应收账款类资产支持证券产品报告（2024年）：发行节奏基本平稳，央企需求持续释放，融资成本显著下行

Key Points - The issuance of accounts receivable asset-backed securities (ABS) in 2024 totaled 132 products, with a total issuance scale of 1,615.80 billion, representing a year-on-year increase of 14 products but a decrease of 10.74% in scale [3][4][35] - Central enterprises and their subsidiaries accounted for 86.61% of the actual financing, with the construction industry representing 88.49% of the issuance scale [3][9] - The median interest rate for 1-year AAAsf rated securities was 2.14%, a decrease of approximately 77 basis points year-on-year [3][20][30] Issuance Situation - In 2024, 115 accounts receivable ABS plans were registered with the Asset Management Association of China, totaling 1,471.01 billion, with an increase of 7 plans but a decrease of 6.19% in scale compared to the previous year [3][30] - The Shanghai Stock Exchange accounted for 96.76% of the issuance, while the Shenzhen Stock Exchange accounted for 3.24% [7] Secondary Market Trading - In 2024, the secondary market saw 2,765 transactions of accounts receivable ABS, a decrease of 13.32% year-on-year, with a total transaction scale of 1,002.67 billion, down 25.03% [33] Maturity Analysis - In 2025, 249 accounts receivable ABS are expected to mature, with a total scale of 1,642.21 billion, accounting for 24.01% of the total maturing securities [34] Product Characteristics - The average issuance scale per product was 12.24 billion, a decrease of 3.10 billion year-on-year, with the average maturity slightly shortened to 2.22 years [15][16] - The distribution of securities ratings showed that AAAsf rated securities accounted for 88.48% of the total issuance [18] Management Distribution - The top five managers accounted for 64.64% of the newly managed scale, with CITIC Securities leading at 19.63% [13]