智通财经记者 | 邹文榕 年内企业ABS发行规模已破万亿元。 来自企业预警通的数据显示，截至今年9月底，企业ABS发行（含计划在9月发行）数量已达到1142只，发行规模达到10321亿元，发行规模同比增幅超 20%。 智通财经记者关注到，这一水平不仅即将追平2024年全年发行规模数据（12483亿元），也是2022年以来，企业ABS产品首次在9月便实现了发行数量破千 只，发行规模破万亿元。 制图： 智通财经记者依据企业预警通数据整理 作为一种金融工具，ABS（Asset-BackedSecurity）又称为资产支持证券，其核心逻辑是"以资产换资金"：发行方会先将手中一批能产生稳定现金流的资产 打包形成"资产池"，再通过特殊目的载体（SPV）将资产池的未来收益权分割成若干份证券，卖给投资者。 发行方则通过出售ABS快速回笼资金，用于新的业务扩张；投资者通过认购ABS还能定期获得资产池产生的现金流作为投资收益。 按照发行方以及底层基础资产的不同，ABS产品可分为企业ABS、信贷ABS、ABN等。 其中，企业ABS主要由非金融企业作为发行主体，主要受证监会监管，并在交易所市场发行上市；信贷ABS则由银行、消费金融公 ...

Group 1: ABS Market Overview - In August 2025, the Asset-Backed Securities (ABS) market saw 99 new registrations with a total scale of 875.92 billion yuan [1] - The top three ABS underlying assets by registration scale were accounts receivable (250.89 billion yuan), micro-loan debts (213.01 billion yuan), and financing lease debts (189.73 billion yuan) [1] - As of the end of August 2025, there were 2,573 ABS in existence with a total scale of 21,891.65 billion yuan [1] Group 2: Securities Monitoring and Regulatory Actions - The Shenzhen Stock Exchange monitored "*ST Yushun" closely from September 22 to September 26, addressing 176 abnormal trading behaviors [2] - The exchange reported two major company events for verification and submitted two suspected illegal cases to the China Securities Regulatory Commission [2] Group 3: Silicon Material Production and Market Trends - In October, the production of polysilicon exceeded expectations, with two companies reporting a decrease while four reported an increase [3] - Inventory pressure in the polysilicon market is becoming evident, with expectations of continued accumulation unless downstream demand remains high [3] Group 4: Corporate Leadership Changes - Merck Group announced a leadership transition, with Kai Beckman set to take over as CEO from Belén Garijo on May 1, 2026 [3] - Xiamen International Bank approved the appointment of Wang Fenghui as Chief Information Officer [6] Group 5: Financial and Regulatory Developments - Baoli Tianheng's subsidiary was questioned by Yunnan's medical insurance bureau regarding the high price of a medication, which raised concerns about pricing practices [3] - Jingliang Holdings received an administrative regulatory decision from Hainan's Securities Regulatory Bureau for revenue recognition issues involving 2.99 billion yuan [8] Group 6: Corporate Transactions and Listings - Moller Thread's IPO application was approved by the Shanghai Stock Exchange, aiming to raise 8 billion yuan for various AI and chip development projects [7] - Wanxing Technology submitted an application for H-share issuance and listing on the Hong Kong Stock Exchange [9]

人民财讯9月1日电，上交所公告，为满足市场发展需要，上海证券交易所决定为资产支持证券扩展分配 并启用267000—269999代码段，并同步对《上海证券交易所证券交易业务指南第4号——证券代码段分 配指南》进行修订(2025年第3次)。 ...

Core Insights - In July 2025, the China Securities Investment Fund Industry Association (CSRC) reported that the newly registered Asset-Backed Securities (ABS) totaled 1440.49 billion RMB, with 153 new registrations [1] - The top three ABS underlying assets by registration scale were financing lease receivables (313.66 billion RMB), accounts receivable (309.34 billion RMB), and small loan receivables (247.95 billion RMB) [1] - As of the end of July 2025, there were 2557 ABS in existence, with a total scale of 21646.76 billion RMB [1] ABS Market Overview - The newly registered ABS included 6 public REITs focused on infrastructure, amounting to 147.33 billion RMB [1] - The existing ABS related to infrastructure public REITs totaled 79, with a scale of 1951.3 billion RMB [1] - The combined scale of ABS related to accounts receivable, real estate holding ABS, CMBS (Commercial Mortgage-Backed Securities), financing lease receivables, and small loan receivables accounted for 17066.48 billion RMB, representing 78.84% of the total existing scale [1]

