www.ccxi.com.cn 编号：2025-NM09 2025 年 9 月 9 日 联络人 作者 结构融资一部 吕 博 010-66428877 blv@ccxi.com.cn 张雅茹 010-66428877 yrzhang@ccxi.com.cn 夏金印 010-66428877 jyxia@ccxi.com.cn 目录 要点 1 正文 2 中诚信国际 定期报告 资产证券化 资产支持票据发行节奏有所放缓，个人消费贷款和 小微贷款仍然是市场发行的主力资产类型 ——资产支持票据产品报告（2025 年 8 月） 要点 负责人 结构融资一部 评级总监 王 立 010-66428877-523 lwang03@ccxi.com.cn 发行情况：资产支持票据共发行 56 单产品，发行规模合计 492.83 亿元，与上月相 比，发行数量增加 4 单，发行规模增长 26.23%；与上年同期相比，发行数量减少 20 单，发行规模下降 26.42%。发行产品涉及的基础资产类型为个人消费金融、小微贷 款、补贴款、应收账款和供应链等。其中，ABCP 产品共发行 14 单，发行规模合计 159.78 亿元，占 ABN 发行规模 ...

2025 年第 32 期 隐性债务监管高压态势不变强调防范"处置风险的风险" 地方政府债与城投行业 地方政府债与城投行业监测周报 2022 年第 9 期 监测周报 2025 年 8 月 25 日—2025 年 8 月 29 日 总第 355 期 作者： 中诚信国际 研究院 闫彦明 ymyan01@ccxi.com.cn 张 堃 kzhang02@ccxi.com.cn 汪苑晖 yhwang@ccxi.com.cn 中诚信国际研究院 院长 袁海霞 hxyuan@ccxi.com.cn 【地方政府债与城投行业监测周报 2025 年 第 31 期】专项债支持政府投资基金规模扩 容，北京再次提前偿还部分专项债 2025- 08-29 【地方政府债与城投行业监测周报 2025 年 第 30 期】财政部明确地方债可支持存量 PPP 项目，多省审计披露专项债投资效率， 偏低问题 2025-08-21 【地方政府债与城投行业监测周报 2025 年 第 29 期】两项财政贴息政策落地主力提振 消费，吉林超八成市县区隐性债务清零， 2025-08-15 【地方政府债与城投行业监测周报 2025 年 第 28 期】家庭支持型财政政 ...

信用利差周报 地方政府债与城投行业监测周报 2022 年第 9 期 隐性债务监管高压态势不变强调防范"处置风险的风险" 2025 年 8 月 2 5 日—8 月 29 日 总第 576 期 2025 年第 33 期 债券市场研究 作者： 中诚信国际 研究院 郝云龙 ylhao@ccxi.com.cn 卢菱歌 lglu@ccxi.com.cn 谭 畅 chtan@ccxi.com.cn 中诚信国际研究院 院长 袁海霞 hxyuan@ccxi.com.cn 中诚信国际品牌与投资人服务部 赵 耿 010-66428731； 【信用利差周报2025年第32期】科创债市 场持续扩容，第二批科创债 ETF 正式申报 2025-8-26 【信用利差周报2025年第31期】深交所首 发AAA国企民企债分类指数，跨境投资便利 再提升 2025-8-19 【信用利差周报2025年第30期】交易商协 会细化债券承销报价要求，债券收益率延 续下行 2025-8-12 【信用利差周报2025年第29期】交易商协 会"反内卷"规范债券发行，美国9月降息 预期上升 2025-8-5 【信用利差周报2025年第28期】"股债跷 跷板"效应下 ...

