1. Report Industry Investment Rating - No relevant content provided 2. Core Viewpoints of the Report - The central bank's monetary policy report maintains a loose tone, focusing on "stable growth" and aiming to lower interest rates and reduce the real - financing cost. It also emphasizes the development of the bond market's "science and technology board" and the use of risk - sharing tools for science and technology innovation bonds [3][11]. - The issuance of Hong Kong's HK$10 billion digital green bonds sets a global record, marks the transition from pilot to regular operation of tokenized bonds in Hong Kong, and provides a reference for the mainland's financial infrastructure construction and product innovation [4][15]. - In October, China's economic indicators weakened, with consumption, investment, and industrial production showing a slowdown, and social financing and credit continuing to decline [5][18]. 3. Summary by Directory Market Hotspots - The Q3 Monetary Policy Report continues the "moderately loose" liquidity management framework, focuses on "stable growth", and emphasizes the development of a multi - level bond market and the support for key areas such as science and technology innovation. It also highlights the use of risk - sharing tools for science and technology innovation bonds, which may guide more funds into the science and technology field [11][13]. - On November 11, Hong Kong issued HK$10 billion digital green bonds, covering four currencies with a 2 - 5 - year term and an over - subscription of about 12 times. It is the first to use tokenized central bank currency for on - chain "delivery versus payment", which improves settlement efficiency and reduces risks, and marks the transition from pilot to regular operation of tokenized bonds in Hong Kong [4][15]. Macroeconomic Data - In October, China's economic indicators weakened. From January to October, the cumulative year - on - year growth rate of fixed - asset investment decreased by 1.2% and was negative for two consecutive months. The growth rate of social retail sales was 2.9%, declining for five consecutive months. Industrial production also declined, affected by factors such as holidays and export slowdown. In terms of financial data, social financing and credit continued to decline in October, with new social financing of 815 billion yuan, a year - on - year decrease of 597 billion yuan for three consecutive months. M1 and M2 increased by 6.2% and 8.2% year - on - year respectively, with their scissors gap expanding to 2% [5][18]. Money Market - Last week, the central bank conducted five 7 - day reverse repurchase operations totaling 1.122 trillion yuan, with 495.8 billion yuan of reverse repurchases maturing, resulting in a net injection of 626.2 billion yuan. Due to factors such as mid - month reserve requirements and tax payments, market capital demand was large, and capital prices generally increased. The pledged repurchase rates of all tenors increased by 2 - 10bp compared with the previous week [6][22]. Primary Market of Credit Bonds - Last week, the issuance scale of credit bonds decreased slightly to 251.409 billion yuan, a decrease of 25.624 billion yuan from the previous value. The average daily issuance scale was 50.282 billion yuan, a decrease of 5.125 billion yuan from the previous period. Except for the short - term financing bonds and publicly issued corporate bonds, the issuance scale of other bond types decreased. The issuance scale of the infrastructure investment and financing industry decreased, while that of industrial bonds increased. The average issuance cost of credit bonds mostly declined [7][25]. Secondary Market of Credit Bonds - Last week, the secondary - market trading volume of bonds was 8.667564 trillion yuan, and the average daily trading volume decreased by 8.2813 billion yuan to 173.3513 billion yuan, with a slight decline in trading activity. The market still had a certain wait - and - see sentiment. Credit bonds performed slightly better than interest - rate bonds. The yields of most tenors of treasury bonds and policy - bank bonds decreased, with a maximum decline of 3bp, and the yield of the 10 - year treasury bond dropped to 1.81%. The yields of credit bonds showed a differentiated performance between short and long - term tenors, with a maximum change of 8bp. Most of the rating spreads narrowed [8][37].

