Group 1: Report Overview - The report is titled "Enterprise Asset-Backed Securities Product Report (July 2025)" and is a regular report by Zhongchengxin International [5]. Group 2: Industry Investment Rating - No information provided on industry investment rating. Group 3: Core Viewpoints - In July 2025, the issuance rhythm of enterprise asset-backed securities slowed down, the financing cost further decreased, the secondary market activity decreased month-on-month but increased significantly year-on-year [5]. Group 4: Issuance Situation - In July 2025, 123 enterprise asset-backed securities were issued, with a total issuance scale of 130.342 billion yuan. Compared with the previous month, the number of issuances decreased by 29, and the issuance scale decreased by 2.36%. Compared with the same period last year, the number of issuances decreased by 9, but the issuance scale increased by 20.50% [5][6][22]. - The top five original equity holders in terms of issuance scale were China CITIC Financial Asset Management Co., Ltd., China Railway Capital Co., Ltd., China Railway Trust Co., Ltd., Runze Technology Development Co., Ltd., and Ping An International Financial Leasing Co., Ltd., with a combined issuance scale of 31.425 billion yuan, accounting for 24.11% [7]. - The top five managers in terms of new management scale were CITIC Securities Co., Ltd., CITIC Construction Investment Securities Co., Ltd., Huatai Securities (Shanghai) Asset Management Co., Ltd., Tianfeng (Shanghai) Securities Asset Management Co., Ltd., and Ping An Securities Co., Ltd., with a combined new management scale of 60.789 billion yuan, accounting for 46.64% [10]. - The underlying asset types mainly included accounts receivable, enterprise financial leasing, personal consumer finance, public REITs, and supply chains [5][22]. - The highest single-product issuance scale was 10.01 billion yuan, and the lowest was 0.94 billion yuan. The most issuance orders were in the (5, 10] billion yuan range, with 45 orders and an amount accounting for 27.13% [15]. - The shortest product term was 0.50 years, and the longest was 59.97 years. The most products were in the (1, 3] - year range, with 49 orders and a scale accounting for 27.49% [16][17]. - According to the issuance scale of each level of securities, AAAsf - level securities accounted for 83.22% [17]. - The lowest issuance interest rate of one - year - around AAAsf - level securities was 1.68%, and the highest was 2.58%. The interest rate center was approximately between 1.60% and 1.80%, with the median decreasing by about 30BP month - on - month and about 7BP year - on - year [20]. Group 5: Filing Situation - In July 2025, 153 enterprise asset - backed securities were filed with the Asset Management Association of China, with a total scale of 144.002 billion yuan [5][23]. Group 6: Secondary Market Transaction - In July 2025, enterprise asset - backed securities had 4,309 transactions on the exchange market, with a total transaction amount of 101.986 billion yuan. The number of transactions decreased by 146 month - on - month and increased by 1,236 year - on - year. The transaction amount decreased by 9.09% month - on - month and increased by 50.55% year - on - year [5][24]. - The more active underlying asset types in the secondary market were class REITs, accounts receivable, CMBS, enterprise financial leasing, and supply chains, with transaction amount accounting for 22.49%, 18.87%, 12.43%, 10.77%, and 10.14% respectively [24]. Group 7: August 2025 Maturity Analysis - As of the end of July 2025, 154 outstanding enterprise asset - backed securities were due for repayment in August 2025, with a total scale of 36.4 billion yuan [26]. - The underlying assets of the due securities were mainly accounts receivable, personal consumer finance, supply chains, and policy loan pledges, with due scale accounting for 36.19%, 19.06%, 15.91%, and 11.63% respectively [26]. - China Railway Trust Co., Ltd. had 5 due securities with a repayment scale of 9.08 billion yuan, accounting for 24.95%, and China Pacific Life Insurance Co., Ltd. had 6 due securities with a repayment scale of 4.234 billion yuan, accounting for 11.63% [26].