1. Report Industry Investment Rating No relevant information provided. 2. Core Viewpoints of the Report In the first half of 2025, the issuance volume of innovative multi-core enterprise combination mode products and external credit enhancement products increased significantly. Financial institutions such as guarantee companies and commercial banks played the role of a link between fund demanders and providers, expanding the service scope of supply chain asset - backed securities products. The number of core enterprises participating in product issuance increased significantly, and the covered regions and industries also broadened. Meanwhile, against the backdrop of the deep - seated market - oriented operation transformation of local state - owned enterprises, the prominent demand for working capital reduction in the construction industry, and the significant increase in the trading activity of the ABS market, the utility of supply chain asset - backed securities products in asset revitalization became prominent. The market issuance recovered significantly, the product term design tended to be long - term, and the issuance interest rate continued the downward trend [61]. 3. Summary According to the Directory 3.1 Issuance Situation - In the first half of 2025, 137 supply chain - related asset - backed securitization products were issued in the exchange market, with a total issuance scale of 69.801 billion yuan, a year - on - year increase of 35 units and 35.24% in scale. The products accounted for 11.25% of the total issuance scale of enterprise asset - backed securitization products in the exchange market during the same period, a year - on - year increase of 0.22 percentage points [3][4]. - In terms of issuance venues, 104 products were issued on the Shanghai Stock Exchange, with a scale of 57.58 billion yuan, accounting for 82.49%; 33 products were issued on the Shenzhen Stock Exchange, with a scale of 12.221 billion yuan, accounting for 17.51% [6]. - In terms of product issuance scale distribution, 130 products had a single - product issuance scale of 1 billion yuan or less, with a total scale of 59.45 billion yuan, accounting for 85.17% [8]. - In terms of product term distribution, products with an expected term of more than 1 year had a significant increase in issuance volume and scale, with the number of issuance units increasing by 47 and the scale increasing by 132.03% year - on - year [10]. - In terms of initial credit rating distribution, AAAsf - rated securities had a total issuance scale of 54.854 billion yuan, accounting for 78.59%, and AA + sf - rated securities had a scale of 14.63 billion yuan, accounting for 20.96% [11]. - The average issuance interest rate of AAAsf - rated supply chain - related asset - backed securities with a term of about 1 year was 2.20%, and the median was 2.10%, down 49BP and 54BP year - on - year respectively [3][13]. - The average issuance spread based on the 1 - year Treasury bond yield as a benchmark narrowed compared with the same period of the previous year, and the average spread based on the 1 - year corporate bond yield was basically the same as the previous year [18]. 3.2 Core Enterprise Analysis - In the first half of 2025, 122 single - core enterprise products involved 70 core enterprises, with a scale of 63.809 billion yuan, accounting for 91.42%; 15 innovative multi - core enterprise combination products involved 64 core enterprises, with a scale of 5.992 billion yuan, accounting for 8.58%. The number of core enterprises increased significantly year - on - year [24][25]. - In terms of enterprise nature, 122 single - core enterprise products involved 68 state - owned enterprises and 2 private enterprises, with corresponding issuance scales of 55.86 billion yuan and 7.949 billion yuan respectively. The number of state - owned enterprises increased by 21 year - on - year, and the number of private enterprises decreased by 2 [29]. - In terms of regional distribution, single - core enterprise products involved 18 regions, with broader coverage. The top three regions, Beijing, Guangdong, and Shandong, had a total issuance amount of 31.283 billion yuan, accounting for 49.03% [30]. - In terms of industry distribution, single - core enterprise products involved 14 industries, with broader coverage. The infrastructure investment and financing, construction, real estate, and trade industries still led in terms of issuance scale. The issuance scale of the construction industry increased by 30.51% year - on - year, and that of the infrastructure investment and financing industry increased by 104.69% year - on - year [33]. - In terms of public credit ratings, core enterprises of single - core enterprise products were mainly rated AAA and AA +, with a corresponding issuance scale of 61.279 billion yuan, accounting for 96.04% [37]. 3.3 Original Equity Holder Situation - In the first half of 2025, 30 original equity holders or their agents were involved, all of which were factoring companies. The top five original equity holders had a total issuance scale of 47.954 billion yuan, accounting for 68.70% [40]. - 21 factoring companies had no affiliated relationship with the core enterprises of their issued products, with 105 issuance units and a scale of 52.263 billion yuan, accounting for 74.87%; 9 factoring companies had an affiliated relationship, with 32 issuance units and a scale of 17.538 billion yuan, accounting for 25.13% [45]. 3.4 Product Structure Design - In terms of sub - level securities setting, 121 products had a sub - level scale ratio between 0% (excluding) and 2% (including), with a corresponding issuance scale of 65.157 billion yuan, accounting for 93.35% [48]. - In terms of credit enhancement arrangements, 128 products were fully credit - enhanced, with a scale of 64.632 billion yuan; 4 products were single - debtor non - credit - enhanced, with a scale of 1.953 billion yuan; 5 products were multi - debtor non - credit - enhanced or partially credit - enhanced, with a scale of 3.216 billion yuan. The scale of fully credit - enhanced products increased by 42.89% year - on - year [50]. - 113 products had core enterprises or their affiliated companies as credit enhancement subjects, with a scale of 61.281 billion yuan, a year - on - year increase of 30.19%; 19 products had external guarantee companies and/or banks as credit enhancement subjects, with a scale of 5.951 billion yuan, a year - on - year increase of 244.39% [53]. 3.5 Filing, Secondary Market Trading, and Maturity Situation - In the first half of 2025, 139 supply chain - related asset - backed special plans were filed with the Asset Management Association of China, with a total scale of 77.576 billion yuan, a year - on - year increase of 34 units and 37.73% in scale [55]. - In the secondary market, supply chain - related asset - backed securities had 2,528 transactions, with a total scale of 49.509 billion yuan, accounting for 9.93% of the total trading scale of enterprise asset - backed securities in the current year. The number of transactions increased by 1,070, and the scale increased by 75.31% year - on - year [57]. - In the second half of 2025, 242 outstanding supply chain - related asset - backed securities were expected to mature, with a total maturity scale of 57.688 billion yuan, accounting for 18.66% of the total scale of all maturing asset - backed securities during the same period [58].

