2025年融资租赁ABS市场分析：市场稳健主体扩容，政策赋能结构优化

1. Report Investment Rating for the Industry No information regarding the industry investment rating is provided in the report. 2. Core Viewpoints of the Report - In 2025, with the dual - wheel drive of policy guidance and market demand, the financial leasing ABS market developed steadily, with an increase in the proportion of micro - leasing ABS, an expansion of specific - label products, and obvious leading effects among issuers. The market is expected to see continuous optimization of business structures, an increase in the diversity of issuers, and a growth in the market's recognition and activity [8][39]. - The policy environment in 2025 was favorable, with multiple departments introducing policies to support the financial leasing industry, promoting its return to the origin of "financing + leasing of physical assets" and strengthening support for key areas of the real economy [4]. 3. Summary by Relevant Catalogs 3.1 Financial Leasing ABS - Related Policy Summaries - Asset Securitization - Related Policies: In March 2025, the Asset Management Association of China issued the "Detailed Rules for Due Diligence in the Securitization Business of Debt - Type Assets". In May 2025, the Shanghai Stock Exchange revised relevant guidelines and issued a notice on pilot projects for bond re - issuance and asset - backed securities expansion [5]. - Support for Key Areas: Throughout 2025, relevant departments issued policies to support new industrialization, small and micro - enterprise financing, and green and low - carbon development, guiding the industry to return to its origin and strengthen support for key areas and weak links of the real economy [6]. 3.2 Market Operation of Financial Leasing ABS - Market Issuance: In 2025, 251 financial leasing ABS were issued, with a total issuance scale of 225.72 billion yuan, representing year - on - year increases of 11.06% and 6.93% respectively. The exchange market was the main issuance venue, and the proportion of micro - leasing ABS increased [9][11][13]. - Issuing Entities: In 2025, there were 118 issuing entities in the financial leasing ABS market, with 37 new ones compared to 2024. The top ten issuing entities accounted for 40.67% of the total issuance scale, with a slight decrease of 4.53 percentage points [19]. - Leased Assets: In 2025, the leased assets in financial leasing ABS were mainly mechanical equipment. The proportion of public - service - related leased assets decreased, while that of mechanical equipment increased. Green and intelligent leased assets and emerging industrial leased assets showed growth [23]. - Credit Enhancement Methods: In 2025, 94.75% of financial leasing ABS introduced external credit enhancement methods. Parent companies/shareholders, original equity holders, and third - party professional institutions provided credit enhancements, with high - credit - grade entities as the main credit enhancers [26]. - Issuance Interest Rates: In 2025, the average issuance interest rates of AAAsf and AA + sf priority securities of financial leasing ABS decreased by 40bps and 20bps respectively compared to the previous year [29]. - Initial Ratings: In 2025, AAAsf and AA + sf priority securities accounted for 90.02% and 2.88% of the total scale respectively, with the proportion of AAAsf remaining stable [32]. - Rating Adjustments: By the end of 2025, among the 866 outstanding priority securities of financial leasing ABS, 14 had their ratings upgraded, with no downgrades [35]. - Secondary - Market Transactions: In 2025, the total trading volume of financial leasing ABS in the whole market was 150.005 billion yuan, a year - on - year increase of 12.51%. It accounted for 8.50% of the total trading volume of asset - backed securities, ranking fifth in the market [38]. 3.3 Future Outlook for Financial Leasing ABS - Business Structure Optimization: Financial leasing companies will continue to optimize their business structures to better serve the real economy. - Diversification of Issuing Entities: Local state - owned financial leasing companies will gradually participate in the issuance of financial leasing ABS, while leading comprehensive leasing companies will maintain their leading positions. - Asset Type and Label Changes: In the short term, the proportion of micro - leasing ABS may continue to increase. In the long term, mechanical equipment - type leased assets will grow steadily, and specific - label products will continue to expand. - Market Recognition and Activity: The quality of underlying assets in financial leasing ABS is expected to improve, and the market's recognition and activity are likely to increase [39][41].