在政策助推下，资产证券化产品创新活跃，绿色ABS、数据资产ABS、新能源ABS等新型产品不断涌 现。 2025年上半年，中国资产证券化市场发行规模约0.96万亿元，同比增长28.74%，市场呈现企稳回升的良 好态势。截至6月末，市场存量规模约3.77万亿元。此前截至2025年5月末，存量规模为3.09万亿元。 政策支持为市场发展提供了明确方向。2025年上半年，多项针对性政策陆续出台，围绕金融"五篇大文 章"建设，支持金融机构开展重点领域信贷资产证券化业务。 2025年8月，七部委联合发布《关于金融支持新型工业化的指导意见》，提出推进制造业融资租赁债权 资产证券化，积极运用REITs、资产证券化等方式拓宽数字基础设施建设资金来源。 资产支持票据（ABN）增长迅猛，发行规模2582.76亿元，同比增幅48.70%，成为市场重要增长极。 资产证券化作为金融创新工具，正成为盘活存量资产、提升资本效率的重要引擎，为各类市场主体提供 了全新的资产管理和融资路径。在此市场回暖、创新频现的背景下，财视中国将于2025年9月25日在上 海隆重举办第十一届结构性融资与资产证券化论坛。本届论坛将围绕当前市场热点，设立多个专题讨论 ...

www.ccxi.com.cn 编号：2025-AT09 2025 年 9 月 3 日 目录 联络人 要点 1 正文 2 声明 20 作者 结构融资部 田 丰 021-60330988 ftian@ccxi.com.cn 负责人 结构融资部 董事总经理 王 立 010-66428877-523 lwang03@ccxi.com.cn 结构融资部 评级总监 付春香 021-60330927 cxfu@ccxi.com.cn 中诚信国际 定期报告 资产证券化 产品发行回暖，发行主体扩容，发行利率下行， 市场活跃度提升 ——供应链类资产支持证券产品报告（2025 年半年度） 要点 从发行场所来看，2025年上半年，上交所发行的供应链类资产证券化产品共计104单，发行规模合计 575.80亿元，占比82.49%；深交所发行的供应链类资产证券化产品共计33单，发行规模合计122.21亿元，占 比17.51%。 从管理人分布来看，2025年上半年发行的供应链类资产证券化产品对应管理人合计36家，前五大管理 人分别为华泰证券（上海）资产管理有限公司、中信证券股份有限公司、首创证券股份有限公司、兴证证券 资产管理有限公司和平 ...

Group 1 - The listing of the CMBS product marks its official entry into the public market, providing innovative financing paths for enterprises and optimizing their capital structure [1] - The CMBS issued by the municipal real estate group is the first of its kind from a state-owned enterprise in Chongqing, with a total scale of 2.06 billion and a term of 24 years at a coupon rate of 2.08%, the lowest in the central and western regions [1] - The project utilizes commercial properties as underlying assets, transforming the operation of existing commercial properties from "holding operation" to "capital operation," thereby enhancing asset allocation and efficiency [1] Group 2 - A special exchange meeting was held to discuss asset revitalization and securitization, with officials from the municipal state-owned assets supervision and administration commission and the housing and urban-rural development committee sharing policies and strategies [2] - There was a consensus among participants to maintain close communication and deepen cooperation in asset securitization, aiming to optimize capital structure and accelerate asset value release [2]

www.ccxi.com.cn 编号：2025-AT07 2025 年 8 月 29 日 目录 要点 1 正文 2 声明 22 联络人 作者 结构融资部 董事总经理 结构融资部 徐 捷 021-60330988 jxu@ccxi.com.cn 负责人 王 立 010-66428877-523 lwang03@ccxi.com.cn 结构融资部 评级总监 付春香 021-60330927 cxfu@ccxi.com.cn 中诚信国际 定期报告 资产证券化 个人消费金融发行规模同比大幅上升；发行主体头 部集中效应明显，融资成本持续下行，二级市场交易 活跃度显著提升 ——个人消费金融及小微贷款类资产支持证券产品报告（2025年半年度） 要点 ◼ 发行情况：2025 上半年，交易所市场共发行个人消费金融及小微贷款类资产证券化 产品 212 单，合计发行规模 1,597.91 亿元；与上年同期相比，发行数量增加 40 单， 发行规模上升32.99%。其中，个人消费金融类产品发行170单，合计发行规模1,290.59 亿元，与上年同期相比，发行数量增加 48 单，发行规模上升 45.51%；小微贷款类产 品发行 42 单 ...

