利率下行趋势挤压了助贷平台的盈利空间。平台原本可覆盖坏账代偿的利润空间被压缩，盈利能力持续 承压。这一变化直接导致此前助贷平台向银行作出的"兜底承诺"失效，保障银行资金安全的合作难以落 地。有助贷机构对记者表示，模式调整后，自己所在的机构每季度利润将缩减几亿元。 本报（chinatimes.net.cn）记者付乐 北京报道 中国助贷行业历经十余年发展，已深度嵌入中国金融体系，成为不可或缺的组成部分。当前，正处在行 业格局交织的复杂背景下。随着"助贷新规"落地，曾帮助中小助贷平台对接银行资金的"兜底"模式难以 为继，行业加速从"重规模"向"重质量"转型。头部助贷机构凭借合规优势和技术能力占据合作主导地 位，中小平台被迫寻求转型，而中小银行则陷入优质客群争夺、高风险客群处置两难的困境，重建自主 风控体系成为全行业破局的关键。 "兜底"模式不再 回溯行业发展，"兜底"曾是中小助贷平台撬动资金的杠杆。这里的"兜底"，是指助贷平台向银行等资金 提供方作出承诺，对双方合作产生的坏账，也就是借款人出现逾期、无力还款等情况导致的资金损失， 由助贷平台承担全额或约定比例的代偿责任，以此保障银行的资金安全。 在监管政策尚未细化的 ...

Core Viewpoint - The consumption finance companies play a crucial role in connecting financial resources with consumer demand, actively exploring practices to enhance specialized service capabilities and expand financial supply in the consumption sector [1]. Policy Support and Market Dynamics - The "Guiding Opinions on Financial Support to Boost and Expand Consumption" has established a systematic policy framework for financial support in consumption, prompting companies to explore multi-level and differentiated paths to stimulate domestic demand [2]. - Consumption finance institutions are clearly positioned to provide credit services for retail financial consumers [2]. - Companies are focusing on upgrading traditional businesses and innovating through technology to create a financial service network that covers the entire lifecycle of urban and rural residents' consumption needs [2]. Innovations and Product Offerings - Companies like Zhaolian and Mashang have developed comprehensive product systems covering various consumption scenarios such as shopping, travel, education, and home decoration [2]. - Ant Financial has increased financial supply by targeting underserved populations, aligning with online consumption trends, and offering interest-free options to reduce consumer costs [2]. Self-Acquisition and Risk Management - The Opinions encourage consumption finance companies to enhance their self-acquisition and risk control capabilities while reasonably determining comprehensive loan interest rates [3]. - Companies are accelerating the development and optimization of self-operated channels due to the saturation of third-party channel traffic and rising customer acquisition costs [3]. - Digital transformation is emphasized to replace some manual judgment with digital models, adapting to the characteristics of small and scattered consumer finance businesses [3]. Customer Engagement and Technology Utilization - Companies like Zhaolian and Mashang have prioritized building self-operated capabilities, with Zhaolian's app now offering tailored loan proposals based on user profiles and credit status [4]. - Nanyin Fabao has enhanced customer research to provide customized discount policies, while Zhongyuan Consumer Finance has improved customer acquisition precision by aligning with key consumption periods [4]. - Haier Consumer Finance leverages its industrial background to expand scenario-based financial services, covering over 11,000 merchants and providing installment services to 3 million users [4]. Future Outlook - The future of consumption finance lies in accurately allocating financial resources to areas that create genuine consumer demand, utilizing technology to lower service costs, and enhancing user experience through scenario innovation [5].

Core Viewpoint - The joint guidance from six departments, including the People's Bank of China, aims to enhance consumer finance companies' capabilities in customer acquisition and risk control while rationalizing loan interest rates [1] Group 1: Consumer Finance Companies - The guidance encourages consumer finance companies to improve their independent customer acquisition and risk management abilities [1] - It emphasizes the need for a reasonable determination of comprehensive loan interest rates [1] Group 2: Automotive Finance - The document highlights the role of automotive finance companies in providing specialized services and expanding the range of consumer credit products for vehicle purchases [1] - It calls for effective credit support to automotive dealers [1] Group 3: Small Loan Companies - The guidance aims to regulate the development of small loan companies, focusing on serving small and micro enterprises, individual businesses, and farmers to promote the expansion of goods and services production and consumption [1] Group 4: Collaboration Among Financial Institutions - The document encourages collaboration among commercial banks, consumer finance companies, automotive finance companies, and small loan companies to develop financial products that meet various consumer scenario needs, provided they comply with regulatory requirements [1]