消费日报网讯（记者 刘锦桃）近日，华夏银行集中转让8期个人不良贷款（信用卡透支）资产包， 共涉及约23万笔贷款，未偿本息总额合计近113亿元。目前，这些贷款已全部被划分为损失类。 今年上半年，华夏银行（母公司口径）每百万个人客户投诉中，信用卡业务投诉占比达67%。同时，黑 猫等平台上也不乏对该行助贷合作机构的投诉，涉及变相高息、违规催收、向学生放贷等问题。 集中转让超百亿信用卡不良 12月3日至4日，华夏银行信用卡中心在银登网"一口气"推出8期个人不良贷款（信用卡透支）转让 项目，未偿本息总额合计约112.87亿元。据梳理，这些不良资产包共涉及约23万笔贷款，加权平均逾期 天数主要在4年至6年之间，已全部被划分为损失类，绝大多数尚未进入诉讼程序。 这些资产将通过线上公开竞价方式转让，目前华夏银行并未披露起拍价格。根据银行业信贷资产登记流 转中心发布的《2025年一季度不良贷款转让业务统计》，信用卡透支类不良贷款的平均折扣率约为 4.4%。 对于集中转让超百亿信用卡不良资产包，华夏银行在接受本报采访时回应称，"本批资产均为信用卡长 期逾期、已核销且难于清收的不良资产，是根据信用卡中心年初处置计划安排，正常开展的 ...

今日早参 2025 年 11 月 27 日 陈慎 房地产行业首席研究员 座机：021 38476038 邮箱：chenshen@htsc.com 张继强 研究所所长、固收首席研究员 座机：13910012450 邮箱：zhangjiqiang@htsc.com 今日热点 房地产开发/房地产服务：地方政府的房贷贴息实践效果如何？ 戚康旭 SAC:S0570524120001 陈慎 SAC:S0570519010002 SFC:BIO834 今日深度 固定收益：回归价值逻辑——2026 年 REITs 市场展望 明年 REITs 市场趋势性机会有限，基本面分化或将更明显，投资策略应回归 价值逻辑，建议精选基本面稳健、估值合理的优质品种。低利率环境下， REITs 作为多元化配置的重要工具，其在大类资产配置中的价值将进一步凸 显。分资产来看，稳健型资产的分派率与 10 年期国债之间的利差锚或将进一 步强化，基本面走弱的项目波动或加剧，OCI 账户仍对高分红的经营权 REITs 有较高配置需求。一级市场方面，发行规模预计将稳步增长，扩募持 续推进，投资人打新将回归理性，一级报价或应给二级市场留出缓冲空间。 风险提示： ...

Core Viewpoint - Postal Savings Bank and Ping An Bank are transferring personal non-performing loans totaling 2.1 billion yuan, indicating a trend of accelerated asset clearance in the banking sector as they seek to manage rising non-performing loan ratios and meet regulatory requirements [1][6]. Group 1: Loan Transfer Details - Postal Savings Bank is transferring its first batch of personal non-performing loans for 2025, involving 81,985 loans and 81,093 borrowers, with a total unpaid principal of 988 million yuan and unpaid interest of 309 million yuan, amounting to a total of 1.297 billion yuan [3][5]. - The weighted average overdue days for Postal Savings Bank's non-performing loans is 1,804.28 days (approximately 5 years), with a weighted average borrower age of 43.78 years [5]. - Ping An Bank is transferring two batches of personal non-performing loans, with the first batch involving 33,631 loans and a total unpaid principal and interest of 477 million yuan, and the second batch involving 27,522 loans with a total of 328 million yuan [5]. Group 2: Industry Trends - Since entering the fourth quarter, banks have accelerated the clearance of non-performing assets, with over 20 announcements related to personal non-performing loans in the credit card sector reported this month [6]. - The trend of increasing non-performing loan ratios in retail loans is evident, with credit card loan non-performing rates continuing to rise, although the rate of increase is slowing [6]. - Banks are motivated to transfer non-performing assets to reduce their non-performing loan balances and free up capital tied to inefficient assets, driven by regulatory assessments and the need to optimize financial statements [6].

