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]

Report Summary 1. Report Industry Investment Rating No relevant information provided. 2. Core Viewpoint In October 2025, the issuance pace of asset - backed notes slowed down, with personal consumer finance and small - micro loan assets remaining active, and the issuance scale of auto financial leasing assets increasing significantly [4]. 3. Summary by Relevant Catalogs Issuance Situation - **Overall Issuance**: In October 2025, 48 asset - backed note products were issued, with a total issuance scale of 51.436 billion yuan. Compared with the previous month, the number of issuances decreased by 22, and the scale dropped by 23.64%. Compared with the same period last year, the number increased by 2, and the scale grew by 13.50%. Only 5 products were publicly issued, and the rest were privately placed [5][6]. - **Initiating Institutions**: Shenzhen Fudi Financial Leasing Co., Ltd. ranked first with an issuance scale of 6.784 billion yuan (13.19% of the total). The top ten initiating institutions had a combined issuance scale of 36.455 billion yuan, accounting for 70.87% of the total [6]. - **Underlying Asset Categories**: The underlying asset types mainly included personal consumer finance, small - micro loans, auto financial leasing, accounts receivable, and specific non - financial claims. Personal consumer finance products accounted for 28.71% of the scale, small - micro loans 22.16%, and auto financial leasing 20.95% [8]. - **Issuance Scale Distribution**: The highest single - product issuance scale was 6.784 billion yuan, and the lowest was 1.51 billion yuan. The products with a single - issuance scale in the range of (5, 10] billion yuan had the largest number (19) and scale (32.80% of the total) [10]. - **Term Distribution**: The shortest term was 0.27 years, and the longest was 18.05 years. Products with a term in the range of (1, 2] years had the largest number (17) and scale (41.34% of the total) [12]. - **Rating Distribution**: AAAsf - rated notes accounted for 92.53% of the issuance scale [13]. - **Issuance Interest Rate**: For one - year - around AAAsf - rated notes, the lowest issuance interest rate was 1.78%, the highest was 2.65%, and the interest rate center was around 1.80% [15]. - **ABCP Issuance**: In October 2025, 16 ABCP products were issued, with a total scale of 12.41 billion yuan (24.13% of the ABN issuance scale), a year - on - year increase of 7.73%. Personal consumer finance ABCP accounted for 54.54% of the ABCP issuance scale, and accounts receivable ABCP accounted for 20.57% [19]. Secondary Market Transaction Situation - **Overall Transaction**: In October 2025, there were 609 secondary - market transactions of asset - backed notes. The number of transactions decreased by 4.25% month - on - month and 1.77% year - on - year. The transaction amount was 46.139 billion yuan, a month - on - month decrease of 14.67% and a year - on - year decrease of 7.93% [5][20]. - **Underlying Asset Type Distribution**: The more active underlying asset types in the secondary - market transactions were small - micro loans (24.39% of the transaction amount), personal consumer finance (21.79%), accounts receivable (17.44%), class REITs (16.14%), and supply chains (5.98%) [20].

Core Viewpoint - The article discusses the reverse supply chain ABN (Asset-Backed Notes) financing model based on accounts payable, highlighting its participants, transaction process, and unique advantages, which effectively address supply chain funding issues and provide new financing avenues for companies within the supply chain [1][2]. Participants and Their Roles - **Suppliers**: Positioned upstream in the supply chain, suppliers sell goods or services to debtors, creating accounts receivable. In the reverse supply chain ABN model, suppliers transfer accounts receivable to the initiating institution (e.g., factoring company) to obtain funds early, improving cash flow and reducing collection risks [3]. - **Debtors (City Investment Companies or Subsidiaries)**: As the party responsible for accounts payable, debtors issue a "Payment Confirmation" to clarify payment obligations. Their stable payment capability is crucial for the smooth operation of this financing model [4]. - **Initiating Institutions/Asset Service Institutions (e.g., Factoring Companies)**: These companies acquire accounts receivable from suppliers and manage the underlying assets, including tracking and collection, ensuring timely recovery of funds and protecting investors' interests [5]. - **Co-Debtors (if applicable)**: They provide joint payment commitments to enhance repayment guarantees, reducing credit risk and increasing market acceptance of asset-backed notes [6]. - **Guarantors**: They provide guarantees for the debtor's payment obligations, assuming responsibility if the debtor fails to pay on time, thus offering additional credit support for the asset-backed notes [7]. - **Lead Underwriters**: Responsible for underwriting the asset-backed notes, organizing issuance and sales, and coordinating relationships among parties to ensure smooth issuance [8]. - **Issuing Vehicle Management Institutions (e.g., Trust Companies)**: They establish asset-backed note trusts, packaging accounts receivable into asset-backed notes to achieve risk isolation and protect investors' rights [9]. - **Custodian Banks**: They oversee the special plan funds, ensuring the safety and compliance of fund usage, and preventing fund misappropriation [10]. - **Investors**: By purchasing asset-backed notes, investors provide funding for the special plan, sharing in the returns from accounts receivable recovery based on their risk preferences and return expectations [10]. Transaction Process - **Formation and Transfer of Accounts Receivable**: Suppliers sell goods or services to debtors, creating accounts receivable, which are then transferred to the factoring company for payment [11]. - **Establishment of Special Plans and Trust Construction**: The issuing vehicle management institution sets up an asset-backed note trust, injecting the acquired accounts receivable as underlying assets into the trust, while the lead underwriter organizes the issuance of asset-backed notes [12]. - **Fundraising and Utilization**: Investors subscribe to the asset-backed notes, with funds entering the trust account and being allocated as agreed for purchasing debt rights, facilitating fund flow and allocation [13]. - **Accounts Receivable Recovery and Profit Distribution**: Debtors pay amounts to the trust account as per the "Payment Confirmation," with the custodian bank distributing principal and profits to investors after deducting necessary fees [14]. Advantages of the Model - **Optimized Supplier Cash Flow**: Suppliers can quickly recover funds by transferring accounts receivable, improving cash flow and operational capacity [15]. - **Enhanced Debtor Creditworthiness**: The involvement of co-debtors and guarantors provides multiple guarantees for accounts payable repayment, enhancing debtor credit ratings and reducing investor risks [15]. - **Diversified Financing Channels**: This model offers a new financing method for companies in the supply chain, particularly benefiting small and medium-sized suppliers by addressing financing difficulties and costs [16]. - **Risk Isolation and Independent Operation**: The trust structure achieves risk isolation for underlying assets, ensuring their independence and security, thereby better protecting investors' rights [17]. Conclusion - The reverse supply chain ABN financing model based on accounts payable is an innovative and efficient financial solution that facilitates effective allocation of supply chain funds and reasonable risk control through collaboration among participants and well-designed transaction structures. This model is expected to find broader applications in various supply chain scenarios, contributing significantly to the innovation and development of supply chain finance [19].

