Core Viewpoint - Asset securitization has become a crucial battleground for financial institutions to serve the real economy, with companies like Caitong Asset Management leveraging their dual licenses in brokerage and asset management to enhance their capabilities in this area [1][2]. Group 1: Asset Securitization Growth - Caitong Asset Management achieved a historical high in both the issuance scale and ranking of Asset-Backed Securities (ABS) in 2024, with a new issuance scale of 42.842 billion yuan, ranking eighth in the industry, and maintaining over 30% growth for three consecutive years [2]. - As of June 30, 2024, Caitong Asset Management has issued a total of 206 ABS products, with a cumulative issuance scale of 165.09 billion yuan [2]. Group 2: Support for Sci-Tech Enterprises - The company is focusing on supporting sci-tech enterprises through innovative financing methods, particularly by integrating intangible assets like intellectual property into ABS structures, which can provide a more sustainable financing route for these companies [3][4]. - Caitong Asset Management has developed a comprehensive product matrix covering ABS, Pre-ABS, private REITs, and public REITs, offering full-chain services from asset selection to financing design and subsequent operations [4]. Group 3: Innovative Projects - A notable project is the "Caitong-Hangzhou Binjiang Intellectual Property Phase 1 Asset-Backed Special Plan (Technology Innovation)," which raised 10.4 million yuan and involved 13 specialized enterprises, marking a significant step in intellectual property securitization [5][9]. - The project faced challenges due to the complexity of valuing diverse intellectual properties, but it successfully garnered support from local government and financial institutions, resulting in a favorable financing rate of 1.43% [8][9]. Group 4: Digital Asset Opportunities - The market for digital assets is emerging, with expectations for improved valuation and monetization as infrastructure develops, although challenges remain in integrating various digital assets across platforms [10][11]. - The recent approval of the first two data center REITs in China indicates a growing recognition of the potential for securitizing new asset classes, including data and digital assets [11]. Group 5: REITs Market Potential - The public REITs market is gaining momentum, with Caitong Asset Management focusing on expanding its involvement in this area, aiming to cover a wide range of economic entities from state-owned to large private companies [12][14]. - The current global REITs market is valued at approximately $1.8 trillion, while China's public REITs market is still in its infancy, valued at around 220 billion yuan, presenting significant growth opportunities [13].

Core Viewpoint - The company demonstrated steady growth in revenue and net profit in the first half of 2025, despite industry challenges, by focusing on its core business and enhancing asset liquidity through securitization [1] Financial Performance - In the first half of 2025, the company achieved operating revenue of 81.106 billion yuan, representing a year-on-year increase of 5.10% [1] - The net profit attributable to shareholders reached 1.446 billion yuan, reflecting a year-on-year growth of 19.70% [1] - The net cash flow from operating activities increased by 380 million yuan compared to the same period last year, primarily due to enhanced collection of accounts receivable [1] Operational Strategy - The company maintained a focus on its main business operations while actively managing its assets to drive growth [1] - The expectation for the full year is that the net cash flow from operating activities will align positively with the company's performance [1]

Core Viewpoint - Zhang Sufen, a prominent investor, focuses on undervalued stocks with state-owned backgrounds, diverging from popular investment trends in sectors like chips and innovative drugs [1][2]. Group 1: Investment Philosophy - Zhang Sufen's investment strategy emphasizes a "low price + state-owned background" approach, with 14 out of 22 stocks in her portfolio controlled by state-owned entities, accounting for 63.64% [2]. - The stocks in her portfolio are primarily low-priced, with most trading below 10 yuan, and only one stock, Aerospace Power, exceeding this price [2][6]. Group 2: Recent Investments - In Q2, Zhang Sufen entered the top 10 shareholders of six companies, including Energy Wind Power, Feida Environmental, and Haite Development, all of which have low stock prices [1]. - Feida Environmental's stock price increased from 4.8 yuan to a peak of 5.83 yuan, reflecting a more than 20% rise since Q2, driven by new government policies on carbon emissions [8]. Group 3: Market Timing and Strategy - Zhang Sufen demonstrated patience and strategic flexibility with Aerospace Power, initially buying at around 10 yuan and later averaging down during price dips, leading to a significant price increase to 16.9 yuan [6]. - The investment in Feida Environmental showcases her ability to identify opportunities in overlooked sectors, aligning with government initiatives for green transformation [8].

