1. Report Industry Investment Rating No information about the industry investment rating is provided in the report. 2. Core Viewpoints of the Report - ABS plays a counter - cyclical complementary role in the investment - financing cycle, serving as an important tool for enterprises to revitalize stock assets and relieve liquidity pressure during credit contraction periods [1][13]. - In the current environment of weak entity financing demand and insufficient credit supply, ABS supply has the basis for expansion. It maintains a clear spread stratification and high - yield varieties have prominent relative advantages, while its low - volatility feature can effectively smooth net value fluctuations [4][71]. 3. Summary by Relevant Catalogs 3.1 China's Asset Securitization Development Process and Market Status - **Investment - financing cycle division**: Credit bonds are pro - cyclical, while ABS is counter - cyclical, being more sensitive to underlying asset supply, regulatory orientation, and specific market cycles [1][13]. - **Regulatory pattern**: A "tripartite confrontation" regulatory pattern has been formed, with enterprise ABS, ABN, and credit ABS having different regulatory institutions, base asset types, and issuance methods [14]. - **Twenty - year evolution**: ABS has gone through stages of exploration, normal issuance, rapid development, and structural adjustment, with the issuance scale reaching 2.31 trillion yuan at the end of 2025 [17]. - **ABS stock market**: The supply of ABS in the whole market is concentrated on core assets, with the top 10 base asset types accounting for 86.4% of the total balance [26]. 3.2 ABS Primary Supply - **Interest rate and duration characteristics**: The primary supply of ABS shows significant interest rate differentiation and is dominated by short - duration products. Credit ABS has the lowest interest rate center and the smallest fluctuation, ABN pricing is highly consistent with the whole - market credit bonds, and enterprise ABS has a relatively high interest rate [30]. - **Spread stratification**: Credit ABS is the market's safety cushion with low spreads, ABN has medium spreads and income elasticity, and enterprise ABS is the main source of spread differentiation [33]. 3.3 ABS Secondary Market and Institutional Behavior - **Liquidity of varieties**: The overall liquidity of ABS is weaker than that of traditional credit bonds, but it is improving marginally. ABN has the best liquidity, followed by enterprise ABS, and credit ABS has the weakest liquidity [2][38]. - **Liquidity differentiation of base assets**: Assets with good credit, stable cash flows, and high standardization have high turnover rates, while bank credit and real - estate assets have low turnover rates [39]. - **Change in holder structure**: The holder structure of ABS is transforming from bank - dominated to diversified participation. In the inter - bank market, large - state - owned banks reduce their holdings while joint - stock banks increase theirs. In the exchange market, non - bank institutions such as insurance, public funds, and trusts are becoming new incremental funds [46][50]. 3.4 Analysis Framework for Various Base Assets - **Real - estate ABS**: It is supported by the dual credit of asset operation cash flow and disposal value. The core evaluation dimensions are the valuation rationality and realization potential of the underlying assets [54]. - **Operating claim ABS**: The cash flow depends on the contract claim income of enterprise operations, and the credit analysis focuses on the credit of the original equity holder and other credit - enhancing entities [59]. - **Bank credit ABS**: It has the attribute of quasi - financial bonds and is an important tool for banks to release capital and optimize statements. The historical performance and distribution characteristics of base assets are important for credit judgment [62]. - **Non - bank claim and other ABS**: It mainly comes from non - bank financial institutions, and the credit analysis needs to focus on the risk - control ability, asset quality, and compliance of the credit subject [66]. 3.5 ABS Investment Strategy - **Duration strategy**: Moderately lengthen the duration and focus on 2 - 3 - year varieties to lock in long - term income and reduce reinvestment risk [77]. - **Liquidity strategy**: Use ABN and credit ABS with good liquidity as the bottom - position assets, and moderately allocate high - yield varieties in the exchange market while controlling the single - variety exposure [77]. - **Portfolio strategy**: Build a diversified portfolio with credit ABS as the safety cushion, REITs for income elasticity, and supply - chain ABN for liquidity [77].