Investment Rating - The report indicates a cautious outlook for the insurance asset management industry, with a focus on structural adjustments and policy-driven opportunities in specific sectors [5][43]. Core Insights - The insurance asset management industry is experiencing a dual decline in the registration scale and quantity of innovative products, primarily due to a decrease in debt investment plans, while asset-backed plans and equity investment plans are showing growth [7][45]. - The report emphasizes the importance of aligning investment strategies with government policies, particularly in sectors such as energy, transportation, infrastructure, and housing rental [7][35][40]. - The overall debt risk in the industry is expected to remain within a controllable range, supported by government efforts to manage debt and promote economic growth [7][38][43]. Summary by Sections Product Operation Analysis - In the first three quarters of 2025, the registration scale of innovative products in the insurance asset management sector decreased by 3.97% year-on-year to 651.198 billion yuan, with a total of 296 products registered, reflecting a decline in debt investment plans [8][11]. - Debt investment plans remain the primary product type, accounting for 70.61% of the number and 49.31% of the scale, while asset-backed plans and equity investment plans are growing [8][10]. - The focus of debt investment plans is increasingly concentrated in the East China region, particularly in the transportation sector, indicating a shift towards infrastructure investments [10][13]. Institutional Operation Analysis - In the first three quarters of 2025, Huatai Asset Management led in the registration scale and quantity of debt investment plans, while Everbright's asset-backed plans showed significant growth [30][32]. - The number of institutions actively participating in equity investment plans increased, with a notable rise in the scale of registered plans [30][36]. - The report highlights a decrease in the number of registered private equity funds, indicating a cautious approach to alternative investments [28][36]. Industry Policy Review - Recent government policies encourage long-term capital participation in housing rental markets and infrastructure projects, aligning with the characteristics of insurance funds [37][41]. - The report notes that the overall government debt risk is manageable, with progress in addressing hidden debts, which supports a stable investment environment for insurance asset management [35][38]. - The focus on new policy financial tools aims to inject capital into key projects, particularly in energy and urban renewal sectors, providing investment opportunities for insurance asset management [38][41]. Observations and Outlook - The insurance asset management industry is expected to continue facing pressure in innovative product offerings, but remains a crucial financing tool [43][45]. - The report suggests prioritizing investments in energy transportation, infrastructure REITs, and housing rental asset securitization to balance long-term returns with policy compliance [43][45]. - The anticipated growth in sectors supported by government policies, such as artificial intelligence in transportation and green finance, presents new investment opportunities for insurance asset management [40][44].

Report Industry Investment Rating - No relevant content provided Core Views - The "15th Five-Year Plan" draft proposes to support the development of innovative products such as asset securitization and promote the high - quality development of the real estate industry [2] - The "Action Plan" supports the issuance of REITs for eligible commercial real estate projects, which is conducive to revitalizing the stock assets in the commercial real estate field and promoting the recovery of the real estate industry [3] - In September 2025, the issuance of asset - securitized products in the whole market increased significantly, and the issuance costs of different types of products were differentiated [7] - The issuance scale of products in the inter - bank and exchange markets has increased, with the largest increase in credit ABS [16] - The trading activity of ABS products in the secondary market has generally increased, and products such as class REITs and micro - enterprise loans have relatively active transactions [19] Summary by Directory 1. Overall Market Issuance Situation - In September 2025, a total of 299 issues of asset - securitized products were issued in the whole market, with a total scale of 268.78 billion yuan, a 43% increase from the previous period [7] - The average issuance costs of policy - loan - based and micro - enterprise - loan - based products were relatively high, while those of personal auto - loan products were relatively low [7] - The secondary - stratification ratios of products such as trust - beneficiary rights, shantytown - renovation/affordable - housing, and accounts - receivable did not exceed 10%, while that of non - performing - loan products remained at a high level [7] - The stratification ratios of different products with underlying assets such as micro - enterprise loans and class REITs varied greatly [7] - Exchange - traded ABS: 191 issues were issued, with a total scale of 164.946 billion yuan, a 41% increase from the previous month. The coupon rates of priority products with disclosed credit ratings ranged from 1.65% to 3.95% [13] 2. Issuance Situation in the Inter - bank and Exchange Markets - Inter - bank market ABS: 38 issues of products were issued, with a scale of 36.569 