Core Insights - The rise of emerging industries in China is leading the polymer sector into the next decade, with significant opportunities in new materials related to electric vehicles, aerospace, drones, robotics, 5G/6G communication, and artificial intelligence [1] Group 1: A+H Listing Trend - The "A+H" listing strategy has become popular among Chinese listed companies, with 11 A-share companies successfully listing on the Hong Kong stock exchange as of August 26, 2023, and 49 more in the queue [1] - Many of these companies are leaders in the new energy sector, with nearly 80% having a market capitalization exceeding 20 billion RMB [1] Group 2: Polymer Industry's Global Expansion - The polymer materials industry is also accelerating its global expansion, with only a few companies like Sinopec and Shanghai Petrochemical having A+H listings, while others like Guo'en Co. and Binhua Co. are planning to list in Hong Kong [2] - Many companies in this sector have low market capitalizations and lack global leadership capabilities, which diminishes the attractiveness of overseas fundraising [2] Group 3: China Pingmei Shenma Group's Listing Plans - China Pingmei Shenma Group is actively promoting asset securitization to establish an overseas financing platform, with plans for Henan Pingmei Shenma Superhard Materials Co. to initiate a Hong Kong listing process, expected to complete by September 2026 [3] - The group aims to have 6 to 7 listed companies by 2028, following a strategy of nurturing, reserving, and listing companies in stages [3] Group 4: Financial Performance of Listed Companies - Pingmei Co. reported a revenue of 30.281 billion RMB in 2024, with a net profit of 2.350 billion RMB, a significant decrease of 41.41% year-on-year [3] - Yicheng New Energy, with a focus on wind and solar power, saw a revenue drop of 65.38% to 3.422 billion RMB in 2024, resulting in a net loss of 851 million RMB [4] - Silane Technology, the first hydrogen silane materials company listed on the Beijing Stock Exchange, reported a revenue of approximately 705 million RMB in 2024, down 37.05% year-on-year, with a net profit decline of 74.80% [5] Group 5: Shennong Co.'s Strategic Adjustments - Shennong Co. has made strategic adjustments, including establishing a subsidiary in Thailand and collaborating with international firms to enter high-end markets [7] - The company reported a revenue of 13.968 billion RMB in 2024, a 4.08% increase, but faced a net profit decline of 77.57% due to rising costs and falling product prices [8]

Core Viewpoint - The rise of emerging industries in China is leading the next decade of the polymer industry, with a focus on new material opportunities in sectors such as new energy vehicles, aerospace, drones, robotics, and 5G/6G communication [1] Group 1: Market Trends - The "A+H" listing strategy has become popular among Chinese listed companies, with 11 A-share companies successfully listing on the Hong Kong Stock Exchange as of August 26, 2023, and 49 more in the queue [1] - Many of the companies pursuing H-share listings are leaders in the new energy sector, with nearly 80% having a market capitalization exceeding 20 billion RMB [1] - The trend of going overseas aligns with the current development of the new energy industry, aiming to accelerate international expansion and alleviate domestic competition [1] Group 2: Polymer Industry Developments - The polymer materials industry is also accelerating its international presence, with few companies like Sinopec and Shanghai Petrochemical already listed in both A and H shares [2] - Companies like Guo'en Co. and Binhua Co. are planning to list in Hong Kong, but many others face challenges due to low market capitalization and lack of global competitiveness [2] Group 3: Company Profiles - China Pingmei Shenma Group is actively promoting asset securitization to establish an overseas financing platform, with plans for its subsidiary Henan Pingmei Shenma Superhard Materials Co. to complete its Hong Kong listing by September 2026 [3] - The group aims to have 6 to 7 listed companies by 2028, currently having 4 listed companies and 6 on the New Third Board [4] - Pingmei Shenma Group's subsidiary, Yicheng New Energy, reported a significant revenue drop of 65.38% in 2024, with a net loss of 850 million RMB due to substantial losses in its battery business [5] - Silane Technology, listed on the Beijing Stock Exchange, reported a 37.05% decline in revenue in 2024, primarily due to domestic capacity expansion and reduced downstream demand [6] Group 4: Strategic Adjustments - Shennma Co. has made strategic adjustments, including establishing a subsidiary in Thailand and collaborating with international firms to enter high-end markets [9] - The company is also investing in new projects, including a 20,000-ton nylon 66 differentiated fiber project and a 10,000-ton nylon 6 civilian silk project [10] - Despite facing significant profit declines, Shennma Co. is focusing on product innovation to enhance its market position [11]

