企业资产支持证券产品报告（2025年10月）：发行规模环比收缩，融资成本下行态势趋缓，二级市场活跃度环比走低但同比仍呈提升趋势

Group 1: Report Summary - The report focuses on the enterprise asset-backed securities (ABS) products in October 2025, covering issuance, filing, secondary market trading, and maturity situations [4]. Group 2: Industry Investment Rating - There is no information about the industry investment rating provided in the report. Group 3: Core Viewpoints - In October 2025, the issuance scale of enterprise ABS shrank month - on - month, the downward trend of financing cost slowed, the secondary market activity decreased month - on - month but still showed an upward trend year - on - year [4]. Group 4: Issuance Situation - In October 2025, 105 enterprise ABS were issued, with a total scale of 95.087 billion yuan. The number decreased by 85 and the scale dropped by 42.19% month - on - month, while the number increased by 10 and the scale rose by 21.47% year - on - year [4][5]. - The top five original equity holders in terms of issuance scale were China Pacific Life Insurance Co., Ltd., Huaneng Guocheng Trust Co., Ltd., China CITIC Financial Asset Management Co., Ltd., Shenzhen Zhongrong Micro - loan Co., Ltd., and China Foreign Economic and Trade Trust Co., Ltd., with a total scale of 25.375 billion yuan, accounting for 26.69% [6]. - The top five managers in terms of new management scale were CITIC Securities Co., Ltd., CITIC Construction Investment Securities Co., Ltd., Huatai Securities (Shanghai) Asset Management Co., Ltd., Ping An Securities Co., Ltd., and Shanghai Guotai Haitong Securities Asset Management Co., Ltd., with a total scale of 56.361 billion yuan, accounting for 59.27% [6]. - The underlying asset types mainly included personal consumer finance, enterprise financial leasing, accounts receivable, micro - loans, and policy - pledged loans [4]. - The interest rate center of AAAsf - rated securities with a maturity of about one year was approximately between 1.80% - 2.00%, with the median unchanged month - on - month and a year - on - year decrease of about 47BP [4]. Group 5: Filing Situation - In October 2025, 130 enterprise ABS were filed with the Asset Management Association of China, with a total scale of 135.031 billion yuan [4][22]. Group 6: Secondary Market Trading Situation - In October 2025, there were 3,463 transactions of enterprise ABS in the exchange market, with a total turnover of 81.889 billion yuan. The number of transactions decreased by 549 month - on - month and increased by 659 year - on - year, and the turnover decreased by 23.47% month - on - month and increased by 34.63% year - on - year [4][23]. - The more active underlying asset types in the secondary market were REIT - like products, accounts receivable, CMBS, personal consumer finance, and enterprise financial leasing, with turnover accounting for 29.56%, 12.71%, 11.51%, 11.13%, and 8.52% respectively [23]. Group 7: Maturity Situation - In November 2025, 387 outstanding enterprise ABS were due, with a total scale of 91.943 billion yuan [4][25]. - The main underlying asset types of the due ABS were accounts receivable, supply chain, personal consumer finance, and policy - pledged loans, with due scales accounting for 44.48%, 22.92%, 9.45%, and 4.89% respectively [25]. - The top three original equity holders in terms of due scale were China Railway Capital Co., Ltd., China Railway Construction Commercial Factoring Co., Ltd., and Shenzhen Qianhai Lianyirong Commercial Factoring Co., Ltd., with due scales accounting for 15.37%, 7.53%, and 5.57% respectively [25].