464 lines
36 KiB
HTML
464 lines
36 KiB
HTML
<!DOCTYPE html>
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<html lang="zh-CN" data-theme="night">
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<title>AMC 概念深度投研报告</title>
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<body class="min-h-screen p-4 sm:p-6 lg:p-8">
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<div class="max-w-7xl mx-auto">
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<!-- Header -->
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<header class="text-center py-8">
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<h1 class="text-4xl md:text-5xl font-bold tracking-wider text-white glow-text">AMC 概念深度投研报告</h1>
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<p class="mt-4 text-sm text-gray-400 font-mono">
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由 北京价值前沿科技有限公司 AI投研agent：“价小前投研” 生成<br>
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<span class="opacity-70">本报告为AI合成数据，投资需谨慎。</span>
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</p>
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</header>
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<!-- Main Content -->
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<main class="space-y-12">
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<!-- Concept Clarification -->
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<section x-data="{ open: true }" class="glass-card p-6">
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<div @click="open = !open" class="flex justify-between items-center cursor-pointer">
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<h2 class="text-xl font-semibold text-cyan-300">概念界定：识别核心与噪音</h2>
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<svg :class="{'rotate-180': open}" class="w-6 h-6 text-cyan-300 transition-transform" fill="none" stroke="currentColor" viewBox="0 0 24 24"><path stroke-linecap="round" stroke-linejoin="round" stroke-width="2" d="M19 9l-7 7-7-7"></path></svg>
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</div>
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<div x-show="open" x-transition class="mt-4 prose prose-invert max-w-none text-gray-300">
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<p>在分析前，必须明确“AMC”在本次数据中的多重指代。本报告将聚焦于与A股市场、核心政策驱动及研报内容完全吻合的 <strong class="text-white">中国金融资产管理公司 (Asset Management Company)</strong>，它与“化债”概念紧密相关。其他实体如美国院线AMC Entertainment (AMC) 及AMC Networks (AMCX) 等信息，将被视为市场噪音进行区分。</p>
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</div>
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</section>
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<!-- Insight Section -->
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<section>
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<h2 class="section-header">0. 概念核心洞察</h2>
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<div class="bento-grid">
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<div class="glass-card bento-item bento-item-1">
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<h3 class="text-2xl font-bold text-sky-300 mb-4">核心观点摘要</h3>
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<p class="text-gray-200">AMC概念本质上是中国经济“<strong class="text-cyan-400">逆周期调节</strong>”的金融工具载体，其当前的核心驱动力源于<strong class="text-cyan-400">化解地方政府与房地产“双重”存量债务风险的顶层政策设计</strong>。该概念正从纯粹的主题炒作阶段，逐步向<strong class="text-cyan-400">政策落地驱动下的基本面验证阶段</strong>过渡，其未来潜力取决于化债政策的执行力度、AMC自身的资产处置效率以及在金融体系资源整合中的战略地位。</p>
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</div>
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<div class="glass-card bento-item bento-item-2">
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<h3 class="text-xl font-bold text-sky-300 mb-4">核心驱动力：政策赋予的时代使命</h3>
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<ul class="list-disc list-inside space-y-2 text-gray-300">
