20250731-中诚信国际-企业资产支持证券产品报告（2025年半年度）_发行规模同比大幅上升_发行成本持续下行_二级市场交易活跃度显著提升_20页_1mb

报告摘要

Market Growth: In 2025 H1, corporate asset-backed securities (ABS) issuance increased by 185 deals and 32.57% in scale to 6,206.36 billion yuan, driven by strong performance in personal consumption finance and enterprise financing lease assets.
Cost Reduction: Average issuance interest rates for AAA sf securities declined to 1.80%–2.30%, with a median drop of 45 BP from 2024 H1, reflecting lower financing costs.
Secondary Market Activity: Trading volumes surged, with 21,657 deals and 5,122.03 billion yuan in transactions, up 47.31% and 66.61% YoY. Shanghai Stock Exchange dominated, with REITs and personal consumption ABS being top traded assets.
Product Features: Debt-based assets remained dominant with 81.04% of scale, supported by average issue sizes ranging from 3.82 to 15.11 billion yuan per deal.
Regulatory Insights: New AMAC guidelines on due diligence standardize asset-backed activities, enhancing market transparency and aligning with exchange requirements for better operational efficiency.
Maturity Outlook: As of June 2025, 1,254 ABS are maturing in H2, with personal consumption and public sector assets leading.