www.ccxi.com.cn 目录 | 要点 | 1 | | --- | --- | | 正文 | 2 | | 声明 | 14 | 联络人 作者 结构融资部 | 阎 玉 | 021-60330988 | | --- | --- | | | yyan01@ccxi.com.cn | | 于桐宇 | 021-60330988 | | | tyyu@ccxi.com.cn | 负责人 | 结构融资部 评级总监 | | --- | | 付春香 021-60330927 | cxfu@ccxi.com.cn 编号：2026-AT05 2026 年 2 月 25 日 中诚信国际 定期报告 资产证券化 类REITs发行节奏有所放缓，CMBS和机构间REITs 项目持续发力；存续期产品底层资产现金流大多不 及预期，并伴随估值下降 ——不动产类资产证券化产品报告（2025 年度） 要点 ◼ 发行情况：2025 年，CMBS 共发行 82 单，发行规模 1,049.74 亿元，分别同比大幅增长 43.86%和 66.11%， 发行主体主要为基础设施投融资公司；类 REITs 共发行 52 单，发行规模 977.35 亿元，分别 ...

Core Insights - The article emphasizes the rapid rise of China's REITs market as a key driver for revitalizing existing assets and enhancing capital allocation efficiency, which is crucial for economic growth [2][25] - It highlights the establishment of a multi-tiered ecosystem in the REITs market, characterized by public REITs setting benchmarks and private REITs nurturing the market [25] Group 1: Institutional REITs - Institutional REITs are described as independent and dynamic "innovation testing grounds," filling the gap in the multi-tiered REITs system and gradually building a unique market ecosystem [4][29] - The governance structure of institutional REITs focuses on asset credit rather than relying solely on the credit of original equity holders, ensuring a more robust framework for asset value [6][30] - Challenges faced by institutional REITs include valuation discrepancies and insufficient secondary market liquidity, which require ongoing ecosystem development [7][30] Group 2: Class REITs - Class REITs are recognized as flexible and adaptable structured tools that have become essential for revitalizing existing assets, with applications expanding across various asset types [8][31] - The legal framework for class REITs emphasizes compliance and verification of asset ownership and operational legality, facilitating the securitization of mature assets and new business models [14][37] - The innovative structure of class REITs aims to deepen the "de-subjectification" practice, connecting assets and capital through legal and financial engineering [15][38] Group 3: Public REITs - Public REITs provide a transparent pricing benchmark through public disclosure and continuous trading, marking significant progress in the financialization of core assets [16][39] - The establishment of a market-based value discovery mechanism through strict compliance checks and governance enhances the overall efficiency of resource allocation in the REITs ecosystem [18][41] - The evolution of public REITs reflects a broader financial revolution in China's REITs market, transitioning from individual ownership to public pricing, thereby unlocking the potential of dormant assets [21][44]

Core Insights - Guangzhou has implemented asset revitalization through various financial instruments such as CMBS, quasi-REITs, and public REITs, covering multiple asset types including office buildings, commercial properties, industrial parks, and highways [2][3] Group 1: Asset Management Development - The real estate investment and financing exchange conference in Guangzhou focused on strategic development for the city's real estate asset management sector, aiming to revitalize existing assets and support new investments [2] - Guangzhou's Vice Mayor, Lai Zhihong, stated that the city has established an ecosystem for real estate asset management supported by policies, asset foundations, and service platforms, enhancing its attractiveness [2] - The Guangzhou Real Estate Asset Management Service Platform was officially launched, symbolizing the commitment of Guangzhou Urban Investment Group to create the nation's first dedicated trading platform for real estate private fund share transfers [2] Group 2: Institutional Support - The Guangdong Fund Industry Association announced the establishment of a special committee for real estate private funds, led by Guangzhou Urban Development Investment Fund Management Co., with representatives from 22 top domestic and international real estate investment institutions [2] - This committee aims to provide robust support for the healthy development of Guangzhou's real estate asset management ecosystem and offer comprehensive professional services for asset revitalization [2] Group 3: Asset Securitization - Guangzhou Urban Investment Group has developed a "multi-tiered, convertible" asset securitization system and plans to issue real estate asset revitalization products on three major exchanges this year [3] - The chairman of the Urban Development Fund, Huang Jiyuan, highlighted that the city has successfully revitalized assets through various financial tools, with the Linghua Exhibition Trade Asset-Backed Special Plan being the largest, longest-term, and lowest-interest CMBS project among Guangdong's local state-owned enterprises [3] Group 4: Future Initiatives - The Guangzhou Urban Development Fund will act as the execution agency for the real estate asset service management platform, continuing to advance the development of the city's real estate asset management sector through innovative financial tools like private funds and S funds [4] - Guangzhou currently has 26 municipal-level state-owned enterprises covering 13 categories of infrastructure assets, with over 40 trillion yuan in existing infrastructure assets and a capital reserve of over 600 billion yuan for securitization [4] - The city has introduced measures to promote the development of real estate asset management, including a work plan to support the establishment of a dedicated trading platform for real estate private fund share transfers and an asset information service platform [4]

