1. Report Industry Investment Rating - No information provided regarding the report industry investment rating 2. Core Viewpoints of the Report - In 2025, the issuance volume and scale of Asset - Backed Notes (ABN) increased year - on - year, with personal consumer finance and micro - loans being active. The issuance rate was low and declining, and the secondary market was active. Policy support promoted product innovation. In 2026, ABN will continue to play an important role in serving the real economy [5][59] 3. Summary by Relevant Catalogs 3.1 Issuance - In 2025, 610 ABN products were issued, with a total issuance scale of 571.836 billion yuan, a 9.07% increase from 2024. Among them, 184 Asset - Backed Commercial Paper (ABCP) products were issued, with a scale of 172.173 billion yuan, accounting for 30.11% of the ABN issuance scale. The issuance was mainly private placement [5][6] - By major underlying asset categories, debt - related products led with an issuance scale of 500.701 billion yuan, a 12.88% increase, and a scale share of 87.56%. Other categories had different trends [8] - By detailed underlying asset types, personal consumer finance and micro - loans were active, with 343 products issued and a scale of 307.277 billion yuan, accounting for 53.74% of all ABN products [11] - The top four sponsoring institutions were trust companies, with a combined issuance scale of 182.871 billion yuan, accounting for 31.98% of all ABN products. The market had a high concentration of sponsoring institutions [19] - The single - product highest issuance scale in 2025 was 8.72 billion yuan, and the lowest was 0.25 billion yuan. Products with a single - issuance scale in the (5, 10] billion yuan range had the largest number and scale share [21] - The shortest - term product was 0.17 years, and the longest was 23.41 years. Products with a term in the (1, 2] - year range had the largest issuance number and scale [24] - By rating level, AAAsf - rated notes accounted for 90.34% of the issuance scale [25] 3.2 ABCP Product Issuance - In 2025, 184 ABCP products were issued, with a scale of 172.173 billion yuan, a 5.53% year - on - year decrease, accounting for 30.11% of the ABN issuance scale. The detailed underlying asset types mainly included personal consumer finance, subsidy payments, accounts receivable, etc. [27] 3.3 Product Innovation - In 2025, multiple first - of - its - kind products were successfully issued, such as the first science - and - technology supply - chain bill ABN, the first science - and - technology innovation - type REITs in the inter - bank bond market, etc., providing experience for financing and asset revitalization [29] 3.4 Issuance Rate - In 2025, due to the stable and loose monetary policy, the ABN issuance rate remained low and continued to decline compared to the previous year. The spreads of 1 - year and 3 - year AAAsf - rated ABN products compared to Treasury bonds narrowed [30] 3.5 Secondary Market - As of the end of 2025, the ABN product stock scale was 653.621 billion yuan, a 4.31% year - on - year increase. The secondary - market trading volume was 539.205 billion yuan, a 13.15% year - on - year decrease; the number of transactions was 6,224, an 8.24% year - on - year increase, with an average transaction amount of 0.87 billion yuan and a turnover rate of 84.24%. The active underlying asset types in trading were personal consumer finance, class REITs, accounts receivable, and micro - loans [37] 3.6 Public Offering ABN Products - Accounts Receivable ABN: In 2025, 5 publicly - issued accounts receivable ABN products were issued, with a scale of 6.873 billion yuan, a 56.54% year - on - year decrease. All products had difference - making commitments or liquidity support [42] - Lease Receivables ABN: In 2025, 5 lease receivables ABN products were publicly issued, with a scale of 26.555 billion yuan, a 162.50% year - on - year increase. Some products had low default and early - repayment rates [46] - Supply - Chain ABN: In 2025, 22 publicly - issued supply - chain ABN products were issued, with a scale of 12.771 billion yuan, a 49.56% year - on - year increase. The core debtors/credit enhancers were large real - estate enterprises with high credit quality [50] 3.7 ABN Product Tracking - In 2025, the credit ratings of 3 outstanding public - offering ABN products were upgraded because the credit support for the mezzanine notes increased as the senior notes were redeemed [54] 3.8 Policy - In March 2025, the NAFMII issued the "Action Plan for Further Supporting the High - Quality Development of Private Enterprises in the Inter - bank Bond Market", promoting product innovation and optimizing the financing environment for private enterprises [57] - In May 2025, the NAFMII issued the "Notice on Launching Science and Technology Innovation Bonds and Building the 'Science and Technology Board' in the Bond Market", promoting the construction of the "science and technology board" in the bond market and guiding funds into the science and technology innovation field [58]

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 is that Bohai Bank has achieved significant milestones in underwriting and issuing bonds for leasing enterprises in Tianjin, with a total scale of 13.045 billion and a market share of 14.79% since 2025, both reaching historical highs [1] - Tianjin has a strong advantage in financing leasing, with leasing companies' total assets accounting for about one-fourth of the national total, supported by multiple policy measures aimed at promoting high-quality development in this sector [1] - Bohai Bank aims to establish itself as a "leasing center" by providing long-term, low-cost funding and ensuring the rapid implementation of supportive policies for leasing enterprises [1] Group 2 - Bohai Bank has introduced innovative securitization products such as Asset-Backed Notes (ABN) and Asset-Backed Commercial Papers (ABCP) to help leasing enterprises efficiently revitalize their existing assets [2] - The bank has also launched green leasing bonds tailored for renewable energy sectors like wind and solar, promoting a transition towards green finance for leasing enterprises [2] - Since 2025, Bohai Bank has positioned bond underwriting as the main channel for financing across the "finance-leasing-manufacturing" value chain, directing financial resources to support the leasing industry and further meet the financing needs of the real economy [2]