经济日报记者 勾明扬 随着稳增长、惠民生、促消费、畅循环等系列政策效应加快释放，银行业金融机构正为消费市场注 入源源不断的金融动能。从多家上市银行近期披露的2025年半年报中可以看出，商业银行以消费贷款、 信用卡为抓手，培育新的业务增长点，切实发挥金融对消费的支持与促进作用。 加大贷款投放力度 今年国家提出要大力支持提振和扩大消费，作为个人贷款同业首家突破9万亿元的商业银行，中国 农业银行是怎么做到的？中国农业银行副行长林立给出的答案是：充分发挥横跨城乡、点多面广的优 势，聚焦扩内需、促消费、惠民生、乡村全面振兴等领域，持续加大个人贷款投放力度，助力经济社会 高质量发展。 "我们积极服务消费的新业态、新模式、新场景，实施全行提振消费贷款专项行动方案，优化准 入、授信、续贷、期限、利率等信贷政策和资源要素保障，增加个人信贷供给，助力健康、养老、旅 游、教育等热点领域消费增长。"林立介绍，农行深入推进消费金融场景融合，创新推出"随薪贷""尊悦 贷"等产品，优化组合办贷、调查作业等业务流程，个人消费类贷款期限由最长5年延长至7年。截至6月 末，农行全行个人贷款投放3.87万亿元，增量4932亿元，余额达9.31万亿 ...

随着稳增长、惠民生、促消费、畅循环等系列政策效应加快释放，银行业金融机构正为消费市场注入源 源不断的金融动能。从多家上市银行近期披露的2025年半年报中可以看出，商业银行以消费贷款、信用 卡为抓手，培育新的业务增长点，切实发挥金融对消费的支持与促进作用。 加大贷款投放力度 今年国家提出要大力支持提振和扩大消费，作为个人贷款同业首家突破9万亿元的商业银行，中国农业 银行是怎么做到的？中国农业银行副行长林立给出的答案是：充分发挥横跨城乡、点多面广的优势，聚 焦扩内需、促消费、惠民生、乡村全面振兴等领域，持续加大个人贷款投放力度，助力经济社会高质量 发展。 "我们积极服务消费的新业态、新模式、新场景，实施全行提振消费贷款专项行动方案，优化准入、授 信、续贷、期限、利率等信贷政策和资源要素保障，增加个人信贷供给，助力健康、养老、旅游、教育 等热点领域消费增长。"林立介绍，农行深入推进消费金融场景融合，创新推出"随薪贷""尊悦贷"等产 品，优化组合办贷、调查作业等业务流程，个人消费类贷款期限由最长5年延长至7年。截至6月末，农 行全行个人贷款投放3.87万亿元，增量4932亿元，余额达9.31万亿元，保持了可比同业的领 ...

随着稳增长、惠民生、促消费、畅循环等系列政策效应加快释放，银行业金融机构正为消费市场注入源 源不断的金融动能。从多家上市银行近期披露的2025年半年报中可以看出，商业银行以消费贷款、信用 卡为抓手，培育新的业务增长点，切实发挥金融对消费的支持与促进作用。 加大贷款投放力度 今年国家提出要大力支持提振和扩大消费，作为个人贷款同业首家突破9万亿元的商业银行，中国农业 银行是怎么做到的？中国农业银行副行长林立给出的答案是：充分发挥横跨城乡、点多面广的优势，聚 焦扩内需、促消费、惠民生、乡村全面振兴等领域，持续加大个人贷款投放力度，助力经济社会高质量 发展。 "我们积极服务消费的新业态、新模式、新场景，实施全行提振消费贷款专项行动方案，优化准入、授 信、续贷、期限、利率等信贷政策和资源要素保障，增加个人信贷供给，助力健康、养老、旅游、教育 等热点领域消费增长。"林立介绍，农行深入推进消费金融场景融合，创新推出"随薪贷""尊悦贷"等产 品，优化组合办贷、调查作业等业务流程，个人消费类贷款期限由最长5年延长至7年。截至6月末，农 行全行个人贷款投放3.87万亿元，增量4932亿元，余额达9.31万亿元，保持了可比同业的领 ...