www.ccxi.com.cn 编号：2025-AT08 2025 年 8 月 29 日 目录 | 要点 | 1 | | --- | --- | | 正文 | 2 | | 声明 | 19 | 中诚信国际 定期报告 资产证券化 发行节奏有所加快，央企需求持续释放，融资成本明 显下行，二级成交活跃度显著提升 ——应收账款类资产支持证券产品报告（2025 年半年度） 要点 负责人 结构融资部 董事总经理 王 立 010-66428877-523 lwang03@ccxi.com.cn 结构融资部 评级总监 ◼ 发行情况：2025 年上半年交易所市场共发行应收账款类资产证券化产品 50 单，合计 发行规模 637.30 亿元；与上年同期相比，发行数量增加 16 单，发行规模上升 40.49%。 2025 年上半年，实际融资人为中央企业及其下属公司的应收账款类产品发行规模合 计 585.66 亿元，占比为 91.90%；实际融资人所处行业为建筑行业的应收账款类产品 发行规模合计 595.49 亿元，占比为 93.44%。融资成本方面，应收账款类产品 1 年期 左右 AAAsf级证券利率中位数为 2.18%，同比下降约 ...

1. Report Industry Investment Rating No information provided in the document. 2. Core Viewpoints of the Report - In the first half of 2025, the issuance volume and scale of personal consumer finance - related asset - backed securities increased year - on - year, while those of micro - loan asset - backed securities decreased year - on - year due to reduced issuance by major platforms. The primary originators of these products are trust companies and small - loan companies, and the underlying asset generation platforms are mainly leading Internet finance platforms, showing a significant head - concentration effect. These products mostly adopt the non - subject credit enhancement model, and the issuance interest rates have declined, with significantly increased secondary - market trading activity [5][7][87]. 3. Summary by Relevant Catalogs 3.1 General Situation - In H1 2025, the exchange market issued 212 personal consumer finance and micro - loan asset - backed securities, with a total issuance scale of 159.791 billion yuan, a 32.99% year - on - year increase in scale and a 0.08 - percentage - point increase in the proportion of the total issuance scale of enterprise asset - backed securities in the exchange market [6]. - Personal consumer finance products dominated, with 170 issues and a scale of 129.059 billion yuan, a 45.51% year - on - year increase in scale. Micro - loan products had 42 issues and a scale of 30.732 billion yuan, a 2.32% year - on - year decrease in scale [7]. 3.2 Personal Consumer Finance - Related Asset - Backed Securities 3.2.1 Issuance - In terms of issuance venues, the Shanghai Stock Exchange issued 100 products worth 70.383 billion yuan (54.54% by amount), and the Shenzhen Stock Exchange issued 70 products worth 58.676 billion yuan (45.46% by amount) [9]. - The top five originators accounted for 69.53% of the issuance scale, and the top ten accounted for 91.38%. The top five platforms accounted for 84.24% of the issuance scale [10][12]. - The top five managers accounted for 65.64% of the newly - added management scale, and the top ten accounted for 92.32% [15]. - Most products used the priority/secondary structured layering credit enhancement method. 149 products (91.53% by scale) adopted the non - subject credit enhancement model [17]. - The highest single - product issuance scale was 2 billion yuan, and the lowest was 1.33 billion yuan. Products with a single - scale in the (5, 10] billion yuan range had the most issuance volume, accounting for 75% of the scale [20]. - The shortest product term was 0.60 years, and the longest was 3.25 years. Products with a term in the (1, 3] - year range had the most issuance volume, accounting for 87.04% of the scale [21]. - AAAsf - rated securities accounted for 89.80% of the issuance scale [22]. - The interest - rate center of 1 - year - around AAAsf - rated securities was approximately between 1.78% and 2.28%, with the median decreasing by about 9BP year - on - year [24]. 3.2.2 Issuance Spread - Compared with the same - term treasury bonds, the average issuance spread of 1 - year AAAsf - rated personal consumer finance asset - backed securities narrowed in H1 2025, while that of 3 - year securities widened [31]. - Compared with the same - term AAA - rated corporate bonds, the average issuance spread of 1 - year and 3 - year AAAsf - rated personal consumer finance asset - backed securities both narrowed [35]. - The average issuance interest rate of 1 - year AAAsf - rated personal consumer finance asset - backed securities decreased by 41BP year - on - year [38]. 