Core Viewpoint - The Ministry of Finance's deputy minister, Liao Min, emphasized the importance of two interest subsidy policies that work in conjunction with financial policies to stimulate consumer spending and enhance market vitality [1] Group 1: Policy Characteristics - The new interest subsidy policies are designed to leverage public funds to attract more financial resources into the consumer sector [1] - These policies aim to activate consumer potential and improve market dynamics by directing funds towards genuine consumption areas [1] Group 2: Financial Impact - A simple calculation indicates that a 1% interest subsidy could potentially mobilize 100 yuan of loan funds for resident consumption or service supply in the consumption sector for every 1 yuan of subsidy [1]

Core Viewpoint - The implementation of interest subsidy policies for personal consumption loans and service industry loans aims to stimulate domestic consumption and enhance market vitality through financial support [2][4]. Group 1: Policy Implementation - Major state-owned banks are actively promoting the organization and implementation of the interest subsidy policy to contribute to domestic consumption potential [1][2]. - The State Council emphasized the need for effective coordination among departments, simplification of procedures, and strict monitoring to ensure the efficient use of funds [2][4]. - The interest subsidy policy is part of a series of measures aimed at boosting consumption since the release of the "Special Action Plan to Boost Consumption" in March [2][5]. Group 2: Bank Responses - Industrial and Commercial Bank of China announced its commitment to market-oriented principles and streamlined processes to implement the policy [2][3]. - China Bank aims to deliver policy benefits directly to consumers and service industry entities through efficient financial services [2][3]. - Agricultural Bank and Postal Savings Bank plan to leverage their extensive networks to reduce consumption credit costs for urban and rural residents [3][5]. Group 3: Economic Impact - The focus on personal consumption loans and service industry loans reflects a macroeconomic adjustment strategy to stimulate demand, particularly in education and healthcare services [4][5]. - The policy is expected to alleviate financing difficulties for small and micro enterprises, which constitute over 90% of market entities, while indirectly promoting employment and income growth [5][6]. - The shift of financial resources from traditional sectors to new consumption-driven sectors aligns with the overall direction of economic transformation and upgrading [5][6]. Group 4: Risk Management - There are concerns about potential fund misallocation, necessitating a comprehensive monitoring mechanism to ensure funds reach intended sectors [6][7]. - Banks are advised to enhance their risk management frameworks, balancing inclusive finance with commercial sustainability [7][8]. - Suggestions include optimizing a tripartite risk-sharing mechanism among government, banks, and insurance, and exploring innovative financial products to stimulate consumption [8].

Core Insights - The four major banks in China are rapidly implementing a personal consumption loan and service industry loan interest subsidy policy in response to the State Council's directives, marking a shift from direct financial support to a mechanism-driven approach for sustainable economic growth [1][2] Group 1: Policy Mechanism - The interest subsidy policy creates a "leverage transmission" mechanism, where fiscal funds do not directly enter personal or corporate accounts but instead lower loan interest rates, encouraging bank credit to flow into consumption and service sectors [1][2] - For consumers, the subsidy effectively acts as a "disguised salary increase," reducing the cost of large purchases by saving 2,000 yuan in interest on a 100,000 yuan loan annually [1] - For small service industry businesses, the reduced financing costs allow for reinvestment in equipment upgrades and employee training, enhancing supply quality [1] Group 2: Economic Impact - The policy addresses two major economic pain points: consumers are hesitant to spend due to rigid expenses and weak income expectations, while small service enterprises face long-standing financing challenges [2] - The dual empowerment from the policy is reshaping economic circulation logic, where improved supply quality through loans can lead to increased consumer spending, creating a positive cycle of "consumption upgrade - supply optimization - re-consumption" [2] Group 3: Banking Sector Transformation - The rapid response from the four major banks is driven by the dual benefits of the subsidy model, attracting quality clients and expanding credit scale while enhancing their inclusive finance brand image [2] - This "policy guidance + market-driven" model contrasts with previous inefficient government subsidies, providing a more sustainable commercial motivation for policy execution [2] Group 4: Long-term Outlook - The financial "national subsidy" serves as a macro tool "stress test," balancing stable growth and risk prevention through interest rate caps and regulatory measures to ensure effective use of fiscal funds [3] - The transformation of the subsidy from a temporary measure to a regular tool for economic adjustment indicates a shift towards a healthier and more resilient economic ecosystem [3]

