华南五虎全军覆没 12月9日，雅居乐集团控股有限公司被债权人提交清盘呈请，受此消息影响，公司股价大跌到历史最低 水平。地产人昔日津津乐道的"华南五虎"全军覆没。 消息面上，12月9日，雅居乐正式收到合作伙伴新濠（中山）企业管理有限公司提交的清盘呈请，涉及 未付款项合计1858.71万美元及223.43万港元，款项源自2025年9月25日中国国际经济贸易仲裁委员会的 仲裁裁决 。案件已排期至2026年2月25日上午9点30分聆讯。 对此，雅居乐集团表示，公司将极力反对呈请。然而，鉴于公司清盘条例第182条的影响，董事会谨此 提醒公司股东及潜在投资者，倘公司最终清盘，在未获得高等法院认可令的情况下，于起始日或之后作 出的公司股份转让将属无效。公司目前无意就公司股份转让向高等法院申请认可令。公司将在稍后阶段 结合其境外债务综合解决方案的进度，考虑是否有必要向高等法院申请认可令。 尽管已收到呈请，公司仍将继续积极与境外债权人沟通合作，透过对集团境外债务进行全面重组，目标 是尽快与主要境外债权人组别就初步重组条款达成协议。同时，公司正积极与呈请人沟通，力求与呈请 人协商达成有效解决方案（包括努力促使呈请尽快被撤回或驳回 ...

一纸百亿资产出售公告，将这家区域性农商行推向关注焦点。12月1日，广州农商行宣布，以122.5亿元 向广州资产管理有限公司（以下简称"广州资管"）出售资产，这已是该行连续第三年实施百亿元规模的 低效资产剥离。三年内，该行累计出表超480亿元不良资产，折射出在区域经济结构转型与传统行业风 险持续暴露背景下，银行面临的压力。尽管通过"以价换量"的方式短期内压降了不良率、补充了流动 性，但广州农商行的资产质量隐患并未根本化解，2025年上半年，该行不良率反弹至1.98%，逾期贷款 余额增至510.93亿元，在此背景下，广州农商行正试图通过科技赋能、结构调整、村镇银行整合等举措 重塑竞争力，然而，这场"减负"之路究竟能走多远，仍有待时间检验。 百亿减负行动落地 广州农商行百亿级资产出售计划正式尘埃落定。12月1日，广州农商行宣布向广州资管出售所出售资 产，这一计划已于11月29日完成，代价为122.5亿元，转让款将分批次以现金方式进行支付，据悉，广 州资管已向广州农商行支付转让价款的30%共计36.75亿元，剩余的70%共计85.75亿元将在2026年至 2034年的每年12月20日前分9期平均支付。 对于选择如此长 ...

Core Viewpoint - The article discusses the accelerated disposal of non-performing assets (NPAs) by banks as the year-end approaches, highlighting the shift from passive recovery to diversified methods such as online listings, direct property sales, and debt transfers [2][4]. Group 1: Bank Direct Supply Housing - "Bank direct supply housing" has gained attention as a new market focus, where banks sell properties obtained through judicial processes or debt settlements directly to the market, ensuring clear ownership and reducing risks compared to traditional auctioned properties [2][3]. - The pricing advantage of bank direct supply housing is significant, with properties listed at prices substantially lower than market value; for instance, a property in Guangzhou was listed at approximately 79.84 million yuan, compared to a market price of about 224 million yuan, making it roughly 30% of the market price [3]. - Multiple banks, including Agricultural Bank and Construction Bank, are actively listing properties at prices up to 25% below market value, indicating a trend towards quicker asset liquidation and reduced transaction complexity [3][4]. Group 2: Non-Performing Asset Packages - Banks are increasingly clearing NPA packages, with 20 banks listing 92 NPA packages totaling over 3 billion yuan in November alone, indicating a proactive approach to asset management as regulatory assessments approach [4][6]. - Notable transactions include Nanjing Bank listing over 800 million yuan in personal consumer loan NPAs and China Bank's Tianjin branch listing approximately 199 million yuan in business loan NPAs [4]. - The trend of accelerated NPA disposals is linked to both routine asset management needs and the impending regulatory evaluations, with smaller banks facing heightened pressure regarding asset quality and profitability [4][5]. Group 3: Diversified Disposal Methods - The methods for disposing of NPAs have diversified, moving from traditional asset management company transfers to market-based platforms, allowing banks to select optimal strategies based on asset characteristics [8]. - The trend shows a rise in personal consumer loan NPAs, with a notable increase in short-aged, written-off, and non-litigation assets, reflecting a shift towards more efficient recovery processes [8]. - The direct sale model, particularly for "direct supply housing," is seen as a way to enhance cash recovery speed and minimize transaction risks by leveraging online platforms to reach a broader customer base [8].

