The analysis of asset securitization in the Chinese central bank's working paper a few days ago revealed the following information: (1) the current market is generally overly optimistic about asset securitization; (2) the information disclosure in asset securitization is not sufficient and the general investors have difficulty in judging the authenticity; (3) Information distortion will lead to the accumulation of investment risk; once the external environment changes, investors may be collective hedging, resulting in the market stampede. The central bank understands the disadvantaged position of banks in asset securitization, and is actually issuing a risk warning.