智通财经记者 | 邹文榕 年内企业ABS发行规模已破万亿元。 来自企业预警通的数据显示，截至今年9月底，企业ABS发行（含计划在9月发行）数量已达到1142只，发行规模达到10321亿元，发行规模同比增幅超 20%。 智通财经记者关注到，这一水平不仅即将追平2024年全年发行规模数据（12483亿元），也是2022年以来，企业ABS产品首次在9月便实现了发行数量破千 只，发行规模破万亿元。 制图： 智通财经记者依据企业预警通数据整理 作为一种金融工具，ABS（Asset-BackedSecurity）又称为资产支持证券，其核心逻辑是"以资产换资金"：发行方会先将手中一批能产生稳定现金流的资产 打包形成"资产池"，再通过特殊目的载体（SPV）将资产池的未来收益权分割成若干份证券，卖给投资者。 发行方则通过出售ABS快速回笼资金，用于新的业务扩张；投资者通过认购ABS还能定期获得资产池产生的现金流作为投资收益。 按照发行方以及底层基础资产的不同，ABS产品可分为企业ABS、信贷ABS、ABN等。 其中，企业ABS主要由非金融企业作为发行主体，主要受证监会监管，并在交易所市场发行上市；信贷ABS则由银行、消费金融公 ...

Core Insights - The article discusses the evolution and current state of intellectual property asset-backed securities (ABS) in China, highlighting its significance in financing for small and medium-sized technology enterprises [1][2][10] - It emphasizes the growth of the market, with a cumulative issuance scale exceeding 200 billion yuan by June 2025, and the increasing recognition of intellectual property as a valuable asset [1][10] Market Development - The first intellectual property ABS in China was approved in December 2018, and as of June 5, 2023, at least 12 intellectual property ABS have been issued this year, totaling 1.356 billion yuan [1] - In 2024, the issuance of intellectual property ABS products reached 57, with a total scale of 9.806 billion yuan, marking a year-on-year increase of 25.97% [2] Institutional Concentration - The majority of intellectual property ABS issuers are small loan companies, commercial factoring companies, and financing leasing companies, with a high concentration among the top five issuers, accounting for 74.68% of the total issuance [2][4] - Shenzhen's small loan companies dominate the market, with Shenzhen Zhongxiaodang and Shenzhen Gaoxin Investment holding a combined market share of 58.80% [2][4] Product Characteristics - Intellectual property ABS typically have smaller issuance sizes, around 100 million yuan, and primarily serve smaller enterprises, reflecting a certain degree of inclusive finance [4][8] - The underlying asset types for intellectual property ABS are diversifying, including agricultural IP, new energy vehicle IP, and digital currency IP [5] Financing Channels - The article highlights the exploration of cross-border financing channels for intellectual property ABS, particularly in the Greater Bay Area, allowing companies to leverage their intellectual property for overseas financing [5][6] Operational Standards - The operational model for intellectual property ABS has become more standardized, with established processes for small loan companies to provide funding and guarantee enhancements [7][8] - The Shenzhen model of intellectual property ABS is characterized by state-owned enterprises leading the initiative, government subsidies reducing financing costs, and active market participation [10][12] Market Challenges - Despite the growth, the intellectual property ABS market is still in its early stages, with limited investor recognition and liquidity issues affecting issuance and trading [13][14] - Challenges include the lack of unified standards for intellectual property valuation and the need for improved risk management practices [14][15]