惠誉博华银行间市场个贷ABS指数报告2025Q4

个贷ABS银行间市场个贷ABS指数2025年第4季度1车贷ABS概览项目25Q425Q325Q2车贷ABS概览项目25Q425Q325Q2资产池总余额（亿元）871.7954.64985.3M2逾期率指数（%）0.290.230.21M3逾期率指数（%）0.170.130.15来源：惠誉博华2025年第4季度车贷ABS惠誉博华银行间市场车贷ABS指数M2/M3逾期率M2：3个月移动平均M3：3个月移动平均M2车贷ABS惠誉博华银行间市场车贷ABS指数M2/M3逾期率M2：3个月移动平均M3：3个月移动平均M2逾期率M3逾期率0.4%0.3%0.2%0.1%0.0%1007550250项目25Q425Q325Q2资产池总余额（亿元）125.4133.871.8M2逾期率指数（%）0.970.741.53M3逾期率指数（%）1.050.721.49来源：惠誉博华惠誉博华银行间市场车贷ABS指数CPR笔数（右轴）CPRCPR：3惠誉博华银行间市场车贷ABS指数CPR笔数（右轴）CPRCPR：3个月移动平均值12%9%6%3%0%1007550250项目25Q425Q325Q2资产池总余额（亿元）1453.51562.31683.8M2逾期率指数（%）0.220.210.21M3逾期率指数（%）0.130.110.13来源：惠誉博华《惠誉博华银行间市场个贷ABS指数报告2025Q3《惠誉博华银行间市场个贷ABS指数报告2025Q3》《2026年银行间信贷资产证券化展望》宝马AFC北京现代AFC奔驰AFC比亚迪AFC大众AFC东风标致雪铁龙AFC东风日产AFC丰田AFC福特AFC广汽汇理AFC吉致AFC奇瑞徽银AFC瑞福德AFC三一AFC上汽通用AFC一汽AFC长安AFC长城滨银AFC东风AFC100%80%60%40%20%0%201220122014201520162017201820192020202120222023202420251.2%1.0%0.8%0.6%0.4%0.2%0.0%2527293133351357911131517192123注：2012252729313335银行间市场个贷ABS指数2025年第4季度2逾期率指数继续攀升：四季度车贷ABS逾期率指数进一步攀升，季末M2逾期率升至0.29%，M3逾期率升至0.17%，为近五年内的最高值。但从绝对值来看，车贷ABS逾期率水平整体CPR指数创历史最高：四季度末CPR指数升高至11.1%，创历史最高水平。2025年CPR波动中枢为9.4%，较上年小幅提升约0.5个百分点。样本构成变动较大，中资AFC占据多数：四季度退出样本10例，新增样本7例，分别占上季度末资产余额的6.9%，及本季度末资产余额的18.1%，样本构成变动较大。自2024年下半年起，本土汽车品牌集团旗下的AFC在样本中占据多数，本季度末进一步升至近60%。近三年累计违约率曲线明显抬升：过去三年内在宏观经济承压、居民收入增长放缓的背景下，新发行的车贷ABS资产池新增违约率呈现出逐年升高的态势，叠加资产池平均合同期限普遍延长，累计违约率曲线前端明显抬升，后端增长消费贷ABS笔数（右轴）M2：3个月移动平均M3：3个月移动平均M2逾期率M3笔数（右轴）M2：3个月移动平均M3：3个月移动平均M2逾期率M3逾期率2.0%2.0%321.5%241.0%160.5%80.0%0来源：受托报告、惠誉博华惠誉博华银行间市场消费贷ABS指数发起机构权重100%80%60%40%20%0%来源：受托报告、惠誉博华消费贷ABS累计违约率201520162017201820192020按发行年份统计202120222023202420256.0%4.0%2.0%0.0%1357911131517192123252729313335注：2015至2021年发行的消费贷ABS产品不再公布受托报告。自发行经历月份逾期率指数回到上行区间：四季度样本变化不大，指数走势主要由上季度末存续至本季度的交易驱动。四季度末消费贷ABS的M2逾期率指数升至0.97%，M3逾期率指数升至1.05%，城商行与消费金融公司构成样本主体：四季度新增样本2例，退出年开始，来自城商行与消费金融公司的样本占比已升至约95%。发起机构变化驱动累计违约率曲线抬升：自2022年起，银行间市场消费贷ABS的主力发起机构由银行逐渐转变为消费金融公司，导致近三年累计违约率曲线较此前水银行间市场个贷ABS指数2025年第4季度3RMBS笔数（右轴）M2：3个月移动平均M3：3个月移动平均M2逾期率M3笔数（右轴）M2：3个月移动平均M3：3个月移动平均M2逾期率M3逾期率0.30%0.24%0.18%0.12%0.06%0.00%300240180120600笔数（右轴）CPRCPR：笔数（右轴）CPRCPR：3个月移动平均值30024018030024018012060020%15%10%5%0%100%80%60%40%20%0%2005200520072014201520162017按发行年份统计1.5%1.0%0.5%0.0%2018201920202021202211325374961738597109121133145157注：2005年发行的RMBS已清算。