Report Industry Investment Rating - Not provided in the given content Core Viewpoints - Some key commodity futures prices with large gains the previous week significantly declined, such as coking coal and rebar, alleviating the expectation of a rapid rebound in PPI, and government bond yields started to fall from the middle of the week [2]. - The State Council deployed interest subsidies for personal consumer loans and loans to service - sector business entities. If interest - subsidy measures are more used to reduce financing costs, the theoretical necessity of interest rate cuts decreases [2]. - Starting from August 8th, newly issued government bonds and financial bonds will resume VAT collection. After the policy was announced on Friday, government bond yields declined overall, and it may guide the yields of existing government bonds and financial bonds downward [2]. Summary by Directory High - Frequency Data Panoramic Scan - **Food**: The average wholesale price of pork decreased by 0.84% week - on - week, the edible agricultural product price index remained flat week - on - week, and the Shandong vegetable wholesale price index increased by 0.02% week - on - week [11]. - **Other Consumer Goods**: The movie box office revenue increased by 43.31% week - on - week [11]. - **Commodities**: The RJ/CRB commodity price index decreased by 0.61% week - on - week, the LME copper spot price decreased by 1.52% week - on - week, and the LME aluminum spot price decreased by 1.95% week - on - week [11]. - **Energy**: The futures settlement prices of Brent and WTI crude oil increased by 4.09% and 4.12% week - on - week respectively, and the coal inventory at Qinhuangdao Port decreased by 8.23% week - on - week [11]. - **Non - Ferrous Metals**: The LME copper and aluminum spot prices decreased week - on - week, and the copper - gold ratio increased by 0.55% week - on - week [11]. - **Ferrous Metals**: The rebar inventory increased by 2.99% week - on - week, and the rebar price index increased by 4.47% week - on - week [11]. - **Real Estate**: The transaction area of commercial housing in 30 large - and medium - sized cities increased by 6.99% week - on - week, and the total transaction price of land in 100 large - and medium - sized cities increased by 102.13% week - on - week [11]. - **Shipping**: The CCFI composite index decreased by 2.30% week - on - week, and the Baltic Dry Index decreased by 3.13% week - on - week [11] High - Frequency Data and Important Macroeconomic Indicators Trend Comparison - Not elaborated in detail in the given content, only mentions multiple charts showing the relationship between high - frequency data and important macro - indicators [18][21][33] Important High - Frequency Indicators in the US and Europe - Not elaborated in detail in the given content, only mentions charts related to US weekly economic indicators, initial jobless claims, same - store sales growth, etc. [74][76][79] Seasonal Trends of High - Frequency Data - Not elaborated in detail in the given content, only mentions multiple charts showing the seasonal trends of high - frequency data such as the daily average output of crude steel and the production material price index [86][90][95] High - Frequency Traffic Data in Beijing, Shanghai, Guangzhou, and Shenzhen - Not elaborated in detail in the given content, only mentions charts showing the year - on - year changes in subway passenger volume in Beijing, Shanghai, Guangzhou, and Shenzhen [146][148]

Group 1 - The State Council emphasizes the need to enhance macro policy effectiveness and focus on implementing the decisions made by the Central Committee, aiming to stimulate internal economic growth and deepen reforms in key areas [1] - The meeting approved the implementation of the "Artificial Intelligence +" initiative, aiming to promote large-scale commercial applications of AI and leverage China's advantages in industrial systems, market scale, and application scenarios [1][2] - The initiative seeks to create a virtuous cycle of innovation driving application and application promoting innovation, similar to the transition of the internet from laboratories to households [2][3] Group 2 - The meeting introduced personal consumption loan interest subsidy policies and service industry loan interest subsidy policies to reduce credit costs for residents and service industry entities, thereby stimulating consumption and enhancing market vitality [3][4] - The fiscal policy aims to support the consumption market's stable development through interest subsidies, with a focus on boosting consumer demand, which remains weak despite some recovery in the domestic consumption market [4][5] - The implementation of the subsidy policy is seen as necessary and urgent, with a focus on reducing financial burdens for individuals and lowering financing costs for service industry entities [4][5] Group 3 - The meeting highlighted the importance of optimizing the AI innovation ecosystem by strengthening the supply of computing power, algorithms, and data, as well as enhancing policy support and talent development [3] - The financial management departments have been actively working to increase credit support for the consumption sector, with measures including adjusting personal consumption loan policies and issuing guidelines for financial support to boost consumption [4][5] - The subsidy policy is expected to leverage fiscal funds effectively, reducing financing costs for both enterprises and households, and ensuring that fiscal funds are utilized efficiently [5]

（上接1版） "在当前形势下，金融对于提振消费发挥了重要作用，但更关键的还是财政政策。"粤开证券首席经济学 家兼研究院院长罗志恒表示，比如今年消费品"以旧换新"带动消费回升的背后是超长期特别国债的支 持；当前财政与金融的协调，以财政为主，金融政策为财政政策创造良好的货币金融环境。 作为财政和金融政策协同联动的重要方式，贴息政策有其独特优势。罗志恒表示，贴息政策不仅可以降 低企业和居民部门融资成本，还可以发挥财政资金"四两拨千斤"的杠杆和撬动作用。 会议要求，要抓好贴息政策组织实施，加强部门协同，简化办理手续，推动政策尽快落地，同时严格监 管提高资金使用效益，确保财政资金用好用到位。 关于贴息政策的落地实施，曾刚建议，银行业应精准对接需求，扩大政策覆盖面。比如，针对个人消费 端，梳理购车、家电、文旅等重点消费场景，设计匹配的贴息贷款产品，明确贴息后利率、额度、期限 等核心要素，简化申请流程，降低居民获得信贷的门槛；针对服务业经营主体，聚焦餐饮、家政、托育 等行业的中小微企业，主动摸排融资需求，尤其是对暂时存在资金困难或有扩张计划的企业，提供贷款 支持。 今年3月，财政部经济建设司司长符金陵曾"剧透"，中央财政拟 ...

7月31日召开的国务院常务会议部署实施个人消费贷款贴息政策与服务业经营主体贷款贴息政策。会议 要求，要抓好贴息政策组织实施，加强部门协同，简化办理手续，推动政策尽快落地，同时严格监管提 高资金使用效益，确保财政资金用好用到位。粤开证券首席经济学家兼研究院院长罗志恒表示，贴息政 策是财政和金融政策协同联动的重要方式。在当前形势下，金融对于提振消费发挥了重要作用，但更关 键的还是财政政策，比如今年消费品"以旧换新"带动消费回升的背后是超长期特别国债的支持；当前财 政与金融的协调，以财政为主，金融政策为财政政策创造良好的货币金融环境。在他看来，贴息政策不 仅可以降低企业和居民部门融资成本，还可以发挥财政资金"四两拨千斤"的杠杆和撬动作用。单纯直接 的财政补贴乘数效应不高，但是通过贴息的方式，可以撬动更大的资金规模，有利于提高财政资金的使 用效率。(上海证券报) ...