中新社北京12月26日电 中国人民银行26日对外公布《中国金融稳定报告(2025)》(下称《报告》)。《报 告》指出，要坚持市场在汇率形成中的决定性作用，保持汇率弹性，强化预期引导，防范汇率超调风 险，保持人民币汇率在合理均衡水平上的基本稳定。 同时，稳妥有序推进重点领域风险化解与处置。继续做好金融支持地方政府融资平台债务风险化解工 作，引导金融机构按照市场化、法治化原则，与融资平台平等协商，通过降低利率、延长期限等债务重 组的方式，缓解融资平台的流动性和利息负担。完善和加强房地产金融宏观审慎管理，支持构建房地产 发展新模式。坚持市场化、法治化原则，积极支持中小银行风险处置。(完) 《报告》称，未来要进一步发展外汇市场。稳步扩大对外开放，加快推动内外贸一体化，以高水平外汇 改革推动双向开放，继续为跨境贸易和投融资营造良好的政策环境。持续增强外汇市场韧性，不断强化 汇率风险中性理念，扩大人民币在跨境贸易和投资中的使用。不断充实和丰富外汇市场逆周期调节工具 箱，增强抵御外部冲击能力。 ...

Core Viewpoint - China Galaxy Asset is committed to its mission of serving the nation through financial means, actively exploring innovative practices for financial risk resolution and supporting the real economy [1] Group 1: Financial Support and Economic Stability - The capital market plays a crucial role in resource allocation, driving industrial upgrades and fostering new productive forces [1] - The restructuring plan for *ST Ningke in Ningxia Hui Autonomous Region has reached its final stage, marking significant progress in efforts to help the company recover and stabilize the regional economy [1] Group 2: Role of China Galaxy Asset - China Galaxy Asset has been a key player in the rescue efforts, utilizing precise and efficient common benefit bonds to revitalize the company [1] - The actions taken by China Galaxy Asset exemplify the functional role of financial asset management companies in supporting national strategies and stabilizing capital markets [1]

另在金融企业国有资产审计查出的问题及整改情况方面，《报告》提到，已整改问题涉及资金4261.81 亿元，完善制度15项，处理处分243人。 根据《报告》，相关问题主要在三个方面。一是对服务国家战略及实体经济数据不实问题。4家金融机 构建立统计数据监测机制，提高上报数据的精准性，已通过收回贷款、更正数据等整改问题涉及资金 3537.93亿元。 审计署12月22日披露的《国务院关于2024年度中央预算执行和其他财政收支审计查出问题整改情况的报 告》（下称《报告》）显示，多项金融领域的问题得到整改。 在重大经济领域风险审计查出的问题及整改情况方面，《报告》提到，金融风险方面已整改问题涉及资 金209.68亿元，完善制度14项，处理处分11人。 具体来看，6家银行对违规向"四证"不全等房地产项目发放的209.68亿元贷款，全面排查评估风险并建 立风险化解档案，压降、处置不良贷款19.01亿元。7家银行放贷时区分房企整体风险和单一项目风险， 更加聚焦项目本身，支持稳妥有序向房地产发展新模式转变。5家银行对向公众集资的地方融资平台账 户采取封户、冻结等管控措施，防止集资款被用于偿还存量债务等。 三是对违规放贷揽储问题。中 ...

Core Viewpoint - The Fujian branch of China Cinda is effectively implementing financial work with a focus on political and public service aspects, playing a crucial role in risk prevention and resolution while serving the real economy [2][7]. Group 1: Performance and Achievements - In 2024, under the leadership of the Fujian branch's party committee, the business unit achieved outstanding performance, ranking first among the branch's departments in comprehensive scoring [2][7]. - Profit indicators and fixed-income cash recovery metrics exceeded the targets set by the branch, with the amount of investment in acquisition and the profits generated from these acquisitions each accounting for over 50% of the branch's total [2][7]. - The business unit has received multiple honors, including the "Top 100 Business Teams" award for 2024 and the "Outstanding Case" business innovation award, along with recognition as an "Advanced Department" for 2024 and 2022 [2][7]. Group 2: Risk Management and Asset Acquisition - In 2024, the business unit participated in the due diligence and valuation of 34 asset packages, successfully acquiring 6 non-performing asset packages, with 2 of these packages achieving precise pricing not exceeding 1% above industry standards [2][7]. - The unit contributed over 53% to the branch's acquisition scale and actively explored cooperative recovery and acquisition delegation models to assist small and medium-sized banks in mitigating financial risks [2][7]. Group 3: Business Transformation and Innovation - The business unit has successfully completed the branch's first non-bank financial institution's non-performing asset acquisition and identified business opportunities from non-performing debts at banks, leading to the approval of the first two judicial auction projects [3][8]. - A special research group was established to develop a report on judicial auction business for hydropower stations, which serves as a reference for the system [4][9]. Group 4: Client Engagement and Economic Support - In 2024, the business unit conducted over 100 client and project visits, engaging with local state-owned enterprises, financial institutions, courts, and intermediaries, positioning itself as a provider of integrated financial solutions [5][10]. - The unit is focused on building an ecosystem for non-performing assets and is actively following up on multiple client and project resources in equity investment, bankruptcy restructuring, and state-owned enterprise business [5][10].