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<li><strong class="text-white">地方政府债务化解：</strong> 6万亿特别国债的核心用途，AMC被定位为“化债概念”的核心执行者，通过融资支持、债务重组、资产重组、债转股等模式参与。</li>
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<li><strong class="text-white">房地产行业风险出清：</strong> 通过设立不良资产处置基金、重组再开发等模式参与地产纾困，成为维护金融稳定的重要力量。</li>
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</ul>
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</div>
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<div class="glass-card bento-item bento-item-3">
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<h3 class="text-xl font-bold text-sky-300 mb-4">预期差分析：机遇与风险并存</h3>
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<div class="space-y-3">
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<div>
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<p class="font-semibold text-white">市场普遍预期：</p>
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<p class="text-gray-300">AMC是化债“万能灵药”，能大规模、高效率地承接和处置不良资产。</p>
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</div>
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<div>
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<p class="font-semibold text-red-400">研报揭示的现实：</p>
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<p class="text-gray-300">AMC面临“三重约束”——<strong class="text-red-300">盈利约束</strong>（可能形成“二次不良”）、<strong class="text-red-300">资本约束</strong>（自身亦在缩表）和<strong class="text-red-300">操作约束</strong>（债权关系复杂，尽调困难）。</p>
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</div>
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</div>
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</div>
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<div class="glass-card bento-item bento-item-4">
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<h3 class="text-xl font-bold text-sky-300 mb-4">关键催化剂</h3>
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<ul class="list-disc list-inside space-y-2 text-gray-300">
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<li><strong class="text-white">政策落地：</strong>6万亿特别国债资金与AMC联动方案出台。</li>
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<li><strong class="text-white">资源整合：</strong>中央汇金主导下的AMC系券商（如东兴、信达证券）合并重组。</li>
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<li><strong class="text-white">价值锚定：</strong>地方AMC（如河北资产）成功在港股IPO。</li>
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<li><strong class="text-white">标杆项目：</strong>千亿级城投平台或大型房企的债务重组案例成功落地。</li>
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</ul>
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</div>
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<div class="glass-card bento-item bento-item-5">
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<h3 class="text-xl font-bold text-sky-300 mb-4">长期发展路径</h3>
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<ol class="relative border-l border-gray-500 ml-2">
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<li class="mb-6 ml-4">
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<div class="absolute w-3 h-3 bg-blue-500 rounded-full mt-1.5 -left-1.5 border border-white"></div>
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<h4 class="text-lg font-semibold text-white">第一阶段 (当前)</h4>
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<p class="text-sm font-normal text-gray-400">政策驱动的规模扩张期</p>
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<p class="text-gray-300">核心是获取资产包，以传统收购处置为主。</p>
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</li>
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<li class="mb-6 ml-4">
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<div class="absolute w-3 h-3 bg-purple-500 rounded-full mt-1.5 -left-1.5 border border-white"></div>
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<h4 class="text-lg font-semibold text-white">第二阶段 (中期)</h4>
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<p class="text-sm font-normal text-gray-400">能力驱动的效率提升期</p>
