2025年度ABS承销排行榜

Core Insights - The ABS market in 2025 showed a robust issuance trend with a total of 2,435 new projects and an issuance scale of 23,250 billion yuan, representing a 14% increase compared to the previous year [1][3]. Segment Summaries Credit ABS - In 2025, 238 new credit ABS projects were issued, totaling 2,915 billion yuan, an 8% increase year-on-year. The largest issuance was in personal auto loans, with 32 projects totaling 1,185 billion yuan, followed by non-performing loans with 178 projects totaling 821 billion yuan [6][1]. Corporate ABS - The corporate ABS segment saw 1,560 projects issued, amounting to 14,133 billion yuan, a 20% increase from the previous year. The largest issuance was in financing lease receivables, with 295 projects totaling 2,891 billion yuan, followed by corporate receivables with 246 projects totaling 2,308 billion yuan [9][1]. Asset-Backed Notes (ABN) - A total of 612 ABN projects were issued, with an issuance scale of 5,731 billion yuan, reflecting a 9% increase year-on-year. The main types of issuance included bank/internet consumer loans (191 projects, 1,685 billion yuan) and general small loan receivables (141 projects, 1,295 billion yuan) [12][1]. Underwriting Rankings - In the 2025 underwriting rankings, CITIC Securities led with 527 projects and a total underwriting amount of 2,809 billion yuan, followed by Guotai Junan with 464 projects totaling 2,329.1 billion yuan, and Ping An Securities with 287 projects totaling 1,749.6 billion yuan [14][16]. Market Accumulated Scale - By the end of 2025, the total accumulated scale of the ABS market reached approximately 35,832 billion yuan, with credit ABS at 4,339 billion yuan, corporate ABS at 22,808 billion yuan, ABN at 6,535 billion yuan, and public REITs at 2,150 billion yuan [1].