1. Report Industry Investment Rating - There is no information about the report industry investment rating in the given content. 2. Core Views of the Report - In 2025, driven by policies to revitalize existing assets and reduce leverage, the overall issuance volume of real - estate securitization in the exchange market increased steadily. CMBS issuance increased significantly, class REITs issuance declined due to various factors, and inter - institutional REITs expanded steadily with more diverse issuers. However, the performance of projects during the存续期 was weak, with most CMBS and operating - right class REITs products having lower - than - expected cash flows and decreased valuations, while the cash flows of property - right class REITs were basically balanced and the asset valuations were relatively stable [5][50]. 3. Summary by Relevant Catalogs 3.1 CMBS 3.1.1 Issuance Situation - In 2025, 82 CMBS were issued, with a scale of 104.974 billion yuan, a year - on - year increase of 43.86% and 66.11% respectively. The issuers were mainly state - owned and central - state - owned enterprises, especially infrastructure investment and financing companies, whose issuance volume and scale increased by 86.21% and 131.03% respectively. The number of projects with third - party guarantee increased, and the guarantee scale of a single guarantee company for a single product also increased significantly [5][8][9]. - The issuers were distributed in 16 provinces and cities, mainly in Zhejiang, Shanghai, Beijing, Guangdong, Shandong, and Hubei. Zhejiang and Shandong had large increases, and Guangxi achieved a "zero - breakthrough" [11]. 3.1.2 Underlying Assets - The underlying assets of CMBS products in 2025 showed a trend of sinking to lower - tier cities. The number of products with underlying assets in second - tier and lower - tier cities increased by 17 to 30, including 10 in cities below second - tier. The underlying asset types were mainly office, mixed, and retail, and the issuance of rental housing CMBS increased significantly [15][17][19]. 3.1.3 Priority Securities Mortgage Rate - The mortgage rate of priority securities of CMBS products in 2025 was mostly between 65% - 70%, with a single - number proportion of 45.12%. There were 6 products with a mortgage rate exceeding 70%. The credit rating of the guarantor was mostly AAA, and only 12 products involved security enhancement, with the mortgage rate of enhanced - grade securities mainly between 40% - 50% [21]. 3.1.4 Performance during the存续期 - In 2025, 85.00% of the underlying asset cash flows of CMBS products during the存续期 were lower than expected, and the proportion of products with a cash - flow decline of more than 20% was about 25.00%. The proportion of products with a decline in underlying asset valuation was 73.33%, and the decline was mostly within 10% [23]. 3.2 Class REITs 3.2.1 Issuance Situation - In 2025, 52 class REITs were issued, with a scale of 97.735 billion yuan, a year - on - year decrease of 16.13% and 31.93% respectively. The issuers were mainly state - owned and central - state - owned enterprises. The number of class REITs projects issued by infrastructure investment and financing enterprises increased, while that of real - estate companies decreased. Power generation and supply enterprises' issuance decreased significantly, and city gas supply companies emerged in the market [5][27]. - The issuers were distributed in 13 provinces and cities, mainly in Beijing, Jiangsu, Shanghai, and Guangdong. The issuance in Beijing and Jiangsu decreased significantly [28]. 3.2.2 Underlying Assets - For operating - right class REITs, 25 were issued in 2025, mainly with power - plant assets as the underlying assets, and the first rail - asset class REITs project was successfully issued. For property - right class REITs, 27 were issued, with industrial park assets increasing significantly. The underlying assets of property - right class REITs were mostly in first - tier and new - first - tier cities, but the city level slightly declined [31][32]. 3.2.3 Priority Securities Mortgage Rate - The mortgage rate of priority securities of class REITs products generally did not exceed 90%. The mortgage rate of operating - right class REITs was mainly between 70% - 80%, and that of property - right class REITs was mainly between 70% - 90%, with a single - number proportion of 74.07% [35]. 3.2.4 Performance during the存续期 - For property - right class REITs, 33.33% of the underlying asset cash flows were lower than expected, and the proportion of products with a cash - flow decline of more than 20% was 8.33%. The valuation of underlying assets was relatively stable, with the proportions of increase, decrease, and no change being basically the same, and the decline was within 5%. For operating - right class REITs, most of the underlying asset cash flows were lower than expected, with a deviation mainly between 5% - 35%, and the asset valuation decline was mostly within 10% [37][40]. 3.3 Inter - institutional REITs 3.3.1 Issuance Situation - In 2025, 28 inter - institutional REITs were issued, with a scale of 53.248 billion yuan, a year - on - year increase of 460.00% and 402.48% respectively. The supporting rules were continuously improved, and the first expansion - offering products were successfully launched [43]. - The issuers were more diverse. Private enterprises actively participated, issuing 7 products, accounting for 25% of the total issuance in 2025, with a scale of 9.377 billion yuan, accounting for 17.61%. State - owned and central - state - owned enterprises also increased their issuance, with 21 products issued, involving a scale of 43.871 billion yuan, a year - on - year increase of 313.99% [45]. 3.3.2 Underlying Assets - The types of underlying assets were more diverse, including data centers, clean energy, sewage treatment, and heating pipe networks. In 2025, 16 operating - right assets and 12 property - right assets were issued, accounting for 78.11% and 21.89% of the issuance scale respectively. 63.63% of the property - right underlying assets were in first - tier and new - first - tier cities [47].