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<p class="text-gray-300">核心转向资产处置效率，科技赋能（AI）与业务模式创新（ABS）成为关键。</p>
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</li>
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<li class="ml-4">
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<div class="absolute w-3 h-3 bg-green-500 rounded-full mt-1.5 -left-1.5 border border-white"></div>
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<h4 class="text-lg font-semibold text-white">第三阶段 (成熟期)</h4>
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<p class="text-sm font-normal text-gray-400">生态驱动的平台化发展期</p>
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<p class="text-gray-300">演变为综合性特殊资产投行，构建“募、投、管、退”完整生态链。</p>
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</li>
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</ol>
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</div>
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</div>
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</section>
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<!-- Industry Chain Visualization -->
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<section>
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<h2 class="section-header">1. AMC 产业链图谱</h2>
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<div class="glass-card p-4">
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<div id="echarts-sunburst" style="width: 100%; height: 500px;"></div>
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</div>
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</section>
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<!-- Supporting Data Section -->
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<section x-data="{ tab: 'reports' }">
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<h2 class="section-header">2. 核心数据与事件支撑</h2>
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<div class="glass-card p-6">
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<div class="tabs tabs-boxed bg-black bg-opacity-20 mb-6">
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<a class="tab" :class="{'tab-active': tab === 'reports'}" @click="tab = 'reports'">研报洞察</a>
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<a class="tab" :class="{'tab-active': tab === 'news'}" @click="tab = 'news'">关键新闻</a>
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<a class="tab" :class="{'tab-active': tab === 'risks'}" @click="tab = 'risks'">潜在风险</a>
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</div>
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<div x-show="tab === 'reports'">
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<div class="space-y-4">
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<div x-data="{ open: false }" class="collapse collapse-plus bg-base-200 bg-opacity-30">
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<input type="checkbox" @click="open = !open" />
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<div class="collapse-title text-xl font-medium text-purple-300">AMC参与地方化债研究</div>
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<div class="collapse-content prose prose-invert max-w-none text-gray-300">
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<p>AMC通过<strong class="text-white">融资支持、债务重组、资产重组、债转股、资产证券化</strong>五种模式参与地方债务化解。然而，面临宏观经济承压、资产盘活难度大（可能产生“二次不良”）、债权关系复杂、自身资本金受限以及平台信息不透明等核心挑战。研报建议，AMC可作为“一揽子化债”的储备选项，需明确政策性定位并加大资金支持。</p>
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</div>
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</div>
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<div x-data="{ open: false }" class="collapse collapse-plus bg-base-200 bg-opacity-30">
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<input type="checkbox" @click="open = !open" />
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<div class="collapse-title text-xl font-medium text-purple-300">AMC参与地产纾困总结</div>
