年内企业ABS发行规模破万亿元，公募基金两年内首次环比增持

Core Insights - The issuance scale of corporate Asset-Backed Securities (ABS) has exceeded 1 trillion yuan in 2023, reaching 10,321 billion yuan by the end of September, marking a year-on-year increase of over 20% [1][8] - This level is approaching the total issuance scale for the entire year of 2024, which is projected to be 12,483 billion yuan, and represents the first time since 2022 that the number of corporate ABS issued has surpassed 1,000 in September [1][8] Issuance Trends - A total of 1,142 corporate ABS have been issued as of September 2023, with significant growth in large-scale issuances, particularly those exceeding 2 billion yuan, which have seen a year-on-year increase of 17.65% [1][5] - The largest single issuance this year is the "CITIC Financial Asset Yunfan Phase 1" plan, with a scale of 10.01 billion yuan, achieving the lowest cost and narrowest spread among similar products [6][8] Types of ABS - Corporate ABS is primarily issued by non-financial enterprises and is regulated by the China Securities Regulatory Commission, while credit ABS is issued by financial institutions and circulates mainly in the interbank market [5][8] - Traditional underlying assets for ABS include accounts receivable, lease rentals, trust loan rights, small loans, and consumer loans, with over 800 products issued in these categories, accounting for more than 70% of total corporate ABS issuance [6][8] Innovation in ABS - New types of ABS based on data assets, intellectual property, and low-altitude economy have emerged, with the recent issuance of the "Huaxin-Xinxin Data Asset Phase 1" plan marking a significant development in data asset securitization [7][8] - Data asset ABS allows companies to convert dormant data resources into financing, particularly benefiting technology firms with insufficient collateral [7][8] Market Dynamics - The ABS market is experiencing a surge in both issuance and secondary market activity, driven by strong demand from small and medium-sized enterprises seeking to optimize their financing structures [8][9] - Regulatory support and the introduction of new fundraising mechanisms are expected to further expand the ABS market [8][10] Investor Participation - Institutional investors, including trust institutions and banks, are the primary participants in the ABS market, with trust institutions increasing their holdings significantly [10][11] - Public funds have also begun to increase their ABS holdings, with a notable rise in the number of funds participating [11][12] Yield and Risk - ABS products typically offer higher yields compared to standard bonds, with the average coupon rates for different tiers of ABS varying significantly, reflecting the risk-return profile of the underlying assets [14][16] - The current low-interest-rate environment has made ABS an attractive investment option for institutional investors, providing a unique opportunity for yield enhancement [14][16]