资产支持票据产品报告（2025年5月）：资产支持票据发行节奏环比有所放缓，个人消费金融类资产表现活跃

Report Industry Investment Rating - No information provided on the report industry investment rating Core Viewpoints - In May 2025, the issuance rhythm of asset - backed notes slowed down month - on - month, but the secondary market trading was active. The launch of science and technology innovation bonds and the successful issuance of the first science and technology innovation asset - backed securities are conducive to building a financial system suitable for scientific and technological innovation and promoting the development of science and technology - based enterprises [3][21][22] Summary by Directory Issuance Situation - In May 2025, 44 asset - backed note products were issued, with a total issuance scale of 43.337 billion yuan. The number of issuances decreased by 14 and the scale dropped by 26.78% compared with the previous month, while the number increased by 13 and the scale grew by 104.06% compared with the same period of the previous year. Only 4 were publicly issued, and the rest were privately placed [3][4] - The top five initiating institutions in terms of issuance scale were SDIC Taikang Trust Co., Ltd. (6.164 billion yuan, 14.22%), CITIC Trust Co., Ltd. (5 billion yuan, 11.54%), China National Foreign Trade Trust Co., Ltd. and Huaxin International Trust Co., Ltd. (both 4 billion yuan, 9.23%), Beijing Jingdong Century Trading Co., Ltd. (2.89 billion yuan, 6.67%), and State Power Investment Corporation (2.783 billion yuan, 6.42%). The total issuance scale of the top ten initiating institutions was 31.669 billion yuan, accounting for 73.08% [4] - The underlying asset types mainly included personal consumer finance, accounts receivable, supply chain, subsidy payments, and micro - loans. Personal consumer finance products accounted for 52.74% of the scale with 24 issuances [7] - The highest single - product issuance scale was 2.783 billion yuan, and the lowest was 1.79 billion yuan. Products with a single - issuance scale of (0, 10] billion yuan had the largest number and scale, with 38 issuances accounting for 75.41% [9] - The shortest product term was 0.25 years, and the longest was 11.14 years. Products with a term of (0, 1] years had the largest number and scale, with 17 issuances accounting for 32.22% [10] - According to the issuance scale statistics of notes at each level, AAAsf - rated notes accounted for 89.72% [11] - The lowest issuance interest rate of one - year - around AAAsf - rated notes was 1.80%, the highest was 2.09%, and the interest rate center was around 1.86% [13] - In May 2025, 12 ABCP products were issued, with a total scale of 10.883 billion yuan, accounting for 25.11% of the ABN issuance scale, involving five types of underlying assets [17] Secondary Market Trading Situation - In May 2025, there were 391 secondary - market transactions of asset - backed notes, with a transaction amount of 37.496 billion yuan. The transaction amount increased by 9.83% month - on - month and 24.77% year - on - year, and the number of transactions increased by 17.07% month - on - month and 17.77% year - on - year [18] - The more active underlying asset types in the secondary - market trading were personal consumer finance, class REITs, micro - loans, accounts receivable, and supply chain, with transaction - amount proportions of 32.99%, 16.33%, 15.09%, 13.46%, and 8.23% respectively [18] Industry Dynamic Review - On May 7, 2025, the National Association of Financial Market Institutional Investors issued a notice to launch science and technology innovation bonds and build a "science and technology board" in the bond market. On May 26, the first science and technology innovation asset - backed securities was successfully issued, with a scale of 1.79 billion yuan and a coupon rate of 1.84% [21] - The launch of science and technology innovation bonds helps build a financial system suitable for scientific and technological innovation, and science and technology innovation asset - backed securities can further play the functions of revitalizing stock assets and broadening financing channels to empower the development of science and technology - based enterprises [22]