Group 1 - The current structured financing market for urban investment ABS is primarily dominated by enterprise ABS, with a small scale of ABN, reflecting significant structural differentiation and regional concentration [1][2] - As of April 2025, the outstanding balance of enterprise ABS is 30.744 billion yuan, accounting for 91%, while ABN accounts for only 9% [1][2] - The weighted average interest rate of urban investment ABS is 3.25%, which is 42 basis points lower than urban investment bonds, indicating a "low coupon rate dominates scale, high coupon rate dominates quantity" characteristic [1][3] Group 2 - The distribution of remaining maturities shows a significant long-term characteristic, with 37.79% of ABS having a remaining maturity of over 10 years, aligning with the long return cycle of underlying assets [1][3] - The rating structure is highly concentrated in AAA (77.87%) and AA+ (17.73%) ratings, with low-rated products accounting for less than 2%, indicating high credit quality of issuers [1][3][33] Group 3 - The main types of underlying assets are fee income rights (56%) and debt rights (40%), with real estate accounting for only 4% [2][3] - The eastern coastal regions dominate the market, with Jiangsu, Zhejiang, and Shandong provinces accounting for over 60% of the outstanding balance, reflecting strong economic strength and low debt ratios [2][3] Group 4 - In 2024, the total issuance of ABS reached 2.04 trillion yuan, a year-on-year increase of 8.87%, with urban investment issuance only 13.082 billion yuan, accounting for less than 1% [3][4] - The market activity is recovering in 2025, with transaction volume exceeding that of the same period in 2024, and turnover rate rebounding to 16.91% [3][4]

证券研究报告·固定收益·固收深度报告 固收深度报告 20250604 结构化融资再观察：城投 ABS 市场回顾与前 瞻（市场篇） [Table_Tag] [Table_Summary] 观点 2025 年 06 月 04 日 证券分析师 李勇 执业证书：S0600519040001 010-66573671 liyong@dwzq.com.cn 证券分析师 徐津晶 执业证书：S0600523110001 xujj@dwzq.com.cn 相关研究 《结构化融资再观察：城投 ABS 市场 回顾与前瞻（政策篇）》 2025-06-03 《周观：交易主线缺位，债市难逃脱 震荡行情（2025 年第 21 期）》 ◼ 存量城投 ABS 券种结构及票面利率分布：1）从债券种类来看，当前城 投 ABS 市场呈现以企业 ABS 产品为主导，少量 ABN 产品补充的格局， 表明证监会主管的 ABS 因其备案制的高效性、基础资产类型的灵活性， 成为城投平台资产证券化融资的主流方式，而交易商协会主管的 ABN 因依托银行间市场发行并采用注册制管理，且其流动性受限于银行间市 场投资者结构，非标属性较强，因此在当下城投平台融资端严监管 ...