1. Report's Industry Investment Rating - No information provided in the content. 2. Core Viewpoints of the Report - In 2025, the micro - loan ABS market maintained growth vitality. With policy driving, the ABN sub - market's popularity continued to rise, and multiple market players accelerated their layout. Facing the "asset shortage" pressure in the era of low - interest rates, the market was entering a new stage of actively embracing high - quality underlying assets. In the future, the micro - loan ABS market is expected to have growth space, with the co - existence of head - effect and diversification among asset providers, and the securities' low - interest environment will continue. Meanwhile, the asset credit quality will remain stable, and the risk - bearing capacity of outstanding securities will gradually increase, making it still worthy of allocation [2][46][47][48]. 3. Summary According to Relevant Catalogs 3.1 Micro - loan ABS Market Issuance Situation 3.1.1 ABN Market Continuously Drives Double - growth of Micro - loan ABS - In 2025, the overall number and scale of micro - loan ABS issuances increased slightly year - on - year, and the market share remained stable. The total issuance was 268 units, with a 7.20% year - on - year increase, and the issuance scale was 269.813 billion yuan, a 14.05% year - on - year increase. The proportion in the total issuance scale of asset - backed securities was 11.85%, basically the same as last year. The ABN market was strong with 125 units issued, totaling 108.23 billion yuan, a 60.26% and 40.80% year - on - year increase respectively, ranking first. The exchange - market issuance number decreased by 16.88% to 133 units, but the scale increased by 8.42% to 102.938 billion yuan. The credit ABS market continued to decline, with 10 units issued, a 16.67% year - on - year decrease, and the scale decreased by 9.46% to 58.645 billion yuan [4][5]. 3.1.2 Trust Companies and Commercial Banks Remain the Main Issuers - In 2025, there were 30 initiators/ original equity holders for micro - loan ABS, with trust companies and commercial banks as the main issuers. Trust companies issued 207 units, with a scale of 174.272 billion yuan, accounting for over 60% in both number and scale, an increase from last year. The top three trust companies in terms of issuance scale were China Foreign Economy and Trade Trust, Huaxin Trust, and Huaneng Trust, accounting for 17.34%, 13.45%, and 12.15% respectively. Commercial banks issued 10 units, accounting for 3.73% in number, but the scale was 58.645 billion yuan, accounting for 21.74%. The "Feichi Jianpu" series of China Construction Bank accounted for 18.39%. The average issuance scale of commercial banks' single project was 5.865 billion yuan, significantly higher than other institutions (818 million yuan) [7][9]. 3.1.3 The Head - effect of Asset Providers is Significant but the Rhythms are Differentiated, with More Participating Institutions and Diversified Asset Types - In 2025, there were 6 types of asset providers for micro - loan ABS. Private banks continued to be active, with an issuance scale of 110.2 billion yuan from 104 units, a 56.53 - percentage - point increase from last year, accounting for 40.84%. Internet platforms maintained a relatively small single - period scale and a fast issuance rhythm, with 79.05 billion yuan from 106 units, a 26.08 - percentage - point increase, accounting for 29.30%. Commercial banks kept a stable rhythm, with 58.645 billion yuan from 10 units, a 10.01 - percentage - point decrease, accounting for 21.74%. The issuance rhythm of financing guarantee companies slowed down, with 15.854 billion yuan from 28 units, a 48.91 - percentage - point decrease, accounting for 5.88%. Small - loan companies and property insurance companies also remained active. The head - effect was still significant, with different issuance rhythms among leading institutions like MYbank, Ping An Guarantee, and Meituan. In addition, many new issuers entered the market in 2025 [11][13][17]. 3.1.4 The Securities Issuance Cost Stabilizes after a Decline, with Obvious Interest - rate Differences in Different Markets - In 2025, the issuance rate of micro - loan ABS generally followed the trend of the ChinaBond Medium - and - Short - Term Note Yield, rising slightly at first, falling in the middle of the year, and stabilizing in the second half. The average issuance rates of AAAsf - level securities within 1.5 years in credit ABS, ABN, and exchange - ABS were 1.79%, 1.99%, and 2.04% respectively, with credit ABS having a significantly lower rate [19][23]. 