3.2.3 Filing - In H1 2025, 142 personal consumer finance asset - backed special plans were filed with the Asset Management Association of China, with a total scale of 101.031 billion yuan, a 12.06% year - on - year increase in scale [39]. 3.2.4 Secondary - Market Trading - In H1 2025, there were 3,595 secondary - market transactions, an increase of 1,386 year - on - year, with a total transaction scale of 62.625 billion yuan, a 51.20% year - on - year increase [41]. 3.2.5 Maturity in H2 2025 - As of the end of June 2025, 243 personal consumer finance asset - backed securities were expected to mature in H2 2025, with a scale of 49.846 billion yuan [43]. 3.3 Micro - Loan Asset - Backed Securities 3.3.1 Issuance - In terms of issuance venues, the Shanghai Stock Exchange issued 34 products worth 23.632 billion yuan (76.90% by amount), and the Shenzhen Stock Exchange issued 8 products worth 7.1 billion yuan (23.10% by amount) [46]. - The top five originators accounted for 73.24% of the issuance scale, and the top ten accounted for 98.70%. The top five platforms accounted for 89.48% of the issuance scale [46][48]. - The top five managers accounted for 75.19% of the newly - added management scale [49]. - Most products used the priority/secondary structured layering credit enhancement method. 37 products (87.88% by scale) adopted the non - subject credit enhancement model [51]. - The highest single - product issuance scale was 1.5 billion yuan, and the lowest was 1.07 billion yuan. Products with a single - scale in the (5, 10] billion yuan range had the most issuance volume, accounting for 68.33% of the scale [54]. - The shortest product term was 0.96 years, and the longest was 3.05 years. Products with a term in the (1, 3] - year range had the most issuance volume, accounting for 85.33% of the scale [56]. - AAAsf - rated securities accounted for 85.95% of the issuance scale [58]. - The interest - rate center of 1 - year - around AAAsf - rated securities was approximately between 1.78% and 2.28%, with the median decreasing by about 25BP year - on - year [60]. 3.3.2 Issuance Spread - Compared with the same - term treasury bonds and AAA - rated corporate bonds, the average issuance spread of 1 - year AAAsf - rated micro - loan asset - backed securities narrowed in H1 2025 [68][72]. - The average issuance interest rate of 1 - year AAAsf - rated micro - loan asset - backed securities decreased by 36BP year - on - year [73]. 3.3.3 Filing - In H1 2025, 40 micro - loan asset - backed special plans were filed with the Asset Management Association of China, with a total scale of 27.832 billion yuan, a 2.35% year - on - year increase in scale [74]. 3.3.4 Secondary - Market Trading - In H1 2025, there were 1,360 secondary - market transactions, an increase of 559 year - on - year, with a total transaction scale of 22.505 billion yuan, a 101.70% year - on - year increase [76]. 3.3.5 Maturity in H2 2025 - As of the end of June 2025, 57 micro - loan asset - backed securities were expected to mature in H2 2025, with a scale of 8.412 billion yuan [77]. 3.4 Industry Dynamic Review - In January 2025, the State Financial Regulatory Administration issued the Interim Measures for the Supervision and Administration of Small - Loan Companies, which refined and standardized the business processes of small - loan companies and raised the access threshold for asset - backed securities issuance [81]. - In March 2025, the Asset Management Association of China issued the Work Details for Due Diligence in Bond - Based Asset - Securitization Business, including small - loan claims in the due - diligence framework [82]. - In June 2025, six departments including the People's Bank of China jointly issued the Guiding Opinions on Financial Support for Boosting and Expanding Consumption, incorporating consumer rights protection into the ABS regulatory rating system [83].

