Core Viewpoint - The support for private and small micro enterprises is an inherent requirement of financial services for the real economy, with significant policy guidance and financial measures in place to enhance financing accessibility and affordability [1][3]. Group 1: Financing Accessibility and Growth - The average annual growth rate of inclusive small micro loans has exceeded 20% over the past five years, with the balance of such loans increasing from 15.1 trillion yuan at the end of 2020 to 35.6 trillion yuan by June 2025 [2][3]. - The balance of loans to privately held enterprises reached approximately 45 trillion yuan by the end of May this year, indicating a robust increase in financing support [2]. - Agricultural Bank's loans to private enterprises have seen a compound annual growth rate of over 20% in the past five years, reflecting the effectiveness of policy measures [3]. Group 2: Cost Reduction and Financial Relief - The weighted average interest rate for newly issued inclusive small micro enterprise loans decreased from 5.08% in December 2020 to 3.48% by June 2025, showcasing a significant reduction in financing costs [4][6]. - A loan of 500 million yuan can save over 20,000 yuan in annual interest expenses due to lower interest rates, which is particularly beneficial for cost-sensitive sectors like wholesale and retail [5]. - The proactive adjustment of financing plans by banks in response to changes in the Loan Prime Rate (LPR) has further facilitated cost reductions for enterprises [5]. Group 3: Diversified Financing Channels - The establishment of a multi-layered and diversified financing system is crucial for meeting the varying financing needs of private and small micro enterprises at different growth stages [7]. - The issuance of technology innovation bonds, such as the 800 million yuan bond by iFlytek with a coupon rate of 1.83%, highlights the growing role of the bond market in supporting technological advancements [7]. - As of June, 288 entities had issued approximately 600 billion yuan in technology innovation bonds, indicating strong participation from financial institutions and technology firms [7]. Group 4: Policy and Structural Improvements - Continuous efforts to improve the financing structure are essential for building a modern financial system that effectively serves the needs of private and small micro enterprises [8].

Core Viewpoint - Agricultural Bank of China has shown strong performance in the banking sector, with a significant increase in stock price and asset scale, driven by both market demand and solid fundamentals [1][4][8]. Group 1: Stock Performance and Valuation - On August 14, the Agricultural Bank's A-shares rose by 1.76%, leading the banking sector, with a year-to-date increase of 35%, making it the second-best performing bank [1]. - As of August 14, the bank's price-to-book ratio (PB) reached 0.93, which is higher than other major banks by 24%-52% [1][4]. - The bank's stock valuation has improved significantly since the second half of 2024, with a notable increase in PB compared to other major banks [5]. Group 2: Asset Scale and Growth - Agricultural Bank's total assets surpassed those of China Construction Bank, making it the second-largest bank in China, with assets reaching 44.8 trillion yuan, exceeding Construction Bank by 2 trillion yuan [10][12]. - The bank's financial investments have grown rapidly, with a 6 trillion yuan increase from 2020 to 2024, primarily driven by government bond holdings [10][12]. Group 3: Profitability and Stability - The bank's net profit growth is stable, with an average annual growth rate of 5.9% from 2020 to 2024, leading among major banks [13]. - As of the end of 2024, the bank's provision coverage ratio was 300%, significantly higher than its peers, indicating strong risk management capabilities [14]. - The bank's government bond holdings exceeded 9 trillion yuan, accounting for 21.3% of total assets, providing a buffer against declining interest income [14][16]. Group 4: Market Position and Strategy - Agricultural Bank's extensive rural network allows it to maintain a stable deposit base and low-cost funding, which is crucial for its growth strategy [12][16]. - The bank's focus on personal loans, particularly in rural areas, has led to a significant increase in loan balances, with personal loans surpassing 9 trillion yuan [12][16]. - The bank's county-level operations have shown positive contributions to overall profitability, with revenue and pre-tax profit growth rates exceeding the bank's average [17].