Core Viewpoint - Guangzhou has successfully revitalized its real estate assets through various financial instruments such as CMBS, quasi-REITs, and public REITs, covering multiple asset types including office buildings, commercial properties, industrial parks, and highways [1][2]. Group 1: Asset Management Development - The real estate investment and financing exchange conference in Guangzhou focused on strategic development for the city's real estate asset management industry, aiming to revitalize existing assets and support new investments [1]. - Guangzhou has established an ecosystem for real estate asset management supported by policies, asset foundations, and service platforms, enhancing its attractiveness [1][2]. - The Guangzhou Urban Investment Group is committed to creating the country's first "private equity fund share transfer trading platform" for real estate [1]. Group 2: Establishment of Professional Committees - The Guangdong Fund Industry Association announced the establishment of a special committee for private equity real estate funds, led by Guangzhou Urban Development Investment Fund Management Co., with representatives from 22 leading domestic and international real estate investment institutions [2]. - The establishment of this committee is expected to provide robust support for the healthy development of Guangzhou's real estate asset management ecosystem and offer comprehensive professional services for asset revitalization [2]. Group 3: Asset Securities and Financial Tools - Guangzhou Urban Investment Group has developed a "multi-level, convertible" asset securitization system and plans to issue real estate asset revitalization products on three major exchanges this year [2]. - The city has implemented measures to promote the development of real estate asset management, including the establishment of a private equity fund share transfer trading platform and an asset management service platform [3]. - Guangzhou currently has over 26 state-owned enterprises covering 13 types of infrastructure assets, with more than 40 trillion yuan in existing infrastructure assets and over 600 billion yuan in securitized capital reserves [3].

Investment Rating - The report indicates a stable investment rating for the real estate ABS market in 2025, highlighting a growth pattern in equity products and a steady performance in debt products [2]. Core Insights - The 2025 Chinese real estate ABS market is characterized by a stable growth in debt products and explosive growth in equity products, driven by the need to revitalize existing assets and reduce liabilities [2][8]. - The CMBS/CMBN and REITs continue to dominate the market, with a low issuance rate and an expanding asset matrix [2][8]. - The report emphasizes the importance of regulatory policies in constructing a multi-layered REITs market, enhancing due diligence standards, and improving transparency [4][5][6][7]. Market Issuance Situation - In 2025, CMBS/CMBN and REITs accounted for 9.57% of the total ABS issuance, with a total issuance scale of 217.88 billion, reflecting a 9.06% decrease year-on-year [9][12]. - The number of CMBS/CMBN issuances increased by 43.55% to 89 units, while REITs saw a 21.05% decrease to 60 units [12][11]. - The report notes a structural shift where CMBS/CMBN is favored due to its simpler transaction structure and quicker approval process, aligning with the needs of local government financing [13]. Asset Type Breakdown - The primary asset types in 2025 included infrastructure, office properties, mixed assets, and commercial properties, which together accounted for 84.56% of the issuance [21]. - Infrastructure assets, due to their large scale and stable cash flow, continue to be a significant contributor to the issuance volume [21]. Issuance Rates and Spreads - The average issuance rate for CMBS/CMBN was 2.55%, while for REITs it was slightly lower at 2.46% [25]. - The average issuance spread for CMBS/CMBN was 1.10%, and for REITs, it was 1.01%, indicating a stable risk premium for quality real estate ABS [25]. Actual Financing Entities - Local state-owned enterprises were the primary financing entities, accounting for 67% of the issuance, driven by the need to revitalize existing assets [30]. - The report highlights a significant concentration of issuance in major cities like Beijing, Shanghai, and Guangdong, indicating regional disparities in market activity [28]. Credit Performance - The credit ratings of newly issued products remained highly concentrated at AAAsf, with 97% of the new issuances falling into this category [31]. - The report notes a marginal improvement in overall credit risk, with a decrease in default amounts by 18.3% compared to 2024 [34]. Future Outlook - The report anticipates a continued focus on enhancing the multi-layered market system, with policies aimed at expanding asset boundaries and improving regulatory mechanisms [51]. - The growth of holding-type real estate ABS is expected to lead the market, serving as a key growth point and connecting private equity cultivation with public REITs [52]. - A shift from credit reliance to operational capability is expected, with an increasing participation of private enterprises and a more balanced issuer structure [53].

