Core Viewpoint - The implementation of the new regulatory policy, referred to as the "Assisted Loan New Regulations," will significantly reshape the landscape of the assisted loan industry by establishing clear compliance boundaries for commercial banks' internet-assisted loan businesses [1][3]. Group 1: Regulatory Changes - The new regulation, effective from October 1, 2025, mandates commercial banks to adopt a "list management" system for assisted loan cooperation institutions, which has led to a lack of transparency regarding the cooperation lists of major banks [4][5]. - The regulation imposes strict controls on "comprehensive financing costs," particularly targeting products with annualized comprehensive costs exceeding 24%, which poses a challenge to existing business models in the assisted loan sector [1][9]. Group 2: Market Dynamics - The disclosed cooperation lists indicate a trend where major internet giants are preferred partners for banks, leading to a concentration of funds and resources in the hands of a few leading institutions [5][6]. - Various banks have begun to reveal their cooperation lists, with significant participation from both state-owned and private banks, although the six major state-owned banks have yet to disclose their lists [4][6]. Group 3: Business Models and Strategies - Banks like Ping An Bank have developed platforms such as the "Smart Loan Platform" to enhance compliance and safety while expanding their internet credit ecosystem, reflecting a shift towards more regulated and secure lending practices [7]. - Some banks are reconsidering their involvement in assisted loan businesses due to high default rates and rising customer acquisition costs, which are compressing profit margins [7]. Group 4: Financial Implications - The new regulations are expected to create a significant stratification in funding sources, with high-interest assets losing bank support while assets with annualized rates below 24% become highly competitive [9][10]. - Trust funds have seen a temporary increase in demand as an alternative funding source, but their higher costs and regulatory constraints limit their sustainability [10]. Group 5: Regulatory Focus Post-Implementation - Post-implementation, regulatory scrutiny will focus on pricing transparency and comprehensive cost control, particularly regarding the inclusion of service fees in the overall financing costs [11]. - The regulatory authorities will also evaluate banks' risk management capabilities and their adherence to core responsibilities in the assisted loan sector [11].

Core Viewpoint - The implementation of the new regulation on internet lending by commercial banks, referred to as the "Assisted Lending New Regulation," is expected to significantly reshape the lending landscape and impose strict compliance requirements on banks and lending institutions [1][2]. Group 1: Regulatory Changes - The new regulation, effective from October 1, 2025, establishes clear compliance boundaries for internet lending by commercial banks, which will have a profound impact on the assisted lending industry [1][2]. - One of the core requirements of the regulation is the "list management" of lending partners, mandating banks to disclose their cooperative institutions [4][10]. Group 2: Market Dynamics - As of the night before the new regulation took effect, major state-owned banks had not disclosed their cooperative institution lists, indicating a cautious approach towards the assisted lending business [2][8]. - The disclosed lists show a trend where large internet companies are preferred partners for banks, leading to a concentration of funding and resources in the hands of major players [2][5]. Group 3: Financial Implications - The regulation imposes strict controls on "comprehensive financing costs," particularly targeting products with annualized costs exceeding 24%, which may lead to a significant restructuring of the lending market [2][10]. - The regulation aims to eliminate high-interest lending practices, with banks collectively rejecting asset categories with annualized costs as high as 36% [11]. Group 4: Institutional Responses - Different types of banks exhibit varying preferences and scales in their cooperative lists, influenced by their risk appetites and business strategies [7]. - Some banks, like Ping An Bank, have a higher number of disclosed partners due to their internet loan platform needs, while others are considering withdrawing from the assisted lending sector due to rising costs and high default rates [7][8]. Group 5: Future Regulatory Focus - Post-implementation, regulatory attention will likely focus on pricing transparency and comprehensive cost control, particularly regarding hidden fees and charges that may arise in the lending process [10][12]. - The regulation emphasizes the need for banks to take core responsibility for risk management, with a focus on evaluating their independent risk control capabilities [12].