"资产证券化年刊"紧密关注资产证券化市场动态，定期收集并解读对市场影响的监管政策，统计最新发行情况，及时跟进市场变化、分析市场热点问题， 专注于资产证券化市场的发展。 2025年，中国证监会、中国人民银行、国家发展改革委、国家金融监督管理总局、上海证券交易所、深圳证券交易所、中国证券投资基金业协会等监管机 构陆续发布了影响资产证券化市场相关通知及指引，我们概括了主要内容及分析了对资产证券化市场影响，具体内容请查看完整版报告。 1. ABS市场发行情况 根据Wind数据显示，2025年ABS市场发行态势稳中向好，全年市场共发行2,435单产品，发行规模人民币23,250.45亿元，发行数量和规模相较2024年同期 均有不同程度涨幅，发行数量同比上涨15%，发行规模则上升14%。 2024年-2025年ABS市场新发行情况 来源：Wind，毕马威分析 2025年，信贷ABS新发产品238单，相较去年同期上涨24%，发行规模则小幅上涨8%，总额为人民币2,915亿元。企业ABS新发产品1,560单，发行规模人 民币14,133亿元，为四个市场类型中金额和数量规模最大，发行数量和金额同比上涨分别为18%和20%。AB ...

2 月债市策略及市场关注点分析 20260202 当前货币政策宽松，经济和通胀预期乐观，10 年期国债利率突破 1.8% 难度大，降息信号不明，不宜继续看涨，关注低位震荡带来的利差压缩 机会，如 30 年期与 10 年期国债利差。 信用债方面，股市波动可能影响固收+基金规模，进而影响其对 1-2 年 低等级和 3-5 年高等级信用的偏好；摊余成本法逐步打开后，对 3-5 年 高等级信用债亦有偏好，这些机会具短期交易价值。 政金债近期表现较弱，但银行配置需求强劲且国债利率已处低位，预计 2 月份具有补涨价值。超长久期国债（如 30 年、50 年）具短期交易价 值，但绝对持有价值不高。 持券过节需考虑票息水平和节后利率下行预期。当前资金收敛票息较低， 若春节前权益市场不强劲，3 月降息预期可能提升，可考虑持现过节； 若十年国债回升至 1.85%左右且权益市场表现一般，可考虑持券过节。 品种选择上，关注国开债补涨机会，如十年期次活跃券或老券 250,215；超长久期关注赔率，如新券 25 特 6、老券 230,023、24 特 幺等；高频交易关注 30 年国债期货或次活跃券 25 套 2；赔率角度推荐 50 年国债 ...

2025年全年，ABS市场发行态势稳健，累计新增发行项目2,435只，发行总规模达23,250亿元，较上年（20,417亿元）同比增长14%。 分板块来看： 一级市场发行统计 1.1 市场累计存量规模 截止2025年，市场累计存量规模约35,832亿元。其中，信贷ABS存量规模4,339亿元，企业ABS存量规模22,808亿元，ABN存量6,535亿元，公募 REITs存量2,150亿元。 信贷ABS： 新增项目238只，发行总额2,915亿元，同比增长8%。就基础资产而言，个人汽车贷款规模居首，全年发行32单、共计1,185亿元；不 良贷款位列其后，共发行178单、合计821亿元。 企业ABS： 共发行1,560只，发行总额14,133亿元，同比增长20%。其中，融资租赁债权发行规模最大（295单，2,891亿元），企业应收账款次之 （246单，2,308亿元）。 资产支持票据（ABN）： 共发行612只，发行总额5,731亿元，同比增长9%。银行/互联网消费贷款（191单，1,685亿元）与一般小额贷款债权 （141单，1,295亿元）为主要发行品种。 针对各承销机构在交易所市场的年度表现，万得现正式发布 ...

Core Viewpoint - The recent issuance of guidelines by the People's Bank of China and the Financial Regulatory Bureau marks a significant policy shift aimed at reducing the comprehensive financing costs in the microloan industry, with a target to lower these costs to within four times the one-year Loan Prime Rate (LPR) by the end of 2027 [1][2][3] Summary by Sections Policy Implementation - The guidelines require microloan companies to clearly disclose comprehensive financing costs and aim to reduce these costs, mandating local financial management institutions to monitor lending activities closely [1][2] - Microloan companies must immediately stop issuing loans with comprehensive financing costs exceeding 24%, and gradually reduce costs to within 12% by 2027 [1][4] Financing Cost Reduction - The comprehensive financing cost includes interest, guarantee fees, and insurance fees, which must be disclosed in annualized form before loan contracts are signed [3][15] - Key measures for cost reduction include halting loans exceeding 24%, allowing some flexibility for short-term loans, and guiding larger, stable microloan companies to lead the cost reduction efforts [3][16] Regulatory Signals - The guidelines emphasize strong regulatory oversight, prohibiting regulatory arbitrage and requiring local financial institutions to monitor unreasonable growth in short-term loans [5][17] - There is a possibility that leading microloan companies may face earlier compliance deadlines than the stated 2027 target [6][17] Industry Impact - The guidelines are expected to accelerate the clearing of the microloan industry, particularly affecting the value of microloan licenses and reducing the scale of new business [10][21] - The focus will shift towards licensed financial institutions like banks and consumer finance companies, which will play a more significant role in providing inclusive financial services [10][21] Market Dynamics - The comprehensive financing cost cap of 12% poses challenges for microloan companies, especially those with higher operational costs compared to banks and consumer finance institutions [18][19] - The financing cost for microloan companies varies significantly, with some companies facing higher costs due to their customer base and market positioning [19][20] Industry Statistics - As of September 2025, the number of microloan companies in China has decreased to 4,863, with a total loan balance of 722 billion yuan, reflecting a significant contraction in the industry [12][22]