Core Viewpoint - The article highlights a significant increase in non-performing loans (NPLs) and the market for transferring these loans, indicating rising risks in retail loans despite overall asset quality remaining stable among listed banks [1][6]. Group 1: Non-Performing Loans Data - The balance of non-performing loans and the non-performing loan ratio for commercial banks have both slightly increased [1]. - The market for transferring non-performing loans has seen a surge, with over 26 billion yuan in asset packages listed since November, and the total for the first half of 2025 exceeding 167 billion yuan, doubling from the same period in 2024 [1][2]. - The issuance of asset-backed securities (ABS) for non-performing loans has surpassed 67.857 billion yuan this year, reflecting an over 80% increase compared to the previous year [1]. Group 2: Retail Loan Risks - There is a consensus in the industry that retail loan risks are becoming more apparent, with no signs of reaching a peak yet [1][7]. - Major banks are increasingly transferring personal non-performing loans to improve asset quality and release capital [1][3]. - The rise in retail loan risks is characterized by a significant increase in non-performing rates for personal loans, credit card overdrafts, and personal business loans [6][7]. Group 3: Transfer Market Dynamics - The demand for transferring non-performing loans has intensified as banks approach year-end, with many institutions listing large asset packages, particularly in retail loans [2]. - The average discount rates for transferring personal loans are influenced by asset type and overdue duration, with some transactions seeing recovery prices as low as 10% of the original amount [4][5]. - The trend of "discount promotions" for non-performing assets is becoming more common as financial institutions seek to expedite transactions [4][5]. Group 4: Specific Bank Data - As of September, the non-performing loan ratio for China’s major banks has shown an upward trend, with specific figures indicating increases for banks like China Communications Bank and China Merchants Bank [6][7]. - For instance, China Communications Bank's personal loan non-performing ratio rose from 1.08% at the end of last year to 1.42% by September [6].

Core Viewpoint - Changsha Bank plans to dispose of nearly 700 million yuan in non-performing assets, reflecting a broader trend in the banking industry to accelerate the transfer of such assets [2][3] Company Summary - Changsha Bank's board approved the batch transfer of non-performing assets totaling 69,527.02 million yuan from seven accounts [3] - The bank aims to improve disposal efficiency and reduce management costs through this proactive governance action [3] - As of the end of Q3, Changsha Bank reported a non-performing loan balance of 71.62 billion yuan, an increase of 7.79 billion yuan from the end of the previous year, with a non-performing loan ratio of 1.18%, up by 0.01 percentage points [3] - The bank's total assets reached 1,243.698 billion yuan, an 8.5% increase year-on-year, with operating income of 19.72 billion yuan, a 1.3% increase, and a net profit of 6.56 billion yuan, up 6.0% year-on-year [3] Industry Summary - The pace of non-performing asset disposal has accelerated among financial institutions, with several banks announcing asset transfers [4][5] - For instance, Bohai Bank plans to publicly transfer a debt asset totaling approximately 700 billion yuan, aiming to significantly improve its asset quality [4] - Guangzhou Rural Commercial Bank has also approved the transfer of a credit asset package worth approximately 189.28 billion yuan [4] - The acceleration in non-performing asset transfers is attributed to multiple factors, including policy, regulation, and operational advantages, as banks face increasing pressure from non-performing assets [5] - In the first half of the year, the banking sector disposed of 1.5 trillion yuan in non-performing assets, an increase of 123.6 billion yuan year-on-year, while the non-performing asset balance stood at 3.4 trillion yuan, showing a slight decrease [5]

App作为不良资产转让市场的信息集散平台，可系统性展示中心制度规则、数据统计信息、资产推介、 业务培训课程等，实现资讯信息广泛触达，便于用户跟踪了解政策导向和市场动态。信息披露App可一 站式展示不良资产转让市场交易主体发布的转让公告、转让结果公告、重大事项公告和债权转让通知等 信息，便于用户及时了解市场最新进展。 个性化功能方面，App可实现用户个性化信息的合理分类和清晰展现，用户可通过"我的项目""我的日 历"等功能实时跟踪业务进展，通过"我的招商"查看投资意向，并可通过"成交行情"了解个贷业务成交 价格表现。 北京商报讯（记者 宋亦桐）11月18日，据银登中心微信公众号发布的消息，为进一步提高市场服务质 效，完善不良资产转让市场建设，助力构建开放共享的不良资产转让生态圈，银登中心现正式推出"银 登通"App（以下简称"App"），为用户提供资产信息展示、资讯信息共享等多元化服务。 App可一站式展示不良资产转让业务的招商信息和挂牌信息。对于出让方机构，App支持开立专属的资 产旗舰店，集中展示全行（全公司、全集团）的资产信息，用户可关注资产旗舰店并在资产上新时实时 获取消息提醒。此外，App可根据用户设 ...

Core Viewpoint - Shanghai Pudong Development Bank Shenzhen Branch has signed an agreement with China Cinda Asset Management Shenzhen Branch for the transfer of non-performing assets, indicating a strategic move to manage and offload bad debts [1][3]. Summary by Sections Agreement Details - The agreement, numbered 【信深-A-2025-0055】, was signed on September 23, 2025, and involves the transfer of principal debts and related rights from Shanghai Pudong Development Bank to China Cinda Asset Management [1]. - Borrowers and guarantors are required to fulfill their repayment obligations to China Cinda Asset Management as per the original contracts [1][3]. Financial Obligations - The announcement specifies that the listed borrowers and guarantors must pay interest, penalties, and other dues according to the loan and guarantee contracts, as well as relevant regulations from the People's Bank of China [3]. - The principal and interest balances as of the transfer benchmark date (July 22, 2025) are detailed for each borrower, indicating the financial scope of the transfer [4][5]. Borrower and Guarantor Information - A list of borrowers and their respective guarantors is provided, along with the principal amounts and interest owed. For example, Shenzhen Haojingfeng Industrial Development Co., Ltd. owes a principal of 29,892,678.72 yuan and interest of 1,196,308.93 yuan [4][5]. - Other notable borrowers include Shenzhen Rui Dong Xusheng Industrial Trade Co., Ltd. with a principal of 17,200,000.00 yuan and interest of 1,221,708.00 yuan, and Shenzhen Wanhu Supply Chain Co., Ltd. with a principal of 49,713,133.39 yuan and interest of 8,249,213.84 yuan [5].