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].

Core Viewpoint - The company, Everbright Environment (00257), announced its plan to issue asset-backed notes with a total registered issuance scale not exceeding RMB 4 billion, subject to the final approval from the China Interbank Market Dealers Association [1] Group 1: Issuance Details - The asset-backed notes will be issued by Everbright Environmental (China) Co., Ltd., a wholly-owned subsidiary of the company [1] - The specific issuance scale will be determined based on the funding needs of Everbright Environmental China and market conditions at the time of issuance [1] - The notes will be targeted at institutional investors within the national interbank bond market [1] Group 2: Registration and Duration - The registration application has been submitted to the China Interbank Market Dealers Association [1] - The asset-backed notes will be issued within a two-year period starting from the date of the acceptance registration notice issued by the association [1]

Core Viewpoint - The company, Everbright Environment (00257), announced its plan to issue asset-backed notes with a total registered issuance scale of up to RMB 4 billion, subject to the final approval from the China Interbank Market Dealers Association [1] Group 1: Issuance Details - The asset-backed notes will be issued by Everbright Environmental Protection (China) Co., Ltd., a wholly-owned subsidiary of the company [1] - The specific issuance scale will be determined based on the funding needs of Everbright Environmental Protection and market conditions at the time of issuance, within the registered limit [1] - The target investors for the asset-backed notes are institutional investors in the national interbank bond market [1] Group 2: Issuance Timeline - The asset-backed notes will be issued in one or multiple tranches within a two-year period starting from the date of the acceptance registration notice issued by the Dealers Association [1]

Core Viewpoint - Geely Automobile has received approval for debt financing tools amounting to a total of up to RMB 10 billion from the China Interbank Market Dealers Association, allowing the company to issue various debt instruments over the next two years [1] Group 1: Debt Financing Approval - The company submitted an application for debt financing tools registration on August 2025 [1] - The acceptance notice from the association was dated October 9, 2025 [1] - The approved total amount for debt financing tools is not to exceed RMB 10 billion [1] Group 2: Issuance Details - The company is permitted to issue various products including super short-term financing bonds, short-term financing bonds, medium-term notes, perpetual notes, asset-backed notes, and green debt financing tools [1] - The issuance can occur in multiple phases and over a two-year period from the acceptance notice date [1]

Core Viewpoint - Geely Automobile has received approval for a debt financing tool registration from the China Interbank Market Dealers Association, allowing it to issue debt instruments totaling up to RMB 10 billion [1] Group 1 - The company submitted its application for debt financing tools on August 2025 and received the acceptance notice on October 9, 2025 [1] - The approved total amount for the debt financing tools is not to exceed RMB 10 billion [1] - The company can issue various products including super short-term financing bonds, short-term financing bonds, medium-term notes, perpetual notes, asset-backed notes, and green debt financing tools within two years from the acceptance notice date [1]

Core Viewpoint - Geely Automobile has been approved by the China Interbank Market Dealers Association to register debt financing instruments not exceeding RMB 10 billion, allowing the company to issue various financial products over a two-year period [1] Group 1 - The company can issue multiple types of debt instruments including super short-term financing bonds, short-term financing bonds, medium-term notes, perpetual notes, asset-backed notes, and green debt financing instruments [1]

Core Viewpoint - Geely Automobile has received approval for a debt financing tool registration from the China Interbank Market Dealers Association, allowing the company to issue debt instruments totaling up to RMB 10 billion [1] Group 1: Debt Financing Details - The company submitted its application for debt financing tools on August 2025 and received the acceptance notice on October 9, 2025 [1] - The approved total amount for the debt financing tools is not to exceed RMB 10 billion [1] - The company can issue various products including super short-term financing bonds, short-term financing bonds, medium-term notes, perpetual notes, asset-backed notes, and green debt financing tools within two years from the acceptance notice date [1]