1. Report Industry Investment Rating No relevant content provided. 2. Core Views - The State Council's new policy on sports industry will increase the supply of sports industry credit bonds and promote innovation in asset - securitized products, but also poses higher requirements for credit risk assessment and prevention [4][11]. - The adjustment of the bond market under the stock - bond rotation shows new characteristics, and the new regulations on fund sales fees have attracted market attention. The new regulations may suppress short - term bond fund investment demand and guide long - term investment [5][15]. - In August, China's import and export growth rates were lower than market expectations, with different performances among trading partners [6][17]. - The central bank's open - market operations led to a net capital withdrawal last week, and the money market was generally stable with most money prices falling [7][20]. - The issuance scale of the primary credit bond market decreased, and the issuance cost fluctuated. The secondary market trading activity cooled, and bond yields showed differentiation [8][36]. 3. Summary by Directory Market Hotspots - **Policy Support for Sports Industry Bond Market**: The State Council's "Opinions" support sports enterprises in financing through the bond market, which may increase the supply of sports industry credit bonds and promote innovation in asset - securitized products. However, it also requires higher credit risk assessment and prevention [4][11]. - **Stock - Bond Rotation and New Fund Sales Regulations**: The A - share market adjusted last week, weakening the "stock - bond seesaw" effect. The bond market adjustment showed new characteristics. The new regulations on fund sales fees may suppress short - term bond fund investment demand and guide long - term investment [5][15]. Macroeconomic Data - In the first eight months of 2025, China's total import and export value was $5412.9 billion, with a year - on - year increase of 3.1%. In August, exports were $3218.1 billion (up 4.4% year - on - year), imports were $2194.8 billion (up 1.3% year - on - year), and the trade surplus was $1023 billion. The growth rates of imports and exports were lower than market expectations. Exports to ASEAN and the EU were stable, while exports to the US continued to decline significantly [17]. Money Market - The central bank net withdrew $421.8 billion through open - market operations last week. On September 5, it conducted a $1 - trillion 3 - month outright reverse repurchase operation. The money market was generally stable, and most money prices fell, with changes ranging from 1 - 10bp [7][20]. Primary Credit Bond Market - The issuance scale of credit bonds decreased to $133.451 billion last week. The issuance scale of each bond type generally decreased, especially for ultra - short - term financing bills and medium - term notes. The net financing of infrastructure investment and financing, power production and supply, and transportation industries had large outflows. The average issuance cost of credit bonds fluctuated, with changes not exceeding 15bp [8][23]. Secondary Credit Bond Market - The trading volume of the secondary bond market was $7247.247 billion last week, and the trading activity cooled for two consecutive weeks. Bond yields showed differentiation. The 10 - year Treasury yield fell 1bp to 1.83%. Short - term credit bond yields mostly declined, while long - term yields rose slightly. Short - term credit spreads narrowed, and long - term credit spreads widened. Rating spreads changed little [36][37].

Group 1: Report Industry Investment Rating - No relevant information provided Group 2: Core Viewpoints of the Report - The issuance rhythm of asset - backed notes has slowed down, and personal consumer loans and micro - loans remain the main asset types in the market issuance [3] Group 3: Summary of Issuance Situation - In August 2025, 56 asset - backed note products were issued, with a total issuance scale of 49.283 billion yuan. Compared with the previous month, the number of issuances increased by 4, and the issuance scale grew by 26.23%. Compared with the same period last year, the number of issuances decreased by 20, and the issuance scale decreased by 26.42%. Only 5 products were publicly issued, and the rest were privately issued [5][6]. - The top five sponsoring institutions in terms of issuance scale were CITIC Trust Co., Ltd. (6.2 billion yuan, 12.58%), Shenzhen Tenpay Network Finance Small Loan Co., Ltd. (5.7 billion yuan, 11.57%), SDIC Taikang Trust Co., Ltd. (4.258 billion yuan, 8.64%), Huaneng Guicheng Trust Co., Ltd. (4.178 billion yuan, 8.48%), and China National Foreign Trade Trust Co., Ltd. (3.7 billion yuan, 7.51%). The total issuance scale of the top ten sponsoring institutions was 35.547 billion yuan, accounting for 72.13% [6]. - The underlying asset types of the issued products mainly included personal consumer finance, micro - loans, subsidies, accounts receivable, and supply chains. Personal consumer finance products accounted for 41.86% of the scale, and micro - loan products accounted for 20.39% [8]. - The highest single - product issuance scale was 2.781 billion yuan, and the lowest was 0.71 billion yuan. Products with a single - issuance scale of (5, 10] billion yuan had the largest number and scale, with 30 products issued, accounting for 53.90% of the scale [10]. - The shortest product term was 0.22 years, and the longest was 20.01 years. Products with a term of (1, 2] years had the largest number and scale, with 20 products issued, accounting for 37.70% of the scale [10]. - According to the issuance scale of notes at each level, AAAsf - rated notes accounted for 90.94%, AA + sf - rated notes accounted for 3.46%, and A + sf - rated notes accounted for 0.04% [12]. - The lowest issuance interest rate of one - year - around AAAsf - rated notes was 1.75%, the highest was 2.80%, and the interest rate center was around 1.79% [5][14]. - In August 2025, 14 ABCP products were issued, with a total issuance scale of 15.978 billion yuan, accounting for 32.42% of the ABN issuance scale, involving five types of underlying assets [17]. Group 4: Summary of Secondary Market Transaction Situation - In August 2025, there were 488 secondary - market transactions of asset - backed notes. The number of transactions decreased by 8.44% month - on - month and increased by 2.74% year - on - year. The transaction amount was 45.375 billion yuan, with a month - on - month increase of 7.08% and a year - on - year decrease of 14.36% [5][18]. - The more active underlying asset types in the secondary - market transactions in August 2025 were REIT - like products, personal consumer finance, micro - loans, subsidies, and accounts receivable, with transaction amount shares of 26.15%, 21.07%, 12.77%, 9.00%, and 8.11% respectively [18]

1. Report Title and Period - The report is the 32nd issue of the Weekly Monitoring Report on Local Government Bonds and Urban Investment Industry in 2025, covering the period from August 25th to August 29th, 2025 [1][4] 2. Core Views - The "Opinions on Promoting High - quality Urban Development" proposes to establish a sustainable urban construction and operation investment and financing system, emphasizing the prevention and resolution of local government debt risks and the transformation of urban investment enterprises [6] - Ningxia and Jiangxi are accelerating the withdrawal of financing platforms, with Ningxia achieving a 76% withdrawal rate in 2024 and Jiangxi having 205 platforms exit in the first half of 2025, completing 62.7% of the annual task [6] - The cumulative issuance of special new special - purpose bonds is approaching one trillion yuan, and some funds may be used to clear up arrears to enterprises [5] 3. Summary by Section 3.1. News Review - **Policy Issuance**: The "Opinions on Promoting High - quality Urban Development" proposes to establish a sustainable urban construction and operation investment and financing system, coordinating multiple funding channels and emphasizing the prevention of new local government hidden debts [6] - **Platform Withdrawal**: Ningxia actively promoted the withdrawal of financing platforms in 2024, with a withdrawal rate of 76%, effectively reducing platform debt risks. In the first half of 2025, Jiangxi innovated the replacement bond mechanism, with a debt resolution progress of over 80%, and 205 platforms completed their withdrawal [6] - **Early Redemption**: 28 urban investment enterprises redeemed bond principal and interest in advance this week, involving 29 bonds with a total scale of 59.64 billion yuan [13] - **Cancellation of Issuance**: Two urban investment bonds were cancelled for issuance this week, with a planned total issuance scale of 6.23 billion yuan [14] 3.2. Issuance of Local Government Bonds and Urban Investment Enterprise Bonds - **Local Government Bonds**: The issuance scale decreased by 4.76% to 351.597 billion yuan, the net financing increased by 16.61% to 234.508 billion yuan, the weighted average issuance interest rate decreased by 7.66BP to 2.05%, and the weighted average issuance spread widened by 1.80BP to 22.03BP. The cumulative issuance of special new special - purpose bonds was 967.654 billion yuan [15] - **Urban Investment Bonds**: The issuance amount increased by 6.60% to 112.781 billion yuan, the net financing turned positive, increasing by 386.26 billion yuan to 19.394 billion yuan. The overall issuance interest rate decreased by 1.25BP to 2.32%, and the issuance spread narrowed by 1.11BP to 79.53BP. Five overseas urban investment bonds were issued, with a total scale of 1.936 billion yuan [18][19] 3.3. Trading of Local Government Bonds and Urban Investment Enterprise Bonds - **Funding Situation**: The central bank conducted 2273.1 billion yuan of reverse repurchase and 600 billion yuan of MLF operations, with a net investment