Report Summary 1. Report Industry Investment Rating There is no information provided regarding the report industry investment rating. 2. Core Viewpoint of the Report In November 2025, the issuance scale of asset - backed notes decreased both year - on - year and month - on - month, and the issuance rhythm of personal consumer finance and micro - enterprise loan assets slowed down. The secondary - market trading volume and transaction amount also declined significantly compared with the previous month and the same period last year [3][4][19]. 3. Summary According to the Directory 3.1 Issuance Situation - **Overall Issuance**: In November 2025, 48 asset - backed note products were issued, with a total issuance scale of 43.08 billion yuan. The number of issuances remained the same as the previous month, but the scale decreased by 16.25%. Compared with the same period last year, the number of issuances decreased by 13, and the scale decreased by 32.29%. Only 2 products were publicly issued, and the rest were privately placed [4][5]. - **Top Issuing Institutions**: Xiamen Trust ranked first in terms of issuance scale in November 2025, with an issuance scale of 3.00 billion yuan, accounting for 6.96%. The top ten issuing institutions had a total issuance scale of 22.636 billion yuan, accounting for 52.54% [5]. - **Underlying Asset Types**: The underlying asset types of the issued products mainly included accounts receivable, subsidies, personal consumer finance, micro - enterprise loans, and general financial leasing. Among them, accounts receivable products accounted for 19.69% of the scale, and subsidy products accounted for 17.98% [7]. - **Issuance Scale Distribution**: The highest single - product issuance scale was 2.069 billion yuan, and the lowest was 0.201 billion yuan. The number and scale of products with a single - issuance scale in the range of (5, 10] billion yuan were the largest, with 27 products issued, accounting for 53.70% of the scale [9]. - **Term Distribution**: The shortest - term product was 0.21 years, and the longest was 18.01 years. The number and scale of products with a term in the range of (0, 1] years were the largest, with 18 products issued, accounting for 34.67% of the scale [11][13]. - **Rating Distribution**: According to the issuance scale of notes at each rating level, AAAsf - rated notes accounted for 87.39%, AA + sf - rated notes accounted for 5.62%, and A + sf - rated notes accounted for 0.12% [13]. - **Issuance Interest Rate**: The minimum issuance interest rate of one - year - around AAAsf - rated notes was 1.65%, the maximum was 2.45%, and the interest - rate center was approximately 1.77% [15]. - **ABCP Product Issuance**: In November 2025, 17 ABCP products were issued, with a total issuance scale of 15.977 billion yuan, a year - on - year decrease of 46.29%, accounting for 37.09% of the ABN issuance scale. The underlying assets mainly included five types, and subsidy - related ABCP accounted for 48.49% of the ABCP issuance scale [18]. 3.2 Secondary - Market Trading Situation In November 2025, there were a total of 478 secondary - market transactions of asset - backed notes. The number of transactions decreased by 21.51% month - on - month and 25.08% year - on - year. The transaction amount was 39.842 billion yuan, a month - on - month decrease of 13.65% and a year - on - year decrease of 42.76%. The more actively traded categories in the secondary market were mainly REITs - like products, accounts receivable, micro - enterprise loans, personal consumer finance, and subsidies [19].

| 时间 | 家数 | 只数 | 金额 | | --- | --- | --- | --- | | 2025.1 | 673 | 1,059 | 9,221 | | 2 | 500 | 757 | 6,031 | | 3 | 703 | 1,124 | 9,009 | | 4 | 663 | 1,115 | 10,135 | | 5 | 378 | 686 | 5,571 | | 6 | 588 | 1,003 | 9,3 08 | | 7 | 629 | 1,019 | 9,175 | | 8 | 735 | 1,139 | 8,035 | | ਰੇ | 589 | 086 | 8,418 | | 10 | 572 | 903 | 8,131 | | 11 | | | | | 12 | | | | 【大河财立方消息】中国银行间市场交易商协会近日披露2025年10月债务融资工具发行统计数据。 数据显示，10月份银行间债券市场共发行债务融资工具903只，金额8131亿元。其中，超短融3140亿 元、短融329亿元、中票3738亿元、定向债务融资工具391亿元、资产支持票据514亿元。 | 的间 | 超短期 | ...

