国补贴息“普惠”升级 农商行加码消费金融

Core Viewpoint - The recent optimization of personal consumption loan subsidy policies aims to boost consumer spending and reduce the cost of personal consumption credit for residents, expanding the range of institutions eligible for subsidies and including credit card installment loans [1][2]. Group 1: Policy Changes - The new subsidy policy will take effect from January 1, 2026, and includes a wider range of eligible institutions, such as city commercial banks and rural cooperative financial institutions with a regulatory rating of 3A or above [1][2]. - Local financial institutions, including several rural commercial banks, have begun announcing their participation in the consumption loan subsidy program, indicating a commitment to implement the policy [2]. - The policy aims to simplify the application process and enhance monitoring of loan usage and fund flow, promoting quicker implementation [2]. Group 2: Competitive Landscape - The expansion of the subsidy program is expected to enhance competition among banks, particularly benefiting rural commercial banks that previously faced customer attrition due to limited access to subsidy programs [4][7]. - The competitive environment for personal consumption loans is intensifying, with rural banks now able to offer similar interest rates as larger banks, thus leveling the playing field [5][6]. - Differentiation strategies for rural banks may include targeting specific demographics, such as middle-aged and rural customers, and leveraging local service advantages [5][6]. Group 3: Market Trends - As of the third quarter of 2025, the balance of consumer loans (excluding personal housing loans) reached 21.29 trillion yuan, with a year-on-year growth of 4.2%, indicating a slowdown in growth compared to previous periods [7]. - The trend of increasing loan terms has been observed, with medium to long-term loans accounting for 53.9% of the total by the end of the third quarter of 2025 [7]. - The issuance of personal consumption loan asset-backed securities (ABS) reached 31.34 billion yuan in 2025, representing 10.75% of the total ABS issuance, with rural banks participating but at a lower scale compared to larger institutions [8].