资金“断供”，单月放贷从超170亿到不足30亿，助贷平台“刮骨疗毒”

Core Viewpoint - The online lending industry is undergoing significant tightening due to regulatory pressures, leading to a drastic reduction in funding and operational challenges for many platforms [1][3][11]. Group 1: Regulatory Changes - Financial institutions, including banks and trust companies, are collectively tightening the thresholds for cooperation in online lending, with some local banks required to halt lending activities entirely [3][4]. - A "white list" system has been implemented, resulting in a clear bifurcation in funding availability, favoring compliant and well-capitalized platforms while restricting access for others [3][11]. - New regulations mandate that consumer finance companies reduce their average financing costs to below 20% by Q1 2026, further tightening the lending landscape [5][6]. Group 2: Market Dynamics - The funding market is experiencing structural tightening, with a significant drop in loan issuance from peak levels, particularly among mid-tier platforms [7][8]. - The average monthly loan issuance for some platforms has plummeted from over 17 billion to less than 3 billion [7]. - There is a noticeable shift in funding towards high-quality assets, with lower-tier platforms struggling to secure financing [8][10]. Group 3: Industry Adaptation - The industry is transitioning from a focus on rapid growth to a more sustainable model that emphasizes compliance and quality over quantity [11][12]. - Platforms are exploring new operational strategies, including focusing on lower-risk assets with annual interest rates around 20% to differentiate from traditional banks and consumer finance companies [12]. - Enhanced scrutiny of partner platforms is leading to a more cautious approach in selecting collaborators, with a focus on risk management and compliance [6][10]. Group 4: Future Outlook - Despite current challenges, there is a belief that some platforms can survive by adapting to new regulations and focusing on operational efficiency and customer retention [12][13]. - The industry is expected to complete a transition from "regulatory arbitrage" to "compliance-driven" development, necessitating a reevaluation of business models for smaller institutions [12][13].