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].

Group 1: Report Industry Investment Rating - No relevant content provided Group 2: Core Viewpoints of the Report - In Q1 2025, personal consumer finance and micro - loans were active, and the issuance scale of asset - backed notes increased significantly year - on - year. The issuance of asset - backed notes was booming, and the secondary - market trading was also active. The release of the Action Plan by the National Association of Financial Market Institutional Investors is conducive to optimizing the bond financing environment for private enterprises [3][4] Group 3: Summary According to the Directory 1. Issuance Situation - In Q1 2025, 120 asset - backed note products were issued, with a total issuance scale of RMB 101.009 billion, an increase of 49 in quantity and 118.47% in scale compared with the same period last year. Among them, 36 ABCP products were issued, with a scale of RMB 33.58 billion, accounting for 33.24% of the ABN issuance scale. The top five sponsoring institutions accounted for 45.78% of the issuance scale, and the top ten accounted for 66.39% [4][5][25] - In terms of the classification of underlying assets, the debt - type ABN dominated, with a scale of RMB 88.233 billion, accounting for 87.35%. The average issuance scale of other - type assets was the highest at RMB 1.955 billion per unit. The underlying assets mainly included personal consumer finance, micro - loans, subsidy payments, etc. New product types such as specific non - financial claims and CMBN emerged, and the issuance scales of personal consumer finance, micro - loans, etc. increased year - on - year [10][12][14] - In terms of issuance scale distribution, the product with the highest single - issue scale was RMB 5.005 billion, and the lowest was RMB 0.9 billion. The number of products with a single - issue scale in the (5, 10] billion yuan range was the largest, accounting for 68.12% of the scale [17] - In terms of term distribution, the shortest term was 0.17 years, and the longest was 18.01 years. The number of products with a term in the (1, 2] year range was the largest, accounting for 41.50% of the scale [20] - In terms of grade distribution, AAAsf - rated notes accounted for 90.45% [21] - The interest rate center of one - year AAAsf - rated notes was around 2.10%, and the median decreased by 50 BP compared with the same period last year [4][23] 2. Analysis of Issuance Spreads - Compared with Treasury bonds and enterprise bonds of the same term, the issuance spreads of 1 - year and 3 - year asset - backed notes both narrowed. The issuance spreads of personal consumer finance, micro - loans, and supply - chain assets increased slightly, while the issuance costs of related products decreased significantly compared with the same period last year [4][30][36] 3. Secondary - Market Trading Situation - In Q1 2025, the total trading amount of asset - backed notes in the secondary market was RMB 141.746 billion, and the number of transactions was 1,640, with year - on - year increases of 28.75% and 35.65% respectively. The more active products mainly included class REITs, personal consumer finance, accounts receivable, etc. [40][43] 4. Industry Dynamic Review - On March 14, 2025, the National Association of Financial Market Institutional Investors issued the Action Plan, which is conducive to optimizing the bond financing environment for private enterprises and providing strong support for the healthy development of the private economy [45][46]