随着9月1日个人消费贷款财政贴息政策实施日期临近，政策细则出台时间备受关注。《证券日报》记者 在咨询北京地区多家银行网点后获悉，自9月1日起，各网点将对符合条件的个人消费贷款正式落实财政 贴息政策。不过，当前政策的具体内容与办理流程，仍需总行制定完成后下发。 此外，工行北京分行、建行上海分行近期也发文详细解读个人消费贷贴息政策及旗下对应产品。工行北 京分行在其微信公众号发布的消息中，明确了贴息政策的实施时间、支持对象、贴息范围与比例；建行 上海分行此前发布的推文，详细说明了快贷、建易贷等四款消费贷产品的额度、期限、利率及办理方 式。 有利消费贷业务发展 对于贴息资金的获取方式，多家银行明确规定：针对符合贴息条件的个人消费贷客户，在贷款结息环 节，将依据政策确定的贴息比例与上限计算贴息金额，并在收取利息时直接扣减该部分资金。 在政策细则尚未发布的情况下，多家银行已开展筹备工作：一方面上线相关咨询功能，及时为客户解答 疑问；另一方面通过解读消费贷产品，为后续政策平稳落地提供助力。 苏商银行特约研究员高政扬向《证券日报》记者表示，此次财政与金融协同推进的贴息政策，有助于进 一步提升经济内生动能，为消费市场复苏注入动 ...

Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report The report comprehensively analyzes the policy trends in multiple fields from August 7th to August 21st, 2025, including macro - economic, fiscal, monetary, financial regulatory, real estate, and tariff policies. These policies aim to boost consumption, expand investment, support emerging industries, and stabilize the real estate market, among other goals [1][2][3][4][5][6]. Summary by Directory 1. Macro - economic Tone - Personal consumption loan and service industry business loan fiscal subsidy policies were implemented. The subsidy ratio is 1 percentage point, and the central and provincial finances bear 90% and 10% of the subsidy funds respectively. The policies will be evaluated upon expiration [11][14][15]. - The State Council Executive Meeting emphasized cultivating and expanding service consumption and increasing effective investment [12][15]. - 188 billion yuan of ultra - long - term special treasury bond funds for equipment renewal investment subsidies were fully allocated, supporting about 8,400 projects and driving over 1 trillion yuan in total investment [13][15]. 2. Fiscal Policy - Special bonds can be used for government expenditures in the construction costs of PPP stock projects. Local governments are required to manage and use funds properly to ensure the stable operation of PPP projects [16][19]. - A 500 - billion - yuan "quasi - fiscal" tool is expected to be launched, potentially focusing on emerging industries and infrastructure [17]. - The implementation regulations of the Value - Added Tax Law were open for public consultation, clarifying relevant scope and rules [18][19]. 3. Monetary Policy - In August, the central bank conducted repurchase operations, with a net injection of 30 billion yuan, showing its care for the market [20][22]. - The central bank continued the overall tone of "implementing and refining" and remained committed to preventing capital idling. The probability of a policy interest rate cut is relatively low in the short term [20][21][22]. - Financial institutions should focus on exploring effective credit demand rather than being overly concerned about monthly credit increment fluctuations [21][22]. 4. Financial Supervision - Regarding banks, regulators addressed "involution - style" competition, residents' deposits flowed into the market, a draft for public comment on the management measures for commercial bank merger and acquisition loans was released, and many small and medium - sized banks lowered deposit interest rates [22][23][26]. - For insurance, three new scenarios for claiming personal pensions were added [24][28]. - The trading association launched a self - regulatory investigation into institutions involved in the illegal use of raised funds in bond financing [25][28]. 5. Real Estate Policy - The policy aims to consolidate the stabilization and recovery of the real estate market, improve the basic real - estate financial system, and release improvement - oriented housing demand [29][31][32]. - Beijing lifted the purchase restrictions on commercial housing outside the Fifth Ring Road [29][32]. - Hainan Province introduced real - estate regulatory policies, allowing for appropriate relaxation of the acquisition area standard when purchasing existing commercial housing for affordable rental housing [30][31][32]. 6. Tariff Policy - The suspension of the 24% additional tariff on US imports was extended for 90 days, while the 10% additional tariff was retained [33][34]. - Trump stated that there is currently no plan to impose additional tariffs on China for purchasing Russian oil, but this might be reconsidered in two or three weeks [33][34].

