通过低效益资产的"出表减负"，广州农商行短期内收回资金，对资本充足率指标起到了改善，并且一定 程度上短期降低不良率。然而从长期来看，广州农商行的资产质量依然承压，公司的盈利能力有所下 滑，频频大规模出售资产不是长久之计。 在此背景下，广州农商行正试图通过结构调整、村镇银行整合等举措重塑竞争力。低效益资产"出表减 负"+多举措改革能否提升广州农商行的盈利能力？ 百亿资产"出表"，主动加速"减负" 万亿级农商行再一次出售百亿资产引发关注。 近日，广州农商行（01551.HK）公告称，完成了重大出售事项，公司以122.5亿元的代价向广州资产管 理有限公司出售了资产，该笔出售交易于11月29日完成。 根据广州农商行此前发布的公告，这笔出售的资产为低效益资产，这笔低效益资产为该行持有的信贷资 产，资产本金加相关利息以及其他的金额合计为189.28亿元，其中资产本金为149.78亿元。 这是广州农商行近年来第三次出售百亿级资产。2023年至2025年，广州农商行加速低效益资产"出表"， 3年累计出售资产超过480亿元。 炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 来源：尺度商业 文 | 刘振 ...

Core Viewpoint - Guangzhou Rural Commercial Bank is under significant asset quality pressure and has sold a large asset package worth 12.25 billion yuan to quickly reduce its burden and improve liquidity [1][2]. Group 1: Asset Sale Details - The bank sold assets to Guangzhou Asset Management Co., with a total consideration of 12.25 billion yuan, involving a debt amount of approximately 18.93 billion yuan [1][2]. - This marks the third consecutive year that Guangzhou Rural Commercial Bank has divested over 10 billion yuan in inefficient assets, totaling 31.71 billion yuan over three years, with a total debt amount of about 48.1 billion yuan [1][4]. - The transaction will be paid in installments, with 30% already paid and the remaining 70% to be paid in nine annual installments from 2026 to 2034 [2]. Group 2: Financial Performance and Asset Quality - As of June 30, 2025, the bank's non-performing loan (NPL) ratio increased to 1.98%, up from 1.66% at the end of the previous year, indicating ongoing asset quality challenges [1][5]. - The bank's net profit attributable to shareholders decreased by 6.83% year-on-year to 1.374 billion yuan in the first half of 2025, despite a 9.41% increase in operating income [1][6]. - The bank's credit impairment losses reached 3.808 billion yuan, a 30.6% increase year-on-year, significantly impacting its financial performance [6]. Group 3: Strategic Intentions - The asset sale aims to quickly convert assets into cash, allowing the bank to invest in other potential high-quality assets and optimize its asset structure [7]. - The proceeds from the asset sale will be used for general operational funding, which is expected to lower the NPL ratio and provisioning amounts, thereby enhancing overall efficiency [7]. - The bank's capital adequacy ratios have declined, with the total capital adequacy ratio falling from 14.52% to 13.62% as of June 30, 2025 [7].

Core Viewpoint - Guangzhou Rural Commercial Bank plans to sell nearly 20 billion yuan of credit assets at a discount after a gap of nearly 10 months, aiming to enhance its risk resilience and operational efficiency [2][6]. Group 1: Asset Details - The principal amount of the credit assets is approximately 14.978 billion yuan, with a total debt amount of about 18.928 billion yuan, expected to be sold for no less than 12.2 billion yuan [2][3]. - The book value of these credit assets, after considering interest receivables and asset impairment provisions, is approximately 12.132 billion yuan [4]. Group 2: Industry Breakdown - The credit assets are primarily distributed across the following sectors: leasing and business services (38.78%, 5.808 billion yuan), real estate (20.46%, 3.064 billion yuan), and wholesale and retail (16.27%, 2.437 billion yuan) [5][4]. Group 3: Financial Implications - The expected sale price represents a discount of about 20% on the principal, with a slight premium of 0.68 billion yuan over the book value [6]. - Proceeds from the asset sale will be used for general operational funding, which is anticipated to lower the non-performing loan ratio and improve overall efficiency [6]. Group 4: Context and Previous Actions - This is the second significant discounted sale of credit assets by Guangzhou Rural Commercial Bank in the past year, following a previous sale of approximately 14.592 billion yuan in November 2024 [7]. - The bank's non-performing loan ratio has increased to 1.98%, up by 0.32 percentage points from the end of the previous year, indicating ongoing pressure on asset quality [7].

Group 1 - The core viewpoint is that Allianz Investment sees opportunities in core interest rate products and credit asset strategies, particularly focusing on short-term interest rate assets due to the recent Fed rate cut driven by weak employment data [1] - Allianz Investment emphasizes that fiscal policy is the most important reference for assessing interest rate risk, significantly impacting long-term bond yields [1] - The firm suggests considering market opportunities, including single market strategies benefiting from a steepening U.S. yield curve and cross-market spread strategies favoring long-term sovereign bonds from fiscally stable countries like Spain [1] Group 2 - In the credit sector, despite tightening spreads, corporate fundamentals remain resilient, and systemic imbalances in major markets are relatively limited, making spreads attractive, especially for BBB and BB-rated bonds [2] - Allianz Investment advocates for a global multi-sector allocation strategy to capture investment opportunities, noting signs of recovery and expansion in some European markets while the U.S. shows signs of a cycle's end [2] - The firm believes that Asian and emerging markets are likely to outperform others, supported by improving credit fundamentals [2]

Core Viewpoint - Gansu Bank has signed an asset transfer contract with Gansu Asset Management Co., intending to sell an asset package for 15.3 billion yuan, which has a total principal and interest balance of approximately 19.719 billion yuan [1][3]. Group 1: Asset Transfer Details - Gansu Bank has accelerated the disposal of non-performing assets since its listing, having sold asset packages totaling nearly 23.8 billion yuan to Gansu Asset Management in eight transactions [2][5]. - The current asset package includes not only credit assets but also non-credit low-yield financial investment assets such as trust and asset management plans [2][3]. - The asset package consists of approximately 17.864 billion yuan in principal and 1.855 billion yuan in accrued interest, with the credit assets primarily in wholesale and retail, real estate, manufacturing, and mining sectors [3]. Group 2: Financial Implications - The sale price of 15.3 billion yuan is slightly higher than the net book value of the disposed assets, which is approximately 14.922 billion yuan after accounting for impairment provisions of about 4.797 billion yuan [3]. - The payment for the asset transfer will be made in installments, with an initial payment of 8 billion yuan due within five working days of the contract's effectiveness, followed by two additional payments over the next five years [4]. Group 3: Industry Context - The trend of accelerating non-performing asset disposal in the banking industry is evident, with Gansu Bank's actions reflecting a broader industry movement towards managing both credit and non-credit asset quality [7]. - Gansu Asset Management, established in 2016, focuses on managing, investing, and disposing of non-performing assets, indicating a growing market for such services in the region [7].