资产支持票据产品报告（2025年4月）：资产支持票据发行规模持续提升，其中资产支持商业票据约占一半，个人消费金融类资产表现活跃

Report Summary 1. Report Industry Investment Rating There is no information about the report industry investment rating in the provided content. 2. Core Viewpoints The asset - backed note issuance scale has continuously increased, with asset - backed commercial paper accounting for about half, and personal consumer finance - related assets are active [3]. 3. Summary by Relevant Catalogs 3.1 Issuance Situation - In April 2025, 58 asset - backed note products were issued, with a total issuance scale of 59.188 billion yuan. Compared with the previous month, the number of issuances increased by 9, and the issuance scale grew by 33.71%. Compared with the same period last year, the number of issuances increased by 11, and the issuance scale grew by 55.01%. Only 4 were publicly issued, and the rest were privately placed [4][5]. - The top five initiators in terms of issuance scale were China Orient Asset Management Co., Ltd. (8.945 billion yuan, 15.11%), Beijing Jingdong Century Trading Co., Ltd. (8.725 billion yuan, 14.74%), China Cinda Asset Management Co., Ltd. (6.043 billion yuan, 10.21%), SDIC Taikang Trust Co., Ltd. (5.964 billion yuan, 10.08%), and Huaneng Guicheng Trust Co., Ltd. (4.4 billion yuan, 7.43%). The total issuance scale of the top ten initiators was 48.094 billion yuan, accounting for 81.26% [5]. - The underlying asset types included personal consumer finance, specific non - financial claims, accounts receivable, micro - loans, and financial leasing. Personal consumer finance products accounted for 47.96% of the scale [7]. - The highest single - product issuance scale was 6.043 billion yuan, and the lowest was 1.0 billion yuan. The number and scale of products with a single - issuance scale between (0, 10] billion yuan were the largest, with 52 products issued, accounting for 66.13% of the scale [9]. - The shortest product term was 0.25 years, and the longest was 5.02 years. Products with a term between (0, 1] years had the largest issuance scale, accounting for 49.24%. Products with a term between (1, 2] years had the largest number of issuances, with 26 products issued [10]. - According to the issuance scale of notes at each level, AAAsf - rated notes accounted for 91.44% [11]. - The lowest issuance interest rate of one - year - around AAAsf - rated notes was 1.94%, the highest was 3.60%, and the interest rate center was around 2.02% [13]. - In April 2025, 24 ABCP products were issued, with a total issuance scale of 29.368 billion yuan, accounting for 49.62% of the ABN issuance scale. Specific non - financial claim ABCP accounted for 51.03% of the ABCP issuance scale, personal consumer finance ABCP accounted for 27.54%, and accounts receivable ABCP accounted for 11.60% [17]. 3.2 Secondary Market Transaction Situation - In April 2025, there were 563 secondary - market transactions of asset - backed notes, with a transaction amount of 54.198 billion yuan. The transaction amount decreased by 10.76% month - on - month, and the number of transactions decreased by 20.59% month - on - month. The transaction amount increased by 46.82% year - on - year, and the number of transactions increased by 35.66% year - on - year [4][18]. - The more active underlying asset types in the secondary - market transactions were personal consumer finance, specific non - financial claims, class REITs, accounts receivable, and supply chains, with transaction - amount proportions of 26.43%, 18.42%, 16.75%, 13.13%, and 5.23% respectively [18].