中信证券：ABS赛道有望获得结构性增量，同时细分品种的特征与定价分化或趋显性

Core Viewpoint - The report from CITIC Securities highlights the differing functions and development paths of Asset-Backed Securities (ABS) across various economies, emphasizing the unique trajectory of ABS in China focused on serving real enterprise financing [1] Group 1: Global Perspectives on ABS - In the United States, ABS development is market-driven with policy tools playing a regulatory role [1] - Europe emphasizes regulatory dominance, prioritizing rules and standards in ABS development [1] - Japan adopts a policy and institutional pipeline approach to maintain market stability in ABS [1] Group 2: China's ABS Development - China positions ABS primarily to support real enterprise financing, leading to a unique development path characterized by a focus on operational cash flow and synchronized growth of standardized debt [1] - CITIC Securities anticipates that with the advancement of new productive forces and related policies, the ABS sector in China is likely to experience structural growth [1] - The characteristics and pricing differentiation of various ABS subcategories may become more pronounced in the future [1]