银登中心不良贷款转让业务持续升温，成为2025年金融机构化解资产风险的重要抓手之一。仅12月1日 至3日三天内，该平台就集中披露近60条不良贷款转让公告，建设银行、邮储银行、中信银行等多家主 流机构密集参与，转让标的涵盖个人消费贷、经营性贷款及企业贷款等多个品类。在此背景下，银行与 消费金融机构纷纷加大不良处置力度，通过多元路径加速出清不良"包袱"，全力守护资产质量安全，为 业务可持续发展夯实基础。 监管部门的政策支持为不良处置工作提供了有力保障。2025金融街论坛年会上，国家金融监督管理总局 局长李云泽提出"加大不良资产处置和资本补充力度，丰富处置资源和手段"；同年5月，金融监管总局 在相关工作通知中明确要求，金融机构需做实贷款风险分类，加大不良贷款处置力度，倾斜核销资源。 此前《金融资产管理公司不良资产业务管理办法》的发布，进一步拓宽了不良资产收购范围，推动市场 规范化发展。 银登中心作为银行业不良转让的核心平台，业务规模持续扩容。数据显示，2025年一季度，个人不良贷 款批量转让业务规模已达370.4亿元，同比激增761.4%，其中个人消费贷款占比超七成。多家银行选择 通过该平台批量转让不良债权，平安银 ...

来源：金融八卦女频道 作者：身披铠甲的方方 在很多人印象里，银行一直是"安稳"的代表：朝九晚五、五险一金（有些银行甚至六险两金）、福利完 善，就算是基层柜员，也能安稳干到退休。可现在的情况已经完全不同，每天都被业绩指标追着跑，压 力一点也不比外界想象的轻松。 · · · 最近，八妹的银行朋友说：某股份制银行的区分行营业部，也开始推行"阶梯式末位淘汰制"了。规则很 简单： 网点主管月度考核连续两次在全辖排名末三，就会被降为理财经理； 理财经理连续两次末三，则降为普通柜员； 而柜员连续两次末三，就会被调到"综合服务投递员"，日常工作变成上门送单据、协助老年 客户激活手机银行、整理网点档案，薪资直接缩水三分之一，绩效奖金也没了。 ▲来源：公开网络 另外，八妹的朋友透露，一位做了八年的老主管，因为上个月存款任务差了五百万，被调回理财经理岗 的同时，手里的客户资源还被重新分配给其他同事。曾经的"银行白领"身份，瞬间成了跟他不敢随便提 的话题。 听起来，这和互联网公司里激进的绩效淘汰有几分相似。但当"银行"这个自带"稳定"、"铁饭碗"标签的 行业，开始把绩效和排名挂钩时，确实让人感到有点出乎意料。而且，这并非个别银行的奇 ...

Group 1: Deposit and Interest Rate Performance - The average interest rate for deposits from January to September 2025 was 1.70%, a decrease of 43 basis points compared to the same period last year, and a decrease of 37 basis points compared to the entire previous year [1] - As of September 2025, retail deposit balance was CNY 1,279.63 billion, a decrease of 0.6% from the end of last year; the average daily balance of personal deposits increased by 4.2% year-on-year [1] - The average interest rate for personal deposits was 1.87%, down 37 basis points year-on-year [1] Group 2: Asset Quality and Risk Management - As of September 2025, the non-performing loan ratio was 1.05%, a decrease of 0.01 percentage points from the end of last year; the overdue loan ratios for 60 days and 90 days were 0.77 and 0.66, respectively [1] - The provision coverage ratio was 229.60%, indicating strong risk mitigation capabilities [1] Group 3: Loan Performance - As of September 2025, personal loan balance was CNY 1,729.19 billion, a decrease of 2.1% from the end of last year; mortgage loans accounted for 63.6% of personal loans [1] - Credit card receivables amounted to CNY 400.66 billion, a decrease of 7.9% from the end of last year [1] Group 4: Wealth Management and Capital Adequacy - As of September 2025, the number of wealth management clients was 1.4911 million, an increase of 2.4% from the end of last year; private banking clients increased by 6.7% to 103,300 [3] - The core Tier 1 capital adequacy ratio was 9.52%, an increase of 0.40 percentage points from the end of last year [3] Group 5: Automotive Finance and Real Estate Exposure - As of September 2025, automotive finance loan balance was CNY 300.3 billion, an increase of 2.2% from the end of last year; new personal loans for new energy vehicles increased by 23.1% year-on-year [3] - The balance of corporate real estate loans was CNY 226.99 billion, a decrease of CNY 18.23 billion from the end of last year; the non-performing rate for real estate loans was 2.20%, an increase of 0.41 percentage points from the end of last year [3]

