个人消费金融及小微贷款类资产支持证券产品报告（2025年度）：个人消费金融及小微贷款类产品发行主体扩容，但头部集中效应特征仍显著；整体发行规模稳步增长，融资成本持续下行，二级市场交易活跃度明显提升

1. Report Industry Investment Rating - No relevant information provided 2. Core Viewpoints of the Report - In 2025, under the stimulus of consumption and financial policies and the backdrop of consumption recovery, the issuance volume and scale of personal consumer finance - related asset - backed securitization products increased year - on - year. Although the issuance volume of small - micro loan - related asset - backed securitization products decreased, the issuance scale increased. The issuance scale of such products is expected to grow steadily in 2026. The head - concentration effect is significant and may become more prominent, and the quality of underlying assets is expected to improve [89][90]. 3. Summary by Directory Issuance Situation - In 2025, 439 personal consumer finance and small - micro loan asset - backed securitization products were issued in the exchange market, with a total issuance scale of 343.745 billion yuan, a year - on - year increase of 29.61% in scale and 55 in quantity. Among them, 332 personal consumer finance products were issued, totaling 248.213 billion yuan, an increase of 29.05% in scale and 66 in quantity; 107 small - micro loan products were issued, totaling 95.532 billion yuan, an increase of 31.11% in scale and a decrease of 11 in quantity [4]. - The 1 - year - around AAAsf - rated securities of personal consumer finance products had an interest rate center between 1.63% and 2.13%, with a median decline of about 40BP. The 1 - year - around AAAsf - rated securities of small - micro loan products had an interest rate center between 1.57% and 2.07%, with a median decline of about 41BP [4]. Issuing Entities - The original equity holders of personal consumer finance and small - micro loan asset - backed securitization products were mainly trust companies and small - loan companies under Internet financial platforms. The top five platforms for personal consumer finance and small - micro loan products accounted for 77.98% and 85.98% of the issuance scale respectively, showing an obvious head - concentration effect. New issuance platforms in 2025 included WeBank and MYbank [4]. Filing - In 2025, 294 personal consumer finance - related asset - backed special plans were filed with the Asset Management Association of China, with a total scale of 213.756 billion yuan. 103 small - micro loan - related asset - backed special plans were filed, with a total scale of 89.732 billion yuan [4]. Secondary Market Transactions - In 2025, personal consumer finance asset - backed securities had 7,092 secondary - market transactions, an increase of 2,203, and a transaction scale of 125.504 billion yuan, a year - on - year increase of 41.58%. Small - micro loan asset - backed securities had 3,080 secondary - market transactions, an increase of 1,341, and a transaction scale of 50.785 billion yuan, a year - on - year increase of 102.73% [4]. Maturity - As of the end of 2025, 1,001 personal consumer finance and small - micro loan asset - backed securities were expected to mature in 2026, with a maturity scale of 242.491 billion yuan. Among them, 787 personal consumer finance asset - backed securities were expected to mature, worth 179.598 billion yuan, and 214 small - micro loan asset - backed securities, worth 62.893 billion yuan [4]. Industry Policies - In January 2025, the National Financial Regulatory Administration issued the Interim Measures for the Supervision and Administration of Small - loan Companies; in March, the Asset Management Association of China issued the Detailed Rules for the Due Diligence Investigation of Debt - based Asset Securitization Business; in June, six departments including the People's Bank of China issued the Guiding Opinions on Financial Support for Boosting and Expanding Consumption; in December, the People's Bank of China and the National Financial Regulatory Administration jointly issued the Work Guidelines for the Comprehensive Financing Cost Management of Small - loan Companies, and the People's Bank of China issued the Notice on the Arrangements for Implementing the One - time Credit Repair Policy [4].