Report Title - ABS Supply and Demand are Booming — ABS Monthly Report (June 2025) [1] Core Viewpoint - In June 2025, the ABS market showed a prosperous situation with growth in both supply and demand. The primary issuance scale increased, the secondary trading volume and turnover rate significantly improved, the investor structure had certain changes, and the yields and spreads also presented corresponding trends [2][3][4][5] Specific Summaries by Section Primary Issuance - **Issuance Scale**: In June 2025, the ABS issuance scale increased by 36% month-on-month to 205.546 billion yuan. Among them, the issuance scales of credit ABS, enterprise ABS, and ABN were 24.719 billion yuan, 128.621 billion yuan, and 52.206 billion yuan respectively, with month-on-month growth rates of 3%, 55%, and 18% [2][8] - **Issuance Term and Interest Rate**: Newly issued ABS in June mostly had a term of 1 - 2 years, and the weighted average coupon rate continued to decline. The weighted average coupon rate was 1.93%, a decrease of 7.82bp compared to May. By ABS type, the weighted term of newly issued credit ABS was 2.80 years with a weighted interest rate of 1.63%; for enterprise ABS, the weighted term was 3.38 years and the weighted interest rate was 2.05%; for ABN, the weighted term was 2.56 years and the weighted interest rate was 1.93% [2][10] Secondary Trading - In June 2025, the ABS trading volume and turnover rate significantly increased. The monthly trading volume was 163.716 billion yuan, a 38.01% increase from May. The monthly turnover rate was 5.0%, a 1.3 percentage point increase from May. Among them, ABN was the most actively traded ABS product type, with a monthly turnover rate of 7.0% in June, a 1.1 percentage point increase from the previous month [3][16] Investor Structure - **Credit ABS**: Commercial banks and non - legal person products were the main holders, accounting for 69% and 15% respectively. The holding proportions of commercial banks and non - legal person products decreased by 0.55 and 0.04 percentage points respectively compared to the previous month, while the holding proportion of securities companies increased by 0.37 percentage points [4][19] - **ABN**: Non - legal person products and commercial banks held the most, accounting for 62% and 28% respectively, remaining the same as the previous month [4][19] - **Enterprise ABS**: For Shanghai Stock Exchange enterprise ABS, trust institutions and bank self - operations were the main investors, with holding proportions of 31% and 26% respectively as of June, with the trust institution's proportion decreasing by 0.2 percentage points and the bank self - operation's increasing by 0.1 percentage point compared to the previous month. For Shenzhen Stock Exchange enterprise ABS, trust institutions and general institutions were the main investors, with holding proportions of 32% and 27% respectively as of June, with the trust institution's proportion decreasing by 0.3 percentage points and the general institution's remaining unchanged [4][24] Yields and Spreads - In June, the yields to maturity of ABS at various terms continued to decline. The changes in the yields to maturity of 1 - year, 3 - year, 5 - year, and 10 - year AAA - rated asset - backed securities compared to May 30, 2025, were - 1.6bp, - 3.1bp, - 6.7bp, and - 7.0bp respectively. The spreads between ABS and medium - and short - term notes mostly decreased. The spreads between 1 - year, 3 - year, 5 - year, and 10 - year AAA - rated asset - backed securities and medium - and short - term notes of the same term and rating changed to 5.7bp, - 12.1bp, - 2.5bp, and - 3.5bp respectively, with changes of 0.3bp, - 2.0bp, - 2.5bp, and - 2.1bp respectively [5][26]

Core Viewpoint - The company has approved financing guarantees for its subsidiaries and plans to establish a commercial mortgage-backed asset support plan to enhance cash flow and financing channels [1][2][3]. Group 1: Financing Guarantees - The company approved a guarantee for its subsidiary Shenyang Hongxing Meikailong Home Co., Ltd. for a total borrowing amount of RMB 450 million from Shengjing Bank [1]. - The subsidiary Shenyang Hongxing and another subsidiary Shenyang Bolan Home Co., Ltd. will provide real estate as collateral for the financing [1][2]. - The board meeting had unanimous approval with 13 votes in favor and no opposition [2]. Group 2: Asset Support Plan - The company plans to set up a commercial mortgage-backed asset support plan with a maximum issuance scale of RMB 1.768 billion and a term of up to 15 years [3]. - The funds raised will be used for operational expenditures, including repaying existing liabilities and supplementing working capital [3]. - The management is authorized to handle all matters related to this asset support plan [3][4].

Group 1 - China Jinmao (00817) announced that its indirect wholly-owned subsidiary, Beijing Yicheng, has been designated as the successor preferential purchaser by Jiaxing Investment on January 22, 2025 [1] - On the same day, Beijing Yicheng exercised its preferential purchase right regarding the target assets, with a proposed exercise price not exceeding RMB 1.323 billion, subject to the final state-owned asset evaluation results [1] - On May 16, 2025, Beijing Yicheng entered into a transfer agreement with Huafu Securities, agreeing to acquire the target equity and debt held by Huafu Securities (representing a special plan) for a total consideration of RMB 1.323 billion [1] Group 2 - On June 10, 2022, the company’s indirect associate, Dingmao Real Estate, and Jiaxing Investment entered into a share transfer agreement and a debt transfer and debt confirmation agreement with Huafu Securities [2] - This led to the establishment of an asset-backed securities plan named Jinmao Huafu - Changsha Jinmao Plaza North Tower Phase II Green Asset-Backed Special Plan (Carbon Neutrality) on June 30, 2022, aimed at securitizing the properties held by Dingmao Real Estate and raising funds for the group's operations and business development [2] - The target assets include 100% equity of Dingmao Real Estate and a debt principal of RMB 750 million, with the target property being the Jinmao Plaza North Tower office property located in Xiangjiang New District, Changsha, Hunan Province, covering a leasable area of approximately 94,395.55 square meters [2]