Group 1: Industry Investment Rating - No information provided Group 2: Core Viewpoints - Recently, two public REITs projects in the data center field have entered the application and issuance process, marking the expansion of the asset scope of public REITs to the data center field, which is conducive to broadening corporate financing channels, revitalizing existing assets, and promoting the development of REITs in the science - innovation field in China to a new stage. More data center public REITs may be launched in the future, and REITs projects of other basic asset categories in the science - innovation field may also be approaching [3] - In February 2025, the issuance of asset - securitized products in the whole market continued to cool down, with the scale decreasing by 35% compared with the previous period, and the issuance costs of individual products were relatively high [4] - In the secondary market, the overall trading enthusiasm was average, and the performance of the inter - bank and exchange markets was differentiated [20] Group 3: Summary by Directory 1. Overall Market Issuance Situation - In February 2025, 100 issues of asset - securitized products were issued in the whole market, with a total scale of 88.452 billion yuan, a 35% decrease from the previous period. The average issuance costs of micro - enterprise loan and lease asset products were relatively high [4] - Supply chain accounts receivable, quasi - REITs, and infrastructure toll products had relatively low sub - layer ratios, while the layer ratios of lease asset products varied greatly [5] 2. Issuance Situation in Inter - bank and Exchange Markets - Inter - bank market ABS: One product was issued, with a scale of 1.5 billion yuan, and the issuance scale decreased compared with last month. The product priority was AAAsf - rated, and the issuance cost was 2.05% [7] - Dealer Association ABN: 32 issues were issued, with a total scale of 28.448 billion yuan, and the issuance scale increased slightly compared with last month. The coupon rates of priority products with disclosed credit ratings ranged from 1.85% to 4.30%. There were 6 issues without sub - products, accounting for 19%, and the sub - layer ratios of the remaining products ranged from 0.04% to 15% [7] - Exchange ABS: 67 issues were issued, with a total scale of 58.504 billion yuan, and the issuance scale decreased significantly compared with last month. The coupon rates of priority products with disclosed credit ratings ranged from 1.90% to 4.20% [19] - There was 1 issue of public REITs issued this period. There were 3 issues without sub - products, accounting for 4%, and the sub - layer ratios of the remaining products ranged from 0.03% to 20% [18] 3. Secondary Market - Inter - bank market ABS: The total trading volume in February was 283.6 million yuan, with a cooling of trading and a sluggish market. Products with non - performing loans as underlying assets had the largest trading scale [20] - Dealer Association ABN: The total trading volume was 3.6697 billion yuan, and the trading enthusiasm declined. Among products with disclosed underlying assets, quasi - REITs, accounts receivable and other categories had relatively large trading scales, and the trading performance of different products was differentiated [20] - Exchange ABS: The total trading volume was 5.4251 billion yuan, and the trading scale increased compared with last month. The Shanghai and Shenzhen Stock Exchanges had trading volumes of 4.3104 billion yuan and 1.1147 billion yuan respectively. Quasi - REITs, accounts receivable, CMBS/CMBN and other categories had relatively high trading enthusiasm [21][24]

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 3 月 2 4 日—3 月 28 日 总第 556 期 2025 年第 12 期 债券市场研究 作者： 中诚信国际 研究院 马子喻 zyma@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 【信用利差周报 2025 年第 11 期】3 月信用 债发行遇冷，交易所多维发力畅通投融资 双循环 2025-3-25 【信用利差周报2025年第10期】央行进一 步回笼资金，情绪驱动收益率延续调整 2025-3-18 【信用利差周报 2025 年第 9 期】"科技板" 开启债市支持科创新篇，量价齐跌市场持 续调整 2025-3-11 【信用利差周报 2025 年第 8 期】绿色债券 市场迎扩容与创新机遇，央行等五部门表 态下大力气改善民企融资 2025-3-4 【信用利差周报 2025 年第 7 期】央行部署 创新宏观审慎政策工具，债市调整收益率 全面上行 2 ...

