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AMC的入局可为地产风险化解、优质资产盘活提供更加灵活的市场化处臵方式,保障交付,
AMC的入局可为地产风险化解、优质资产盘活提供更加灵活的市场化处臵方式,保障交付,
行业数据
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图片大小:351KB
图片尺寸:1949*838
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所属报告:
房地产行业:AMC参与房企化债的范围和力度有望加大提供房企纾困新路径-220523(34页).pdf
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全国各省电力市场化进程追踪
| 省份   | 现货市场发展历程（2019 - 2026E）       | 市场构成 - 中长期 - 年度 | 市场构成 - 中长期 - 月度 | 市场构成 - 中长期 - 月内 | 市场构成 - 中长期 - 日前 | 市场构成 - 中长期 - 日内 | 市场构成 - 中长期 - 实时（分钟） | 市场构成 - 现货 - 燃煤 | 市场构成 - 现货 - 新能源 | 市场构成 - 现货 - 水电 | 市场构成 - 现货 - 核电*有核省份准入 | 市场主体 - 发电侧 - 燃煤 | 市场主体 - 发电侧 - 新能源 | 市场主体 - 发电侧 - 水电 | 市场主体 - 发电侧 - 核电 | 市场主体 - 电力用户       | 市场主体 - 储能 | 市场主体 - 虚拟电厂 |
|--------|--------------------------------------|------------------------|------------------------|------------------------|------------------------|------------------------|------------------------------|----------------------|------------------------|----------------------|----------------------------------|------------------------|--------------------------|--------------------------|--------------------------|--------------------------|------------------|------------------|
| 山西   | 2019 - 2020 试运行；2021 - 2022 长周期；2023 - 2026E 正式运行 | ●                      | ●                      | 旬、日，●               | ●                      | ●                      | 5                            | ●                    | ●                      | ○                    | ○                                | ●                      | ●                        | ○                        | ○                        | 10kV及以上                | ○                | ○                |
| 广东   | 2019 - 2020 试运行；2021 - 2022 长周期；2023 - 2026E 正式运行 | ●                      | ●                      | ●                      | ●                      | X                      | 15                           | ●                    | ●                      | ●                    | ●                                | ●                      | ●                        | ●                        | ●                        | 10kV及以上                | ○                | ○                |
| 甘肃   | 2019 - 2020 试运行；2021 - 2022 长周期；2023 - 2026E 正式运行 | ●                      | ●                      | ●                      | ●                      | ●                      | 15                           | ●                    | ●                      | ○                    | ○                                | ●                      | ●                        | ○                        | ○                        | 10kV及以上                | ○                | ○                |
| 山东   | 2019 - 2020 试运行；2021 - 2022 长周期；2023 - 2026E 正式运行 | ●                      | ●                      | ●                      | ●                      | ●                      | 15                           | ●                    | ●                      | ○                    | ○                                | ●                      | ●                        | ○                        | ○                        | 10kV及以上                | ○                | ○                |
| 蒙西   | 2019 - 2020 试运行；2021 - 2022 长周期；2023 - 2026E 正式运行 | ●                      | ●                      | 周，●                   | ●                      | ●                      | 5                            | ●                    | ●                      | ○                    | ○                                | ●                      | ●                        | ○                        | ○                        | 10kV及以上                | ○                | ○                |
| 四川   | 2019 - 2020 试运行；2021 - 2022 长周期；2023 - 2026E 以月、季度为单位 | ●                      | ●                      | ●                      | X                      | X                      | 15                           | ●                    | ●                      | ○                    | ○                                | ●                      | ●                        | ○                        | ○                        | 10kV及以上                | ○                | ○                |
| 浙江   | 2019 - 2020 试运行；2021 - 2022 长周期；2023 - 2026E 正式运行 | ●                      | ●                      | ●                      | X                      | X                      | 5                            | ●                    | ●                      | ○                    | ○                                | ●                      | ●                        | ○                        | ○                        | 10kV及以上                | ○                | ○                |
| 福建   | 2019 - 2020 试运行；2021 - 2022 长周期；2023 - 2026E 以月、季度为单位 | ●                      | ●                      | ●                      | X                      | X                      | 15                           | ●                    | ●                      | ○                    | ○                                | ●                      | ●                        | ○                        | ○                        | 10kV及以上                | ○                | ○                |
| 河北南网 | 2021 - 2022 试运行；2022 - 2023 长周期；2023 - 2026E 正式运行 | ●                      | ●                      | ●                      | X                      | X                      | 15                           | ●                    | ●                      | ○                    | ○                                | ●                      | ●                        | ○                        | ○                        | 10kV及以上                | ○                | ○                |
