Core Viewpoint - The recently implemented personal consumption loan interest subsidy policy and service industry loan interest subsidy policy aim to stimulate consumer demand and enhance service supply through financial and fiscal collaboration, marking a significant step in macroeconomic policy adjustment [1][3][4]. Policy Implementation - The personal consumption loan interest subsidy provides a maximum subsidy of 3,000 yuan for individuals and 10,000 yuan for enterprises, with a 1% subsidy rate potentially leading to a 100-fold increase in loan funds for consumer spending [1][4][5]. - The service industry loan interest subsidy targets eight key service sectors, allowing a maximum subsidy of 10,000 yuan per entity, with a similar 1% subsidy rate [9][10]. Financial Institutions' Response - Major banks such as China Bank and Agricultural Bank have committed to implementing these policies starting September 1, 2023, alongside various consumer finance companies [11][12]. - Financial institutions are expected to streamline processes and ensure compliance with market principles while managing risks effectively [13]. Economic Impact - The policies are designed to reduce the financial burden on consumers and service providers, thereby enhancing overall consumption and economic circulation [4][5][9]. - The expected outcome is a synergistic effect where the combined impact of both subsidy policies will significantly boost consumer spending and service supply capabilities [4][9]. Risk Management and Compliance - Financial institutions are required to adhere to strict risk management protocols, ensuring that funds are used appropriately for consumer-related expenditures [6][13]. - The implementation of these policies will be monitored closely, with regular assessments to evaluate their effectiveness and potential adjustments [10][13].

两项政策通过财政贴息与金融支持的深度协同，从居民消费需求和服务业供给两端同时发力。 两项贴息政策昨日落地，通过精准发力促消费扩内需。 8月12日，《个人消费贷款财政贴息政策实施方案》和《服务业经营主体贷款贴息政策实施方案》公开 印发。13日，国新办就个人消费贷款贴息政策和服务业经营主体贷款贴息政策有关情况举行新闻发布 会，会上央行、金融监管总局对相关热点问题给予回应。 总体来看，两项政策通过财政贴息与金融支持的深度协同，从居民消费需求和服务业供给两端同时发 力，为进一步激活消费市场、扩大内需注入强劲动力，成为当前宏观政策精准调控的重要举措。 针对政策落地中的风险防控与服务优化，郭武平提出明确要求：在信贷管理方面，贷款经办机构需遵循 市场化、法治化原则，开展差异化授信，合理设置贷款额度、期限与利率，完善合同条款，严格授信评 审与贷后管理；在用途管控上，机构需健全信息系统，精准识别符合条件的消费场景，严防资金挪用于 非消费领域或套取贴息；在监督管理层面，贷款经办机构要做好贷款贴息资金的测算、审核、申请工 作。经办机构对贴息数据和相关材料的真实性、合规性、准确性负责，各金融监管局将个人消费贷款贴 息政策执行情况纳入 ...

Core Viewpoint - The introduction of personal consumption loan interest subsidy policies aims to stimulate consumer spending and support the service industry, thereby enhancing economic circulation and improving people's livelihoods [1][2]. Group 1: Personal Consumption Loan Subsidy Policy - The personal consumption loan interest subsidy policy is the first of its kind from the central government, directly benefiting the public [1][2]. - The subsidy applies to loans used for various consumer purposes, including daily expenses under 50,000 yuan and larger purchases like cars and home renovations, with a subsidy rate of 1 percentage point [2][5]. - The policy is effective for one year, allowing individuals to receive a maximum subsidy of 500 yuan per loan, with the potential to aggregate multiple loans for a total of up to 3,000 yuan [5][7]. Group 2: Service Industry Loan Subsidy Policy - The service industry loan interest subsidy policy targets loans to service sector businesses in key areas such as dining, health, and tourism, with a similar subsidy rate of 1 percentage point [2][6]. - Each service entity can receive a maximum subsidy of 10,000 yuan on loans up to 1 million yuan, applicable for one year [2][6]. - The policy is designed to be straightforward, with the application and approval processes managed by lending institutions and local government departments to minimize borrower burden [8]. Group 3: Application Process and Implementation - Borrowers need to authorize lending institutions to access transaction information to qualify for the subsidy, which simplifies the process [6][8]. - For personal loans, the lending institution will directly deduct the subsidy from the interest payments, allowing borrowers to be informed of their subsidy status through various communication methods [6][8]. - The service industry can expect a similar process, where banks will return the subsidy amount to businesses after receiving funds from the government [7][8].

