2025年商业银行不良资产处置最新政策、清收创新技巧、处置中的合规性与贷后管理专题研修班 个贷及小额贷款业务逾期清收技巧及诉讼清收、资产处置、破产中的常见法律问题专题研修班 农信金融人-仝金贝 一、国有企业融资与政府隐性债务的关联机制 1.1 政府隐性债务的内涵与特征 根据《中共中央 国务院关于防范化解地方政府隐性债务风险的意见》，政府隐性债务的核心界定标准为 "法定预算外、财政资金偿还、违法担保"。具体而言，隐性债务是指地方政府在法定债务限额之外，直接 或间接以财政资金偿还，以及违法提供担保等方式举借的债务。 隐性债务具有以下显著特征：一是隐蔽性，未纳入政府预算体系，通过融资平台、PPP 项目、政府购买服 务等多种形式存在；二是刚性兑付压力，虽未纳入预算管理，但其本质是地方政府对公共项目资金需求的 延伸，市场普遍预期政府会在债务违约时介入；三是风险累积性，脱离预算约束的债务扩张容易形成 "债 务利息→新增债务→利息叠加" 的恶性循环。 从债务规模看，财政部数据显示，截至 2024 年末，我国政府全口径债务总额为 92.6 万亿元，其中地方政 府法定债务为 47.5 万亿元，隐性债务为 10.5 万亿元，政府 ...

本报记者 杨笑寒 近日，国家金融监督管理总局披露了今年三季度保险资金运用情况。数据显示，截至三季度末，保险公 司资金运用余额超37万亿元。其中，人身险公司和财险公司对股票和证券投资基金等权益类资产配置占 比，环比今年二季度末进一步提升。 受访专家表示，险资加大权益类资产配置比例，主要受利差损压力、投资收益提升、权益市场回暖和监 管政策鼓励等因素影响。 权益类资产配置比例加大 分公司类型来看，截至今年三季度末，财险公司的资金运用余额为23875亿元，其中债券和银行存款账 面余额分别为9699亿元和3742亿元，分别占财险公司资金运用余额的40.62%和15.67%，为主要配置资 产。财险公司股票、证券投资基金和长期股权投资的账面余额分别为2086亿元、1964亿元和1471亿元， 分别占比8.74%、8.23%和6.16%。 截至今年三季度末，人身险公司的资金运用余额为33.73万亿元，其中债券和股票账面余额分别为17.21 万亿元和3.41万亿元，占人身险公司资金运用余额的51.02%和10.12%，为主要配置资产。人身险公司对 银行存款、证券投资基金和长期股权投资的账面余额分别为2.49万亿元、1.78万亿 ...

Core Insights - The personal non-performing loan (NPL) transfer market is experiencing unprecedented activity, with recent adjustments in transfer announcement rules drawing significant industry attention [1][7] - Key changes include the removal of publicly disclosed starting price information and the addition of a "no unauthorized reproduction" watermark on announcements [1][7] - Analysts view these changes as a rebalancing of market transparency and risk control, aimed at preventing low-price transfers from causing market anxiety and reducing information distortion from unofficial channels [1][8] Market Activity - The frequency of personal loan NPL transfers has increased, with 80 announcements made in November alone, compared to 81 for the entire month of October [2] - Major banks such as Shanghai Pudong Development Bank, Ping An Bank, and China Merchants Bank have been actively listing NPLs, particularly in personal consumption and operational loans [2] - Specific examples include Ping An Bank's transfer of a personal loan package with an outstanding principal and interest of 57.49 million yuan, involving 254 borrowers, with an average overdue period exceeding three years [2] Credit Card NPLs - Credit card overdraft assets also represent a significant portion of the transfers, with Shanghai Pudong Development Bank announcing over 5 billion yuan in NPLs in a single day [3] - Other banks, such as China Construction Bank, have also launched related asset packages, indicating a growing trend in credit card NPL transfers [3] Regulatory and Institutional Drivers - The surge in NPL transfers is driven by stricter regulatory assessments of banks' capital adequacy and non-performing loan ratios, prompting banks to offload "historical burdens" [4] - The expansion of the pilot program for NPL transfers has increased market liquidity and allowed more institutions to participate, leading to a significant rise in transaction volumes [5][6] Market Evolution - Since the initiation of the personal loan NPL transfer pilot in early 2021, the market has evolved from cautious exploration to a phase of rapid expansion, with transaction volumes increasing from 4.73 billion yuan in 2021 to 17.57 billion yuan in 2022 [5] - In the first quarter of 2023, the scale of personal NPL transfers reached 37.04 billion yuan, a year-on-year increase of 760% [5] Changes in Announcement Practices - Recent adjustments in transfer announcement practices include the non-disclosure of starting prices, which were previously a core public information element [7] - This change aims to protect the rights of transaction parties and prevent external misinterpretation of asset quality, as well as to mitigate the risk of information being misused by debt collection organizations [8] Future Market Dynamics - As the NPL transfer market becomes more specialized, the focus is shifting from price competition to value competition, with a greater reliance on due diligence for pricing models [9] - Smaller institutions may face challenges in negotiating power due to limited due diligence capabilities, while larger asset management companies (AMCs) are expected to gain competitive advantages through advanced valuation systems [9]