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<div class="collapse-content prose prose-invert max-w-none text-gray-300">
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<p>AMC通过<strong class="text-white">重组再开发、设立不良资产处置基金、联合管理开发和代建</strong>等模式参与本轮地产供给侧改革。央行已设立专项再贷款支持全国性AMC。但AMC自身资产质量和地产风险敞口也面临压力，需审慎防范风险。建议关注AMC介入带来的优质资产收并购机遇。</p>
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</div>
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</div>
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<div x-data="{ open: false }" class="collapse collapse-plus bg-base-200 bg-opacity-30">
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<input type="checkbox" @click="open = !open" />
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<div class="collapse-title text-xl font-medium text-purple-300">AMC参与个贷不良业务研究</div>
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<div class="collapse-content prose prose-invert max-w-none text-gray-300">
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<p>个贷不良市场呈现<strong class="text-white">“地方AMC主导+全国性AMC突破”</strong>的格局，市场规模快速增长。处置模式包括传统催收、法律诉讼及创新的ABS、以物抵债。核心难点在于<strong class="text-white">估值定价难、司法执行难、催收合规风险高、资金与盈利压力大</strong>。未来发展方向是科技赋能（AI、大数据）、司法协同、创新估值模型和构建生态链。</p>
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</div>
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</div>
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</div>
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</div>
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<div x-show="tab === 'news'">
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<ul class="space-y-4">
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<li class="p-4 rounded-lg bg-base-200 bg-opacity-30">
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<p class="font-bold text-green-300">治理结构变革 (2025-09-08)</p>
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<p class="text-gray-300">财政部将持有的中国信达、东方资产、长城资产三家AMC股权全部无偿划转至<strong class="text-white">中央汇金</strong>。市场解读为强化专业管理、实现“管办分离”，并引发了对“汇金系”券商资源整合重组的强烈预期。</p>
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</li>
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<li class="p-4 rounded-lg bg-base-200 bg-opacity-30">
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<p class="font-bold text-green-300">化债政策催化 (2024-10/11)</p>
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<p class="text-gray-300">财政部重磅发声，提及将发行<strong class="text-white">6万亿特别国债</strong>主要用于化解地方政府隐性债务风险。市场迅速将AMC定位为“化债概念”的核心受益者。</p>
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</li>
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<li class="p-4 rounded-lg bg-base-200 bg-opacity-30">
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<p class="font-bold text-green-300">业务范围扩容 (2024-11-27)</p>
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<p class="text-gray-300">国家金融监督管理总局发布新规，扩大了AMC可收购的金融不良资产范围，有助于促进AMC与信托、理财子公司等非银机构深化合作。</p>
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</li>
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<li class="p-4 rounded-lg bg-base-200 bg-opacity-30">
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<p class="font-bold text-green-300">技术赋能探索 (2025-02-21)</p>
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<p class="text-gray-300">中国信达、东方资产等已完成<strong class="text-white">DeepSeek大模型</strong>本地化部署，旨在通过AI提升投研、文本解读和资产处置效率，标志着行业开始探索AI赋能新路径。</p>
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</li>
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</ul>
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</div>
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<div x-show="tab === 'risks'">
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<div class="grid grid-cols-1 md:grid-cols-2 gap-4">
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<div class="p-4 rounded-lg border border-red-500/50 bg-red-900/20">