2025.08. 13 本文字数：2664，阅读时长大约4分钟 8月12日公布的《方案》明确了这项创新政策的细节。《方案》提出，2025年9月1日至2026年8月31 日期间，居民使用指定机构发放的个人消费贷款（不含信用卡），实际用于消费且可追溯交易信息的部 分可享贴息。支持范围涵盖单笔5万元以下消费，以及5万元及以上的家用汽车、养老生育、教育培训 等七大重点领域消费，其中大额消费按5万元上限贴息，政策到期后可视效果调整。 贴息标准与资金来源同步明确：年贴息比例为1个百分点（按实际消费贷款本金计算），最高不超过合 同利率的50%，由中央财政承担90%、省级财政承担10%。为防范过度负债，每名借款人在一家机构 累计贴息上限3000元（对应消费30万元），其中5万元以下消费累计贴息上限1000元（对应消费10万 元）。 经办机构阵容也浮出水面，包括6家国有大行、12家全国性股份制银行及5家消费金融机构，合计23 家。 招联首席研究员董希淼分析，这些机构消费贷款规模大、管理规范，利于政策短期内快速落地见效。 作者 | 第一财经 杜川 个人消费贷贴息政策细则明确。 8月12日，财政部会同中国人民银行、金融监管总局等部 ...

《个人消费贷款财政贴息政策实施方案》和《服务业经营主体贷款贴息政策实施方案》已公开印发。 "这里还是要说明一点，个人消费贷款贴息政策支持的是消费者合理的借贷需求和真实的消费行为，如 果借款人使用个人消费贷款用于一些非消费领域，或是其他违规套利行为，这不属于政策的支持范围， 将无法取得贴息资金。"于红表示。 针对消费领域的服务业经营主体贷款贴息政策，廖岷介绍，从消费结构看，我国目前服务消费具有较大 增长潜力，为了释放这一潜力，需要有更高品质的供给，因此，同步实施了服务业经营主体贷款的贴息 政策。贴息对象是向消费领域服务业经营主体发放的银行贷款，聚焦餐饮住宿、健康、养老、托育、家 政、文化娱乐、旅游、体育等8类主要消费服务领域。贴息比例为1个百分点，可以贴息1年，上述领域 的服务业经营主体单户享受贴息的贷款规模最高是100万元，单户享受贴息最高1万元。 针对申请条件，于红表示，核心是要将贷款资金用于经营活动。《提振消费专项行动方案》是今年3月 16日公开发布的，对于餐饮住宿、健康、养老、托育、家政、文化娱乐、旅游、体育这8类消费领域服 务业经营主体而言，从今年3月16日到年底的时间里，只要与银行签订了贷款合同，而 ...

8月12日，财政部联合商务部、中国人民银行、金融监管总局等相关部门发布《个人消费贷款财政贴息政策实 施方案》和《服务业经营主体贷款贴息政策实施方案》，通过财政和金融的联动，支持促消费、扩内需。 8月13日，国新办就个人消费贷款贴息政策和服务业经营主体贷款贴息政策有关情况举行新闻发布会。会上， 财政部金融司司长于红表示，总体来看，这两项贴息政策涉及的侧重点都是广覆盖、低门槛，也没有设置复 杂的申请程序，尽量让大家做到"省钱又省心"，只需要满足一些基本的、必要的条件，就可享受政策的支持， 确保精准发挥提振消费、扩大内需的政策效果。 ▲财政部金融司司长于红 "首先，居民享受个人消费贷款贴息的条件，核心是要有真实的消费行为。"于红表示，从今年9月开始的一年 时间里，无论是日常生活性的小额消费，还是买车、装修、购置家具家电或手机电脑等较大额度的商品消 费，或者是旅游、养老、生育、教培、医疗等服务消费，只要是在相关机构获得了消费贷款，其中实实在在 花出去用于消费的部分，都可以享受贴息支持，每人单笔消费最高享受的贷款贴息是500元，多笔消费可以叠 加享受。 关于执行的具体规则，于红介绍，对于单笔5万元以下的消费，按照实际金 ...