零售是连接生产与消费的重要桥梁，也是激活和释放消费的关键引擎。 在零售端，以需求为锚点，花样翻新和推陈出新的营销玩法、商品组合、服务模式、互动场景，让 消费者在多元化、个性化的体验中收获惊喜，也进一步激发消费活力、消费需求。 一些具有代表性的互联网零售平台，如京东、天猫、拼多多以及唯品会等都通过发挥自身优势，打 造差异化的服务。 当"个性化""体验感"成为关键词，折射出哪些消费新趋势？金融又如何力促消费潜力释放、赋能消 费升级？ 零售数据折射市场活力 消费市场的冷暖，往往能从零售平台的经营数据中找到直观的答案。 今年二季度，唯品会实现净营收258亿元，实现商品交易总额（GMV）514亿元，同比增长1.7%； 超级VIP活跃用户数同比增长15%，显示出较强的用户黏性；超级大牌日和超级品类日栏目整体业绩同 比增长17%。 而另一以供应链优势见长的京东，也在二季度延续了增长势头。 根据京东最新披露的2025年二季度及中期业绩数据，京东零售2025年二季度收入3101亿元，较2024 年二季度增长20.6%。今年上半年，京东物流服务的外部一体化供应链客户数量超过7万名。 这些数据既体现了平台在精准对接消费需求上的成效 ...

Core Viewpoint - The implementation of the personal consumption loan and service industry loan interest subsidy policies marks a significant step by the central government to boost consumption and support economic growth through financial collaboration [1][2]. Group 1: Policy Overview - The central and provincial finances will bear 90% and 10% of the interest subsidy costs, respectively, with a subsidy rate of 1 percentage point for eligible personal consumption loans and service industry loans, effective for one year [1]. - This is the first time that such interest subsidy policies have been implemented at the central level, reflecting the government's commitment to enhancing consumption [1]. Group 2: Economic Impact - Consumption is identified as a crucial engine for economic growth and a key component in facilitating domestic circulation [1]. - The government has prioritized boosting consumption and expanding domestic demand in recent economic meetings and reports, indicating a strategic focus on these areas [1]. Group 3: Role of Financial Institutions - Banks are designated as the main financial institutions responsible for implementing these subsidy policies, playing a vital role in supporting consumption and expanding domestic demand [2]. - Financial institutions are expected to optimize their asset structures while managing risks and ensuring that funds are directed appropriately [2][4]. Group 4: Implementation Strategies - Banks must enhance their responsibilities by developing detailed work plans and ensuring compliance with the policies, while also focusing on serving personal consumption and the real economy [3]. - The use of big data and technology is encouraged to analyze customer needs and adjust strategies based on regional consumption differences [3]. Group 5: Fund Management - Financial institutions are required to maintain strict oversight of fund flows to ensure that subsidies are utilized for their intended purposes, avoiding misallocation to non-consumption sectors [4]. - A comprehensive approach to loan approval and post-loan monitoring is necessary to prevent misuse of funds and ensure compliance with the subsidy policies [4].

Economic Overview - In July, China's economic data showed a contraction in both supply and demand, with domestic demand experiencing a notable decline[3] - The "grab export" strategy in the first half of the year led to better-than-expected economic performance, but it also poses adjustment pressures for the second half of the year[3] Policy Measures - On August 6, multiple departments released a loan interest subsidy policy for service industry operators to boost domestic demand[3] - A personal consumption loan subsidy policy was announced on August 12 to further stimulate consumption and support the service sector[3] Domestic Demand Indicators - As of August 15, the metro passenger volume increased by 2.34% year-on-year, while domestic flight numbers averaged 14,700, reflecting a 2.08% year-on-year increase[4] - Retail sales of passenger cars in early August reached 452,000 units, a year-on-year decrease of 4.5% but a month-on-month increase of 3.0%[4] External Demand Indicators - The Baltic Dry Index (BDI) averaged 2011.4 in early August, a month-on-month increase of 10.1% and a year-on-year increase of 16.6%[4] - The China Export Container Freight Index averaged 1208.8, down 7.4% from July and down 41.5% year-on-year, indicating a decline in export prices[4] Investment Trends - Cement shipment rates and asphalt production rates showed slight increases, but overall infrastructure demand remains weak, with companies adopting a cautious investment stance[5] - The average operating rate of blast furnaces rose by 4.78 percentage points year-on-year to 83.61% as of August 17, indicating resilience in production[6] Inflation and Price Trends - As of August 15, the average wholesale price of pork decreased by 1.17% week-on-week, while vegetable prices increased by 3.16%[12] - The Producer Price Index (PPI) showed a year-on-year increase of 3.7%, with significant contributions from service sector inflation[16] Fiscal and Monetary Policy - This week, the issuance of government bonds accelerated, with new special bonds totaling 35 billion and ordinary bonds totaling 275.2 billion, indicating a proactive fiscal stance[13] - The People's Bank of China conducted a 500 billion yuan reverse repurchase operation, signaling a commitment to maintaining liquidity in the market[13]

