银行间ABS结构持续优化 “小额分散”资产引领发展新格局

Core Insights - The interbank asset securitization market in China is entering a new stage of high-quality development driven by both policy guidance and market forces [1] - The market structure is continuously optimizing, with product innovation progressing in an orderly manner, enhancing the ability to serve the real economy [1] Market Structure and Product Innovation - As of October 2025, the outstanding balance of credit ABS in the interbank market reached 407.106 billion yuan, accounting for 11.90% of the overall securitization market [1] - From January to October 2025, the issuance scale of credit ABS was 220.953 billion yuan, with 182 issuances, representing a year-on-year increase of 30% [1] - Normal ABS projects accounted for approximately 70% of the total issuance, with auto loan ABS being the highest at 711.13 million yuan, followed by consumer loan ABS at 280.88 million yuan, and micro ABS at 576.15 million yuan [1] Policy Support and Market Response - Strong policy guidance has provided solid support for the healthy development of the interbank market, with various participating institutions actively responding [2] - Recent favorable policies include the guidance from six departments, which emphasizes the expansion of retail loan asset securitization [2] - State-owned banks and joint-stock banks have been particularly active, with state-owned banks accounting for 30.77% of the number of issuances and 40.24% of the scale from January to October 2025 [2] Future Market Outlook - The market for credit asset securitization is expected to enter a normalized development phase, which is significant for building a multi-layered financial market [3] - The asset securitization market in China has substantial growth potential compared to mature markets like the U.S., where the annual issuance of asset securitization products accounts for about 20% of the bond market [4] - The "14th Five-Year Plan" suggests steady development of asset securitization as a key measure for building a strong financial nation, indicating further growth in small and diversified asset types [4] Key Development Directions - Enhancing product liquidity is seen as a critical direction for future market development, with suggestions to promote the issuance of normal class products and improve pricing mechanisms [5] - The integration of innovative asset categories such as green finance and affordable housing, along with digital technology, will be key drivers for the future development of the industry [4][5]