专项研究：2025年应收账款ABS存续期研究：市场活跃叠加产品创新，资产表现呈现差异化

Policy and Regulatory Framework - The revised "Regulations on the Payment of Funds to Small and Medium-sized Enterprises" aims to address issues such as "difficulties in receivables recovery and prolonged cycles" for SMEs, enhancing legal protections for their rights[1] - The "Self-regulatory Rules on Due Diligence for Debt Asset Securitization" provide clear guidelines for due diligence, improving efficiency and protecting investors' rights[2] - The "Notice on Regulating Supply Chain Financial Services" focuses on standardizing supply chain financial services to better support SME financing[3] Market Performance and Trends - From January to July 2025, the accounts receivable ABS market saw 158 issuances, a 37.39% increase year-on-year, with a total issuance scale of CNY 1410.60 billion, up 25.71%[5] - The issuance scale of accounts receivable ABS accounted for 11.98% of the total asset securitization market, indicating a slight increase in market capacity[5] - The main issuance venue was the exchange market, which accounted for 80.53% of the total issuance scale[6] Asset Quality and Characteristics - Construction-related receivables dominate the underlying assets, making up 80.16% of the total[8] - The actual cash flow recovery for construction receivables may be affected by project progress and payment cycles, leading to potential delays[37] - Trade receivables show varied recovery characteristics, with stable cash flows from large state-owned enterprises, while consumer-related receivables may have higher risks due to weaker debtor profiles[38] Issuance Structure and Credit Enhancement - 39.11% of the accounts receivable ABS involved a revolving purchase structure, helping to address maturity mismatches[18] - 84.07% of the issuances included credit enhancement, primarily from high-rated entities, maintaining a low overall credit risk level[24] - The proportion of non-enhanced accounts receivable ABS increased to 15.93%, indicating a shift towards more self-reliant structures[27] Secondary Market Activity - The secondary market for accounts receivable ABS saw a transaction volume of CNY 2700.50 billion, a significant increase of 118.57% year-on-year, making it the largest trading category in the asset-backed securities market[32] - The turnover rate in the interbank market was 35.62%, reflecting higher trading activity compared to the exchange market's 17.96%[33]