摩根士丹利：中国网贷服务商：更清晰的监管框架、更稳定的商业周期使估值更具吸引力（英文版）

We see clear regulations for nearly every step of co-lending, loan facilitation andcredit scoring businesses and clear requirements on interest rate levels andcalculation methodology. While the loanfacilitators will modify businessprocesses accordingly before the end of 2022, we believe the earnings impactshould be quite manageable.