Group 1 - The core point of the article is that in September 2025, the China Securities Investment Fund Association reported that 108 new asset-backed special plans (ABS) were registered, with a total registration scale of 96.455 billion yuan [1] - Among the newly registered ABS, two were related to public REITs invested in infrastructure, amounting to 5.767 billion yuan [1] - The top three ABS underlying assets by registration scale were accounts receivable (27.495 billion yuan), micro-loan debts (23.714 billion yuan), and financing lease debts (18.462 billion yuan) [1]

Core Insights - The China Securities Investment Fund Association (CSRC) reported that in September 2025, 108 new asset-backed securities (ABS) were registered, with a total registration scale of 96.455 billion yuan [1] - The top three ABS underlying assets for new registrations were accounts receivable, micro-loan debts, and financing lease debts, with registration scales of 27.495 billion yuan, 23.714 billion yuan, and 18.462 billion yuan respectively [1] Registration Situation - As of the end of September 2025, there were 2,560 ABS in existence, totaling 218.2504 billion yuan [2] - Among these, 82 ABS related to infrastructure public REITs had a total scale of 20.2514 billion yuan [2] - The combined scale of ABS with underlying assets such as accounts receivable, real estate holding ABS, CMBS, financing lease debts, and micro-loan debts was 172.4202 billion yuan, accounting for 79.00% of the total existing scale [2] Additional Information - The total existing scale of ABS with other underlying assets was 25.5788 billion yuan, representing 11.72% 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 - The core viewpoint of the article highlights that in August 2025, the China Fund Industry Association reported the registration of 99 new Asset-Backed Securities (ABS) plans, with a total registration scale of 87.592 billion yuan [1] - Among the newly registered ABS, one was related to public REITs for infrastructure, with a scale of 1.723 billion yuan [1] Group 2 - The top three ABS underlying assets by registration scale were accounts receivable, micro-loan debts, and financing lease debts, with registration scales of 25.089 billion yuan, 21.301 billion yuan, and 18.973 billion yuan respectively [4]

Core Insights - In August 2025, the China Securities Investment Fund Industry Association reported the registration of 99 new Asset-Backed Securities (ABS) plans, with a total registration scale of 875.92 billion yuan [1] - The newly registered ABS primarily consisted of accounts receivable, small loan claims, and financing lease claims, with registration scales of 250.89 billion yuan, 213.01 billion yuan, and 189.73 billion yuan respectively [1] - As of the end of August 2025, there were 2,573 ABS in existence, totaling 21,891.65 billion yuan, with 80 of these being infrastructure public REITs, amounting to 1,968.53 billion yuan [1] Registration Overview - In August 2025, one ABS related to infrastructure public REITs was registered, with a scale of 17.23 billion yuan [1] - The top three ABS asset types by registration scale were accounts receivable, small loan claims, and financing lease claims, contributing significantly to the overall ABS market [1] Market Composition - The existing ABS with accounts receivable, real estate holding ABS, CMBS, financing lease claims, and small loan claims accounted for a total scale of 17,299.04 billion yuan, representing 79.02% of the total existing ABS scale [1] - The remaining ABS, consisting of other asset types, had a total scale of 2,624.07 billion yuan, which accounted for 11.99% of the total existing ABS 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]

Policy and Regulatory Framework - The revised "Regulations on the Payment of Funds to Small and Medium-sized Enterprises" aims to address issues such as "difficulties in receivables recovery and prolonged cycles" for SMEs, enhancing legal protections for their rights[1] - The "Self-regulatory Rules on Due Diligence for Debt Asset Securitization" provide clear guidelines for due diligence, improving efficiency and protecting investors' rights[2] - The "Notice on Regulating Supply Chain Financial Services" focuses on standardizing supply chain financial services to better support SME financing[3] Market Performance and Trends - From January to July 2025, the accounts receivable ABS market saw 158 issuances, a 37.39% increase year-on-year, with a total issuance scale of CNY 1410.60 billion, up 25.71%[5] - The issuance scale of accounts receivable ABS accounted for 11.98% of the total asset securitization market, indicating a slight increase in market capacity[5] - The main issuance venue was the exchange market, which accounted for 80.53% of the total issuance scale[6] Asset Quality and Characteristics - Construction-related receivables dominate the underlying assets, making up 80.16% of the total[8] - The actual cash flow recovery for construction receivables may be affected by project progress and payment cycles, leading to potential delays[37] - Trade receivables show varied recovery characteristics, with stable cash flows from large state-owned enterprises, while consumer-related receivables may have higher risks due to weaker debtor profiles[38] Issuance Structure and Credit Enhancement - 39.11% of the accounts receivable ABS involved a revolving purchase structure, helping to address maturity mismatches[18] - 84.07% of the issuances included credit enhancement, primarily from high-rated entities, maintaining a low overall credit risk level[24] - The proportion of non-enhanced accounts receivable ABS increased to 15.93%, indicating a shift towards more self-reliant structures[27] Secondary Market Activity - The secondary market for accounts receivable ABS saw a transaction volume of CNY 2700.50 billion, a significant increase of 118.57% year-on-year, making it the largest trading category in the asset-backed securities market[32] - The turnover rate in the interbank market was 35.62%, reflecting higher trading activity compared to the exchange market's 17.96%[33]

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]

Group 1 - The municipal private economy bureau plans to collaborate with the Qingdao Securities Regulatory Bureau to identify private enterprises that can utilize relevant tools to broaden financing channels [1] - The financing tools include corporate bonds, public REITs, and asset-backed securities (ABS) [2][3] - Companies eligible for corporate bonds must meet issuance conditions and focus on areas like technological upgrades and capacity expansion that align with national industrial policies [1] Group 2 - Public REITs serve as equity financing tools that allow early recovery of funds from infrastructure assets, reducing corporate leverage and facilitating investment in new projects [2] - Enterprises with infrastructure projects in warehousing, logistics, industrial parks, tourism, and consumption can proceed with the issuance process if they meet the conditions [2] - ABS can be issued by companies that do not meet public REITs conditions, including real estate ABS, CMBS, and future income ABS for various asset types [3] Group 3 - Interested private enterprises must complete a financing demand intention form and submit it by July 22 at 16:00 to the district industry and commerce federation [4]