billion yuan, a 72% increase from the previous month. The priority products were all rated AAAsf, and the highest coupon rate was 2.80% [16] - The secondary - stratification ratios of products ranged from 12% to 35%, and nearly 90% of inter - bank ABS products had a secondary - stratification ratio of over 20% [16] - Transaction - Association ABN: 70 issues were issued, with a total scale of 67.363 billion yuan, a 16% increase from the previous month. The coupon rates of priority products with disclosed credit ratings ranged from 1.60% to 3.80% [17] 3. Secondary Market - Inter - bank market ABS: The total trading volume was 20.378 billion yuan, and the trading activity increased significantly. Non - performing - loan products had the largest trading volume [19] - Exchange - traded ABS: The total trading volume was 104.656 billion yuan, and the trading scale increased significantly from the previous month. Class REITs products had the largest trading volume [22] - Transaction - Association ABN: The total trading volume was 54.07 billion yuan, and the trading scale further increased. Micro - enterprise loans and bank/Internet consumer loans had relatively active transactions [25]

1. Report Industry Investment Rating - Not provided in the document 2. Core Viewpoints of the Report - The "Technology Board" of the bond market has achieved remarkable results after half a year of operation. As of November 7, the issuance scale of science - innovation bonds exceeded 1.8 trillion yuan, with a year - on - year increase of 77.98%. The approval of the first science - innovation convertible bond strengthens the stock - bond linkage, which is expected to optimize the credit market structure and promote the virtuous cycle of "science - industry - finance" [3][10]. - In October, the year - on - year CPI growth rate turned positive, and the import and export data showed resilience, indicating a certain recovery in consumer demand and domestic demand [4][13]. - Last week, the central bank net - withdrew funds through open - market operations, but under the support of monetary policy, most capital prices declined [5][16]. - In the primary market of credit bonds, the issuance scale continued to decline, and the issuance cost varied. In the secondary market, the trading activity decreased slightly, and the yields of credit bonds continued to decline [6][21][31]. 3. Summary According to the Table of Contents Market Hotspots - The "Technology Board" of the bond market has been in operation for half a year. As of November 7, 1668 science - innovation bonds were issued this year, with a cumulative issuance scale of 18139.71 billion yuan, a year - on - year increase of 77.98%. The new science - innovation bonds have features such as better - matched terms, lower issuance costs, and diversified issuer structures. The first science - innovation convertible bond was approved, which provides a more flexible financing solution for high - growth technology enterprises and is expected to promote the virtuous cycle of "science - industry - finance" [10][11][12]. Macroeconomic Data - In October, the year - on - year CPI growth rate turned positive at 0.2%, an increase of 0.5 percentage points from the previous month. The core CPI increased by 1.2% year - on - year, with the growth rate expanding for six consecutive months. The year - on - year PPI decline narrowed by 0.2 percentage points to - 2.1%. The export volume in October was 3053.5 billion US dollars, a year - on - year decrease of 1.1%, and the import volume was 2152.8 billion US dollars, a year - on - year increase of 1.0%. The Sino - US trade surplus in October was 900.7 billion US dollars, a year - on - year decrease of 5.9% [4][13][14]. Money Market - Last week, the central bank net - withdrew 15722 billion yuan through open - market operations. Under the support of monetary policy, most capital prices declined. Except for the 1 - day and 1 - month repurchase rates which increased by 1bp and 2bp respectively, the other term - pledged repurchase rates decreased, with a maximum decline of 5bp. The 3 - month and 1 - year Shibor decreased by 1bp and 2bp respectively, and the spread between them narrowed to 6bp [5][16]. Primary Market of Credit Bonds - Last week, the issuance scale of credit bonds continued to decline to 2770.33 billion yuan, a decrease of 156.11 billion yuan from the previous period. The cancellation of credit bond issuance increased to 32 billion yuan. Except for the ultra - short - term financing bonds and private placement notes, the issuance scale of other bond types decreased. The infrastructure investment and financing industry's issuance scale decreased, while the industrial bond issuance scale changed little. The average issuance cost of credit bonds varied, with the issuance costs of 3 - year and 5 - year bonds mostly decreasing and those of 1 - year bonds mostly increasing, with a change range of 2bp to 38bp [6][21][29]. Secondary Market of Credit Bonds - Last week, the secondary - market trading volume of bonds was 90816.29 billion yuan, and the average daily trading volume decreased by 463.15 billion yuan to 18163.26 billion yuan, indicating a decline in trading activity. The yields of interest - rate bonds and credit bonds showed different trends. The yields of all - term treasury bonds and policy - bank bonds increased, with the 10 - year treasury bond yield increasing by 2bp to 1.81%. Most credit bond yields decreased, with a maximum decline of 9bp. The credit spreads of all terms generally narrowed, and most rating spreads also narrowed [7][31][41].