自发行经历月份来源：受托报告、惠誉博华资产池逾期率高位企稳：RMBS资产池逾期率指数在2025年一季度末达到历史高点，小幅下行后于下半年企稳，四季度末M2及M3逾期率指数分别为0.22%及0.13%。CPR指数保持平稳：2025年下半年RMBS的CPR指数在10%左右的水平稳定运行。样本构成稳定：本季度退出样本2例，占上季度末余额的0.6%，样本构成自2025年3月以2017-2022年度累计违约曲线斜率高于往年，但组内差异小：2017-2022年的累计违约率曲线相对集中，发行后约5年其累计违约率平均水平达到1%，相当于以计违约率最高值，且大部分违约率曲线斜率银行间市场个贷ABS指数2025年第4季度4央行决定实施一次性信用修复政策2025年末中国人民银行发布了《关于实施一次性信用修复政策有关安排的通知》（以下简称《通知》），对于符合条件的个人贷款逾期信息，将不会在个人《通知》针对2020年1月1日至2025年12月31日期间，单笔金额不超过10000元人民币的，且在2026年3月31日（含）前足额偿还逾期债务的逾期信息，具体安排如下：2025年11月30日（含）前自2026年1月1日起不予展示相关2025年12月1日至2026年3月31日之间来源：中国政府网、惠誉博华不满足上述条件的逾期信息，根据《征信业管理条例》常难以满足《通知》中关于逾期金额的条件，因此惠誉博华认央行的征信记录是金融机构个人贷款业务的重要参考依作用。《通知》颁布之前，部分受疫情冲击逾期后又还清的借款不良记录显示，金融机构对此类借款人的风险识别可能因此出现或无法获得与其实际风险水平相匹配的利率。《通知》的安排既有助于引导金融机构提升金融服务质效，满足居民合理的信贷需机构未来或许难以准确辨别借款人是否曾经历过信用修复，而银行间市场个贷ABS指数2025年第4季度5附录1：指数编制方法惠誉博华编制的银行间市场个贷ABS指数描述了银行间债券市场个贷ABS的基础资产整体表汽车贷款和个人消费类贷款为基础资产的资产证券化交易。但产特征或受托报告数据披露口径与其余样本差异很大，或者惠银行间市场个贷ABS指数2025年第4季度6附录2：2025年12月指数构成M2逾期率M3逾期率CPRM2逾期率M3逾期率CPR车贷ABS屹腾2020-2一汽AFC156.640.00%0.00%0.00%汇聚融2024-4广汽汇理AFC112,612.280.22%0.06%10.47%屹腾2021-4一汽AFC586.980.00%0.00%0.00%德宝天元2024-1宝马AFC585,632.820.09%0.05%22.45%屹腾2021-5一汽AFC6,476.960.28%0.32%22.29%瑞泽天驰2024-2奇瑞徽银AFC148,912.480.70%0.45%5.18%融腾2023-2上汽通用AFC100,330.271.22%0.83%13.92%盈风2024-1东风AFC124,999.770.80%0.02%6.60%2023-1宝马AFC108,794.790.22%0.12%24.43%长盈2024-4长城滨银AFC212,197.230.37%0.13%8.71%融腾2023-4上汽通用AFC97,831.961.21%0.72%12.35%吉时代2024-4吉致AFC181,602.490.05%0.04%9.67%屹隆2023-1一汽AFC7,516.290.97%2.19%11.47%长金2024-3长安AFC59,096.520.30%0.15%9.87%速利银丰2023-2奔驰AFC323,729.560.39%0.18%13.97%瑞泽天驰2024-3奇瑞徽银AFC210,533.590.83%0.66%6.16%汇聚融2023-1广汽汇理AFC81,415.260.55%0.25%14.09%长盈2025-1长城滨银AFC170,271.500.25%0.12%10.92%长盈2024-1长城滨银AFC79,450.020.67%0.32%9.65%吉时代2025-1吉致AFC263,786.730.07%0.04%6.49%速利银丰2024-1奔驰AFC494,743.410.22%0.07%13.94%唯盈2025-1东风日产AFC198,467.000.14%0.09%8.42%长盈2024-2长城滨银AFC84,114.840.46%0.25%11.23%速利银丰2025-1奔驰AFC289,491.510.08%0.05%10.07%吉时代2024-1吉致AFC77,231.080.27%0.25%13.72%汇聚融2025-1广汽汇理AFC267,004.970.20%0.10%7.61%汇聚融2024-2广汽汇理AFC120,140.350.22%0.20%11.74%长盈2025-2长城滨银AFC249,793.200.25%0.14%7.91%盛世融迪2024-2比亚迪AFC99,712.280.23%0