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www.ccxi.com.cn 2025 年 4 月 | 目录 | | --- | 摘要 1 市场环境及行业政策 2 证券行业动态 4 证券行业业务发展状况 6 证券行业财务及风控指标状况 12 证券行业展望 17 联络人 | 作者 | | | --- | --- | | 金融机构部 | | | 赵婷婷 | 010-66428877 | | | ttzhao@ccxi.com.cn | | 徐济衡 | 010-66428877 | | | jhxu@ccxi.com.cn | | 盛雪宁 | 010-66428877 | | | xnsheng@ccxi.com.cn | 其他联络人 | 金融机构部 评级总监 | | | --- | --- | | 王雅方 | 010-66428877 | | yfwang@ccxi.com.cn | | | 金融机构部 评级副总监 | | | 孟航 | 010-66428877 | | hmeng@ccxi.com.cn | | 中诚信国际行业展望 中诚信国际 行业展望 证券行业 中国证券行业展望，2025 年 4 月 在一系列利好政策的推动下，2024 年主要指数较上年末 ...

www.ccxi.com.cn 2025 年 4 月 | 目录 | | --- | 摘要 1 市场环境及行业政策 2 证券行业动态 4 证券行业业务发展状况 6 证券行业财务及风控指标状况 12 证券行业展望 17 联络人 | 作者 | | | --- | --- | | 金融机构部 | | | 赵婷婷 | 010-66428877 | | | ttzhao@ccxi.com.cn | | 徐济衡 | 010-66428877 | | | jhxu@ccxi.com.cn | | 盛雪宁 | 010-66428877 | | | xnsheng@ccxi.com.cn | 其他联络人 金融机构部 评级总监 王雅方 010-66428877 yfwang@ccxi.com.cn 金融机构部 评级副总监 孟航 010-66428877 hmeng@ccxi.com.cn 中诚信国际行业展望 中诚信国际 行业展望 证券行业 中国证券行业展望，2025 年 4 月 在一系列利好政策的推动下，2024 年主要指数较上年末有所上涨， 证券行业发展整体呈现先抑后扬趋势。未来证券公司仍将延续目 前股权收购、兼并整合浪潮，头部 ...

www.ccxi.com.cn 2025 年 4 月 目录 | 要点 | 1 | | --- | --- | | 正文 | 2 | | 结论 | 25 | 联络人 | 作者 | | --- | | 结构融资一部 | | | --- | --- | | 张 希 | 010-66428877-490 | | | xzhang01@ccxi.com.cn | | 周星辰 | 010-66428877-592 | | | xchzhou@ccxi.com.cn | | 张 弛 | 010-66428877-474 | | | chzhang@ccxi.com.cn | | 刘祚亨 | 010-66428877-691 | | | zhliu@ccxi.com.cn | 其他联络人 结构融资一部 评级总监 王 立 010-66428877-523 lwang03@ccxi.com.cn 中诚信国际 特别评论 不良资产证券化 中诚信国际行业评论 2024年，商业银行不良贷款余额继续上升，不良资产处置力度进一步加大，资产质量总体平稳；城 农商行不良资产处置压力较大，中小金融机构改革化险有序推进 近年来商业银行不良贷款余额及 ...

www.ccxi.com.cn 特别评论 2025 年 3 月 | 目录 | | --- | | 要 点 | 1 | | --- | --- | | 主要关注因素 | 2 | | 结论 | 9 | 联络人 | 作者 | | | | --- | --- | --- | | 企业评级部 | | | | 蒋 | 螣 | 027-87339288 | | | | tjiang@ccxi.com.cn | | 刘旭冉 | | 027-87339288 | | | | xrliu @ccxi.com.cn | | 石 | 炻 | 027-87339288 | | | | sshi @ccxi.com.cn | 其他联络人 贺文俊 027-87339288 wjhe@ccxi.com.cn 中诚信国际 消费降级时代下零售商业地产的突围与重构 我国零售商业地产当前面临消费增速放缓、线上渠道分流及物业空置率高 悬等多重挑战；但宏观经济筑底企稳与消费刺激政策加码为行业注入新动 能，叠加消费基础设施 REITs 扩容及经营性物业贷新规等金融支持政策 带来的融资环境优化，推动行业进入结构性调整期。一方面，消费降级催 生沉浸式体验经济 ...

