资产支持票据产品报告（2025年一季度）：2025年一季度，个人消费金融、小微贷款表现活跃，资产支持票据发行规模同比大幅增长

Group 1: Report Industry Investment Rating - No relevant content provided Group 2: Core Viewpoints of the Report - In Q1 2025, personal consumer finance and micro - loans were active, and the issuance scale of asset - backed notes increased significantly year - on - year. The issuance of asset - backed notes was booming, and the secondary - market trading was also active. The release of the Action Plan by the National Association of Financial Market Institutional Investors is conducive to optimizing the bond financing environment for private enterprises [3][4] Group 3: Summary According to the Directory 1. Issuance Situation - In Q1 2025, 120 asset - backed note products were issued, with a total issuance scale of RMB 101.009 billion, an increase of 49 in quantity and 118.47% in scale compared with the same period last year. Among them, 36 ABCP products were issued, with a scale of RMB 33.58 billion, accounting for 33.24% of the ABN issuance scale. The top five sponsoring institutions accounted for 45.78% of the issuance scale, and the top ten accounted for 66.39% [4][5][25] - In terms of the classification of underlying assets, the debt - type ABN dominated, with a scale of RMB 88.233 billion, accounting for 87.35%. The average issuance scale of other - type assets was the highest at RMB 1.955 billion per unit. The underlying assets mainly included personal consumer finance, micro - loans, subsidy payments, etc. New product types such as specific non - financial claims and CMBN emerged, and the issuance scales of personal consumer finance, micro - loans, etc. increased year - on - year [10][12][14] - In terms of issuance scale distribution, the product with the highest single - issue scale was RMB 5.005 billion, and the lowest was RMB 0.9 billion. The number of products with a single - issue scale in the (5, 10] billion yuan range was the largest, accounting for 68.12% of the scale [17] - In terms of term distribution, the shortest term was 0.17 years, and the longest was 18.01 years. The number of products with a term in the (1, 2] year range was the largest, accounting for 41.50% of the scale [20] - In terms of grade distribution, AAAsf - rated notes accounted for 90.45% [21] - The interest rate center of one - year AAAsf - rated notes was around 2.10%, and the median decreased by 50 BP compared with the same period last year [4][23] 2. Analysis of Issuance Spreads - Compared with Treasury bonds and enterprise bonds of the same term, the issuance spreads of 1 - year and 3 - year asset - backed notes both narrowed. The issuance spreads of personal consumer finance, micro - loans, and supply - chain assets increased slightly, while the issuance costs of related products decreased significantly compared with the same period last year [4][30][36] 3. Secondary - Market Trading Situation - In Q1 2025, the total trading amount of asset - backed notes in the secondary market was RMB 141.746 billion, and the number of transactions was 1,640, with year - on - year increases of 28.75% and 35.65% respectively. The more active products mainly included class REITs, personal consumer finance, accounts receivable, etc. [40][43] 4. Industry Dynamic Review - On March 14, 2025, the National Association of Financial Market Institutional Investors issued the Action Plan, which is conducive to optimizing the bond financing environment for private enterprises and providing strong support for the healthy development of the private economy [45][46]