中国地方AMC行业展望：锚定主业控风险，经营承压弱盈利，政府支持稳信用

Investment Rating - The report provides a stable outlook for the local AMC industry, indicating a steady credit level in the future [5][12]. Core Insights - The report anticipates that regulatory policies in 2026 will continue to guide AMCs back to their core responsibilities, focusing on risk resolution for small financial institutions and real estate [5][11]. - The profitability of local AMCs is expected to weaken due to increased competition and challenges in asset disposal, despite government support enhancing their capital strength [5][7]. - The report emphasizes the importance of maintaining reasonable liquidity reserves and effective liquidity management to withstand market fluctuations [5][7]. Summary by Sections Analysis Approach - The current economic environment in China is characterized by moderate recovery and structural transformation, facing challenges such as insufficient domestic demand and rising credit risks [8]. - Local AMCs are increasingly recognized as vital components of the regional financial system, particularly in managing non-performing assets [8]. Industry Policy - Regulatory policies are expected to push AMCs towards their main responsibilities, enhancing their governance and risk management capabilities [9][11]. - The introduction of the "Interim Measures for the Supervision and Administration of Local Asset Management Companies" is anticipated to create short-term pressures on some AMCs while promoting long-term professional development [9][10]. Industry Financing - The financing costs for local AMCs are projected to continue declining due to low market interest rates and improved debt structures [15][19]. - The report notes that the net financing amount for local AMCs is expected to remain stable year-on-year, with ongoing trends of shareholder capital increases [15][19]. Industry Operations - The report highlights that the acquisition of non-performing assets will remain a significant business opportunity for local AMCs, despite challenges in asset quality and disposal difficulties [29][30]. - Local AMCs are expected to innovate their asset disposal methods and enhance operational capabilities to improve recovery efficiency [29][30].