2025.12. 16 本文字数：1018，阅读时长大约2分钟 微信编辑 | 苏小 第 一 财 经 持 续 追 踪 财 经 热 点 。 若 您 掌 握 公 司 动 态 、 行 业 趋 势 、 金 融 事 件 等 有 价 值 的 线 索 ， 欢 迎 提 供 。 专 用 邮 箱 ： bianjibu@yicai.com （注：我们会对线索进行核实。您的隐私将严格保密。） 作者 | 第一财经 王方然 根据"深圳金融"公众号消息，12月15日召开的深圳市委金融办全体大会提出，继续有力有序有效防 范化解各类金融风险，严控增量、妥处存量、严防"爆雷"。坚持"一企一策"深入推进中小金融机构改 革化险。稳妥做好重点企业风险处置， 加快推动重点房企涉众理财风险出清 。严厉打击非法金融活 动，加强跨部门协作联动，强化"线上+线下"的"预警-识别-快速处置"链条。 此外，会议还提到，要做好地方金融组织监管工作，全面贯彻落实地方金融组织监管要求，持续推 进"失联""空壳"等机构压降，助推地方金融组织"减量提质"。 第一财经根据公开信息梳理，迄今已有超过15家国内知名品牌房企的理财产品发生风险。2021年9 月，中国恒大名下的恒大财富 ...

Core Viewpoint - Financial asset management companies play a unique role in maintaining financial stability, mitigating risks, and promoting healthy economic development, supported by recent regulatory policies aimed at enhancing their capabilities in managing non-performing assets [1][2]. Group 1: Regulatory Environment - The introduction of policies such as the "Management Measures for Non-Performing Asset Business of Financial Asset Management Companies" in 2024 and the "Guiding Opinions on Promoting High-Quality Development of Financial Asset Management Companies" this year aims to guide these companies in focusing on their core responsibilities and improving their professional capabilities in asset acquisition and disposal [1]. - The expansion of the scope of non-performing asset management and the refinement of non-financial business areas are expected to enhance the role of financial asset management companies as financial rescuers and stabilizers in the economy [1]. Group 2: Market Opportunities - The financial asset management sector is presented with significant growth opportunities, with the balance of non-performing loans in commercial banks reaching 3.4 trillion yuan by the end of Q2 2025, indicating a substantial market size for asset management companies [1]. - The current non-performing asset market is characterized by both structural transformation and growth, driven by economic adjustments and an increasingly optimized regulatory environment, leading to diversified asset supply and rising demand for specialized services [2]. Group 3: Competitive Landscape - The non-performing asset market has become increasingly competitive, with a structure comprising "5+2+banking system+N," necessitating financial asset management companies to enhance their competitiveness and expand their core business [2]. - Despite competition, there is a growing trend of collaboration among market participants, which can lead to mutual benefits and improved asset disposal and value enhancement [3]. Group 4: Challenges and Strategic Focus - Financial asset management companies face challenges such as increased market uncertainty, intensified competition, and downward pressure on asset prices, which complicate valuation and disposal processes [3]. - The recent transition of three financial asset management companies into a new phase of reform emphasizes their commitment to functional positioning and strengthening counter-cyclical adjustments, focusing on enhancing their ability to serve the real economy and mitigate financial risks [3].

Group 1 - The People's Bank of China (PBOC) reported on financial work since November 2024, focusing on risk prevention and resolution in the financial sector [1] - The PBOC is taking measures to mitigate risks in small and medium-sized financial institutions through mergers, restructuring, and market exits, while enhancing early correction mechanisms [1] - Significant progress has been made in resolving debt risks for financing platforms, with the number of platforms and outstanding operating financial debt decreasing by 71% and 62% respectively from March 2023 to September 2025 [1] Group 2 - The PBOC is supporting the stable and healthy development of the real estate market by implementing policies such as lowering down payment ratios and mortgage rates, resulting in an additional loan issuance of 2.2 trillion yuan through a "white list" mechanism [1] - A comprehensive mechanism for preventing and combating illegal financial activities is being established at provincial, municipal, and county levels, maintaining a strict crackdown on illegal fundraising [2] - The PBOC is enhancing financial risk prevention, early warning, and resolution mechanisms by establishing a macro-prudential and financial stability committee, ensuring resource support for risk management [2]