3.1.5 The Securities Issuance Levels and Layers are Diversified to Meet Investors' Diverse Product - Structure Needs - In 2025, most micro - loan ABS products had multi - layer structures. The 268 units issued involved 943 securities, among which 661 had credit ratings, with a scale of 243.413 billion yuan, and the ratings ranged from BBBsf to AAAsf. AAAsf - level securities accounted for 95.22% in scale, with 354 units issued and a scale of 231.79 billion yuan. The diversification of the layered structure and credit ratings could balance risks and returns more flexibly and enhance the product's attractiveness to investors [25][27]. 3.1.6 The Average Balance per Loan, Term, and Yield of Pooled Assets Show Differentiation - In terms of the average balance per loan, the credit ABS market had a higher average balance as its asset providers were all commercial banks with high - quality customers or collateral - backed loans. The exchange - ABS and ABN products had more diverse asset providers with lower - end customers and smaller, more dispersed loans. The weighted average contract term of all markets was within 3 years. The ABN and exchange - ABS had higher weighted average yields as their asset providers were mainly internet platforms, private banks, and small - loan companies, while the credit ABS had a yield as low as 4.11% due to its commercial - bank asset providers [30][33]. 3.2 Micro - loan ABS Performance during the Outstanding Period 3.2.1 The Outstanding Scale of the Micro - loan ABS Market Grows Steadily - By the end of 2025, the outstanding scale of the micro - loan ABS market was 224.336 billion yuan, accounting for 6.27%, with a 10.24% year - on - year increase, showing a stable growth trend after a decline in 2024 [35]. 3.2.2 The Asset Default Rate of Micro - loan ABS Remains Low, and the Asset Credit Quality Remains Stable - As of the end of 2025, the 90 + cumulative default rate of outstanding micro - loan ABS products was between 0.00% and 1.72%, and most were below 1.50%, with an average of 0.94%, a 0.20% increase from the end of 2024. Generally, commercial banks had a lower default rate than internet platforms. Improvements in asset - pool quality and transaction structure usually led to credit - rating upgrades for micro - loan ABS products, and there were no downgrades in 2025 [36][38][42]. 3.2.3 There are Large Differences in the Recycling Purchase Multiples during the Outstanding Period - In 2025, 194 out of 268 issued micro - loan ABS projects had a recycling purchase structure, accounting for 72.39%, mainly in exchange - ABS and ABN products, with internet platforms and trust companies as the main initiators. The average recycling purchase multiple of the selected samples was 2.19, with 2.41 for products with internet - platform asset providers and 2.13 for those with commercial - bank asset providers. The multiples varied greatly due to differences in product settings and outstanding periods [43][44]. 3.3 Summary and Outlook 3.3.1 Driven by Policies and Market Vitality, the Micro - loan ABS is Expected to Have Growth Space in the Future - In 2025, the ABN market was the most active in micro - loan ABS issuance, with a 40.11% share and a 40.80% year - on - year increase in scale. The exchange market also remained active, with a 38.15% share and an 8.42% year - on - year increase. The credit ABS market continued to decline, but commercial - bank credit ABS had a large single - period scale. With the support of inclusive - finance policies, all issuance markets are expected to develop stably [46]. 3.3.2 The Co - existence of Head - effect and Diversification among Asset Providers, and the Low - interest Environment of Securities Issuance Continue - In 2025, the head - effect of asset providers was significant, but more institutions participated in the market, enriching the asset types. The market activity is expected to increase. The issuance rate of micro - loan ABS securities remained low in 2025, and the low - interest environment is expected to continue [47]. 3.3.3 The Asset Credit Quality Remains Stable, the Risk - bearing Capacity of Outstanding Securities Increases, and it Still has Allocation Value in the Future - Although the cumulative default rate of micro - loan ABS assets varies, it remains at a low level. As the remaining term of the underlying assets shortens, the asset - pool quality will improve, and the credit support for senior securities will increase. With multiple factors, the micro - loan ABS still has allocation value [48].