1. Report Industry Investment Rating There is no information provided regarding the report's industry investment rating. 2. Core Viewpoints of the Report - Shanghai, Jiangsu and other regions are exploring the use of special-purpose bonds to support government investment funds, with a total scale of 36 billion yuan this year, which helps improve the efficiency of special-purpose bond funds and promote the high - quality development of government investment funds [6][7]. - Beijing has repaid part of its special - purpose bonds ahead of schedule for the third time, which helps save interest expenses and smooth the pressure of debt maturity [6][11]. - This week, 18 urban investment enterprises prepaid bond principal and interest, and the issuance of "25 Nanjing Tiejian SCP002" was cancelled [6][13]. - The issuance and net financing of local government bonds increased this week, with rising issuance interest rates and widening spreads. The issuance of new special - purpose bonds accelerated, and the cumulative issuance of special new special - purpose bonds exceeded 900 billion yuan. The issuance of urban investment bonds decreased, and the net financing scale turned negative [6][16]. - In the trading of local government bonds and urban investment bonds, the trading scale of local government bonds decreased, and the trading scale of urban investment bonds increased. Most of the maturity yields of urban investment bonds increased [28][29]. 3. Summary According to the Table of Contents 3.1 News Review - **Special - purpose bonds support government investment funds**: Shanghai, Jiangsu and other regions are exploring the use of special - purpose bonds for government investment funds. The current disclosed scale has reached 36 billion yuan. Policy space has opened up, and government investment funds are not on the "negative list" [6][7][8]. - **Beijing repays special - purpose bonds ahead of schedule**: On August 20, Beijing repaid 145 million yuan of special - purpose bonds ahead of schedule, which is the third time. It helps save interest expenses and smooth the pressure of debt maturity [11]. - **18 urban investment enterprises prepaid bond principal and interest**: This week, 18 urban investment enterprises prepaid the principal and interest of 20 bonds, with a total scale of 4.789 billion yuan, a decrease compared to the previous period [13]. - **Cancellation of the issuance of "25 Nanjing Tiejian SCP002"**: The planned issuance scale was 700 million yuan. As of August 22, 84 urban investment bonds have been postponed or cancelled this year, with a total scale of 51.076 billion yuan [14][15]. 3.2 Issuance of Local Government Bonds and Urban Investment Enterprise Bonds - **Local government bonds**: This week, 110 local government bonds were issued, with a scale increase of 303.74% to 369.15 billion yuan, and the net financing turned positive. The issuance of new special - purpose bonds accelerated. As of August 22, new special - purpose bonds reached 3.076157 trillion yuan, completing 69.91% of the annual quota. The weighted average issuance interest rate rose by 18.20BP to 2.13%, and the spread widened by 2.69BP to 20.23BP [16]. - **Urban investment bonds**: 167 urban investment bonds were issued this week, with a scale decrease of 13.80% to 105.794 billion yuan, and the net financing turned negative. The overall issuance interest rate was 2.34%, rising by 16.16BP, and the spread was 80.64BP, widening by 11.61BP. Seven overseas urban investment bonds were issued, with a total scale of 5.246 billion yuan [20][21]. 3.3 Trading of Local Government Bonds and Urban Investment Enterprise Bonds - **Fund situation**: The central bank conducted 2.077 trillion yuan of reverse repurchase operations in the open market this week, with a net investment of 1.3652 trillion yuan. Short - term capital interest rates mostly rose [28]. - **Credit rating adjustment**: On August 1, Dagong International upgraded the credit rating of Anhui Chuzhou Urban Investment Holding Group Co., Ltd. from AA+ to AAA [28]. - **Credit events and regulatory penalties**: No urban investment credit risk events occurred this week [28]. - **Local government bonds**: The spot trading scale of local government bonds was 34.4287 billion yuan, a decrease of 4.51%. Except for the 1 - year bonds, the maturity yields of other maturities increased [28]. - **Urban investment bonds**: The trading scale of urban investment bonds was 28.955 billion yuan, an increase of 19.38%. Most of the maturity yields increased, with an average increase of 8.01BP. The spreads of 1 - year and 5 - year AA+ urban investment bonds widened, and the spread of 3 - year AA+ urban investment bonds narrowed. There were 15 abnormal transactions of 14 bonds of 13 urban investment entities [29]. 3.4 List of Important Announcements of Urban Investment Enterprises This week, 86 urban investment enterprises announced changes in senior management, legal representatives, directors, supervisors, etc., including changes in controlling shareholders and actual controllers, equity/asset transfers, cumulative new borrowings, name changes, external guarantees, and changes in business scope [33].

