2025 年全年， ABS 市场发行态势稳健，累计新增发行项目 2,435 只，发行总规模达 23,250 亿元，较上年（ 20,417 亿元）同比增长 14% 。 分板块来看： 信贷 ABS ： 新增项目 238 只，发行总额 2,915 亿元，同比增长 8% 。就基础资产而言，个人汽车贷款规模居首，全年发行 32 单、共计 1,185 亿元；不良 贷款位列其后，共发行 178 单、合计 821 亿元。 企业 ABS ： 共发行 1,560 只，发行总额 14,133 亿元，同比增长 20% 。其中，融资租赁债权发行规模最大（ 295 单， 2,891 亿元），企业应收账款次之（ 246 单， 2,308 亿元）。 资产支持票据（ ABN ）： 共发行 612 只，发行总额 5,731 亿元，同比增长 9% 。银行 / 互联网消费贷款（ 191 单， 1,685 亿元）与一般小额贷款债权（ 141 单， 1,295 亿元）为主要发行品种。 针对各承销机构的年度表现，万得现正式发布《 2025 年度 ABS 承销排行榜》。 一级市场发行统计 1.1 市场累计存量规模 截止 2025 年，市场累计存量规模约 3 ...

2025年全年，ABS市场发行态势稳健，累计新增发行项目2,435只，发行总规模达23,250亿元，较上年（20,417亿元）同比增长14%。 分板块来看： 一级市场发行统计 1.1 市场累计存量规模 截止2025年，市场累计存量规模约35,832亿元。其中，信贷ABS存量规模4,339亿元，企业ABS存量规模22,808亿元，ABN存量6,535亿元，公募 REITs存量2,150亿元。 信贷ABS： 新增项目238只，发行总额2,915亿元，同比增长8%。就基础资产而言，个人汽车贷款规模居首，全年发行32单、共计1,185亿元；不 良贷款位列其后，共发行178单、合计821亿元。 企业ABS： 共发行1,560只，发行总额14,133亿元，同比增长20%。其中，融资租赁债权发行规模最大（295单，2,891亿元），企业应收账款次之 （246单，2,308亿元）。 资产支持票据（ABN）： 共发行612只，发行总额5,731亿元，同比增长9%。银行/互联网消费贷款（191单，1,685亿元）与一般小额贷款债权 （141单，1,295亿元）为主要发行品种。 针对各承销机构在交易所市场的年度表现，万得现正式发布 ...

2025 年 12 月 24 日 晨会速递 分析师点评 市场数据 总量研究 【债券】识微知著：ABN 产品要点与市场观察——信用债品种研究系列之一 在当前市场环境下， ABN 产品与其他资产证券化产品（企业 ABS 和信贷 ABS）相比， 其品种溢价已不显著。然而，相对部分普通信用债，ABN 产品仍存在一定品种利差 优势。在优质高票息资产稀缺的背景下，ABN 产品可作为增厚收益的投资方向。除 品种利差外，ABN 产品的估值波动一般会低于普通信用债，使其在面对行业整体冲 击时拥有一定抵御能力，有助于优化投资组合的稳定性。 【金工】基本面驱动或为当前主要交易方向——金融工程市场跟踪周报 20251222 上周 A 股整体先抑后扬，主要宽基指数量能指标环比上周有所收缩。资金面方面，股 票型 ETF 资金净流入 553.53 亿元，大盘主题 ETF 为净流入主要方向。从近期市场表 现来看，12 月中央经济工作会议召开之后市场交易情绪有所提振，资金面表现持续 改善，为市场进一步上行奠定基础。 | | A 股市场 | | | --- | --- | --- | | | 收盘 | 涨跌% | | 上证综指 | 3919.9 ...

