“如果你是千万级投资用户，但你忽略不良资产行业，那么你已经输在起跑线上了。”这是2016年不良资产圈最形象、最贴切的一句话。

在中国经济处于新常态、经济结构转型升级过程中，产能过剩行业面临深度结构调整的压力，为不良资产市场提供了广阔的发展空间。2016年，商业银行不良贷款余额和不良贷款率持续攀升，截至2016年9月，不良贷款余额达14939亿元。同时，信托风险规模已达千亿元。万亿元基金规模在收益率的压力下增加高风险资产配置，工业企业负债率高涨导致应收账款达万亿元，债券市场打破“刚性兑付”神话违约规模达400亿元，这都蕴含了不良资产潜在巨大的空间。

在过去的一年，不良资产处置行业发生翻天覆地的变化。四大AMC股改完美收官，地方AMC松开“紧箍咒”迅速崛起，民营资本疯狂涌入。同时，债转股与不良资产证券化重新启动，银行业债转股协议金额近2000亿元，不良资产证券化发行14单。

《中国式不良资产年度报告（2017）》是国内首本关于不良资产管理行业的专题报告，详尽分析了不良资产管理行业的“机”与“危”，对不良资产管理行业的市场现状、监管政策、市场处置情况等进行了剖析，并对2017年不良资产管理行业的规模、投资机遇等进行了展望。

"If you are a million-level investment user, but you ignore the non-performing asset industry, then you have lost at the starting line." This is the most vivid and appropriate sentence in the non-performing asset circle in 2016. In the process of China's economy being in a new normal and economic structural transformation and upgrading, the overcapacity industry is facing the pressure of deep structural adjustment, which provides a broad space for the development of the non-performing asset market. In 2016, the balance of non-performing loans and the ratio of non-performing loans of commercial banks continued to rise, reaching 1,493.9 billion yuan as of September 2016. At the same time, the scale of trust risk has reached 100 billion yuan. The trillion-yuan fund scale has increased the allocation of high-risk assets under the pressure of yield, the high debt ratio of industrial enterprises has led to accounts receivable reaching one trillion yuan, and the bond market has broken the myth of "rigid payment" and the default scale has reached 40 billion yuan, which contains the potential huge space for non-performing assets. In the past year, the non-performing asset disposal industry has undergone earth-shaking changes. The reform of the four major AMC stocks ended perfectly, local AMCs loosened the "tightening curse" and rose rapidly, and private capital frantically poured in. At the same time, debt-to-equity swaps and non-performing asset securitization were restarted, the amount of debt-to-equity swap agreements in the banking industry was nearly 200 billion yuan, and 14 non-performing asset securitization issues were issued. "China-style NPL Annual Report (2017)" is the first special report on the NPL industry in China, which analyzes the "opportunities" and "dangers" of the NPL industry in detail, analyzes the market status, regulatory policies, market disposal, etc. of the NPL industry, and looks forward to the scale and investment opportunities of the NPL industry in 2017.（AI翻译）