专题研究 证券研究报告 2026.01.09 不在涨跌里，不在规模里，在结构里： 2025 年 ABS 盘点和思考 魏真真 分析员 陈梦珂 分析员 杨冰 分析员 SAC 执证编号：S0080524070007 SAC 执证编号：S0080515120002 SFC CE Ref：BOM868 不在涨跌里，不在规模里，在结构里——2025 年 ABS 盘点和思考 2025 年，ABS 市场在低利率与资产荒背景下继续扩容，一级发行创 4 年新高。但市场的核心逻辑已 经从规模扩张转向结构升级。泛消金稳居发行主力地位，占比约三成。持有型不动产 ABS（机构间 REITs）凭借监管支持与供需双旺的多重利好快速崛起，领涨全场，成为年度最具边际变化的资产类 型。NPL 等小众资产同样实现亮眼的边际增长，为市场注入新活力。 从资产端看，底层资产从"标准化、单一化"向"多元化、场景化"延伸。首单数据资产 ABS 落 地，不良资产 ABS 登陆交易所 ABS，公租房维修费、光伏发电绿色 ABS 以及两新、科创主题产品 持续涌现，既助力债券市场高质量发展，又落实了金融"五篇大文章"的政策导向。 从产品端看，交易结构和条款持续丰富和 ...

Group 1: Product Expiration Overview - In 2024, a total of 260 credit ABS products will expire, with NPL and RMBS products accounting for 89 and 78 products respectively, together representing nearly two-thirds of all expiring products[4] - The top five initiating institutions for expiring products include China Construction Bank, Bank of China, Ping An Bank, China Merchants Bank, and Minsheng Bank, with a focus on RMBS and NPL products[5] Group 2: Product Duration Analysis - Among the 260 expiring products, 237 have had their subordinate securities redeemed, while 23 products, all NPLs, have not been redeemed[9] - RMBS products have an average duration of 5.47 years, with the longest at 9.10 years, while other products like Auto ABS and consumer loan ABS have durations mainly concentrated between 1-2 years[11] Group 3: Product Liquidation Methods - Out of the 260 products, 226 have been liquidated, leaving 34 products unliquidated, which includes 12 normal loan ABS and 22 NPL products[12] - The predominant liquidation methods are warehouse repurchase and original distribution, accounting for over 98% of liquidated products[12] Group 4: Subordinate Securities Placement and Yield Analysis - Of the 260 products, 127 had subordinate securities placed externally, representing nearly 50% of the total[14] - The average yield for subordinate securities in normal loan ABS is significantly lower, typically in the 6-7% range, while NPL products have an average yield of 24.65%[17]