Core Insights - The issuance of the "CITIC Securities - Hongshan Guotou Affordable Housing Asset-Backed Special Plan" marks a significant milestone in Hubei's asset securitization market, particularly in the affordable housing sector, addressing funding shortages and expanding social capital participation channels [1] Group 1: Market Performance - Hubei's asset securitization market has seen a substantial increase in activity, with 26 asset-backed securities (ABS) projects issued this year, totaling 18.277 billion yuan, representing a year-on-year growth of 116.67% in the number of projects and 190.39% in issuance scale [3][5] - The majority of ABS projects (over 80%) were listed on the Shanghai Stock Exchange, indicating a strong preference for this platform among issuers [1] Group 2: Structural Growth - The market has diversified its asset types, covering nine categories including accounts receivable, infrastructure fees, and green ABS, with accounts receivable projects leading in quantity [3][4] - Local state-owned enterprises dominate the market, participating in over 50% of the ABS projects, which stabilizes the market and supports smaller enterprises through various financing methods [4] Group 3: Policy and Industry Drivers - The growth of Hubei's asset securitization market is driven by a combination of policy support, industry demand, and favorable market conditions, creating a robust foundation for rapid expansion [5][6] - Recent policies have outlined specific paths for different asset types, facilitating the securitization process and removing institutional barriers [5] Group 4: Economic Impact - Asset-backed securities are not merely financing tools but are pivotal in optimizing industrial structures and promoting high-quality regional economic development [7] - ABS provides differentiated support across various industries, aiding traditional sectors like automotive and equipment manufacturing, as well as emerging sectors such as green finance [7][8]

Core Insights - The issuance of asset-backed securities (ABS) by enterprises in Hubei has seen significant growth in both quantity and scale, with a year-on-year increase of 116.67% in the number of issuances and 190.39% in total issuance volume [1][3] - The recent launch of the "CITIC Securities - Hongshan Guotou Affordable Housing Asset-Backed Special Plan" marks a breakthrough in financing models for affordable housing in Hubei, addressing funding shortages in regional housing construction [1][2] Market Performance - Hubei's ABS market has issued a total of 26 enterprise ABS projects this year, amounting to 18.277 billion yuan, with 19 projects listed on the Shanghai Stock Exchange, accounting for over 80% of the market volume [1][3] - The number of large-scale projects (over 500 million yuan) has increased significantly, with 11 such projects this year, representing over 40% of total issuances [3] Structural Growth - The ABS market in Hubei has diversified its asset types, covering nine categories including accounts receivable, infrastructure fees, and green finance, reflecting a deepening market capability in asset exploration [3][4] - Local state-owned enterprises dominate the market, participating in over 50% of the ABS projects, which stabilizes the market and supports financing for small and medium enterprises [4] Policy and Demand Drivers - The growth of Hubei's ABS market is driven by a combination of policy support, industrial demand, and favorable market conditions, creating a robust foundation for rapid expansion [5][6] - Recent policies have outlined specific paths for asset securitization, facilitating the issuance of ABS for various asset types, including real estate and debt [5] Industry Empowerment - ABS is increasingly viewed as a tool for enhancing industrial structure and promoting high-quality regional economic development, providing tailored support for different industries [7] - In traditional industries, ABS helps convert stagnant assets into funds for research and expansion, while in emerging sectors, it addresses long investment cycles and slow cash flow recovery [7] Future Outlook - The asset securitization process is evolving from a mere financing tool to a crucial mechanism for activating dormant assets and optimizing local government balance sheets, with significant potential for the next five years [8]

Core Insights - The issuance scale of corporate Asset-Backed Securities (ABS) has exceeded 1 trillion yuan in 2023, reaching 10,321 billion yuan by the end of September, marking a year-on-year increase of over 20% [1][8] - This level is approaching the total issuance scale for the entire year of 2024, which is projected to be 12,483 billion yuan, and represents the first time since 2022 that the number of corporate ABS issued has surpassed 1,000 in September [1][8] Issuance Trends - A total of 1,142 corporate ABS have been issued as of September 2023, with significant growth in large-scale issuances, particularly those exceeding 2 billion yuan, which have seen a year-on-year increase of 17.65% [1][5] - The largest single issuance this year is the "CITIC Financial Asset Yunfan Phase 1" plan, with a scale of 10.01 billion yuan, achieving the lowest cost and narrowest spread among similar products [6][8] Types of ABS - Corporate ABS is primarily issued by non-financial enterprises and is regulated by the China Securities Regulatory Commission, while credit ABS is issued by financial institutions and circulates mainly in the interbank market [5][8] - Traditional underlying assets for ABS include accounts receivable, lease rentals, trust loan rights, small loans, and consumer loans, with over 800 products issued in these categories, accounting for more than 70% of total corporate ABS issuance [6][8] Innovation in ABS - New types of ABS based on data assets, intellectual property, and low-altitude economy have emerged, with the recent issuance of the "Huaxin-Xinxin Data Asset Phase 1" plan marking a significant development in data asset securitization [7][8] - Data asset ABS allows companies to convert dormant data resources into financing, particularly benefiting technology firms with insufficient collateral [7][8] Market Dynamics - The ABS market is experiencing a surge in both issuance and secondary market activity, driven by strong demand from small and medium-sized enterprises seeking to optimize their financing structures [8][9] - Regulatory support and the introduction of new fundraising mechanisms are expected to further expand the ABS market [8][10] Investor Participation - Institutional investors, including trust institutions and banks, are the primary participants in the ABS market, with trust institutions increasing their holdings significantly [10][11] - Public funds have also begun to increase their ABS holdings, with a notable rise in the number of funds participating [11][12] Yield and Risk - ABS products typically offer higher yields compared to standard bonds, with the average coupon rates for different tiers of ABS varying significantly, reflecting the risk-return profile of the underlying assets [14][16] - The current low-interest-rate environment has made ABS an attractive investment option for institutional investors, providing a unique opportunity for yield enhancement [14][16]

