资产支持票据产品报告（2025年前三季度）：资产支持票据发行规模保持增长，但同比增速有所放缓，个人消费金融类资产仍是表现最为活跃的基础资产类型

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The issuance scale of asset - backed notes maintained growth in the first three quarters of 2025, but the year - on - year growth rate slowed down. Personal consumer finance assets remained the most active type of underlying assets [4]. 3. Summary by Relevant Catalogs 3.1 Issuance Situation - In the first three quarters of 2025, 458 asset - backed note products were issued, with a total issuance scale of 413.965 billion yuan. The number of issuances increased by 61, and the scale grew by 17.51% compared with the same period last year. Among them, 26 were publicly issued with a scale of 18.762 billion yuan, and 432 were privately issued with a scale of 395.203 billion yuan [5][6]. - In terms of monthly distribution, September had the highest number and scale of issuances, with 70 products issued and a total scale of 67.363 billion yuan [8]. - From the perspective of sponsoring institutions, the top five sponsoring institutions in terms of issuance scale were CITIC Trust Co., Ltd., China National Investment & Guaranty Trust Co., Ltd., China Foreign Economy and Trade Trust Co., Ltd., Huaxin International Trust Co., Ltd., and Beijing Jingdong Century Trading Co., Ltd. The total issuance scale of the top five was 183.569 billion yuan, accounting for 44.34%, and that of the top ten was 262.387 billion yuan, accounting for 63.38% [9]. - In terms of the classification of underlying assets, the issuance scale of debt - related ABN products was 370.033 billion yuan, accounting for 89.39%, with a year - on - year increase of 20.44%. Other types of ABN products had a scale of 254.56 billion yuan, accounting for 6.15%, with a year - on - year decrease of 13.55%. Real - estate - related ABN products had a scale of 113.70 billion yuan, accounting for 2.75%, with a year - on - year decrease of 11.78% [12]. - In terms of the breakdown of underlying assets, personal consumer finance, small - micro loans, accounts receivable, subsidies, and supply chains were the main types. Personal consumer finance and small - micro loans were the most active, with year - on - year growth rates of 60.16% and 29.27% respectively [14][16]. - In terms of issuance scale distribution, the products with a single - issue scale in the range of (5, 10] billion yuan had the largest number and the highest scale proportion, with 296 products issued and a scale proportion of 64.02% [19]. - In terms of term distribution, products with a term in the range of (1, 2] years had the largest number of issuances and the highest scale proportion, with 182 products issued and a scale proportion of 40.03% [20]. - In terms of rating distribution, AAAsf - rated notes accounted for 90.18% [21]. - The lowest issuance rate of one - year AAAsf - rated notes was 1.71%, and the highest was 4.10%. The interest rate center was around 1.84%, and the median decreased by 28BP compared with the same period last year [24]. - In the first three quarters of 2025, 114 ABCP products were issued, with a total scale of 112.305 billion yuan, a year - on - year decrease of 7.82%, accounting for 27.13% of the ABN issuance scale [26]. 3.2 Issuance Spread - Compared with Treasury bonds of the same term, the issuance spread of 1 - year asset - backed notes narrowed, while that of 3 - year notes increased slightly. Compared with AAA - rated corporate bonds of the same term, the issuance spread of 1 - year asset - backed note products remained basically the same as last year, and that of 3 - year notes increased slightly [27][31]. - Among the underlying assets, the spreads of personal consumer finance, small - micro loans, and accounts receivable still showed differentiation, and the issuance costs of these three types of products decreased compared with the same period last year [35][38]. 3.3 Secondary Market Transactions - In the first three quarters of 2025, the total trading volume of asset - backed notes in the secondary market was 399.859 billion yuan, and the number of transactions was 4,497, with year - on - year growth rates of 9.07% and 15.54% respectively [41]. - The most actively traded products in the secondary market were personal consumer finance, class REITs, accounts receivable, small - micro loans, and supply chains, with transaction amount proportions of 25.95%, 16.11%, 12.57%, 12.35%, and 7.65% respectively [43]. 3.4 Industry Dynamic Review - On March 14, 2025, the National Association of Financial Market Institutional Investors (NAFMII) released the Action Plan for Further Supporting the High - quality Development of Private Enterprises in the Inter - bank Bond Market, which helps optimize the bond financing environment for private enterprises [45]. - On May 7, 2025, NAFMII released the Notice on Launching Science and Technology Innovation Bonds and Building a "Science and Technology Board" in the Bond Market. On May 26, the first science and technology innovation asset - backed security, "China Construction Commercial Factoring Co., Ltd. 2025 - Year China Construction Xinjiang Construction Engineering No. 3 Phase II Science and Technology Innovation Oriented Asset - Backed Security", was successfully issued, with a scale of 1.79 billion yuan and a coupon rate of 1.84% [46].