| 湖北   | 2021 - 2022 试运行；2022 - 2023 长周期；2023 - 2026E 正式运行 | ●                      | ●                      | ●                      | X                      | X                      | 15                           | ●                    | ●                      | ○                    | ○                                | ●                      | ●                        | ○                        | ○                        | 10kV及以上                | ○                | ○                |
| 辽宁   | 2021 - 2022 试运行；2022 - 2023 长周期；2023 - 2026E 正式运行 | ●                      | ●                      | ●                      | X                      | X                      | 15                           | ●                    | ●                      | ●                    | ●                                | ●                      | ●                        | ●                        | ●                        | 10kV及以上                | ○                | ○                |
| 江苏   | 2021 - 2022 试运行；2022 - 2023 长周期；2023 - 2026E 正式运行 | ●                      | ●                      | ●                      | X                      | X                      | 15                           | ●                    | ●                      | ○                    | ○                                | ●                      | ●                        | ○                        | ○                        | 10kV及以上                | ○                | ○                |
| 上海   | 2021 - 2022 试运行；2022 - 2023 长周期；2023 - 2026E 正式运行 | ●                      | ●                      | ●                      | X                      | X                      | 15                           | ●                    | ●                      | ○                    | ○                                | ●                      | ●                        | ○                        | ○                        | 全部                      | ○                | ○                |
| 安徽   | 2021 - 2022 试运行；2022 - 2023 长周期；2023 - 2026E 正式运行 | ●                      | ●                      | ●                      | X                      | X                      | 15                           | ●                    | ●                      | ●                    | ○                                | ●                      | ●                        | ●                        | ○                        | 10kV及以上                | ○                | ○                |
| 河南   | 2021 - 2022 试运行；2022 - 2023 长周期；2023 - 2026E 正式运行 | ●                      | ●                      | ●                      | X                      | X                      | 15                           | ●                    | ●                      | ●                    | ○                                | ●                      | ●                        | ●                        | ○                        | 全部                      | ○                | ○                |
| 江西   | 2021 - 2022 试运行；2022 - 2023 长周期；2023 - 2026E 正式运行 | ●                      | ●                      | 旬、日，●               | X                      | X                      | 15                           | ●                    | ●                      | ○                    | ○                                | ●                      | ●                        | ○                        | ○                        | 部分                      | ○                | ○                |
| 陕西   | 2021 - 2022 试运行；2022 - 2023 长周期；2023 - 2026E 正式运行 | ●                      | ●                      | 旬、日，●               | X                      | X                      | 5                            | ●                    | ●                      | ○                    | ○                                | ●                      | ●                        | ○                        | ○                        | 10kV及以上                | ○                | ○                |
| 重庆   | 2021 - 2022 试运行；2022 - 2023 长周期；2023 - 2026E 正式运行 | ●                      | ●                      | 旬、日，●               | X                      | X                      | 15                           | ●                    | ●                      | ○                    | ○                                | ●                      | ●                        | ○                        | ○                        | 部分                      | ○                | ○                |
| 宁夏   | 2021 - 2022 试运行；2022 - 2023 长周期；2023 - 2026E 正式运行 | ●                      | ●                      | 旬、日，●               | X                      | X                      | 15                           | ●                    | ●                      | ○                    | ○                                | ●                      | ●                        | ○                        | ○                        | 10kV及以上                | ○                | ○                |
| 海南   | 2021 - 2022 试运行；2022 - 2023 长周期；2023 - 2026E 正式运行 | ●                      | ●                      | 周，●                   | X                      | X                      | 15                           | ●                    | ●                      | ○                    | ○                                | ●                      | ●                        | ○                        | ○                        | 10kV及以上                | ○                | ○                |