Investment Rating - The report does not explicitly state an investment rating for the real estate industry Core Insights - The introduction of the "Housing Rental Regulations" is a significant step towards standardizing housing rental activities and promoting high-quality development in the real estate market [3][7] - The regulations aim to enhance the rights and interests of rental parties and support the transition from a single sales model to a diversified development model in the real estate sector [3][7] - The report highlights the importance of the "rent-purchase dual-track" system in stabilizing the real estate market and addressing housing issues for various demographics [5][7] Market Tracking Summary Supply Side - The "Housing Rental Regulations" encourage families to rent out their properties and support enterprises in repurposing old buildings for rental use, which is expected to increase the supply of rental housing [4][6] - The report notes that the total area of unsold commercial housing has decreased for five consecutive months, but inventory levels remain high, indicating ongoing pressure to reduce stock [10] Demand Side - In July, the sales area and sales amount of commercial housing decreased by 8.40% and 14.08% year-on-year, respectively, with significant month-on-month declines [9] - The report indicates that the rental market is becoming more attractive to investors, with rental yields approaching the rates of five-year fixed deposits, leading to increased interest from institutional investors [6][12] Market Trends - The report observes that new home prices have shown signs of stabilization, while the second-hand housing market is experiencing a decline in transaction volume [8][11] - The introduction of supportive policies by local governments, such as optimizing housing purchase restrictions and increasing loan support, is expected to help stabilize the market [9][10]

Economic Growth - In the first half of 2025, the GDP growth rate in the eastern region averaged 5.3%, lagging behind the central (5.5%) and western (5.6%) regions, continuing the "east low, west high" trend[6][12] - The top five provinces accounted for 40% of the national GDP, with the top ten provinces making up 61.6%, indicating stable contributions from major economic provinces[13] Industrial Performance - The industrial added value in the central and western regions grew by 7.9% and 8.2% respectively, surpassing the national average of 6.4%, while eastern regions showed stable growth at 7.1%[27][31] - Eastern regions experienced a profit growth of over 10% in industrial enterprises, contrasting with the central and western regions where profits declined or showed minimal growth[31][30] Investment Trends - Fixed asset investment in the central region grew by 6.6%, exceeding the national level by 3.8 percentage points, while the eastern region's investment growth was only 1.7%[40][44] - Real estate investment in the eastern region decreased by 9.7%, contributing to the overall sluggish investment performance[44] Consumption Patterns - The central region led the nation in retail sales growth at 6.2%, while the eastern region lagged with a growth rate of only 4%[49][52] - The northeastern region saw a retail sales growth of 5.4%, benefiting from tourism and cultural events[52] Export Dynamics - The central and western regions achieved export growth rates of 15.5% and 17.5%, significantly higher than the national average of 7.2%, while the eastern region's export growth was only 1.4%[60] - Guangdong's exports grew by just 1.1%, heavily impacted by U.S. tariff policies and declining demand in the consumer electronics sector[60] Import Trends - In the first half of 2025, 21 provinces experienced negative import growth, particularly in the eastern and northeastern regions, with the eastern region's imports declining by 5.3%[66] - Some provinces in the central and western regions saw positive import growth, driven by resource products, with Anhui and Gansu achieving import growth rates of 13.4% and 30.3% respectively[66]

Economic Growth - In the first half of 2025, the GDP growth rate continued the "East low, West high" pattern, with the average GDP growth rate of the eastern region at 5.3%, lagging behind the central (5.5%) and western (5.6%) regions[6] - The top five provinces accounted for 40% of the national GDP, with the top ten provinces making up 61.6%[13] Industrial Performance - The industrial added value in the central and western regions grew by 7.9% and 8.2%, respectively, surpassing the national average of 6.4%[31] - Eastern provinces saw stable industrial growth at 7.1%, supported by rapid development in high-tech manufacturing and digital economy integration[27] Investment Trends - Fixed asset investment in the central and western regions outpaced the national average, with a growth rate of 6.6%, exceeding the national level by 3.8 percentage points[40] - Eastern regions experienced a decline in real estate investment, with a drop of 9.7%, significantly impacting overall investment growth[40] Consumption