Core Insights - The event "Haiyun Tide Rising · Gathering Strength in Penglai" was held to support the high-quality development of Penglai District through bond market services, with over 100 representatives from 74 key enterprises attending [1] - Experts from the Shanghai Stock Exchange conducted on-site research to understand the operational status, capacity planning, and asset revitalization of local enterprises, addressing their financing needs and development bottlenecks [1][2] - The afternoon session featured a "policy interpretation + case analysis + interactive exchange" format, focusing on various innovative bond types such as Sci-Tech bonds, green bonds, and low-carbon transition bonds, along with asset securitization tools [2] Group 1 - The Shanghai Stock Exchange experts provided tailored financing solutions to help enterprises overcome development bottlenecks and broaden their financing perspectives [1][2] - The event aimed to enhance enterprises' understanding of the latest bond market policies and various financing products, promoting the issuance of innovative bond types [2] - The focus was on transforming Penglai's industrial and asset advantages into developmental and competitive advantages through deep integration of industry and capital [2] Group 2 - Penglai District plans to deepen strategic cooperation with core capital market platforms like the Shanghai Stock Exchange, optimizing financial service supply and delivering policy benefits [3] - The district aims to revitalize existing assets, expand financing channels, optimize financing structures, and innovate financing methods to inject strong financial momentum into its high-quality development [3]

Core Insights - The interbank asset securitization market in China is experiencing robust growth in 2025, significantly contributing to national strategies and optimizing financing structures [1][2] Group 1: Market Growth and Performance - In 2025, the issuance scale of Asset-Backed Notes (ABN) in the interbank market reached 571.825 billion yuan, showing substantial growth compared to the previous year [1] - The market has seen a continuous increase in issuance scale, number of issuances, and the number of enterprises served over the past three years, establishing itself as a vital financial tool for asset optimization and financing [1] Group 2: Targeted Financing and Sector Support - Funds are strategically directed towards key areas of national development, with over 22 billion yuan provided for financing technology enterprises in sectors like new materials and the Internet of Things [1] - The green finance channel has become more accessible, with over 70 billion yuan raised for green projects and assets, reflecting strong market response [1] - Continuous capital inflow into rural revitalization has effectively supported agricultural enterprises and projects [1] Group 3: Inclusive Finance and Economic Support - In 2025, the interbank market supported the issuance of securitized products exceeding 35 billion yuan for internet platforms and car rental institutions, benefiting numerous small and micro enterprises and individual consumers [2] - Successful pilot programs for supply chain bill securitization and the expansion of collateral asset ranges for private enterprise asset-backed bonds have provided more flexible financing solutions for small and medium-sized enterprises [2] Group 4: Infrastructure and Service Enhancements - The launch of the ABN underlying asset information disclosure system in 2025 aims to enhance market transparency and risk identification capabilities [2] - The association has improved services for issuers and investors through specialized services, research, and ongoing training [2]

Group 1 - The core viewpoint of the article highlights a significant increase in the issuance of corporate asset-backed securities in November 2025, with a total of 136 issuances amounting to 141.683 billion yuan, representing a 49% increase in issuance scale compared to October 2025 [1] Group 2 - In terms of issuance venues, the Shanghai Stock Exchange accounted for 102 issuances with an amount of 115.213 billion yuan, making up 81.32% of the total issuance [1] - The Shenzhen Stock Exchange had 34 issuances totaling 26.470 billion yuan, which represents 18.68% of the total issuance [1] Group 3 - The types of underlying assets for the corporate asset-backed securities issued in November 2025 included REITs, accounts receivable, corporate financing leases, microloans, and specific non-financial debt rights [1] - Among these, REITs had 9 issuances with a scale share of 14.66%, accounts receivable had 19 issuances with a scale share of 13.60%, and corporate financing leases had 20 issuances with a scale share of 11.11% [1]

