百亿资产转让频现 银行加速甩包袱 2025年四季度伊始，银行业加速清理"历史包袱"，两则超百亿规模的债权资产转让事项现身，其中，渤 海银行拟挂牌转让近700亿元债权资产、广州农商行计划出售近190亿元信贷资产包，且均瞄准长期占用 资本、流动性差的历史包袱资产，以优化资产结构、提升资本充足率。与此同时，在银登中心的不良贷 款转让平台上，国有大行、股份制银行及地方中小银行推出的个人消费贷、信用卡透支、个人经营性贷 款等"小额分散"类不良资产包，正以常态化节奏转让，部分资产逾期超两年。在分析人士看来，未来银 行需构建"全周期、主动化"的不良资产价值管理能力，同时，利用大数据和AI技术等，对不良资产的回 收率、处置周期进行更精准的预测，有效防控风险。 "年终冲刺"式甩包袱 仅一天之前，广州农商行也披露了"减负"计划。10月9日，该行公告称董事会已批准一项"潜在非常重大 出售事项"，拟转让合计约189.28亿元的信贷资产包。从资产构成来看，该资产包截至今年6月末的本金 规模为149.78亿元，利息38.97亿元，另含代垫司法费用0.51亿元与违约金0.02亿元。 广州农商行此次转让的资产在2023年及2024年的税前净 ...

文 | 独角金融 郑理 9月26日，千亿"AMC系"券商信达证券（601059.SH）一纸人事变更，打破了行业平静。公告显示，58 岁的艾久超当日正式卸任信达证券董事长，由控股股东中国信达资产管理股份有限公司（下称"中国信 达"）体系内56岁的林志忠接棒，同时担任战略规划委员会主任委员。 | 姓名 | 高任职务 | 高任 | 康定任期 | 高任 | 是否继续在 上市公司及 | 是合存 在末 行完毕 | | --- | --- | --- | --- | --- | --- | --- | | | | 时间 | 到期日 | 原因 | 其控股子公 司任职 | 的公开 | | | | | | | | 承诺 | | 艾久超 | 第六届董事会董事长、 董事、战略规划委员会 | 2025 年 | 2026 年 | 工作 | 否 | 否 | | | 主任委员、薪酬与提名 | 9月26日 | 11月6日 | 调整 | | | | | 委员会委员 | | | | | | 图源：公告 8月至今已经有三位核心高管进行调整。包括总经理祝瑞敏辞职，董事、战略规划委员会委员刘力一离 任，再到如今董事长更迭，公告均称系"工作安排调整"，其 ...

Core Viewpoint - The article argues that securitization is not an effective method for disposing of non-performing loans, despite being a financing tool [2][10]. Summary by Sections Securitization Example - Postal Savings Bank issued a securitized product based on personal credit non-performing consumer loans on October 18, 2022, with the asset pool being finalized on May 18, 2022 [2][4]. - The total amount of non-performing loans included in the securitization was 1.11 billion yuan, with an expected recovery of 237.33 million yuan over 33 months [3][4]. Asset Characteristics - The asset pool consisted of 18,529 loans from 8,675 borrowers, with a total principal amount of 1.11 billion yuan and interest and fees amounting to 90.91 million yuan [3]. - The average outstanding balance per borrower was 138,400 yuan, and the average expected recovery amount was 27,400 yuan [3]. Issuance Details - The securitized product had a total issuance size of 182 million yuan, with 142 million yuan in senior tranches and 40 million yuan in junior tranches [4][5]. - The senior tranche had a fixed interest rate of 2.38% and was rated AAAsf by China Chengxin International [5]. Recovery and Investor Interest - The expected recovery amount of 237.33 million yuan was gross and included costs associated with recovery efforts [7]. - Investors were willing to purchase the securitized product due to the potential for profit, as the expected recovery exceeded the amount invested [8]. Bank's Perspective on Securitization - The bank benefits from securitization by reducing its non-performing loan balance and receiving upfront cash, which can enhance profits if the loans are fully provisioned [9]. - The bank retains the role of loan servicer, allowing it to earn service fees from the recovery process [9]. Critique of Securitization - The article highlights that the cash received from securitization may be less than what could be recovered without it, as evidenced by the actual recovery amounts [11][14]. - The "transition period" during which cash flows are restricted limits the bank's ability to utilize funds effectively [15]. Long-term Implications - Over a longer time frame, the advantages of receiving cash upfront diminish, especially if the bank engages in rolling securitizations [18][19]. - The article argues that traditional methods of write-offs and recoveries could achieve similar results without the drawbacks of securitization [20][26]. Conclusion - Securitization is portrayed as a financing method that may not effectively address the underlying issues of non-performing loans, potentially leading to negative impacts on bank profitability and loan management [26].

近日，"长城长征1号资产支持专项计划（可续发型ABS）"在深圳证券交易所成功设立。该项目不 仅是中国长城资产获批的"长城长征系列"100亿元储架额度项下的首单产品，更是全国首单由金融资产 管理公司在交易所市场发行的不良资产证券化产品，标志着中国长城资产在运用创新金融工具盘活不良 资产领域取得里程碑式突破。 本期产品发行规模17.7亿元，其中优先级规模17.5亿元，期限1年，预期收益率2.15%。招商证券担 任本项目的计划管理人兼牵头销售机构，并负责提供二级市场报价做市服务；长城国瑞证券、中金公司 和国泰海通证券担任联席销售机构。 据悉，该产品是首单以不良资产作为底层资产在交易所发行的ABS产品，中国长城资产精准定位目 标客户群体，通过精心优化交易条款设计、严格资产筛选标准、精细构建估值与现金流模型，并依托市 场化定价机制，最终成功吸引了包括银行理财、公募基金、券商等在内的多元化投资者踊跃参与，取得 了全场认购倍数和优先级发行利率双双超越预期的良好效果。 下一步，中国长城资产将继续推进"长城长征"系列资产证券化产品，进一步深化与交易所和广大投 资者的合作，为构建多层次资本市场、助力经济高质量发展贡献专业力量。 ...