1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - In 2025, the number and scale of issued accounts - receivable asset - backed securities increased year - on - year. The actual financiers were still concentrated in construction central enterprises and their subsidiaries, with a more prominent head - effect. These entities were more inclined to introduce in - system factoring companies, capital companies, asset management companies, trust companies, other financial platforms, and off - system commercial factoring companies as original equity holders or agents of original equity holders to issue securitized products. - In 2025, the average issuance scale of single accounts - receivable asset - backed special plans decreased compared to the previous year, the product term was slightly shortened, the issuance interest rate continued to decline, the securities were mainly of AAAsf credit rating, and the overall product credit risk remained at a low level. The trading activity in the secondary market increased significantly [38]. 3. Summary According to the Directory Issuance Situation - In 2025, 157 accounts - receivable asset - backed securitization products were issued in the exchange market, with a total issuance scale of 180.806 billion yuan. The number of issuances increased by 22, and the issuance scale rose by 9.40% year - on - year. The issuance scale accounted for 12.37% of the total issuance scale of enterprise asset - securitization products for the whole year, a decrease of 0.85 percentage points year - on - year [4][5]. - In terms of issuance venues, 140 products with an issuance amount of 172.474 billion yuan (accounting for 95.39%) were issued on the Shanghai Stock Exchange, and 17 products with an issuance amount of 8.332 billion yuan (accounting for 4.61%) were issued on the Shenzhen Stock Exchange [8]. - Regarding the distribution of original equity holders, the top five original equity holders were China Railway Capital Co., Ltd., China Railway Trust Co., Ltd., China Railway Construction Asset Management Co., Ltd., CCCC Commercial Factoring Co., Ltd., and Shenzhen United Factoring Co., Ltd., with issuance scale proportions of 32.27%, 16.95%, 11.06%, 2.73%, and 2.48% respectively. The total issuance scale of the top five original equity holders was 118.429 billion yuan, accounting for 65.50%; the total issuance scale of the top ten was 134.983 billion yuan, accounting for 74.66% [8]. - In terms of actual financiers, the total issuance scale of the top ten actual financiers was 165.964 billion yuan, accounting for 91.79%, an increase of 1.89 percentage points year - on - year. The actual financiers were mainly concentrated in central enterprises and their subsidiaries, with an issuance scale of 162.126 billion yuan, accounting for 89.67%, a year - on - year increase of 3.06 percentage points. In terms of industries, the actual financiers in the construction industry had an issuance scale of 165.423 billion yuan, accounting for 91.49% [10]. - Regarding the distribution of managers, the top five managers with the highest proportion of new management scale were CITIC Securities Co., Ltd., Huaxi Securities Co., Ltd., Ping An Securities Co., Ltd., Shanghai Guotai Haitong Securities Asset Management Co., Ltd., and CITIC Construction Securities Co., Ltd., with scale proportions of 17.61%, 16.95%, 14.64%, 10.13%, and 9.39% respectively. The total new management scale of the top five managers was 124.244 billion yuan, accounting for 68.72%, a year - on - year increase of 5.54 percentage points; the total new management scale of the top ten managers was 160.486 billion yuan, accounting for 88.76%, a year - on - year increase of 9.70 percentage points [14]. - In terms of product scale distribution, the highest single - product issuance scale was 5.4 billion yuan, and the lowest was 100 million yuan. The products with a single - scale in the (5, 10] billion yuan range had the largest number of issuances, with 51 units and a scale proportion of 21.47%. The average single - issuance scale was 1.152 billion yuan, a decrease of 73 million yuan compared to the previous year [16]. - Regarding the term distribution, the shortest term was 0.69 years, and the longest was 4.99 years. The products with a term in the (1, 3] - year range had the largest number of issuances, with 88 units and a scale proportion of 49.97%. The weighted average term was 2.14 years, slightly shorter than the previous year [17]. - In terms of level distribution, in 2025, AAAsf - rated securities accounted for 90.08%, AA + sf - rated securities accounted for 6.33%, and sub - grade securities accounted for 3.59% [19]. - Regarding the issuance interest rate, the median