来源：镭射财经 1月30日，中国银行业协会正式发布《金融机构个人消费类贷款催收工作指引（试行）》。该催收指引旨在规范会员单位和外部催收机构对信用卡及个人 消费信贷催收行为，对于会员单位发放的其他类型个人贷款产品可参考本指引开展催收工作。 行业人士透露，该催收指引去年上半年已着手制定，并参照部分头部消金公司及国有大行催收标准。相比此前中互金发布的催收风控指引，监管明确要求 各银行业机构执行中银协催收指引（信托或将单独出文），并且作出相应量化考核。 中银协催收指引共七章五十四条，从加强行业自律、规范业务发展的角度，通过催收行为定义、催收行为规范、外部催收机构管理、内控管理、促进行业 健康发展等五个方面对规则进行制定。 六、禁止行为。催收人员在实施催收过程中严禁出现以下行为： 从文件导向来看，中银协催收指引既提及保护债务人合法权益，要求会员单位催收业务应依法合规开展，在本指引的行为框架内实施，不得侵害债务人的 合法权益，抵制各种形式的违规催收和暴力催收。 也明确保护债权人合法权利，确定了催收是会员单位在债务人出现违约情形后维护债权安全的正当追索行为，其追索权利及正当的追索方式均受到法律保 护，追索方式包括但不限于自 ...

Core Viewpoint - The China Banking Association has established the "Guidelines for the Collection of Personal Consumption Loans" to standardize collection practices and promote healthy industry development, addressing long-standing issues in the sector [1][10]. Group 1: Collection Behavior Specification - The guidelines define collection behaviors and establish clear standards for various collection practices, including collection timing, frequency, and information acquisition [2]. - Collection activities are prohibited from occurring between 10 PM and 8 AM without the debtor's consent, and attempts to contact the same debtor should not exceed six times in one day unless otherwise agreed [2]. - The guidelines emphasize the protection of personal information, mandating compliance with national privacy regulations and prohibiting the use of illegal means to obtain personal data [2]. Group 2: Prohibited Collection Practices - The guidelines outline specific prohibited behaviors for collection agents, including impersonating government or judicial authorities, using intimidation or violence, and making misleading statements [3][4][5][6][7]. - Additional prohibitions include charging extra fees under the guise of collection and contacting debtors through personal devices without consent [5][6]. Group 3: Internal Management Enhancement - The guidelines call for improved internal management capabilities within institutions, advocating for a shift from reactive to proactive management practices [9]. - Emphasis is placed on self-regulation within the industry to promote high-quality development, including the establishment of information sharing on violations and collaborative efforts to combat debt evasion [9]. - Institutions are encouraged to build their own collection teams to reduce reliance on external agencies, thereby enhancing their collection capabilities [9][10].

在催收行为规范方面，《指引》提到，未经债务人同意，严禁在每日晚22:00至次日早8:00进行电话催 收、外访催收及其他催收。按照电话催收当时具体情况，主动通话的频密程度应控制在合理及必需的范 围内。债务人电话未接通的，催收人员对债务人同一联系方式尝试拨打次数当天不宜超过6次；与债务 人另有约定除外。 《指引》要求，催收人员在实施催收过程中严禁出现以下行为，具体包括，冒用行政机关、司法机关等 名义追查债务人信息、寄送催收信函、开展催收行为。外部催收机构以会员单位身份开展催收。通过散 布他人隐私、非法获取个人信息，采用恐吓、辱骂、欺诈、威胁、暴力、涉黑等不当手段开展催收。采 取误导性表述虚构或夸大事实。以列入虚构的黑名单、虚构的不良信用数据库为由开展催收。以虚假承 诺、夸大债务数额、性质、法律后果为由开展催收。以催收名义收取额外费用，诱导或逼迫债务人通过 新增借贷或非法渠道筹集资金偿还债务。在公众场所张贴催收公告、律师函等文书。外部催收机构在未 经会员单位同意的情况下，使用私人手机电话联系债务人等，使用私人手机或社交软件发送催收语音、 文字类信息等。未经同意，进入住宅等私人场所或债务人所在的相关办公区域实施催收。 ...

