该批资产按产品组包，19-22期基准日11月20日、23期11月24日，加权平均逾期222.13天，涉多省份。 (编辑：金倩) 经济观察网11月27日，银登中心网站披露，湖北消费金融发布2025年第19-23期个人不良贷款批量转让 招商公告，拟转让256419笔个人消费不良贷款，涉及债权本息合计约9.7亿元，债权本金额合计约8.5亿 元。 ...

宣教精准发力，筑牢民众金融安全防线 中央金融工作会议明确提出金融为民理念，要求金融机构切实履行社会责任，将政治性与人民性融入服 务全过程。作为河南省唯一一家持牌消费金融机构，中原消费金融积极响应政策导向，紧扣民生需求， 从真金白银让利消费者、创新场景化金融服务，到开展用户深度共创、多维普及金融知识，通过一系列 扎实举措推进为民办实事实践，让金融服务既有力度更有温度，以实际行动诠释持牌机构的责任与担 当。 真金白银让利，普惠金融惠及百万民众 围绕"让利于民、服务消费"核心，中原消费金融以"补贴+权益"双路径降低用户融资成本。截至2025年 10月末，通过"周三礼遇日""双十一狂欢节"等各类活动，累计向331万人次用户发放消费补贴、免息 券，总让利超4473万元。其中"双十一"期间，1111元免息券、现金红包等福利吸引1.23万用户参与，抽 奖超8800次，既提升平台活跃度，更让消费者在购物旺季享实惠。截至2025年10月末，其以创新消费场 景与普惠金融相结合的方式，围绕提额降息等主题活动，通过消费补贴、免息优惠等举措，累计惠及 331万人次，向用户让利超4473万元。同时，中原消费金融"借款免费用28天"权益， ...

Core Viewpoint - The implementation plan aims to enhance the adaptability of supply and demand in consumer goods, potentially creating a new consumption market worth trillions by 2027 through structural reforms and financial support [1] Group 1: Policy and Financial Support - The plan emphasizes the need for stronger fiscal and financial support to stimulate domestic demand, including the introduction of diverse consumer finance products [1] - Financial institutions are actively launching initiatives such as interest-free installment payments and discounts to boost consumer spending [2] - The "old for new" policy has significantly contributed to market growth, with sales exceeding 2.4 trillion yuan and benefiting over 360 million people in the first ten months of the year [1][2] Group 2: Consumer Finance Trends - Consumer finance is becoming a crucial driver for retail credit, with policies supporting low-cost funding for consumption loans [4] - The retail sales of major consumer goods like home appliances and automobiles have shown robust growth, with retail sales of home appliances and furniture increasing by approximately 20% year-on-year [5] - Financial tools such as installment services are lowering purchase barriers, enhancing the consumption of large-ticket items [5] Group 3: Regional Initiatives - Local governments are implementing supportive policies to enhance regional consumption quality, as seen in Beijing's plan to boost various consumer sectors [7] - As of Q3 2025, Beijing's consumer loan balance (excluding personal housing loans) reached 808.78 billion yuan, growing by 4.7% year-on-year, indicating a stronger growth rate than the national average [7]

如何优化金融产品更好匹配耐用消费品消费？对此，北京市互联网金融行业协会党委书记兼会长许泽玮 表示，优化金融产品的核心在于进行深度定制化设计，使其真正契合耐用消费品单价高、周期长的特 点。这包括提供更灵活、长期限的分期方案以降低月供压力；推广"0息分期"等优惠利率模式；并将贷 款与延长保修、以旧换新等权益捆绑，打造"金融+服务"的一体化产品包，从根本上提升消费者的购买 意愿和体验。 金融服务须精准嵌入消费场景。许泽玮表示，在线上线下零售终端，提供"一键分期"等极简、瞬时的金 融体验至关重要。同时，应针对家装等特定大宗消费场景，开发专属的信贷产品，并精准触达年轻群体 等目标客群，满足其差异化需求。 消费金融行业的客群较为下沉，随着提振消费的覆盖面逐步延伸，分期服务依托数字化加快向县域消费 下沉。中央财经大学中国互联网经济研究院副院长欧阳日辉表示，消费金融正在把县域民生消费作为稳 增长的重要战场，聚焦新市民创业就业和大宗商品消费，释放县域消费活力，要加快与快递物流、县域 电子商务、公共服务平台等合作共建，多举措推动分期服务嵌入更多场景。 （文章来源：经济日报） 分期服务嵌入场景成为消费金融提振消费的亮点之一。今年以 ...