Core Viewpoint - The consumer finance industry is experiencing favorable opportunities driven by national policies promoting consumption, with companies like Industrial Bank Consumer Finance achieving significant growth through strategic transformation and improved asset quality [1][2]. Financial Performance - In the first half of 2025, Industrial Bank Consumer Finance reported a net profit of 868 million yuan, a year-on-year increase of 213.43% [2]. - As of June 30, 2025, the company had issued loans exceeding 450 billion yuan and served over 28 million customers [2]. - The company achieved a reduction in non-performing loan balance to 2.105 billion yuan and a non-performing loan ratio of 2.61%, down by 295 million yuan and 0.32 percentage points respectively since the beginning of the year [2]. Risk Management - The company has implemented a dual strategy to manage credit risk, focusing on high-quality asset allocation and enhancing its comprehensive risk control system [3]. - Measures include detailed due diligence requirements, optimization of credit policies, and the introduction of multi-dimensional third-party data for customer verification [3]. Strategic Initiatives - Industrial Bank Consumer Finance is focusing on online transformation to adapt to changing consumer behaviors, creating a dual-driven model of online and offline services [4]. - The company is enhancing product adaptability to various consumer scenarios and improving service efficiency through digital technology [4]. - The launch of products like "Youke Tong" targets urban working-class consumers, providing comprehensive financial support across various life scenarios [4]. Market Positioning - The company plans to expand its online channels and focus on internet platforms with payment scenario data to enhance risk control and drive a differentiated development path among consumer finance companies [5]. - The recent implementation of a personal consumption loan interest subsidy policy by the government positions Industrial Bank Consumer Finance to offer competitive loan rates, contributing to consumer spending and economic circulation [6].

Core Viewpoint - The performance of major consumer finance companies in China shows a mixed trend, with some experiencing significant growth while others face declines. The newly implemented personal consumption loan subsidy policy is expected to provide new growth opportunities for these institutions. Group 1: Company Performance - Ant Consumer Finance reported a revenue of 10.041 billion yuan and a net profit of 1.460 billion yuan for the first half of 2025, marking year-on-year increases of 67.77% and 57.84% respectively, with total assets reaching 306.47 billion yuan by the end of June [1] - Industrial Bank Consumer Finance achieved a net profit of 868 million yuan in the first half of 2025, a remarkable year-on-year growth of 213.43% [2] - Bank of China Consumer Finance reported a revenue of 3.681 billion yuan and a net profit of 150 million yuan for the first half of 2025, showing a year-on-year revenue increase of 2.8% and a turnaround from a net loss of 306 million yuan in the previous year [2][3] - China United Network Communications' subsidiary, China United Consumer Finance, saw a decline in revenue and net profit, with figures of 7.899 billion yuan and 1.504 billion yuan respectively, representing year-on-year decreases of 14.77% and 13.34% [3] Group 2: Policy Impact - The Ministry of Finance, the People's Bank of China, and the financial regulatory authority jointly issued a personal consumption loan subsidy policy, which aims to stimulate consumption and support economic growth [4] - The four major consumer finance companies, including Ant Consumer Finance, China United Consumer Finance, Industrial Bank Consumer Finance, and Bank of China Consumer Finance, are included as eligible institutions for the subsidy, which is expected to enhance their business development momentum [4][5] - Experts believe that the subsidy policy will work in conjunction with other consumption-boosting measures to invigorate market activity and unleash consumer potential [5]

