小贷公司ABS发行额接近去年全年 小微与消费成融资主力

Core Viewpoint - The issuance of asset-backed securities (ABS) for micro-loan companies has been gaining momentum in 2023, with significant regulatory support and a shift towards a more diversified market structure [1][2][7]. Industry Overview - As of October 2023, the total issuance of ABS projects by micro-loan companies reached 761.38 billion yuan, accounting for 40% of the total annual issuance of credit asset securitization products, which is 1,866.1 billion yuan [1]. - The approval process for micro-loan ABS has improved since 2025, indicating a growing recognition of quality assets in the market [2][7]. Market Dynamics - The concentration of ABS issuance among top micro-loan companies is decreasing, with the top three companies accounting for 79.2% of the total issuance in 2024, down from 55.8% in 2025 [3][4]. - The diversification of original rights holders for ABS projects is evident, with new entrants like Zhongrong Micro Loan and Tencent's Financial Payment Loan Company gaining approval for significant ABS issuances [5][6]. Regulatory Environment - The new regulations for micro-loan companies emphasize the importance of small, diversified loans aimed at supporting small and micro enterprises, individual businesses, and consumers [8]. - The regulatory framework allows for increased leverage in financing, enabling compliant institutions to expand their capital space [11][12]. Asset Composition - The underlying assets of micro-loan ABS are primarily directed towards consumption and small business support, with a notable focus on personal operating loans [9][10]. - Companies like QFIN and Meituan are leveraging their platforms to provide financing services, enhancing their market competitiveness through diversified funding sources [10]. Future Outlook - The trend towards a decrease in issuance concentration is seen as a sign of industry maturation, with new players entering the ABS market and focusing on specific scenarios to attract capital [7]. - The favorable policy environment and low-interest rates are expected to further enhance the financing capabilities of micro-loan companies, supporting their growth and market expansion [12].