Core Viewpoint - The company is actively exploring and researching asset-backed securities, including REITs, but has not yet issued public REITs [1] Group 1: Company Activities - The company has been actively revitalizing its held properties and has issued CMBS using assets such as Beijing Financial Street Center, Beijing Financial Building, Shanghai Financial Street Helen Center, and Shanghai Rongyue Center [1] - The issuance of CMBS has allowed the company to raise long-term, low-cost funds [1] - The company is gradually building a comprehensive "investment, financing, management, and exit" business model [1]

Group 1 - The core stock price of Zhonggong International (002051) closed at 9.07 yuan as of December 31, 2025, down 0.33% from 9.1 yuan the previous week [1] - The highest intraday price on December 29 was 9.23 yuan, while the lowest intraday price on December 31 was 8.96 yuan [1] - The current total market capitalization of Zhonggong International is 11.223 billion yuan, ranking 10th out of 39 in the professional engineering sector and 1738th out of 5181 in the A-share market [1] Group 2 - Zhonggong International's wholly-owned subsidiary, Zhonggong Jiangsu, plans to initiate an asset-backed special plan for receivables not exceeding 800 million yuan, with the underlying assets being accounts receivable from overseas engineering projects [2][3] - As of December 26, 2025, the special plan has received subscription funds of 756 million yuan and officially commenced interest accrual on December 29, 2025 [2][3] - This special plan represents the first asset-backed security (ABS) entirely composed of overseas accounts receivable by a state-owned enterprise-controlled listed company [2][3]

Core Viewpoint - Zhonggong International announced the establishment of the second phase of the green asset-backed special plan by CITIC Construction Investment and Guoji Factoring, which has received a total subscription amount of 756 million yuan as of December 26, 2025. This marks the first asset-backed securities entirely composed of overseas receivables by a state-owned listed company [1] Group 1 - The special plan has met the establishment conditions and officially commenced on December 29, 2025, with the asset-backed securities starting to accrue interest on the same day [1] - The total subscription amount for this phase is 756 million yuan, equivalent to approximately 75.6 million [1] - This initiative represents a significant milestone as it is the first asset-backed securities entirely composed of overseas receivables from a state-owned enterprise [1]

Core Viewpoint - XinAo Energy (02688) has received a no-objection letter from the Shenzhen Stock Exchange regarding its proposed establishment of the "XinAo Pan Energy 1-8 Carbon Neutral Green Asset-Backed Securities Plan" [1] Group 1: Asset-Backed Securities Plan - The underlying assets of the asset-backed securities plan consist of equity in several distributed photovoltaic power generation and energy storage projects held by XinAo (China) Gas Investment Co., Ltd [1] - CITIC Securities Co., Ltd. and Huatai Securities (Shanghai) Asset Management Co., Ltd. will act as plan managers for the asset-backed securities [1] - The plan aims to further optimize the asset and financing structure of the company and its subsidiaries [1] Group 2: Issuance Details - The total issuance amount of the asset-backed securities plan will not exceed RMB 4 billion, with the possibility of issuing in multiple tranches, not exceeding 8 tranches [1] - The cash flows generated from the underlying assets held by the project companies will be used to pay the principal and interest [1] - The company expects the first tranche issuance scale to be approximately RMB 608 million, with plans to list the related asset-backed securities on the Shenzhen Stock Exchange [1]