Core Insights - The article emphasizes the rapid rise of China's REITs market as a key driver for revitalizing existing assets and enhancing capital allocation efficiency, which is crucial for economic growth [2][25] - It highlights the establishment of a multi-tiered ecosystem in the REITs market, characterized by public REITs setting benchmarks and private REITs nurturing the market [25] Group 1: Institutional REITs - Institutional REITs are described as independent and dynamic "innovation testing grounds," filling the gap in the multi-tiered REITs system and gradually building a unique market ecosystem [4][29] - The governance structure of institutional REITs focuses on asset credit rather than relying solely on the credit of original equity holders, ensuring a more robust framework for asset value [6][30] - Challenges faced by institutional REITs include valuation discrepancies and insufficient secondary market liquidity, which require ongoing ecosystem development [7][30] Group 2: Class REITs - Class REITs are recognized as flexible and adaptable structured tools that have become essential for revitalizing existing assets, with applications expanding across various asset types [8][31] - The legal framework for class REITs emphasizes compliance and verification of asset ownership and operational legality, facilitating the securitization of mature assets and new business models [14][37] - The innovative structure of class REITs aims to deepen the "de-subjectification" practice, connecting assets and capital through legal and financial engineering [15][38] Group 3: Public REITs - Public REITs provide a transparent pricing benchmark through public disclosure and continuous trading, marking significant progress in the financialization of core assets [16][39] - The establishment of a market-based value discovery mechanism through strict compliance checks and governance enhances the overall efficiency of resource allocation in the REITs ecosystem [18][41] - The evolution of public REITs reflects a broader financial revolution in China's REITs market, transitioning from individual ownership to public pricing, thereby unlocking the potential of dormant assets [21][44]

Core Insights - Guangzhou has implemented asset revitalization through various financial instruments such as CMBS, quasi-REITs, and public REITs, covering multiple asset types including office buildings, commercial properties, industrial parks, and highways [2][3] Group 1: Asset Management Development - The real estate investment and financing exchange conference in Guangzhou focused on strategic development for the city's real estate asset management sector, aiming to revitalize existing assets and support new investments [2] - Guangzhou's Vice Mayor, Lai Zhihong, stated that the city has established an ecosystem for real estate asset management supported by policies, asset foundations, and service platforms, enhancing its attractiveness [2] - The Guangzhou Real Estate Asset Management Service Platform was officially launched, symbolizing the commitment of Guangzhou Urban Investment Group to create the nation's first dedicated trading platform for real estate private fund share transfers [2] Group 2: Institutional Support - The Guangdong Fund Industry Association announced the establishment of a special committee for real estate private funds, led by Guangzhou Urban Development Investment Fund Management Co., with representatives from 22 top domestic and international real estate investment institutions [2] - This committee aims to provide robust support for the healthy development of Guangzhou's real estate asset management ecosystem and offer comprehensive professional services for asset revitalization [2] Group 3: Asset Securitization - Guangzhou Urban Investment Group has developed a "multi-tiered, convertible" asset securitization system and plans to issue real estate asset revitalization products on three major exchanges this year [3] - The chairman of the Urban Development Fund, Huang Jiyuan, highlighted that the city has successfully revitalized assets through various financial tools, with the Linghua Exhibition Trade Asset-Backed Special Plan being the largest, longest-term, and lowest-interest CMBS project among Guangdong's local state-owned enterprises [3] Group 4: Future Initiatives - The Guangzhou Urban Development Fund will act as the execution agency for the real estate asset service management platform, continuing to advance the development of the city's real estate asset management sector through innovative financial tools like private funds and S funds [4] - Guangzhou currently has 26 municipal-level state-owned enterprises covering 13 categories of infrastructure assets, with over 40 trillion yuan in existing infrastructure assets and a capital reserve of over 600 billion yuan for securitization [4] - The city has introduced measures to promote the development of real estate asset management, including a work plan to support the establishment of a dedicated trading platform for real estate private fund share transfers and an asset information service platform [4]

