智通财经记者 | 曾令俊 消金公司正在加速甩卖不良资产。 据智通财经记者统计，1月共有4家头部消金公司在银登中心挂牌转让不良资产，未偿本金规模达到73.2亿元，较上年同期大幅增长505.6%；未偿本息总额更 是达到111.6亿元，同比增长676.9%。 有消金机构人士对智通财经记者分析认为，头部消金公司成为转让主力，核心源于其业务规模大、不良资产沉淀多，且具备完善的处置流程，而中小消金公 司因业务规模有限，不良资产体量较小，未出现明显的集中转让态势。 "中小机构业务规模有限，不良资产体量较小，且缺乏规模化处置的专业能力，单次转让的成本相对较高，因此更倾向于分散处置或委托第三方催收，而非 集中在银登中心挂牌。"上述消金机构人士对智通财经记者说。 次级类资产包也转让 从数据上看，2026年1月挂牌转让不良资产包规模较去年同期大幅增长的机构，主要集中在头部阵营，比如蚂蚁消金、中银消金、招联消金、马上消金。由 于上述头部机构去年1月并未挂牌转让资产包，部分机构在2月或者更晚时间挂牌，所以数据同比增长显得较快。 | 公司简称 | 未偿本金 | 未偿本息 | 去年同期转 | 加权平均逾期 | | --- | --- | ...

中经记者 郑瑜 北京报道 2026年开年，银行业信贷资产登记流转中心（以下简称"银登中心"）发布公告，为配合试点业务平稳延 续，做好各项市场服务与支持工作，自2026年1月1日起，银登中心继续对不良贷款转让业务暂免收取挂 牌服务费，并对交易服务费予以八折优惠。 自2021年启动不良贷款转让试点工作以来，2022年12月试点机构范围进一步扩大，包括消费金融公司在 内的更多类型金融机构被纳入试点范围。经过两年多的发展，越来越多的持牌消费金融公司步入不良资 产转让阵列，市场转让金额持续扩容，转让频率持续加大，为试点长期健康发展、推动不良贷款转让市 场高质量发展加入动能。 银登中心数据显示，2023年持牌消费金融公司个贷不良挂牌转让本息总额约为214.7亿元，2024年增至 470.0亿元，2025年进一步攀升到1210.1亿元，同比增长157.5%。 值得注意的是，2025年第四季度持牌消费金融公司转让个贷不良资产速度加快，单个季度规模超过640 亿元，超过全年总规模50%。同时，加入个贷不良资产批量转让业务的持牌消费金融公司达到23家。 2025年度，兴业消费金融累计挂牌32期个贷不良项目，覆盖借款人超31.3万 ...

Core Insights - The consumer finance company, Mashang Consumer Finance, has become a significant supplier in the non-performing loan transfer market, announcing a new asset package worth approximately 1.07 billion yuan [1] - The asset package consists of over 580,000 personal consumer loans, with a weighted average overdue period of only 121 days, indicating relatively high asset quality [1] - The company has been actively transferring non-performing loans, with previous packages totaling 1.81 billion yuan and 278 million yuan, showing a trend of frequent asset disposals [3][4] Group 1: Asset Quality and Transfer Activity - The latest asset package has a total outstanding principal and interest of about 1.07 billion yuan, with most loans classified as "substandard" and only a small fraction in "loss" status [1] - Previous asset packages included 1.81 billion yuan in overdue loans with an average overdue period exceeding 5 years, contrasting with the current package's shorter overdue duration [3] - The average discount rate for non-performing loans has decreased significantly, with some long-term overdue asset packages seeing discounts below 1% [4] Group 2: Financial Performance and Market Context - Mashang Consumer Finance reported a slight revenue decline to 15.15 billion yuan in 2024, but net profit increased significantly to 2.28 billion yuan [4] - The company's non-performing loan ratios have shown a slight increase from 2.05% in 2022 to 2.49% by the end of 2024, indicating rising asset quality concerns [4] - The consumer finance sector has seen a surge in non-performing loan transfers, with nearly 9 billion yuan in transfers reported since January 2026, positioning consumer finance companies as market leaders in this area [6][7] Group 3: Regulatory Environment and Strategic Adjustments - Recent regulatory changes, including the "Assisted Loan New Regulations," have imposed stricter controls on interest rates and fees, impacting the consumer finance landscape [7] - The current wave of asset disposals is seen as a proactive measure to address internal asset quality pressures and external regulatory challenges [7] - The industry is expected to transition towards a more refined and high-quality development phase, driven by these regulatory changes and market dynamics [7]