Core Viewpoint - The issuance scale of asset-backed securities (ABS) in China has significantly decreased in 2023 compared to the previous year, primarily due to regulatory tightening, economic uncertainties, and reduced demand from financial institutions [1][2]. Group 1: Market Overview - As of May 30, 2023, the total number of newly issued ABS in China reached 546, with a cumulative issuance scale of 676.74 billion yuan, representing a decrease of approximately 63% compared to the same period last year [1]. - The credit ABS market saw 42 issuances totaling 135.40 billion yuan, down by 260.34 billion yuan year-on-year [1]. - The corporate ABS market had 341 issuances amounting to 323.58 billion yuan, a decline of 202.56 billion yuan from the previous year [1]. - The asset-backed notes (ABN) market recorded 163 issuances totaling 217.76 billion yuan, an increase of 32.48 billion yuan year-on-year [1]. Group 2: Reasons for Decline - Regulatory policies regarding ABS have tightened since last year, leading to a noticeable drop in total issuance [2]. - Overall credit levels in China remain uncertain, which does not support high levels of ABS issuance [2]. - Factors such as the pandemic have resulted in insufficient supply of underlying assets for ABS, while demand from the real economy remains weak [2]. - Banks are maintaining a medium to high leverage level, with some city commercial banks and joint-stock banks continuing to deleverage, reducing their enthusiasm for issuing ABS [2]. Group 3: Product Breakdown - Among credit ABS products, personal auto loans accounted for the largest share, with an issuance scale of 94.16 billion yuan, representing approximately 69.53% of the total [3]. - Housing mortgage loans contributed 24.54 billion yuan, making up about 18.12% of the total issuance [3]. - Small and micro enterprise loans totaled 10.78 billion yuan, accounting for 7.95% of the total [3]. - Personal consumption loans reached 3.31 billion yuan, representing 2.44% of the total [3]. - Non-performing asset restructuring ABS amounted to 2.62 billion yuan, constituting 1.93% of the total [3]. Group 4: Future Outlook - The future issuance scale of ABS is expected to maintain a cautiously optimistic outlook, particularly for ABS related to non-performing asset disposal, influenced by real estate and deleveraging processes in financial institutions [3]. - The growth potential for small and micro enterprise loan ABS is uncertain due to insufficient market demand and the need for further regulatory support [3].