Policy Initiatives - The central government has issued guidelines to enhance financial support for new industrialization, focusing on manufacturing and digital infrastructure[2] - The guidelines propose 18 measures across various financial tools, including loans, bonds, and asset securitization, to improve financial service adaptability[2] Asset Securitization Insights - The current stock of financing lease ABS products is approximately 440 billion yuan, with potential expansion under policy support[3] - The first batch of data center REITs launched in August, with issuance sizes of 2.4 billion yuan and 4.5 billion yuan, achieving a market participation increase of 30% on the first trading day[3] Market Trends - In July 2025, the total issuance of asset securitization products was 200.48 billion yuan, a decrease of 5% from the previous period[6] - The average issuance cost for policy pledge loan products remains the highest among various categories, indicating ongoing high financing costs[6] Performance Metrics - The interbank ABS market saw a significant growth of 33%, with 32.93 billion yuan issued in July 2025[17] - The exchange ABS market remained stable, with 128.5 billion yuan issued, showing little change from the previous month[20] Risk Considerations - Future cash flow will be critical for the success of asset securitization, necessitating ongoing monitoring of cash flow recovery from underlying assets[3] - The secondary market for ABS products has seen a decline in trading activity, with total transactions in the interbank market dropping significantly[27]

Policy and Regulatory Framework - The revised "Regulations on the Payment of Funds to Small and Medium-sized Enterprises" aims to address issues such as "difficulties in receivables recovery and prolonged cycles" for SMEs, enhancing legal protections for their rights[1] - The "Self-regulatory Rules on Due Diligence for Debt Asset Securitization" provide clear guidelines for due diligence, improving efficiency and protecting investors' rights[2] - The "Notice on Regulating Supply Chain Financial Services" focuses on standardizing supply chain financial services to better support SME financing[3] Market Performance and Trends - From January to July 2025, the accounts receivable ABS market saw 158 issuances, a 37.39% increase year-on-year, with a total issuance scale of CNY 1410.60 billion, up 25.71%[5] - The issuance scale of accounts receivable ABS accounted for 11.98% of the total asset securitization market, indicating a slight increase in market capacity[5] - The main issuance venue was the exchange market, which accounted for 80.53% of the total issuance scale[6] Asset Quality and Characteristics - Construction-related receivables dominate the underlying assets, making up 80.16% of the total[8] - The actual cash flow recovery for construction receivables may be affected by project progress and payment cycles, leading to potential delays[37] - Trade receivables show varied recovery characteristics, with stable cash flows from large state-owned enterprises, while consumer-related receivables may have higher risks due to weaker debtor profiles[38] Issuance Structure and Credit Enhancement - 39.11% of the accounts receivable ABS involved a revolving purchase structure, helping to address maturity mismatches[18] - 84.07% of the issuances included credit enhancement, primarily from high-rated entities, maintaining a low overall credit risk level[24] - The proportion of non-enhanced accounts receivable ABS increased to 15.93%, indicating a shift towards more self-reliant structures[27] Secondary Market Activity - The secondary market for accounts receivable ABS saw a transaction volume of CNY 2700.50 billion, a significant increase of 118.57% year-on-year, making it the largest trading category in the asset-backed securities market[32] - The turnover rate in the interbank market was 35.62%, reflecting higher trading activity compared to the exchange market's 17.96%[33]

Core Insights - In April 2021, the China Securities Investment Fund Association reported that a total of 101 enterprise asset securitization products were registered, with a new registration scale of 119.592 billion yuan [1] Summary by Categories Registration Situation - In April, the newly registered scale of debt-based products was 113.947 billion yuan, while the scale for operational income products was 5.645 billion yuan, with no new registrations for REITs or other categories [1] - Among the newly registered products, accounts receivable, commercial mortgage-backed securities (CMBS), financing lease receivables, and small loan receivables accounted for 87.59% of the total new registration scale [1] Existing Products - As of the end of April 2021, there were 2,180 existing enterprise asset securitization products with a total scale of 2.12 trillion yuan [1] - The existing scale of accounts receivable, small loan receivables, commercial mortgage-backed securities (CMBS), financing lease receivables, REITs, and infrastructure-related fees accounted for 86.25% of the total existing scale, totaling 1.83 trillion yuan [1] - Other categories, including housing purchase tail payments, affordable housing, and trust beneficiary rights, had an existing scale of 291.285 billion yuan, representing 13.75% of the total existing scale [1] - The distribution and proportion of existing asset types did not show significant changes compared to the previous month [1]

