On February 26, the Asset Management Association of China (AMAC) released a brief report on the operation of asset-backed special plans in January. The data showed that in January 2025, there were 137 new filings for asset-backed special plans (ABS), with a total size of 1122.64 billion yuan (see Figure 1). Among them, public offerings of infrastructure Real Estate Investment Trusts (REITs) invested in ABS with 3 new filings totaling 51.12 billion yuan. In addition, the top three ABS underlying assets in terms of new filings were accounts receivable, real estate held ABS, and small loan claims, with filing sizes of 344.22 billion yuan, 263.58 billion yuan, and 183.27 billion yuan respectively (see Table 1). Existing Situation By the end of January 2025, there were 2,426 existing ABS plans with a total size of 20,981.81 billion yuan. Among them, ABS plans invested by infrastructure public REITs totaled 66 with a size of 1,698.44 billion yuan. In addition, the total existing size of ABS plans with underlying assets in accounts receivable, real estate held ABS, commercial mortgage-backed securities (CMBS), financing lease claims, and small loan claims was 16,749.38 billion yuan, accounting for 79.83% of the total existing size (see Figure 2); the remaining underlying assets had an existing size totaling 2,533.98 billion yuan, accounting for 12.08% of the total existing size.