Patterns - The central region led the nation in retail sales growth at 6.2%, while the eastern region lagged behind at 4%, influenced by weak wealth effects and income expectations[49] - Hainan's retail sales surged by 11.2%, driven by tourism and new consumption policies[52] Export Dynamics - The central and western regions achieved double-digit export growth rates of 15.5% and 17.5%, respectively, while the eastern region's export growth was only 1.4% due to intensified US-China trade tensions[60] - Guangdong's exports grew by just 1.1%, significantly below the national average, affected by trade policies and global consumption downturns[60] Import Trends - In the first half of 2025, 21 provinces experienced negative import growth, particularly in the eastern and northeastern regions, with a 5.3% decline in the eastern region[66] - Some provinces in the central and western regions saw positive import growth, driven by resource products, with Anhui and Gansu achieving import growth rates of 13.4% and 30.3%, respectively[66] Future Outlook - Economic growth pressure is expected to increase in the second half of 2025, with the eastern region facing challenges from weak demand and real estate market uncertainties[71] - The central region is anticipated to maintain strong investment demand, benefiting from infrastructure projects and industrial transfers from the east[71]

Group 1: Industrial Profit Trends - In the first half of 2025, industrial enterprises' revenue grew by 2.5% year-on-year, a decline of 0.4 percentage points compared to the same period in 2024[2] - In June 2025, industrial profits decreased by 4.3% year-on-year, a significant narrowing of the decline by 4.8 percentage points from May[3] - Cumulatively, industrial profits for January to June 2025 fell by 1.8% year-on-year, worsening by 0.7 percentage points compared to the first five months of 2025[3] Group 2: Cost and Profit Margins - The operating profit margin for January to June 2025 was 5.15%, down 0.26 percentage points from the same period last year[4] - Costs per 100 yuan of revenue were 85.54 yuan, a slight decrease of 0.07 yuan from the first five months of 2025, but still higher than the 85.27 yuan recorded in the same period last year[6] - The average collection period for accounts receivable in industrial enterprises was 69.8 days, a decrease of 0.7 days, indicating improved cash flow[7] Group 3: Sector Performance - State-owned enterprises saw a profit decline of 7.6% year-on-year, while private enterprises experienced a profit growth of 1.7%, reflecting a mixed performance under challenging conditions[8] - The equipment manufacturing sector showed resilience, with a 7.0% increase in revenue and a profit growth of 9.6% in June 2025, contributing significantly to overall industrial profit growth[14] - The midstream manufacturing sector's profit share has increased for four consecutive months, reaching 48.6% in June 2025, while downstream sectors continue to face weak demand[13] Group 4: Future Outlook - The implementation of policies aimed at expanding domestic demand and countering "involution" is expected to support industrial profit recovery in the second half of 2025[18] - Ongoing uncertainties in external demand and trade tensions, particularly with the U.S., may continue to pressure export-dependent industries[19]

Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - The bond market is still subject to certain disturbances, but the fundamentals and capital still support the market. The yield center may remain low in the second half of the year, but attention should be paid to potential disturbances and grasp trading opportunities [20]. - The issuance of the "Notice" by the National Association of Financial Market Institutional Investors is conducive to strengthening market constraints and self - discipline management, improving market operation efficiency, and promoting the high - quality development of the bond market [5]. - The weakening US employment data has significantly increased the expectation of a US interest rate cut in September, which may promote international capital inflows, narrow the Sino - US interest rate spread, and create opportunities for domestic reserve requirement ratio and interest rate cuts [6]. Summary by Relevant Catalogs Market Hotspots - The National Association of Financial Market Institutional Investors issued the "Notice" to standardize bond issuance and underwriting, aiming to improve the market - oriented pricing efficiency of bonds, strengthen market constraints and self - discipline management, and promote the high - quality development of the bond market [5][12][13]. - The Fed maintained the interest rate unchanged in July, but the weak US employment data in July has increased the expectation of a US interest rate cut in September. If the Fed cuts interest rates, it may have a three - fold impact on the domestic bond market [6][16][17]. Macroeconomic Data - In July, the official manufacturing PMI was 49.3%, a decrease of 0.4 percentage points from June. The supply and demand sides