21世纪经济报道记者李览青 《指引》要求小贷公司明示贷款综合融资成本，引导小贷公司综合融资成本下降，并要求地方金融管理机构加强对辖内小贷公 司放贷情况的日常监测。 在地方金融管理机构收到《指引》文件后，辖内小贷公司将立刻停止新发综合融资成本超过24%的贷款，指导小贷公司逐步将 每笔贷款综合融资成本均降至1年期LPR的4倍（以下简称"4倍LPR"）以内，到2027年底前全部新发贷款综合融资成本完成压 降。对于期限不超过1个月的超短期贷款综合融资成本不得高于24%。 按12月最新LPR报价数据，1年期品种报3.0%，这也意味着到2027年底前，小贷公司每笔贷款综合融资成本将压降至12%左右水 平。 《指引》是近年来贷款降息潮的延续，在各类提供信贷产品的金融机构中，整改后的产品利率分层已出现：各类贷款综合利率 上限为24%，消费金融机构利率上限20%，信用卡分期贷款利率约18%，小额贷款公司利率上限12%，商业银行优质客群贷款 利率在8%以下。 多位业内人士向记者表示，本次《指引》将进一步加速小贷行业出清，特别是对承接助贷平台自营业务与联合贷业务的小贷牌 照来说，由于客户信用资质相对下沉，或面临更大的合规压力。而小 ...

Core Viewpoint - The ongoing governance of the microloan industry is leading to a significant reduction in the number of microloan companies, with regulatory bodies actively working to eliminate "lost contact" and "shell" financial organizations [1][3]. Group 1: Regulatory Actions - The Tianjin Municipal Financial Management Bureau has publicly listed 82 "lost contact" and "shell" financial organizations, including microloan companies, financing leasing companies, and commercial factoring companies [1][3]. - These organizations have a 30-day period to submit written appeals; otherwise, they must proceed with deregistration or change their business scope, excluding any mention of local financial organizations [1][3]. - The National Financial Supervision Administration issued interim measures for the supervision of microloan companies, establishing an exit mechanism for non-normative operations [3][5]. Group 2: Industry Trends - The number of microloan companies in China has been steadily decreasing, with a reported total of 4,974 companies as of June 2025, down by 283 from the end of 2024 [3][4]. - The loan balance for microloan companies was 736.1 billion yuan, reflecting a decrease of 18.7 billion yuan in the first half of 2025 [3]. - The competitive landscape within the microloan industry is intensifying, leading to increased pressure on smaller firms and resulting in a higher exit rate for weaker companies [4][5]. Group 3: Future Outlook - Regulatory requirements for new microloan companies are being tightened, with local financial management agencies taking responsibility for supervision and risk management [5]. - Future regulations are expected to include more detailed policies on operational activities, enhanced daily inspections, and increased information disclosure requirements [5]. - Experts suggest that microloan institutions should enhance compliance management, strengthen risk control systems, and explore innovative transformation paths to adapt to market demands [5].

Core Viewpoint - The small loan industry is experiencing a "total contraction and head expansion" differentiation pattern due to ongoing regulatory crackdowns on local financial organizations, leading to the identification and elimination of "lost" and "shell" companies [1][2]. Group 1: Regulatory Actions - The Tianjin Municipal Financial Management Bureau has published a list of 82 "lost" and "shell" local financial organizations, including small loan companies, requiring them to either appeal within 30 days or face cancellation of their business qualifications [1]. - Similar actions have been taken in other provinces, with Hunan, Yunnan, and Guangdong also announcing the removal of numerous small loan companies for being "lost" or "shell" entities [1]. - The regulatory push is driven by national-level stringent oversight of local financial organizations, aiming to eliminate non-compliant institutions [1][2]. Group 2: Regulatory Framework - In August 2024, the Financial Regulatory Bureau issued a notice to strengthen oversight of local financial organizations, targeting the elimination of "lost" and "shell" companies within three years and restricting the establishment of new institutions during the regulatory period [2][3]. - The notice emphasizes a structured reduction in the number of local financial organizations, with specific guidelines to ensure compliance and address long-standing operational issues [2]. Group 3: Industry Trends - As of December 2024, the number of small loan companies in China decreased to 5,257, a reduction of 243 from 2023, with a further decline to 4,974 by June 2025, indicating a continuous downward trend [4]. - Despite the overall contraction, leading institutions are increasing their capital, with 26 small loan companies collectively raising nearly 6.5 billion yuan since 2025, indicating a shift towards stronger players in the market [4]. - The industry is moving towards a healthier direction as non-compliant and poorly managed institutions are being eliminated, while capable capital is entering the market, fostering a "survival of the fittest" environment [4].