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<h4 class="font-bold text-red-300 text-lg">商业化风险 (核心)</h4>
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<p class="text-gray-300 mt-2">资产处置不及预期，经济下行期退出周期长（个贷不良可达6-7年），可能形成“二次不良”，盈利模式单一，价值管理转型能力要求高。</p>
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</div>
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<div class="p-4 rounded-lg border border-yellow-500/50 bg-yellow-900/20">
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<h4 class="font-bold text-yellow-300 text-lg">政策与竞争风险</h4>
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<p class="text-gray-300 mt-2">化债政策落地速度或规模不及预期；行业竞争加剧（5+N格局）可能拉高优质资产包收购成本，压缩利润空间。</p>
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</div>
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<div class="p-4 rounded-lg border border-blue-500/50 bg-blue-900/20">
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<h4 class="font-bold text-blue-300 text-lg">技术风险</h4>
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<p class="text-gray-300 mt-2">数据和模型能力成为新瓶颈。个贷等不良资产估值定价难，高度依赖数据建模能力，技术落后的AMC将在新业务领域处于劣势。</p>
|
||
</div>
|
||
<div class="p-4 rounded-lg border border-gray-500/50 bg-gray-900/20">
|
||
<h4 class="font-bold text-gray-300 text-lg">信息交叉验证风险</h4>
|
||
<p class="text-gray-300 mt-2">概念混淆（如与美国AMC院线），以及新闻源数据存在矛盾（如参股比例），要求投资者交叉验证官方公告，避免误判。</p>
|
||
</div>
|
||
</div>
|
||
</div>
|
||
</div>
|
||
</section>
|
||
|
||
<!-- Key Players & Stock Data -->
|
||
<section>
|
||
<h2 class="section-header">3. 核心标的与相关股票池</h2>
|
||
|
||
<!-- Core Players Comparison -->
|
||
<div class="mb-8">
|
||
<h3 class="text-2xl font-semibold mb-4 text-white">核心玩家对比分析</h3>
|
||
<div class="overflow-x-auto glass-card">
|
||
<table class="table custom-table w-full">
|
||
<thead>
|
||
<tr>
|
||
<th>公司名称</th>
|
||
<th>关联逻辑</th>
|
||
<th>核心优势</th>
|
||
<th>潜在风险</th>
|
||
<th>逻辑纯粹度</th>
|
||
</tr>
|
||
</thead>
|
||
<tbody>
|
||
<tr>
|
||
<td class="font-bold text-white">海德股份</td>
|
||
<td>唯一A股上市的地方AMC</td>
|
||
<td>业务纯粹，经营数据直接反映行业景气度，个贷不良领域技术布局领先。</td>
|
||
<td>受行业周期和政策影响大；区域性限制。</td>
|
||
<td><progress class="progress progress-success w-full" value="95" max="100"></progress></td>
|
||
</tr>
|
||
<tr>
|
||
<td class="font-bold text-white">信达地产</td>
|
||
<td>控股股东为四大AMC之一的中国信达</td>
|
||
<td>央企背景雄厚，“AMC+地产”纾困模式协同优势天然。</td>
|
||
<td>地产行业下行风险；AMC业务非主营。</td>
|
||
<td><progress class="progress progress-info w-full" value="80" max="100"></progress></td>
|
||
</tr>
|
||
<tr>
|
||
<td class="font-bold text-white">银宝山新 / 东兴证券</td>
|
||
<td>实控人为四大AMC之一的东方资产</td>
|
||
<td>受益于东方资产资源支持；东兴证券更受益于“汇金系”整合预期。</td>
|
||
<td>主业与AMC关联度弱(银宝山新)；业绩受证券市场行情影响。</td>
|
||
<td><progress class="progress progress-warning w-full" value="60" max="100"></progress></td>
|
||
</tr>
|
||
<tr>
|
||
<td class="font-bold text-white">浙江东方</td>
|
||
<td>控股浙江省唯一持牌地方AMC</td>
|
||
<td>旗下浙商资产为地方AMC头部企业，实力较强。</td>
|
||
<td>AMC业务为多元金融布局一部分，估值会被稀释。</td>
|
||
<td><progress class="progress progress-warning w-full" value="55" max="100"></progress></td>
|
||
</tr>
|
||
<tr>
|
||
<td class="font-bold text-white">城投控股 / 渝开发</td>
|
||
<td>地方国资委控股的上市城投平台</td>
|
||
<td>化债的潜在对象或参与者，市场预期其在区域债务重组中获益。</td>
|
||
<td>自身负债率高，基本面不确定性大，逻辑间接。</td>
|
||
<td><progress class="progress progress-error w-full" value="30" max="100"></progress></td>
|
||
</tr>
|
||
</tbody>
|
||
</table>
|
||
</div>
|
||
</div>
|
||
|
||
<!-- Comprehensive Stock List -->
|
||
<h3 class="text-2xl font-semibold mb-4 text-white">AMC概念相关股票池</h3>
|
||
<div class="overflow-x-auto glass-card">
|
||
<table class="table custom-table w-full text-sm">
|
||
<thead>
|
||
<tr>
|
||
<th>股票名称</th>
|
||
<th>股票代码</th>
|
||
<th>关联逻辑与原因</th>
|
||
<th>标签</th>
|
||
</tr>
|
||
</thead>
|
||
<tbody>
|
||
<tr><td>海德股份</td><td><a href='https://valuefrontier.cn/company?scode=000567' target='_blank' class='link link-primary'>000567</a></td><td>全资子公司海德资管为新疆持牌地方AMC，是A股唯一AMC上市公司，在个贷不良领域位居前列。</td><td><span class='tag' style='color:#4ade80; border-color:#4ade80;'>地方AMC</span><span class='tag' style='color:#60a5fa; border-color:#60a5fa;'>逻辑最纯粹</span></td></tr>