Core Viewpoint - The implementation of a new fiscal subsidy policy for personal consumption loans aims to stimulate consumer spending and address structural consumption issues in China [1][2][3] Group 1: Policy Overview - The fiscal subsidy policy for personal consumption loans will be effective from September 1, 2025, to August 31, 2026, allowing residents to receive interest subsidies on loans used for consumption, excluding credit card transactions [1] - Each borrower can receive a maximum subsidy of 3,000 yuan, corresponding to a total eligible consumption amount of 300,000 yuan [2] Group 2: Coverage and Focus Areas - The subsidy policy covers loans of less than 50,000 yuan and specifically targets areas such as household vehicles, education, cultural tourism, home improvement, and health care, indicating a broad and targeted approach to consumer spending [2] - The annual subsidy rate is set at 1% of the eligible loan principal, with a cap of 50% of the loan contract interest rate [2] Group 3: Economic Impact - The policy is expected to lower the cost of consumer credit for residents, enhancing their willingness and ability to use financial leverage for consumption [3] - It will also reduce financing costs for businesses in the consumption sector, encouraging them to maintain operations and provide quality products and services [3] - The fiscal subsidy is anticipated to stimulate effective financing demand from both consumers and businesses, thereby expanding the lending activities of commercial banks and consumer finance companies [3]