.11%11.62%瑞泽天驰2025-1奇瑞徽银AFC249,576.520.41%0.37%5.35%大众AFC148,002.240.37%0.23%11.72%丰耀2025-1丰田AFC216,568.320.10%0.07%8.48%长盈2024-3长城滨银AFC144,255.640.61%0.28%10.17%大众AFC242,985.710.24%0.16%8.78%速利银丰2024-2奔驰AFC36,350.150.13%0.01%5.46%盈风2025-1东风AFC162,119.350.24%0.02%4.88%福元2024-1福特AFC85,238.500.54%0.35%11.19%长金2025-1长安AFC214,315.470.67%0.32%8.20%唯盈2024-1东风日产AFC72,818.780.15%0.12%8.26%福元2025-1福特AFC149,271.480.22%0.12%32.42%汇聚融2024-3广汽汇理AFC110,317.620.39%0.20%9.22%瑞泽天驰2025-2奇瑞徽银AFC333,576.850.23%0.19%4.74%盛世融迪2024-3比亚迪AFC146,896.040.11%0.07%12.04%欣荣2025-1瑞福德AFC212,776.080.27%0.25%10.80%吉时代2024-2吉致AFC115,832.490.26%0.10%18.77%屹腾2025-1一汽AFC152,498.370.33%0.23%14.00%吉时代2024-3吉致AFC175,681.240.27%0.10%9.76%屹腾2025-2一汽AFC46,893.200.59%0.57%7.37%速利银丰2024-3奔驰AFC474,879.580.16%0.11%12.64%吉时代2025-2吉致AFC469,922.460.01%0.00%7.25%消费贷ABS安顺2022-120,019.760.24%0.24%/鼎柚2025-149,730.94.03%4.83%/常星2022-1630.880.00%0.00%/够花2025-133,252.793.45%4.27%/建晟2022-124,246.250.51%0.42%/南银法巴2025-1119,169.390.74%1.12%/常星2023-1540.590.00%0.00%/永动2025-1365,962.270.09%0.08%/常星2023-21,182.400.00%0.00%/鑫宁2025-117,665.720.71%2.00%/常星2023-31,203.890.00%0.00%/安逸花2025-187,410.582.14%2.29%/常星2023-4958.800.00%0.00%/温兴2025-156,341.420.31%0.22%/南银法巴2024-130,630.971.47%1.81%/安逸花2025-286,525.352.20%2.33%/常星2024-11,187.441.36%0.00%/够花2025-2132,931.92.32%2.15%/常星2024-210,648.420.63%0.00%/鼎柚2025-4132,586.71.51%1.31%/南银法巴2024-295,010.061.58%1.55%/宁惠2025-1168,342.20.29%0.34%/RMBS建元2007-12,684.930.00%0.02%2.38%安鑫2019-282,808.870.05%0.10%12.68%邮元2014-153,602.000.21%0.10%7.48%工元宜居2019-85,001.441.78%1.17%0.00%居融2015-13,653.430.25%0.36%5.11%惠益2019-10120,927.110.18%0.07%7.06%京诚2015-22,520.920.30%0.00%13.27%惠益2019-11112,873.750.08%0.11%7.03%信融2016-17,485.270.10%0.00%0.00%惠益2019-12142,827.140.16%0.16%10.09%家美2016-165,071.730.16%0.17%11.42%融享2020-150,280.390.11%0.26%17.56%中盈2016-129,840.410.10%0.04%11.43%工元宜居2020-18,571.031.85%1.29%0.00%居融2016-116,037.740.15%0.23%7.50%浦鑫安居2020-178,673.160.14%0.19%9.44%苏福2016-13,360.550.00%0.31%22.05%邮元家和2020-180,279.470.13%0.08%8.38%中盈2016-230,398.660.17%0.00%6.62%杭盈2020-162,622.700.00%0.00%12.84%企富2016-1132,853.060.25%0.15%13.23%融享2020-239,861.390.13%0.00