Core Viewpoint - The pace of mergers and restructuring among small and medium-sized banks in China has significantly accelerated this year, indicating a wave of industry consolidation [1][2]. Summary by Sections Industry Trends - Over 300 banks have exited the market through dissolution, mergers, or cancellations as of October 15, 2025, with a notable increase in the number of small and medium-sized banks merging or dissolving compared to the previous year [2][3]. - The trend aligns with the policy direction to accelerate the disposal of high-risk small financial institutions, with a focus on improving the quality and efficiency of local banking [3][4]. Mergers and Acquisitions - Regulatory approvals have been granted for 180 bank dissolutions, 135 mergers, and 11 cancellations, totaling 326 cases [3]. - The involvement of large state-owned banks in the consolidation process is seen as a positive signal for risk mitigation, enhancing financial stability [4][5]. Challenges in Integration - The integration of small banks faces several challenges, including business integration, asset disposal, and personnel arrangements [7][8]. - The merging banks must manage the complexities of asset recognition and debt allocation, particularly concerning non-performing assets [7][9]. Financial Performance - Mergers can lead to rapid asset expansion for acquiring banks, as seen in the case of Zhongyuan Bank, which saw its total assets increase by 73% after absorbing several banks [8][9]. - However, the integration process may also impose significant pressure on the asset quality of the acquiring banks due to the inherited non-performing assets [8][10]. Future Outlook - Small and medium-sized banks are encouraged to optimize their business structures and pursue differentiated operations to establish competitive advantages against larger banks [12]. - Emphasis is placed on leveraging local characteristics and enhancing digital transformation to improve service efficiency and customer engagement [12].

Core Viewpoint - The National Financial Regulatory Administration has made significant progress in risk mitigation for small and medium-sized banks, with a focus on enhancing regulatory capabilities and addressing financial irregularities. Group 1: Risk Mitigation and Regulatory Progress - A substantial number of provinces have achieved "dynamic zeroing" of high-risk small and medium-sized institutions, with over 3,600 illegal shareholders being removed [1][2] - By the end of 2024, there will be 4,295 banking financial institutions in China, down from over 4,600 in 2019, indicating a reduction in financial risks [1] - The scale of high-risk financial assets has significantly decreased in recent years, with expectations for further declines in the next two years [1] Group 2: Financial Institution Strength and Growth - The total assets of the banking and insurance sectors have exceeded 500 trillion yuan, with an average annual growth rate of 9% over the past five years [3] - The asset management scale of trust, wealth management, and insurance asset management institutions has doubled compared to the end of the 13th Five-Year Plan, nearing 100 trillion yuan [3] - Among the global top 1,000 banks, 143 Chinese banks are listed, with six in the top ten [3] Group 3: Regulatory Measures and Enforcement - Over the past five years, the regulatory authority has issued 171 regulations to enhance the financial regulatory framework, covering various sectors including banking and insurance [5] - A total of 20,000 institutions and 36,000 individuals have been penalized, with fines amounting to 21 billion yuan [5] - The number of illegal fundraising cases has decreased by 50% compared to the 13th Five-Year Plan period [6] Group 4: Consumer Protection and Financial Environment - A comprehensive mechanism for preventing illegal financial activities has been established at provincial, municipal, and county levels [6] - A financial consumer protection service platform has been launched to facilitate consumer access to information [6] - The regulatory authority is committed to implementing reforms in the financial regulatory system, aiming for significant improvements in regulatory effectiveness [6]

Core Viewpoint - The Chinese financial regulatory authority has made significant progress in mitigating risks associated with small and medium-sized banks, with a focus on enhancing regulatory capabilities and addressing financial irregularities. Group 1: Risk Mitigation in Financial Institutions - A substantial number of provinces have achieved "dynamic zeroing" of high-risk small and medium-sized institutions, with over 3,600 illegal shareholders being removed [1][2] - By the end of 2024, there will be 4,295 banking financial institutions in China, down from over 4,600 in 2019, indicating a successful phase in financial risk mitigation [1] - The scale of high-risk financial assets has significantly decreased in recent years, with expectations for further reductions in the next two years [1] Group 2: Regulatory Enhancements - The financial regulatory authority has implemented a strategy of "one province, one policy" to address high-risk institutions, utilizing methods such as mergers, online repairs, and market exits [1] - Over the past five years, the authority has published 171 regulatory documents aimed at high-quality development across various financial sectors, establishing a comprehensive regulatory framework [4][5] - The authority has intensified its crackdown on financial irregularities, resulting in the punishment of 20,000 institutions and 36,000 individuals, with fines totaling 21 billion yuan [5][6] Group 3: Financial Market Stability - The total assets of the banking and insurance sectors have surpassed 500 trillion yuan, with an average annual growth rate of 9% over the past five years [3] - The number of illegal fundraising cases has decreased by 50% compared to the "13th Five-Year Plan" period, reflecting improved financial stability [6] - The establishment of a multi-party collaboration framework for consumer financial protection has been initiated, enhancing consumer access to financial services [6]