Analyze the business development and financial status of the 20th Metallurgical Corporation,and point out its own credit risk characteristics and the necessity of issuing asset-backed securities products;This paper further analyzes the issuance and credit risk characteristics of the asset-backed securities products of the 20th Metallurgical Corporation,and explains the overview of its underlying assets and cash flows,the situation of participating institutions and its credit enhancement,so as to provide a reference sample for enterprises in related industries to issue asset-backed securities products.