国金证券指出，当前金融化债已成为地方债务化解的重要手段，AMC公司最直接受益，一方面收入端受益于不良资产处置量的增加，另一方面资产端的不良资产在经济修复过程中资产质量也将好转。当前地方AMC已开始积极参与化债。China Cinda (01359) and Sinolink Financial Assets (02799) opened higher in the morning session. As of the time of publication, China Cinda rose by 14.79% to HK$1.63; Sinolink Financial Assets rose by 13.85% to HK$0.74.
According to the Securities Times app, China Cinda (01359) and Sinolink Financial Assets (02799) opened higher in the morning session. As of the time of publication, China Cinda rose by 14.79% to HK$1.63; Sinolink Financial Assets rose by 13.85% to HK$0.74.
On the news front, Minister of Finance Liao Feng'an stated at a press conference on October 12th that a series of targeted incremental policy measures will be introduced in the near future; the Ministry of Finance plans to significantly increase the debt limit at one time, replace local government existing hidden debts, intensify support to help local governments resolve debt risks. Other counter-cyclical adjustment policies and tools are also under study, such as the central government still has a considerable amount of room for increasing debt and deficits.
Sinolink Securities pointed out that financialization of debts has become an important means of resolving local government debts, with Asset Management Companies (AMCs) being the most direct beneficiaries. On one hand, income benefits from the increased disposal of non-performing assets, and on the other hand, the asset quality of non-performing assets will also improve during the economic recovery process. Local AMCs have started actively participating in debt conversion.
Zheshang Securities believes that AMCs can play an important role in the debt conversion process, helping local governments deal with bad debts by acquiring local government non-performing debts, conducting debt restructuring, and gaining new business opportunities. Additionally, the relevant measures of the Ministry of Finance may bring financial support or policy preferences, enabling AMCs to more easily obtain funds, reduce financing costs, and improve profitability in conducting business.
