Report Industry Investment Rating - No relevant information provided Core Viewpoints of the Report - In H1 2025, the issuance scale of asset - backed notes increased rapidly year - on - year, and the issuance cost decreased. Personal consumer finance and micro - loans were active among the underlying assets. Secondary market transactions also showed growth [3]. Summary by Related Catalogs Issuance Situation - In H1 2025, 280 asset - backed note products were issued, with a total issuance scale of 258.275 billion yuan, a year - on - year increase of 74 in quantity and 48.44% in scale. April had the highest issuance volume and scale [3][4]. - The top five issuing institutions in terms of issuance scale were SDIC Taikang Trust Co., Ltd., Beijing Jingdong Century Trading Co., Ltd., China National Foreign Trade Trust Co., Ltd., Huaxin International Trust Co., Ltd., and Huaneng Guicheng Trust Co., Ltd. The top five and top ten issuing institutions accounted for 42.97% and 62.85% of the total issuance scale respectively [6]. - In terms of underlying asset categories, debt - based ABNs dominated, with a scale of 231.007 billion yuan, a year - on - year increase of 52.45% and a scale share of 89.44%. The average issuance scale of other - type assets was the highest at 175.1 million yuan per unit [9]. - The underlying asset sub - types included personal consumer finance, micro - loans, accounts receivable, specific non - financial claims, and supply chains. Personal consumer finance had the largest scale share at 44.48% [11]. - The highest single - product issuance scale was 6.043 billion yuan, and the lowest was 90 million yuan. Products with a single - issuance scale in the (5, 10] billion yuan range had the largest number of issuances and the highest scale share [15]. - The shortest product term was 0.17 years, and the longest was 23.41 years. Products with a term in the (0, 1] year range had the largest number of issuances and the highest scale share [18]. - By rating level, AAAsf - rated notes accounted for 90.64% of the issuance scale [19]. - For one - year AAAsf - rated notes, the interest rate center was around 1.97%, and the median decreased by 34BP year - on - year [21]. - In H1 2025, 88 ABCP products were issued, with a total scale of 89.119 billion yuan, accounting for 34.51% of the ABN issuance scale [23]. Issuance Spread - Compared with the same - term treasury bonds, the issuance spread of 1 - year asset - backed notes narrowed, while that of 3 - year notes widened slightly. Compared with the same - term AAA - rated corporate bonds, the issuance spreads of both 1 - year and 3 - year asset - backed notes narrowed [27][29][32]. - For personal consumer finance, micro - loans, and accounts receivable, the issuance spreads showed different trends. The issuance costs of these three types of products decreased significantly compared with the previous year [32][34][36]. Secondary Market Transaction - In H1 2025, the total trading volume of asset - backed notes in the secondary market was 258.04 billion yuan, and the number of transactions was 2,840, with year - on - year increases of 23.34% and 21.89% respectively [39]. - The products with active secondary - market transactions were mainly personal consumer finance, class REITs, accounts receivable, micro - loans, and partnership shares [40]. Industry Dynamic Review - On March 14, 2025, the National Association of Financial Market Institutional Investors (NAFMII) issued the Action Plan for Further Supporting the High - quality Development of Private Enterprises in the Inter - bank Bond Market, which was conducive to optimizing the bond financing environment for private enterprises [42]. - On May 7, 2025, NAFMII issued the Notice on Launching Science and Technology Innovation Bonds and Building a "Science and Technology Board" in the Bond Market. On May 26, the first science and technology innovation asset - backed security was successfully issued, which was helpful for the bond market to serve the science and technology innovation field [43].

Core Viewpoint - Wuhan is accelerating the construction of a technology finance system that aligns with technological innovation, aiming to establish itself as a national technology finance center by 2027 through a comprehensive action plan [1][2]. Group 1: Action Plan Overview - The action plan outlines five major actions: nurturing patient capital, improving technology credit quality, building a multi-level capital market, risk compensation sharing, and optimizing the technology finance ecosystem [2]. - By 2027, Wuhan plans to establish over 50 specialized technology finance institutions and achieve a scale of over 300 billion yuan in equity investment funds and over 500 billion yuan in loans to technology enterprises [2]. Group 2: Government Investment Fund Role - The action plan emphasizes the role of government investment funds in guiding technology finance, with a focus on nurturing patient capital [3][4]. - Wuhan has integrated two government industry funds, which have collectively participated in the establishment of 111 funds and invested over 20.4 billion yuan, attracting over 83.4 billion yuan in social capital [4]. Group 3: Technology Credit Expansion - The action plan aims to enhance the technology credit service system by encouraging banks to establish specialized technology finance institutions and improve credit access for technology enterprises [7][8]. - As of June 11, 2023, Wuhan has issued 36.563 billion yuan in knowledge value credit loans to 4,287 technology enterprises, with plans to further innovate credit products [9]. Group 4: Multi-Level Capital Market Development - Wuhan is committed to developing a multi-level capital market, supporting the listing of technology enterprises through a structured nurturing approach [10][11]. - The city has seen significant progress in nurturing companies for capital market competition, with eight new domestic and foreign listed companies in 2024 [11]. Group 5: Mergers, Acquisitions, and Bond Financing - The action plan supports mergers and acquisitions for technology enterprises, allowing up to 80% loan coverage for controlling acquisitions [12]. - Since the introduction of the bond market "technology board" policy, Wuhan has successfully issued 172 billion yuan in technology innovation bonds, with 12 enterprises participating [13].