响应消费贷财政贴息政策，花呗分期免息持续助推释放双11消费潜力

Core Insights - The implementation of the "Personal Consumption Loan Fiscal Subsidy Policy" is ongoing, with e-commerce platforms actively participating in the initiative to offer interest-free installment payments for consumers [2][10][12] Group 1: Policy Implementation - The "National Subsidy" product section was launched on Taobao Tmall for this year's Double 11, allowing consumers to enjoy state subsidies when purchasing eligible products with Huabei installment payments [2] - Since the policy's introduction on September 1, e-commerce platforms and brand merchants have responded positively, providing additional interest subsidies on top of the national subsidy [2][10] Group 2: Consumer Benefits - The number of products eligible for Huabei interest-free installments has reached a million-level, with a 60% increase in the coverage of high-instalment products [9] - Consumers can benefit from dual subsidies when purchasing items under the "old-for-new" policy, significantly reducing their monthly payment amounts [9] Group 3: Merchant Participation - Merchants have proactively increased their interest subsidies to stimulate consumer spending, with many offering interest-free installment options to align with consumer preferences [10][11] - The average sales increase for products with interest-free installment support is around 30%, and overall store sales have risen by 15% [10] Group 4: Market Impact - The national subsidy policy has encouraged merchants to enhance their interest-free offerings, leading to a notable increase in the penetration of interest-free orders on platforms like Tmall [11] - The combination of government subsidies, financial support, and merchant discounts is expected to create a sustainable growth engine for consumer spending [12]