企业资产支持证券产品报告（2026年1月）：发行规模同比小幅增长，融资成本环比略有回升，二级市场活跃度同比有所提升

1. Report Industry Investment Rating - No information provided in the given content 2. Core View of the Report - In January 2026, the issuance scale of enterprise asset - backed securities increased slightly year - on - year, the financing cost increased slightly month - on - month, and the secondary market activity increased year - on - year [4][21] 3. Summary According to the Directory 3.1 Issuance Situation - In January 2026, 123 enterprise asset - backed securities were issued, with a total issuance scale of 108.504 billion yuan. Compared with the previous month, the number of issuances decreased by 77, and the issuance scale decreased by 45.13%. Compared with the same period of the previous year, the number of issuances decreased by 2, and the issuance scale increased slightly by 3.02% [4][5][21] - In terms of issuance venues, 88 products were issued on the Shanghai Stock Exchange, with an issuance amount of 86.896 billion yuan, accounting for 80.09%. 35 products were issued on the Shenzhen Stock Exchange, with an issuance amount of 21.608 billion yuan, accounting for 19.91% [5] - In terms of original equity holders, the top five original equity holders had a total issuance scale of 29.086 billion yuan, accounting for 26.81%. The top ten original equity holders had a total issuance scale of 40.835 billion yuan, accounting for 37.63% [6] - In terms of managers, the top five managers with the highest new management scale accounted for 60.34% of the total, and the top ten managers accounted for 74.31% [8][11] - The underlying asset types of the issued products mainly include enterprise financial leasing, personal consumer finance, auto financial leasing, specific non - financial claims, and held real - estate ABS [4][11][21] - In terms of product scale distribution, the products with a single - issue scale in the range of (5, 10] billion yuan had the largest number of issuances and the largest scale, with 57 products and an amount accounting for 43.98% [14] - In terms of term distribution, the products with a term in the range of (1, 3] years had the largest number of issuances and the largest scale, with 69 products and an amount accounting for 43.44% [15][16] - In terms of level distribution, AAAsf - rated securities accounted for 89.62% [16] - The interest rate center of one - year - around AAAsf - rated securities was approximately between 1.80% and 2.00%. The median increased by about 1BP month - on - month and decreased by about 12BP year - on - year [4][19][21] 3.2 Filing Situation - In January 2026, 117 enterprise asset - securitized products were filed with the Asset Management Association of China, with a total scale of 121.836 billion yuan [22] 3.3 Secondary Market Transaction Situation - In January 2026, enterprise asset - backed securities had 4,966 transactions on the exchange market, with a total transaction amount of 107.686 billion yuan. The number of transactions decreased by 832 month - on - month and increased by 2,257 year - on - year. The transaction amount decreased by 14.18% month - on - month and increased by 111.76% year - on - year [4][23] - The Shanghai Stock Exchange had 3,746 transactions, with a transaction amount of 81.048 billion yuan, accounting for 75.26%. The Shenzhen Stock Exchange had 1,220 transactions, with a transaction amount of 26.639 billion yuan, accounting for 24.74% [23] - The more active categories in the secondary market in January 2026 were mainly REITs - like products, accounts receivable, CMBS, supply chain, and personal consumer finance, with transaction amount proportions of 20.65%, 17.09%, 11.56%, 11.20%, and 10.92% respectively [23] 3.4 Maturity Situation in February 2026 - As of the end of January 2026, 74 outstanding enterprise asset - backed securities were due for repayment in February 2026, with a total scale of 12.249 billion yuan [25] - The underlying assets of the due enterprise asset - backed securities were mainly accounts receivable, supply chain, enterprise financial leasing, and personal consumer finance, with due scale proportions of 33.61%, 33.05%, 11.82%, and 9.00% respectively [25] - The top ten original equity holders had a due scale of 9.415 billion yuan, accounting for 76.86% [25]