个人汽车贷款证券化 2025 年度运营报告及 2026 年度展望：个人汽车贷款 ABS 产品发行规模下降，中资及中外合资汽车金融公司发行占比上升；需关注资产特征演变及发起机构风控差异等对产品表现的影响

1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints of the Report - In 2025, the issuance scale of auto loan ABS products decreased slightly but still ranked first among credit ABS products. Chinese-funded auto finance companies became the main issuers of green auto loan ABS due to the strong performance of domestic brands in the new energy vehicle field. The weighted average interest rate of the asset pool of auto loan ABS products increased significantly, the asset term was further extended, and the initial LTV rose. The issuance interest rate remained at a low level. The overdue rates of the underlying assets of auto loan ABS products issued in 2025 increased to varying degrees, but the overall overdue rate was still low. The cumulative default rate growth trend was similar to that in 2024. The prepayment rate center rose above 8%. In 2026, the issuance scale of auto loan ABS products will be closely related to the sales volume of each OEM and the penetration rate of auto finance companies. The issuance scale of green auto loan ABS products is expected to rebound [48]. 3. Summary According to Relevant Catalogs 3.1 Industry - In 2025, the production and sales of the automotive industry continued to rise, with the sales volume of new energy vehicles accounting for a further increase. The automotive finance industry developed steadily with the phasing out of the "high - interest, high - return" model. The production and sales of automobiles reached 34.531 million and 34.4 million respectively, with year - on - year increases of 10.4% and 9.4%. The production and sales of new energy vehicles were 16.626 million and 16.49 million respectively, with year - on - year increases of 29% and 28.2%. The penetration rate of new energy vehicles in the new car market reached 47.9%, and nearly 60% in the passenger car segment [4][5]. - Multiple policies were introduced in 2025 to promote automobile consumption, including measures for trade - in, new energy vehicle rural promotion, and adjustment of luxury car consumption tax [6]. - The financial penetration rate of new cars in the first half of 2025 was about 62.8%, slightly lower than in 2024. The automotive finance industry has formed a competitive pattern with multiple entities. After the "high - interest, high - return" model was phased out, auto finance companies are expected to enhance their competitiveness through value - added services and diversified financing services [7][8]. 3.2 Issuance - In 2025, 32 auto loan ABS products were issued in the inter - bank market, the same as the previous year. The issuance scale was 118.543 billion yuan, a decrease of 8.58% from the previous year, but still ranked first in credit asset securitization. The issuance scale of wholly foreign - owned auto finance companies decreased significantly. The number of green auto loan ABS product issuances decreased from 9 to 7, and the issuance scale decreased by 38.74% to 20.885 billion yuan, accounting for 26.29% of the total auto loan ABS issuance scale [4][11]. - Among the 15 auto finance companies issuing auto loan ABS products in 2025, Jizhi Auto Finance, GAC Huili Auto Finance, FAW Auto Finance, Tianjin Great Wall Binyin Auto Finance, and Chery Huiyin Auto Finance led in terms of issuance volume and scale. The issuance scale of Sino - foreign joint - venture, wholly foreign - owned, and Chinese - funded auto finance companies changed to different extents [13]. 3.3 Issuance Interest Rate - In 2025, the issuance interest rate of AAAsf - rated securities of auto loan ABS products was in the range of 1.60% - 1.96%, with an average of 1.75%. The interest rate was low, and the spread slightly narrowed. The spread between AAAsf - rated securities and the benchmark interest rate averaged 17BP, a decrease of 6BP from 2024 [4][17]. 3.4 Secondary Market - In 2025, the secondary - market trading volume of auto loan ABS products was 48.574 billion yuan, a decrease of 22.86% from the previous year. The number of transactions was 132, a decrease of 35.92% from the previous year. The turnover rate was 32.05%, a decrease of 3.48 percentage points from the previous year [20]. 3.5 Asset Pool Characteristics - The asset pool of auto loan ABS products issued in 2025 maintained a high degree of dispersion. The average number of loans in the pool decreased by 2.52% to 60,200, and the average outstanding principal balance per loan decreased by 6.93% to 76,400 yuan [21]. - The weighted average interest rate of the asset pool increased. The average weighted average interest rate of the asset pool of auto loan ABS products was 5.71%, an increase of 1.53 percentage points from the previous year. The average weighted average interest rate of non - green and green auto loan ABS products was 6.02% and 4.60% respectively, showing significant differences among different institutions [24]. - The remaining term of the assets in the pool was further extended. The average weighted average remaining term of the assets in the pool was 2.94 years, an increase from the previous year. The cash flow distribution was relatively smooth, but one issuer introduced an "elastic loan" repayment method, which might bring some pressure on concentrated repayment [25]. - The average weighted average initial LTV of the underlying assets of auto loan ABS products increased to 72.41%, an increase of 5.64 percentage points from the previous year [26]. 3.6 Credit Enhancement and Circulation Mechanisms - In terms of securities stratification, the secondary ratio of auto loan ABS products issued in 2025 averaged 14.00%, an increase of 0.40 percentage points from 2024. In terms of over - collateralization, 19 out of the auto loan ABS products issued in 2025 had over - collateralization, with an average over - collateralization rate of 8.18%. The credit support level of the asset pool for senior asset - backed securities averaged 18.25%, an increase of 1.22 percentage points from 2024 [28][29]. - The number of auto loan ABS products with a revolving purchase mechanism increased. From 2023 to 2025, the number of such products was 13, 15, and 17 respectively, accounting for 34.21%, 46.88%, and 53.13% of the total issuances in each year. The setting of the revolving purchase structure can extend the term of senior securities and improve financing efficiency [32][33]. 3.7 Performance during the Continuation Period - Overdue Rate and Default Rate: In 2025, the overdue rates of auto loan ABS products increased to varying degrees. The 1 - 30 - day overdue rate was between 1.032% - 2.453%, the 31 - 60 - day overdue rate was between 0.177% - 0.252%, and the 61 - 90 - day overdue rate was between 0.104% - 0.177%. The cumulative default rate of auto loan ABS products was below 1%, with wholly foreign - owned auto finance companies having a relatively low cumulative default rate, generally below 0.30%, but with an accelerating growth rate [35][39][41]. - Prepayment Rate: In 2025, the prepayment rate center of auto loan ABS products rose above 8%. The prepayment rate of Chinese - funded auto finance companies averaged 6.60%, while those of Sino - foreign joint - venture and wholly foreign - owned auto finance companies were 9.11% and 10.14% respectively, showing differences due to different customer groups [45][46].