图说资产证券化产品：REITs支持政策加码激活民间投资，ABS一二市场均有所降温

Report Summary 1. Industry Investment Rating - No investment rating information is provided in the report. 2. Core Viewpoints - The State Council supports private investment projects to issue infrastructure REITs to broaden the financing channels for private enterprises. The "Measures" put forward 13 measures to stimulate private investment vitality and development, focusing on direct financing through equity and REITs [2][3]. - The average issuance costs of policy - backed mortgage loans and REIT - like products are relatively high, while those of personal auto loans are relatively low [5]. - In October 2025, the issuance of ABS decreased due to holiday factors, and the secondary stratification ratio of non - performing loan products remained high [6]. - The trading activity of ABS products in the secondary market declined, with significant differences in trading activity among different products [22]. 3. Summary by Directory 3.1 REITs Policy Support - The "Measures" encourage private capital to participate in infrastructure projects and support the listing of high - tech enterprises and the issuance of infrastructure REITs by private investment projects to expand financing sources [2][3]. - The NDRC will promote the expansion of infrastructure REITs to new fields. Currently, private investment projects in infrastructure REITs have less than 20% in quantity and scale, indicating significant development potential [4]. 3.2 Market Issuance Situation - Overall Market: In October 2025, 164 asset - securitized products were issued, with a total scale of 181.083 billion yuan, a 33% decrease from the previous period. Non - performing loan products had a high secondary stratification ratio [6]. - Bank - to - Bank Market: 10 products were issued, with a scale of 34.343 billion yuan. The average issuance cost of non - performing loan products was the highest, while that of personal auto loans and micro - enterprise loans was relatively low [10][11]. - Trading Association ABN: 49 products were issued, with a scale of 51.653 billion yuan, a 23% decrease from the previous month. The coupon rates of priority products with disclosed credit ratings ranged from 1.65% to 3.60% [17]. - Exchange ABS: 105 products were issued, with a scale of 95.087 billion yuan, a 42% decrease from the previous month. The credit ratings of priority products included AAAsf and AA + sf, and the coupon rates ranged from 1.65% to 3.95% [18]. 3.3 Secondary Market Situation - Bank - to - Bank Market: The trading volume was 1.1445 billion yuan, with a significant decline in trading activity. Personal auto loan products had the highest trading volume [23]. - Trading Association ABN: The trading volume was 4.6139 billion yuan, a further decrease. Small - scale loans and enterprise accounts receivable were relatively actively traded [26]. - Exchange ABS: The trading volume was 8.1 billion yuan, a decrease from the previous month. The Shanghai and Shenzhen Stock Exchanges had trading volumes of 6.3879 billion yuan and 1.7121 billion yuan respectively [27].