供应链类资产支持证券产品报告（2024年前三季度）：发行节奏有所放缓，期限设计趋于灵活，增信模式更加多样，发行利差进一步收窄

Group 1 - The issuance of supply chain asset-backed securities (ABS) in the first three quarters of 2024 saw a total of 183 transactions, with a total issuance scale of 914.79 billion, representing a decrease of 25.18% compared to the same period last year [2][4][25] - The average issuance interest rate for 1-year AAA-rated supply chain ABS was 2.52%, down 63 basis points year-on-year, with the minimum rate at 2.03% and the maximum at 4.56% [12][18][59] - The core enterprises involved in the issuance of supply chain ABS primarily consisted of state-owned enterprises, with 85 core enterprises across 19 regions, covering 15 major industries [25][29][36] Group 2 - The distribution of issuance by management companies showed that the top five management companies accounted for 52.43% of the new management scale, with Huatai Securities leading at 14.16% [4][6] - The structure of the issued products indicated that 74.83% of the total issuance scale was from products with a subordinate scale of 1 million, while 86.88% of the products were fully credit-enhanced [56][59][61] - The geographical distribution of core enterprises showed that Beijing, Guangdong, and Fujian accounted for 65.67% of the total issuance scale, with Beijing alone contributing 33.40% [30][36][41]