Core Viewpoint - The recent issuance of guidelines by the People's Bank of China and the Financial Regulatory Administration marks a significant policy shift aimed at reducing the comprehensive financing costs in the micro-lending industry, with a target to lower these costs to within four times the one-year Loan Prime Rate (LPR) by the end of 2027 [1][2][4]. Summary by Sections Policy Implementation - The guidelines require micro-lending companies to clearly disclose the comprehensive financing costs of loans and to stop issuing loans with costs exceeding 24% immediately [1][5]. - By the end of 2027, all new loans must have comprehensive financing costs reduced to approximately 12%, based on the current one-year LPR of 3% [1][6]. Impact on the Industry - The guidelines are expected to accelerate the "clearing out" of the micro-lending industry, particularly affecting those companies involved in self-operated and joint lending businesses [2][13]. - The value of micro-lending licenses is anticipated to decline significantly, leading to a reduction in new business scale for micro-lending companies [13]. Regulatory Focus - The guidelines emphasize the need for local financial management institutions to monitor the lending activities of micro-lending companies closely, ensuring compliance with the new cost structures [1][6]. - There is a strong regulatory signal against arbitrage practices, with strict prohibitions on circumventing the comprehensive financing cost management requirements [6][14]. Financing Cost Dynamics - The comprehensive financing cost reduction will create a significant impact on micro-lending companies, with the new upper limit of 12% posing challenges for many firms to comply [8][9]. - The financing cost differentiation among micro-lending companies is notable, with some companies like Tencent's micro-lending unit having a much lower average issuance rate compared to others [10][11]. Market Positioning - The guidelines are likely to reinforce the role of licensed financial institutions, such as banks and consumer finance companies, as the main players in the inclusive finance sector, diminishing the attractiveness of micro-lending licenses for platforms [13][14]. - The ongoing regulatory environment has led to a significant reduction in the number of micro-lending companies, with the total dropping to 4,863 and a loan balance of 722 billion yuan as of September 2025 [15].

《银行间债券市场企业资产证券化业务规则》重新明确了ABN的定义：ABN是指发起机构通过特定目的 载体发行的，由基础资产所产生的现金流作为偿付支持的证券化融资工具。ABN产品通过对流动性较弱的 资产进行"打包"，将其转化为可在市场自由交易的标准化证券，进而实现资产的流动性转化与价值盘活。 2、ABN发展与市场现状 点击注册小程序 初步探索阶段（2012年-2015年）：2012年8月，银行间市场交易商协会发布《银行间债券市场非金融企业 资产支持票据指引》，ABN产品被正式推出。该阶段尚未强制要求引入特定目的载体（SPV），导致ABN 产品的破产隔离功能有限，整体产品结构相对简单。 查看完整报告 特别申明： 本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客户，用作新媒体形势下研究 信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿订阅、接收或使用本订阅号中的任何信息。本订阅号 难以设置访问权限，若给您造成不便，敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相 关人员为光大证券的客户。 报告摘要 1、ABN基础概念与产品特点 持有人结构：根据银行间市场交易商协 ...

为积极响应关于"盘活用好低效用地、闲置房产、存量基础设施"的政策号召，进一步推动四川省企业存 量资产的有效盘活与价值重塑，11月25日，在中国光大集团指导下，光大银行、光大证券联合主办 的"携手天府·光大未来"2025年光大嘉年华——四川省企业存量资产盘活宣讲活动在成都新华宾馆成功 举办。来自政府相关部门、监管部门、金融机构及企业代表共计300余人参加活动，共同探讨存量资产 盘活的路径与机遇，助力区域经济高质量发展。 政策引领，聚焦盘活凝聚共识 党的二十届四中全会明确提出"盘活用好低效用地、闲置房产、存量基础设施"，为各地推动资产盘活工 作指明了方向。四川作为西部经济大省，肩负着建设新时代西部大开发重要支点、成渝地区双城经济圈 核心引擎的重大使命。近年来，省内固定资产投资规模持续扩大，形成了大量优质存量资产，但也面临 利用效率不高、流动性不足等挑战。四川近期聚焦"土地、矿产、房屋、农村经营性资产、基础设施、 科研仪器设备、公益性资产"等七类重点资产资源，分类提出盘活利用举措，为企业提供了清晰的路径 指引。 光大赋能，彰显综合金融优势 中国光大集团作为中管金融企业，长期以来深耕四川，依托"综合金融、跨境经营、产 ...