Report Industry Investment Rating - No relevant content provided Core Viewpoints of the Report - In July, the pace of economic recovery slowed, with marginal weakening on both the supply and demand sides. New policies in August may drive future economic data to rebound. The bond market currently lacks a new main driving force, and the strengthening of the equity market has significantly increased market risk appetite, suppressing bond market sentiment. The "stock - strong, bond - weak" linkage effect may intensify, and in the short term, liquidity factors may become the core logic guiding bond market trading. It is recommended to focus on the opportunity of the widening term spread brought about by the steepening of the curve [93][94] Summary According to the Table of Contents 1. Market Review - This week, the Treasury bond futures contracts of all maturities declined. The 30 - year, 10 - year, 5 - year, and 2 - year main contracts fell by 1.54%, 0.32%, 0.17%, and 0.04% respectively. The trading volume of the TS, TF, T, and TL main contracts increased, while the open interest of the TS, T, TF, and TL main contracts decreased [12][29] 2. News Review and Analysis - Policy: The three - department jointly issued the "Implementation Plan for the Fiscal Interest Subsidy Policy for Personal Consumption Loans", and the nine - department including the Ministry of Finance issued the "Implementation Plan for the Fiscal Interest Subsidy Policy for Service Industry Business Entities" [7] - Domestic economic data: In July, the added value of industrial enterprises above designated size increased by 5.7% year - on - year, social consumer goods retail sales increased by 3.7% year - on - year, and fixed - asset investment decreased by 0.63% year - on - year. The unemployment rate remained the same year - on - year. In July, RMB loans decreased by 50 billion yuan, with a year - on - year increase in the reduction of 310 billion yuan; the social financing increment in July was 1.16 trillion yuan, with a year - on - year increase of 389.3 billion yuan; the year - on - year growth rate of M1 in July was 5.6%, and that of M2 was 8.8%. China's official manufacturing PMI in July was 49.3, a decrease of 0.4 percentage points from the previous month, and the comprehensive PMI output index was 50.2, a decrease of 0.5 percentage points [8] - Overseas economic data: In the US, the CPI in July was flat year - on - year at 2.7%, lower than the expected 2.8%, and the core CPI increased by 3.1% year - on - year, higher than the expected 3%. The PPI in July soared to 3.3% year - on - year, far exceeding the expected 2.5%. The number of initial jobless claims last week decreased by 3,000 to 224,000, lower than expected. The US continued to modify the implementation of ad - valorem tariffs on Chinese goods, and suspended the implementation of a 24% tariff for 90 days starting from August 12, 2025 [9] - Exchange rate: The central parity rate of the RMB against the US dollar was 7.1371, with a cumulative depreciation of 34 basis points this week [9] - Capital situation: This week, the central bank conducted 711.8 billion yuan of reverse repurchases in the open market, with 1.1267 trillion yuan of reverse repurchases maturing, resulting in a net withdrawal of 414.9 billion yuan. The weighted average interest rate of DR007 rebounded to around 1.48% [9] 3. Chart Analysis - Spread changes: The yield spread between the 10 - year and 5 - year bonds and that between the 10 - year and 1 - year bonds slightly widened. The spread between the 2 - year and 5 - year main contracts and that between the 5 - year and 10 - year main contracts narrowed. The inter - period spread of the 10 - year contract fluctuated, and that of the 30 - year contract slightly widened. The inter - period spread of the 2 - year contract fluctuated, and that of the 5 - year contract narrowed [42][46][50] - Treasury bond futures main contract position changes: The net long positions of the top 20 holders of the T main contract slightly increased [63] - Interest rate changes: The Shibor rates of overnight, 1 - week, 2 - week, and 1 - month terms all increased. The weighted average interest rate of DR007 rebounded to around 1.48%. The yields of Treasury bond cash bonds weakened across the board, with the yields of 1 - 7Y maturities rising by about 1 - 5bp, and the yields of 10Y and 30Y rising by about 5bp and 6bp to 1.74% and 1.99% respectively. The yield spread between Chinese and US 10 - year Treasury bonds narrowed, and that of 30 - year Treasury bonds slightly narrowed [67][71] - Central bank open - market operations: This week, the central bank's open - market reverse repurchases totaled 711.8 billion yuan, with 1.1267 trillion yuan of reverse repurchases maturing, resulting in a net withdrawal of 414.9 billion yuan. The weighted average interest rate of DR007 rebounded to around 1.48% [74] - Bond issuance and maturity: This week, the bond issuance was 1.75934 trillion yuan, and the total repayment was 1.559795 trillion yuan, with a net financing of 201.345 billion yuan [77] - Market sentiment: The central parity rate of the US dollar against the RMB was 7.1371, with a cumulative depreciation of 34 basis points this week. The spread between the offshore and onshore RMB widened. The yield of the 10 - year US Treasury bond strengthened slightly, and the VIX index decreased slightly. The yield of the 10 - year Treasury bond in China increased significantly, and the A - share risk premium decreased slightly [82][87][90] 4. Market Outlook and Strategy - Domestically, the economic recovery in July slowed down, but new policies in August may drive future economic data to rebound. Overseas, the sharp rise in the US PPI in July has frustrated the market's expectation of a Fed rate cut in September. Currently, the bond market lacks a new main driving force, and the "stock - strong, bond - weak" linkage effect may intensify. It is recommended to focus on the opportunity of the widening term spread brought about by the steepening of the curve [93][94]

Core Viewpoint - The implementation of the personal consumption loan interest subsidy policy aims to stimulate consumer spending, particularly in the automotive sector, by providing financial support for loans over 50,000 yuan, with a maximum subsidy of 3,000 yuan starting from September 1, 2025 [1][2]. Group 1: Policy Details - The policy will be effective from September 1, 2025, to August 31, 2026, allowing eligible personal consumption loans to receive various benefits, focusing on a "broad coverage, risk control, and strong implementation" approach [2]. - Loans under 50,000 yuan will receive full interest subsidies, while loans of 50,000 yuan and above will have a subsidy cap at 5,000 yuan, ensuring significant support for automotive purchases [2][3]. - The policy includes not only vehicle purchases but also insurance and maintenance costs, addressing the entire lifecycle cost of vehicle ownership [4]. Group 2: Market Impact - The policy is expected to lower the overall cost of car loans, particularly benefiting consumers purchasing family cars priced above 50,000 yuan [3]. - Financial institutions are responding quickly by launching innovative "car purchase interest subsidy loans," allowing consumers to better calculate the total cost of purchasing a vehicle [5]. - The policy is seen as a sustainable alternative to direct price cuts, avoiding harmful price competition among car manufacturers while enhancing consumer purchasing power through financial leverage [6]. Group 3: Consumer Behavior - Consumers are actively seeking ways to maximize the benefits of the subsidy, with strategies such as trading in old vehicles to enhance savings [7]. - The combination of the interest subsidy with other incentives, such as trade-in programs, can lead to significant overall discounts on vehicle purchases, potentially exceeding 21,500 yuan [6][7]. - The policy is anticipated to create immediate market vitality and, if sustained, could significantly unleash consumer potential in the automotive market, contributing to economic growth and the transition towards greener and smarter vehicles [7].