Report Summary 1. Investment Rating No investment rating for the industry is provided in the report. 2. Core Viewpoint In November 2025, the issuance scale of enterprise asset - backed securities increased significantly month - on - month, the financing cost slightly rebounded, and the secondary market activity improved. A total of 136 enterprise asset - backed securities were issued, with a total issuance scale of 141.683 billion yuan. Compared with the previous month, the number of issuances increased by 31, and the issuance scale increased by 49.00%. Compared with the same period of the previous year, the number of issuances remained the same, and the issuance scale increased slightly by 1.62%. The interest rate median of one - year - around AAAsf - rated securities rose by about 2BP month - on - month and decreased by about 42BP year - on - year [4][22]. 3. Summary by Directory 3.1 Issuance Situation - **Overall Issuance**: In November 2025, 136 enterprise asset - backed securities were issued, with a total scale of 141.683 billion yuan. The number of issuances increased by 31 month - on - month, and the scale increased by 49.00%. Year - on - year, the number remained the same, and the scale increased by 1.62%. The Shanghai Stock Exchange issued 102 products worth 115.213 billion yuan (81.32% of the total), and the Shenzhen Stock Exchange issued 34 products worth 26.47 billion yuan (18.68% of the total) [4][5]. - **Original Equity Holders**: The top five original equity holders in terms of issuance scale were China National Foreign Trade Trust Co., Ltd. (8.2 billion yuan, 5.79%), Huaxin International Trust Co., Ltd. (6.5 billion yuan, 4.59%), China Kangfu International Leasing Co., Ltd. (6.333 billion yuan, 4.47%), China Railway Capital Co., Ltd. (5.866 billion yuan, 4.14%), and Taicang Port GCL Power Generation Co., Ltd. (5.46 billion yuan, 3.85%). The total issuance scale of the top five was 32.359 billion yuan (22.84%), and that of the top ten was 55.093 billion yuan (38.88%) [6]. - **Managers**: The top five managers in terms of new management scale were CITIC Construction Investment Securities Co., Ltd. (15.46%), CITIC Securities Co., Ltd. (11.45%), Shanghai Guotai Haitong Securities Asset Management Co., Ltd. (9.72%), Huatai Securities (Shanghai) Asset Management Co., Ltd. (7.96%), and Ping An Securities Co., Ltd. (7.11%). The total new management scale of the top five was 73.244 billion yuan (51.70%), and that of the top ten was 104.39 billion yuan (73.68%) [8][9]. - **Underlying Asset Categories**: The underlying asset types of the issued securities included class REITs, accounts receivable, enterprise financial leasing, micro - loans, and specific non - financial claims. Class REITs had 9 issuances, accounting for 14.66% of the scale; accounts receivable had 19 issuances, accounting for 13.60%; and enterprise financial leasing had 20 issuances, accounting for 11.11% [11]. - **Product Scale Distribution**: The highest single - product issuance scale was 5.46 billion yuan, and the lowest was 0.75 billion yuan. The products with a single - issuance scale in the (5, 10] billion yuan range had the largest number of issuances (52) and the largest scale (28.69% of the total) [13]. - **Term Distribution**: The shortest term was 0.69 years, and the longest was 44.35 years. Products with a term in the (1, 3] - year range had the largest number of issuances (68) and the largest scale (43.17% of the total) [14][15]. - **Level Distribution**: According to the issuance scale of each level of securities, AAAsf - rated securities accounted for 95.38%, AA + sf - rated securities accounted for 4.02%, and other levels accounted for relatively small proportions [15][18]. - **Issuance Interest Rate**: The lowest issuance interest rate of one - year - around AAAsf - rated securities in November 2025 was 1.72%, and the highest was 3.15%. The interest rate center was approximately between 1.80% and 2.00%, with the median rising by about 2BP month - on - month and decreasing by about 42BP year - on - year [19]. 3.2 Filing Situation In November 2025, 140 enterprise asset - backed securities were filed with the Asset Management Association of China, with a total scale of 105.283 billion yuan [4][23]. 3.3 Secondary Market Transaction In November 2025, enterprise asset - backed securities had 4,131 transactions in the exchange market, with a total transaction amount of 91.726 billion yuan. The number of transactions increased by 668 month - on - month and 737 year - on - year, and the transaction amount increased by 19.29% month - on - month and 21.71% year - on - year. The Shanghai Stock Exchange had 3,259 transactions worth 73.582 billion yuan (80.22% of the total), and the Shenzhen Stock Exchange had 872 transactions worth 18.144 billion yuan (19.78% of the total). The more active underlying asset types in the secondary market were class REITs, accounts receivable, personal consumer finance, CMBS, and supply chains [4][24]. 3.4 December 2025 Maturity Analysis As of the end of November 2025, 220 outstanding enterprise asset - backed securities were due for repayment in December 2025, with a total scale of 57.924 billion yuan. The main underlying assets of the due securities were accounts receivable, supply chains, personal consumer finance, and specific non - financial claims. From the perspective of original equity holders, China Railway Capital Co., Ltd. had 13 due securities with a repayment scale of 13.669 billion yuan (23.60%), China Railway Construction Commercial Factoring Co., Ltd. had 6 due securities with a repayment scale of 6.784 billion yuan (11.71%), and Shenghe (Shenzhen) Commercial Factoring Co., Ltd. had 10 due securities with a repayment scale of 3.233 billion yuan (5.58%) [26].