Core Viewpoint - Gaoyang Technology (00818) plans to issue asset-backed securities totaling RMB 151 million to enhance its financing structure and support its fintech operations [1] Group 1: Issuance Details - The asset-backed securities issuance consists of a priority tranche of RMB 127 million and a subordinated tranche of RMB 24 million [1] - The issuance is part of the second phase of a dedicated asset-backed securities program, officially established on December 16, 2025 [1] Group 2: Purpose and Benefits - Proceeds from the asset-backed securities will primarily be used as general working capital for the company's fintech business [1] - The board believes that issuing these securities will effectively broaden the company's financing channels and secure low-cost funding, thereby optimizing the financing structure and promoting operational activities and investment layout [1]

Group 1 - The company has approved a direct financing plan not exceeding RMB 20 billion (including equivalent foreign currency) through various financial instruments [2] - The financing methods include corporate bonds, medium-term notes, short-term financing bonds, and other debt financing tools [2] - The board of directors is authorized to manage the specifics of the financing, including types of instruments, issuance conditions, and fundraising purposes [2] Group 2 - A real estate asset-backed securities plan managed by Guojin Securities Asset Management Co., Ltd. is set to issue RMB 616 million [3] - All subscription funds have been transferred to the custody account, meeting the target fundraising scale as per the plan's documentation [3] - The asset-backed securities plan is confirmed to meet the establishment conditions and will officially commence on November 28, 2025 [3]

Core Insights - The China Securities Investment Fund Industry Association (CSRC) reported that as of October 2025, there were 130 new asset-backed securities (ABS) registered, with a total registration scale of 133.86 billion yuan [1] - The top three ABS underlying assets in terms of registration scale were micro-loan receivables (32.92 billion yuan), financing lease receivables (25.82 billion yuan), and accounts receivable (22.97 billion yuan) [1] - As of the end of October 2025, there were 2,596 ABS in existence, totaling 2,237.377 billion yuan, with infrastructure public REITs accounting for 84 of these, amounting to 205.195 billion yuan [1] Summary by Category New Registrations - In October 2025, 130 new ABS were registered, with a total scale of 133.86 billion yuan [1] - Infrastructure public REITs contributed 2 new ABS registrations, totaling 2.682 billion yuan [1] Existing ABS - As of October 2025, there were 2,596 ABS in existence, with a total scale of 2,237.377 billion yuan [1] - Infrastructure public REITs accounted for 84 existing ABS, with a total scale of 205.195 billion yuan [1] - The combined scale of ABS with underlying assets such as accounts receivable, real estate holding ABS, CMBS, financing lease receivables, and micro-loan receivables was 17,621.94 billion yuan, representing 78.76% of the total existing scale [1]

Group 1 - The core point of the article is that Zhejiang Dongfang announced its plan to apply for the registration and issuance of Asset-Backed Securities (ABS) through its subsidiary Zhejiang Guojin Financing Leasing Co., Ltd. to expand financing channels and reduce financing costs [1] - The company aims to optimize its asset-liability structure and enhance operational efficiency through this initiative [1]

Core Viewpoint - Xinjiang New Energy, a subsidiary of Xinte Energy (01799.HK), plans to issue an asset-backed special plan using two renewable energy projects as underlying assets to optimize capital structure and enhance asset turnover [1] Group 1: Asset-Backed Securities Plan - The asset-backed special plan will be part of a framework established by Tebian Electric Apparatus Stock Co., Ltd., the controlling shareholder of Xinte Energy [1] - Tebian Electric aims to register and issue asset-backed securities on the Shanghai Stock Exchange, with a shelf registration limit of RMB 3 billion, allowing for multiple issuances within this limit [1] - The initial issuance scale of the asset-backed special plan is expected to be no more than RMB 1.5 billion, targeted at qualified professional investors [1] Group 2: Equity Sale - Xinjiang New Energy intends to sell part of its equity in subsidiaries Rongsheng Power and Xinyuan Power to the manager, with the sale price determined by the valuation of these subsidiaries and the shareholder loans provided by Xinjiang New Energy [1]