Version

15.7.2

Reproduction link

https://github.com/zhangwang945/vue-test.git

Steps to reproduce

webpack 4.41, url-loader 3.0.0 .
Clone code https://github.com/zhangwang945/vue-test.git. Then npm run start.
img src="./assets/jinnang.png" become img src="[object Module]"

What is expected?

src="base64 image"

What is actually happening?

src="[object Module]"

Img tag in template will be compiled into: {attrs:{"src":webpack_require(/*! ./assets/jinnang.png */ "./src/assets/jinnang.png"),"alt":""}}
The reult of webpack_require(....) is Object Module ,so it go wrong. Is it right?

Url in css will be compiled into getUrl(webpack_require(/*! ./assets/jinnang.png */ "./src/assets/jinnang.png"),that go well.