Core Viewpoint - Guangzhou has successfully revitalized its real estate assets through various financial instruments such as CMBS, quasi-REITs, and public REITs, covering multiple asset types including office buildings, commercial properties, industrial parks, and highways [1][2]. Group 1: Asset Management Development - The real estate investment and financing exchange conference in Guangzhou focused on strategic development for the city's real estate asset management industry, aiming to revitalize existing assets and support new investments [1]. - Guangzhou has established an ecosystem for real estate asset management supported by policies, asset foundations, and service platforms, enhancing its attractiveness [1][2]. - The Guangzhou Urban Investment Group is committed to creating the country's first "private equity fund share transfer trading platform" for real estate [1]. Group 2: Establishment of Professional Committees - The Guangdong Fund Industry Association announced the establishment of a special committee for private equity real estate funds, led by Guangzhou Urban Development Investment Fund Management Co., with representatives from 22 leading domestic and international real estate investment institutions [2]. - The establishment of this committee is expected to provide robust support for the healthy development of Guangzhou's real estate asset management ecosystem and offer comprehensive professional services for asset revitalization [2]. Group 3: Asset Securities and Financial Tools - Guangzhou Urban Investment Group has developed a "multi-level, convertible" asset securitization system and plans to issue real estate asset revitalization products on three major exchanges this year [2]. - The city has implemented measures to promote the development of real estate asset management, including the establishment of a private equity fund share transfer trading platform and an asset management service platform [3]. - Guangzhou currently has over 26 state-owned enterprises covering 13 types of infrastructure assets, with more than 40 trillion yuan in existing infrastructure assets and over 600 billion yuan in securitized capital reserves [3].

Investment Rating - The report indicates a stable investment rating for the real estate ABS market in 2025, highlighting a growth pattern in equity products and a steady performance in debt products [2]. Core Insights - The 2025 Chinese real estate ABS market is characterized by a stable growth in debt products and explosive growth in equity products, driven by the need to revitalize existing assets and reduce liabilities [2][8]. - The CMBS/CMBN and REITs continue to dominate the market, with a low issuance rate and an expanding asset matrix [2][8]. - The report emphasizes the importance of regulatory policies in constructing a multi-layered REITs market, enhancing due diligence standards, and improving transparency [4][5][6][7]. Market Issuance Situation - In 2025, CMBS/CMBN and REITs accounted for 9.57% of the total ABS issuance, with a total issuance scale of 217.88 billion, reflecting a 9.06% decrease year-on-year [9][12]. - The number of CMBS/CMBN issuances increased by 43.55% to 89 units, while REITs saw a 21.05% decrease to 60 units [12][11]. - The report notes a structural shift where CMBS/CMBN is favored due to its simpler transaction structure and quicker approval process, aligning with the needs of local government financing [13]. Asset Type Breakdown - The primary asset types in 2025 included infrastructure, office properties, mixed assets, and commercial properties, which together accounted for 84.56% of the issuance [21]. - Infrastructure assets, due to their large scale and stable cash flow, continue to be a significant contributor to the issuance volume [21]. Issuance Rates and Spreads - The average issuance rate for CMBS/CMBN was 2.55%, while for REITs it was slightly lower at 2.46% [25]. - The average issuance spread for CMBS/CMBN was 1.10%, and for REITs, it was 1.01%, indicating a stable risk premium for quality real estate ABS [25]. Actual Financing Entities - Local state-owned enterprises were the primary financing entities, accounting for 67% of the issuance, driven by the need to revitalize existing assets [30]. - The report highlights a significant concentration of issuance in major cities like Beijing, Shanghai, and Guangdong, indicating regional disparities in market activity [28]. Credit Performance - The credit ratings of newly issued products remained highly concentrated at AAAsf, with 97% of the new issuances falling into this category [31]. - The report notes a marginal improvement in overall credit risk, with a decrease in default amounts by 18.3% compared to 2024 [34]. Future Outlook - The report anticipates a continued focus on enhancing the multi-layered market system, with policies aimed at expanding asset boundaries and improving regulatory mechanisms [51]. - The growth of holding-type real estate ABS is expected to lead the market, serving as a key growth point and connecting private equity cultivation with public REITs [52]. - A shift from credit reliance to operational capability is expected, with an increasing participation of private enterprises and a more balanced issuer structure [53].