Group 1: Macro Economic Insights - In July, the social financing scale increased by 1.2 trillion yuan, lower than the expected 1.4 trillion yuan and significantly down from the previous value of 4.2 trillion yuan, indicating a tightening credit environment [7][21] - The RMB loan decreased by 500 million yuan, contrasting with the expected decrease of 150 million yuan and a previous increase of 22.4 trillion yuan, reflecting a decline in credit demand [7][21] - The government bond issuance continued to show a seasonal high increase, with 12.44 trillion yuan in new government bonds issued in July, up 5.56 trillion yuan year-on-year, indicating strong government support for financing [9] Group 2: Banking Sector Insights - The introduction of fiscal subsidy policies aims to lower financing costs and stimulate consumer demand, particularly benefiting sensitive price customers [31] - The fiscal subsidy policies cover a wide range of consumer loans and service industry entities, enhancing the accessibility of credit for a large portion of the population [32] - The policies are expected to stabilize bank interest margins and reduce competitive pressure among banks, thus supporting the overall health of the banking sector [33] Group 3: Coal Mining Sector Insights - The company reported a significant improvement in Q2 performance, with a quarter-on-quarter revenue increase of 32.14%, despite a year-on-year decline of 12.16% [36] - The company’s net profit for Q2 increased by 38.36% quarter-on-quarter, indicating a recovery trend in operational performance [36] - The company is expected to benefit from the recovery of the real estate market and consumer demand, leading to improved performance in the coming years [36] Group 4: Food and Beverage Sector Insights - The company reported a 3.0% year-on-year increase in revenue for the first half of 2025, with a net profit increase of 1.2%, indicating stable growth [42] - The company’s meat product sales improved, with a revenue of 56.2 billion yuan in Q2, reflecting a positive response to professional reforms and new channel development [43] - The company is focusing on enhancing its brand value and expanding its marketing network to drive future growth [39] Group 5: Media Sector Insights - The company achieved a net profit increase of 68.5% in H1 2025, primarily due to significant gains from equity disposals, despite a 23.9% decline in revenue [50] - The online reading business showed steady growth, with a 2.3% increase in revenue, supported by a thriving content ecosystem [51] - The company is leveraging AI technology to enhance its content distribution and user engagement, indicating a forward-looking growth strategy [51]

或推动规模扩张，但也面临合规与融资压力。 日前，财政部、中国人民银行、金融监管总局联合印发《个人消费贷款财政贴息政策实施方案》，中央 财政将在未来一年内对部分机构发放的个人消费贷款给予贴息支持。这是中央财政首次直接针对个人消 费贷款开展补贴，政策将于9月1日正式实施，为期一年。 除6家国有行及12家全国性股份制银行外，本次还有5家其他金融机构入围，包括4家持牌消费金融公 司：蚂蚁消费金融、招联消费金融、兴业消费金融、中银消费金融，以及1家互联网型民营银行微众银 行。 记者注意到，虽然政策尚未正式实施，但两类机构此前已面临较大融资压力，今年以来的融资动作明显 提速。消费金融公司密集发行金融债，票面利率低至1.7%以下，其中蚂蚁消金发行了成立以来首单金 融债；民营银行则加大同业存单发行，微众银行年内规模同比增长超三倍。 在业内人士看来，本次贴息政策与此前密集出台的促消费措施相叠加，将在信贷需求和资金供给两端形 成合力。但这也意味着机构在加快投放的同时，融资压力可能进一步上升，并对合规经营、风险管理和 负债结构优化提出更高要求。 资金需求高企 消金公司与民营银行加速补血 5家入选的其他金融机构中，4家消金公司均为全 ...