Core Insights - The establishment of the CITIC Financial Asset Cloud Sail Phase 1 Asset-Backed Securities (ABS) project marks a significant milestone, with a total issuance scale of 100.10 billion yuan, making it the largest corporate ABS product of the year and setting a record in the trust beneficiary rights ABS sector [2] - The overall corporate ABS market has seen substantial growth in 2023, with 807 corporate ABS products launched, totaling 7140.77 billion yuan, reflecting increases of 22.64% and 26.10% year-on-year, respectively [2][3] - Regulatory support and financial innovation have been key drivers of this growth, with a focus on expanding asset types and optimizing approval processes [2][4] Market Expansion - The asset securitization market in China is experiencing accelerated development, with a notable increase in both issuance scale and market activity [3] - New product categories, such as intellectual property and affordable housing ABS, have seen significant year-on-year growth of 61.45% and 100%, respectively, injecting vitality into the market [3] - The introduction of data asset ABS has further diversified the product matrix, paving the way for future innovations [3] Financing Pathways for Tech Enterprises - The expansion of the product matrix provides new financing avenues for technology-driven enterprises, enabling them to leverage data and intellectual property assets [4] - The number of companies participating in corporate ABS issuance has increased by 26.54% year-on-year, with 329 companies involved in 2023 [4] Secondary Market Activity - The secondary market has seen a significant increase in transaction activity, with a year-on-year growth of 48.85% in transaction amounts, driven by investor interest in ABS products due to their yield advantages in a low-interest-rate environment [5] Support for SMEs - The primary goal of corporate ABS is to address the financing challenges faced by small and medium-sized enterprises (SMEs) by converting illiquid assets into securities, thus optimizing financial structures and providing low-cost financing options [6] - The issuance scale of small loan debt ABS and consumer loan ABS has reached 990 billion yuan and 602 billion yuan, respectively, accounting for over 20% of the corporate ABS market [6] Regulatory Support - Regulatory bodies have expressed strong support for the corporate ABS market, implementing measures such as a "green channel" to simplify the approval process for eligible SME ABS products [7] - These initiatives aim to enhance the market's ability to revitalize assets and serve the real economy, particularly SMEs [7] Future Developments - The future of the corporate ABS market may focus on continuous breakthroughs in issuance mechanisms, particularly in the interplay between public REITs, holding-type real estate ABS, and similar products [8] - Holding-type ABS can serve as a bridge between Pre-REITs and public REITs, enhancing market liquidity and supporting the development of the asset securitization market [8]

Report Title - ABS Supply and Demand are Booming — ABS Monthly Report (June 2025) [1] Core Viewpoint - In June 2025, the ABS market showed a prosperous situation with growth in both supply and demand. The primary issuance scale increased, the secondary trading volume and turnover rate significantly improved, the investor structure had certain changes, and the yields and spreads also presented corresponding trends [2][3][4][5] Specific Summaries by Section Primary Issuance - **Issuance Scale**: In June 2025, the ABS issuance scale increased by 36% month-on-month to 205.546 billion yuan. Among them, the issuance scales of credit ABS, enterprise ABS, and ABN were 24.719 billion yuan, 128.621 billion yuan, and 52.206 billion yuan respectively, with month-on-month growth rates of 3%, 55%, and 18% [2][8] - **Issuance Term and Interest Rate**: Newly issued ABS in June mostly had a term of 1 - 2 years, and the weighted average coupon rate continued to decline. The weighted average coupon rate was 1.93%, a decrease of 7.82bp compared to May. By ABS type, the weighted term of newly issued credit ABS was 2.80 years with a weighted interest rate of 1.63%; for enterprise ABS, the weighted term was 3.38 years and the weighted interest rate was 2.05%; for ABN, the weighted term was 2.56 years and the weighted interest rate was 1.93% [2][10] Secondary Trading - In June 2025, the ABS trading volume and turnover rate significantly increased. The monthly trading volume was 163.716 billion yuan, a 38.01% increase from May. The monthly turnover rate was 5.0%, a 1.3 percentage point increase from May. Among them, ABN was the most actively traded ABS product type, with a monthly turnover rate of 7.0% in June, a 1.1 percentage point increase from the previous month [3][16] Investor Structure - **Credit ABS**: Commercial banks and non - legal person products were the main holders, accounting for 69% and 15% respectively. The holding proportions of commercial banks and non - legal person products decreased by 0.55 and 0.04 percentage points respectively compared to the previous month, while the holding proportion of securities companies increased by 0.37 percentage points [4][19] - **ABN**: Non - legal person products and commercial banks held the most, accounting for 62% and 28% respectively, remaining the same as the previous month [4][19] - **Enterprise ABS**: For Shanghai Stock Exchange enterprise ABS, trust institutions and bank self - operations were the main investors, with holding proportions of 31% and 26% respectively as of June, with the trust institution's proportion decreasing by 0.2 percentage points and the bank self - operation's increasing by 0.1 percentage point compared to the previous month. For Shenzhen Stock Exchange enterprise ABS, trust institutions and general institutions were the main investors, with holding proportions of 32% and 27% respectively as of June, with the trust institution's proportion decreasing by 0.3 percentage points and the general institution's remaining unchanged [4][24] Yields and Spreads - In June, the yields to maturity of ABS at various terms continued to decline. The changes in the yields to maturity of 1 - year, 3 - year, 5 - year, and 10 - year AAA - rated asset - backed securities compared to May 30, 2025, were - 1.6bp, - 3.1bp, - 6.7bp, and - 7.0bp respectively. The spreads between ABS and medium - and short - term notes mostly decreased. The spreads between 1 - year, 3 - year, 5 - year, and 10 - year AAA - rated asset - backed securities and medium - and short - term notes of the same term and rating changed to 5.7bp, - 12.1bp, - 2.5bp, and - 3.5bp respectively, with changes of 0.3bp, - 2.0bp, - 2.5bp, and - 2.1bp respectively [5][26]