issuance interest rate of AAAsf - rated securities with a term of around 1 year was 1.85%, a year - on - year decrease of about 29BP [4][21]. Issuance Spread Statistical Analysis - Compared with government bonds of the same term, the average issuance spreads of 1 - year and 3 - year accounts - receivable asset - backed securities in 2025 narrowed compared to the previous year. For example, the average 1 - year spread decreased from 0.74 percentage points in 2024 to 0.48 percentage points in 2025 [26][28]. - Compared with AAA - rated corporate bonds of the same term, the average issuance spreads of 1 - year and 3 - year AAAsf - rated accounts - receivable asset - backed securities in 2025 also narrowed compared to the previous year. The average 1 - year spread decreased from 0.18 percentage points in 2024 to 0.14 percentage points in 2025 [31][32]. - In terms of issuance cost, the average issuance interest rate of 1 - year AAAsf - rated accounts - receivable asset - backed securities issued in 2025 decreased by 32BP year - on - year [32]. Filing Situation - In 2025, 105 accounts - receivable asset - backed special plans were filed with the Asset Management Association of China, with a total scale of 129.051 billion yuan. Compared with the previous year, the number of filings decreased by 12, and the filing scale decreased by 14.02% [4][33]. Secondary Market Trading Situation - In 2025, accounts - receivable asset - backed securities had 5,596 transactions in the secondary market, a year - on - year increase of 102.90%. The total transaction scale was 147.768 billion yuan, a year - on - year increase of 47.63%. The transaction scale accounted for 13.76% of the total transaction scale of enterprise asset - backed securities in the current period, a decrease of 1.11 percentage points year - on - year, ranking second in terms of transaction scale [4][36]. Maturity Situation in 2026 - It is estimated that 261 outstanding accounts - receivable asset - backed securities will mature in the exchange market in 2026, with a maturity scale of 168.808 billion yuan, accounting for 21.19% of the total maturity scale of all enterprise asset - backed securities in 2026, ranking second in terms of maturity scale [4][37]. - From the perspective of original equity holders, China Railway Capital Co., Ltd. had 43 maturing accounts - receivable asset - backed securities, with a repayment scale of 43.229 billion yuan, accounting for 25.61%; China Railway Trust Co., Ltd. had 33 maturing securities, with a repayment scale of 33.605 billion yuan, accounting for 19.91%; China Railway Construction Asset Management Co., Ltd. had 22 maturing securities, with a repayment scale of 25.449 billion yuan, accounting for 15.08% [37].

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]

Report Industry Investment Rating No information provided in the content. Core Viewpoints of the Report In the first half of 2025, the number and scale of issued accounts - receivable asset - backed securities increased year - on - year. The actual financiers of these securities were still concentrated in construction central enterprises and their subsidiaries, with a significant head - effect. The average issuance scale of single products decreased compared to the previous year, the product term remained basically the same, the issuance interest rate dropped significantly, the credit rating of securities was mainly AAAsf, the overall credit risk of products remained at a low level, and the trading activity in the secondary market increased significantly [35]. Summary by Relevant Catalogs 1. Issuance Situation - In H1 2025, 50 accounts - receivable asset - securitized products were issued in the exchange market, with a total issuance scale of 63.73 billion yuan, a year - on - year increase of 16 in number and 40.49% in scale. The issuance scale of products with central enterprises and their subsidiaries as actual financiers was 58.566 billion yuan, accounting for 91.90%. Products with actual financiers in the construction industry had a scale of 59.549 billion yuan, accounting for 93.44%. The median interest rate of AAAsf - rated securities with a term of about 1 year was 2.18%, a year - on - year decrease of about 30BP [3][4]. - In terms of issuance venues, 45 products were issued on the Shanghai Stock Exchange, with an amount of 60.633 billion yuan (95.14% in amount), and 5 on the Shenzhen Stock Exchange, with an amount of 3.097 billion yuan (4.86% in amount) [6]. - Regarding the distribution of original equity holders, the top five original equity holders were China Railway Capital Co., Ltd., China Railway Construction Asset Management Co., Ltd., China Railway Trust Co., Ltd., CCCC