Market Overview - In the first half of 2025, the ABS market saw 1,090 new issuance projects with a total issuance scale of 974.9 billion yuan, representing a year-on-year increase of 27% from 766.5 billion yuan [1][8]. - The cumulative market size reached approximately 3,278.3 billion yuan, with credit ABS at 398.9 billion yuan, enterprise ABS at 2,062.7 billion yuan, ABN at 633.6 billion yuan, and public REITs at 183.1 billion yuan [6]. Credit ABS - A total of 102 new credit ABS projects were issued, amounting to 95.9 billion yuan, which is a decrease of 23% year-on-year [2][10]. - The largest issuance came from non-performing loans, with 80 projects totaling 36.2 billion yuan, followed by personal auto loans with 10 projects totaling 34.3 billion yuan [2][10]. Enterprise ABS - The enterprise ABS market saw 696 new issuances with a total amount of 604.4 billion yuan, marking a 36% increase year-on-year [3][11]. - The largest segment was financing lease receivables, with 138 projects totaling 147.8 billion yuan, followed by general small loan receivables with 105 projects totaling 92.8 billion yuan [3][11]. ABN - The ABN market had 281 new issuances, totaling 259.3 billion yuan, which is a 49% increase year-on-year [4][13]. - The largest issuance was in bank/internet consumer loans, with 101 projects totaling 89.9 billion yuan, followed by general small loans with 38 projects totaling 35.4 billion yuan [4][13]. Underwriting Rankings - In the first half of 2025, CITIC Securities led the underwriting rankings with 231 projects and a total underwriting amount of 105.18 billion yuan [17][18]. - Guotai Junan ranked second with 197 projects totaling 96.58 billion yuan, while Ping An Securities ranked third with 127 projects totaling 78.71 billion yuan [17][18]. Detailed Underwriting by Market Segment - In the credit ABS market, CITIC Securities topped the rankings with 48 projects totaling 14.4 billion yuan, followed by China Merchants Securities with the same number of projects but a total of 12.73 billion yuan [24][25]. - For enterprise ABS, Guotai Junan led with 136 projects totaling 79.47 billion yuan, followed by Ping An Securities with 108 projects totaling 74.68 billion yuan [27][28]. - In the ABN market, China Merchants Securities ranked first with 47 projects totaling 24.03 billion yuan, followed closely by Bank of China with 56 projects totaling 23.65 billion yuan [30][31]. Asset Class Rankings - The top three asset classes by issuance scale were financing lease, bank/internet consumer loans, and general small loans [34]. - In the financing lease ABS segment, Ping An Securities led with 30.67 billion yuan, followed by Guotai Junan with 24.04 billion yuan [34][35]. - For bank/internet consumer loans, China Merchants Securities ranked first with 24.96 billion yuan, followed by CICC and Huatai Securities [37][39]. - In the general small loan category, CITIC Securities led with 19.38 billion yuan, followed by Guotai Junan and Guolian Minsheng [40]. Issuer Rankings - In the credit ABS market, Zhejiang Merchants Bank led with 6.7 billion yuan, followed by BinYin Auto Finance and Industrial and Commercial Bank of China [43][44]. - For enterprise ABS, CITIC Trust topped the issuer rankings with 36 billion yuan, followed by Shenghe Factoring and Ping An Leasing [46][50]. - In the ABN market, Guotai Junan Trust led with 31.14 billion yuan, followed by JD Trade and other institutions [54][56]. Public REITs - The public REITs market relies on ABS as a channel, with Shenzhen Jiafeng Industrial Park Management leading the original rights holder rankings with 3.29 billion yuan [59][60]. - The plan management rankings were topped by Southern Capital Management with 3.29 billion yuan, followed by CICC and Huitianfu Capital Management [61][62].

Core Insights - The real estate market is stabilizing, leading to an improved financing environment for real estate companies [1] - In May 2025, the total bond financing for real estate companies reached 28.88 billion yuan, a year-on-year increase of 23.5% [1] - The financing structure shows that credit bond financing was 11.17 billion yuan, up 5.8%, while ABS financing was 17.71 billion yuan, up 38.1% [1] Financing Environment - The overall financing cost for real estate companies is decreasing, with the average bond financing interest rate in May at 2.35%, down 0.43 percentage points year-on-year [1][2] - The decline in financing costs is attributed to macro policies supporting the real estate market and the predominance of state-owned enterprises in bond issuance [2] Debt Restructuring - Several real estate companies are actively restructuring their debts, with notable progress from companies like CIFI Holdings, Jinlun Tiandi, and Sunac China [2] - CIFI Holdings' restructuring is expected to reduce its overseas debt by approximately 5.27 billion USD, significantly alleviating liquidity pressure [2] Future Outlook - The financing environment for real estate companies is expected to improve further, although a complete recovery requires market stabilization [3] - Recent data indicates that the decline in development funds for real estate companies has narrowed, suggesting potential for recovery [3] - Increased sales of new homes in key cities may boost industry investment confidence and financing demand [3]

在ABS承销方面2025年一季度各家机构表现如何，Wind第一时间为您隆重揭幕2025年一季度中国 内地市场ABS承销排行榜。 一级市场发行统计 1.1 市场累计存量规模 截止2025年3月31日，市场累计存量规模约32,173亿元。其中，信贷ABS存量规模4,182亿元，企 业ABS存量规模19,919亿元，ABN存量6,295亿元，公募REITs存量1,777亿元。 2025年一季度，ABS市场新增发行项目462只，发行规模达3,975亿元，同比增长31%，较去年一 季度的3,044亿元规模实现明显扩张。 信贷ABS新增发行29单，发行总额228亿元，同比减少40%。基础资产中，不良贷款以24单、112 亿元规模居首，个人汽车贷款紧随其后， 发行2单，共计72亿元。 企业ABS表现强劲，发行307单，规模2,637亿元，同比增幅达38%。细分领域方面，融资租赁债权 发行61单 ，共计657亿元 ，位列第一；一般小额贷款债权以55单、497亿元次之。 ABN市场增速明显，发行120单，规模1,010亿元，同比大幅增长59%。其中银行 / 互联网消费贷款 发行22单 ，共计185亿元 ，一般小额贷款债权发行1 ...