26年风雨洗礼，金融资产管理公司（AMC）见证了中国金融体系的变迁，从成立之初处置国有银行不良资产，助力国企改革，到如今多元探索、创新业务 模式的稳健前行，AMC走向成熟。4月11日，国家金融监督管理总局印发《关于促进金融资产管理公司高质量发展提升监管质效的指导意见》（以下简称 《指导意见》），提出促进AMC高质量发展的十六条意见措施，明确拓展咨询顾问、受托处置资产、破产管理人等中间业务，探索发展轻资产业务经营模 式，在新"路线图"下，AMC又将如何续写新篇？ 聚焦主业严守风险底线 1999年，财政部出资400亿元成立中国华融（已更名为中信金融资产）、中国信达、长城资产、东方资产，主要采用打折收购、打包处置、打官司追偿模 式，用以剥离、处置国有银行不良资产。2012年《金融企业不良资产批量转让管理办法》首次明确各省级人民政府可设立或授权一家资产管理或经营公司。 此后，监管再度发布政策允许地方AMC扩容。地方AMC逐步登上历史舞台，并迎来快速发展的黄金时期。 为在市场中占据更大份额，部分AMC不再满足于传统的不良资产处置业务，而是涉足房地产开发、股权投资、多元化金融服务等多个领域，但盲目扩张也 埋下风险隐患，2 ...

《意见》从总体要求、完善公司治理、坚守主责主业、强化风险防控、提升监管质效等方面，提出促进 金融资产管理公司高质量发展的16条具体措施。 在促进化解金融和实体经济风险方面，《意见》要求金融资产管理公司（AMC）做强做优不良资产收 购处置业务，服务化解中小金融机构、房地产等领域风险。 《意见》提出，在风险可控、商业可持续前提下，积极加大商业银行、非银行金融机构不良资产收购、 管理和处置力度，服务地方中小金融机构改革化险。 这也是近年来金融资产管理公司做强不良主业的一个具体方面。以四大全国性AMC为例，中国信达 2024年收购中小银行不良资产规模超1400亿元，占其当年新增收购银行不良资产规模的比重超60%；中 国东方近五年通过创新模式，收购中小金融机构不良资产近4000亿元；中信金融资产近三年累计收购中 小银行不良债权近1500亿元。 金融监管总局：AMC做强做优不良资产业务，服务化解中小金融机构等领域风险。 4月11日，金融监管总局发布《关于促进金融资产管理公司高质量发展提升监管质效的指导意见》。 《意见》还要求AMC发挥风险化解和资产处置专长，促进实体经济健康发展。 具体来看，《意见》提出，聚焦问题企业有效 ...

Core Viewpoint - The Financial Regulatory Administration has issued guidelines to enhance the quality of financial asset management companies (AMCs) and improve regulatory effectiveness, focusing on the resolution of risks in small and medium-sized financial institutions and other sectors [1][3]. Group 1: Guidelines for AMC Development - The guidelines propose 16 specific measures to promote high-quality development of AMCs, emphasizing the importance of strengthening the acquisition and disposal of non-performing assets [1]. - AMCs are encouraged to increase their efforts in acquiring, managing, and disposing of non-performing assets from commercial banks and non-bank financial institutions, particularly to assist local small and medium-sized financial institutions [1]. Group 2: Risk Management and Control - AMCs are required to enhance risk management and internal control mechanisms, focusing on the disposal of existing risk assets while controlling new business risks [2]. - The guidelines stress the importance of asset-liability and liquidity management, promoting a leaner operational structure for AMCs [2]. Group 3: Support for the Real Economy - AMCs are tasked with addressing the financial needs of troubled enterprises through various financial instruments, aiming to optimize their asset-liability structures and restore operational capabilities [2]. - The guidelines specify that AMCs should not provide support to enterprises that contradict national policy directions or lack viable restructuring potential [2]. Group 4: Regulatory Enhancements - The implementation of the guidelines is expected to guide AMCs in focusing on their core responsibilities, enhancing risk prevention, and promoting high-quality development [3]. - The guidelines call for the strengthening of regulatory frameworks, particularly in key areas, to prevent the accumulation of hidden local government debts and to enhance oversight of related transactions [2].