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]

个人不良贷款批量转让市场正迎来前所未有的火热态势，而近期不良资产转让公告中的规则调整引发了 行业广泛关注。细心的市场参与者发现，不良资产转让公告近期出现两处关键变化：一是此前公开披露 的债权起始价信息被取消，二是公告文档新增"未经许可不得转载"水印。而在此之前，起始价是公告核 心公开信息，且无任何转载限制。根据北京商报记者获得的信息，包括AMC（即资产管理公司）等已 完成备案的业务参与方，在提交申请后，登录业务系统可查看起始价等竞价所需信息。在分析人士看 来，上述变化是市场透明度与风险防控的再平衡，既避免低价转让引发市场焦虑，也能减少非官方渠道 的信息扭曲。 不良转让热度攀升 当下，银登中心平台上的个贷不良资产转让已然进入"高频挂牌"模式。11月18日，北京商报记者梳理发 现，11月以来，浦发银行、平安银行、招商银行、交通银行、中国银行等多家机构已密集发布不良贷款 转让信息80条，对比10月整月81条的公告数量，个人不良贷款的出清节奏正持续加快。 从转让资产类型来看，个人消费贷款、经营性贷款成为绝对主力。11月18日，平安银行挂出2025年第85 期个人不良贷款（个人消费及经营性贷款）转让项目，该资产包未偿本 ...

Core Insights - Jiangnan Rural Commercial Bank focuses on inclusive finance to support various sectors, including small and micro enterprises, agriculture, and rural development, providing tailored financial services to meet core funding needs [1][4]. Group 1: Financial Support for Local Businesses - Jiangnan Rural Commercial Bank has successfully provided operational loans to local businesses, such as a guesthouse in Tianmuhu Town, helping them overcome funding shortages and enabling business transformations [2][3]. - The bank has issued 67,774 personal operational loans in Liyang, with a total loan balance of 8.1 billion, significantly contributing to the local economy [2]. Group 2: Agricultural Financing Solutions - The bank addresses the challenges of long investment cycles and high upfront costs in agriculture by offering customized loan products, such as a 500,000 loan to an ecological farm owner, facilitating the establishment of a successful pick-your-own fruit business [3][4]. - In Liyang, agricultural and small micro-loan increments reached 2.5 billion, with a growth rate of 6.2%, supporting various agricultural sectors [4]. Group 3: Comprehensive Financial Services - Jiangnan Rural Commercial Bank has developed a "Financial + Livelihood + Government Affairs" service ecosystem, enhancing its product offerings and extending services to meet community needs [5]. - The bank has launched innovative products like "Xinyi Loan" and "Rongchuang Loan" to support small businesses and veterans, respectively, simplifying approval processes and optimizing interest rates [5][6]. Group 4: Community Engagement and Accessibility - The bank has established 172 convenient service points in Liyang, processing 340,000 transactions worth 170 million, making financial services more accessible to rural residents [6]. - Regular community service days and the inclusion of non-financial services, such as social security and healthcare processing, demonstrate the bank's commitment to enhancing the quality of life for local residents [6]. Group 5: Future Commitment - Jiangnan Rural Commercial Bank aims to continue refining its product design and service models, focusing on addressing urgent community needs and supporting rural revitalization and industrial upgrades [6].