Core Viewpoint - The consumer finance industry has entered a new cycle this year, with regulatory-driven structural adjustments expected to reshape the market dynamics, potentially leading to a recovery similar to the 2017-2020 period [2][10]. Group 1: Regulatory Impact - The current round of regulation aims to refine the industry by shifting from a high-risk, high-interest model to a more refined approach focused on risk control, funding negotiation power, and technological capabilities [2]. - The "loan withdrawal effect" is evident, with companies like Qifu Technology experiencing increased overdue rates and decreased repayment rates, indicating a passive clearing of high-risk clients rather than a decline in new business quality [3]. - Qifu Technology has prepared for this adjustment, increasing its risk provisions and maintaining a high provision coverage ratio, while also seeing a significant reduction in new loan issuance from high-priced markets [4]. Group 2: Industry Restructuring - The regulatory environment is leading to a reduction in competitive pressure, allowing platforms to target higher-value customers more effectively, resulting in a decrease in customer acquisition costs [5]. - As the issue of shared debt improves, risk costs are expected to decline, enhancing customer conversion rates and long-term user value, with management indicating a more favorable competitive environment in the future [5]. - Historical patterns suggest that profitability may strengthen before stock prices respond, similar to trends observed from 2017 to 2020 [5]. Group 3: AI as a Growth Engine - Qifu Technology is leveraging AI to enhance its foundational capabilities, focusing on data acquisition, risk identification, and compliance, which are critical for future customer service [7]. - The company has completed numerous iterations of risk models, utilizing AI to dynamically assess customer repayment intentions, contributing to improved risk indicators [7]. - Qifu Technology is positioning itself as an AI infrastructure provider for financial institutions, with significant growth in its technology-enabled lending volume [8][9]. Conclusion - The current performance dip in the industry is viewed as an opportunity, as long as the underlying industry logic remains intact and the company maintains its advantages in funding, risk control, and AI capabilities [10].

根据批复，公司应要求上述核准任职资格人员严格遵守金融监管总局有关监管规定，自本行政许可决定 作出之日起3个月内到任，并按要求及时报告到任情况。未在上述规定期限内到任的，本批复文件失 效，由决定机关办理行政许可注销手续。公司应督促上述核准任职资格人员持续学习和掌握经济金融相 关法律法规，牢固树立风险合规意识，熟悉任职岗位职责，忠实勤勉履职。 北京商报讯(记者岳品瑜实习生岳雯艳)11月27日，国家金融监督管理总局重庆监管局发布的行政许可批 复显示，核准彭博重庆蚂蚁消费金融有限公司总经理助理的任职资格。 ...

Core Viewpoint - Multiple trust companies have disclosed their lists of internet lending business cooperation institutions, following the regulatory guidelines issued by the National Financial Supervision Administration, which mandates a list management system for platform operators and credit enhancement service providers [1][4]. Group 1: Disclosure of Cooperation Institutions - At least 16 trust companies, including Zhongcheng Trust, CITIC Trust, and Huaneng Trust, have publicly announced their cooperation institutions for internet lending on their official websites [1]. - The disclosed cooperation institutions primarily consist of platform operating entities and credit enhancement service providers, with a focus on platform operating entities [4]. Group 2: Key Players in Internet Lending - Notable companies frequently appearing in the cooperation lists include Ant Group's Ant Zhixin (Hangzhou) Information Technology Co., Ltd., and Meituan-related companies such as Chongqing Meituan San Kuai Small Loan Co., Ltd. [4]. - The cooperation with these entities reflects the evolving landscape of trust companies' lending operations amid stringent regulations [4]. Group 3: Market Context and Trends - The trust companies' lending business is rapidly evolving under strong regulatory oversight, connecting their transformation needs with the vast consumer finance market [4]. - Consumer finance aligns with national policies aimed at boosting domestic demand, making it a crucial area for trust companies' transformation efforts [4]. Group 4: Advantages and Disadvantages of Trust Companies - Trust companies possess flexible transaction structure design capabilities, allowing them to engage deeply in asset securitization (ABS) models to lower funding costs [5]. - However, they face challenges such as higher funding costs compared to banks, reliance on partner institutions for customer acquisition and risk control, and high complaint rates leading to compliance and reputational risks [5].

近日，中信消费金融与朴道征信正式签署战略合作协议。双方将依托各自在消费金融场景运营和征信数 据服务领域的核心优势，聚焦智能风控模型共建、数据生态协同等关键方向，共同探索数字金融风控创 新路径。 当前，消费金融进入合规为王、风控为本、精益为要的高质量发展新阶段，消费金融行业正在加快向以 科技和数据驱动的发展模式转型升级，面临着数据沉淀不足、数据流通壁垒、模型时效滞后等共性挑 战，其中核心信用数据的覆盖、挖掘和应用等因素，直接决定着科技动能和数据价值的充分释放，这些 关乎金融服务的门槛与运营成本，也影响着普惠金融的服务效能。 中信消费金融作为央企旗下的消费金融公司，积极贯彻党中央关于大力提振消费的决策部署，采用科技 和数据驱动的数智化发展战略，强化智能风控和数字化运营等核心能力，为用户提供智能、安全、便捷 的消费金融服务。朴道征信作为全国第二家同时持有个人征信业务牌照和企业征信业务资质的市场化征 信机构，沉淀了覆盖通信、支付、电商消费等多维度的合规数据资源。双方将致力于共建可持续的行业 风控生态协同模式，通过共建数据生态，深度融合场景经验与多维数据，实现数据模型持续迭代优化， 有效提升风险识别的精度与风控效率，形 ...

