中国机构配置手册（2025版）之机构风险篇：破茧向新：行业整合下的金融风险与化解

Investment Rating - The investment rating for the industry is "Outperform the Market" (maintained) [2] Core Insights - The financial supply-side structural reform is fundamentally reshaping the industry's operational logic, driving institutions to focus on core business capabilities and risk pricing efficiency, while eliminating inefficient capacities through market mechanisms [4][6] - The report outlines the transformation space and risk status across various sub-industries under the supply-side structural reform, highlighting the challenges faced by smaller institutions and the advantages held by larger entities [4][6] Summary by Sections Banking Sector - The banking industry is experiencing intensified differentiation and a reconstruction of the credit system, with a shift from scale expansion to high-quality operations [4] - Major state-owned banks and quality joint-stock banks are strengthening their systemic positions, while regional small and medium banks face significant challenges [4][6] Insurance Sector - The insurance industry is returning to its core protection essence, with regulatory measures guiding companies to enhance risk pricing capabilities [4][6] - Short-term profitability is under pressure, particularly for companies reliant on interest spread models [4] Securities Sector - The securities industry is undergoing a new landscape shaped by strict regulations and increased concentration, with smaller firms struggling to survive due to rising operational costs [4][6] - Leading firms are building barriers in wealth management and capital intermediary services through mergers and acquisitions [4] Trust Sector - The trust industry is being reshaped by the end of regulatory arbitrage, with a significant decline in financing and channel business scales [6] - Smaller trust companies are facing profitability and capital challenges, while larger firms are leveraging their resources to build new profit points [6] Leasing Sector - The leasing industry is transitioning from "quasi-loan" expansion to deep industrial services, with regulatory constraints impacting companies reliant on government financing [6] - Companies with industrial backgrounds are forming stable cash flow barriers in specialized fields [6] AMC Sector - The Asset Management Company (AMC) sector is refocusing on its core business of non-performing asset acquisition and disposal, with resources concentrating on leading national AMCs [6] - Local AMCs are facing profitability and capital adequacy pressures due to regional resource limitations [6]