Core Insights - The Chinese banking sector has entered a significant asset disposal phase in the second half of this year, with various institutions accelerating the clearance of long-standing non-performing loans through market-oriented methods such as transfer listings and packaged sales [1][2] - The scale of asset packages being listed has expanded dramatically, with some institutions offering packages worth hundreds of billions, indicating a new norm in the financial market for the fourth quarter [1] - The demand for financial risk resolution is expected to grow, leading to an increase in the supply of non-performing assets, marking a continued "big year" for asset disposal [1][2] Group 1: Factors Driving Asset Disposal - Multiple factors are contributing to the current wave of asset disposals, including macroeconomic pressures, weakened recovery capabilities in certain industries, and increased regulatory scrutiny on asset quality and capital adequacy [2] - As of June this year, the balance of non-performing loans in commercial banks was 3.43 trillion yuan, with a non-performing loan ratio of 1.49%, indicating ongoing pressure to manage these assets [2] Group 2: Market Dynamics and Trends - The market for personal consumer non-performing loans has seen explosive growth this year, significantly accelerating the overall disposal process [3] - In the first quarter of this year, the scale of personal consumer loans and credit card overdrafts reached 268.2 billion yuan and 51.9 billion yuan respectively, with personal consumer loans accounting for 72.4% of the total [3] Group 3: Impact on Banking Institutions - The accelerated disposal of non-performing assets is expected to improve banks' capital adequacy ratios and profitability metrics [4] - Large-scale disposals can directly reduce non-performing loan ratios and provisioning requirements, thereby enhancing asset quality and freeing up capital for new loans [4][5] Group 4: Regulatory and Systemic Implications - The regulatory environment is focused on preventing systemic financial risks, with measures to enhance asset disposal and capital replenishment efforts [7] - The current wave of concentrated asset disposals is seen as necessary for maintaining the stability of the banking sector and preventing a "dam" of non-performing loans from impacting credit availability in the economy [7][8]

Investment Rating - The industry rating is "Overweight" and has been maintained from the previous rating [5]. Core Viewpoints - The retail loan quality is under pressure, with growth slowing down, and the overall retail loan bad debt ratio has been on the rise since 2022, reaching 1.29% in Q2 2025, an increase of 13 basis points from Q4 2024 [2][12]. - Retail loan growth is weak, with a year-on-year increase of only 3.5% in Q2 2025, which is a further slowdown compared to 2024 [20]. - Banks are increasing efforts to dispose of retail bad debts, which is expected to mitigate the impact of retail loan risk exposure on overall asset quality [3][33]. Summary by Sections 1. Retail Loan Asset Quality Under Pressure, Growth Slowing - As of Q2 2025, the total retail loan amount of listed banks reached 63.3 trillion yuan, accounting for 34.3% of total loans [2][11]. - The retail loan bad debt ratio has continued to rise, with the overall bad debt ratio for listed banks at 1.23% [12][19]. - The increase in retail bad debts is attributed to weak consumer demand and a decline in repayment capacity, with the retail bad loan balance growing by 28.7% year-on-year [20][21]. 2. Retail Loan Risk Exposure Easing, Credit Cost Pressure Marginally Reduced - The bad debt generation rate for retail loans in H1 2025 was 1.18%, slightly up from 2024, but the increase is less pronounced compared to previous years [34][35]. - The marginal easing of credit cost pressure is reflected in the credit cost for retail loans, which increased by only 1 basis point to 1.02% in H1 2025 [35][41]. - The overall retail loan risk exposure is expected to remain manageable due to banks' proactive measures in bad debt disposal [33]. 3. Retail Asset Quality Outlook: Policy Support, Risks Expected to Continue Easing - The overall credit risk of retail loans is expected to continue easing under supportive policies, particularly in consumer credit [4]. - The asset quality of consumer credit, including housing loans, is anticipated to stabilize marginally, while the asset quality in the small and micro-enterprise sector may continue to face pressure [4].