Core Insights - During the "14th Five-Year Plan" period, China's financial industry has achieved significant growth, with total assets of banking and insurance sectors exceeding 500 trillion yuan, reflecting an annual growth rate of 9% over five years [1] - The financial environment is undergoing profound changes, with increasing compliance requirements for financial institutions due to geopolitical tensions and domestic economic challenges [1][2] - The importance of compliance in the financial sector is emphasized, as it is crucial for maintaining industry integrity and consumer trust [2][3] Group 1 - The total assets of China's banking and insurance sectors reached over 500 trillion yuan, with banking institutions' total assets amounting to 474.3 trillion yuan by the end of Q3 2025 [1] - The financial industry faces heightened compliance pressures due to external factors such as geopolitical conflicts and internal challenges like real estate market regulation and local government debt [1][2] - Regulatory authorities are enforcing stricter compliance measures, including increased penalties for violations and a dual penalty system for institutions and individuals [2] Group 2 - The establishment of a robust legal framework for financial operations, including new laws and regulations, aims to enhance compliance and risk management within financial institutions [3] - Financial institutions are encouraged to integrate compliance culture into their operations, ensuring that compliance becomes a fundamental aspect of their business practices [3][4] - Various financial institutions are actively promoting compliance through education, performance assessments, and knowledge competitions, shifting the mindset from mandatory compliance to voluntary adherence [4]

Financial Data and Key Metrics Changes - In Q3 2025, the company facilitated RMB 32.2 billion in loan volume, a year-on-year increase of approximately 20.6% [6] - Non-GAAP income from operations was RMB 490 million, up around 50.3% year-on-year [6] - Net income for Q3 was RMB 376.5 million, representing an increase of 39.7% from the same period in 2024 [26] - Basic and diluted net income per share was RMB 1.83, compared to RMB 1.27 in Q3 2024 [26] - The company ended the quarter with RMB 124.2 million in cash and cash equivalents, down from RMB 316.2 million at the end of the previous quarter [26] Business Line Data and Key Metrics Changes - The company maintained cooperation with 75 financial institutions, with another 64 under negotiation, enhancing funding supply stability [7] - The share of repeat borrowers in facilitation volume rose to 78.6%, driving the average borrowing amount per transaction up to RMB 9,115, a year-on-year increase of approximately 19.5% [10] Market Data and Key Metrics Changes - The Indonesian business saw nearly 200% year-on-year growth in business scale, with the number of borrowers increasing by approximately 150% [19] - In Mexico, loan volume and user base maintained rapid growth, indicating initial success in market expansion [19] Company Strategy and Development Direction - The company is focusing on high-quality borrower segments and optimizing resource allocation efficiency through a cautious customer acquisition strategy [10][30] - The implementation of new loan facilitation regulations is expected to raise industry entry barriers and drive the sector towards healthier and more sustainable development [37] - The company aims to advance its Four Plus Two Strategy, focusing on major application directions and leveraging key infrastructure platforms for technological breakthroughs [17] Management's Comments on Operating Environment and Future Outlook - The management noted that the recent regulatory policies are creating a favorable environment for the long-term sustainable development of the industry [5] - The company projects Q4 loan facilitation volume at RMB 23 billion to RMB 25 billion, with full-year volume expected to be in the range of RMB 127.8 billion to RMB 129.8 billion, representing a year-on-year increase of approximately 26.8% to 28.8% [21] - Full-year non-GAAP operating profit guidance is set at RMB 1.99 billion to RMB 2.06 billion, reflecting a growth of approximately 52.3% to 57.6% [21] Other Important Information - The company has achieved significant innovations in AI development, establishing a technical benchmark of high performance and low cost [12] - The integration of multimodal capabilities has significantly improved fraud detection timeliness, compressing it from a week to within two hours [15] Q&A Session Summary Question: Impact of new regulation on business and strategic adjustments - Management indicated that the new regulation has significantly impacted the industry, leading to downward pricing pressure and a focus on consumer protection. The company has intensified adjustments in traffic acquisition and adopted a more cautious customer acquisition strategy [30][32] Question: Revenue take rate and margin expectations - Management noted that the net margin for Q3 was 25.6%, a slight decrease from the previous quarter. They expect profitability to be significantly higher than in 2024, despite short-term pressures from the new regulation [35][37]