格隆汇11月26日丨京能清洁能源(00579.HK)宣布，于2025年11月26日，第二次资产支持商业票据发行事 项的簿记建档程序已经完成。因此，公司谨此作出更新，优先级资产支持商业票据的票息率为1.76%。 ...

京能清洁能源(00579)发布公告，于2025年11月26日，第二次资产支持商业票据发行事项的簿记建档程 序已经完成。因此，本公司谨此作出更新，优先级资产支持商业票据的票息率为1.76%。 ...

董事会认为，第二次资产支持商业票据发行事项可令本集团的集资渠道多元化，从而用于改善本集团的 融资结构并提升其营运活动及投资。其亦使本集团能够实现减少应收账款结余及优化本集团资产负债率 的目标。董事认为，为第二次资产支持商业票据发行事项进行的出售事项，将加快本集团资产的整体周 转。此外，通过此项安排拟进行的转让基础资产将加快回收本集团的应收账款。 京能清洁能源(00579)发布公告，于2025年11月24日，本公司与华润信托订立信托合同，据此(其中包 括)，本公司已有条件同意将基础资产委托予华润信托以成立信托、发行资产支持商业票据以及管理、 使用及处置信托财产，而华润信托已有条件同意为受益人的利益就第二次资产支持商业票据发行事项担 任信托的受托人及管理机构。 基础资产指(i)应收补贴的所有权利、权益、利益及收益(现在及未来、现有及或有);(ii)应收补贴应占的 所有到期或即将到期的收回款项;(iii)转让、出售、拍卖、变卖或以其他方式处置应收补贴的全部所得款 项;(iv)请求、起诉、收回或接受有关应收补贴的所有应付款项之权利;及(v)来自应收补贴的利益以及有 关强制执行应收补贴的全部权利和法律救济。 董事认为， ...

智通财经APP讯，京能清洁能源(00579)发布公告，于2025年11月24日，本公司与华润信托订立信托合 同，据此(其中包括)，本公司已有条件同意将基础资产委托予华润信托以成立信托、发行资产支持商业 票据以及管理、使用及处置信托财产，而华润信托已有条件同意为受益人的利益就第二次资产支持商业 票据发行事项担任信托的受托人及管理机构。 董事会认为，第二次资产支持商业票据发行事项可令本集团的集资渠道多元化，从而用于改善本集团的 融资结构并提升其营运活动及投资。其亦使本集团能够实现减少应收账款结余及优化本集团资产负债率 的目标。董事认为，为第二次资产支持商业票据发行事项进行的出售事项，将加快本集团资产的整体周 转。此外，通过此项安排拟进行的转让基础资产将加快回收本集团的应收账款。 就第二次资产支持商业票据发行事项而言，于2025年11月24日，本公司与华润信托订立服务合同、与华 润信托及招商银行订立承销合同以及与华润信托及招商银行北京分行订立资金监管合同，并已出具流动 性支持承诺函。 董事认为，尽管信托合同、服务合同、承销合同、流动性支持承诺函及资金监管合同各自的条款并非于 本集团一般及日常业务过程中订立，乃按正常 ...

Core Insights - The total issuance of debt financing instruments in the interbank market reached 986 in September 2025, amounting to 841.8 billion yuan [1] - The breakdown of the issuance includes 263.9 billion yuan in ultra-short-term financing bonds, 90.9 billion yuan in short-term financing bonds, 372.2 billion yuan in medium-term notes, 47.5 billion yuan in targeted debt financing instruments, and 67.4 billion yuan in asset-backed notes [1] - As of the end of September 2025, the cumulative issuance of panda bonds in the interbank market reached 824.3 billion yuan, with 121.9 billion yuan issued in the current year, including 32.5 billion yuan from international development institutions and 89.4 billion yuan from foreign non-financial enterprises [1] - In August, the issuance of innovative products included 31.6 billion yuan in green debt financing instruments, 4.4 billion yuan in rural revitalization notes, 12.8 billion yuan in asset-backed commercial paper, 3.4 billion yuan in sustainable development-linked bonds, and 42.2 billion yuan in sci-tech notes/science and technology bonds [1]

