资产支持票据产品报告（2025年8月）：资产支持票据发行节奏有所放缓，个人消费贷款和小微贷款仍然是市场发行的主力资产类型

Group 1: Report Industry Investment Rating - No relevant information provided Group 2: Core Viewpoints of the Report - The issuance rhythm of asset - backed notes has slowed down, and personal consumer loans and micro - loans remain the main asset types in the market issuance [3] Group 3: Summary of Issuance Situation - In August 2025, 56 asset - backed note products were issued, with a total issuance scale of 49.283 billion yuan. Compared with the previous month, the number of issuances increased by 4, and the issuance scale grew by 26.23%. Compared with the same period last year, the number of issuances decreased by 20, and the issuance scale decreased by 26.42%. Only 5 products were publicly issued, and the rest were privately issued [5][6]. - The top five sponsoring institutions in terms of issuance scale were CITIC Trust Co., Ltd. (6.2 billion yuan, 12.58%), Shenzhen Tenpay Network Finance Small Loan Co., Ltd. (5.7 billion yuan, 11.57%), SDIC Taikang Trust Co., Ltd. (4.258 billion yuan, 8.64%), Huaneng Guicheng Trust Co., Ltd. (4.178 billion yuan, 8.48%), and China National Foreign Trade Trust Co., Ltd. (3.7 billion yuan, 7.51%). The total issuance scale of the top ten sponsoring institutions was 35.547 billion yuan, accounting for 72.13% [6]. - The underlying asset types of the issued products mainly included personal consumer finance, micro - loans, subsidies, accounts receivable, and supply chains. Personal consumer finance products accounted for 41.86% of the scale, and micro - loan products accounted for 20.39% [8]. - The highest single - product issuance scale was 2.781 billion yuan, and the lowest was 0.71 billion yuan. Products with a single - issuance scale of (5, 10] billion yuan had the largest number and scale, with 30 products issued, accounting for 53.90% of the scale [10]. - The shortest product term was 0.22 years, and the longest was 20.01 years. Products with a term of (1, 2] years had the largest number and scale, with 20 products issued, accounting for 37.70% of the scale [10]. - According to the issuance scale of notes at each level, AAAsf - rated notes accounted for 90.94%, AA + sf - rated notes accounted for 3.46%, and A + sf - rated notes accounted for 0.04% [12]. - The lowest issuance interest rate of one - year - around AAAsf - rated notes was 1.75%, the highest was 2.80%, and the interest rate center was around 1.79% [5][14]. - In August 2025, 14 ABCP products were issued, with a total issuance scale of 15.978 billion yuan, accounting for 32.42% of the ABN issuance scale, involving five types of underlying assets [17]. Group 4: Summary of Secondary Market Transaction Situation - In August 2025, there were 488 secondary - market transactions of asset - backed notes. The number of transactions decreased by 8.44% month - on - month and increased by 2.74% year - on - year. The transaction amount was 45.375 billion yuan, with a month - on - month increase of 7.08% and a year - on - year decrease of 14.36% [5][18]. - The more active underlying asset types in the secondary - market transactions in August 2025 were REIT - like products, personal consumer finance, micro - loans, subsidies, and accounts receivable, with transaction amount shares of 26.15%, 21.07%, 12.77%, 9.00%, and 8.11% respectively [18]