保险资产管理业创新型产品1在公用事业类收费收益权ABS的运用研究

Investment Rating - The report does not explicitly state an investment rating for the insurance asset management industry or public utility revenue rights ABS [3]. Core Insights - The insurance asset management industry is exploring innovative financing methods due to the tightening of traditional financing channels, with public utility revenue rights potentially serving as core assets for ABS issuance [6][40]. - The public utility sector is experiencing stable income levels and improving profitability, supported by government policies and a gradually improving pricing system [7][10]. - The market for public utility revenue rights ABS is currently small, with no issuances in the China Insurance Asset Registration and Depository (中保登) market, indicating a potential area for future exploration [6][34]. Summary by Sections Industry Overview - The public utility sector is characterized by high market demand driven by urbanization, stable income due to government pricing, and a gradual improvement in profitability [8][10]. - The sector includes heating, gas supply, water supply, and environmental protection, all requiring specific operating licenses [9][12][13]. Market Analysis of Public Utility Revenue Rights ABS - The issuance scale of public utility revenue rights ABS is low, with a cumulative issuance of 189.72 billion yuan in the interbank market as of the end of 2024 [16][20]. - The public utility revenue rights ABS market has seen a decline in issuance scale, currently representing only about 1% of the overall ABS market [24][34]. Credit Analysis Points and Methods - The structure of public utility revenue rights ABS typically involves a single SPV, with cash flow predictability being a key factor for stability [35][36]. - Key considerations for credit analysis include the operational capacity of the cash flow generating entities, the clarity of ownership rights, and the regulatory compliance of the underlying assets [39][41]. Conclusion - Given the tightening of financing for investment companies and the predictable cash flows from public utility assets, there is a favorable environment for the issuance of revenue rights ABS, aligning with national policies to revitalize existing assets [40].