9月22日，中信金融资产北京分公司成功举办中信金融资产2025年北京区域投资与服务合作联盟大会暨 不良资产收购处置交流研讨会。会议延续2024年中信金融资产投资与服务合作联盟良好开局，以"聚力 焕新 共赢发展"为主题，聚焦《金融资产管理公司不良资产业务管理办法》带来的政策机遇，深入探讨 了新规背景下金融机构不良资产的处置路径与投资机遇。来自国有商业银行、股份制银行、信托公司、 证券公司、金融租赁公司等在京金融机构及阿里资产等单位的80余名嘉宾领导、行业专家出席会议。 中信金融资产北京分公司负责人对与会嘉宾表示了热烈欢迎，对各家机构支持北京区域投资与合作联盟 构建，加强行业资源和信息共享表达了衷心感谢。他表示，2025年是中信金融资产"一三五"战略中"三 年质效显著提升"的收官之年。北京分公司立足首都资源禀赋，积极把握行业政策机遇，深耕大不良资 产经营主业，充分发挥金融救助和逆周期调节功能作用，切实服务区域金融风险化解和实体经济发展。 2025年成功竞得不良资产债权总额超过110亿元；近年累计实施央国企低效资产盘活、非主业资产剥 离、服务民生助企纾困、市场化债转股、参与不良资产司法拍卖等项目超过280亿元，落地 ...

Core Viewpoint - The introduction of the "Interim Measures for the Supervision and Administration of Local Asset Management Companies" by the Financial Regulatory Bureau aims to enhance the operational safety and competitive capabilities of local asset management companies by enforcing stricter regulations and promoting a focus on core business areas [1][3][4]. Group 1: Regulatory Framework - The new regulations will curb the blind expansion of local asset management companies into non-core areas, thereby enhancing their operational safety and enabling them to better fulfill their role in mitigating regional financial risks [1][6]. - The measures fill a regulatory gap by providing unified rules for local asset management companies, guiding them towards standardized operations and promoting healthy industry development [2][3]. Group 2: Market Dynamics - Local asset management companies have grown significantly, with around 60 institutions now playing a crucial role in preventing and resolving local financial risks while supporting regional economic development [2]. - The share of local asset management companies in the primary market for non-performing assets has been increasing, presenting them with favorable opportunities as small and medium financial institutions intensify their asset disposal efforts [2][3]. Group 3: Compliance and Risk Management - The regulations set critical limits, including a 30% threshold for core business investments in non-performing assets, a leverage cap of three times net assets, and a 10% concentration limit on single client investments, which will guide local asset management companies towards compliant development [4][5]. - The emphasis on compliance is expected to lead to differentiation within the industry, where compliant firms will thrive while those that previously engaged in risky practices will face significant pressure to return to their core business [4][7]. Group 4: Competitive Landscape - The local asset management companies are expected to seek differentiated development paths in the increasingly competitive landscape, where they face challenges from national financial asset management companies and foreign investment firms [7][8]. - Collaboration among different types of institutions is anticipated, allowing local asset management companies to engage in joint investments or acquisitions, thereby fostering a cooperative yet competitive environment [8].

Group 1: Industry Overview - Recent years have seen small and medium-sized banks facing survival challenges due to asset pressure and increased IPO thresholds, limiting their capital replenishment avenues [1] - National financial asset management companies (AMCs) are clearing out shares of small banks, indicating a shift in focus [1][12] - The establishment of AMCs in China was a response to the historical bad debts of state-owned banks, with the government creating four major AMCs in 1999 to manage these non-performing loans [2][4] Group 2: AMC Performance and Financials - The four major AMCs have varying financial performances for 2024, with total assets and net profits showing significant differences: - Xinda Asset Management: Total assets of 1.639 trillion yuan, net profit of 3.036 billion yuan, down 47.84% [7] - Dongfang Asset Management: Total assets of 1.319 trillion yuan, net profit of 1.602 billion yuan, up 4.98% [7] - Zhongxin Financial: Total assets of 984.33 billion yuan, net profit of 9.6184 billion yuan, up 444.64% [7] - Changcheng Asset Management: Total assets of 571.28 billion yuan, net profit of 1.557 billion yuan, down 10.26% [7] - The total asset scale of Zhongxin Financial has reached approximately 1 trillion yuan, with a net profit of 9.618 billion yuan, marking a significant recovery [15] Group 3: AMC Evolution and Future Direction - The transition of AMCs from a focus on shadow banking to a core emphasis on non-performing asset disposal reflects a strategic shift in the industry [10][12] - The restructuring of AMCs under the Central Huijin era aims to enhance collaboration among AMCs, moving away from previous competitive practices [10] - The current landscape of China's non-performing asset market has evolved into a system of five national AMCs and over 60 local AMCs, indicating a more structured approach to asset management [10][11] Group 4: Regulatory and Market Context - The regulatory framework for AMCs has been expanded, allowing them to acquire a broader range of financial non-performing assets, which is crucial for revitalizing credit resources [15] - The ongoing economic transition in China necessitates effective management of financial risks and non-performing assets, positioning AMCs as essential players in maintaining market stability [16][17]

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]

Group 1 - The core viewpoint of the report indicates that respondents maintain an optimistic expectation regarding the macro policy's impact on the non-performing asset (NPA) market in 2025, with an increase in investment willingness [1] - The report highlights that as the business scale of financial asset investment companies continues to expand, their influence on the NPA market's asset package transfer market is increasing, leading to a decrease in the supply scale of asset packages in the primary NPA market [1] - The market share of local asset management companies is stabilizing, with non-performing assets from local state-owned enterprises becoming an important acquisition source for these companies [1] Group 2 - Commercial bank respondents believe that the newly released management measures for NPA business by the National Financial Regulatory Administration will lead to a slight increase in restructured assets in 2025 [2] - The primary risk facing small and medium-sized banks in 2025 is the rising pressure of non-performing assets, with mergers and restructuring being the most effective measures to prevent and mitigate risks [2] - The average recovery rate for asset management companies' NPA disposal is showing signs of stabilization, with the trend of declining acquisition prices for NPA packages in 2024 indicating a steady market recovery [2]