Group 1 - The core viewpoint of the article highlights the growth in the Asset-Backed Securities (ABS) market in China, with a total of 130 new registrations and a combined scale of 133.86 billion yuan as of October 2025 [1] - The top three ABS underlying assets by registration scale are micro-loan receivables at 32.92 billion yuan, financing lease receivables at 25.82 billion yuan, and accounts receivable at 22.97 billion yuan [1] - As of the end of October 2025, there are 2,596 ABS in existence with a total scale of 2,237.38 billion yuan, indicating a robust market presence [1] Group 2 - The infrastructure public REITs have registered 2 ABS with a scale of 2.68 billion yuan, reflecting their involvement in the ABS market [1] - The existing ABS with underlying assets such as accounts receivable, real estate holding ABS, commercial mortgage-backed securities (CMBS), financing lease receivables, and micro-loan receivables account for a total scale of 17,621.94 billion yuan, which is 78.76% of the total existing scale [1] - The total scale of existing ABS related to infrastructure public REITs is 205.20 billion yuan, indicating a significant contribution to the overall ABS market [1]

Core Insights - The China Securities Investment Fund Industry Association (CSRC) reported that as of October 2025, there were 130 new asset-backed securities (ABS) registered, with a total registration scale of 133.86 billion yuan [1] - The top three ABS underlying assets in terms of registration scale were micro-loan receivables (32.92 billion yuan), financing lease receivables (25.82 billion yuan), and accounts receivable (22.97 billion yuan) [1] - As of the end of October 2025, there were 2,596 ABS in existence, totaling 2,237.377 billion yuan, with infrastructure public REITs accounting for 84 of these, amounting to 205.195 billion yuan [1] Summary by Category New Registrations - In October 2025, 130 new ABS were registered, with a total scale of 133.86 billion yuan [1] - Infrastructure public REITs contributed 2 new ABS registrations, totaling 2.682 billion yuan [1] Existing ABS - As of October 2025, there were 2,596 ABS in existence, with a total scale of 2,237.377 billion yuan [1] - Infrastructure public REITs accounted for 84 existing ABS, with a total scale of 205.195 billion yuan [1] - The combined scale of ABS with underlying assets such as accounts receivable, real estate holding ABS, CMBS, financing lease receivables, and micro-loan receivables was 17,621.94 billion yuan, representing 78.76% of the total existing scale [1]

Group 1 - In October 2025, the China Securities Investment Fund Industry Association reported the registration of 130 new Asset-Backed Securities (ABS) with a total scale of 133.86 billion yuan [1] - The top three ABS underlying assets by registration scale were micro-loan debt rights (32.92 billion yuan), financing lease debt rights (25.82 billion yuan), and accounts receivable (22.97 billion yuan) [1] - The total number of existing ABS reached 2,596 with a cumulative scale of 2,237.38 billion yuan by the end of October 2025 [4] Group 2 - Among the existing ABS, 84 were related to infrastructure public REITs, with a total scale of 205.20 billion yuan [4] - ABS with underlying assets of accounts receivable, real estate holding, CMBS, financing lease debt rights, and micro-loan debt rights accounted for 78.76% of the total existing scale [4] - The remaining ABS with other underlying assets had a total scale of 269.99 billion yuan, representing 12.07% of the total existing scale [4]

Core Insights - The China Fund Industry Association reported that as of August 2025, there are 2,573 active Asset-Backed Securities (ABS) plans with a total outstanding scale of 21,891.65 billion yuan [1] - Among these, public REITs invested in infrastructure have 80 active ABS plans, amounting to 1,968.53 billion yuan [1] - The outstanding scale of ABS backed by accounts receivable, real estate holding, commercial mortgage-backed securities (CMBS), financing lease rights, and micro-loan rights totals 17,299.04 billion yuan, accounting for 79.02% of the total outstanding scale [1]

Group 1 - In August 2025, a total of 99 new asset-backed special plans (ABS) were registered, with a combined scale of 875.92 billion yuan [1] - The top three ABS underlying assets by registration scale were accounts receivable (250.89 billion yuan), micro-loan receivables (213.01 billion yuan), and financing lease receivables (189.73 billion yuan) [1] Group 2 - As of the end of August 2025, there were 2,573 active ABS with a total scale of 21,891.65 billion yuan [2] - Among these, 80 ABS related to infrastructure public REITs had a total scale of 1,968.53 billion yuan [2] - The total scale of ABS with underlying assets such as accounts receivable, real estate holding ABS, CMBS, financing lease receivables, and micro-loan receivables accounted for 79.02% of the total active scale, amounting to 17,299.04 billion yuan [4]

Group 1 - As of June 2025, the Asset-Backed Securities (ABS) market in China saw the registration of 100 new plans with a total scale of 92.341 billion yuan [1] - The top three ABS underlying assets by registration scale are financing lease receivables, accounts receivable, and micro-loan receivables, with scales of 29.401 billion yuan, 21.291 billion yuan, and 14.360 billion yuan respectively [1] - The total number of existing ABS reached 2,513 with a total scale of 2,133.882 billion yuan by the end of June 2025 [4] Group 2 - The existing ABS related to infrastructure public REITs includes 73 plans with a scale of 180.396 billion yuan [4] - The combined scale of ABS related to accounts receivable, real estate holding ABS, commercial mortgage-backed securities (CMBS), financing lease receivables, and micro-loan receivables is 1,691.377 billion yuan, accounting for 79.26% of the total existing scale [4]