来源：不良资产头条 8月18日,中信金融资产发布业绩"喜报"：2025年上半年的归母净利润预计至少60亿元。照此势头发展，其2025年全年净利润可越过100亿大关，重回7年前 的高光时刻。 此外，上半年继续风险资产出清，预计计提损失总额218亿。减值218亿后，还能盈利至少60亿，中信金融资产到底做对了什么？ 净利润60-62亿 做对了什么？ 根据中信金融资产公告：2025年上半年归属于公司股东的净利润预计约为人民币60亿元至62亿元，较上年同期增长约12.5%至16.3%，剔除金租公司出表 影响，较上年同期增长约23.9%至28.2%。 对于业绩增长，从中信金融资产的公告表述中可以看出： 一是持续加大主业投放，纾困盘活业务、股权业务等主业收入增长明显，资产回报稳步提升。 最近几年，中信金融资产主业占比不断提升，2024年，其不良资产经营业务收入达到906.71亿元，占总收入的84.4%，较2023年增长35.4%。主业占比是四 大AMC中最高的一家。其中，市场化债转股业务收入增长最为显著，同比增幅达103.7%。 表1：中信金融资产(华融)历年主业收入及占比 | | 中信金融资产(华融)历年主业收入及占比 ...

Group 1: Capital Market Trends - The A-share market is showing signs of continuous optimization, with trading volume exceeding 1 trillion yuan for 44 consecutive days and nearly 700 companies engaging in buybacks [1] - The China Securities Regulatory Commission (CSRC) aims to stabilize and activate the capital market, focusing on creating a market ecosystem that rewards investors and promotes innovation [1] Group 2: Mergers and Acquisitions - In the first half of the year, the State Administration for Market Regulation concluded 339 cases of operator concentration, a year-on-year increase of 14.1%, indicating active domestic mergers and acquisitions [2] - The total transaction amount for these cases exceeded 1.3 trillion yuan, with significant activity in the automotive and chemical raw materials sectors [2] Group 3: Hong Kong Market Performance - Southbound capital has seen a record net inflow of over 840 billion HKD this year, significantly contributing to the positive performance of the Hong Kong stock market, with the Hang Seng Index rising over 27% [3] - Major stocks like Xiaomi and Tencent have shown substantial gains, with Xiaomi increasing over 60% and Tencent over 34% [3] Group 4: State-Owned Enterprises - The establishment of China Chang'an Automobile Group in Chongqing marks the formation of a new central enterprise in the automotive sector, aimed at enhancing competitiveness and supporting the development of smart and connected new energy vehicles [4] Group 5: Securities Firms' Strategies - Securities firms are focusing on regional economic services, business transformation, and digital innovation as key areas for development in the second half of the year [5] Group 6: Asset Management Trends - In July, several large overseas China stock ETFs attracted over 2.7 billion USD, reflecting growing interest from foreign investors in Chinese assets [6][7] Group 7: Share Buybacks - Listed companies have repurchased nearly 90 billion yuan worth of shares this year, with July alone seeing buybacks of 14.01 billion yuan, marking a 12.06% increase from the previous month [8] Group 8: Corporate Performance - Among the companies that reported positive performance in the first half of the year, 31 stocks have a rolling P/E ratio below 30, indicating potential undervaluation [9] Group 9: Economic Outlook - The International Monetary Fund (IMF) has significantly raised its growth forecast for China's economy, citing stronger-than-expected economic activity in the first half of the year [10] Group 10: Asset Securitization - The asset securitization market is expanding, with the largest corporate ABS product issued this year reaching 10.01 billion yuan, contributing to a total issuance of 714.08 billion yuan across 807 products [11] Group 11: Stock Ratings Adjustments - In July, securities firms adjusted ratings for 25 stocks upward, reflecting the impact of companies' performance in the first half of the year [12] Group 12: Small Metals Sector Performance - Companies in the small metals sector, such as Northern Rare Earth and Zhejiang Huayou Cobalt, reported significant profit increases, with Northern Rare Earth expecting a net profit growth of over 1882% [14]