图说资产证券化产品：数据中心公募REITs起航，资产证券化产品发行降温

Group 1: Industry Investment Rating - No information provided Group 2: Core Viewpoints - Recently, two public REITs projects in the data center field have entered the application and issuance process, marking the expansion of the asset scope of public REITs to the data center field, which is conducive to broadening corporate financing channels, revitalizing existing assets, and promoting the development of REITs in the science - innovation field in China to a new stage. More data center public REITs may be launched in the future, and REITs projects of other basic asset categories in the science - innovation field may also be approaching [3] - In February 2025, the issuance of asset - securitized products in the whole market continued to cool down, with the scale decreasing by 35% compared with the previous period, and the issuance costs of individual products were relatively high [4] - In the secondary market, the overall trading enthusiasm was average, and the performance of the inter - bank and exchange markets was differentiated [20] Group 3: Summary by Directory 1. Overall Market Issuance Situation - In February 2025, 100 issues of asset - securitized products were issued in the whole market, with a total scale of 88.452 billion yuan, a 35% decrease from the previous period. The average issuance costs of micro - enterprise loan and lease asset products were relatively high [4] - Supply chain accounts receivable, quasi - REITs, and infrastructure toll products had relatively low sub - layer ratios, while the layer ratios of lease asset products varied greatly [5] 2. Issuance Situation in Inter - bank and Exchange Markets - Inter - bank market ABS: One product was issued, with a scale of 1.5 billion yuan, and the issuance scale decreased compared with last month. The product priority was AAAsf - rated, and the issuance cost was 2.05% [7] - Dealer Association ABN: 32 issues were issued, with a total scale of 28.448 billion yuan, and the issuance scale increased slightly compared with last month. The coupon rates of priority products with disclosed credit ratings ranged from 1.85% to 4.30%. There were 6 issues without sub - products, accounting for 19%, and the sub - layer ratios of the remaining products ranged from 0.04% to 15% [7] - Exchange ABS: 67 issues were issued, with a total scale of 58.504 billion yuan, and the issuance scale decreased significantly compared with last month. The coupon rates of priority products with disclosed credit ratings ranged from 1.90% to 4.20% [19] - There was 1 issue of public REITs issued this period. There were 3 issues without sub - products, accounting for 4%, and the sub - layer ratios of the remaining products ranged from 0.03% to 20% [18] 3. Secondary Market - Inter - bank market ABS: The total trading volume in February was 283.6 million yuan, with a cooling of trading and a sluggish market. Products with non - performing loans as underlying assets had the largest trading scale [20] - Dealer Association ABN: The total trading volume was 3.6697 billion yuan, and the trading enthusiasm declined. Among products with disclosed underlying assets, quasi - REITs, accounts receivable and other categories had relatively large trading scales, and the trading performance of different products was differentiated [20] - Exchange ABS: The total trading volume was 5.4251 billion yuan, and the trading scale increased compared with last month. The Shanghai and Shenzhen Stock Exchanges had trading volumes of 4.3104 billion yuan and 1.1147 billion yuan respectively. Quasi - REITs, accounts receivable, CMBS/CMBN and other categories had relatively high trading enthusiasm [21][24]