of 496.1 billion yuan. Short - term funding rates mostly declined [22] - **Local Government Bonds**: The spot trading volume was 444.324 billion yuan, an increase of 29.06%. Most of the maturity yields increased, with an average increase of 5.60BP [24] - **Urban Investment Bonds**: The trading volume was 285.544 billion yuan, a decrease of 1.38%. Short - term maturity yields decreased, while long - term yields increased. The spreads of 3 - year and 5 - year AA+ urban investment bonds widened, while the 1 - year AA+ spread narrowed [24] - **Abnormal Trading**: Nine urban investment entities had 10 bonds with 13 abnormal trades, with the number of entities, bonds, and abnormal trades all decreasing compared to last week [24] 3.4. Important Announcements of Urban Investment Enterprises - A total of 125 urban investment enterprises announced changes in senior management, legal representatives, directors, supervisors, etc., including 51 announcements of changes in senior management, 10 announcements of changes in controlling shareholders and actual controllers, 4 announcements of equity/asset transfers, 13 announcements of cumulative new borrowings, 1 announcement of name change, 5 announcements of external guarantees, and 1 announcement of business scope change [27]

Report Industry Investment Rating No relevant content provided. Core Viewpoints - The combined policies of the central and local governments are expected to expand the scope of credit bond issuers and increase the supply of bonds in areas such as urban renewal and urban village renovation. The optimization of the general repurchase mechanism in the inter - bank bond market will improve the market's overall liquidity and the credit bond collateral financing environment, but also bring some risks [4][5]. - Although the allocation value of short - and medium - term credit bonds is emerging, risks such as long project return cycles, uncertain cash flows, and intensified credit stratification need to be vigilant, and the issue of new implicit debts should be prevented [4]. Summary by Relevant Catalogs Market Hotspots - **Central - local cooperation for urban construction financing**: The central government's "Opinions on Promoting High - quality Urban Development" and Shanghai's "Implementation Opinions on Accelerating the Renovation of Urban Villages in the City" are expected to expand the scope of credit bond issuers and increase bond supply in urban construction. However, risks such as long project return cycles, uncertain cash flows, and intensified credit stratification need to be noted, and new implicit debts should be prevented [4][11][12]. - **Optimization of the inter - bank general repurchase mechanism**: On September 1, the general repurchase business mechanism in the national inter - bank bond market was optimized. The scope of participating institutions was expanded, and the range of eligible collateral bonds was extended. This is expected to improve market liquidity and the credit bond collateral financing environment, but may also intensify the internal differentiation of credit bonds and has limited short - term boosting effects on low - quality bonds [5][14][15]. Macroeconomic Data - In August, the official manufacturing PMI rose slightly by 0.1 percentage points to 49.40% compared with the previous month but remained in the contraction range. The manufacturing production index increased by 0.3 percentage points to 50.8%, and the new export order index continued to contract for 12 months. The PMI of small and medium - sized enterprises was still below the boom - bust line [6][18]. Money Market - Last week, the central bank net - withdrew 40.39 billion yuan through open - market operations. The central bank injected liquidity through over - renewal of MLF and increased reverse repurchase. The overall money market was stable across the month. The pledged repurchase rates of each term fluctuated, and the 3 - month and 1 - year Shibor changed little [7][20]. Primary Market of Credit Bonds - The issuance scale of credit bonds last week was 256.145 billion yuan, an increase of 21.105 billion yuan from the previous period. The cancellation scale of credit bond issuance was 4.71 billion yuan, a decrease of 10.745 billion yuan from the previous period. The average issuance cost of credit bonds fluctuated between 2 - 20bp [23][25]. Secondary Market of Credit Bonds - The trading volume of cash bonds in the secondary market last week was 831.0473 billion yuan, and the average daily trading volume decreased by 7.6835 billion yuan from the previous period. The yields of treasury bonds and policy - bank bonds generally declined by 1 - 3bp, while the yield of 10 - year treasury bonds increased by 6bp to 1.84%. The yields of credit bonds showed long - and short - term differentiation, and the credit spreads and rating spreads fluctuated within a limited range [34][38][42].

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].