Group 1 - In August 2025, the interbank market issued a total of 1,139 debt financing instruments amounting to 8,035 billion yuan [1] - The breakdown of the issuance includes: 2,523 billion yuan in super short-term financing bonds, 466 billion yuan in short-term financing bonds, 3,985 billion yuan in medium-term notes, 499 billion yuan in targeted debt financing instruments, and 493 billion yuan in asset-backed notes [1] - As of the end of August 2025, the cumulative issuance of panda bonds in the interbank market reached 8,149 billion yuan, with 1,125 billion yuan issued in the current year [3] Group 2 - In August, the issuance of innovative products included: 138 billion yuan in green debt financing tools, 59 billion yuan in rural revitalization notes, 160 billion yuan in asset-backed commercial paper, 70 billion yuan in sustainable development-linked bonds, and 772 billion yuan in sci-tech notes/sci-tech bonds [3]

Group 1 - In July 2025, the interbank market issued a total of 1,019 debt financing instruments amounting to 9,175 billion yuan [1] - The breakdown of the issuance includes: 3,285 billion yuan in super short-term financing bills, 427 billion yuan in short-term financing bills, 4,548 billion yuan in medium-term notes, 455 billion yuan in directed debt financing instruments, and 390 billion yuan in asset-backed notes [1][2] Group 2 - As of the end of July 2025, the cumulative issuance of panda bonds in the interbank market reached 8,032 billion yuan, with 1,008 billion yuan issued in the current year [3] - The issuance of innovative products in July included: 201 billion yuan in green debt financing tools, 156 billion yuan in rural revitalization notes, 72 billion yuan in asset-backed commercial papers, 24 billion yuan in sustainable development-linked bonds, and 1,034 billion yuan in science and technology innovation notes/bonds [3]

Investment Rating - The investment rating for the environmental industry is "Positive" [2] Core Viewpoints - The environmental industry has seen a surge in bond issuance in the first half of 2025, exceeding 30 billion yuan, primarily for cash replenishment and debt repayment [14][24] - The industry is characterized by a dual focus on "green" and "technological innovation" as reflected in the types of bonds issued [14] - The report highlights the ongoing market performance of the environmental sector, which has outperformed the broader market, with specific sub-sectors showing varied performance [3][6] Summary by Sections Market Performance - As of August 15, 2025, the environmental sector index rose by 1.72%, outperforming the Shanghai Composite Index, which increased by 1.70% [3][6] - The top-performing sub-sectors include solid waste management, which saw a 12.44% increase, while water governance experienced a decline of 0.96% [9][12] Industry Dynamics - Various provinces have issued and planned special bonds totaling 153.98 billion yuan to repay overdue corporate debts, showcasing proactive measures to address financial obligations [24] - The Ministry of Natural Resources released a report indicating that the existing seawater desalination projects in China will increase to 158, with a total capacity of 2.856 million tons per day, marking a 33,300 tons per day increase from 2023 [25] Company Announcements - Zhongke Environmental reported a revenue of 848.20 million yuan in the first half of 2025, a year-on-year increase of 4.48%, with a net profit of 196.26 million yuan, up 19.83% [37] - Chengfa Environment achieved a revenue of 3.216 billion yuan, with an environmental business revenue of 2.454 billion yuan, reflecting a 14.58% increase year-on-year [37] Investment Recommendations - The report suggests maintaining a positive outlook on the environmental sector, particularly in energy conservation and resource recycling, which are expected to sustain high growth [42] - Recommended companies include Hanlan Environment, Xingrong Environment, and Hongcheng Environment, with additional attention to Wangneng Environment and Junxin Co., Ltd. [42]