Core Viewpoint - The company, China Railway High-tech Industry Co., Ltd., held its 13th meeting of the 9th Board of Directors, where several important resolutions were passed regarding the 2025 semi-annual report and other financial matters [3][4][6]. Group 1: Company Overview - The company is committed to ensuring the authenticity, accuracy, and completeness of its semi-annual report, with all board members present during the meeting [1][3]. - The semi-annual report has not been audited, and there are no applicable profit distribution or capital reserve transfer plans for the reporting period [1][1]. Group 2: Financial Data and Shareholder Information - The company provided key financial data in its semi-annual report, which reflects its financial status and operational results for the first half of 2025 [4]. - The report includes information on the top ten shareholders and their holdings, although specific data is not provided in the summary [2][2]. Group 3: Board Meeting Resolutions - The board approved the semi-annual report and its summary, confirming that the report complies with legal and regulatory requirements [4][5]. - The board also approved the issuance of asset-backed securities, with a maximum issuance scale of RMB 580 million, utilizing accounts receivable as the underlying assets [6][7]. - A resolution was passed to write off impairment provisions for two Grove cranes amounting to RMB 1.0029 million [8]. Group 4: Other Resolutions - The board approved the revision of the company's information disclosure management system and the establishment of performance assessment indicators for the management team for 2025 [11][12]. - Additional resolutions included the approval of salary settlement plans for enterprise leaders and revisions to fixed asset management and production management methods [13][15][17].

Group 1 - The listing of the CMBS product marks its official entry into the public market, providing innovative financing paths for enterprises and optimizing their capital structure [1] - The CMBS issued by the municipal real estate group is the first of its kind from a state-owned enterprise in Chongqing, with a total scale of 2.06 billion and a term of 24 years at a coupon rate of 2.08%, the lowest in the central and western regions [1] - The project utilizes commercial properties as underlying assets, transforming the operation of existing commercial properties from "holding operation" to "capital operation," thereby enhancing asset allocation and efficiency [1] Group 2 - A special exchange meeting was held to discuss asset revitalization and securitization, with officials from the municipal state-owned assets supervision and administration commission and the housing and urban-rural development committee sharing policies and strategies [2] - There was a consensus among participants to maintain close communication and deepen cooperation in asset securitization, aiming to optimize capital structure and accelerate asset value release [2]

Core Viewpoint - The report highlights the significant growth and performance of Runze Technology in the intelligent computing industry, showcasing its financial results and strategic advancements in technology and operations [1][2]. Financial Performance - In the first half of 2025, Runze Technology achieved an operating income of 2.496 billion yuan and a net profit attributable to shareholders of 880 million yuan [1]. - The company plans to distribute a cash dividend of 3.995 yuan per 10 shares (including tax) to all shareholders [1]. Industry Growth and Company Strategy - The intelligent computing industry continues to experience explosive growth, with expanding market size and technological iterations creating a strong resonance effect [1]. - Runze Technology has actively captured industry opportunities through various dimensions, including delivery and operations, business structure adjustments, liquid cooling technology upgrades, and asset securitization [1][2]. Delivery and Operations - The company has ensured efficient delivery schedules, completing large-scale deliveries and significantly shortening the overall delivery and commissioning cycle [1]. - In the first half of 2025, Runze Technology added one computing power center in each of its Langfang, Pinghu, Foshan, and Huizhou parks, totaling approximately 220 MW of new computing power centers delivered [1]. - As of the end of the reporting period, the company has delivered a total of 18 computing power centers, with a commissioning rate of over 90% for mature centers [1]. Business Structure Adjustment - The AIDC business structure has undergone a key upgrade, shifting focus from "customer expansion" to "high-quality operations," transitioning revenue from one-time inflows to stable profitability and long-term cooperation [2]. - This strategic shift provides more support for profitability [2]. Liquid Cooling Technology - With rapid advancements in chip and cabinet power, liquid cooling has transitioned from an optional solution to a necessary one for supporting high-power computing [2]. - Runze Technology has expanded the scale of liquid-cooled cabinets and improved the operational stability of liquid-cooled computing power centers [2]. - The company has applied its self-developed liquid cooling technology across multiple parks nationwide, creating a multi-faceted infrastructure design for high-complexity, high-computation demand applications [2]. Asset Securitization - On August 8, 2025, Runze Technology's Southern Data Center REIT was officially listed on the Shenzhen Stock Exchange, marking a significant milestone in asset securitization [2]. - This achievement activates quality existing assets and optimizes the capital structure, representing an innovative practice in the company's business architecture [2]. Future Outlook - Runze Technology aims to leverage its deep accumulation and innovative capabilities in the intelligent computing field to explore market potential and continuously strengthen its leading position in the industry [2].