财政贴息修复量价险，国股行红利属性强化 《低利率下的居民"存款搬家"及财 富配置—路径、规模与海外镜鉴》 -2025.8.9 《增值税调整对银行配债行为及业绩 影响—行业点评报告》-2025.8.3 《企业短贷高增与票据利率的窄幅波 动—行业点评报告》-2025.8.1 刘呈祥（分析师） 丁黄石（分析师） liuchengxiang@kysec.cn dinghuangshi@kysec.cn 证书编号：S0790524040004 ——行业点评报告 2025 年 08 月 14 日 投资评级：看好（维持） 行业走势图 数据来源：聚源 -12% 0% 12% 24% 36% 48% 2024-08 2024-12 2025-04 银行 沪深300 相关研究报告 贴息政策降低融资成本，价格敏感性客户消费意愿提升 8 月 12 日，财政部、央行等多部门联合印发个人消费贷、服务业经营主体两项 贴息政策实施方案。此次方案为前期扩内需政策的延续，2025 年 3 月《提振消 费专项行动方案》中首次提及对个人消费贷款给予财政贴息，7 月 31 日国常会 正式部署了两项贴息政策。政策出台后，一方面其可视作消费信贷特殊国补， ...

•居民享受个人消费贷款贴息的条件，核心是要有真实的消费行为。从今年9月开始的一年时间 里，无论是日常生活性的小额消费，还是买车、装修、购置家具家电或手机电脑等较大额度的 商品消费，或者是旅游、养老、生育、教培、医疗等服务消费，只要是在相关机构获得了消费 贷款，其中实实在在花出去用于消费的部分，都可以享受贴息支持，每人单笔消费最高享受的 贷款贴息是500元，多笔消费可以叠加享受。 贴息规则 为了支持居民消费，财政部等多部门日前发布《个人消费贷款财政贴息政策实施方案》。如何 才能享受这一贴息优惠政策？一文读懂政策要点和申报流程。 支持范围 •2025年9月1日至2026年8月31日期间，居民个人使用贷款经办机构发放的个人消费贷款（不 含信用卡业务）中实际用于消费，且贷款经办机构可通过贷款发放账户等识别借款人相关消费 交易信息的部分，可按规定享受贴息政策。 对于单笔5万元以下的消费，按照实际金额计算贴息，多笔叠加以后，在同一家贷款机构最高可 以享受贴息1000元；对于单笔5万元以上的消费，以5万元为上限来计算贴息，也可以多笔叠 加，加上小额消费的贴息以后，在同一家贷款机构最高可享受贴息是3000元。政策到期后，可 ...

8月12日，财政部、中国人民银行、金融监管总局联合发布关于印发《个人消费贷款财政贴息政 策实施方案》（下称"方案"）的通知，将对符合条件的个人消费贷款予以财政贴息。 方案甫一公布，农业银行、邮储银行、工商银行、中国银行、建设银行、交通银行六大行就火 速响应。 农业银行：自9月1日起对符合要求的个人消费贷款实施贴息 中国农业银行8月12日公告称，将按照市场化、法治化原则，自2025年9月1日起，对符合《关于 印发<个人消费贷款财政贴息政策实施方案>的通知》要求的个人消费贷款实施贴息。后续办理 流程及相关问题解答，将通过中国农业银行官网、微信公众号、手机银行、营业网点、95599等 官方渠道统一发布。 邮储银行：正积极组织开展个人消费贷款与服务业经营主体贷款贴息政策落地实施工 作 邮储银行发布关于个人消费贷款与服务业经营主体贷款财政贴息工作的公告，该行正积极组织 开展个人消费贷款与服务业经营主体贷款贴息政策落地实施工作，扎实推动政策传导落地。 邮储银行表示，该行将认真贯彻落实《关于印发<个人消费贷款财政贴息政策实施方案>的通 知》、《关于印发<服务业经营主体贷款贴息政策实施方案>的通知》精神及相关要求，全力确 保 ...

