1. Report Industry Investment Rating No information provided. 2. Core View of the Report In July 2025, the issuance pace of asset - backed notes slowed down, while personal consumer finance assets were active. The issuance volume and scale decreased compared to the previous month, and the secondary - market transaction amount also declined year - on - year [4][21]. 3. Summary by Relevant Catalogs 3.1 Issuance Situation - **Overall Issuance**: 52 asset - backed note products were issued, with a total issuance scale of 39.43 billion yuan. Compared with the previous month, the number of issuances decreased by 6, and the scale dropped by 28.68%. Compared with the same period of the previous year, the number increased by 5, but the scale decreased by 13.20%. Only 2 were publicly issued, and the rest were privately placed [4][5]. - **Top - Ten Issuing Institutions**: Huaxin International Trust Co., Ltd. ranked first with an issuance scale of 5 billion yuan (12.81%). The top - ten issuing institutions had a total issuance scale of 29.644 billion yuan, accounting for 75.93% [5]. - **Underlying Asset Categories**: Personal consumer finance products accounted for 49.40% in terms of scale (23 issuances), followed by small - and - micro loans (27.66%, 13 issuances), supply chain (5.27%, 6 issuances), etc. [7]. - **Issuance Scale Distribution**: Single - product issuance scale ranged from 121 million yuan to 1.5 billion yuan. Products with a single - issuance scale of (5, 10] billion yuan had the largest number of issuances (33) and scale (78.53%) [10]. - **Term Distribution**: The shortest term was 0.27 years, and the longest was 9.55 years. Products with a term of (1, 2] years had the largest number of issuances (24) and scale (49.97%) [12][15]. - **Level Distribution**: AAAsf - rated notes accounted for 88.56% of the issuance scale [15]. - **Issuance Interest Rate**: For one - year - around AAAsf - rated notes, the lowest issuance rate was 1.73%, the highest was 3.20%, and the rate center was around 1.78% [4][17]. - **ABCP Issuance**: 12 ABCP products were issued, with a total scale of 7.209 billion yuan, accounting for 18.46% of the ABN issuance scale. Personal consumer finance ABCP accounted for 55.34% of the ABCP issuance scale [20]. 3.2 Secondary - Market Transaction Situation - **Transaction Volume and Amount**: There were 533 secondary - market transactions in July 2025. The number of transactions increased by 12.21% month - on - month and 0.57% year - on - year, while the transaction amount decreased by 5.11% month - on - month and 25.73% year - on - year [21]. - **Underlying Asset Type Distribution**: The most active underlying asset types in the secondary - market transactions were personal consumer finance (34.99%), small - and - micro loans (13.89%), etc. [21].