Core Viewpoint - The core feature of auto loan ABS is the presence of collateral, with underlying assets characterized by high homogeneity, a large number of transactions, and short durations, resulting in very low credit risk. However, current investor concerns about asset quality have significantly impacted the issuance scale of auto loan ABS. Despite this, the default risk remains low, and the existing tiered structure provides strong support for priority levels. In the medium to long term, the automotive industry, including humanoid robots, has a promising outlook and could potentially replace real estate in the economy, making auto loan ABS a leading securitization product [2]. Group 1 - The issuance scale of auto loan ABS has been significantly affected by investor concerns regarding asset quality [2] - The default risk of auto loan ABS remains low, supported by a robust tiered structure [2] - The automotive industry, including humanoid robots, has a broad outlook and may replace real estate's position in the economy [2] Group 2 - An online seminar titled "Deconstructing Asset Securitization Series: Standing Tall Against the Wind - Credit Risk Outlook for Auto Loan ABS in the Second Half of 2025" is scheduled for August 12, 2025 [2] - The seminar will cover forecasts for the second half of the year, analysis of the automotive industry, the status of auto loans, and key points for credit analysis of auto loan ABS [2] - The event will be broadcasted live on multiple platforms, welcoming participation from issuers, investors, intermediaries, and media [2]

Core Viewpoint - The successful issuance of the Wuxi Economic Development Zone National Sensor Information Industry Park asset-backed securities (ABS) project marks a significant milestone as the first successful establishment of a holding-type real estate ABS project in an industrial park in China, providing a new pathway for the securitization of high-quality industrial park projects nationwide [1][2]. Group 1: Project Overview - The Wuxi Economic Development Zone project has a scale of 660 million yuan and is focused on the Internet of Things, intelligent transportation, and related industries, with a good overall occupancy rate [1][2]. - The project includes a diverse range of tenants, primarily in scientific research and technology sectors, including one listed company and over 60 large-scale enterprises, demonstrating significant industrial clustering effects [2]. Group 2: Financial and Strategic Value - The project allows the enterprise to effectively reduce its asset-liability ratio by achieving off-balance-sheet treatment of existing assets through real estate securitization [3][4]. - It injects new momentum into the enterprise's asset operation platform, facilitating a virtuous cycle of investment, financing, construction, and management, thereby better serving the industrial layout of the Wuxi Economic Development Zone [4]. Group 3: Market Impact and Participation - The project attracted significant interest from various long-term capital sources, with total subscriptions exceeding five times the issuance amount, laying a solid foundation for future liquidity in the secondary market [4]. - The Shanghai Stock Exchange has seen a total of 24 applications for holding-type real estate ABS, with 9 successfully issued, totaling 15.6 billion yuan, indicating early success in the construction of a multi-level real estate securitization market [6]. Group 4: Regulatory and Institutional Support - The Shanghai Stock Exchange efficiently completed the review process for the project in just over a month, showcasing its commitment to promoting the establishment of industrial park projects [5]. - The exchange plans to continue supporting the development of the holding-type real estate ABS market, focusing on high-quality development of central enterprises and asset revitalization of local state-owned enterprises [6].

Core Viewpoint - The successful issuance of the Wuxi Economic Development Zone National Sensor Information Industry Park asset-backed securities (ABS) project marks a significant milestone as the first industrial park holding-type ABS in China, with a scale of 660 million yuan [1][2]. Group 1: Project Overview - The underlying asset of the project is located in the Wuxi Economic Development Zone, focusing on industries such as intelligent connected vehicles, sensors, and the Internet of Things, with a good overall occupancy rate [2][3]. - The project includes a diverse tenant base, comprising one listed company and over 60 large-scale enterprises, demonstrating significant industrial clustering effects [2]. Group 2: Market Impact - The successful launch of the Wuxi project expands the asset categories within the holding-type real estate ABS market, providing diverse and high-quality investment targets for the capital market [2][3]. - The project serves as a new benchmark for revitalizing existing assets in quality industrial parks and establishes a new path for the securitization of similar projects nationwide [2][3]. Group 3: Financial and Strategic Value - The project enhances the asset structure of the issuing entity, improves funding operation capabilities, and provides new equity financing options for local state-owned enterprises [3]. - Financially, the securitization allows for the off-balance-sheet treatment of existing assets, effectively reducing the asset-liability ratio [3]. - Strategically, the issuance injects new momentum into the creation of a professional asset operation platform, facilitating a virtuous cycle of investment, financing, construction, and management [3]. Group 4: Investor Participation - The issuance attracted a wide range of medium- to long-term capital from various market participants, with total subscriptions exceeding five times the offering, laying a solid foundation for future liquidity in the secondary market [4]. - The project enriches the investment choices within the holding-type real estate ABS market and promotes the diversification of market participants [4]. Group 5: Future Developments - The Shanghai Stock Exchange plans to continue supporting the development of the holding-type real estate ABS market, focusing on high-quality development of central enterprises and revitalization of local state-owned assets [4][5]. - There will be an emphasis on enhancing asset quality and innovating operational models, aiming to create benchmark holding-type real estate ABS projects that effectively revitalize existing assets and expand effective investments [5].