Core Insights - Banks are accelerating the disposal of non-performing assets as the year-end approaches, with various asset packages being listed for transfer, indicating a shift from passive recovery to diversified methods of asset management [1][4] Group 1: Non-Performing Asset Disposal - The disposal of non-performing assets is transitioning from passive recovery to a more diversified approach, including online listings, direct sales of properties, and debt transfers, providing new pathways for banks to revitalize assets and recover funds [1] - As of November 13, 20 banks have listed 92 non-performing asset packages, totaling over 3 billion yuan in unpaid principal and interest, with significant contributions from banks like Nanjing Bank and China Bank [4][6] - The trend of accelerating non-performing asset disposal is closely linked to regulatory assessment deadlines, allowing banks to improve their asset structure and enhance their performance metrics ahead of year-end evaluations [5][6] Group 2: Direct Supply Housing - "Bank direct supply housing" has gained attention as a new market focus, where banks sell properties obtained through judicial processes or debt-for-asset swaps directly to the market, offering clearer ownership and reduced risks compared to traditional auctioned properties [2][3] - The pricing of bank direct supply housing is significantly lower than market rates, with examples showing properties listed at approximately 30% of their market value, attracting substantial interest from potential buyers [3] - This model aligns with banks' needs to expedite asset disposal and improve capital turnover efficiency, as it allows for quicker recovery of funds and minimizes transaction complexities [3][7] Group 3: Diversification of Disposal Methods - The methods for disposing of non-performing assets have become increasingly diversified, moving from traditional sales to more flexible and market-oriented approaches, including online listings and direct sales [7] - The trend shows a growing preference for direct sales to consumers via internet platforms, which helps shorten the recovery cycle and reduce transaction risks [7][8] - In addition to direct supply housing, banks are exploring various asset types for disposal, including unique items like liquor and gemstones, indicating a broader strategy for asset management [8]

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 Viewpoint - The banking sector is experiencing a surge in the transfer of non-performing asset packages as it approaches the fourth quarter, driven by regulatory cycles, financial needs, and market supply and demand dynamics [1][4][6] Group 1: Non-Performing Asset Transfers - In the week following the "Eleven" holiday, at least 19 non-performing asset packages were listed by 11 banks, primarily from the construction, manufacturing, retail credit, and small and micro enterprise loans sectors [1][3] - Recent asset packages listed are substantial, with some exceeding 100 million yuan, and include both corporate and personal loans, with overdue periods varying significantly [3][5] - The transfer of non-performing assets is expected to peak in the fourth quarter, with a notable increase in the number of projects being listed for transfer over the past three years [5][6] Group 2: Regulatory and Financial Implications - The concentration of non-performing asset transfers in the fourth quarter is a strategic move by banks to lower non-performing loan balances, meet regulatory requirements for provision coverage ratios, and improve capital adequacy ratios [4][6] - The overall non-performing loan rate for commercial banks has shown a declining trend over the past two years, with rates recorded at 1.49% as of the second quarter of 2025 [5][6] Group 3: Risk Analysis and Recommendations - The primary sectors for non-performing loans include construction, manufacturing, retail credit, and small and micro enterprises, with varying levels of risk associated with each sector [5][7] - Recommendations for banks include integrating legal and financial technologies to create a dynamic non-performing asset management system, focusing on pre-loan risk assessment and post-loan monitoring [7]