Core Viewpoint - The Shanghai Municipal Government has issued a set of measures aimed at enhancing the quality and efficiency of the service industry and boosting consumption through 28 policy initiatives across seven areas, with a specific focus on the financial sector [1]. Financial Sector Initiatives - The measures encourage financial institutions to innovate and develop financial products tailored to new consumption trends, such as holiday, night, nostalgic, and anime economies, and to implement diverse card discount activities during consumption festivals [5]. - Personal consumption loan interest subsidy policies will be implemented, and the application process for auto loans will be optimized by relaxing conditions and reasonably determining loan issuance ratios, terms, and interest rates [5]. - The development of credit products for large consumer areas like green smart home decoration will be expanded, and mobile payment services will be enhanced [5]. - The measures promote the securitization of retail loans such as personal consumption and credit cards to revitalize existing credit stock [5]. Insurance Product Support - The government plans to upgrade existing inclusive insurance products and increase insurance coverage for specific groups and small micro-enterprises in the service industry [6]. - There will be an expansion of product offerings in travel, accident, and health insurance, along with efforts to synchronize medical insurance and commercial health insurance settlements in major hospitals [6]. - The development of third-pillar pension insurance will be encouraged, with a focus on creating diverse personal pension products and innovative commercial pension offerings [6]. Financial Support for Business Entities - The measures include utilizing policies like service consumption and pension refinancing, as well as government financing guarantees, to support various business entities with loans [6]. - Financial institutions are encouraged to innovate financing products based on expected revenue rights from service contracts and explore new financing models such as ticket revenue pledges [6]. - There will be an emphasis on expanding pledge financing for accounts receivable and intellectual property, as well as supply chain finance [6]. Infrastructure Financial Support - Financial institutions are encouraged to support key projects in the consumption sector, including the renovation of commercial facilities and community service centers, with favorable loan conditions [6]. - The issuance of real estate investment trusts (REITs) for consumption infrastructure will be supported, along with the application of local government special bonds for eligible projects [6]. Overall Strategy - The focus of the measures is on optimizing supply and expanding consumption simultaneously, aiming to cultivate new growth points in service supply and consumer demand to promote high-quality development in the service industry [7]. - The government emphasizes the importance of financial services in stimulating industry and activating consumption, with a growing demand for diverse financial services in wealth management and commercial insurance [7]. - Future efforts will prioritize the integration of service supply and consumer demand, enhancing digital, green, and intelligent consumption, and fostering a favorable environment for sustained consumption growth [7].

Financial Performance - Lexin reported a net profit margin of 2%, with a quarter-on-quarter increase of 9 basis points and a year-on-year increase of 92 basis points [1] - The company achieved a revenue of 3.42 billion yuan in Q3, with a Non-GAAP EBIT of 675 million yuan [3] - The transaction volume for Q3 was 50.89 billion yuan, with a managed loan balance of 101.84 billion yuan and a user base of 240 million, reflecting a year-on-year increase of 7.7% [3] Shareholder Returns - Lexin has prioritized shareholder returns, with dividends for the first half of the year already distributed in Q3 and an increase in the dividend payout ratio from 25% to 30% for the second half of the year [1] - The previously announced share repurchase and increase plan of 60 million USD has been executed for more than half [1] Strategic Focus - The CEO emphasized that with new regulations, the industry will develop in a healthier and more orderly direction, focusing on consumer scenarios, small and micro customer groups, and enhancing fintech investments [1] - The company is committed to improving its user-centered operating system, enhancing user experience, and consumer protection to maintain a competitive advantage [1] Technological Investment - Lexin continued to increase its technological investments in Q3, particularly in AI risk control and AI customer service, maintaining a leading position in these areas [1] - The introduction of the self-developed model LexinGPT has improved user demand recognition accuracy by over 20% [1] Asset Quality - The company reported a 90+ days delinquency rate that decreased by 15 basis points quarter-on-quarter and by 74 basis points year-on-year, indicating continued asset quality stability [3] - The ecosystem business, including installment e-commerce, personal consumption credit, inclusive finance, and digital technology, has enhanced collaborative capabilities to improve financial service accessibility and user experience [1]

