企业资产支持证券产品报告（2025年2月）：发行规模同比明显增加，但发行成本环比有所上行

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