Core Insights - The event "Haiyun Tide Rising · Gathering Strength in Penglai" was held to support the high-quality development of Penglai District through bond market services, with over 100 representatives from 74 key enterprises attending [1] - Experts from the Shanghai Stock Exchange conducted on-site research to understand the operational status, capacity planning, and asset revitalization of local enterprises, addressing their financing needs and development bottlenecks [1][2] - The afternoon session featured a "policy interpretation + case analysis + interactive exchange" format, focusing on various innovative bond types such as Sci-Tech bonds, green bonds, and low-carbon transition bonds, along with asset securitization tools [2] Group 1 - The Shanghai Stock Exchange experts provided tailored financing solutions to help enterprises overcome development bottlenecks and broaden their financing perspectives [1][2] - The event aimed to enhance enterprises' understanding of the latest bond market policies and various financing products, promoting the issuance of innovative bond types [2] - The focus was on transforming Penglai's industrial and asset advantages into developmental and competitive advantages through deep integration of industry and capital [2] Group 2 - Penglai District plans to deepen strategic cooperation with core capital market platforms like the Shanghai Stock Exchange, optimizing financial service supply and delivering policy benefits [3] - The district aims to revitalize existing assets, expand financing channels, optimize financing structures, and innovate financing methods to inject strong financial momentum into its high-quality development [3]

Core Insights - The interbank asset securitization market in China is experiencing robust growth in 2025, significantly contributing to national strategies and optimizing financing structures [1][2] Group 1: Market Growth and Performance - In 2025, the issuance scale of Asset-Backed Notes (ABN) in the interbank market reached 571.825 billion yuan, showing substantial growth compared to the previous year [1] - The market has seen a continuous increase in issuance scale, number of issuances, and the number of enterprises served over the past three years, establishing itself as a vital financial tool for asset optimization and financing [1] Group 2: Targeted Financing and Sector Support - Funds are strategically directed towards key areas of national development, with over 22 billion yuan provided for financing technology enterprises in sectors like new materials and the Internet of Things [1] - The green finance channel has become more accessible, with over 70 billion yuan raised for green projects and assets, reflecting strong market response [1] - Continuous capital inflow into rural revitalization has effectively supported agricultural enterprises and projects [1] Group 3: Inclusive Finance and Economic Support - In 2025, the interbank market supported the issuance of securitized products exceeding 35 billion yuan for internet platforms and car rental institutions, benefiting numerous small and micro enterprises and individual consumers [2] - Successful pilot programs for supply chain bill securitization and the expansion of collateral asset ranges for private enterprise asset-backed bonds have provided more flexible financing solutions for small and medium-sized enterprises [2] Group 4: Infrastructure and Service Enhancements - The launch of the ABN underlying asset information disclosure system in 2025 aims to enhance market transparency and risk identification capabilities [2] - The association has improved services for issuers and investors through specialized services, research, and ongoing training [2]

Group 1 - The core viewpoint of the article highlights a significant increase in the issuance of corporate asset-backed securities in November 2025, with a total of 136 issuances amounting to 141.683 billion yuan, representing a 49% increase in issuance scale compared to October 2025 [1] Group 2 - In terms of issuance venues, the Shanghai Stock Exchange accounted for 102 issuances with an amount of 115.213 billion yuan, making up 81.32% of the total issuance [1] - The Shenzhen Stock Exchange had 34 issuances totaling 26.470 billion yuan, which represents 18.68% of the total issuance [1] Group 3 - The types of underlying assets for the corporate asset-backed securities issued in November 2025 included REITs, accounts receivable, corporate financing leases, microloans, and specific non-financial debt rights [1] - Among these, REITs had 9 issuances with a scale share of 14.66%, accounts receivable had 19 issuances with a scale share of 13.60%, and corporate financing leases had 20 issuances with a scale share of 11.11% [1]