%9.59%中盈2016-334,645.970.12%0.00%8.78%杭盈2020-294,492.180.08%0.00%4.74%工元2016-4726.720.00%0.01%0.00%工元宜居2020-28,885.751.64%0.95%0.00%中盈2017-143,721.010.05%0.01%13.00%招银和家2020-2146,987.500.14%0.02%7.90%杭盈2017-126,606.310.04%0.00%7.58%招银和家2020-3157,611.170.25%0.00%8.56%中盈2017-216,743.350.58%0.19%6.60%招银和家2020-4167,451.380.00%0.16%10.03%居融2017-129,570.930.26%0.00%3.73%建元2020-730,757.630.71%0.24%0.78%银行间市场个贷ABS指数2025年第4季度7M2逾期率M3逾期率CPRM2逾期率M3逾期率CPR龙居2017-116,600.060.18%0.18%13.05%兴元2020-157,174.830.17%0.00%8.97%中盈2017-351,097.140.15%0.10%7.77%工元宜居2020-39,082.041.00%0.94%0.00%工元2017-32,157.840.00%0.00%0.00%杭盈2020-358,260.490.15%0.00%12.04%工元2017-41,657.380.80%0.15%0.00%海元2020-191,846.890.15%0.16%10.03%工元2017-51,737.000.33%0.41%0.00%招银和家2020-5168,891.460.10%0.01%9.44%中盈2018-194,337.220.24%0.25%9.05%鑫宁2020-120,773.040.87%0.00%16.33%工元2018-12,770.731.00%0.33%0.00%工元乐居2020-18,465.660.57%1.96%0.97%家美2018-1147,664.340.20%0.09%10.30%工元乐居2020-28,292.611.35%1.96%0.00%工元2018-22,107.190.10%0.60%0.00%工元乐居2020-39,060.031.19%1.42%0.00%工元2018-32,638.260.48%0.10%0.00%建元2020-1131,200.050.49%0.28%2.73%工元2018-46,688.570.75%0.53%0.06%工元乐居2020-48,887.941.29%2.07%0.00%工元2018-55,461.811.36%0.42%0.49%豫鼎2020-1119,555.470.53%0.44%6.31%中盈2018-285,646.950.22%0.23%10.02%中盈万家2020-1133,272.040.22%0.21%6.94%工元2018-66,482.570.44%0.92%0.11%招银和家2020-6251,422.060.27%0.03%9.91%工元2018-76,304.811.71%1.27%5.42%中盈万家2020-2142,856.290.15%0.16%12.12%工元2018-86,559.871.06%1.33%1.03%创盈徽元2020-185,896.070.00%0.00%3.09%工元2018-97,659.781.50%0.83%0.95%浦鑫安居2020-2156,681.050.40%0.11%15.89%兴元2018-3146,770.950.44%0.00%12.35%莞鑫2020-128,633.230.10%0.17%6.85%工元2018-107,329.612.58%0.98%1.65%工元乐居2020-58,508.691.54%0.29%5.03%农盈2018-569,536.350.16%0.13%11.14%杭盈2020-459,976.430.00%0.00%6.11%工元2018-117,696.201.64%0.21%2.93%招银和家2020-8219,181.250.16%0.04%9.83%惠益2018-123,510.540.19%0.26%10.10%工元乐居2020-69,018.161.28%0.83%0.00%交盈2018-2102,326.650.10%0.12%8.80%招银和家2020-7218,852.580.17%0.10%12.60%工元安居2018-111,163.241.03%0.56%2.78%蓉居2020-115,566.760.06%0.08%7.42%工元安居2018-29,854.570.75%0.85%0.55%常安居2020-138,130.150.22%0.05%9.88%工元安居2018-39,300.211.81%0.29%0.00%工元乐居2020-74,419.490.39%0.60%0.00%中盈万家2018-