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The "15th Five - Year Plan" period is a crucial five - year period that connects the past and the future, with special significance for high - quality development and achieving the 2035 visionary goals [10][11]. - China's economic development during the "15th Five - Year Plan" period faces a complex and uncertain internal and external environment. Externally, there are challenges such as global economic slowdown, intensified great - power competition, and supply - chain reconstruction; internally, there are issues like economic growth slowdown, effective demand shortage, and population aging [13]. - To promote high - quality development during the "15th Five - Year Plan" period, five major policy levers should be grasped, including developing new quality productive forces, expanding domestic demand, deepening income distribution reform, building a unified national market, and reshaping the incentive - restraint mechanism [67][68]. 3. Summary According to Relevant Catalogs 3.1 "15th Five - Year Plan" Historical Position - The "15th Five - Year Plan" is at the historical intersection of the "Two Centenary Goals" and is a foundational stage for the new journey of building a modern socialist country. It has a "connecting - the - past - and - future" role, with tasks of "attacking and implementing" and coincides with many major historical nodes [10][11]. 3.2 Ten Judgments on the Internal and External Environment of China's Economic Development during the "15th Five - Year Plan" Period 3.2.1 External Environment - Global economic uncertainty increases, and the global economy may enter a deep adjustment period of slow growth and declining potential output. The "15th Five - Year Plan" may face a "high - risk, high - volatility" global economic environment with weak growth momentum [14][16]. - A multi - polar trade system is taking shape. China's voice in global economic and trade is expected to further increase, but trade frictions with non - US countries may intensify [20][21]. - Sino - US competition remains the core variable affecting the global political and economic landscape, evolving towards "normalization" and "complexity." The competition for scientific and technological and industrial discourse power is crucial [31][32]. - Supply - chain reconstruction has entered the second half, with geopolitics and strategic security becoming the main lines of global supply - chain layout [35]. - China has many favorable factors to actively shape the external environment and is not completely passive in the face of external pressure [39][40]. 3.2.2 Internal Environment - The official "4.17%" may be the minimum growth target for the "15th Five - Year Plan," and the expected economic growth range is around 4.5% - 5% [41]. - The transformation of old and new driving forces will accelerate the adjustment of China's industrial structure. The real estate industry may be in the transition from the bottom to a new cycle, and the urgency of new quality productive forces playing a leading role has increased significantly [45][47]. - The population structure may gradually transition to deep aging, and the pressure of "getting old before getting rich" poses more severe challenges to the pension system, medical resources, and elderly care services [53]. - Reform has entered the "deep - water zone," and the implementation of some reform tasks faces significant resistance [57]. - "Debt reduction in development" should be implemented, focusing on structural optimization and efficiency improvement to enhance the sustainability of fiscal debt [61][63]. 3.3 Five Levers to Promote China's High - Quality Development during the "15th Five - Year Plan" Period - **Lever 1: Technological Innovation and Industrial Upgrading** "15th Five - Year Plan" suggestions prioritize building a modern industrial system. China's industrial structure has problems such as traditional industries in urgent need of transformation and modern manufacturing being "large but not strong." R & D investment is still relatively low, and there are "bottleneck" issues in key areas. "Full - chain" key core technology research in key areas is necessary, and industry "involution" should be avoided [69][70][71]. - **Lever 2: Expanding Domestic Demand and Boosting Consumption** The importance of "expanding domestic demand" has increased. Insufficient effective demand is the core obstacle to the domestic cycle. During the "15th Five - Year Plan" period, direct subsidies to residents may be increased, and investment growth is expected to be stable, especially ensuring that the proportion of private investment does not continue to decline [5][8]. - **Lever 3: Deepening Income Distribution Reform and Improving the Social Security System** "People's livelihood" is a key word in the "15th Five - Year Plan" suggestions. Income distribution reform, household registration system reform, and improvement of the social security system are expected to be key tasks [6]. - **Lever 4: Continuously Promoting Anti - involution and Building a Unified National Market** Building a unified national market is a systematic project. The implementation of the Third Plenary Session of the 20th CPC Central Committee's reform tasks is crucial, especially optimizing the local government assessment and incentive mechanism and solving the problem of China's economic growth path dependence [8]. - **Lever 5: Remodeling the Incentive - Restraint Mechanism and Releasing the Vitality of Micro - entities** The "15th Five - Year Plan" suggestions emphasize "combining strict management with kindness and balancing incentives and restraints." It is expected to optimize the local assessment and statistical system, promote fiscal and tax system reform, and improve the business environment for enterprises [8].