Core Insights - The current bad asset market is expanding, but the business for Asset Management Companies (AMCs) is becoming increasingly difficult [1][2] - The market is characterized by a hot primary market, a struggling secondary market, and a frozen tertiary market, leading to challenges in finding investors [1][2] - The overall demand in the market presents opportunities for AMCs, but it also raises high requirements for their functional positioning, business models, and risk management [2] Group 1: Challenges Facing AMCs - AMCs are experiencing difficulties in disposing of bad assets, with issues such as poor asset liquidity and declining asset quality, resulting in increased profit pressure [3] - The bottom asset prices are still in a downward trend, particularly in real estate, and overall yield rates are declining, putting pressure on performance assessments [3] - The shift in strategy from debt-oriented thinking to equity-oriented thinking is being considered to enhance potential returns [3] Group 2: Individual Loan Challenges - Individual loans are seen as a challenging area for AMCs due to low single-amount loans, wide distribution, and complex legal relationships, leading to high operational costs [4] - The average interest margin for corporate loans is around 15%, while personal loans yield less than 3%, making corporate business more attractive [4] Group 3: Market Dynamics and Valuation Issues - There is a significant valuation gap between sellers and disposers of assets, with banks sometimes overestimating asset values [6] - The main funding source for AMCs is bank loans, which misaligns with the long-term nature of bad asset disposal [6] - The demand for asset disposal and debt restructuring is increasing due to a rise in non-financial institutions' receivables and prolonged recovery cycles [6] Group 4: International Perspectives and Recommendations - Learning from overseas experiences, AMCs can consider alternative investments and mergers to inject structural momentum into the market [6][7] - Chinese enterprises are encouraged to explore global opportunities to alleviate competitive pressures and develop new advantageous industries [7] - Utilizing innovative financial tools in regions like Hong Kong can help convert domestic assets into tradable digital assets, enhancing the integration of financial technology with the real economy [7]

Group 1 - The company plans to sell a non-performing asset package through public transfer, consisting of 13 accounts with a total principal balance of approximately 295,092.54 million yuan, primarily located in Ningbo and Shanghai [1] - Interested parties must meet the qualifications for acquiring the corresponding debts and will undergo a qualification review by the company [2] - The auction date is set for June 13, 2025, at 3 PM, with the asset package to be sold through a competitive public bidding process [2] Group 2 - The announcement does not constitute an offer to sell the asset package, and interested parties can submit bids based on the conditions outlined in the relevant transaction documents [3] - The address for submitting registration documents is located in Ningbo, Zhejiang Province [4] - Contact persons for inquiries are Manager Luo and Manager Wang, with provided phone numbers for further assistance [4]

Group 1 - The core viewpoint of the report indicates that respondents maintain an optimistic expectation regarding the macro policy's impact on the non-performing asset (NPA) market in 2025, with an increase in investment willingness [1] - The report highlights that as the business scale of financial asset investment companies continues to expand, their influence on the NPA market's asset package transfer market is increasing, leading to a decrease in the supply scale of asset packages in the primary NPA market [1] - The market share of local asset management companies is stabilizing, with non-performing assets from local state-owned enterprises becoming an important acquisition source for these companies [1] Group 2 - Commercial bank respondents believe that the newly released management measures for NPA business by the National Financial Regulatory Administration will lead to a slight increase in restructured assets in 2025 [2] - The primary risk facing small and medium-sized banks in 2025 is the rising pressure of non-performing assets, with mergers and restructuring being the most effective measures to prevent and mitigate risks [2] - The average recovery rate for asset management companies' NPA disposal is showing signs of stabilization, with the trend of declining acquisition prices for NPA packages in 2024 indicating a steady market recovery [2]

老婆昨天和我说，之前投城投债2年期的产品到期了，本金1000加利息（6.7%）已收到，暂时买了个3% 的理财过十一，节后我就要重新规划这笔钱的去向。 之前零星的聊过我有给家庭做财务配置规划，很多读者好奇，那今天正好说说这个。 我们家房产的比例不高，一共就北京一套，临海一套，不算投资，纯自住 ， 现在房价跌了，加起来也 不到2000。剩下资产都是金融资产，股票、债券、期货、港美、股权、信托、黄金、加密货币，甚至还 投了一点非标玩票。 看似种类不少，但本质上还是可以根据风险级别来划分。比如年化预期收益在6%以下的算低风险资 产，6-15%的算中风险资产，15%以上的算高风险资产。 行情好的时候策略比较积极，按照1:3:6配置，行情不好的时候就保守一下，改为2:4:4，或者2:5:3。资 金会在同一个风险级别的不同项目里互通，但不会随意跨风险级别流动，比如a股减仓了可以加仓美 股，但债券赎回来的钱不会买股票。 所以最近赎回来的这笔钱也肯定是找债券类的标的，不会说看到a股行情好就往里加仓，只是这几年债 券资产收益率跌的很厉害，现在只能买到5%左右的，所以我会从这笔钱里抽出一部分去增持链上资 产，以提升整体的收益率。 ...