|
||
<tr><td>信达地产</td><td><a href='https://valuefrontier.cn/company?scode=600657' target='_blank' class='link link-primary'>600657</a></td><td>控股股东信达投资为四大AMC之一中国信达旗下企业。</td><td><span class='tag' style='color:#f87171; border-color:#f87171;'>央企AMC</span></td></tr>
|
||
<tr><td>银宝山新</td><td><a href='https://valuefrontier.cn/company?scode=002786' target='_blank' class='link link-primary'>002786</a></td><td>实际控制人为四大AMC之一的中国东方资产。</td><td><span class='tag' style='color:#f87171; border-color:#f87171;'>央企AMC</span></td></tr>
|
||
<tr><td>东兴证券</td><td><a href='https://valuefrontier.cn/company?scode=601198' target='_blank' class='link link-primary'>601198</a></td><td>实际控制人为四大AMC之一的中国东方资产，受益于汇金系整合预期。</td><td><span class='tag' style='color:#f87171; border-color:#f87171;'>央企AMC</span></td></tr>
|
||
<tr><td>浙江东方</td><td><a href='https://valuefrontier.cn/company?scode=600120' target='_blank' class='link link-primary'>600120</a></td><td>子公司浙商资产是浙江省唯一持牌地方AMC。</td><td><span class='tag' style='color:#4ade80; border-color:#4ade80;'>地方AMC</span></td></tr>
|
||
<tr><td>亿利达</td><td><a href='https://valuefrontier.cn/company?scode=002686' target='_blank' class='link link-primary'>002686</a></td><td>大股东为浙江省浙商资产管理有限公司（浙江省首家省级AMC）。</td><td><span class='tag' style='color:#4ade80; border-color:#4ade80;'>地方AMC</span></td></tr>
|
||
<tr><td>天津普林</td><td><a href='https://valuefrontier.cn/company?scode=002134' target='_blank' class='link link-primary'>002134</a></td><td>二股东拥有天津市唯一金融资产管理牌照。</td><td><span class='tag' style='color:#4ade80; border-color:#4ade80;'>地方AMC</span></td></tr>
|
||
<tr><td>泰达股份</td><td><a href='https://valuefrontier.cn/company?scode=000652' target='_blank' class='link link-primary'>000652</a></td><td>持有天津津融投资服务集团股权，该公司为天津市拥有AMC牌照的公司。</td><td><span class='tag' style='color:#4ade80; border-color:#4ade80;'>地方AMC</span></td></tr>
|
||
<tr><td>陕国投A</td><td><a href='https://valuefrontier.cn/company?scode=000563' target='_blank' class='link link-primary'>000563</a></td><td>持有陕西金融资产管理股份有限公司股权（陕西AMC）。</td><td><span class='tag' style='color:#4ade80; border-color:#4ade80;'>地方AMC</span></td></tr>
|
||
<tr><td>新力金融</td><td><a href='https://valuefrontier.cn/company?scode=600318' target='_blank' class='link link-primary'>600318</a></td><td>作为发起股东之一，参与设立安徽省第二家地方资产管理公司。</td><td><span class='tag' style='color:#4ade80; border-color:#4ade80;'>地方AMC</span></td></tr>
|
||
<tr><td>越秀资本</td><td><a href='https://valuefrontier.cn/company?scode=000987' target='_blank' class='link link-primary'>000987</a></td><td>参与发起设立广州资产管理有限公司（广州AMC）。</td><td><span class='tag' style='color:#4ade80; border-color:#4ade80;'>地方AMC</span></td></tr>
|
||
<tr><td>世联行</td><td><a href='https://valuefrontier.cn/company?scode=002285' target='_blank' class='link link-primary'>002285</a></td><td>与省级地方AMC“湖南省财信资产管理有限公司”合资合作。</td><td><span class='tag' style='color:#4ade80; border-color:#4ade80;'>地方AMC</span></td></tr>
|
||
<tr><td>海南高速</td><td><a href='https://valuefrontier.cn/company?scode=000886' target='_blank' class='link link-primary'>000886</a></td><td>持有海南联合资产管理有限公司股权（海南AMC）。</td><td><span class='tag' style='color:#4ade80; border-color:#4ade80;'>地方AMC</span></td></tr>
|
||
<tr><td>蒙草生态</td><td><a href='https://valuefrontier.cn/company?scode=300355' target='_blank' class='link link-primary'>300355</a></td><td>持股内蒙庆源绿色金融资产管理公司17%股份（内蒙AMC）。</td><td><span class='tag' style='color:#4ade80; border-color:#4ade80;'>地方AMC</span></td></tr>
|
||
<tr><td>中原证券</td><td><a href='https://valuefrontier.cn/company?scode=601375' target='_blank' class='link link-primary'>601375</a></td><td>共同发起成立河南资产管理有限公司（河南AMC）。</td><td><span class='tag' style='color:#4ade80; border-color:#4ade80;'>地方AMC</span></td></tr>
|
||