根据中国银行股份有限公司深圳市分行（下称"中国银行"）与中国信达资产管理股份有限公司深圳市分 公司（下称"中国信达深圳分公司"）于2025年9月22日签署的《不良资产批量转让协议》，中国银行已 将其对《公告清单》（详见附件）所列借款人及其担保人享有的主债权及担保合同项下的全部权利，依 法批量转让给中国信达深圳分公司。中国银行及信达资产特联合公告通知各借款人及担保人以及相关债 务承继人（如有）。 中国信达深圳分公司作为上述债权的受让方，现公告要求《公告清单》中所列借款人及其担保人（包括 相关债务承继人），从公告之日起立即向中国信达深圳分公司履行主债权合同及相关文件约定的还本付 息义务及其他相应义务。本公告未尽事宜，以双方签订的转让合同为准。 特此公告。 中国银行股份有限公司深圳市分行 中国信达资产管理股份有限公司深圳市分公司 2026年1月23日 注：1.《公告清单》仅列示截至转让基准日（转让基准日为2025年8月6日）的债权本金余额，借款人和 担保人（包括相关债务承继人）及义务主体应支付的利息、罚息、复利、违约金及其它应付款，按借款 合同、担保合同及中国人民银行的有关规定或生效法律文书确定的为准。已经进入诉讼 ...

2025年，消费金融行业个人不良贷款转让规模显著放量。南都湾财社记者不完全统计发现，随着个贷不 良批量转让试点持续扩容，多家消费金融公司在银行业信贷资产登记流转中心（以下简称"银登中心"） 发布个人不良贷款转让业务相关公告，密集"甩卖"不良资产包。其中，兴业消金以401.06亿元的转让规 模领跑行业，创下2025年单笔208.13亿元的行业纪录；招联消金、中银消金、南银法巴消金、湖北消金 等机构也纷纷加大处置力度。 在政策红利持续释放、存量风险集中暴露、监管压力等多重因素共同推动下，消费金融不良资产转让 从"试水探索"走向"深水区"，正从阶段性行为转向常态化、制度化的风险处置路径。 兴业消金狂甩401亿 2025年，消费金融行业迎来个人不良贷款转让的集中释放期。南都湾财社记者不完全统计发现，随着个 贷不良批转试点持续扩容，多家消费金融公司密集在银登中心挂牌不良资产包，行业不良处置节奏明显 加快。其中，兴业消金以超400亿元的不良资产规模，或成为业内的不良处置"清仓王"。 | 交易基准日 | 20251031 | 未偿本金总额(元) | 9,839,771,543.82 | | --- | --- | --- ...

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 ...

Group 1: Real Estate Industry - Local governments have implemented housing loan interest subsidies in various cities, including Nanjing, Changchun, and Wuhan, with differences in subsidy amounts, duration, and total limits [2] - The report highlights the ongoing discussions around housing loan interest subsidy policies and their effectiveness [2] Group 2: Fixed Income and REITs - The 2026 REITs market is expected to have limited trend opportunities, with a more pronounced differentiation in fundamentals, suggesting a return to value logic in investment strategies [2] - The report recommends selecting high-quality REITs with stable fundamentals and reasonable valuations, as the low interest rate environment enhances their value in asset allocation [2] Group 3: Food and Beverage Industry - The real estate cycle and price changes are critical in assessing the recovery of consumer spending in 2026, with expectations of structural stabilization in housing prices leading to improved consumer sentiment [3] - The report indicates that the current allocation and valuation levels in the essential consumer sector are at historical lows, presenting a favorable opportunity for investment [3] Group 4: Consumer Finance - The market for non-performing consumer loans has accelerated, with a significant increase in the volume of non-performing loans traded, reaching 48.3 billion yuan in Q1 2025, a 139% year-on-year increase [4] - The report notes that the demand for non-performing loan sales is driven by the rising quality pressures on consumer loans, with retail loan non-performing rates continuing to rise [4] Group 5: Sports and Outdoor Apparel - The report initiates coverage on Amer Sports with a "Buy" rating, targeting a price of $47.50 based on a 2026 PE of 38, highlighting its strong brand portfolio and growth potential in the Greater China and US markets [5] - The company is expected to enhance profitability through increased direct-to-consumer sales and reduced financial costs [5] Group 6: Education Sector - China Education Holdings reported FY25 revenue of 7.363 billion yuan, an 11.9% year-on-year increase, with net profit of 506 million yuan, reflecting a stable long-term profitability outlook [6] - The company is transitioning from external expansion to a focus on internal growth and value enhancement [6] Group 7: Jewelry Industry - Chow Tai Fook reported a mid-year revenue of 38.99 billion HKD for FY26H1, showing a significant improvement from previous declines, with a slight increase in operating profit and a maintained high gross margin [7] - The company announced a mid-term dividend of 0.22 HKD per share, reflecting confidence in future growth [7] Group 8: E-commerce and Cloud Services - Alibaba's 2QFY26 total revenue reached 247.8 billion yuan, a 4.8% year-on-year increase, driven by better-than-expected growth in its cloud business [8] - The management emphasizes ongoing investments in AI capabilities and the synergy between AI and Alibaba's ecosystem, which is expected to enhance competitive strength [8] Group 9: Travel Industry - Tongcheng Travel reported a 3Q25 revenue of 5.5 billion yuan, a 10.4% year-on-year increase, with operating profit exceeding expectations [9] - The report highlights the resilience of domestic travel demand and improvements in the company's hotel quality mix [9]

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]