Core Viewpoint - The article highlights the transformation of Changjiang Village through financial support, leading to industrial upgrades and improved livelihoods, ultimately earning the title of "Provincial Rural Revitalization Demonstration Village" [1] Infrastructure Empowerment - Changjiang Village, home to 5,363 residents, spans 10.59 square kilometers and features 30 kilometers of hardened roads and 9.7 kilometers of "white + black" oil roads connecting it to urban areas [2] - The village has a central cultural square of 10,000 square meters, facilitating community activities and modern conveniences for tourism [2] - Financial support has enabled the construction of essential infrastructure, including 28 mountain ponds and 5 irrigation stations, enhancing agricultural productivity [2] Precision Drip Irrigation for Industry Growth - Local farmer Taxibo expanded his greenhouse from 5 acres to 20 acres, generating an annual output value of 300,000 yuan, thanks to an 110,000 yuan loan from Agricultural Bank [3] - The vineyard owner Guo Wenli received a 141,000 yuan loan to sustain her business during a downturn, allowing her to employ 25 villagers and upgrade her vineyard [4] - Xu Qiang, a fish farmer, utilized a 300,000 yuan credit loan to improve his fish farming operations, achieving an annual production of 100,000 pounds of fish valued at nearly 500,000 yuan [5] Financial Services and Community Impact - Agricultural Bank has established credit files for 40 households in Changjiang Village, disbursing a total of 6.16 million yuan in loans to support various agricultural activities [5] - The "Branch + Cooperative + Farmer" financing model has facilitated detailed financial services, allowing villagers to earn income through dividends and wages while contributing to local agriculture [6] - The financial support has significantly enhanced the livelihoods of villagers, with many earning additional income through agricultural work and cooperative participation [6]

Core Viewpoint - Lishui, a city in Zhejiang, is gaining popularity as a tourist destination, particularly the Yunhe Rice Terraces, which have been recognized for their natural beauty and cultural significance [1][2]. Group 1: Tourist Attraction - Yunhe Rice Terraces have a history of over 1,000 years, developed during the Tang Dynasty and flourishing in the Yuan and Ming Dynasties [2]. - The terraces are characterized by "three thousand" (1,000 years of history, 1,000 meters elevation drop, and 1,000 layers of terraces) and "three ten thousand" (10,000 acres of azaleas, 10,000 acres of sea of clouds, and 10,000 acres of bamboo forests) [2]. - In February 2024, Yunhe Rice Terraces were designated as a national 5A-level tourist attraction, increasing its visibility and attracting more visitors [2]. Group 2: Infrastructure and Development - Since 2018, local investments have been made to enhance the tourist experience, including the construction of a visitor center, cableway, and a world rice terrace museum [2]. - Continuous improvements in tourism-related infrastructure and cultural exploration have elevated the scenic area’s appeal and service quality [2]. Group 3: Financial Support and Consumer Engagement - Agricultural Bank of China’s Lishui branch has provided nearly 350 million yuan in loans to support the integration of agriculture, culture, and tourism in the region [3]. - In March, financial regulators encouraged banks to increase credit support for the cultural tourism sector, aligning with the goal of boosting consumer spending [3]. - The bank launched a promotional campaign offering discounts for credit card holders at the Yunhe Rice Terraces, enhancing visitor experience and encouraging spending [4].

