资产支持票据产品报告（2026年2月）：资产支持票据发行规模环比有所下降，个人消费金融类资产保持活跃

Group 1: Report Overview - The report is titled "Asset-Backed Notes Product Report (February 2026)", focusing on the issuance and secondary market trading of asset-backed notes [3] Group 2: Issuance Situation Overall Issuance - In February 2026, 18 asset-backed notes were issued, with a total issuance scale of 16.94 billion yuan. Compared with the previous month, the number of issuances decreased by 22, and the issuance scale dropped by 42.44%. Compared with the same period last year, the number of issuances decreased by 14, and the issuance scale dropped by 40.45% [4][5] Top Ten Issuing Institutions - In February 2026, SDIC Taikang Trust ranked first with an issuance scale of 2.752 billion yuan, accounting for 16.25%. Far East Leasing ranked second with an issuance scale of 2.1 billion yuan, accounting for 12.40%. State Power Investment Group ranked third with an issuance scale of 2.019 billion yuan, accounting for 11.92%. Meituan Sankuai Small Loan ranked fourth with an issuance scale of 2 billion yuan, accounting for 11.81%. Du Xiaoman Small Loan, Huanneng Trust, and Henghe Credit Insurance ranked fifth with an issuance scale of 1 billion yuan each, accounting for 5.90%. The total issuance scale of the top ten issuing institutions was 14.545 billion yuan, accounting for 85.86% [5] Underlying Asset Categories - The underlying asset types of the issued products mainly include personal consumer finance, subsidy funds, general financial leasing, small and micro loans, and accounts receivable. Personal consumer finance products had 6 issuances, accounting for 33.60% of the scale; subsidy fund products had 2 issuances, accounting for 17.43% of the scale; general financial leasing products had 2 issuances, accounting for 16.68% of the scale; small and micro loan products had 3 issuances, accounting for 16.53% of the scale; accounts receivable products had 3 issuances, accounting for 11.63% of the scale [8] Issuance Scale Distribution - The highest single issuance scale was 2.1 billion yuan, and the lowest was 169 million yuan. The number and scale of products with a single issuance scale between (5, 10] billion yuan were the highest, with 13 issuances, accounting for 70.55% of the scale [10] Term Distribution - The shortest term was 0.18 years, and the longest was 3.26 years. The number and scale of products with a term between (1, 2] years were the highest, with 9 issuances, accounting for 56.98% of the scale [10] Rating Distribution - According to the issuance scale of notes at each rating level, AAAsf-rated notes accounted for 91.35%, AA+sf-rated notes accounted for 2.39%, and BBB+sf-rated notes accounted for 0.32% [11] Issuance Interest Rate - The lowest issuance interest rate of one-year AAAsf-rated notes was 1.71%, the highest was 2.00%, and the interest rate center was approximately 1.84% [13] ABCP Product Issuance - In February 2026, 7 ABCP products were issued, with a total issuance scale of 6.471 billion yuan, a year-on-year decrease of 33.81%, accounting for 38.20% of the ABN issuance scale. The underlying assets mainly included subsidy funds, personal consumer finance, accounts receivable, general financial leasing, and factoring claims [17] Group 3: Secondary Market Trading Situation - In February 2026, there were 291 secondary market transactions of asset-backed notes. The number of transactions decreased by 47.47% month-on-month and 30.22% year-on-year. The transaction amount was 22.31 billion yuan, a month-on-month decrease of 52.11% and a year-on-year decrease of 39.21%. The more active underlying asset types in the secondary market were personal consumer finance, REITs, accounts receivable, small and micro loans, and subsidy funds, with transaction amount proportions of 38.98%, 12.83%, 10.91%, 10.84%, and 9.44% respectively [18]