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 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 - 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]