institutions, with significant growth in bulk transfers of personal non-performing loans [8][9] - Disposal Method Diversification: Traditional disposal methods are being replaced by more sophisticated approaches, such as investment banking-style restructuring, which involves comprehensive asset management and reallocation of resources [10][12] - Financing Method Diversification: Local AMCs are gradually expanding their financing channels, with an increasing number of companies issuing bonds and exploring asset securitization products [12][13] Future Opportunities and Challenges - The local AMC sector is poised for growth due to favorable market demand and supportive policies, but faces intense competition from larger AMCs and challenges related to internal transformation and regional disparities [13][15] - The industry is expected to see a continuation of the "Matthew effect," where stronger firms thrive while weaker ones struggle to survive [17]