of the manufacturing industry both contracted, and the economic growth momentum was still weak. The Caixin manufacturing PMI was 49.5%, a decrease of 0.9 percentage points from June [7][21][22]. Money Market - Last week, the central bank made a net investment of 690 million yuan through open - market operations. After the month - end, the capital demand decreased, and the capital prices of most terms declined. The Shibor showed a trend of rising first and then falling [26]. Primary Market of Credit Bonds - Last week, the issuance scale of credit bonds decreased compared with the previous week, with a total issuance of 217.421 billion yuan, a decrease of 106.896 billion yuan from the previous period. The cancellation scale of issuance increased. The issuance costs of credit bonds showed mixed trends [28][29]. Secondary Market of Credit Bonds - Last week, the trading volume of cash bonds in the secondary market decreased, with the average daily trading volume decreasing by 12.1408 billion yuan to 184.6795 billion yuan. The yields of interest - rate bonds and most credit bonds declined, the credit spreads mostly expanded, and the rating spreads showed mixed trends [40]. Appendix - There were several bond default and extension events in the bond market, including "R Hongda 1", "15 Huazi Bond", "16 Huaye 02", etc. [53]. - There were a series of regulatory and market innovation dynamics, such as the National Association of Financial Market Institutional Investors' issuance of multiple notices to improve relevant information services and regulatory requirements [53][55].

Group 1 - The report emphasizes the importance of financial support for the new industrialization transformation, highlighting investment opportunities in manufacturing bonds due to favorable policies [5][6][7] - The July manufacturing PMI is reported at 49.3, indicating a contraction in the manufacturing sector, with new orders and production indices also showing declines [8][26] - The issuance of credit bonds decreased in July, totaling 12,455.3 billion, a reduction of 1,471.83 billion from the previous month, while the net financing amount decreased to 2,787.19 billion [10][38] Group 2 - The report notes that the average issuance rates for credit bonds generally declined, with specific examples showing decreases between 2-29 basis points, while some specific bonds saw slight increases [39][40] - The report indicates that the credit risk remains manageable, with a rolling default rate of 0.23% in July and no new defaulting entities [14][16] - The report highlights the ongoing tightening of implicit debt regulation, emphasizing the need to prevent "the risk of risk disposal" [18][19]

Group 1 - The credit bond market is expected to recover, with a forecasted issuance volume of approximately 16.3-16.7 trillion yuan in 2025, reflecting a year-on-year growth of about 3%-6% [4][48][49] - The issuance of innovative products, particularly in the technology and green sectors, is accelerating, with technology bonds surpassing 1 trillion yuan in issuance, growing by 29.88% year-on-year [16][20] - The financing environment for private enterprises remains challenging, with only 1,400 billion yuan issued in the first quarter, accounting for just 3.62% of the total credit bonds [27][28] Group 2 - The first quarter saw a contraction in total credit bond issuance, with a total of 3.65 trillion yuan issued, a decrease of 2,104.14 billion yuan year-on-year [6][12] - The structure of credit bond issuance is shifting towards medium to long-term bonds, with those over three years accounting for nearly 40% of the total issuance [12][20] - The real estate sector continues to have the highest credit spread, at 84 basis points, indicating ongoing challenges despite some signs of recovery [45][46] Group 3 - The secondary market experienced a tightening of liquidity, with total credit bond transactions decreasing by 4.48% year-on-year to 12.92 trillion yuan [34] - The yield on 10-year government bonds rose from 1.60% at the beginning of the year to 1.90% by mid-March, reflecting market volatility [37][40] - Credit spreads narrowed across various industries, with most sectors experiencing a reduction in spreads, particularly in technology and transportation [43][45]

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - In H1 2025, the regional economy showed the characteristics of "rapid growth in the central and western regions and remaining resilience in the eastern region." GDP growth continued the pattern of "lower in the east and higher in the west," with the average GDP growth rate in the eastern region (5.3%) lagging behind the central (5.5%) and western (5.6%) regions for two consecutive quarters. The central and western regions benefited from industrial transfer and upgrading, with higher industrial added - value growth rates but the feature of "increasing revenue without increasing profit." The eastern region had better industrial enterprise profit performance supported by the integration of high - tech manufacturing and the digital economy. The central