(来源：标普信评) 标普信评带你看世界 结构融资：境外资产证券化市场回顾及热点洞察（一） 标普信评 S&P Global China Ratings 2025年12月 标普信评带你看世界 境外资产证券化市场回顾及热点洞察 01 市场概览 发行规模、资产类型 02 市场热点 资产担保债券如何打破主权评级"天花板" 03 市场洞察 复盘持有境内不动产的海外REITs 创新产品、发展趋势 标普信评 S&P Global China Ratings 市场概览 美国资产证券化市场发行概况 ロ 美国资产证券化产品占整体固定收益市场发行规模的比例由2021年巅峰时期的38%降至2024年19%左右，但依然是美国资 本市场重要的组成部分。 图表：美国固收市场历年发行规模和各类产品占比 2024年固收市场整体发行规模 公司债 19% 蛋螺机 构证券 国债 标普信评 S&P Global 资料来源:SIFMA,标青信评签用 ff; AI识图 w China Ratings 权©2025标普信用评级(中国)有限公司。版权所 10.43万亿美元 资产证券化产品占比 市场概览 04 市场展望 美国资产证券化市场发行概况 标普信评 S& ...

Core Viewpoint - The implementation plan aims to enhance the financial support for technological innovation by increasing credit loans for tech enterprises and reforming insurance investment practices to promote high-quality development in the financial sector [1][2][3]. Group 1: Financial Support Measures - The plan emphasizes increasing credit loans for technology-oriented enterprises, including flexible interest rate settings and repayment methods [1][3]. - It encourages the establishment of private equity funds by insurance companies to invest in the stock market and hold investments long-term [1][3]. - Financial institutions are urged to enhance support for major national technology projects and small to medium-sized tech enterprises [2][3]. Group 2: Financial Product Development - There is a focus on expanding the technology credit loan offerings, with provisions for extending loan terms up to five years for businesses with longer cash flow recovery cycles [3]. - The plan promotes the development of insurance products that cover the entire process of technological innovation, including health management and occupational liability [3]. - It encourages collaboration between banks and investment institutions to develop combined loan and direct investment products [3]. Group 3: Professional Capability Enhancement - Financial institutions are encouraged to develop digital tools to improve enterprise identification and risk management [4]. - The establishment of a risk-sharing mechanism for technology insurance is highlighted, including the formation of co-insurance bodies [4]. - The plan calls for improved information infrastructure to support technology credit assessments and insurance pricing [4].

Core Insights - The Chinese government is enhancing financial support for private enterprises, with banks increasing credit and innovative financing products to improve the financing environment for these companies [1][2][5]. Group 1: Credit Financing Support - Credit remains the dominant financing method in China, with the People's Bank of China encouraging financial institutions to utilize structural monetary policy tools to support private enterprises [2]. - Major state-owned banks, such as Industrial and Commercial Bank of China, plan to provide at least 6 trillion yuan in financing to private enterprises over the next three years [2]. - Agricultural Bank of China reports that over 50% of its loans in technology finance and inclusive finance are directed towards private enterprises, with expectations of a loan balance exceeding 7.5 trillion yuan by the end of 2025 [2]. Group 2: Direct Financing Initiatives - The enthusiasm for bond financing among private enterprises has surged, supported by new tools and measures introduced since February [5][6]. - In the first quarter of 2025, private enterprises issued 85 debt financing instruments in the interbank market, totaling 76.25 billion yuan, accounting for over 90% of corporate credit bonds [6]. - The average issuance interest rate for private enterprise debt financing tools decreased to 2.86%, down 21 basis points from 2024 [6]. Group 3: Innovative Financial Products - Various innovative financial products have been launched to support private enterprises, including the first asset-backed securities (ABS) for equipment updates, which raised 4.554 billion yuan [8]. - The establishment of a credit information sharing platform for small and micro enterprises has facilitated financing for nearly 800 companies, with 90% being inclusive small and micro enterprises [8]. Group 4: Policy Support for International Expansion - Policy banks are also playing a crucial role in supporting private enterprises' international expansion, with the Export-Import Bank of China launching a special plan to enhance international trade cooperation [4]. - Financial institutions are developing comprehensive financial service plans to support foreign trade enterprises, particularly addressing the needs of small and medium-sized private enterprises facing funding shortages and exchange rate fluctuations [3].