结构化融资再观察：城投ABS市场回顾与前瞻（政策篇）

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - In the context of tightened local government debt supervision and narrowed traditional financing channels, ABS, with its advantages of revitalizing stock assets and innovating financing models, is becoming an option for urban investment platforms to break through financing bottlenecks. However, the urban investment ABS market also faces various challenges such as underlying asset compliance, cash - flow stability, and investor recognition [2][8]. - The development of the urban investment ABS market is mainly policy - oriented, evolving through four stages: exploration and start - up (2005 - 2013), transformation and expansion (2014 - 2017), contraction and adjustment (2018 - 2020), and transformation and upgrading (2021 to present) [2]. 3. Summary by Related Catalogs 3.1 Exploration and Start - up Stage (2005 - 2013) - Policy: In 2005, the "Administrative Measures for the Pilot Project of Credit Asset Securitization" and "Regulations on Accounting Treatment for the Pilot Project of Credit Asset Securitization" were issued, marking the official start of asset securitization business. In 2012, the CSRC restarted the pilot project of enterprise asset securitization by securities companies. In 2013, the regulatory framework for enterprise ABS was first clarified [9][11]. - Market: The total issuance scale of urban investment ABS was less than one billion yuan, far lower than that of urban investment bonds. Product types and underlying assets were relatively single. The market acceptance was low, and the coupon rate was high. This stage laid a cognitive foundation and opened an initial market for the rapid development of enterprise ABS [2][12]. 3.2 Transformation and Expansion Stage (2014 - 2017) - Policy: In 2014, the "Guiding Opinions on Strengthening the Management of Local Government - related Debts" and the "Guidelines for the Negative List of Underlying Assets in Asset Securitization Business" were issued. The filing system was implemented, and supporting systems were released by the SSE and SZSE. Subsequently, policies were introduced to strengthen market supervision and standardize financing behaviors [14][15]. - Market: The market scale of urban investment ABS grew rapidly, and the degree of marketization increased significantly. The types of underlying assets became more diversified, and the issuance efficiency was greatly improved. ABS gradually became an important financing tool for urban investment platforms [15][16]. 3.3 Contraction and Adjustment Stage (2018 - 2020) - Policy: In 2018, the "Guiding Opinions on Regulating the Asset Management Business of Financial Institutions" was issued, strengthening the requirements for underlying asset compliance and information disclosure. In 2019, policies prohibited urban investment enterprises from raising debts through non - standard means. In 2020, policies were issued to promote the standardization of ABS business [17][18][19]. - Market: The issuance of urban investment ABS was strictly restricted. The regulatory requirements forced urban investment platforms to transform to market - oriented operations. The issuance scale shrank, and high - quality urban investment platforms gradually dominated the issuance [20]. 3.4 Transformation and Upgrading Stage (2021 to present) - Policy: Policies have unified the information disclosure standards for credit bonds, refined the negative list of underlying assets for urban investment ABS, and promoted the transformation of ABS business from "policy - based financing" to "market - based financing". They also support urban investment enterprises in financing infrastructure construction through ABS and encourage product innovation [21][23]. - Market: Urban investment ABS has gradually transformed from policy - based financing to market - based financing. The policy promotes the combination of ABS with REITs, corporate bonds, etc., forming a multi - level financing system and promoting the healthy development of the market [24].