Report Summary 1. Report Industry Investment Rating No relevant information provided. 2. Core Viewpoint In October 2025, the issuance pace of asset - backed notes slowed down, with personal consumer finance and small - micro loan assets remaining active, and the issuance scale of auto financial leasing assets increasing significantly [4]. 3. Summary by Relevant Catalogs Issuance Situation - **Overall Issuance**: In October 2025, 48 asset - backed note products were issued, with a total issuance scale of 51.436 billion yuan. Compared with the previous month, the number of issuances decreased by 22, and the scale dropped by 23.64%. Compared with the same period last year, the number increased by 2, and the scale grew by 13.50%. Only 5 products were publicly issued, and the rest were privately placed [5][6]. - **Initiating Institutions**: Shenzhen Fudi Financial Leasing Co., Ltd. ranked first with an issuance scale of 6.784 billion yuan (13.19% of the total). The top ten initiating institutions had a combined issuance scale of 36.455 billion yuan, accounting for 70.87% of the total [6]. - **Underlying Asset Categories**: The underlying asset types mainly included personal consumer finance, small - micro loans, auto financial leasing, accounts receivable, and specific non - financial claims. Personal consumer finance products accounted for 28.71% of the scale, small - micro loans 22.16%, and auto financial leasing 20.95% [8]. - **Issuance Scale Distribution**: The highest single - product issuance scale was 6.784 billion yuan, and the lowest was 1.51 billion yuan. The products with a single - issuance scale in the range of (5, 10] billion yuan had the largest number (19) and scale (32.80% of the total) [10]. - **Term Distribution**: The shortest term was 0.27 years, and the longest was 18.05 years. Products with a term in the range of (1, 2] years had the largest number (17) and scale (41.34% of the total) [12]. - **Rating Distribution**: AAAsf - rated notes accounted for 92.53% of the issuance scale [13]. - **Issuance Interest Rate**: For one - year - around AAAsf - rated notes, the lowest issuance interest rate was 1.78%, the highest was 2.65%, and the interest rate center was around 1.80% [15]. - **ABCP Issuance**: In October 2025, 16 ABCP products were issued, with a total scale of 12.41 billion yuan (24.13% of the ABN issuance scale), a year - on - year increase of 7.73%. Personal consumer finance ABCP accounted for 54.54% of the ABCP issuance scale, and accounts receivable ABCP accounted for 20.57% [19]. Secondary Market Transaction Situation - **Overall Transaction**: In October 2025, there were 609 secondary - market transactions of asset - backed notes. The number of transactions decreased by 4.25% month - on - month and 1.77% year - on - year. The transaction amount was 46.139 billion yuan, a month - on - month decrease of 14.67% and a year - on - year decrease of 7.93% [5][20]. - **Underlying Asset Type Distribution**: The more active underlying asset types in the secondary - market transactions were small - micro loans (24.39% of the transaction amount), personal consumer finance (21.79%), accounts receivable (17.44%), class REITs (16.14%), and supply chains (5.98%) [20].

Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report In Q3 2025, the infrastructure investment and financing (hereinafter referred to as "base investment") industry policies continued to develop in depth on the basis of the dual - track approach of "controlling new debts and resolving existing ones" and "promoting development". The "package debt - resolution" policy was further refined, the debt management became more standardized and transparent, the process of platform exit accelerated, and a series of policies were introduced to support the base investment enterprises in expanding effective investment and promoting transformation. The implementation of these policies effectively mitigated local government debt risks, but challenges such as the management of operating debts of base investment enterprises still remained [3][4]. Summary by Relevant Catalogs Policy Review - **"Package Debt - Resolution" Policy Deeply Refined**: As of August 2025, 4 trillion yuan of the one - time increase of 6 trillion yuan in special debt quota had been issued, and the 2 trillion yuan quota for implicit debt replacement in 2025 was basically used up. 800 billion yuan was allocated from new local government special bonds to support debt resolution. Financial debt - resolution also accelerated, and measures to clean up arrears to enterprises were strengthened. Debt management was more standardized, with stricter new bond issuance review and upgraded debt monitoring [4][6]. - **Dynamic Adjustment of High - Risk Debt Areas and Accelerated Platform Exit**: As of June 2025, over 60% of financing platforms had exited. Some provinces such as Inner Mongolia and Ningxia had achieved or were applying to exit high - risk debt areas [7]. - **Support for Base Investment Enterprises to Expand Effective Investment**: In 2025, the new special bond quota was increased to 4.4 trillion yuan, a year - on - year increase of 12.8%. As of September 30, 2025, 3.6 trillion yuan of new special bonds had been issued, completing 82% of the annual quota. A new policy - based financial instrument of 500 billion yuan was arranged, and policies to support the construction and operation of PPP stock projects were introduced [8][10]. - **Accelerated Stock Asset Revitalization and Strengthened Transformation Policy Guidance**: A series of policies were introduced to guide the industrial transformation of base investment enterprises, and local governments continued to deepen the revitalization of state - owned assets [11]. Policy Main Impacts - **Accelerated Implementation of Local Government Replacement Bonds and Mitigated Debt Risks**: As of September 30, 2025, local government new bonds had completed 81.92% of the annual quota, and replacement bonds for implicit debt had completed 99.31% of the annual quota. The scope of special bond investment expanded, which was expected to relieve the investment and financing pressure of base investment enterprises [17]. - **Tightened Supply of Urban Investment Bonds**: In the first three quarters of 2025, the total issuance of urban investment bonds decreased by 9.53% year - on - year, and the net financing was negative. The stock of urban investment bonds decreased by 6.38% compared with the end of 2024 [18]. - **Adjusted Financing Channels and Optimized Debt Structure of Base Investment Enterprises**: Under the influence of policies, the proportion of credit financing of base investment enterprises increased, while the proportion of bond financing and non - standard financing decreased [19]. - **Reduced Number of Risk Events of Base Investment Enterprises, but Attention Needed for Operating Debts and Interest Payments**: The number of non - standard risk events of base investment enterprises decreased compared with 2024, but the operating debts, interest payments, and government - occupied funds of base investment enterprises still needed attention [20]. - **Phased Achievements in "Exiting Platform" and Transformation of Base Investment Enterprises**: Since the implementation of the "package debt - resolution" policy, about 658 base investment enterprises declared themselves as "market - oriented business entities", and more than 110 base investment enterprises announced to exit the platform list in the first three quarters of 2025 [21]. Industry Development Expectations and Opportunities - **Continuous Implementation of "Package Debt - Resolution" Policy with Regional Differences**: The "package debt - resolution" policy will continue to be implemented, but there are regional differences in debt - resolution progress and risks. Future policies are expected to be more refined and differentiated [23]. - **Operating Debts to Become the Key Focus and Support for Enterprise Transformation**: As implicit debts are gradually resolved, operating debts will become the key focus. The "15th Five - Year Plan" will help base investment enterprises open up new investment spaces and promote transformation [26]. - **Accelerated Transformation of Base Investment Enterprises with Risks to Be Alerted and Attention to Government - Enterprise Relationship**: The transformation of base investment enterprises may bring compliance and credit risks. The change in the government - enterprise relationship of base investment enterprises in the post - implicit debt era needs continuous attention [29]. Conclusion The base investment industry policies continued to develop in depth, effectively mitigating local government debt risks. However, the operating debts, interest payments, and government - occupied funds of base investment enterprises still need attention. The "15th Five - Year Plan" will provide opportunities for enterprise transformation, but regional differences exist. Risks in the transformation process and changes in the government - enterprise relationship need to be continuously monitored [30][31].

1. Report Industry Investment Rating - No information provided in the content 2. Core Viewpoints of the Report - The "15th Five-Year Plan" proposal emphasizes actively developing direct financing such as equity and bonds, which points out the core direction for the future development of the bond market. The bond market needs to balance "scale growth" and "structural optimization" and deepen its pricing function to support the high - quality development of the real economy [2][5] - The release of the "15th Five - Year Plan" proposal has both short - term and long - term impacts on bond market interest rates. Short - term emotional fluctuations will gradually subside, and credit bond yields may continue to fluctuate within a range [7][9][10] - The bond market should focus on supporting key areas such as science and technology innovation, consumption, rural revitalization, green transformation, and private economy, and promote product innovation and mechanism optimization [11][12][13] - China's bond market will speed up the two - way opening process, expanding the scope of participants and deepening infrastructure construction [17][18][19] - The bond market should continue to strengthen risk prevention in key areas such as real estate, local debt, and small and medium - sized financial institutions, and improve the risk disposal mechanism [20][21][22] - In the credit bond market, a strategy of combining stable allocation and careful bond selection should be adopted, focusing on high - growth industries in line with the "15th Five - Year Plan" direction and paying attention to tail risks [24][25] 3. Summary by Relevant Catalogs 3.1 Question 1: What new requirements does the re - mention of "accelerating the construction of a financial power" in the "15th Five - Year Plan" proposal put