1. Report Industry Investment Rating No information about the industry investment rating is provided in the report. 2. Core Viewpoints of the Report - ABS plays a counter - cyclical complementary role in the investment - financing cycle, serving as an important tool for enterprises to revitalize stock assets and relieve liquidity pressure during credit contraction periods [1][13]. - In the current environment of weak entity financing demand and insufficient credit supply, ABS supply has the basis for expansion. It maintains a clear spread stratification and high - yield varieties have prominent relative advantages, while its low - volatility feature can effectively smooth net value fluctuations [4][71]. 3. Summary by Relevant Catalogs 3.1 China's Asset Securitization Development Process and Market Status - **Investment - financing cycle division**: Credit bonds are pro - cyclical, while ABS is counter - cyclical, being more sensitive to underlying asset supply, regulatory orientation, and specific market cycles [1][13]. - **Regulatory pattern**: A "tripartite confrontation" regulatory pattern has been formed, with enterprise ABS, ABN, and credit ABS having different regulatory institutions, base asset types, and issuance methods [14]. - **Twenty - year evolution**: ABS has gone through stages of exploration, normal issuance, rapid development, and structural adjustment, with the issuance scale reaching 2.31 trillion yuan at the end of 2025 [17]. - **ABS stock market**: The supply of ABS in the whole market is concentrated on core assets, with the top 10 base asset types accounting for 86.4% of the total balance [26]. 3.2 ABS Primary Supply - **Interest rate and duration characteristics**: The primary supply of ABS shows significant interest rate differentiation and is dominated by short - duration products. Credit ABS has the lowest interest rate center and the smallest fluctuation, ABN pricing is highly consistent with the whole - market credit bonds, and enterprise ABS has a relatively high interest rate [30]. - **Spread stratification**: Credit ABS is the market's safety cushion with low spreads, ABN has medium spreads and income elasticity, and enterprise ABS is the main source of spread differentiation [33]. 3.3 ABS Secondary Market and Institutional Behavior - **Liquidity of varieties**: The overall liquidity of ABS is weaker than that of traditional credit bonds, but it is improving marginally. ABN has the best liquidity, followed by enterprise ABS, and credit ABS has the weakest liquidity [2][38]. - **Liquidity differentiation of base assets**: Assets with good credit, stable cash flows, and high standardization have high turnover rates, while bank credit and real - estate assets have low turnover rates [39]. - **Change in holder structure**: The holder structure of ABS is transforming from bank - dominated to diversified participation. In the inter - bank market, large - state - owned banks reduce their holdings while joint - stock banks increase theirs. In the exchange market, non - bank institutions such as insurance, public funds, and trusts are becoming new incremental funds [46][50]. 3.4 Analysis Framework for Various Base Assets - **Real - estate ABS**: It is supported by the dual credit of asset operation cash flow and disposal value. The core evaluation dimensions are the valuation rationality and realization potential of the underlying assets [54]. - **Operating claim ABS**: The cash flow depends on the contract claim income of enterprise operations, and the credit analysis focuses on the credit of the original equity holder and other credit - enhancing entities [59]. - **Bank credit ABS**: It has the attribute of quasi - financial bonds and is an important tool for banks to release capital and optimize statements. The historical performance and distribution characteristics of base assets are important for credit judgment [62]. - **Non - bank claim and other ABS**: It mainly comes from non - bank financial institutions, and the credit analysis needs to focus on the risk - control ability, asset quality, and compliance of the credit subject [66]. 3.5 ABS Investment Strategy - **Duration strategy**: Moderately lengthen the duration and focus on 2 - 3 - year varieties to lock in long - term income and reduce reinvestment risk [77]. - **Liquidity strategy**: Use ABN and credit ABS with good liquidity as the bottom - position assets, and moderately allocate high - yield varieties in the exchange market while controlling the single - variety exposure [77]. - **Portfolio strategy**: Build a diversified portfolio with credit ABS as the safety cushion, REITs for income elasticity, and supply - chain ABN for liquidity [77].