商贸零售行业快评报告：个人消费贷贴息政策出台，降低居民消费信贷成本

Investment Rating - The industry investment rating is "Outperform the Market," indicating an expected relative increase of over 10% in the industry index compared to the broader market within the next six months [10]. Core Insights - The introduction of the personal consumption loan interest subsidy policy aims to lower the cost of consumer loans for residents, thereby stimulating consumption and enhancing market vitality [2][3]. - The policy covers a wide range of consumer loans, with a subsidy rate of 1% per annum, capped at 50% of the loan contract interest rate, and a maximum subsidy of 3,000 yuan for eligible loans [2][3]. - The policy targets key consumption areas such as household vehicles, education, and healthcare, which are expected to enhance consumer purchasing power and stimulate spending [3][4]. Summary by Sections Policy Overview - The personal consumption loan subsidy policy is effective from September 1, 2025, to August 31, 2026, covering loans under 50,000 yuan and specific high-value consumption areas [2][3]. - The subsidy aims to reduce the effective interest rates on consumer loans, potentially lowering them to below 3% [3]. Consumption Impact - The policy is expected to have a three-tiered impact on consumption: 1. Essential Consumption: Focused on healthcare and elder care, where price sensitivity is lower, enhancing consumer payment capacity [3]. 2. Durable Goods Consumption: Targeting high-ticket items like cars and electronics, which may see increased sales due to lowered purchase barriers [4]. 3. Emerging Consumption: Supporting sectors like education and tourism, where the policy may encourage upfront participation in services [4][9]. Investment Recommendations - The report suggests focusing on sectors benefiting from the policy, including: 1. Social Services: With service consumption nearing 50%, there are systemic opportunities in travel and education sectors [9]. 2. Home Goods: Anticipated growth in home and appliance sectors due to government support for upgrades and replacements [9].