突破2.28万亿：企业ABS主导、ABN崛起、信贷ABS转型——2025资产证券化市场深度扫描

Core Insights - The asset securitization market in 2025 reached a record high with a total issuance of 22,801.08 billion yuan and 2,389 products, marking a significant structural transformation from credit-driven to entity service-oriented [1][3] Group 1: Market Overview - The market structure has evolved, with corporate asset-backed securities (ABS) dominating at 14,276.5 billion yuan, accounting for 62.6% of the total issuance [1][3] - Asset-backed notes (ABN) emerged as the fastest-growing segment, with an issuance of 5,609.36 billion yuan, representing 24.6% of the market [1][3] - Traditional credit ABS saw its market share decrease to 12.8% [1] Group 2: Product Breakdown - Corporate ABS issuance was primarily driven by traditional assets such as financing leases, receivables, and supply chain finance, while consumer finance and microloans reflected the recovery of the economy [3][4] - ABN's growth is attributed to a strong base of institutional investors and the flexible yet standardized product design, with personal consumption loans and micro-enterprise loans as core asset sources [4][8] - Credit ABS issuance totaled 2,915.22 billion yuan, with a notable increase in the restructuring of non-performing assets, which surged by 177.9% in the third quarter [5] Group 3: Market Dynamics - The asset securitization market is characterized by a "quarter-end rush" in issuance, indicating its integration into regular financial and capital management practices [6] - The development of the market is supported by favorable policies, strong demand from the real economy, and improved market liquidity [7][8] - The secondary market for ABS saw increased trading activity, with a quarterly transaction volume of 2,200.17 billion yuan in the fourth quarter, enhancing product liquidity and investment appeal [7] Group 4: Future Outlook - The focus is shifting from mere scale expansion to ecological construction and precise service, with an emphasis on product synergy and innovation [9] - The emergence of data asset ABS signifies a new frontier in the market, with potential growth driven by overcoming common industry challenges [9] - The market is expected to continue evolving, with corporate ABS expanding into intangible assets, ABN gaining recognition for its stable cash flows, and credit ABS focusing on non-performing asset restructuring [9]