forward for the development of the bond market? - The "15th Five - Year Plan" proposal continues the policy tone of "accelerating the construction of a financial power", with more in - depth requirements than the "14th Five - Year Plan". It aims to promote the financial system to a higher - quality development stage [2] - As of October 2025, China's bond market has become the world's second - largest and Asia's largest, with a stock size of about 194.25 trillion yuan and a credit bond stock size of about 39.25 trillion yuan [2] - The bond market needs to balance "scale growth" and "structural optimization" and deepen its pricing function to support the high - quality development of the real economy [5] - Credit rating is an important infrastructure in the bond market. In the future, it needs to strengthen the construction of risk identification and early - warning capabilities to help the high - quality development of the bond market [6] 3.2 Question 2: How to view the interest rate trend of the bond market after the release of the "15th Five - Year Plan" proposal? - Historically, before the release of long - term plans, bond market interest rates may fluctuate greatly due to policy uncertainty. After the policy is clear, market sentiment stabilizes and interest rate fluctuations narrow [8] - Before the 20th Fourth Plenary Session, credit bond yields were volatile. After the release of the "15th Five - Year Plan" draft, market sentiment gradually stabilized, and credit spreads narrowed [9] - In the future, credit bond yields may continue to fluctuate within a range. Short - term emotional fluctuations will gradually subside, and long - term interest rate trends will be affected by the overall economic deployment and policy orientation of the meeting [9][10] 3.3 Question 3: Which key areas of financing development does the "15th Five - Year Plan" proposal support for the bond market? - Science and technology innovation: The "15th Five - Year Plan" emphasizes the core position of science and technology innovation. As of October 28, 2025, the cumulative issuance of science and technology innovation bonds was about 1.7 trillion yuan, and the scale is expected to continue to expand [11][13] - Consumption: The proposal deploys to boost consumption. The bond market has begun to support the consumption field, and consumer - related ABS is expected to expand [12][13] - Rural revitalization: The bond market should support rural development. As of 2025, the issuance of rural revitalization bonds was 818 million yuan, and more policy support is needed [14] - Green transformation: The green bond market has the largest scale in the world. In 2025, the issuance of green bonds was 493.2 billion yuan, and the stock size was about 2.7 trillion yuan. The scale is expected to continue to increase [15] - Private economy: Although policies support the private economy, it still takes time to see the effect. In 2025, the proportion of private enterprise bond issuance in credit bonds was only 2% [15][16] 3.4 Question 4: How will the opening pattern of the bond market evolve under the requirement of high - level opening up? - China's bond market has improved its opening - up level through "bringing in" and "going out". As of September 2025, overseas institutions held 3.78 trillion yuan of inter - bank market bonds, accounting for 2.2% of the total custody volume [17][18] - In the future, the two - way opening of the bond market may be accelerated, including expanding the scope of participants and deepening infrastructure construction [19] 3.5 Question 5: How will bond risk prevention work be carried out under the continuation of the risk - prevention tone? - The "15th Five - Year Plan" proposal emphasizes effectively preventing and resolving various risks, mainly focusing on real estate, local debt, and small and medium - sized financial institutions [20] - As of September 2025, the scale of defaulted bonds in the bond market was 739.406 billion yuan, and the proportion of publicly disclosed completed disposal was 22.8%. The risk disposal mechanism needs to be improved [22] - The "15th Five - Year Plan" mentions the role of the risk - sharing mechanism in supporting venture capital. Currently, the participation of venture capital institutions in the bond market is limited, and more support measures may be introduced in the future [23] 3.6 Question 6: What investment opportunities does the "15th Five - Year Plan" proposal bring to the credit bond market? - A strategy of combining stable allocation and careful bond selection should be adopted, focusing on high - growth industries in line with the "15th Five - Year Plan" direction and paying attention to tail risks [24] - Industries such as science and technology innovation, advanced manufacturing, and green low - carbon have strong bond attractiveness. Some state - owned real estate enterprise bonds and certain urban investment bonds also have certain investment value [25]

