地方不良资产管理行业2024年信用回顾与2025年展望

Investment Rating - The report does not explicitly state an investment rating for the local asset management industry (AMC) Core Insights - Local AMCs play a crucial role in mitigating regional financial risks and ensuring financial stability through various flexible means, especially in the context of rising local debt risks [2] - The financial performance of local AMCs shows a trend of increasing reliance on external financing, with significant regional differences in their financing capabilities impacting their risk appetite and profitability [2] - The market for financial non-performing assets is expanding, driven by regulatory changes that broaden the scope of assets that AMCs can manage, thus increasing their operational space [27] Summary by Sections 1. Composition of Local AMCs - As of the end of 2024, there are 59 local AMCs in mainland China, with a slight decrease from the previous year [4] - The distribution of AMCs is concentrated in regions such as Fujian and Guangdong, each with four AMCs, while other provinces have fewer [4] 2. Bond Issuance by Local AMCs - Local AMCs have increasingly turned to the bond market for financing, with bond issuances rising from 989.27 billion in 2022 to 1365.32 billion in 2024 [9][10] - The types of bonds issued include corporate bonds, medium-term notes, and asset-backed securities, with corporate bonds being the primary issuance type [11] 3. Credit Review of the Local AMC Industry - The operational capacity of local AMCs is significantly influenced by regional attributes, including economic stability and the presence of private capital [21] - The majority of local AMCs are state-owned enterprises, which facilitates their access to resources and support from local governments [24] - The average net asset scale of 30 sample AMCs has shown consistent growth, indicating a healthy expansion of the industry [30] 4. Business Structure - The proportion of financial non-performing asset management has been increasing, reflecting a shift back to core business operations amid economic pressures [41] - The average proportion of financial non-performing assets in total assets has remained above 30% from 2021 to 2023, indicating a growing focus on this area [41] 5. Leverage Levels - The leverage levels of local AMCs are generally high, with only a few entities maintaining an asset-liability ratio below 50% [43] - The average asset-liability ratio for the sample AMCs has shown a slight decline from 65.75% in 2021 to 64.29% in 2023, driven by larger entities reducing their leverage [45]