2025年4月：图说资产证券化产品

Policy Support and Market Trends - The central government has issued guidelines to promote urban renewal and innovation, encouraging the issuance of REITs and ABS products[1] - Local policies are also supporting the issuance of public REITs in sectors like elderly care and technology innovation[1] REITs Market Performance - As of May 20, the CSI REITs Index rose to 865 points, a 2.25% increase from the end of April, while the CSI REITs Total Return Index reached 1084 points, up 2.46%[2] - Out of 65 listed REITs, 57 saw price increases ranging from 0.05% to 11.78%[2] Asset Securitization Overview - In April 2025, a total of 218 asset securitization products were issued, with a total scale of 2138.58 billion yuan, marking a 24% increase from the previous period[3] - The average issuance cost for policy-backed loans and leasing assets remains relatively high[3] Product Performance and Costs - The issuance scale of personal consumption loans accounted for 46% of the total, while factoring and intellectual property products had smaller issuance scales[14] - The average issuance cost for non-performing loan products is the highest, while credit card installment and personal auto loan products have lower average costs[8] Secondary Market Activity - In the interbank market, ABS transactions totaled 87.67 billion yuan, showing a slight increase in trading activity[17] - The exchange ABS market saw a total issuance of 148 products, amounting to 1302.38 billion yuan, a 19% increase from the previous month[17]