Core Viewpoint - Qifu Technology, a Chinese AI credit technology platform, reported its unaudited financial results for the second quarter and six months ending June 30, 2025, and announced an increase in semi-annual dividends [1][20]. Financial Performance - Total net revenue for Q2 2025 was RMB 52.159 billion (USD 7.281 billion), up from RMB 41.601 billion in Q2 2024 and RMB 46.907 billion in Q1 2025 [6][10]. - Net profit for Q2 2025 was RMB 17.305 billion (USD 2.416 billion), compared to RMB 13.765 billion in Q2 2024 and RMB 17.966 billion in Q1 2025 [7][14]. - Non-GAAP net profit for Q2 2025 was RMB 18.49 billion (USD 2.581 billion), an increase from RMB 14.134 billion in Q2 2024 and a decrease from RMB 19.262 billion in Q1 2025 [8][14]. Business Summary - As of June 30, 2025, the platform connected with 165 financial institution partners and 275.8 million consumers with potential credit needs, an 11.4% increase from 247.6 million a year ago [2]. - The cumulative number of approved credit limit users reached 60.2 million, a 12.3% increase from 53.6 million as of June 30, 2024 [2]. - The total number of successful borrowers (including repeat borrowers) was 36.8 million, a 14.9% increase from 32 million as of June 30, 2024 [2]. Loan and Credit Metrics - The total loan amount facilitated and issued by financial institutions through the platform reached RMB 846.09 billion, a 16.1% increase from RMB 728.64 billion in the same period of 2024, but a 4.8% decrease from RMB 888.83 billion in the previous quarter [2]. - The outstanding loan balance as of June 30, 2025, was RMB 1,400.8 billion, a 13.4% increase from RMB 1,235.51 billion as of June 30, 2024, but a slight decrease of 0.1% from RMB 1,402.73 billion as of March 31, 2025 [3]. - The 90+ days delinquency rate for loans on the platform was 1.97% as of June 30, 2025 [4]. Operational Insights - The weighted average contract term for loans initiated by financial institutions on the platform was approximately 10.33 months in Q2 2025, compared to 9.97 months in the same period of 2024 [3]. - Repeat borrowers contributed 93.8% of the loans initiated in Q2 2025 [5]. Dividend and Share Buyback - The board approved a semi-annual dividend of USD 0.38 per Class A ordinary share and USD 0.76 per American Depositary Share, with payment dates expected around September 25 and September 30, 2025, respectively [20]. - As of August 14, 2025, the company repurchased approximately 7.1 million ADS for a total of about USD 277 million under its stock repurchase plan [22]. Future Outlook - Due to ongoing macroeconomic uncertainties, the company plans to maintain cautious business planning for the remainder of 2025, expecting Q3 2025 net profit to be between RMB 15.2 billion and RMB 17.2 billion, reflecting a year-over-year decline of 2% to 13% [23].

Core Viewpoint - China Chengxin International has assigned an "AAAsf" rating to the first phase of personal auto mortgage-backed securities from Debao Tianyuan Zhixin for 2023, indicating strong credit quality and performance of the underlying assets [1][2]. Group 1: Rating and Performance - The rating of "Debao Tianyuan Zhixin 2023 First Phase Personal Auto Mortgage-Backed Securities" remains "AAAsf" based on the performance of the underlying assets during the tracking period, including normal repayments, defaults, recoveries, and early repayments [2]. - During the tracking period, the priority securities received timely and full interest payments, with a total principal repayment of 494,266.80 million yuan as of the tracking benchmark date [2]. - The transaction maintains a certain level of over-collateralization, with an outstanding principal balance of 321,341.40 million yuan in the asset pool and a principal balance of 305,733.20 million yuan for the securities, resulting in an over-collateralization of 15,608.20 million yuan [2]. Group 2: Credit Support and Asset Quality - The credit support for the priority securities has increased, with 37.84% support calculated based on the outstanding principal balance of the asset pool, up by 24.59 percentage points from the previous rating date [2]. - The repayment performance of the underlying assets is strong, with 98.90% of loans in the asset pool being current, and a cumulative default rate of 0.23%, without triggering any monitoring indicators [2]. - The asset pool remains well-diversified, with 48,798 borrowers and an average outstanding principal amount per borrower of 0.0020%, while the top 50 borrowers account for only 0.60% of the outstanding principal [2]. Group 3: Economic Considerations - There are macroeconomic risks that could increase uncertainty regarding the future performance of the underlying assets, although policies aimed at stabilizing growth and expanding domestic demand in 2025 are expected to support economic recovery [2].

Group 1 - Needham downgraded CoreWeave's rating from "Buy" to "Hold," citing that the $9 billion acquisition of Core Scientific is strategically significant but appears overvalued [1] - The acquisition is expected to release an additional 150MW to 200MW of IT capacity for high-performance computing (HPC) and AI workloads [1] - Analysts believe the deal will provide CoreWeave with high-quality underlying infrastructure, reduce capital costs through asset-backed securities financing, save $500 million in annual operating expenses, and bring in an internal data center operations team [1] Group 2 - Following the acquisition announcement, several securities firms, including Stifel and Mizuho, downgraded their ratings on CoreWeave [2] - As of Thursday's market close, CoreWeave's stock fell by 9.64% to $138.29, despite a year-to-date increase of 246% [2]

Group 1 - The fund is a bond-type fund, with a minimum investment in bonds of 80% of its assets, except for specific periods [7][22] - The fund primarily invests in asset-backed securities (ABS) and mortgage-backed securities (MBS), which are financial instruments that pay interest based on cash flows from underlying asset pools [9][22] - The fund operates on a rolling basis with closed and open periods, requiring investors to submit subscription and redemption requests during open periods [10][23] Group 2 - The fund does not charge subscription or application fees for Class C shares [17] - Operational fees will be deducted from the fund's assets, including transaction costs and estimated annual audit and disclosure fees [18][19] - The fund's performance is influenced by various risks, including market risk, credit risk, and liquidity risk [10][24]

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].