Group 1 - The core point of the article is that in September 2025, the China Securities Investment Fund Association reported that 108 new asset-backed special plans (ABS) were registered, with a total registration scale of 96.455 billion yuan [1] - Among the newly registered ABS, two were related to public REITs invested in infrastructure, amounting to 5.767 billion yuan [1] - The top three ABS underlying assets by registration scale were accounts receivable (27.495 billion yuan), micro-loan debts (23.714 billion yuan), and financing lease debts (18.462 billion yuan) [1]

Core Insights - In August 2025, the China Securities Investment Fund Industry Association reported the registration of 99 new Asset-Backed Securities (ABS) plans, with a total registration scale of 875.92 billion yuan [1] - The newly registered ABS primarily consisted of accounts receivable, small loan claims, and financing lease claims, with registration scales of 250.89 billion yuan, 213.01 billion yuan, and 189.73 billion yuan respectively [1] - As of the end of August 2025, there were 2,573 ABS in existence, totaling 21,891.65 billion yuan, with 80 of these being infrastructure public REITs, amounting to 1,968.53 billion yuan [1] Registration Overview - In August 2025, one ABS related to infrastructure public REITs was registered, with a scale of 17.23 billion yuan [1] - The top three ABS asset types by registration scale were accounts receivable, small loan claims, and financing lease claims, contributing significantly to the overall ABS market [1] Market Composition - The existing ABS with accounts receivable, real estate holding ABS, CMBS, financing lease claims, and small loan claims accounted for a total scale of 17,299.04 billion yuan, representing 79.02% of the total existing ABS scale [1] - The remaining ABS, consisting of other asset types, had a total scale of 2,624.07 billion yuan, which accounted for 11.99% of the total existing ABS scale [1]