Report Industry Investment Rating No information provided in the content. Core Viewpoints of the Report In the first half of 2025, the number and scale of issued accounts - receivable asset - backed securities increased year - on - year. The actual financiers of these securities were still concentrated in construction central enterprises and their subsidiaries, with a significant head - effect. The average issuance scale of single products decreased compared to the previous year, the product term remained basically the same, the issuance interest rate dropped significantly, the credit rating of securities was mainly AAAsf, the overall credit risk of products remained at a low level, and the trading activity in the secondary market increased significantly [35]. Summary by Relevant Catalogs 1. Issuance Situation - In H1 2025, 50 accounts - receivable asset - securitized products were issued in the exchange market, with a total issuance scale of 63.73 billion yuan, a year - on - year increase of 16 in number and 40.49% in scale. The issuance scale of products with central enterprises and their subsidiaries as actual financiers was 58.566 billion yuan, accounting for 91.90%. Products with actual financiers in the construction industry had a scale of 59.549 billion yuan, accounting for 93.44%. The median interest rate of AAAsf - rated securities with a term of about 1 year was 2.18%, a year - on - year decrease of about 30BP [3][4]. - In terms of issuance venues, 45 products were issued on the Shanghai Stock Exchange, with an amount of 60.633 billion yuan (95.14% in amount), and 5 on the Shenzhen Stock Exchange, with an amount of 3.097 billion yuan (4.86% in amount) [6]. - Regarding the distribution of original equity holders, the top five original equity holders were China Railway Capital Co., Ltd., China Railway Construction Asset Management Co., Ltd., China Railway Trust Co., Ltd., CCCC Commercial Factoring Co., Ltd., and Shenzhen Henghexin Commercial Factoring Co., Ltd., with issuance scale ratios of 35.87%, 20.45%, 14.30%, 4.63%, and 3.25% respectively. The total issuance scale of the top five was 50.026 billion yuan, accounting for 78.50%, and that of the top ten was 57.267 billion yuan, accounting for 89.86% [6]. - For actual financiers, the total issuance scale of the top ten was 62.761 billion yuan, accounting for 98.48%. The scale of central enterprises and their subsidiaries was 58.566 billion yuan, accounting for 91.90%, an increase of 8.21 percentage points year - on - year. The actual financiers were mainly concentrated in the construction industry, with a scale of 59.549 billion yuan, accounting for 93.44% [8]. - In terms of managers, the top five managers with the largest new management scale were CITIC Securities Co., Ltd., Ping An Securities Co., Ltd., Huaxi Securities Co., Ltd., Shanghai Guotai Junan Securities Asset Management Co., Ltd., and CITIC Construction Investment Securities Co., Ltd., with scale ratios of 19.12%, 15.68%, 14.30%, 8.65%, and 7.82% respectively. The total new management scale of the top five was 41.788 billion yuan, accounting for 65.57%, and that of the top ten was 56.349 billion yuan, accounting for 88.42% [12]. - Regarding product scale distribution, the highest single - product issuance scale was 4.032 billion yuan, and the lowest was 1 billion yuan. Products with a single - scale in the (5, 10] billion yuan range had the largest number of issuances (18), accounting for 22.34% of the total scale. The average single - product issuance scale was 1.275 billion yuan, a decrease of 0.06 billion yuan compared to the previous year [15]. - In terms of term distribution, the shortest term was 0.73 years, and the longest was 3 years. Products with a term in the (1, 3] years range had the largest number of issuances (34), accounting for 74.32% of the scale. The weighted average term was 2.03 years, basically the same as the previous year [16]. - For security level distribution, in H1 2025, AAAsf - rated securities accounted for 89.71%, AA + sf - rated securities accounted for 6.76%, and sub - grade securities accounted for 3.54% [17]. - Regarding the issuance interest rate, the median interest rate of AAAsf - rated securities with a term of about 1 year was 2.18%, a year - on - year decrease of about 30BP [19]. 2. Issuance Spread Statistical Analysis - Compared with the same - term Treasury bonds, in H1 2025, the average issuance spread of 1 - year accounts - receivable asset - backed securities narrowed slightly compared to the previous year, while that of 3 - year products widened [25]. - Compared with the same - term AAA - rated corporate bonds, in H1 2025, the average issuance spread of 1 - year AAAsf - rated accounts - receivable asset - backed securities increased slightly compared to the previous year, and that of 3 - year AAAsf - rated products widened [28]. - The average issuance interest rate of 1 - year AAAsf - rated accounts - receivable asset - backed securities issued in H1 2025 decreased by 31BP year - on - year [30]. 3. Filing Situation In H1 2025, 41 accounts - receivable asset - backed special plans were filed with the Asset Management Association of China, with a total scale of 50.756 billion yuan. Compared with the previous year, the number of filings decreased by 8, and the filing scale decreased by 25.00% [3][31]. 4. Secondary Market Trading Situation In H1 2025, accounts - receivable asset - backed securities had 2,241 transactions in the secondary market, a year - on - year increase of 82.20%. The total transaction scale was 65.546 billion yuan, a year - on - year increase of 38.13%. The transaction scale accounted for 13.15% of the total transaction scale of enterprise asset - backed securities in the same period, a year - on - year decrease of 2.85 percentage points, ranking second in terms of transaction scale [33]. 5. Analysis of Maturity Situation in H2 2025 It is estimated that 165 outstanding accounts - receivable asset - backed securities will mature in H2 2025, with a scale of 104.08 billion yuan, accounting for 33.66% of the total scale of all maturing enterprise asset - backed securities in H2 2025. From the perspective of original equity holders, China Railway Capital Co., Ltd. has 31 maturing accounts - receivable asset - backed securities, with a repayment scale of 35.678 billion yuan (34.28%); China Railway Trust Co., Ltd. has 15 maturing securities, with a repayment scale of 21.822 billion yuan (20.97%); China Railway Construction Commercial Factoring Co., Ltd. has 10 maturing securities, with a repayment scale of 11.662 billion yuan (11.21%) [34].

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]