2025 年融资租赁 ABS 存续期表 现——融资租赁 ABS 市场运行 稳健，证券兑付情况良好 联合资信 结构评级二部 |郭 燕 |刘书畅 www.lhratings.com 研究报告 1 一、融资租赁 ABS 相关政策 2025 年上半年，市场延续了 2024 年的政策基调，鼓励融资租赁公司服务实体经 济、支持中小微企业融资；资产证券化相关业务服务进一步规范。 （一）资产证券化相关政策 2025 年 5 月，上海证券交易所修订形成了《上海证券交易所公司债券和资产支 持证券发行上市挂牌业务指南（2025 年 5 月修订）》，重点规范公司债券（含企业债 券）和资产支持证券发行上市挂牌业务流程，提升业务办理质效。 2025 年 5 月，上海证券交易所发布《关于试点公司债券续发行和资产支持证券 扩募业务有关事项的通知》，试点开展公司债券续发行和资产支持证券扩募发行相关 业务，提升债券发行效率及市场流动性。 相关政策内容如下表所示。 数据来源：联合资信整理 （二）支持中小微企业融资 2025 年 5 月，国家金融监管总局、中国人民银行、证监会等八部门联合发布《支 持小微企业融资的若干措施》（金发〔2025〕21 号 ...

2025 年融资租赁 ABS 存续期表现——融资租赁 ABS 市 场运行稳健，证券兑付情况良好 结构评级二部 本期作者：郭燕 刘书畅 一、融资租赁 ABS 相关政策 2025 年上半年，市场延续了 2024 年的政策基调，鼓励融资租赁公司服务实体经 济、支持中小微企业融资；资产证券化相关业务服务进一步规范。 （一） 资产证券化相关政策 2025 年 5 月，上海证券交易所修订形成了《上海证券交易所公司债券和资产支 持证券发行上市挂牌业务指南（2025 年 5 月修订）》，重点规范公司债券（含企业债 券）和资产支持证券发行上市挂牌业务流程，提升业务办理质效。 2025 年 5 月，上海证券交易所发布《关于试点公司债券续发行和资产支持证券 扩募业务有关事项的通知》，试点开展公司债券续发行和资产支持证券扩募发行相关 业务，提升债券发行效率及市场流动性。 相关政策内容如下表所示。 资料来源：联合资信整理 日期 发布主体 文件名称 主要内容 2025 年 5 月 上海证券 交易所 《上海证券交易所公司债券和资产支持证券发行上 市挂牌业务指南（2025 年 5 月修订）》 规范公司债券、资产支持证券发行、上市或挂牌 业务 ...

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].