Summary of ABS Market Analysis Industry Overview - The Chinese ABS market is divided into interbank and exchange markets, with credit ABS previously dominant, now followed by the rise of exchange ABS and ABN. [1][7] - Currently, enterprise products dominate the market, influenced by macroeconomic factors and real estate, leading to an overall decline in scale. However, consumer finance products are performing strongly, with an annual issuance of approximately 2 trillion RMB and a total stock of about 3.5 trillion RMB. [1][7] Key Insights and Arguments - **Growth Areas**: - General consumer finance ABS is expected to become a growth segment, benefiting from policies aimed at expanding domestic demand and promoting consumption. [1][10] - Accounts receivable/supply chain finance ABS are expanding into emerging fields such as new energy, data, and overseas supply chain notes. [1][10] - Leasing ABS activity is increasing with new entities emerging, while city investment assets are decreasing in supply. [1][10] - Non-performing ABS is growing rapidly, primarily driven by banks' off-balance-sheet needs, and is expected to continue increasing in the short to medium term. [1][10] - **Market Dynamics**: - The ABS market is transitioning from a phase of rapid growth to one of high-quality development, with limited growth in CNBS but active participation from city investment entities. [2][7] - The liquidity of ABS has improved, attributed to the stability of products and the expansion of trading investors, although monthly turnover rates remain lower than traditional bonds. [12][13] - **Investment Opportunities**: - Current investment opportunities in the ABS market include basis spreads in general consumer finance, term spreads in leasing and fee income rights, seasonal premiums, new issuance premiums, and discounts from bundled sales rules. [19][21] Important but Overlooked Content - **Risk and Return Characteristics**: - Different types of ABS products have unique risk-return profiles, and investors should assess them based on specific circumstances. [21][22] - Retail ABS performance shows a divergence, with lower default rates in mortgage and auto loans compared to higher rates in consumer loans and microloans, yet small diversified assets remain stable. [15][22] - **Challenges**: - The ABS market faces challenges such as valuation pricing difficulties and trading complexities. Investors need to conduct in-depth research on cash flow models and underlying asset performance. [21][22] - **Investor Preferences**: - The main investors in ABS include banks, public funds, bank wealth management, and insurance companies, each with different preferences based on their investment strategies and risk appetites. [24][22] This summary encapsulates the key points from the ABS market analysis, highlighting the current state, growth opportunities, and challenges within the industry.

Core Insights - The issuance scale of corporate Asset-Backed Securities (ABS) has exceeded 1 trillion yuan in 2023, reaching 10,321 billion yuan by the end of September, marking a year-on-year increase of over 20% [1][8] - This level is approaching the total issuance scale for the entire year of 2024, which is projected to be 12,483 billion yuan, and represents the first time since 2022 that the number of corporate ABS issued has surpassed 1,000 in September [1][8] Issuance Trends - A total of 1,142 corporate ABS have been issued as of September 2023, with significant growth in large-scale issuances, particularly those exceeding 2 billion yuan, which have seen a year-on-year increase of 17.65% [1][5] - The largest single issuance this year is the "CITIC Financial Asset Yunfan Phase 1" plan, with a scale of 10.01 billion yuan, achieving the lowest cost and narrowest spread among similar products [6][8] Types of ABS - Corporate ABS is primarily issued by non-financial enterprises and is regulated by the China Securities Regulatory Commission, while credit ABS is issued by financial institutions and circulates mainly in the interbank market [5][8] - Traditional underlying assets for ABS include accounts receivable, lease rentals, trust loan rights, small loans, and consumer loans, with over 800 products issued in these categories, accounting for more than 70% of total corporate ABS issuance [6][8] Innovation in ABS - New types of ABS based on data assets, intellectual property, and low-altitude economy have emerged, with the recent issuance of the "Huaxin-Xinxin Data Asset Phase 1" plan marking a significant development in data asset securitization [7][8] - Data asset ABS allows companies to convert dormant data resources into financing, particularly benefiting technology firms with insufficient collateral [7][8] Market Dynamics - The ABS market is experiencing a surge in both issuance and secondary market activity, driven by strong demand from small and medium-sized enterprises seeking to optimize their financing structures [8][9] - Regulatory support and the introduction of new fundraising mechanisms are expected to further expand the ABS market [8][10] Investor Participation - Institutional investors, including trust institutions and banks, are the primary participants in the ABS market, with trust institutions increasing their holdings significantly [10][11] - Public funds have also begun to increase their ABS holdings, with a notable rise in the number of funds participating [11][12] Yield and Risk - ABS products typically offer higher yields compared to standard bonds, with the average coupon rates for different tiers of ABS varying significantly, reflecting the risk-return profile of the underlying assets [14][16] - The current low-interest-rate environment has made ABS an attractive investment option for institutional investors, providing a unique opportunity for yield enhancement [14][16]

The provided content does not contain any specific quantitative models or factors, nor does it include detailed construction processes, formulas, or backtesting results related to quantitative analysis. The documents primarily discuss the issuance, policy updates, and market performance of REITs and ABS products, along with their structural characteristics and market trends. Therefore, no quantitative models or factors can be summarized from the given content.