Report Industry Investment Rating No information provided in the content. Core Viewpoints of the Report In the first half of 2025, the number and scale of issued accounts - receivable asset - backed securities increased year - on - year. The actual financiers of these securities were still concentrated in construction central enterprises and their subsidiaries, with a significant head - effect. The average issuance scale of single products decreased compared to the previous year, the product term remained basically the same, the issuance interest rate dropped significantly, the credit rating of securities was mainly AAAsf, the overall credit risk of products remained at a low level, and the trading activity in the secondary market increased significantly [35]. Summary by Relevant Catalogs 1. Issuance Situation - In H1 2025, 50 accounts - receivable asset - securitized products were issued in the exchange market, with a total issuance scale of 63.73 billion yuan, a year - on - year increase of 16 in number and 40.49% in scale. The issuance scale of products with central enterprises and their subsidiaries as actual financiers was 58.566 billion yuan, accounting for 91.90%. Products with actual financiers in the construction industry had a scale of 59.549 billion yuan, accounting for 93.44%. The median interest rate of AAAsf - rated securities with a term of about 1 year was 2.18%, a year - on - year decrease of about 30BP [3][4]. - In terms of issuance venues, 45 products were issued on the Shanghai Stock Exchange, with an amount of 60.633 billion yuan (95.14% in amount), and 5 on the Shenzhen Stock Exchange, with an amount of 3.097 billion yuan (4.86% in amount) [6]. - Regarding the distribution of original equity holders, the top five original equity holders were China Railway Capital Co., Ltd., China Railway Construction Asset Management Co., Ltd., China Railway Trust Co., Ltd., CCCC Commercial Factoring Co., Ltd., and Shenzhen Henghexin Commercial Factoring Co., Ltd., with issuance scale ratios of 35.87%, 20.45%, 14.30%, 4.63%, and 3.25% respectively. The total issuance scale of the top five was 50.026 billion yuan, accounting for 78.50%, and that of the top ten was 57.267 billion yuan, accounting for 89.86% [6]. - For actual financiers, the total issuance scale of the top ten was 62.761 billion yuan, accounting for 98.48%. The scale of central enterprises and their subsidiaries was 58.566 billion yuan, accounting for 91.90%, an increase of 8.21 percentage points year - on - year. The actual financiers were mainly concentrated in the construction industry, with a scale of 59.549 billion yuan, accounting for 93.44% [8]. - In terms of managers, the top five managers with the largest new management scale were CITIC Securities Co., Ltd., Ping An Securities Co., Ltd., Huaxi Securities Co., Ltd., Shanghai Guotai Junan Securities Asset Management Co., Ltd., and CITIC Construction Investment Securities Co., Ltd., with scale ratios of 19.12%, 15.68%, 14.30%, 8.65%, and 7.82% respectively. The total new management scale of the top five was 41.788 billion yuan, accounting for 65.57%, and that of the top ten was 56.349 billion yuan, accounting for 88.42% [12]. - Regarding product scale distribution, the highest single - product issuance scale was 4.032 billion yuan, and the lowest was 1 billion yuan. Products with a single - scale in the (5, 10] billion yuan range had the largest number of issuances (18), accounting for 22.34% of the total scale. The average single - product issuance scale was 1.275 billion yuan, a decrease of 0.06 billion yuan compared to the previous year [15]. - In terms of term distribution, the shortest term was 0.73 years, and the longest was 3 years. Products with a term in the (1, 3] years range had the largest number of issuances (34), accounting for 74.32% of the scale. The weighted average term was 2.03 years, basically the same as the previous year [16]. - For security level distribution, in H1 2025, AAAsf - rated securities accounted for 89.71%, AA + sf - rated securities accounted for 6.76%, and sub - grade securities accounted for 3.54% [17]. - Regarding the issuance interest rate, the median interest rate of AAAsf - rated securities with a term of about 1 year was 2.18%, a year - on - year decrease of about 30BP [19]. 2. Issuance Spread Statistical Analysis - Compared with the same - term Treasury bonds, in H1 2025, the average issuance spread of 1 - year accounts - receivable asset - backed securities narrowed slightly compared to the previous year, while that of 3 - year products widened [25]. - Compared with the same - term AAA - rated corporate bonds, in H1 2025, the average issuance spread of 1 - year AAAsf - rated accounts - receivable asset - backed securities increased slightly compared to the previous year, and that of 3 - year AAAsf - rated products widened [28]. - The average issuance interest rate of 1 - year AAAsf - rated accounts - receivable asset - backed securities issued in H1 2025 decreased by 31BP year - on - year [30]. 