1. Report Industry Investment Rating - No relevant information provided 2. Core Viewpoints of the Report - In 2025, under the stimulus of consumption and financial policies and the backdrop of consumption recovery, the issuance volume and scale of personal consumer finance - related asset - backed securitization products increased year - on - year. Although the issuance volume of small - micro loan - related asset - backed securitization products decreased, the issuance scale increased. The issuance scale of such products is expected to grow steadily in 2026. The head - concentration effect is significant and may become more prominent, and the quality of underlying assets is expected to improve [89][90]. 3. Summary by Directory Issuance Situation - In 2025, 439 personal consumer finance and small - micro loan asset - backed securitization products were issued in the exchange market, with a total issuance scale of 343.745 billion yuan, a year - on - year increase of 29.61% in scale and 55 in quantity. Among them, 332 personal consumer finance products were issued, totaling 248.213 billion yuan, an increase of 29.05% in scale and 66 in quantity; 107 small - micro loan products were issued, totaling 95.532 billion yuan, an increase of 31.11% in scale and a decrease of 11 in quantity [4]. - The 1 - year - around AAAsf - rated securities of personal consumer finance products had an interest rate center between 1.63% and 2.13%, with a median decline of about 40BP. The 1 - year - around AAAsf - rated securities of small - micro loan products had an interest rate center between 1.57% and 2.07%, with a median decline of about 41BP [4]. Issuing Entities - The original equity holders of personal consumer finance and small - micro loan asset - backed securitization products were mainly trust companies and small - loan companies under Internet financial platforms. The top five platforms for personal consumer finance and small - micro loan products accounted for 77.98% and 85.98% of the issuance scale respectively, showing an obvious head - concentration effect. New issuance platforms in 2025 included WeBank and MYbank [4]. Filing - In 2025, 294 personal consumer finance - related asset - backed special plans were filed with the Asset Management Association of China, with a total scale of 213.756 billion yuan. 103 small - micro loan - related asset - backed special plans were filed, with a total scale of 89.732 billion yuan [4]. Secondary Market Transactions - In 2025, personal consumer finance asset - backed securities had 7,092 secondary - market transactions, an increase of 2,203, and a transaction scale of 125.504 billion yuan, a year - on - year increase of 41.58%. Small - micro loan asset - backed securities had 3,080 secondary - market transactions, an increase of 1,341, and a transaction scale of 50.785 billion yuan, a year - on - year increase of 102.73% [4]. Maturity - As of the end of 2025, 1,001 personal consumer finance and small - micro loan asset - backed securities were expected to mature in 2026, with a maturity scale of 242.491 billion yuan. Among them, 787 personal consumer finance asset - backed securities were expected to mature, worth 179.598 billion yuan, and 214 small - micro loan asset - backed securities, worth 62.893 billion yuan [4]. Industry Policies - In January 2025, the National Financial Regulatory Administration issued the Interim Measures for the Supervision and Administration of Small - loan Companies; in March, the Asset Management Association of China issued the Detailed Rules for the Due Diligence Investigation of Debt - based Asset Securitization Business; in June, six departments including the People's Bank of China issued the Guiding Opinions on Financial Support for Boosting and Expanding Consumption; in December, the People's Bank of China and the National Financial Regulatory Administration jointly issued the Work Guidelines for the Comprehensive Financing Cost Management of Small - loan Companies, and the People's Bank of China issued the Notice on the Arrangements for Implementing the One - time Credit Repair Policy [4].

Group 1: Report's Investment Rating for the Industry - No information provided regarding the report's industry investment rating Group 2: Core Viewpoints of the Report - In Q3 2025, the issuance scale of enterprise asset - backed securities increased by 5.27% year - on - year, with the issuance cost decreasing, and the secondary market trading activity significantly rising [5][35] Group 3: Summary According to the Directory 1. Issuance Situation - In Q3 2025, 437 enterprise asset - backed securities were issued, with a total issuance scale of 410.177 billion yuan, an increase of 33 in quantity and 5.27% in scale compared to the same period last year. September had the highest issuance volume and scale [6] - In terms of issuance venues, the Shanghai Stock Exchange issued 307 products with a scale of 314.119 billion yuan (76.58% of the total), and the Shenzhen Stock Exchange issued 130 products with a scale of 96.058 billion yuan (23.42% of the total) [8] - The top five original equity holders in terms of issuance scale accounted for 20.58% of the total, and the top ten accounted for 31.27% [8] - The top five managers in terms of new management scale accounted for 49.30% of the total, and the top ten accounted for 69.03% [11] - In terms of basic asset categories, the issuance scale of debt - based ABS products was 317.391 billion yuan (77.38% of the total), real - estate ABS was 78.096 billion yuan (19.04% of the total), and revenue - based ABS was 114.65 billion yuan (2.80% of the total) [15] - The basic asset sub - types mainly included personal consumer finance, accounts receivable, enterprise financial leasing, micro - loans, and CMBS [18] - The product with the highest issuance scale was "CITIC Financial Asset Yunfan Phase 1 Entity Empowerment Asset - Backed Special Plan" at 10.01 billion yuan, and the lowest was "CITIC Securities - Shenzhen Guarantee Group - No. 3 Intellectual Property Asset - Backed Special Plan (Hetao Shenzhen - Hong Kong Science and Technology Innovation Cooperation Zone)" at 0.42 billion yuan. The products with a single - issuance scale in the (5, 10] billion yuan range had the highest number and scale [24] - The shortest - term product had a term of 0.48 years, and the longest was 59.97 years. Products with a term in the (1, 3] - year range had the highest number and scale [26] - AAAsf - rated securities accounted for 89.93% of the issuance scale. The median interest rate of 1 - year - old AAAsf - rated securities was 1.81%, a year - on - year decrease of about 33BP and a quarter - on - quarter decrease of about 20BP [29][31] 2. Filing Situation - In Q3 2025, 360 products were filed with the Asset Management Association of China, with a total scale of 328.049 billion yuan. The number of filings decreased by 3, and the scale decreased by 1.67% compared to the same period last year [54] 3. Secondary Market Trading and Position - Holding Situation - In Q3 2025, enterprise asset - backed securities had 11,887 transactions in the exchange market, with a total amount of 286.099 billion yuan, an increase of 3,855 in the number of transactions and 66.88% in the trading scale compared to the same period last year. September had the highest trading scale [57][59] - The basic asset types involved in secondary - market trading mainly included REITs, accounts receivable, CMBS, supply chains, and personal consumer finance [59] - As of the end of Q3 2025, the total position - holding scale of asset - backed securities in the Shanghai and Shenzhen Stock Exchanges was 2,093.452 billion yuan, a 7.26% increase from the end of 2024 [61] 4. Maturity Analysis for Q4 2025 - As of the end of September 2025, 539 outstanding enterprise asset - backed securities were expected to mature in Q4 2025, with a scale of 123.815 billion yuan. Accounts receivable - based products had the highest proportion of maturity scale [66]