热点思考 | 财政金融协同，助力“开门红”（申万宏观·赵伟团队）

Group 1 - The article emphasizes the coordinated policy signals from various ministries, focusing on stimulating domestic demand, enhancing support for technological innovation, and invigorating private investment as key areas for future policy efforts [2][8][46] - Fiscal policies are set to directly reach consumer endpoints, with significant increases in personal consumption loan interest subsidies, raising the cap from 500 yuan to 3000 yuan, and including credit card installment payments [2][46] - The central bank has lowered the interest rates on various structural monetary policy tools by 0.25 percentage points to guide down financing costs [2][46] Group 2 - The article outlines six specific policies aimed at stimulating private investment, including loan interest subsidies for small and micro enterprises, a special guarantee plan for private investment, and a risk-sharing mechanism for private enterprise bonds [3][11][47] - In 2025, the new loans for residents significantly decreased to 360 billion yuan, a drop of 22,910 billion yuan compared to 2024, indicating a need for expanded personal consumption loan interest subsidies [3][48] - The fixed asset investment in 2025 saw a decline of 3.8%, with equipment purchases being a major growth driver, showing an increase of 11.8% [4][17][48] Group 3 - The policies aim to stabilize financial data and stimulate consumer demand, with fiscal interest subsidies expected to help commercial banks maintain their net interest margins while increasing credit supply [26][50] - The expansion of the interest subsidy range for personal consumption loans is anticipated to stabilize consumer spending, particularly in service consumption, as the demand shifts towards services [30][50] - The article highlights the importance of new policy financial tools in supporting new infrastructure investments, with significant increases in investment proportions in core areas like electricity, internet software, and logistics from 2019 to November 2025 [36][21]