1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The issuance scale of asset - backed notes maintained growth in the first three quarters of 2025, but the year - on - year growth rate slowed down. Personal consumer finance assets remained the most active type of underlying assets [4]. 3. Summary by Relevant Catalogs 3.1 Issuance Situation - In the first three quarters of 2025, 458 asset - backed note products were issued, with a total issuance scale of 413.965 billion yuan. The number of issuances increased by 61, and the scale grew by 17.51% compared with the same period last year. Among them, 26 were publicly issued with a scale of 18.762 billion yuan, and 432 were privately issued with a scale of 395.203 billion yuan [5][6]. - In terms of monthly distribution, September had the highest number and scale of issuances, with 70 products issued and a total scale of 67.363 billion yuan [8]. - From the perspective of sponsoring institutions, the top five sponsoring institutions in terms of issuance scale were CITIC Trust Co., Ltd., China National Investment & Guaranty Trust Co., Ltd., China Foreign Economy and Trade Trust Co., Ltd., Huaxin International Trust Co., Ltd., and Beijing Jingdong Century Trading Co., Ltd. The total issuance scale of the top five was 183.569 billion yuan, accounting for 44.34%, and that of the top ten was 262.387 billion yuan, accounting for 63.38% [9]. - In terms of the classification of underlying assets, the issuance scale of debt - related ABN products was 370.033 billion yuan, accounting for 89.39%, with a year - on - year increase of 20.44%. Other types of ABN products had a scale of 254.56 billion yuan, accounting for 6.15%, with a year - on - year decrease of 13.55%. Real - estate - related ABN products had a scale of 113.70 billion yuan, accounting for 2.75%, with a year - on - year decrease of 11.78% [12]. - In terms of the breakdown of underlying assets, personal consumer finance, small - micro loans, accounts receivable, subsidies, and supply chains were the main types. Personal consumer finance and small - micro loans were the most active, with year - on - year growth rates of 60.16% and 29.27% respectively [14][16]. - In terms of issuance scale distribution, the products with a single - issue scale in the range of (5, 10] billion yuan had the largest number and the highest scale proportion, with 296 products issued and a scale proportion of 64.02% [19]. - In terms of term distribution, products with a term in the range of (1, 2] years had the largest number of issuances and the highest scale proportion, with 182 products issued and a scale proportion of 40.03% [20]. - In terms of rating distribution, AAAsf - rated notes accounted for 90.18% [21]. - The lowest issuance rate of one - year AAAsf - rated notes was 1.71%, and the highest was 4.10%. The interest rate center was around 1.84%, and the median decreased by 28BP compared with the same period last year [24]. - In the first three quarters of 2025, 114 ABCP products were issued, with a total scale of 112.305 billion yuan, a year - on - year decrease of 7.82%, accounting for 27.13% of the ABN issuance scale [26]. 3.2 Issuance Spread - Compared with Treasury bonds of the same term, the issuance spread of 1 - year asset - backed notes narrowed, while that of 3 - year notes increased slightly. Compared with AAA - rated corporate bonds of the same term, the issuance spread of 1 - year asset - backed note products remained basically the same as last year, and that of 3 - year notes increased slightly [27][31]. - Among the underlying assets, the spreads of personal consumer finance, small - micro loans, and accounts receivable still showed differentiation, and the issuance costs of these three types of products decreased compared with the same period last year [35][38]. 3.3 Secondary Market Transactions - In the first three quarters of 2025, the total trading volume of asset - backed notes in the secondary market was 399.859 billion yuan, and the number of transactions was 4,497, with year - on - year growth rates of 9.07% and 15.54% respectively [41]. - The most actively traded products in the secondary market were personal consumer finance, class REITs, accounts receivable, small - micro loans, and supply chains, with transaction amount proportions of 25.95%, 16.11%, 12.57%, 12.35%, and 7.65% respectively [43]. 3.4 Industry Dynamic Review - On March 14, 2025, the National Association of Financial Market Institutional Investors (NAFMII) released the Action Plan for Further Supporting the High - quality Development of Private Enterprises in the Inter - bank Bond Market, which helps optimize the bond financing environment for private enterprises [45]. - On May 7, 2025, NAFMII released 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, "China Construction Commercial Factoring Co., Ltd. 2025 - Year China Construction Xinjiang Construction Engineering No. 3 Phase II Science and Technology Innovation Oriented Asset - Backed Security", was successfully issued, with a scale of 1.79 billion yuan and a coupon rate of 1.84% [46].

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].