Market Overview - In the first half of 2025, the ABS market saw 1,090 new issuance projects with a total issuance scale of 974.9 billion yuan, representing a year-on-year increase of 27% from 766.5 billion yuan [1][8]. - The cumulative market size reached approximately 3,278.3 billion yuan, with credit ABS at 398.9 billion yuan, enterprise ABS at 2,062.7 billion yuan, ABN at 633.6 billion yuan, and public REITs at 183.1 billion yuan [6]. Credit ABS - A total of 102 new credit ABS projects were issued, amounting to 95.9 billion yuan, which is a decrease of 23% year-on-year [2][10]. - The largest issuance came from non-performing loans, with 80 projects totaling 36.2 billion yuan, followed by personal auto loans with 10 projects totaling 34.3 billion yuan [2][10]. Enterprise ABS - The enterprise ABS market saw 696 new issuances with a total amount of 604.4 billion yuan, marking a 36% increase year-on-year [3][11]. - The largest segment was financing lease receivables, with 138 projects totaling 147.8 billion yuan, followed by general small loan receivables with 105 projects totaling 92.8 billion yuan [3][11]. ABN - The ABN market had 281 new issuances, totaling 259.3 billion yuan, which is a 49% increase year-on-year [4][13]. - The largest issuance was in bank/internet consumer loans, with 101 projects totaling 89.9 billion yuan, followed by general small loans with 38 projects totaling 35.4 billion yuan [4][13]. Underwriting Rankings - In the first half of 2025, CITIC Securities led the underwriting rankings with 231 projects and a total underwriting amount of 105.18 billion yuan [17][18]. - Guotai Junan ranked second with 197 projects totaling 96.58 billion yuan, while Ping An Securities ranked third with 127 projects totaling 78.71 billion yuan [17][18]. Detailed Underwriting by Market Segment - In the credit ABS market, CITIC Securities topped the rankings with 48 projects totaling 14.4 billion yuan, followed by China Merchants Securities with the same number of projects but a total of 12.73 billion yuan [24][25]. - For enterprise ABS, Guotai Junan led with 136 projects totaling 79.47 billion yuan, followed by Ping An Securities with 108 projects totaling 74.68 billion yuan [27][28]. - In the ABN market, China Merchants Securities ranked first with 47 projects totaling 24.03 billion yuan, followed closely by Bank of China with 56 projects totaling 23.65 billion yuan [30][31]. Asset Class Rankings - The top three asset classes by issuance scale were financing lease, bank/internet consumer loans, and general small loans [34]. - In the financing lease ABS segment, Ping An Securities led with 30.67 billion yuan, followed by Guotai Junan with 24.04 billion yuan [34][35]. - For bank/internet consumer loans, China Merchants Securities ranked first with 24.96 billion yuan, followed by CICC and Huatai Securities [37][39]. - In the general small loan category, CITIC Securities led with 19.38 billion yuan, followed by Guotai Junan and Guolian Minsheng [40]. Issuer Rankings - In the credit ABS market, Zhejiang Merchants Bank led with 6.7 billion yuan, followed by BinYin Auto Finance and Industrial and Commercial Bank of China [43][44]. - For enterprise ABS, CITIC Trust topped the issuer rankings with 36 billion yuan, followed by Shenghe Factoring and Ping An Leasing [46][50]. - In the ABN market, Guotai Junan Trust led with 31.14 billion yuan, followed by JD Trade and other institutions [54][56]. Public REITs - The public REITs market relies on ABS as a channel, with Shenzhen Jiafeng Industrial Park Management leading the original rights holder rankings with 3.29 billion yuan [59][60]. - The plan management rankings were topped by Southern Capital Management with 3.29 billion yuan, followed by CICC and Huitianfu Capital Management [61][62].