Report Industry Investment Rating - No relevant content provided Core Viewpoints of the Report - In April 2025, the issuance scale of enterprise asset - backed securities continued to rise, and the issuance cost continued to decline. The number of issued securities increased by 30 compared with the previous month, and the issuance scale rose by 22.13%. Compared with the same period of the previous year, the number of issued securities increased by 45, and the issuance scale rose by 68.09%. The interest rate median of one - year - around AAAsf - rated securities decreased by about 17BP month - on - month and about 37BP year - on - year [4][21] Summary by Relevant Catalogs Issuance Situation - In April 2025, 150 enterprise asset - backed securities were issued, with a total issuance scale of 132.149 billion yuan. Compared with the previous month, the number of issuances increased by 30, and the scale rose by 22.13%. Compared with the same period of the previous year, the number increased by 45, and the scale rose by 68.09%. The Shanghai Stock Exchange issued 111 products with an amount of 108.18 billion yuan (81.86% in proportion), and the Shenzhen Stock Exchange issued 39 products with an amount of 239.69 billion yuan (18.14% in proportion) [4][5] - The top five original equity holders in terms of issuance scale were CITIC Trust Co., Ltd. (10 billion yuan, 7.57%), Shandong Tonghui Jatai Financial Leasing Co., Ltd. (7.984 billion yuan, 6.04%), China Kangfu International Leasing Co., Ltd. (6.968 billion yuan, 5.27%), Ping An International Financial Leasing Co., Ltd. (6.029 billion yuan, 4.56%), and Shenghe (Shenzhen) Commercial Factoring Co., Ltd. (5.485 billion yuan, 4.15%). The total issuance scale of the top five was 36.466 billion yuan (27.59%), and that of the top ten was 52.986 billion yuan (40.10%) [6] - The top five managers in terms of new management scale were Huatai Securities (Shanghai) Asset Management Co., Ltd. (14.06%), CITIC Securities Co., Ltd. (13.61%), China International Capital Corporation Limited (9.39%), Ping An Securities Co., Ltd. (8.27%), and Shanghai Guotai Junan Securities Asset Management Co., Ltd. (8.17%). The total new management scale of the top five was 70.297 billion yuan (53.50%), and that of the top ten was 96.968 billion yuan (73.80%) [6][11] - The underlying asset types of the issued products mainly included enterprise financial leasing, personal consumer finance, quasi - REITs, supply chain, and policy loan. Enterprise financial leasing accounted for 21.73% in scale with 26 products issued, personal consumer finance accounted for 18.42% with 31 products issued, and quasi - REITs accounted for 12.89% with 6 products issued [4][12] - The highest single - product issuance scale was 7.984 billion yuan, and the lowest was 0.46 billion yuan. The number of products with a single - product issuance scale in the (5, 10] billion yuan range was the largest, with 61 products and an amount accounting for 38.25% [13] - The shortest product term was 0.30 years, and the longest was 48.03 years. The number of products with a term in the (1, 3] - year range was the largest, with 84 products and a scale accounting for 43.55% [14][15] - According to the issuance scale of securities at each level, AAAsf - rated securities accounted for 89.29%, AA + sf - rated securities accounted for 5.41%, AAsf - rated securities accounted for 0.23%, AA - sf - rated securities accounted for 0.20%, Asf - rated securities accounted for 0.33%, BBB + sf - rated securities accounted for 0.05%, and BBBsf - rated securities accounted for 0.05% [15] - The lowest issuance interest rate of one - year - around AAAsf - rated securities in April 2025 was 1.86%, and the highest was 3.20%. The interest rate center was approximately between 1.90% - 2.20%, and the median decreased by about 17BP month - on - month and about 37BP year - on - year [19] Filing Situation - In April 2025, 103 enterprise asset - backed securities were filed with the Asset Management Association of China, with a total scale of 91.459 billion yuan [4][22] Secondary Market Trading - In April 2025, enterprise asset - backed securities had 3,768 transactions on the exchange market, with a total transaction amount of 102.057 billion yuan. The number of transactions decreased by 20.91% month - on - month, and the transaction amount decreased by 14.31%. Compared with the same period of the previous year, the number of transactions increased by 52.92%, and the transaction amount increased by 99.68%. The Shanghai Stock Exchange had 2,855 transactions with an amount of 82.644 billion yuan (80.98% in proportion), and the Shenzhen Stock Exchange had 913 transactions with an amount of 19.413 billion yuan (19.02% in proportion) [4][23] - The more active underlying asset types in the secondary - market trading in April 2025 were quasi - REITs (31.17%), CMBS (12.32%), personal consumer finance (10.82%), enterprise financial leasing (10.00%), and supply chain (9.68%) [23] May 2025 Maturity Analysis - As of the end of April 2025, 99 outstanding enterprise asset - backed securities were due for repayment in May 2025, with a total scale of 24.104 billion yuan [25] - The main underlying asset categories of the due securities in May 2025 were accounts receivable (32.30%), personal consumer finance (15.33%), supply chain (13.32%), and specific non - financial claims (12.65%) [25] - From the perspective of original equity holders, China Railway Construction Commercial Factoring Co., Ltd. had 2 due securities with a repayment scale of 3.144 billion yuan (13.04%); China Orient Asset Management Co., Ltd. had 1 due securities with a repayment scale of 3.050 billion yuan (12.65%); Xiamen International Trust Co., Ltd. had 6 due securities with a repayment scale of 2.790 billion yuan (11.57%) [25]

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