3. Filing Situation In H1 2025, 41 accounts - receivable asset - backed special plans were filed with the Asset Management Association of China, with a total scale of 50.756 billion yuan. Compared with the previous year, the number of filings decreased by 8, and the filing scale decreased by 25.00% [3][31]. 4. Secondary Market Trading Situation In H1 2025, accounts - receivable asset - backed securities had 2,241 transactions in the secondary market, a year - on - year increase of 82.20%. The total transaction scale was 65.546 billion yuan, a year - on - year increase of 38.13%. The transaction scale accounted for 13.15% of the total transaction scale of enterprise asset - backed securities in the same period, a year - on - year decrease of 2.85 percentage points, ranking second in terms of transaction scale [33]. 5. Analysis of Maturity Situation in H2 2025 It is estimated that 165 outstanding accounts - receivable asset - backed securities will mature in H2 2025, with a scale of 104.08 billion yuan, accounting for 33.66% of the total scale of all maturing enterprise asset - backed securities in H2 2025. From the perspective of original equity holders, China Railway Capital Co., Ltd. has 31 maturing accounts - receivable asset - backed securities, with a repayment scale of 35.678 billion yuan (34.28%); China Railway Trust Co., Ltd. has 15 maturing securities, with a repayment scale of 21.822 billion yuan (20.97%); China Railway Construction Commercial Factoring Co., Ltd. has 10 maturing securities, with a repayment scale of 11.662 billion yuan (11.21%) [34].

1. Report Industry Investment Rating No information provided in the document. 2. Core Viewpoints of the Report - In the first half of 2025, the issuance volume and scale of personal consumer finance - related asset - backed securities increased year - on - year, while those of micro - loan asset - backed securities decreased year - on - year due to reduced issuance by major platforms. The primary originators of these products are trust companies and small - loan companies, and the underlying asset generation platforms are mainly leading Internet finance platforms, showing a significant head - concentration effect. These products mostly adopt the non - subject credit enhancement model, and the issuance interest rates have declined, with significantly increased secondary - market trading activity [5][7][87]. 3. Summary by Relevant Catalogs 3.1 General Situation - In H1 2025, the exchange market issued 212 personal consumer finance and micro - loan asset - backed securities, with a total issuance scale of 159.791 billion yuan, a 32.99% year - on - year increase in scale and a 0.08 - percentage - point increase in the proportion of the total issuance scale of enterprise asset - backed securities in the exchange market [6]. - Personal consumer finance products dominated, with 170 issues and a scale of 129.059 billion yuan, a 45.51% year - on - year increase in scale. Micro - loan products had 42 issues and a scale of 30.732 billion yuan, a 2.32% year - on - year decrease in scale [7]. 3.2 Personal Consumer Finance - Related Asset - Backed Securities 3.2.1 Issuance - In terms of issuance venues, the Shanghai Stock Exchange issued 100 products worth 70.383 billion yuan (54.54% by amount), and the Shenzhen Stock Exchange issued 70 products worth 58.676 billion yuan (45.46% by amount) [9]. - The top five originators accounted for 69.53% of the issuance scale, and the top ten accounted for 91.38%. The top five platforms accounted for 84.24% of the issuance scale [10][12]. - The top five managers accounted for 65.64% of the newly - added management scale, and the top ten accounted for 92.32% [15]. - Most products used the priority/secondary structured layering credit enhancement method. 149 products (91.53% by scale) adopted the non - subject credit enhancement model [17]. - The highest single - product issuance scale was 2 billion yuan, and the lowest was 1.33 billion yuan. Products with a single - scale in the (5, 10] billion yuan range had the most issuance volume, accounting for 75% of the scale [20]. - The shortest product term was 0.60 years, and the longest was 3.25 years. Products with a term in the (1, 3] - year range had the most issuance volume, accounting for 87.04% of the scale [21]. - AAAsf - rated securities accounted for 89.80% of the issuance scale [22]. - The interest - rate center of 1 - year - around AAAsf - rated securities was approximately between 1.78% and 2.28%, with the median decreasing by about 9BP year - on - year [24]. 