国泰海通证券研究·2025-08-13 14:31Core Viewpoint - The implementation of personal consumption loan interest subsidy policies and service industry operating entity loan interest subsidy policies aims to lower financing costs, stimulate consumption potential, and boost market vitality [1][4]. Group 1: Policy Implementation - The Ministry of Finance and nine other departments issued the implementation plan for the service industry operating entity loan interest subsidy policy, which applies to loans issued by 21 national banks to eight categories of service industries from March 16, 2025, to December 31, 2025 [2]. - The subsidy period is capped at one year, with an annual subsidy rate of 1% of the loan principal, and a maximum subsidy of 10,000 yuan per entity [2]. - The central and provincial finances will bear 90% and 10% of the subsidy funds, respectively [2]. Group 2: Personal Consumption Loan Subsidy - The Ministry of Finance, the central bank, and the banking regulatory authority issued the implementation plan for the personal consumption loan interest subsidy policy, which applies to loans identifiable for consumption from September 1, 2025, to August 31, 2026 [3]. - The annual subsidy rate is set at 1 percentage point, not exceeding 50% of the loan contract interest rate, with a maximum cumulative subsidy of 3,000 yuan for individuals [3]. - The subsidy funds will also be shared by the central and provincial finances at a ratio of 90% to 10% [3]. Group 3: Investment Recommendations - The two subsidy policies work in tandem with other measures in the "Consumption Promotion Special Action Plan," aiming to stimulate consumption potential and enhance market activity from both demand and supply sides [4]. - The fiscal subsidies will lower financing costs for entities, benefiting retail and small micro-loan demand while alleviating credit risks to some extent [4]. - State-owned and joint-stock banks are expected to directly benefit from these policies, while local rural commercial banks may also develop their own consumption loan subsidy policies [4].