传统供应链金融中，远离核心企业的二级、三级供应商常因缺乏信用背书而被挡在融资门外。这一困扰行业多年的"死结"，正在被华瑞银行的"瑞e惠—强 数据场景脱核供应链金融"模式解开。 这正是"脱核"模式的精髓：不依赖核心企业确权，而以真实交易数据评估"经营信用"。依托大数据与人工智能，华瑞银行对场景内海量交易、结算、税务 信息进行交叉验证，实现贷前精准画像、贷中动态监控、贷后智能预警。 自上线以来，"瑞e惠"已覆盖物流、生鲜电商、药品集采等多个领域，为上海80%以上的"非核心直接供应商"提供了全线上化普惠融资。2025年5月，华瑞 银行联合多方成立"脱核供应链金融AI应用联合实验室"，进一步探索智能风控与尽职调查的深度应用。以数据为链，华瑞正让信用穿透层级，触达产业 末梢。 上海某运输公司是知名物流平台的运力供应商，但因实控人个人原因无法获得传统贷款。华瑞银行没有简单拒贷，而是通过分析其运输业务稳定性、平 台服务评价等强场景数据，综合评估后给予授信，帮助企业扩大运力、承接更多订单。 ...

Policy and Regulation - The issuance of the "Document No. 77" by six ministries on April 30, 2025, clarifies the status of accounts receivable electronic vouchers and emphasizes a review and risk control system based on real trade, promoting the development of decoupled supply chain finance [10][11] - The regulatory environment for the commercial factoring industry remains stringent, focusing on issues such as ABS business and fictitious accounts receivable [12][21] - The "Implementation Plan for High-Quality Development of Inclusive Finance in the Banking and Insurance Industries" highlights supply chain finance as a key vehicle for reducing financing costs for small and micro enterprises [23] Market and Development - The commercial factoring industry is experiencing a wave of capital increases and credit ratings, with over 30 companies increasing their registered capital in the first half of 2025 [2][26] - ByteDance's subsidiary, Zhitiao Factoring, significantly increased its registered capital from 1 billion to 1.6 billion, marking a 60% increase [30] - Numerous state-owned enterprises are establishing industry-finance technology companies to accelerate the digital transformation of industrial finance [31] Scene and Product - Decoupled supply chain finance is gaining traction, with financial institutions focusing on transaction platforms, including the launch of supply chain financial services by major platforms like the National Grain Trading Center [3][36] - Financial institutions are innovating product offerings, such as the "Cloud Number-Order Financing" by Postal Savings Bank, which aims to assist small and micro enterprises in overcoming financing challenges [42][45] - The expansion of supply chain bill business is supported by policy and institutional improvements, with an expectation of a reduction in the number of core enterprise platforms as collaboration with independent platforms becomes a trend [3][8]