Investment Rating - The report maintains a rating of "Buy" for the company [4]. Core Views - The company has shown improvement in asset quality, with a significant decrease in the non-performing loan generation rate and stable non-performing loan ratio [2]. - The company's liability costs have improved, with a slight decrease in net interest margin [2]. - The company is experiencing a recovery in loan growth, particularly in corporate loans, while retail loan growth remains negative [2]. Summary by Sections Performance - For the first three quarters of 2025, the company's operating income, PPOP, and net profit attributable to shareholders decreased by 9.78%, 9.84%, and 3.50% year-on-year, respectively, but showed a recovery compared to the first half of 2025 [1][13]. - The total assets grew by 0.36% year-on-year, with corporate loans increasing by 9.9% [2][13]. Non-Interest Income - Non-interest income decreased by 12.63% year-on-year, with net fee income slightly declining by 0.14% [3][32]. - Other non-interest income saw a significant drop of 24.12%, primarily due to a substantial decrease in trading gains [3][32]. Interest Margin and Liabilities - The net interest margin for the first three quarters of 2025 was 1.79%, a slight decrease of 1 basis point compared to the first half of 2025 [2][13]. - The cost of liabilities improved, with a 6 basis point decrease in deposit costs, effectively offsetting the downward pressure on asset yields [2][13]. Asset Quality - The non-performing loan ratio remained stable at 1.05%, with a notable decrease in the non-performing loan generation rate by 90 basis points compared to the first half of 2025 [2][3]. - The company has successfully recovered a significant amount of non-performing assets, with a cash recovery rate of 97.9%, the highest in recent years [2][3]. Capital and Shareholder Returns - The company has maintained a stable dividend payout ratio, with a dynamic dividend yield of 5.1% based on the latest closing price [3][4]. - The report indicates that the company's capital consumption is slow, and the expansion of its scale has noticeably slowed down [3][4].

Core Viewpoint - Ping An Bank reported a steady business performance in its Q3 2025 results, focusing on enhancing retail, corporate, and interbank operations while strengthening risk management and digital transformation efforts [1] Business Performance Summary - For the first nine months of 2025, Ping An Bank achieved operating income of CNY 100.668 billion, a year-on-year decrease of 9.8%, primarily due to declining loan interest rates and structural adjustments [2] - The net interest margin was 1.79%, down 14 basis points from the previous year, while non-interest income from bond investments decreased due to market volatility [2] - Net profit for the period was CNY 38.339 billion, a decline of 3.5% year-on-year [2] - Total assets reached CNY 5,766.764 billion, with loans and advances totaling CNY 3,417.753 billion, reflecting a 1.3% increase from the end of the previous year [2] Retail Business - The retail strategy remains a priority, with personal loans totaling CNY 1,729.192 billion, down 2.1% from the previous year [4] - Mortgage loans increased by 8.1% to CNY 352.350 billion, while credit card receivables and consumer loans saw declines [4] - Personal deposits stood at CNY 1,279.630 billion, a slight decrease of 0.6%, but the average daily balance increased by 4.2% year-on-year [5] Corporate Business - Corporate loans reached CNY 1,688.561 billion, up 5.1% from the previous year, with corporate deposits growing by 1.3% to CNY 2,275.325 billion [6][7] - The bank focused on supporting key industries, with new loans in infrastructure, automotive, and public utilities increasing by 11.8% [7] - Strategic customer segments were developed, with the number of corporate clients rising by 9.7% to 935,700 [7] Interbank Business - The interbank business is driven by investment and trading, with a focus on enhancing investment capabilities and capturing structural trading opportunities [8][9] - The number of value clients in interbank institutions reached 1,438, with a significant increase in trading volumes [9] Sustainable Development and Social Responsibility - Ping An Bank is committed to green finance, with green loans totaling CNY 261.280 billion, a 10.0% increase from the previous year [10] - The bank supports rural revitalization with CNY 43.295 billion allocated for related initiatives, contributing to a cumulative total of CNY 195.542 billion [10] - The bank aims to enhance financial services for the real economy, focusing on consumer finance and manufacturing sectors [11]