<tr><td>光大嘉宝</td><td><a href='https://valuefrontier.cn/company?scode=600622' target='_blank' class='link link-primary'>600622</a></td><td>控股股东光大集团下属光大金瓯资产管理公司。</td><td><span class='tag' style='color:#f87171; border-color:#f87171;'>央企AMC</span></td></tr>
|
||
<tr><td>摩恩电气</td><td><a href='https://valuefrontier.cn/company?scode=002451' target='_blank' class='link link-primary'>002451</a></td><td>子公司摩安投资从事不良资产清收处置服务。</td><td><span class='tag' style='color:#c084fc; border-color:#c084fc;'>AMC服务商</span></td></tr>
|
||
<tr><td>中科金财</td><td><a href='https://valuefrontier.cn/company?scode=002657' target='_blank' class='link link-primary'>002657</a></td><td>参股的大连金融资产交易所拥有金融资产交易牌照，为不良资产处置提供交易平台。</td><td><span class='tag' style='color:#c084fc; border-color:#c084fc;'>AMC服务商</span></td></tr>
|
||
<tr><td>上海建科</td><td><a href='https://valuefrontier.cn/company?scode=603153' target='_blank' class='link link-primary'>603153</a></td><td>控股股东上海国盛集团主营不动产领域相关的不良资产处置及资产管理。</td><td><span class='tag' style='color:#fb923c; border-color:#fb923c;'>股东关联</span></td></tr>
|
||
<tr><td>城投控股</td><td><a href='https://valuefrontier.cn/company?scode=600649' target='_blank' class='link link-primary'>600649</a></td><td>上海城投集团控股，上海唯一上市城投平台，是化债概念的潜在对象。</td><td><span class='tag' style='color:#facc15; border-color:#facc15;'>地方城投</span></td></tr>
|
||
<tr><td>渝开发</td><td><a href='https://valuefrontier.cn/company?scode=000514' target='_blank' class='link link-primary'>000514</a></td><td>重庆国资委控股，重庆唯一上市城投平台，是化债概念的潜在对象。</td><td><span class='tag' style='color:#facc15; border-color:#facc15;'>地方城投</span></td></tr>
|
||
<tr><td>津投城开</td><td><a href='https://valuefrontier.cn/company?scode=600322' target='_blank' class='link link-primary'>600322</a></td><td>天津国资委控股，天津唯一上市城投平台，是化债概念的潜在对象。</td><td><span class='tag' style='color:#facc15; border-color:#facc15;'>地方城投</span></td></tr>
|
||
<tr><td>云南城投</td><td><a href='https://valuefrontier.cn/company?scode=600239' target='_blank' class='link link-primary'>600239</a></td><td>云南国资委控股的上市城投平台，是化债概念的潜在对象。</td><td><span class='tag' style='color:#facc15; border-color:#facc15;'>地方城投</span></td></tr>
|
||
<tr><td>合肥城建</td><td><a href='https://valuefrontier.cn/company?scode=002208' target='_blank' class='link link-primary'>002208</a></td><td>合肥国资委控股，合肥唯一上市城投平台，是化债概念的潜在对象。</td><td><span class='tag' style='color:#facc15; border-color:#facc15;'>地方城投</span></td></tr>
|
||
</tbody>
|
||
</table>
|
||
</div>
|
||
</section>
|
||
|
||
</main>
|
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</div>
|
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|
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|
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|
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|
||
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|
||
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|
||
}, {
|
||
name: '中游 (管理处置)',
|
||
children: [{
|
||
name: '全国性AMC', children: [{name: '信达'}, {name: '东方'}, {name: '长城'}, {name: '中信金融资产'}, {name: '银河资产'}]
|
||
}, {
|
||
name: '地方性AMC', children: [{name: '浙商资产'}, {name: '海德资产'}, {name: '广州资产'}, {name: '天津津融'}]
|
||
}, {
|
||
name: '服务商', children: [{name: '清收服务'}, {name: '交易平台'}, {name: 'IT系统'}]
|
||
}]
|
||
}, {
|
||
name: '下游 (退出渠道)',
|
||
children: [
|
||
{ name: '资本市场', children: [{name: 'IPO'}, {name: '并购重组'}, {name: 'ABS'}] },
|
||
{ name: '产业投资者' },
|
||
{ name: '社会资本' }
|
||
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|
||
}]
|
||
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|
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|
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r0: '35%',
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||
r: '70%',
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label: { align: 'right' }
|
||
}, {
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r0: '70%',
|
||
r: '72%',
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label: { position: 'outside', padding: 3, silent: false },
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</html> |