%% %% %% %% research.95579.com 1 丨证券研究报告丨 报告要点 港股研究丨公司深度丨中国民航信息网络（0696.HK） [Table_Title] 民航产业的优秀商业模式 [Table_Summary] 作为国内唯一的 GDS 系统，中国航信在中国民航机票订座环节占据统治地位，订座价格虽然 受到民航局监管，但是盈利能力强且稳定，ROE 和 ROIC 长期稳定在 15%左右。当前公司的 PE 估值仅 11~12 倍，约为历史平均估值的一半，考虑到公司行业地位和商业模式稳定，我们 积极推荐。中国航信掌握航空出行环节最详细和精确的数据，延拓航旅相关的技术和信息服务， 在 AI 技术浪潮下也有可能变革机票代理业务。 分析师及联系人 [Table_Author] 韩轶超 赵超 SAC：S0490512020001 SAC：S0490520020001 SFC：BQK468 请阅读最后评级说明和重要声明 2 / 27 %% %% %% %% research.95579.com 2 中国民航信息网络（0696.HK） cjzqdt11111 中国航信只是一家"小公司"，营业收入仅占航空公司营 ...

Core Insights - The implementation of the new lending regulations is set to reshape the industry landscape, with a focus on a 24% annual interest rate becoming a critical threshold for the lending sector [1][2][3] - Banks are increasingly rejecting loans with interest rates between 24% and 36%, leading to a rise in funding costs for smaller lending institutions [2][3] - Major lending platforms like Ant Group and JD.com continue to dominate the "white list" of approved institutions, while new entrants like "Hanglv Zongheng" are emerging as significant players [1][6] Lending Rate Dynamics - The new regulations emphasize that banks must clearly define service fees and include them in the overall financing cost for borrowers, with a focus on maintaining a 24% cap for legal protection [2][8] - There is a notable shift in the lending landscape, with banks tightening their approval processes for loans in the 24%-36% interest rate range, which has historically been accepted [2][3] Structural Changes in the Market - Smaller lending institutions are experiencing a rapid increase in funding costs, while larger institutions are less affected due to their focus on loans below the 24% threshold [3][4] - The tightening of credit from banks is forcing smaller lenders to reconsider their business models, as they struggle to cover costs without offering higher interest loans [3][4] Collaboration Trends - Banks are increasingly seeking partnerships with leading institutions and new "cross-industry players" to enhance their customer acquisition strategies [5][7] - Recent collaborations include banks partnering with platforms like "Hanglv Zongheng," which has a user base exceeding 100 million, indicating a shift towards leveraging established user bases for loan distribution [7][8] Regulatory Compliance - The new regulations require banks to enhance their due diligence and establish clear agreements with lending platforms, ensuring compliance with the new standards [8] - Recent penalties for non-compliance highlight the regulatory scrutiny in the lending sector, emphasizing the need for banks to adhere to the new guidelines [8]