Report Summary 1. Investment Rating The provided content does not mention the industry investment rating. 2. Core Viewpoint In February 2025, the issuance scale of enterprise asset - backed securities increased significantly year - on - year, but the issuance cost increased month - on - month. The secondary market trading volume and turnover also showed an upward trend year - on - year, and there were 142 securities due for repayment in March 2025, with a total scale of 40.117 billion yuan [5][23][27]. 3. Summary by Directory 3.1 Issuance Situation - In February 2025, 67 enterprise asset - backed securities were issued, with a total issuance scale of 58.504 billion yuan. Compared with the previous month, the number of issuances decreased by 58, and the scale decreased by 44.46%. Compared with the same period of the previous year, the number increased by 21, and the scale increased by 39.21% [5][6][23]. - In terms of issuance venues, the Shanghai Stock Exchange issued 47 products with an amount of 40.645 billion yuan (69.47% of the total), and the Shenzhen Stock Exchange issued 20 products with an amount of 17.859 billion yuan (30.53% of the total) [6]. - Regarding the distribution of original equity holders, the top five original equity holders' issuance scale totaled 21.141 billion yuan, accounting for 36.14%, and the top ten totaled 32.961 billion yuan, accounting for 56.34% [7]. - For the distribution of managers, the top five managers' new management scale totaled 30.327 billion yuan, accounting for 51.84%, and the top ten totaled 46.492 billion yuan, accounting for 79.47% [9][12]. - The underlying asset types mainly included personal consumer finance, enterprise financial leasing, quasi - REITs, micro - loans, and auto financial leasing. Personal consumer finance products accounted for 27.35% of the scale [13]. - The highest single - product issuance scale was 3.531 billion yuan, and the lowest was 0.107 billion yuan. The number of issuances in the (5, 10] billion yuan range was the largest, with 31 single - products, accounting for 45.32% of the total amount [16]. - The shortest product term was 0.79 years, and the longest was 39.02 years. The number of products with a term in the (1, 3] - year range was the largest, with 44 single - products, accounting for 60.25% of the scale [18][19]. - According to the issuance scale of each level of securities, AAAsf - rated securities accounted for 88.71% [19]. - The issuance interest rate of one - year - around AAAsf - rated securities had a median that increased by about 19BP month - on - month and decreased by about 61BP year - on - year [5][21][23]. 3.2 Filing Situation In February 2025, 93 enterprise asset - backed securities were filed with the Asset Management Association of China, with a total scale of 73.676 billion yuan [5][24]. 3.3 Secondary Market Trading Situation - In February 2025, there were 2,585 transactions of enterprise asset - backed securities in the exchange market, with a total turnover of 54.414 billion yuan. The number of transactions decreased by 4.58% month - on - month, and the turnover increased by 7.00%. Year - on - year, the number of transactions increased by 52.51%, and the turnover increased by 64.59% [5][25]. - The Shanghai Stock Exchange had 1,993 transactions with an amount of 42.978 billion yuan (78.98% of the total), and the Shenzhen Stock Exchange had 592 transactions with an amount of 11.435 billion yuan (21.02% of the total) [5][25]. - The more active underlying asset types in the secondary market were quasi - REITs, accounts receivable, CMBS, personal consumer finance, and supply chain, with turnover accounting for 20.02%, 16.10%, 12.91%, 12.57%, and 10.68% respectively [25]. 3.4 March 2025 Maturity Situation - As of the end of February 2025, 142 outstanding enterprise asset - backed securities were due for repayment in March 2025, with a total scale of 40.117 billion yuan [27]. - The underlying asset categories of the due securities were mainly personal consumer finance, supply chain, policy loan against insurance policy, and partnership shares, with due scales accounting for 24.16%, 18.80%, 11.97%, and 9.97% respectively [27]. - From the perspective of original equity holders, Xiamen International Trust Co., Ltd. had 10 due securities with a repayment scale of 6.44 billion yuan (16.05% of the total), China Railway Group Limited had 2 due securities with a repayment scale of 4 billion yuan (9.97% of the total), and Sunshine Life Insurance Co., Ltd. had 2 due securities with a repayment scale of 3 billion yuan (7.48% of the total) [27].