and western regions outperformed the eastern region in investment and consumption under policy support, while the eastern region was deeply affected by the decline in real estate development investment and had weak consumption. In the context of intensified Sino - US tariff game, the central and western regions achieved double - digit export growth, while the eastern region's export was greatly affected by Sino - US game [6]. - Looking ahead to the second half of the year, the economic downward pressure increases. For the central and western regions, attention should be paid to the problems of disorderly competition among enterprises and repeated government investment, and reversing the situation of "increasing revenue without increasing profit." For the eastern region, focus on the bottoming - out of the real estate market in the second half of the year and the implementation effects of consumption - promotion and foreign - trade - stabilization policies. For the northeastern region, pay attention to the industrial transformation and upgrading [6]. 3. Summary by Relevant Catalogs 3.1 Eastern Provinces Show Strong Resilience, Central and Western Provinces Have Faster Growth, and Economic Powerhouses Continue to "Shoulder the Heavy Burden" - In terms of scale, economic powerhouses played a stable "leading" role in H1 2025, with little change in the ranking of provincial GDP scale. The top five provinces in H1 2025 accounted for 40% of the national GDP, and the top ten accounted for 61.6%, basically the same as in 2024. Only Chongqing overtook Liaoning in the ranking. There were also cases of widening and narrowing differences in GDP scale among some provinces. For example, the GDP scale difference between Tianjin and Heilongjiang widened, while that between Guizhou and Shanxi narrowed [7]. - GDP growth continued the "lower in the east and higher in the west" pattern. The central and western provinces were the important engines of national economic growth in H1 2025. Most provincial GDP growth rates were higher than the national average (5.3%). The weighted average GDP growth rate of all provinces was 5.36%. The eastern region's average GDP growth rate was 5.3%, lagging behind the central and western regions for two consecutive quarters. However, the rapid development of high - tech manufacturing in the eastern region provided strong support for its economic growth. The central and western regions had fast economic growth, supported by industrial upgrading, major project construction, and high export growth. The northeastern region's GDP growth rate was 5.2%, lower than the national level, affected by real estate investment and its single - industrial structure [10][11]. - Most provincial GDP actual growth rates in H1 2025 were higher than the expected targets. Among the 31 provinces, 20 had higher growth rates than the targets, and 11 were lower, mainly in the western region. Considering the greater economic growth pressure in the second half of the year, these 11 provinces faced greater pressure to achieve their expected growth targets [11]. 3.2 Central and Western Regions Lead in Industrial Added - Value Growth, and Eastern Region Has Bright Performance in Industrial Enterprise Profits - The eastern region had stable growth in industrial added - value and bright performance in industrial enterprise profits. The industrial added - value of eastern provinces increased by 7.1% in H1 2025, higher than the end of last year and the same period last year. High - tech manufacturing development, digital economy integration, and high R & D investment were the main driving forces. Some provinces like Hainan, Fujian, and Jiangsu had both industrial added - value growth rates above 7% and industrial enterprise profit growth rates over 10%. Shanghai had a relatively low industrial added - value growth rate of 5.1% but a high profit growth rate of 11.8%. Guangdong's industrial added - value only increased by 4%, lower than the national level for 11 consecutive months [13][14]. - The central and western regions had fast industrial added - value growth but poor overall profit performance, with some provinces showing a significant feature of "increasing revenue without increasing profit." The central and western regions' industrial added - value increased by 7.9% and 8.2% respectively in H1 2025, higher than the national level (6.4%), but industrial enterprise profits decreased by 5.1% in the central region and increased by 1.4% in the western region. Some resource - based provinces in the central and western regions had a significant decline in industrial enterprise profits, while Tibet and Guangxi had good performance in both industrial added - value and profit growth. The northeastern region's industrial added - value increased by 5.4%, and industrial enterprise profits decreased by 13.7%, significantly lower than other regions [15]. 