联合资信：资产证券化产品发行总规模的6.40%

1. Report Industry Investment Rating No information provided in the content. 2. Core Viewpoints of the Report - In 2025, the issuance scale and number of supply chain asset - backed securitization products decreased, with the exchange as the main issuance venue. The single - issuance scale was highly concentrated, and the maturity was mainly within 1 year. The issuance interest rates and spreads of priority securities declined, and the exploration of collective supply chain asset - backed securitization products increased, with the repayment method remaining mainly one - time repayment at maturity. The market survival scale of such products decreased year by year [3][7][8][13][14][16][34][37]. - The top ten single core enterprises in terms of issuance amount of supply chain asset - backed securitization products had a high concentration, mainly state - owned enterprises. The single core enterprises in Beijing, Guangdong, and Shandong had a large proportion of issuance amount, and were mainly concentrated in industries such as industry, real estate, and finance [20][23][27][37]. - The new regulations on supply chain asset - backed securitization products in 2025 can better address market chaos and provide a framework for the standardized development of the industry. In the future, these products will still play an important role in serving the real economy in the ABS market [38][40][41]. 3. Summary of Each Section 3.1 2025 Primary Market Operation 3.1.1 Issuance Overview - Issuance Scale and Number: Affected by multiple factors, in 2025, the issuance scale of supply chain asset - backed securitization products was 148.758 billion yuan, a year - on - year decrease of 20.09%, accounting for 6.40% of the total issuance scale of the whole - market asset - backed securitization products, a year - on - year decrease of 3.02 percentage points. The issuance number was 300, a year - on - year decrease of 14.04%, accounting for 12.32% of the total issuance number, a year - on - year decrease of 4.42 percentage points. Exchange issuance scale was 127.146 billion yuan, a year - on - year decrease of 9.67%, with 245 issuances, a year - on - year decrease of 7.20%. Bank - inter - market issuance scale was 25.039 billion yuan, a year - on - year decrease of 42.41%, with 55 issuances, a year - on - year decrease of 33.73% [3][4]. - Single - Issuance Scale: The single - issuance scale was highly concentrated. The product with the largest issuance scale was 3.286 billion yuan, and the smallest was 0.25 billion yuan. The number of products with a single - issuance scale in the (0, 5] billion yuan range was the largest, and the total issuance scale of products in the (5, 10] billion yuan range was the largest [7]. - Maturity Structure: The maturity of products issued in 2025 was mainly within 1 year. The issuance scale of products in each maturity decreased year - on - year, and the overall maturity structure remained relatively stable [8]. - Product Mode and Repayment Method: The exploration of "multi - core + guarantee + factoring" collective supply chain asset - backed securitization products increased. The repayment method was mainly one - time repayment at maturity, with no major change compared to 2024 [11][13]. 3.1.2 Interest Rate Analysis - The initial credit rating showed that the issuance scale of AAAsf products accounted for 86.22%, a year - on - year increase of 2.30 percentage points, and the issuance scale of AA + sf products accounted for 13.04%, a year - on - year decrease of 1.44 percentage points. Affected by monetary policy and liquidity, the issuance interest rates of supply chain asset - backed securitization products decreased and were more stable in 2025 compared to 2024. The issuance spreads of priority securities with different maturities and credit ratings narrowed. For example, the average issuance interest rate of priority securities (AAAsf, within 1 year) was 2.29%, a year - on - year decrease of 0.19 percentage points; the average issuance spread with 1 - year treasury bonds was 0.80%, a year - on - year decrease of 0.11 percentage points; the average issuance spread with 1 - year AAA corporate bonds was 0.34%, a year - on - year decrease of 0.03 percentage points [14][15][16]. 3.2 Analysis of Issuers of Supply Chain Asset - Backed Securitization Products 3.2.1 Issuing Core Enterprises - The concentration of the top ten single core enterprises in terms of issuance amount was high, mainly state - owned enterprises. The top three core enterprises in terms of issuance amount were Poly Developments and Holdings Group Co., Ltd., JD Technology Group Co., Ltd., and Beijing JD Century Trading Co., Ltd., with issuance amounts of 21.48 billion yuan, 9 billion yuan, and 8.5 billion yuan respectively, accounting for 16.50%, 6.91%, and 6.53% of the total issuance amount. The total issuance amount of the top three single core enterprises accounted for 29.94%, and the top ten accounted for 52.24% [20]. - In terms of enterprise nature, 92 were state - owned enterprises, 7 were private enterprises, and 1 was other (foreign - funded enterprise), with corresponding issuance scales of 51.438 billion yuan, 57.222 billion yuan, and 8.5 billion yuan [22]. - In terms of regional distribution, the single core enterprises were distributed in 21 regions, with the top three regions being Guangdong, Beijing, and Shandong, with a total issuance amount of 79.171 billion yuan, accounting for 60.82% of the issuance amount of single core enterprises [23]. - In terms of industry distribution, the single core enterprises were mainly distributed in 8 industries, with industry, real estate, and finance leading in terms of issuance scale, accounting for 31.73%, 30.40%, and 15.54% of the issuance amount of single core enterprises respectively [27]. 3.2.2 Issuing Original Equity Holders The issuing original equity holders were relatively concentrated. The top ten original equity holders accounted for 72.32% of the issuance amount. The top five original equity holders were Shenghe (Shenzhen) Commercial Factoring Co., Ltd., Shenzhen Qianhai Lianyirong Commercial Factoring Co., Ltd., Shanghai Banghui Commercial Factoring Co., Ltd., Poly Commercial Factoring Co., Ltd., and China Railway Commercial Factoring Co., Ltd., accounting for 18.19%, 14.56%, 11.50%, 6.47%, and 5.07% of the total issuance amount respectively [30]. 3.2.3 Issuing Managers The issuing managers were concentrated. The top ten managers accounted for 57.97% of the issuance amount. The top five managers were Huatai Securities (Shanghai) Asset Management Co., Ltd., CITIC Securities Co., Ltd., Ping An Securities Co., Ltd., Tianfeng (Shanghai) Securities Asset Management Co., Ltd., and Capital Securities Corporation Limited, with issuance amount ratios of 11.73%, 8.57%, 6.77%, 6.01%, and 5.61% respectively [31][33]. 3.3 Performance of Supply Chain Asset - Backed Securitization Products during the Survival Period - As of the end of 2025, the market survival scale of supply chain asset - backed securitization products was 144.633 billion yuan, accounting for 4.04% of the total balance of the ABS market. The number and scale of surviving products decreased year by year [34]. - In 2025, there were no projects involving rating adjustments for supply chain asset - backed securitization products [36]. 3.4 Summary and Outlook - Summary of Market Characteristics in 2025: The issuance scale, number, and survival scale of supply chain asset - backed securitization products decreased. The issuance venue was mainly the exchange, the single - issuance scale was concentrated, the maturity was mainly within 1 year, the interest rates and spreads of priority securities decreased, the exploration of collective products increased, and the repayment method was mainly one - time repayment at maturity. The top ten single core enterprises in terms of issuance amount were highly concentrated and mainly state - owned enterprises [37]. - New Regulations: The "Notice on Regulating Supply Chain Financial Services and Guiding Supply Chain Information Service Institutions to Better Serve the Financing of Small and Medium - Sized Enterprises" issued in 2025 can address market chaos and provide a framework for the standardized development of the industry [40]. - Market Outlook: Although the issuance scale of supply chain asset - backed securitization products has decreased in recent years, aspects such as issuance venue selection, product term design, and credit enhancement arrangements have become more flexible. In the future, these products will still play an important role in the ABS market in serving the real economy [41].