AMC行业：从危机到重生：AMC如何撬动上市公司破产重整万亿棋局？

Investment Rating - The report indicates a positive outlook for the AMC industry, particularly in the context of participating in the bankruptcy reorganization of listed companies, suggesting a favorable investment environment [2][4]. Core Insights - The AMC sector is actively engaging in the bankruptcy reorganization of listed companies, leveraging its financial investment capabilities to achieve returns while facing challenges such as high equity subscription prices and stock price volatility [2][4]. - The number of bankruptcy reorganization cases for listed companies has significantly increased from 2019 to 2024, prompting AMCs to accelerate their involvement in this area [4][5]. - The "New National Nine Articles" policy has created both opportunities and challenges for AMCs, enhancing information transparency while demanding higher risk control and asset management capabilities [6][4]. Summary by Sections 1. Policy Overview - The introduction of policies like the "New National Nine Articles" has reduced information asymmetry, improving AMC efficiency in asset disposal while increasing the need for precise risk assessment [6][7]. 2. Business Models - AMCs primarily engage in bankruptcy reorganization through various models, including debt acquisition, beneficial debt investment, and capital reserve conversion, with the latter becoming the mainstream investment approach [8][9][11][13]. - The capital reserve conversion model allows AMCs to subscribe to new shares without diluting existing shareholders' equity, facilitating debt repayment and operational funding [13][14]. 3. Case Studies - The report highlights several case studies where AMCs participated as financial investors in bankruptcy reorganizations, such as ST Zhengbang and ST Yongtai, showcasing the effectiveness of the capital reserve conversion model [20][22][23][25]. - In the case of ST Zhengbang, the AMC played a crucial role in the restructuring process, utilizing capital reserve conversion to facilitate debt repayment and operational support [20]. - The financial performance of AMCs, particularly in terms of stock price appreciation post-reorganization, indicates a positive trend, with many investors experiencing significant unrealized gains [27][28][32]. 4. Financial Performance - The report notes that AMCs, particularly those with high equity asset ratios, face volatility in investment returns due to stock price fluctuations, impacting overall profitability [32][38]. - The financial performance of AMCs has shown significant fluctuations over the years, with a notable recovery in 2023 after a challenging 2022, driven by improved stock market conditions [38][39].