毕马威资产证券化2024年刊

Investment Rating - The report does not explicitly state an investment rating for the industry Core Insights - The asset-backed securities (ABS) market in China showed steady growth in 2024, with a total issuance of 2,114 products and a scale of RMB 20,407 billion, representing a 17% increase in the number of issuances and a 9% increase in issuance scale compared to 2023 [27][30][32] - The report highlights significant policy updates aimed at enhancing the regulatory framework for asset securitization, including guidelines for public offerings of infrastructure REITs and asset-backed securities [6][11][15][21] Policy Dynamics - The Shenzhen Stock Exchange and Shanghai Stock Exchange revised guidelines to improve the quality of information disclosure for public offerings of infrastructure REITs and asset-backed securities [6][7][11] - New guidelines were introduced to standardize the operational processes for supply chain bill asset securitization, promoting compliance and orderly development of the market [11][12] - The People's Bank of China emphasized the role of green finance, encouraging the issuance of green asset-backed securities to support environmental projects [11][12] Issuance Situation - In 2024, the credit ABS market saw 192 new products issued, with a total scale of RMB 2,704 billion, marking a 23% decrease in issuance scale compared to the previous year [30][34] - Corporate ABS dominated the market with 1,323 new products and a total issuance of RMB 11,825 billion, reflecting a 6% increase in the number of issuances [30][34] - Public REITs experienced a significant surge, with 29 new products issued, totaling RMB 635 billion, representing increases of 190% in the number of issuances and 152% in issuance scale compared to 2023 [30][34] Clearing Situation - The report does not provide specific details on the clearing situation for the industry Industry Hotspot Analysis - The top issuer in the credit ABS market for 2024 was Jianxin Trust Co., Ltd., with 36 projects totaling RMB 974.29 billion [37][39] - The leading initiator in the credit ABS market was China Construction Bank, with 17 projects and an issuance amount of RMB 573.49 billion [37][39] - The report indicates a growing trend in the issuance of green bonds and asset-backed securities, aligning with national strategies for sustainable development [11][12]