Policy Initiatives - The central government has issued guidelines to enhance financial support for new industrialization, focusing on manufacturing and digital infrastructure[2] - The guidelines propose 18 measures across various financial tools, including loans, bonds, and asset securitization, to improve financial service adaptability[2] Asset Securitization Insights - The current stock of financing lease ABS products is approximately 440 billion yuan, with potential expansion under policy support[3] - The first batch of data center REITs launched in August, with issuance sizes of 2.4 billion yuan and 4.5 billion yuan, achieving a market participation increase of 30% on the first trading day[3] Market Trends - In July 2025, the total issuance of asset securitization products was 200.48 billion yuan, a decrease of 5% from the previous period[6] - The average issuance cost for policy pledge loan products remains the highest among various categories, indicating ongoing high financing costs[6] Performance Metrics - The interbank ABS market saw a significant growth of 33%, with 32.93 billion yuan issued in July 2025[17] - The exchange ABS market remained stable, with 128.5 billion yuan issued, showing little change from the previous month[20] Risk Considerations - Future cash flow will be critical for the success of asset securitization, necessitating ongoing monitoring of cash flow recovery from underlying assets[3] - The secondary market for ABS products has seen a decline in trading activity, with total transactions in the interbank market dropping significantly[27]

Group 1: Economic Overview - The national economy is showing steady progress, with key economic indicators performing well, but still facing risks such as a complex external environment and insufficient domestic demand[2] - In July, industrial added value growth was 5.7%, down 1.1 percentage points from the previous month, while retail sales growth fell to 3.7%, also down 1.1 percentage points[3] - Fixed asset investment growth was 1.6%, a decrease of 1.2 percentage points from the previous value, indicating weakened supply and demand[3] Group 2: Monetary Policy Signals - The report emphasizes the need for "appropriate and detailed implementation of a moderately loose monetary policy," suggesting that comprehensive rate cuts may be delayed[3] - The Consumer Price Index (CPI) in July was 0%, indicating a shift from positive to flat, while the core CPI rose to 0.8%, the highest since March 2024[5] - The report highlights the importance of enhancing price levels to lower real financing costs, as the current level is historically high compared to the U.S.[5] Group 3: Structural Adjustments - The focus has shifted from increasing credit volume to optimizing credit structure, with an emphasis on supporting small and micro enterprises, technology, and consumption[7] - The report indicates a need for diversified financing channels, moving from indirect to direct financing methods, particularly in technology innovation[8] - There is a renewed emphasis on preventing fund "circulation" and ensuring that funds are effectively utilized in the real economy to avoid financial risks[9]

www.ccxi.com.cn 编号：2025-AM08 2025 年 8 月 27 日 负责人 结构融资部 董事总经理 王 立 010-66428877-523 lwang03@ccxi.com.cn 结构融资部 评级总监 付春香 021-60330927 cxfu@ccxi.com.cn 中诚信国际 定期报告 资产证券化 目录 | 要点 | 1 | | --- | --- | | 正文 | 2 | | 声明 | 8 | 联络人 作者 结构融资部 | 黄燕锋 021-60330988 | | --- | | yfhuang@ccxi.com.cn | | 李依浓 021-60330988 | | ynli@ccxi.com.cn | 发行节奏放缓，融资成本进一步下行，二级市场活跃 度环比下降但同比上升明显 ——企业资产支持证券产品报告（2025 年 7 月） 要点 ◼ 发行情况：2025 年 7 月共发行企业资产支持证券 123 单，合计发行规模 1,303.42 亿 元。与上月相比，发行数量减少 29 单，发行规模下降 2.36%；与上年同期相比，发 行数量减少 9 单，但发行规模上升 20.50%。发行 ...