| 贵州   | 2021 - 2022 试运行；2022 - 2023 长周期；2023 - 2026E 正式运行 | ●                      | ●                      | 周，●                   | X                      | X                      | 15                           | ●                    | ●                      | ○                    | ○                                | ●                      | ●                        | ○                        | ○                        | 10kV及以上                | ○                | ○                |
| 湖南   | 2021 - 2022 试运行；2022 - 2023 长周期；2023 - 2026E 正式运行 | ●                      | -                      | ●                      | X                      | X                      | 15                           | ●                    | ●                      | ○                    | ○                                | ●                      | ●                        | ○                        | ○                        | 全部                      | ○                | ○                |
| 广西   | 2021 - 2022 试运行；2022 - 2023 长周期；2023 - 2026E 正式运行 | ●                      | ●                      | ●                      | X                      | X                      | 15                           | ●                    | ●                      | ○                    | ●                                | ●                      | ●                        | ○                        | ●                        | 10kV及以上                | ○                | ○                |
| 云南   | 2021 - 2022 试运行；2022 - 2023 长周期；2023 - 2026E 正式运行 | ●                      | ●                      | ●                      | X                      | X                      | 15                           | ●                    | ●                      | ●                    | ○                                | ●                      | ●                        | ●                        | ○                        | 全部（除优先购电）          | ○                | ○                |
| 新疆   | 2021 - 2022 试运行；2022 - 2023 长周期；2023 - 2026E 正式运行 | ●                      | ●                      | ●                      | X                      | X                      | 15                           | ●                    | ●                      | ○                    | ○                                | ●                      | ●                        | ○                        | ○                        | 10kV及以上                | ○                | ○                |
| 青海   | 2021 - 2022 试运行；2022 - 2023 长周期；2023 - 2026E 正式运行 | ●                      | ●                      | ●                      | X                      | X                      | 15                           | ●                    | ●                      | ○                    | ○                                | ●                      | ●                        | ○                        | ○                        | 10kV及以上                | ○                | ○                |
| 吉林   | 2021 - 2022 试运行；2022 - 2023 长周期；2023 - 2026E 正式运行 | ●                      | ●                      | ●                      | X                      | X                      | 15                           | ●                    | ●                      | ○                    | ○                                | ●                      | ●                        | ○                        | ○                        | 10kV及以上                | ○                | ○                |
| 黑龙江 | 2021 - 2022 试运行；2022 - 2023 长周期；2023 - 2026E 正式运行 | ●                      | ●                      | ●                      | X                      | X                      | 15                           | ●                    | ●                      | ○                    | ○                                | ●                      | ●                        | ○                        | ○                        | 10kV及以上                | ○                | ○                |
| 蒙东   | 2021 - 2022 试运行；2022 - 2023 长周期；2023 - 2026E 正式运行 | ●                      | ●                      | ●                      | X                      | X                      | 15                           | ●                    | ●                      | ○                    | ○                                | ●                      | ●                        | ○                        | ○                        | 全部                      | ○                | ○                |

资料来源：各省发改委，华泰研究
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不过四大AMC当前的存量涉房业务受整体行业形势影响承受一定压力,有降低地产风险敞口的需要,因此 AMC的介入强度仍然会相对比较谨慎。中国华融在 2021年年报中指出,其开展基于不良资产的特殊机遇投资业务的公司华融融德去年亏损约 6.6亿元,主要由于部分房地产企业客户经营及财务情况恶化,履约能力下降,华融融德当期确认了较大信用减值损失。2021 年公司涉房规模和占比有效压降,从不良债权资产经营来看,截至 2021年末,华融收购重组类业务房地产业的不良债权资产总额为 1441亿元,同比下降 23.5%。该部分资产占全部收购重组类不良债权资产的比重为 46.3%,较 2020年下降了 5.4个百分点。但在当前房地产业形势下,公司存量涉房业务仍承受一定压力。在此背景下,AMC当前介入地产类不良资产业务时也会谨慎选择,以免增加额外风险敞口。华融资产近期也对外释放了其助力房地产行业化解风险的思路,提到会重点参与问题房企的优质项目兼并重组。未来,AMC将根据新形势,改变以流动性救助为主的涉房业务的运行模式,真正发挥 AMC重组盘活功能,灵活参与房地产企业风险化解和存量资产盘活,重点参与实施“保交房”等政策支持鼓励、与社会民生相关的业务,服务地方风险化解。
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房地产行业:AMC参与房企化债的范围和力度有望加大提供房企纾困新路径-220523(34页).pdf
图全国AMC和地方AMC的差异
图截至2019年底,山东、辽宁、广东的不良贷款余额分别为2528、1823、1816亿元,均居全国
华东地区商业银行不良贷款余额普遍较高,总占比高达30%
2021年中国信达不良资产收购重组主要集中在中部
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