Summary of Key Points from the Conference Call Industry Overview - **Industry**: China Financials - **Market View**: Attractive [4] Core Insights 1. **Interest Subsidy Program**: The Ministry of Finance (MoF) announced a one-year interest subsidy program for personal consumption loans and operating loans, providing a 1% annual interest subsidy. This is expected to modestly support consumer loan demand, potentially leading to a 1-2% increase in consumer loans [7][2][3]. 2. **Current Loan Rates**: Consumer and operating loan rates are currently low, around 3-4%, which limits the impact of the subsidy on banks' net interest margins (NIM) and their risk appetite for lending [2][7]. 3. **Consumption Payment Growth**: There has been a notable increase in consumption payments, with UnionPay growing by 5.7% year-over-year and NetsUnion by 15% year-over-year in Q1 2025 [2]. 4. **Infrastructure Investment Support**: The subsidy program follows a China Development Bank initiative to support infrastructure investment, which includes Rmb500 billion in loans and Rmb500 billion for equity funds [3][7]. 5. **Policy Focus**: The current policy emphasizes rationalizing the supply side while providing modest demand support, aiming to control industrial capacity expansion through financial tightening in overcapacity sectors [3][7]. Additional Important Information 1. **Eligible Lenders**: The subsidy program includes six state-owned banks, twelve shareholding banks, Webank, and four consumer finance firms for consumer loans, and three policy banks for operating loans [7]. 2. **Loan Usage Period**: Loans granted for consumption must be used between September 1, 2025, and August 31, 2026, while operating loans must be granted between March 16, 2025, and December 31, 2025 [8]. 3. **Capped Subsidies**: The interest subsidy is capped at Rmb3,000 for consumption loans and Rmb10,000 for operating loans, with specific limits based on loan amounts [8]. Conclusion - The interest subsidy program is a strategic move to stimulate consumer loan growth while maintaining prudent lending practices among banks. The overall impact is expected to be modest, reflecting the current low-interest environment and the focus on managing industrial capacity.

社融增速继续回升，关注近期政策对信贷 的提振效果 ——7 月金融数据点评 核心观点 投资建议与投资标的 ⚫ 外部环境不确定性增加，宽货币有望延续，全社会预期回报率中长期仍趋于下行， 低波红利策略有效性料延续。公募改革导致的银行配置偏离风格回归的预期，有望 助力银行跑出超额收益。保险预定利率于 25Q3 再度下调，险资股息率容忍度有望 进一步抬升，呵护银行绝对收益。预计银行业基本面 25Q2 环比 25Q1 边际将有所 改善，主要是其他非息收入增长压力的缓解。现阶段关注两条投资主线：1、基于 保险预定利率下调布局高股息品种，建议关注：建设银行(601939，未评级)、工商 银行(601398，未评级)、招商银行(600036，未评级)、农业银行(601288，未评 级)； 2、基本面确定的中小行，建议关注：兴业银行(601166，未评级)、中信银行 (601998，未评级)、南京银行(601009，买入)、江苏银行(600919，买入)、杭州银 行(600926，买入)。 风险提示 有关分析师的申明，见本报告最后部分。其他重要信息披露见分析师申明之后部分，或请与您的投资代表联系。并请阅读本证券研究报告最后一页的 ...

Group 1: Monetary Policy and Financing - The People's Bank of China reported that the cumulative increase in social financing for the first seven months of 2025 reached 23.99 trillion yuan, which is 5.12 trillion yuan more than the same period last year [1] - As of the end of July 2025, the broad money supply (M2) stood at 329.94 trillion yuan, reflecting a year-on-year growth of 8.8%, while the narrow money supply (M1) was 111.06 trillion yuan, with a year-on-year increase of 5.6% [1] - The net fund injection for the first seven months was 465.1 billion yuan, indicating a moderately loose monetary policy aimed at supporting the real economy [1] Group 2: Consumer Lending and Financial Support - The interest rate for personal consumption loan subsidies has dropped to an annualized rate of 1%, significantly lower than the current commercial bank rates, allowing qualified customers to access loans at rates in the "2" range, effectively reducing borrowing costs [2] - This subsidy policy is expected to alleviate repayment pressure for consumers, thereby boosting confidence and stimulating consumption potential [2] Group 3: Housing Policy - The Tianjin Housing Provident Fund Management Center announced that individuals can now use their housing provident fund to pay the down payment for purchasing existing homes, allowing for a one-time withdrawal of funds prior to the signing of the purchase contract [3] - This policy simplifies the process for homebuyers, reduces transaction costs, and does not affect the normal loan limits for provident fund loans [3] Group 4: Bank Participation in Subsidy Programs - Six major state-owned banks, including ICBC, ABC, Bank of China, CCB, BOCOM, and Postal Savings Bank, have committed to implementing the personal consumption loan subsidy policy starting September 1, 2025 [4] - The initiative aims to enhance consumer spending and support high-quality consumption development through innovative and diverse consumption scenarios [4]