Report Summary 1. Investment Rating No investment rating for the industry is provided in the report. 2. Core Viewpoint In November 2025, the issuance scale of enterprise asset - backed securities increased significantly month - on - month, the financing cost slightly rebounded, and the secondary market activity improved. A total of 136 enterprise asset - backed securities were issued, with a total issuance scale of 141.683 billion yuan. Compared with the previous month, the number of issuances increased by 31, and the issuance scale increased by 49.00%. Compared with the same period of the previous year, the number of issuances remained the same, and the issuance scale increased slightly by 1.62%. The interest rate median of one - year - around AAAsf - rated securities rose by about 2BP month - on - month and decreased by about 42BP year - on - year [4][22]. 3. Summary by Directory 3.1 Issuance Situation - **Overall Issuance**: In November 2025, 136 enterprise asset - backed securities were issued, with a total scale of 141.683 billion yuan. The number of issuances increased by 31 month - on - month, and the scale increased by 49.00%. Year - on - year, the number remained the same, and the scale increased by 1.62%. The Shanghai Stock Exchange issued 102 products worth 115.213 billion yuan (81.32% of the total), and the Shenzhen Stock Exchange issued 34 products worth 26.47 billion yuan (18.68% of the total) [4][5]. - **Original Equity Holders**: The top five original equity holders in terms of issuance scale were China National Foreign Trade Trust Co., Ltd. (8.2 billion yuan, 5.79%), Huaxin International Trust Co., Ltd. (6.5 billion yuan, 4.59%), China Kangfu International Leasing Co., Ltd. (6.333 billion yuan, 4.47%), China Railway Capital Co., Ltd. (5.866 billion yuan, 4.14%), and Taicang Port GCL Power Generation Co., Ltd. (5.46 billion yuan, 3.85%). The total issuance scale of the top five was 32.359 billion yuan (22.84%), and that of the top ten was 55.093 billion yuan (38.88%) [6]. - **Managers**: The top five managers in terms of new management scale were CITIC Construction Investment Securities Co., Ltd. (15.46%), CITIC Securities Co., Ltd. (11.45%), Shanghai Guotai Haitong Securities Asset Management Co., Ltd. (9.72%), Huatai Securities (Shanghai) Asset Management Co., Ltd. (7.96%), and Ping An Securities Co., Ltd. (7.11%). The total new management scale of the top five was 73.244 billion yuan (51.70%), and that of the top ten was 104.39 billion yuan (73.68%) [8][9]. - **Underlying Asset Categories**: The underlying asset types of the issued securities included class REITs, accounts receivable, enterprise financial leasing, micro - loans, and specific non - financial claims. Class REITs had 9 issuances, accounting for 14.66% of the scale; accounts receivable had 19 issuances, accounting for 13.60%; and enterprise financial leasing had 20 issuances, accounting for 11.11% [11]. - **Product Scale Distribution**: The highest single - product issuance scale was 5.46 billion yuan, and the lowest was 0.75 billion yuan. The products with a single - issuance scale in the (5, 10] billion yuan range had the largest number of issuances (52) and the largest scale (28.69% of the total) [13]. - **Term Distribution**: The shortest term was 0.69 years, and the longest was 44.35 years. Products with a term in the (1, 3] - year range had the largest number of issuances (68) and the largest scale (43.17% of the total) [14][15]. - **Level Distribution**: According to the issuance scale of each level of securities, AAAsf - rated securities accounted for 95.38%, AA + sf - rated securities accounted for 4.02%, and other levels accounted for relatively small proportions [15][18]. - **Issuance Interest Rate**: The lowest issuance interest rate of one - year - around AAAsf - rated securities in November 2025 was 1.72%, and the highest was 3.15%. The interest rate center was approximately between 1.80% and 2.00%, with the median rising by about 2BP month - on - month and decreasing by about 42BP year - on - year [19]. 3.2 Filing Situation In November 2025, 140 enterprise asset - backed securities were filed with the Asset Management Association of China, with a total scale of 105.283 billion yuan [4][23]. 3.3 Secondary Market Transaction In November 2025, enterprise asset - backed securities had 4,131 transactions in the exchange market, with a total transaction amount of 91.726 billion yuan. The number of transactions increased by 668 month - on - month and 737 year - on - year, and the transaction amount increased by 19.29% month - on - month and 21.71% year - on - year. The Shanghai Stock Exchange had 3,259 transactions worth 73.582 billion yuan (80.22% of the total), and the Shenzhen Stock Exchange had 872 transactions worth 18.144 billion yuan (19.78% of the total). The more active underlying asset types in the secondary market were class REITs, accounts receivable, personal consumer finance, CMBS, and supply chains [4][24]. 3.4 December 2025 Maturity Analysis As of the end of November 2025, 220 outstanding enterprise asset - backed securities were due for repayment in December 2025, with a total scale of 57.924 billion yuan. The main underlying assets of the due securities were accounts receivable, supply chains, personal consumer finance, and specific non - financial claims. From the perspective of original equity holders, China Railway Capital Co., Ltd. had 13 due securities with a repayment scale of 13.669 billion yuan (23.60%), China Railway Construction Commercial Factoring Co., Ltd. had 6 due securities with a repayment scale of 6.784 billion yuan (11.71%), and Shenghe (Shenzhen) Commercial Factoring Co., Ltd. had 10 due securities with a repayment scale of 3.233 billion yuan (5.58%) [26].