Core Insights - Shanghai Bank collaborates with Tims Coffee, American Express, and Lianlian Digital to launch a co-branded credit card that integrates coffee consumption with financial services, enhancing customer experience in the coffee culture of Shanghai [2][4]. Group 1: Financial Services and Coffee Integration - The co-branded card is designed to meet the coffee consumption needs of urban professionals, offering up to 25 cups of discounted coffee throughout the year, promoting a healthy coffee and light meal lifestyle [4]. - Shanghai Bank focuses on local market development, targeting young consumers, middle-class spenders, and the elderly, with over ten million credit card customers, leading among regional commercial banks in China [4]. Group 2: Tims Coffee's Market Strategy - Tims Coffee combines fresh, high-quality local food and beverages with a differentiated strategy of "coffee + warm food," aiming for sustainable growth through affordable pricing and a welcoming atmosphere [4][6]. - The collaboration with American Express and Lianlian Digital provides robust support for the co-branded card, having established connections with over 40 banks and payment platforms, facilitating merchant acceptance [4][6]. Group 3: Exclusive Card Benefits - The co-branded card offers multiple exclusive benefits, including a coffee and light meal package upon first use, weekly discounts for the first three months, and monthly buy-one-get-one coffee offers for the subsequent months [4][6]. - Future plans include integrating Tims' services with mobile banking for convenient ordering, enhancing the overall consumer experience in coffee consumption [6].

Core Viewpoint - Yueda International Holdings (0629.HK) demonstrates strong resilience in traditional factoring business while showcasing significant characteristics of high-quality development, achieving notable revenue growth and effective risk control [2][3]. Financial Performance - Total revenue for the company reached 32.256 million, a year-on-year decrease of 15.8%, while net profit was 15.353 million, down 16.3% [3]. - Traditional factoring business generated revenue of 25.578 million, accounting for 79.3% of total revenue, with a year-on-year growth of 16% [2][3]. - Excluding structural adjustment factors, the actual core business's pre-tax profit increased by 9.2% year-on-year [3]. Operational Efficiency - The company achieved a revenue per employee of 2.68 million, 2.1 times the industry average, managed 667 million in traditional factoring assets with a lean team of 12 [3]. - Administrative expense ratio reduced to 8.8%, lower than peers by 3-5 percentage points, indicating effective cost control through digital processes [3]. - Funding cost was locked at 4.0%, slightly up by 0.2 percentage points year-on-year, still below the market average by 50 basis points [3]. Strategic Adjustments - The company actively reduced high-risk business scale and optimized customer structure, resulting in a 2.6% year-on-year increase in financing receivables to 667 million [4]. - The proportion of engineering construction clients increased significantly to 75.3%, while interest income grew by 16% year-on-year [4]. Risk Management - The bad debt ratio for traditional factoring business stood at 0.22%, significantly lower than the industry average of 3.5%-4.8% [5]. - The company focuses on high-quality clients, with a collateral coverage ratio of 120.4% for financing receivables [5]. - AI risk control penetration in telecommunications factoring business reached 100%, utilizing a dual monitoring system for real-time credit risk assessment [5]. Future Outlook - Yueda International is pursuing a strategic acquisition of 52% of Chengdu Nuoyide Medical Laboratory for 52 million, aligning with the company's low-risk cross-industry collaboration strategy [6]. - The acquisition aims to enter the billion-level medical technology sector, leveraging the company's low asset-liability ratio of 42% [6].

Core Viewpoint - The recent press conference by the State Council Information Office introduced personal consumption loan interest subsidy policies and service industry operating entity loan interest subsidy policies, aiming to boost consumption and improve living standards through financial support [1][2]. Group 1: Policy Implementation - The banks are required to quickly develop implementation details and operational guidelines in accordance with the "Personal Consumption Loan Interest Subsidy Policy Implementation Plan" [1]. - Banks should adhere to principles of marketization, rule of law, and convenience, streamlining processes to enhance customer experience while ensuring that subsidy funds are used effectively [1]. Group 2: Product Innovation - Banks are encouraged to increase personal consumption loan issuance, focusing on key areas such as housing, education, and healthcare, by offering tailored products like "Home Loans" and "Renovation Loans" [1]. - There is an emphasis on aligning with new trends in green, smart, and digital consumption, including low-interest installment plans in collaboration with new energy vehicle manufacturers and instant online credit products [1][2]. Group 3: Service Optimization - Banks should simplify application processes and explore paperless services, such as remote account opening and online credit card activation [2]. - The integration of credit card, installment payment, and consumer loan functions into a "one-stop" service is recommended, along with the use of AI for 24/7 customer support [2]. Group 4: Scene Development - Banks are urged to collaborate with government and enterprises to create diverse consumption scenarios, such as providing installment support for automotive purchases and tailored funding solutions for service industries [2]. - Partnerships with popular tourist attractions to offer exclusive discounts for different customer segments are suggested to stimulate cultural and tourism consumption [2].

