金融行业信用风险展望（2025年12月）

Investment Rating - The report indicates a stable credit level for the local Asset Management Company (AMC) industry, with no rating adjustments noted for 2025 [8][39]. Core Insights - The local AMC industry is entering a phase of strict regulation, marked by the release of the "Interim Measures for the Supervision and Administration of Local Asset Management Companies" in July 2025, which establishes a unified regulatory framework [8][9]. - The industry is experiencing a trend of returning to its core business, with a reduction in the number of institutions and a clear differentiation in the competitive landscape, leading to a pronounced head effect [8][12]. - As of mid-2025, the industry has seen a slowdown in asset and net asset growth, although profitability has shown signs of recovery, and overall debt repayment risks remain moderate [8][12]. - The financing environment for local AMCs has improved, with a diversification of financing methods and a notable decrease in bond issuance costs [36][55]. Industry Policy and Regulatory Environment - The regulatory framework has shifted to a "strict regulation + encouragement of business development" approach since 2024, guiding AMCs to focus on their core business and enhance risk management [9][10]. - The new regulations require local AMCs to standardize operations and strengthen risk control, introducing quantitative regulatory indicators that will reshape the industry’s business ecology [9][10]. Industry Competition Status - The number of local AMCs has decreased, with a trend of internal license consolidation continuing, leading to a more competitive environment [12][13]. - The industry is witnessing a clear division between state-owned and private AMCs, with state-owned entities receiving more support from local governments due to their role in mitigating regional financial risks [16][18]. Industry Operating and Financial Conditions - The overall asset quality of local AMCs has been under pressure, particularly due to the real estate market downturn, which has affected asset valuations and liquidity [27][21]. - As of mid-2025, the net asset growth rate for local AMCs was recorded at 3.73%, indicating a strong capital position despite a slowdown in growth [28][29]. - Profitability indicators have shown a rebound in the first half of 2025, with total profits and net profits increasing by 25.35% and 21.13% year-on-year, respectively [30][31]. Financing and Debt Repayment Levels - The financing environment has improved, with an increase in the number of local AMCs issuing bonds, and the overall credit level remains stable [39][40]. - The industry has seen a significant decrease in bond issuance costs, with average financing costs dropping by approximately 35 basis points in 2025 [55][57]. - The debt repayment indicators are at a moderate level, with cash reserves covering short-term debts remaining stable [37][36].