Report Industry Investment Rating No relevant content provided. Core Viewpoints - The high-pressure situation of implicit debt supervision remains unchanged, emphasizing the prevention of "risks from risk disposal." The second batch of 2 trillion debt replacement quota has reached 60%. Zibo, Shandong, has implemented a county-level non-standard replacement "special loan" [3][6][15]. - In 2024, the scale of local government bonds issued for debt resolution reached 3.38 trillion yuan, a nearly 1-fold increase year-on-year, the highest in recent years. It is recommended to dynamically adjust the debt resolution rhythm in 2025, implement it earlier, and relieve local pressure in a timely manner [6][7]. - After the debt replacement funds are in place, it is necessary to manage the funds, improve the supervision and early warning system, and enhance the actual efficiency of the replacement funds [6][8]. - It is advisable to study the feasibility of using local government bonds to replace government arrears to enterprises on the basis of comprehensively sorting out the arrears, clarifying the responsible entities, and formulating repayment plans [6][9]. Summary by Directory 1. News Review - **Fiscal Policy Report**: In 2024, 3.2 trillion yuan of local debt quota was allocated for debt resolution, and the actual issuance scale was 3.38 trillion yuan. It is recommended to adjust the debt resolution rhythm in 2025. The fiscal department should strengthen management and prevent policy implementation deviations. Support local governments in repaying arrears to enterprises [6][7]. - **Non - standard Debt Replacement in Zibo**: Linzi Jiuhai Financial Holding Co., Ltd. in Zibo, Shandong, obtained a 30 - million - yuan fixed - asset loan from the Bank of China to replace financial leasing business. The repayment period was extended to 10 years, optimizing the debt structure [6][10]. - **Early Redemption of Bonds**: 25 urban investment enterprises redeemed bond principal and interest in advance, involving 25 bonds with a total scale of 3723 million yuan, a decrease of 2044 million yuan from last week [13]. - **Cancellation of Bond Issuance**: 4 urban investment bonds were cancelled, with a planned issuance scale of 1800 million yuan. As of March 23, 2025, 45 urban investment bonds had been postponed or cancelled, with a total scale of 28.453 billion yuan [14]. 2. Issuance of Local Government Bonds and Urban Investment Bonds - **Local Government Bonds**: The issuance scale and net financing increased. The second batch of 2 trillion implicit debt replacement quota reached 60%. The issuance scale rose 81.15% to 157.067 billion yuan, and the net financing increased 162.69% to 131.755 billion yuan. The weighted average issuance term was 16.32 years, and the weighted average issuance interest rate rose to 2.18% [6][15]. - **Urban Investment Bonds**: The issuance scale and net financing increased, while the issuance interest rate decreased and the spread narrowed. The issuance scale rose 18.07% to 173.861 billion yuan, and the net financing turned positive, increasing by 77476 million yuan to 37632 million yuan. The overall issuance interest rate was 2.64%, and the issuance spread was 97.90BP [6][16]. 3. Trading of Local Government Bonds and Urban Investment Bonds - **Funds**: The central bank conducted 1411.7 billion yuan of reverse repurchases, with a net investment of 37.85 billion yuan. Short - term fund rates mostly increased [21]. - **Credit Rating and Events**: No urban investment enterprises had their credit ratings adjusted, and no urban investment credit risk events occurred [21]. - **Local Government Bonds**: The spot trading volume decreased 12.31% to 554.985 billion yuan, and the maturity yields generally increased by an average of 3.37BP [23]. - **Urban Investment Bonds**: The spot trading volume increased 7.44% to 413.818 billion yuan, and the maturity yields generally decreased by an average of 4.27BP. The spreads of 1 - year, 3 - year, and 5 - year AA + urban investment bonds narrowed [23]. - **Abnormal Trading of Urban Investment Bonds**: 20 bonds of 19 urban investment entities had 24 abnormal trades. Shandong had the most abnormal trades [23]. 4. Important Announcements of Urban Investment Enterprises - 49 urban investment enterprises announced changes in senior management, legal representatives, directors, supervisors, etc., as well as changes in controlling shareholders, actual controllers, equity/asset transfers, name changes, and external guarantees [28].

Revenue Performance - General public budget revenue decreased by 1.6% year-on-year, while government fund budget revenue fell by 10.7%[2] - Overall, broad fiscal revenue declined by 2.9% year-on-year, with a significant gap from the annual budget target of 0.2%[2] - Central revenue dropped by 5.8%, while local revenue increased by 2.0%[5] Expenditure Trends - General public budget expenditure grew by 3.4%, and government fund budget expenditure increased by 1.2%[2] - Broad fiscal expenditure rose by 2.9% year-on-year, but still fell short of the annual budget target of 9.3%[2] - Social security and livelihood expenditure surged by 6.4 percentage points to 43.08% of total expenditure[6] Debt and Fiscal Pressure - Debt interest payments increased by 19.7%, marking the highest growth rate among major expenditure types, reaching 3.48% of general public budget revenue[7] - Estimated local government bond interest payments may exceed 1.4 trillion yuan, reflecting a year-on-year growth of over 7%[7] - Broad fiscal revenue faced pressure, with total revenue at 43,856 billion yuan, down 2.9% year-on-year[11]