Group 1 - The Ministry of Finance, the People's Bank of China, and the Financial Regulatory Administration have issued the "Implementation Plan for Fiscal Subsidies for Personal Consumption Loans," which includes several consumer finance companies as loan processing institutions [1] - The inclusion of five additional personal consumption loan institutions indicates regulatory recognition of the role of consumer finance companies in personal consumption loans and reflects the growing importance of new citizens as a consumer group [1] - Consumer finance companies are responding positively to the plan, with institutions like Zhaolian Consumer Finance and Industrial Bank Consumer Finance committing to actively implement the fiscal subsidy policy to stimulate market vitality [2] Group 2 - Consumer finance companies are becoming a vital force in driving consumption, with their asset scale and loan balance projected to reach 1.384859 trillion yuan and 1.345603 trillion yuan respectively by the end of 2024 [3] - The industry is encouraged to adapt to new trends in consumer credit, optimize products and services, and reduce the cost of personal consumption loans while enhancing application processes [3] - There is a focus on leveraging big data analysis for precise marketing to identify consumer potential and match consumer needs effectively [3]

Investment Rating - The report maintains a "Positive" investment rating for the banking industry [11] Core Insights - The current round of growth stabilization policies encourages consumption and expands domestic demand, with the government implementing fiscal subsidies for eligible personal consumption loans and service industry loans [2][6] - The introduction of consumption loan subsidies is expected to stimulate consumer demand, particularly in sectors like automotive and home renovation, thereby enhancing market expectations and risk appetite [2][8] - The fiscal leverage and encouragement of consumption policies are becoming increasingly clear, although the short-term effectiveness remains difficult to assess [2][8] Summary by Sections Background of Consumption Loan Subsidy Policy - The macroeconomic context shows a push for consumption and domestic demand expansion, with the State Council issuing a plan to provide fiscal subsidies for qualifying personal consumption loans [6] - Since the real estate downturn in 2022, retail loan demand has been weak, with personal loan growth slowing to 3.4% by the end of 2024 [6][7] Scale of Impact from Consumption Loan Subsidy Policy - By the end of 2024, the total personal consumption loan scale is projected to reach 12.3 trillion yuan, accounting for about 5% of total loans [7] - The annualized subsidy rate is set at 1.0%, meaning that for every 1 trillion yuan of new qualifying loans, the subsidy amounts to 100 billion yuan [7] Effects on Macroeconomic Expectations and Capital Markets - The policy is expected to reduce interest expenses for consumers, thereby encouraging spending [8] - The fiscal stimulus reflects confidence in economic growth, potentially boosting market expectations and risk appetite [8] Impact on Different Types of Banks - The overall credit growth in the banking sector is slowing, particularly in retail loans, which affects retail banks' asset expansion [9] - The subsidy policy is likely to benefit state-owned banks and related consumer finance institutions, especially those with a high proportion of consumer loans [9] Investment Outlook for Bank Stocks - Despite a recent recovery in market risk appetite, bank stocks may not show outstanding relative returns, but their core advantages remain in terms of allocation value and absolute returns [10] - The report highlights a positive outlook for banks like China Merchants Bank, which has strong retail customer resources and is expected to benefit from the policy [10]