Investment Rating - The report indicates a stable performance of the financing lease ABS market with good repayment conditions [2][8]. Core Insights - The financing lease ABS market has shown a positive trend in 2025, with an increase in issuance volume and a decline in issuance rates, reflecting strong support for the real economy and small and micro enterprises [7][39]. - The issuance of financing lease ABS reached 135.88 billion, a year-on-year increase of 13.30%, while the overall asset-backed securities market saw a 22.47% increase [9][8]. - The report highlights the ongoing policy support for small and micro enterprises, which has led to a steady growth in the issuance scale of small micro lease ABS [6][39]. Policy Overview - In the first half of 2025, policies continued to encourage financing lease companies to support the real economy and small and micro enterprises [4]. - The Shanghai Stock Exchange revised guidelines to enhance the efficiency of issuing corporate bonds and asset-backed securities [5]. - A joint announcement from multiple regulatory bodies emphasized measures to support financing for small and micro enterprises, focusing on increasing financing supply and reducing costs [6]. Market Performance - From January to July 2025, the financing lease ABS market saw a total issuance of 140 deals, with a total scale of 135.88 billion, marking a 9.38% increase in the number of deals and a 13.30% increase in scale compared to the previous year [9][8]. - The trading market remains the primary venue for financing lease ABS issuance, accounting for 91.63% of the total issuance scale [12]. - The issuance structure remains stable, with public lease ABS dominating the market [13]. Issuance Rates and Credit Quality - The average issuance rates for AAAsf and AA+sf rated securities were 2.35% and 3.42%, respectively, showing a decline of 46bps and 53bps year-on-year [24]. - The report notes that the asset quality of financing lease ABS has remained stable, with no downgrades in credit ratings during the period [36]. - The proportion of high-rated securities (AAAsf and AA+sf) remains high, accounting for 98.73% of the newly issued financing lease ABS [30]. Future Outlook - The financing lease ABS market is expected to continue expanding, driven by ongoing policy support and increasing financing needs from small and micro enterprises [39]. - The report anticipates that the issuance scale of specific field-marked financing lease ABS will grow, covering a broader range of industries [39]. - The market is likely to see a continued focus on supporting the real economy and promoting industrial upgrades [39].

Investment Rating - The report indicates a stable performance of the financing lease ABS market, with good repayment conditions observed [1][34]. Core Insights - The financing lease ABS market has shown a steady increase in issuance volume, with a total issuance of 1,358.80 billion yuan in the first seven months of 2025, representing a growth of 13.30% compared to the same period in 2024 [6][7]. - The issuance of small micro-lease ABS has been positively influenced by continuous supportive policies for small and micro enterprises, leading to a steady growth in issuance scale [5][34]. - The average issuance rates for AAAsf and AA+sf rated securities have decreased to 2.35% and 3.42% respectively, reflecting a downward trend in overall bond market rates [22][34]. Policy Environment - In May 2025, several regulatory bodies released measures to support financing for small and micro enterprises, focusing on increasing financing supply and reducing costs [3][4]. - The Shanghai Stock Exchange revised guidelines to enhance the efficiency of issuing corporate bonds and asset-backed securities [2][4]. Market Performance - The total issuance of asset-backed securities in the market reached 11,753.76 billion yuan, a 22.47% increase year-on-year [7]. - The transaction market remains the primary venue for financing lease ABS issuance, accounting for 91.63% of the total issuance [9][34]. Asset Quality and Trends - As of July 2025, the total outstanding financing lease ABS reached 3,442.96 billion yuan, representing 10.37% of the total ABS market [29][30]. - The asset quality of small micro-lease ABS has shown stability, with a decrease in risk exposure as the remaining term shortens [32][34]. Future Outlook - The financing lease ABS market is expected to continue expanding, driven by supportive policies and increasing financing demands from small and micro enterprises [35][36]. - The report anticipates that the issuance of specific field-marked financing lease ABS will grow, covering a broader range of industries [35][36].

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]

Core Viewpoint - The recent forum on asset securitization in China highlighted its significant role in supporting the real economy, enhancing consumer spending, revitalizing existing assets, optimizing resource allocation, and mitigating financial risks [1][2]. Group 1: Development and Trends in Asset Securitization - China's asset securitization market has matured over 20 years, with the first projects emerging around 2005, indicating a youthful and dynamic phase of development [1]. - The market has seen the introduction of various asset-backed securities (ABS) products, including infrastructure REITs, which have effectively served the real economy and supported private enterprises [2]. - As of April 2025, the total scale of the Shenzhen Stock Exchange's bond market approached 3.5 trillion yuan, showing significant positive growth [3]. Group 2: Innovations and Future Opportunities - The integration of public data assets into the securitization framework is emerging as a new growth driver, with the potential to transform public data into tradable financial products [3]. - The national data market is projected to grow from 160 billion yuan to 716 billion yuan by 2030, indicating a substantial increase in data asset transactions [4]. - Innovations in supply chain bill asset securitization are expected to enhance the efficiency of financial services, particularly in green and digital finance [5].

Core Viewpoint - The conference highlighted the importance of asset securitization in the financing leasing industry, showcasing its role in providing stable funding support and alleviating financing pressures for enterprises [2][4]. Group 1: Industry Leadership and Achievements - Ping An Securities maintained a leading position in the asset-backed securities (ABS) market for financing leasing, with an underwriting scale of 41.8 billion yuan in 2024, capturing approximately 17% market share [2]. - Over the past five years, Ping An Securities has cumulatively underwritten more than 150 billion yuan, covering various segments such as corporate financing leasing, automotive financing leasing, and small and micro leasing [2]. - The company received two "Golden Spring Awards" for its professional service capabilities in the financing leasing ABS sector, recognizing its contributions to the industry [2]. Group 2: Ecosystem Development and Innovation - The forum hosted by Ping An Securities focused on market trends and product innovation, emphasizing the need for a well-functioning ecosystem for the healthy development of financing leasing asset securitization [3]. - Key characteristics of a healthy ecosystem include precise matching of asset and funding sides, reasonable balance of risk and return, and organic integration of innovation and regulation [3]. - In the past three years, financing leasing debts have become the largest category of underlying assets in China's asset securitization market, with the issuance scale of financing leasing ABS reaching about 21% of the total market issuance in 2024 [3]. Group 3: Alignment with National Strategy - Ping An Securities has focused on serving national strategies and has continuously innovated in the financing leasing asset securitization sector to support high-quality development of the real economy [4]. - The company successfully issued a green ABS project for new energy vehicles with a scale of 2.208 billion yuan, contributing to the financing of the new energy vehicle sector and supporting the national "dual carbon" goals [4]. - Ping An Securities also facilitated the issuance of the first high-quality development ABS for small and micro enterprises, with a scale of 1.529 billion yuan, aimed at alleviating financing difficulties for small businesses [4][5].