3.3 Supported by "Two Major" Project Construction, Central and Western Regions' Fixed - Asset Investment Growth Rates Outperform the National Average, and the Impact of Real Estate Investment Decline on the Eastern Region Continues to Deepen - The central and western regions benefited from national support for "two major" project construction, with higher fixed - asset investment growth rates than the national average in H1 2025. The western region's fixed - asset investment increased by 6.6%, 3.8 percentage points higher than the national level, with 4 out of 5 provinces with investment growth rates over 10% in the western region. The central region's fixed - asset investment increased by 3%, slightly higher than the national level, driven by manufacturing investment in some provinces. The eastern region's fixed - asset investment growth was 1.7%, lower than the national level, dragged down by real estate development investment, which had been declining since September last year. Beijing led the eastern region with a 14.1% growth rate in fixed - asset investment. The northeastern region's fixed - asset investment decreased by 1.3%, mainly due to a 17% decline in real estate development investment. The fixed - asset investment growth rate of debt - resolving provinces was 0.9 percentage points lower than that of non - debt - resolving provinces, but the gap was narrowing [22][23]. 3.4 Central Region Leads in Social Retail Sales Growth Rate, and Eastern Region Has Weak Consumption - The central region's social retail sales (社零) growth rate continued to be higher than other regions, while the eastern region's was significantly lower than the national level. The central region had a bright consumption performance in H1 2025, with a 6.2% growth rate in social retail sales, leading the country, supported by population advantages and the "old - for - new" consumer goods policy. All six central provinces had social retail sales growth rates higher than the national level. The northeastern region's social retail sales increased by 5.4% driven by cultural and tourism economy and ice - snow economy. The western region had large differences in social retail sales growth rates among provinces. The eastern region's social retail sales growth was 4%, lower than the national level, affected by weak wealth effects and income expectations. Hainan was an exception, with an 11.2% growth rate in social retail sales, driven by multiple factors [27][28]. 3.5 Eastern Region's Exports Are Greatly Affected by Tariff Game, and Central and Western Regions Achieve Double - Digit Export Growth - The central and western regions had an export growth rate of over 15% in H1 2025, while the eastern region's export growth rate was significantly lower than the national level. In the context of Sino - US tariff game, weak external demand, and increasing trade disputes, the central and western regions' exports increased by 15.5% and 17.5% respectively, much higher than the national level (7.2%). They benefited from industrial transfer, forming export advantages in "new three items" and taking advantage of the Belt and Road Initiative and transit trade. The northeastern region's exports increased by 8.4%. The eastern region's exports only increased by 1.4%, mainly affected by Sino - US game, with Guangdong being the most affected. Shanghai had a 9.8% export growth, driven by high - tech product exports [31]. - Due to weak domestic demand, most provinces had negative import growth in H1 2025. There were 21 provinces with negative import growth, mainly in the eastern and northeastern regions. The eastern region's imports decreased by 5.3%, while the northeastern region's decreased by 13.5%. Ten provinces in the central and western regions had positive import growth, driven by resource - related products [35].

Group 1: Financial Performance Overview - Traditional industries are experiencing a persistent decline in profitability, with over 50% of issuers reporting a year-on-year decrease in net profit as of Q1 2025[3] - The overall net profit of traditional industries is contracting, indicating ongoing financial pressure[3] - Despite weak operating cash flow, financing activities have improved significantly due to external support, leading to positive growth in cash reserves[3] Group 2: Debt and Leverage Trends - The leverage ratio among issuers in traditional industries has increased, with a notable rise in short-term debt pressure[3] - More than 60% of issuers are facing weakened short-term debt repayment capabilities, reflecting a concerning trend in financial health[6] - In the steel industry, while net profit growth turned positive in Q1 2025, high financial leverage continues to pressure short-term repayment abilities[7] Group 3: Sector-Specific Insights - In the traditional chemical industry, around 70% of issuers are profitable, but profitability is uneven, with over half experiencing an expansion in short-term debt[9] - The coal industry is facing declining profitability due to weak prices, with a significant number of issuers showing weakened short-term repayment indicators[12] - The steel sector is expected to have limited profit improvement potential due to ongoing supply-demand imbalances and high debt levels[7]