全线大跌。 当地时间11月18日（周二），美股三大股指全线大跌，截至发稿，道指下跌1.22%，标普500指数下跌1.13%，纳指下跌1.72%。 | 0 E 03 | 价格 = | 涨跌幅 ◆ | | --- | --- | --- | | 道琼斯指数 | 46022.88 | -1.22% | | .DJI | | | | 标普500指数 | 6597.16 | -1.13% | | .SPX | | | | 纳斯达克综合指数 | 22317.03 | -1.72% | | .IXIC | | | | 纳斯达克中国金龙指数 | 7654.06 | -1.37% | | .HXC | | | 此外，美国劳工部官网显示，10月18日当周美国首次申请失业救济人数为23.2万人，10月18日当周续请失业金人数为195.7万人。 本周四，美国劳工部将公布9月份的非农就业报告，这份数据对美联储来说将具有不容忽视的重要性。 值得一提的是，根据芝商所"美联储观察"工具，美联储12月降息25个基点的概率已不足50%。而一个月前，市场预期12月降息的概率高达95%。 市场分析认为，在官方数据发布因为美国政府"停摆"而一度中断的 ...

新华财经北京11月18日电（王春霞）人民银行18日开展4075亿元7天期逆回购操作，操作利率为1.40%，与此前持平；鉴于当日有4038亿元7天期逆回购到 期，公开市场实现净投放37亿元。 上海银行间同业拆放利率（Shibor）短期品种小幅上涨。具体来看，隔夜Shibor上涨1.70BP，报1.5250%；7天Shibor上涨0.40BP，报1.5180%；14天Shibor持 平，报1.5500%。 上海银行间同业拆放利率（11月18日） | | 期限 | Shibor(%) | 涨跌(BP) | | --- | --- | --- | --- | | 中 | O/N | 1.5250 | 1.70 | | 1 | 1W | 1.5180 | 0.40 | | 1 | 2W | 1.5500 | 0.00 | | 1 | 1M | 1.5200 | 0.00 | | 1 | 3M | 1.5800 | 0.00 | | 1 | 6M | 1.6200 | 0.00 | | 中 | 9M | 1.6400 | 0.00 | | | 1Y | 1.6500 | 0.00 | 来源：全国银行间同业拆借中心 货币市 ...

银行研思录 26 资本和风险分类新规过渡期结束压力测算 总量研究/银行 2023 年 2 月发布的《商业银行金融资产风险分类办法》正式将非信贷资产也纳 入五级分类的计量范围，随后 2023 年 11 月 1 日发布的《商业银行资本管理办 法》，对银行信贷及非信贷资产拨备计提，以及超额拨备/拨备缺口的资本计量 提出了明确的要求，上述规定的过渡期将于 2025 年 12 月 31 日结束。 本期研思录复盘《风险分类新规》和《资本新规》的风险计量和拨备计提相关 监管规定，并基于此对 56 家 A、H 股上市银行的拨备计提达标压力进行测算， 供投资者参考。 证券研究报告 | 行业深度报告 2025 年 11 月 18 日 2、《银行股息率排名与中期分红进 度梳理—银行研思录 25》2025-11-14 3、《M1 增速开启下行—2025 年 10 月金融数据点评》2025-11-13 王先爽 S1090524100006 wangxianshuang@cmschina.com. cn 文雪阳 S1090524110001 推荐（维持） 行业规模 | | | 占比% | | --- | --- | --- | | 股票 ...