148,597.370.26%0.04%13.34%招银和家2020-965,352.590.16%0.07%12.34%兴元2018-4154,583.090.26%0.00%10.28%信融宜居2021-159,725.510.03%0.23%8.99%中盈万家2018-274,561.200.26%0.12%10.20%农盈汇寓2021-1498,118.910.17%0.15%13.02%工元安居2018-410,618.091.13%3.03%0.00%中盈万家2021-1132,623.920.14%0.05%11.86%工元安居2018-59,810.710.75%1.09%0.75%融享2021-1120,557.220.05%0.02%14.73%交盈2018-381,518.500.21%0.08%8.27%兴渝2021-174,134.110.74%0.82%6.36%中盈万家2019-176,569.050.30%0.07%9.32%杭盈2021-151,892.660.00%0.00%2.93%农盈2019-1112,719.090.19%0.15%12.59%惠益2021-1120,497.450.13%0.00%15.16%工元安居2019-113,419.510.89%0.43%0.66%中盈万家2021-2193,585.980.11%0.15%13.20%工元安居2019-211,992.460.44%0.76%1.61%鑫宁2021-139,335.140.05%0.09%5.89%融享2019-110,875.190.00%0.00%14.55%兴元2021-1390,600.390.37%0.00%12.56%兴元2019-1202,177.700.60%0.00%9.91%惠益2021-2124,254.410.09%0.00%13.27%交盈2019-194,212.600.16%0.26%9.26%工元乐居2021-17,137.810.44%1.08%0.00%农盈2019-2182,887.500.10%0.14%11.34%招银和家2021-1414,789.720.16%0.05%8.99%九通2019-163,093.740.45%0.14%9.73%工元乐居2021-27,901.462.43%0.73%9.04%杭盈2019-143,974.400.01%0.06%6.25%惠益2021-3141,144.040.10%0.03%13.29%惠益2019-116,875.640.17%0.11%10.48%邮元家和2021-1101,345.460.10%0.11%10.14%惠益2019-214,381.960.15%0.20%13.52%京诚2021-1166,969.260.13%0.06%12.54%交盈2019-2122,134.620.24%0.17%9.17%浦鑫安居2021-1319,320.860.17%0.12%10.35%中盈万家2019-273,889.740.16%0.12%9.03%安鑫2021-1132,466.020.33%0.28%10.05%惠益2019-318,977.990.21%0.11%8.89%蓉居2021-131,337.340.13%0.13%0.00%惠益2019-422,140.180.02%0.04%10.03%海元2021-130,579.931.52%0.56%8.80%惠益2019-545,063.460.07%0.14%11.97%杭盈2021-2139,219.570.13%0.20%8.91%杭盈2019-291,027.170.00%0.00%11.47%中盈万家2021-3229,461.380.17%0.19%10.57%和家2019-1181,065.190.17%0.04%9.38%邮元家和2021-2194,325.480.09%0.19%7.44%鑫宁2019-19,381.530.00%0.00%4.05%工元乐居2021-37,830.130.46%1.03%2.94%兴元2019-2195,237.860.61%0.00%8.48%招银和家2021-2111,608.730.11%0.01%10.39%创盈2019-112,579.420.00%0.00%4.04%工元乐居2021-47,617.321.08%1.16%0.00%浦鑫2019-190,416.080.29%0.06%10.51%交盈2021-1208,169.190.13%0.12%10.23%和家2019-212,089.150.00%0.00%7.53%工元乐居2021-54,509.231.10%0.29%2.69%惠益2019-646,968.200.15%0.00%11.17%招银和家2021-4253,536.250.16%0.17%13.87%惠益2019-739,313.380.08%0.10%11.77%工元乐居2021-64,199.271.90%1.96%0.00%银行间市场个贷ABS指数2025年第4季度