Core Insights - The report indicates that inclusive finance business is expected to maintain steady growth, with the People's Bank of China releasing the "China Inclusive Finance Index Analysis Report (2024-2025)" [8][34] - As of June 2025, the balance of inclusive micro and small loans reached 36.09 trillion yuan, reflecting a year-on-year growth of 12.2%, which, although lower than the previous year, remains significantly higher than the general loan growth rate [8][34] - The report highlights that the proportion of inclusive micro and small credit loans is increasing, while the interest rates on these loans are declining [8][34] Industry Performance - The report notes that personal consumption loans, excluding housing loans, reached a balance of 21.29 trillion yuan by September 2025, with a year-on-year growth of 4.2% [8][34] - The report emphasizes that the implementation of special actions to boost consumption since 2025, including fiscal subsidies for personal consumption loans in key areas, is expected to sustain low but steady growth in consumption loans [8][34] Investment Recommendations - The report suggests that the issuance of policy financial tools is likely to boost bank credit demand, with regional banks expected to maintain resilient asset expansion [11][37] - It recommends focusing on state-owned banks for stable high dividend investment value, specifically mentioning Industrial and Commercial Bank of China and Bank of China, as well as opportunities for valuation recovery in joint-stock and regional banks [11][37]

Investment Rating - The investment rating for the company is "Buy-A" with a target price of 55 CNY for the next six months [5]. Core Insights - The company's revenue for 2024 showed a slight decline of 0.48% year-on-year, but the net profit attributable to shareholders increased by 1.22%, indicating a stable fundamental performance [1]. - In Q4 2024, the net profit attributable to shareholders grew by 7.64%, driven by asset expansion, growth in non-interest income, and cost reduction, despite some pressure from narrowing net interest margins and increased credit impairment provisions [1][12]. - The bank's strong deposit competitiveness is highlighted by a significant increase in deposits, with a year-on-year growth of 245.5 billion CNY in Q4 2024 [3][11]. Summary by Sections Financial Performance - The bank's total revenue for 2024 was 337.49 billion CNY, with a slight decrease from the previous year. The net profit attributable to shareholders was 148.39 billion CNY, reflecting a growth rate of 1.22% [20]. - The bank's cost-to-income ratio improved to 38.77%, down by 3.68 percentage points year-on-year, indicating effective cost management [13][39]. Asset Quality - The non-performing loan (NPL) ratio remained stable at 0.93% as of Q4 2024, with slight fluctuations in various loan categories, showing resilience in asset quality [41]. - The bank's provision coverage ratio was reported at 411.98%, maintaining a strong buffer against potential credit losses [14]. Loan and Deposit Growth - The average daily balance of interest-earning assets increased by 8.76% year-on-year in Q4 2024, with significant contributions from bond investments and a recovery in credit issuance [2][23]. - Retail loans, particularly mortgage loans, saw a notable increase, with a growth of 32.5 billion CNY in Q4 2024, marking the best quarterly performance since Q3 2023 [2][17]. Non-Interest Income - Non-interest income showed signs of recovery, with a 53.6% year-on-year increase in other non-interest income in Q4 2024, driven by rising bond investment values [13]. - The bank's fee and commission income decreased by 4% year-on-year, but the decline was less severe compared to previous quarters, indicating a potential stabilization [12][36]. Market Position and Outlook - The bank's strong deposit base and competitive funding costs position it well for future asset growth, despite ongoing pressure on net interest margins [11][18]. - The outlook for 2025 anticipates a revenue growth of 0.61% and a net profit growth of 1.24%, supported by a recovering capital market and improved economic conditions [18][20].