Core Viewpoint - The A-share market is experiencing fluctuations primarily due to emotional factors rather than a weakening of the fundamentals, supported by healthy Q3 earnings reports [3][12]. Group 1: Market Performance - The A-share market has shown a volatile trend around the 4000-point mark, with major indices experiencing declines on consecutive trading days [5]. - On November 18, the Shanghai Composite Index closed at 3939.81 points, down 0.81%, with total trading volume reaching 1.93 trillion yuan, an increase of 153 billion yuan from the previous day [5]. Group 2: Foreign Investment Interest - Despite market fluctuations, foreign interest in A-share companies remains strong, with over 100 companies receiving foreign institutional research this month [4][5]. - AI-related companies are particularly favored by foreign investors, with Optoelectronics (688686.SH) receiving 92 institutional visits, over half of which were from foreign entities [6][8]. Group 3: Institutional Insights - UBS and Goldman Sachs have released optimistic investment outlooks for 2026, highlighting opportunities in sectors such as overseas expansion and AI [3][13]. - UBS anticipates that the Chinese stock market will benefit from several favorable factors, including the development of innovative sectors, supportive policies for private enterprises, and ample liquidity under a loose monetary policy [13]. Group 4: Sector Preferences - Foreign investors are increasingly favoring industry leaders and "Chinese state-owned enterprises," with significant holdings in companies like Kweichow Moutai and China Ping An [9]. - The healthcare, insurance, energy, materials, and internet sectors have seen the most significant increases in foreign investment, while automotive and technology sectors have experienced reductions [9]. Group 5: Future Market Outlook - The market is expected to transition from a valuation-driven "hope" rally to a "growth" rally driven by earnings growth, as the impact of U.S.-China trade tensions diminishes [12]. - UBS forecasts that 2026 will be another prosperous year for the Chinese stock market, driven by innovation, supportive policies, and potential inflows from domestic and international institutional investors [13].

每经AI快讯，11月18日，美股开盘，三大股指低开，道指跌0.74%，纳指跌0.63%，标普500指数跌 0.5%。家得宝跌超5%，其第三季度同店销售额仅增长0.2%，不及市场预期。亚玛芬体育涨近9%。瑞银 此前发表研报称，亚玛芬体育增长势头强劲，预计第三季度的销售额与每股收益将超越华尔街预期。 ...

证券研究报告 | 策略研究 2025 年 11 月 18 日 保险资金持续流入股票市场，美联储降息不确定性增强 ——金融市场流动性与监管动态周报（1118） 国内方面，随着金融总量指标相继回落，宏观流动性驱动的逻辑会边际弱化， 但并不意味着行情的结束，微观上看保险、融资增量资金入市仍在持续。海外 方面，市场风险偏好的修复将取决于因政府关门而积压的经济数据以及美联储 和特朗普等的表态，目前市场需要一个信号来降低预期的不确定性。 定期报告 相关报告 田登位 S1090524080002 tiandengwei@cmschina.com.cn 王德健 （研究助理） wangdejian@cmschina.com.cn 敬请阅读末页的重要说明 ❑ 保险资金三季度运用情况：从规模看，截至今年三季度末，保险行业资金运 用余额为 37.5 万亿元，较年初增长 12.6%、环比增长 3.4%；其中人身险、 财险公司的资金运用余额分别为 33.7 万亿元、2.4 万亿元，分别较年初增长 12.6%、7.5%。从结构看，权益比例进一步提升。截至三季度末保险资金共 持有股票 3.62 万亿，基金 1.94 万亿，权益资产总规模 5 ...

Group 1 - Agricultural Bank of China executed a block trade on November 18, with a transaction volume of 500,000 shares and a transaction amount of 4.095 million yuan, at a price of 8.19 yuan per share [1][3] - The buyer was Guotai Junan Securities Co., Ltd. headquarters, and the seller was Industrial Securities Co., Ltd. Fuzhou Chaoyang Road Securities Business Department [1][3] - The stock closed at 8.19 yuan, down 1.56% on the same day, with a trading volume of 2.305 billion yuan and a net outflow of 253 million yuan in main funds [2] Group 2 - In the past three months, the stock has seen a total of two block trades, with a cumulative transaction amount of 7.55 million yuan [2] - The latest margin financing balance for the stock is 1.137 billion yuan, which has increased by 126 million yuan, representing a growth of 12.44% over the past five days [3] - The Agricultural Bank of China was established on December 18, 1986, with a registered capital of approximately 34.998 billion yuan [3]