2025年信贷资产证券化市场年度报告：发行放量企稳回升，格局重塑持续进行

Report Industry Investment Rating - Not provided in the content Core Viewpoints of the Report - In 2025, the issuance of credit ABS showed a stable recovery trend, featuring "small but numerous" characteristics. The non-performing loan ABS had a high growth rate and became the main growth engine. The concentration of the top ten sponsoring institutions decreased, and the average issuance interest rate declined year-on-year [2][4]. - In 2026, under the policy guidance of preventing and resolving financial risks, non-performing loan ABS is expected to continue to be the core engine for the expansion of the credit ABS market, and the continuous improvement of the regulatory framework will enhance market standardization and attract diversified investors [3][33]. - In the context of the increasing penetration rate of new energy vehicles, green auto loan ABS is expected to become an important growth point in the market, but attention should be paid to potential asset quality risks [34]. - With the maturity of AI technology, its application in the risk identification and management of the credit ABS market will deepen, which is expected to improve asset pricing accuracy and management efficiency [35]. Summary by Relevant Catalogs Issuance Overview - In 2025, a total of 238 credit ABS products were issued, with a total issuance scale of RMB 291.522 billion, a year-on-year increase of 7.82%. The average issuance scale per product was RMB 1225 million, a year-on-year decrease of 13.02%. The issuance scale accounted for 12.80% of the asset securitization market, a slight year-on-year decrease [4]. - The non-performing loan ABS issued 178 products, with a scale of RMB 82.057 billion, a year-on-year increase of 61.31%. The personal auto loan ABS had the same number of issuances as in 2024, with a scale of RMB 118.543 billion, accounting for 40.66% of the total. The issuance of micro-enterprise loan ABS declined, with 10 products issued and a scale of RMB 58.645 billion. The credit card installment loan ABS issued 2 products, with a scale of RMB 939 million. The bank/internet consumer loan ABS had a slightly lower number of issuances, but the scale reached RMB 31.338 billion, a year-on-year increase of 28.84% [5]. - There were 47 sponsoring institutions in the credit ABS market in 2025, mainly including auto finance companies and commercial banks. The top ten sponsoring institutions had a combined issuance scale accounting for 57.65%, with a decreased concentration [8][9]. - The average issuance interest rate of credit ABS was 2.13% in 2025, lower than that in 2024, and the average spread with the 3-year maturity yield of ChinaBond Medium and Short - term Notes was 23 BPs, showing a certain dispersion in the overall interest rate distribution [14]. Asset Classification Personal Auto Loan ABS - In 2025, the issuance scale was RMB 118.543 billion, accounting for 40.66% of the total credit ABS issuance, ranking first. The top ten manufacturers' issuance volume accounted for 86.21%, with a high concentration. The AAAsf - rated securities' coupon rate ranged from 1.60% to 1.96%, with a weighted average of 1.75%, a year-on-year decrease of 0.24 percentage points [17][19]. Non - performing Loan ABS - The issuance scale in 2025 was RMB 82.057 billion, a year-on-year increase of 61.32%, accounting for 28.15% of the total. Twenty banks participated in the issuance, mainly state - owned large commercial banks and national joint - stock banks. The top five banks' issuance scale accounted for 58.32%. The main underlying assets were personal housing mortgage non - performing loans and micro - enterprise non - performing loans. The AAAsf - rated securities' coupon rate ranged from 1.90% to 3.20%, with a weighted average of 2.32%, a year-on-year decrease of 0.09 percentage points [20][22][23]. Micro - enterprise ABS - The issuance scale in 2025 was RMB 58.645 billion, accounting for 20.12% of the total. China Construction Bank Corporation's issuance scale accounted for 84.60% of the total credit ABS issuance. The AAAsf - rated securities' coupon rate ranged from 1.58% to 1.96%, with a weighted average of 1.63%, a year-on-year decrease of 0.41 percentage points [24][25][28]. Personal Consumer Loan and Credit Card Installment Loan ABS - The personal consumer loan ABS issuance scale in 2025 was RMB 31.338 billion, accounting for 10.75% of the total. The top five sponsoring institutions' combined issuance scale accounted for 86.15%. The AAAsf - rated securities' coupon rate ranged from 1.70% to 2.05%, with a weighted average of 1.85%, a year-on-year decrease of 0.31 percentage points. The credit card installment loan ABS issued 2 products, with a total scale of RMB 939 million, accounting for 0.32% of the total, and the coupon rate of both products was 1.85% [29][30][32]. Outlook - In 2026, non - performing loan ABS is expected to continue to drive the expansion of the credit ABS market, and the regulatory framework will be further improved to attract more diversified investors [33]. - Green auto loan ABS may become an important growth point, but attention should be paid to the potential impact on asset quality from the changes in auto finance companies' operating strategies and credit access standards [34]. - The application of AI technology in the credit ABS market will deepen, which is expected to improve asset pricing accuracy and management efficiency, but attention should be paid to "model risk" [35].