Group 1: Report's Investment Rating for the Industry - No information provided regarding the report's industry investment rating Group 2: Core Viewpoints of the Report - In Q3 2025, the issuance scale of enterprise asset - backed securities increased by 5.27% year - on - year, with the issuance cost decreasing, and the secondary market trading activity significantly rising [5][35] Group 3: Summary According to the Directory 1. Issuance Situation - In Q3 2025, 437 enterprise asset - backed securities were issued, with a total issuance scale of 410.177 billion yuan, an increase of 33 in quantity and 5.27% in scale compared to the same period last year. September had the highest issuance volume and scale [6] - In terms of issuance venues, the Shanghai Stock Exchange issued 307 products with a scale of 314.119 billion yuan (76.58% of the total), and the Shenzhen Stock Exchange issued 130 products with a scale of 96.058 billion yuan (23.42% of the total) [8] - The top five original equity holders in terms of issuance scale accounted for 20.58% of the total, and the top ten accounted for 31.27% [8] - The top five managers in terms of new management scale accounted for 49.30% of the total, and the top ten accounted for 69.03% [11] - In terms of basic asset categories, the issuance scale of debt - based ABS products was 317.391 billion yuan (77.38% of the total), real - estate ABS was 78.096 billion yuan (19.04% of the total), and revenue - based ABS was 114.65 billion yuan (2.80% of the total) [15] - The basic asset sub - types mainly included personal consumer finance, accounts receivable, enterprise financial leasing, micro - loans, and CMBS [18] - The product with the highest issuance scale was "CITIC Financial Asset Yunfan Phase 1 Entity Empowerment Asset - Backed Special Plan" at 10.01 billion yuan, and the lowest was "CITIC Securities - Shenzhen Guarantee Group - No. 3 Intellectual Property Asset - Backed Special Plan (Hetao Shenzhen - Hong Kong Science and Technology Innovation Cooperation Zone)" at 0.42 billion yuan. The products with a single - issuance scale in the (5, 10] billion yuan range had the highest number and scale [24] - The shortest - term product had a term of 0.48 years, and the longest was 59.97 years. Products with a term in the (1, 3] - year range had the highest number and scale [26] - AAAsf - rated securities accounted for 89.93% of the issuance scale. The median interest rate of 1 - year - old AAAsf - rated securities was 1.81%, a year - on - year decrease of about 33BP and a quarter - on - quarter decrease of about 20BP [29][31] 2. Filing Situation - In Q3 2025, 360 products were filed with the Asset Management Association of China, with a total scale of 328.049 billion yuan. The number of filings decreased by 3, and the scale decreased by 1.67% compared to the same period last year [54] 3. Secondary Market Trading and Position - Holding Situation - In Q3 2025, enterprise asset - backed securities had 11,887 transactions in the exchange market, with a total amount of 286.099 billion yuan, an increase of 3,855 in the number of transactions and 66.88% in the trading scale compared to the same period last year. September had the highest trading scale [57][59] - The basic asset types involved in secondary - market trading mainly included REITs, accounts receivable, CMBS, supply chains, and personal consumer finance [59] - As of the end of Q3 2025, the total position - holding scale of asset - backed securities in the Shanghai and Shenzhen Stock Exchanges was 2,093.452 billion yuan, a 7.26% increase from the end of 2024 [61] 4. Maturity Analysis for Q4 2025 - As of the end of September 2025, 539 outstanding enterprise asset - backed securities were expected to mature in Q4 2025, with a scale of 123.815 billion yuan. Accounts receivable - based products had the highest proportion of maturity scale [66]

Investment Rating - The report indicates a cautious outlook on the real estate industry, emphasizing the importance of "good housing" as a key market driver [2][5][7]. Core Insights - The implementation of the national standard "Residential Project Specification" has led to various local governments promoting the construction of "good housing," which has become the mainstay of market sales [2][6][7]. - The transition period for managing ongoing projects under the new regulations has been established in several cities, allowing previously approved projects to continue under existing plans, which helps mitigate potential cost increases and delays for developers [3][5][6]. - The report highlights that while the new regulations may raise costs for developers, the government is actively working to optimize the business environment and provide incentives to balance these challenges [6][7]. Market Trends - New home transaction volumes continue to decline, but "good housing" products are maintaining high sales momentum, particularly in first-tier cities like Beijing, Shenzhen, and Shanghai, where new home sales have shown significant year-on-year growth [6][7]. - In September, the average price decline of new homes has been narrowing, with a notable increase in sales volume during the traditional peak season, although year-on-year sales figures remain down [8][9]. - The report notes that the inventory pressure remains significant, with the total area of unsold commercial housing continuing to be at historical highs despite a month-on-month decrease [9][10]. Policy Measures - The report outlines that various local governments are implementing targeted measures to stabilize the real estate market, including enhancing housing provident fund support, promoting purchase subsidies, and optimizing purchase restrictions [8][9]. - The focus on "quality improvement" and "value creation" is reshaping the competitive landscape of the industry, with larger firms likely to benefit more from the new regulations compared to smaller enterprises [6][7].