Core Viewpoint - The acceleration of bad asset transfers by banks is aimed at improving financial statements and capital utilization, providing more support for future business expansion and strategic planning [2][4]. Group 1: Bad Asset Transfer Trends - In the fourth quarter, banks are increasingly announcing the transfer of bad loans, with several major banks, including state-owned and joint-stock banks, participating in this trend [3][5]. - In October, Bohai Bank and Guangzhou Rural Commercial Bank initiated significant asset transfers, with Bohai Bank offering nearly 700 billion yuan in debt assets and Guangzhou Rural Commercial Bank proposing over 189 billion yuan [3][4]. - By early November, nine banks had listed 23 bad asset packages totaling over 37 billion yuan, indicating a growing trend in bad asset transfers [3][4]. Group 2: Impact on Financial Metrics - The transfer of bad assets allows banks to clear long-term capital-occupying and poorly performing assets, effectively reducing the non-performing loan (NPL) ratio and improving asset quality [4][7]. - Data from the financial regulatory authority shows that banks disposed of 1.5 trillion yuan in bad assets in the first half of the year, a year-on-year increase of 123.6 billion yuan, leading to a decrease in both the balance of bad assets and the NPL ratio [4][6]. Group 3: Individual Loan Bad Asset Market - The demand for transferring individual loan bad assets is increasing, with the scale of batch transfers reaching 37.04 billion yuan by the end of the first quarter, a year-on-year surge of 761.4% [6][7]. - In November, 17 out of 23 bad asset packages transferred were individual loans, highlighting the growing focus on this segment [6][7]. - Analysts suggest that the transfer of individual bad loans is a normal part of banking operations, initiated in response to regulatory changes and market conditions [6][7].

Core Insights - Nearly 90 banks have announced non-performing loan (NPL) transfers since October, involving amounts exceeding 100 billion yuan [1] - Banks are transferring non-performing assets to reduce NPL balances and free up capital tied to inefficient assets, creating a "risk clearance-capital circulation" mechanism [1] - The concentrated efforts of domestic banks in NPL transfers are expected to enhance bank stock valuations further this year, with investment opportunities available through index investment tools like bank ETFs (515020) [1] Summary by Categories - **NPL Transfers** - Approximately 90 banks, including state-owned, joint-stock, and city commercial banks, have issued announcements regarding NPL transfers since October [1] - The total amount involved in these transfers exceeds 100 billion yuan [1] - **Capital Management** - The transfer of non-performing assets allows banks to lower their NPL balances and release capital that has been tied up in low-efficiency assets [1] - This strategy not only clears low liquidity assets but also creates space for new credit issuance in the coming year [1] - **Market Outlook** - The ongoing NPL transfer initiatives by domestic banks are likely to lead to an increase in bank stock valuations for the year [1] - Investors looking to enter the banking sector may consider using index investment tools such as bank ETFs (515020) [1]

Core Insights - Multiple banks are accelerating the transfer of non-performing assets due to regulatory pressure, financial optimization needs, and the maturation of market disposal channels [2][3] - The year-end is a critical period for banks to meet financial targets and regulatory assessments, making it an opportune time for non-performing asset transfers [2][3] Group 1: Non-Performing Asset Transfers - In November alone, several banks, including China Bank and Construction Bank, have announced non-performing loan transfers, with amounts exceeding hundreds of millions [1] - Construction Bank's Shanghai branch announced a transfer of non-performing personal loans totaling 38.91 million yuan, involving 250 borrowers with an average overdue period of 166.92 days [1] - Nearly 90 banks have reported non-performing loan transfers since October, involving over 10 billion yuan, with personal housing loans and consumer loans being the primary categories [1] Group 2: Market Dynamics and Challenges - The transfer of non-performing assets is seen as a way for banks to lower their non-performing loan balances and free up capital for new credit issuance [2][3] - The market for non-performing asset transfers faces challenges such as inconsistent valuation standards and high costs associated with traditional disposal methods [3] - There is a need for a comprehensive disposal system that incorporates technology and policy optimization to enhance asset valuation accuracy and disposal efficiency [3]