2024年ABS市场运行回顾与2025年展望

Group 1 - The ABS market in 2024 saw a slight increase in issuance scale, with a total issuance amount of 20,429.91 billion, reflecting a year-on-year increase. The issuance of ABN significantly contributed to this growth, with a 62.82% increase in issuance amount [7][9][40] - The overall stock scale of the ABS market continued to decline, with a net outflow of 564.27 billion in 2024, although the decline was significantly narrowed compared to previous years [9][10] - The issuance of consumer loan ABS increased by 16.37% in 2024, driven by a recovery in consumer sentiment and demand for consumer finance [26][79] Group 2 - The issuance of enterprise ABS (including exchange ABS and ABN) showed a slight increase of 0.14%, with the total issuance amount reaching 11,837.56 billion [14][7] - The issuance of supply chain ABS continued to decline, with a 16.42% decrease in 2024, largely due to the downturn in the real estate sector and regulatory adjustments [37][40] - The issuance of class REITs saw significant growth, with a 116.91% increase in issuance amount, reaching 1,436.64 billion, as they became a favored tool for debt reduction and tax optimization [34][40] Group 3 - The issuance of credit ABS decreased by 22.65% in 2024, totaling 2,703.79 billion, primarily due to reduced bank credit supply [65][67] - The personal auto loan ABS remained the largest segment within credit ABS, despite a 27.95% decline in issuance [67][68] - The issuance of non-performing loan ABS continued to grow, reaching 508.67 billion, indicating a strong demand for tools to manage bad debts [73][65] Group 4 - The overall ABS issuance rates showed a downward trend, with most credit ABS rates concentrated between 1.80% and 2.30%, reflecting a continuous cost reduction [84][85] - The issuance rates for enterprise ABS were more dispersed, but followed a similar downward trend as credit ABS [85][86] - The issuance of financing lease ABS saw rates ranging from 2.00% to 5.00%, with significant differentiation among issuers [86][87]