3.2.2 Issuance Spread - Compared with the same - term treasury bonds, the average issuance spread of 1 - year AAAsf - rated personal consumer finance asset - backed securities narrowed in H1 2025, while that of 3 - year securities widened [31]. - Compared with the same - term AAA - rated corporate bonds, the average issuance spread of 1 - year and 3 - year AAAsf - rated personal consumer finance asset - backed securities both narrowed [35]. - The average issuance interest rate of 1 - year AAAsf - rated personal consumer finance asset - backed securities decreased by 41BP year - on - year [38]. 3.2.3 Filing - In H1 2025, 142 personal consumer finance asset - backed special plans were filed with the Asset Management Association of China, with a total scale of 101.031 billion yuan, a 12.06% year - on - year increase in scale [39]. 3.2.4 Secondary - Market Trading - In H1 2025, there were 3,595 secondary - market transactions, an increase of 1,386 year - on - year, with a total transaction scale of 62.625 billion yuan, a 51.20% year - on - year increase [41]. 3.2.5 Maturity in H2 2025 - As of the end of June 2025, 243 personal consumer finance asset - backed securities were expected to mature in H2 2025, with a scale of 49.846 billion yuan [43]. 3.3 Micro - Loan Asset - Backed Securities 3.3.1 Issuance - In terms of issuance venues, the Shanghai Stock Exchange issued 34 products worth 23.632 billion yuan (76.90% by amount), and the Shenzhen Stock Exchange issued 8 products worth 7.1 billion yuan (23.10% by amount) [46]. - The top five originators accounted for 73.24% of the issuance scale, and the top ten accounted for 98.70%. The top five platforms accounted for 89.48% of the issuance scale [46][48]. - The top five managers accounted for 75.19% of the newly - added management scale [49]. - Most products used the priority/secondary structured layering credit enhancement method. 37 products (87.88% by scale) adopted the non - subject credit enhancement model [51]. - The highest single - product issuance scale was 1.5 billion yuan, and the lowest was 1.07 billion yuan. Products with a single - scale in the (5, 10] billion yuan range had the most issuance volume, accounting for 68.33% of the scale [54]. - The shortest product term was 0.96 years, and the longest was 3.05 years. Products with a term in the (1, 3] - year range had the most issuance volume, accounting for 85.33% of the scale [56]. - AAAsf - rated securities accounted for 85.95% of the issuance scale [58]. - The interest - rate center of 1 - year - around AAAsf - rated securities was approximately between 1.78% and 2.28%, with the median decreasing by about 25BP year - on - year [60]. 3.3.2 Issuance Spread - Compared with the same - term treasury bonds and AAA - rated corporate bonds, the average issuance spread of 1 - year AAAsf - rated micro - loan asset - backed securities narrowed in H1 2025 [68][72]. - The average issuance interest rate of 1 - year AAAsf - rated micro - loan asset - backed securities decreased by 36BP year - on - year [73]. 3.3.3 Filing - In H1 2025, 40 micro - loan asset - backed special plans were filed with the Asset Management Association of China, with a total scale of 27.832 billion yuan, a 2.35% year - on - year increase in scale [74]. 3.3.4 Secondary - Market Trading - In H1 2025, there were 1,360 secondary - market transactions, an increase of 559 year - on - year, with a total transaction scale of 22.505 billion yuan, a 101.70% year - on - year increase [76]. 3.3.5 Maturity in H2 2025 - As of the end of June 2025, 57 micro - loan asset - backed securities were expected to mature in H2 2025, with a scale of 8.412 billion yuan [77]. 3.4 Industry Dynamic Review - In January 2025, the State Financial Regulatory Administration issued the Interim Measures for the Supervision and Administration of Small - Loan Companies, which refined and standardized the business processes of small - loan companies and raised the access threshold for asset - backed securities issuance [81]. - In March 2025, the Asset Management Association of China issued the Work Details for Due Diligence in Bond - Based Asset - Securitization Business, including small - loan claims in the due - diligence framework [82]. - In June 2025, six departments including the People's Bank of China jointly issued the Guiding Opinions on Financial Support for Boosting and Expanding Consumption, incorporating consumer rights protection into the ABS regulatory rating system [83].