Report Summary 1. Industry Investment Rating - No investment rating information is provided in the report. 2. Core Viewpoints - The State Council supports private investment projects to issue infrastructure REITs to broaden the financing channels for private enterprises. The "Measures" put forward 13 measures to stimulate private investment vitality and development, focusing on direct financing through equity and REITs [2][3]. - The average issuance costs of policy - backed mortgage loans and REIT - like products are relatively high, while those of personal auto loans are relatively low [5]. - In October 2025, the issuance of ABS decreased due to holiday factors, and the secondary stratification ratio of non - performing loan products remained high [6]. - The trading activity of ABS products in the secondary market declined, with significant differences in trading activity among different products [22]. 3. Summary by Directory 3.1 REITs Policy Support - The "Measures" encourage private capital to participate in infrastructure projects and support the listing of high - tech enterprises and the issuance of infrastructure REITs by private investment projects to expand financing sources [2][3]. - The NDRC will promote the expansion of infrastructure REITs to new fields. Currently, private investment projects in infrastructure REITs have less than 20% in quantity and scale, indicating significant development potential [4]. 3.2 Market Issuance Situation - **Overall Market**: In October 2025, 164 asset - securitized products were issued, with a total scale of 181.083 billion yuan, a 33% decrease from the previous period. Non - performing loan products had a high secondary stratification ratio [6]. - **Bank - to - Bank Market**: 10 products were issued, with a scale of 34.343 billion yuan. The average issuance cost of non - performing loan products was the highest, while that of personal auto loans and micro - enterprise loans was relatively low [10][11]. - **Trading Association ABN**: 49 products were issued, with a scale of 51.653 billion yuan, a 23% decrease from the previous month. The coupon rates of priority products with disclosed credit ratings ranged from 1.65% to 3.60% [17]. - **Exchange ABS**: 105 products were issued, with a scale of 95.087 billion yuan, a 42% decrease from the previous month. The credit ratings of priority products included AAAsf and AA + sf, and the coupon rates ranged from 1.65% to 3.95% [18]. 3.3 Secondary Market Situation - **Bank - to - Bank Market**: The trading volume was 1.1445 billion yuan, with a significant decline in trading activity. Personal auto loan products had the highest trading volume [23]. - **Trading Association ABN**: The trading volume was 4.6139 billion yuan, a further decrease. Small - scale loans and enterprise accounts receivable were relatively actively traded [26]. - **Exchange ABS**: The trading volume was 8.1 billion yuan, a decrease from the previous month. The Shanghai and Shenzhen Stock Exchanges had trading volumes of 6.3879 billion yuan and 1.7121 billion yuan respectively [27].