助贷新规驱动，多家机构披露合作名单！行业格局或进一步分化

Core Viewpoint - The new regulations on internet lending by commercial banks, issued by the National Financial Supervision Administration, require banks to implement a whitelist system for cooperative platform operators, prohibiting partnerships with unlisted entities, leading to significant changes in the lending industry [2][5]. Group 1: Regulatory Changes - The National Financial Supervision Administration released the "Notice on Strengthening the Management of Internet Lending Business by Commercial Banks" in April 2025, mandating a whitelist management system for cooperative platforms [2][5]. - The new regulations aim to enhance the quality and efficiency of financial services by restricting banks from collaborating with non-listed institutions [5][6]. Group 2: Industry Response - Within two months of the new regulations, several institutions, including Guangzhou Bank and Chengde Bank, have disclosed their lists of cooperative lending partners, primarily consisting of leading platforms and various types of institutions [4][6]. - Guangzhou Bank's latest disclosure includes 17 cooperative lending platforms and credit enhancement service providers, such as Lexin and WeBank [6]. Group 3: Market Dynamics - The implementation of the whitelist system is expected to intensify industry differentiation and reshuffling, with a clear trend of consolidation among leading lending platforms [13][14]. - The new regulations have already highlighted existing disparities in the industry, where major internet companies have leveraged their capital strength to expand their financial services [13][14]. Group 4: Company Performance - The report from Mashang Consumer Finance indicates that the company achieved a net profit of 2.281 billion yuan in 2024, a year-on-year increase of 15.10%, despite a decline in on-balance sheet loan issuance [16][19]. - Mashang Consumer Finance's open platform business has seen significant growth, with loan disbursements reaching 180.59 billion yuan in 2024, contrasting with a decrease in traditional loan issuance [17][19].