Core Insights - The domestic non-performing loan (NPL) transfer market is experiencing explosive growth, particularly in personal NPL transfers, which has drawn attention to asset management companies (AMCs) specializing in NPL disposal [1][2] - Shandong Financial Asset Management Co., Ltd. (Shandong Jinzi) reported a 45% year-on-year decline in revenue and a 21% drop in net profit for 2024, attributed to increased difficulty in NPL disposal and intensified industry competition [1] - National AMCs are also facing mixed results, with China Cinda reporting a 47.8% decline in net profit and a pre-tax loss of 587 million yuan in its NPL business due to poor performance from certain subsidiaries [1] Industry Overview - The NPL transfer market is growing, but AMCs are not seeing corresponding increases in performance due to heightened competition and increased recovery difficulties, which are squeezing profit margins [2] - The AMC industry is undergoing a rapid reshuffle, with a need for short-term adjustments as it focuses on its core responsibilities, leading to a contraction in comprehensive financial business scale and revenue decline [3] - Optimism exists regarding macro policies in 2025 that may boost the NPL market, with expectations that the difficulties in NPL disposal have nearly bottomed out and recovery rates are stabilizing [3] Market Dynamics - Recent developments indicate a shift towards professionalization and marketization in the AMC sector, with the Ministry of Finance transferring shares of major AMCs to Central Huijin, enhancing the financial system's risk response capabilities [3] - China Cinda's entry into the personal NPL transfer market marks a significant change in the perception of national AMCs, which have traditionally focused on corporate NPLs [3][4] - The maturation of bulk personal loan transfer business is expected to provide new growth points and profit opportunities for AMCs, although weaker players may face market share pressures as competition intensifies [4]

综合外部专家学者、商业银行、资产管理公司、中介机构四类受访者的问卷调查结果来看，当前全球地 缘政治冲突加剧，外部环境变化带来的不利影响有所加深，加快增量逆周期政策落地见效，增强政策协 调性将是宏观经济政策的重点所在。房地产企业信用风险、地方政府融资平台信用风险和中小商业银行 不良资产风险是当前我国金融体系值得重点关注的风险领域。 商业银行受访者普遍认为，国家金融监督管理总局发布的《金融资产管理公司不良资产业务管理办法》 规定资产管理公司可以收购符合《商业银行金融资产分类办法》定义的重组资产，2025年该重组类资产 将小幅增加。2025年中小银行金融机构面临的最大风险是不良资产压力上升，防范和化解风险最有效的 措施是推进中小银行兼并重组。预计2025年银行推出不良资产包最主要的类型是次级类，资产包价格保 持平稳。商业银行在转让不良资产时倾向的合作方是全国性金融资产管理公司和地方资产管理公司。 新京报贝壳财经讯（记者姜樊）5月8日，中国东方资产管理股份有限公司（简称"东方资产"）发布的 2025年度《中国金融不良资产市场调查报告》（以下简称《报告》） 显示，受访者对2025年宏观政策 提振不良资产市场的效果保持乐 ...