Commercial Factoring Co., Ltd., and Shenzhen Henghexin Commercial Factoring Co., Ltd., with issuance scale ratios of 35.87%, 20.45%, 14.30%, 4.63%, and 3.25% respectively. The total issuance scale of the top five was 50.026 billion yuan, accounting for 78.50%, and that of the top ten was 57.267 billion yuan, accounting for 89.86% [6]. - For actual financiers, the total issuance scale of the top ten was 62.761 billion yuan, accounting for 98.48%. The scale of central enterprises and their subsidiaries was 58.566 billion yuan, accounting for 91.90%, an increase of 8.21 percentage points year - on - year. The actual financiers were mainly concentrated in the construction industry, with a scale of 59.549 billion yuan, accounting for 93.44% [8]. - In terms of managers, the top five managers with the largest new management scale were CITIC Securities Co., Ltd., Ping An Securities Co., Ltd., Huaxi Securities Co., Ltd., Shanghai Guotai Junan Securities Asset Management Co., Ltd., and CITIC Construction Investment Securities Co., Ltd., with scale ratios of 19.12%, 15.68%, 14.30%, 8.65%, and 7.82% respectively. The total new management scale of the top five was 41.788 billion yuan, accounting for 65.57%, and that of the top ten was 56.349 billion yuan, accounting for 88.42% [12]. - Regarding product scale distribution, the highest single - product issuance scale was 4.032 billion yuan, and the lowest was 1 billion yuan. Products with a single - scale in the (5, 10] billion yuan range had the largest number of issuances (18), accounting for 22.34% of the total scale. The average single - product issuance scale was 1.275 billion yuan, a decrease of 0.06 billion yuan compared to the previous year [15]. - In terms of term distribution, the shortest term was 0.73 years, and the longest was 3 years. Products with a term in the (1, 3] years range had the largest number of issuances (34), accounting for 74.32% of the scale. The weighted average term was 2.03 years, basically the same as the previous year [16]. - For security level distribution, in H1 2025, AAAsf - rated securities accounted for 89.71%, AA + sf - rated securities accounted for 6.76%, and sub - grade securities accounted for 3.54% [17]. - Regarding the issuance interest rate, the median interest rate of AAAsf - rated securities with a term of about 1 year was 2.18%, a year - on - year decrease of about 30BP [19]. 2. Issuance Spread Statistical Analysis - Compared with the same - term Treasury bonds, in H1 2025, the average issuance spread of 1 - year accounts - receivable asset - backed securities narrowed slightly compared to the previous year, while that of 3 - year products widened [25]. - Compared with the same - term AAA - rated corporate bonds, in H1 2025, the average issuance spread of 1 - year AAAsf - rated accounts - receivable asset - backed securities increased slightly compared to the previous year, and that of 3 - year AAAsf - rated products widened [28]. - The average issuance interest rate of 1 - year AAAsf - rated accounts - receivable asset - backed securities issued in H1 2025 decreased by 31BP year - on - year [30]. 3. Filing Situation In H1 2025, 41 accounts - receivable asset - backed special plans were filed with the Asset Management Association of China, with a total scale of 50.756 billion yuan. Compared with the previous year, the number of filings decreased by 8, and the filing scale decreased by 25.00% [3][31]. 4. Secondary Market Trading Situation In H1 2025, accounts - receivable asset - backed securities had 2,241 transactions in the secondary market, a year - on - year increase of 82.20%. The total transaction scale was 65.546 billion yuan, a year - on - year increase of 38.13%. The transaction scale accounted for 13.15% of the total transaction scale of enterprise asset - backed securities in the same period, a year - on - year decrease of 2.85 percentage points, ranking second in terms of transaction scale [33]. 5. Analysis of Maturity Situation in H2 2025 It is estimated that 165 outstanding accounts - receivable asset - backed securities will mature in H2 2025, with a scale of 104.08 billion yuan, accounting for 33.66% of the total scale of all maturing enterprise asset - backed securities in H2 2025. From the perspective of original equity holders, China Railway Capital Co., Ltd. has 31 maturing accounts - receivable asset - backed securities, with a repayment scale of 35.678 billion yuan (34.28%); China Railway Trust Co., Ltd. has 15 maturing securities, with a repayment scale of 21.822 billion yuan (20.97%); China Railway Construction Commercial Factoring Co., Ltd. has 10 maturing securities, with a repayment scale of 11.662 billion yuan (11.21%) [34].