Market Overview - Global markets showed mixed performance, with the Hang Seng Index closing at 24,970, up 0.25% for the day and 24.48% year-to-date [1] - The US markets saw gains, with the Dow Jones up 1.10% and the S&P 500 up 1.13%, reflecting positive sentiment driven by moderate inflation data [3] Hong Kong Stock Performance - The Hang Seng Financial Index rose 0.52% and is up 28.47% year-to-date, while the Hang Seng Utilities Index fell 0.30% but is still up 5.00% for the year [2] - Southbound capital saw a net inflow of HKD 9.45 billion, indicating strong interest in Hong Kong stocks [3] Economic Policies and Impacts - The Chinese government announced targeted interest subsidies for personal consumption loans, potentially leading to an increase in loan growth by CNY 1 trillion [3] - The Hong Kong Monetary Authority intervened by buying HKD 7.065 billion to defend the currency peg, with total purchases since June reaching HKD 116.6 billion [3] Company Analysis: Kingdee International - Kingdee reported a 1H25 revenue of CNY 3.19 billion, a year-on-year increase of 11.2%, aligning with expectations [4] - The company aims for AI-related revenue to constitute over 30% of total revenue by 2030, with AI contracts exceeding CNY 150 million in 1H25 [4] Company Analysis: Tencent Music - Tencent Music's 2Q25 revenue grew 18% to CNY 8.44 billion, with Non-IFRS net profit increasing 37% to CNY 2.57 billion, surpassing market expectations [5] - The company is expected to continue its growth trajectory, with projected revenue and profit increases of 17% and 28% respectively for 3Q25 [5] Focus Stocks - Geely Automobile (175 HK) has a target price of HKD 24.00, representing a 24% upside potential [6] - Luckin Coffee (LKNCY US) has a target price of USD 44.95, indicating a 19% upside potential [6] - Tencent (700 HK) is rated "Buy" with a target price of HKD 660.00, reflecting an 18% upside potential [6]

Group 1 - The core viewpoint emphasizes the implementation of personal consumption loan interest subsidy policies to stimulate domestic demand and consumption [1][2] - The policy includes a 1% annual interest subsidy for loans used for consumption, covering various categories such as household appliances, automobiles, education, and healthcare [1] - The service industry is a primary focus of the subsidy policy, with a maximum loan amount of 1 million yuan for service providers in sectors like hospitality, healthcare, and entertainment [1] Group 2 - The recent Central Political Bureau meeting highlighted the need to effectively release domestic demand potential and cultivate new growth points in service consumption [2] - Structural monetary policy tools are being utilized to support consumption and reduce overall financing costs, indicating a reliance on fiscal and financial measures to stimulate spending [2] - The growth of disposable income is crucial for sustainable consumption growth, necessitating stronger economic performance to drive consumer spending [2] Group 3 - Industrial upgrading is often driven by technological advancements, which can enhance profit margins and increase purchasing power, thereby expanding consumption [3] - There is a need to address "involution" in competition, encouraging companies to focus on long-term brand building and high-quality supply to meet the demands of the middle-income group [3] - The goal is to create more middle-income individuals through technological and brand advancements, facilitating a cycle of consumption that supports economic growth [3]

● 本报记者 彭扬 中国证券报记者8月12日获悉，财政部、人民银行、金融监管总局三部门日前制定了《个人消费贷款财 政贴息政策实施方案》，财政部、民政部等九部门制定了《服务业经营主体贷款贴息政策实施方案》， 两项贷款贴息政策实施方案于12日发布。 财政部有关负责人表示，通过实施个人消费贷款财政贴息政策，进一步强化财政金融协同联动，以"真 金白银"支持居民消费，降低居民消费信贷成本，在激发居民消费潜力的同时，支持扩大内需，同此前 出台的消费品以旧换新等政策，以及财政部同期出台的服务业经营主体贷款贴息政策形成"组合拳"，从 需求端和供给端协同发力，加力提振消费，巩固经济持续向好发展态势。 降低个人消费贷款成本 《个人消费贷款财政贴息政策实施方案》提出，2025年9月1日至2026年8月31日期间，居民个人使用贷 款经办机构发放的个人消费贷款（不含信用卡业务）中实际用于消费，且贷款经办机构可通过贷款发放 账户等识别借款人相关消费交易信息的部分，可按规定享受贴息政策。 贴息范围包括单笔5万元以下消费，以及单笔5万元及以上的家用汽车、养老生育、教育培训、文化旅 游、家居家装、电子产品、健康医疗等重点领域消费。对于单笔5万 ...

【导读】财政部等多部门联合发布贷款贴息政策实施方案，对个人消费贷款、服务业经营主体贷款财政贴息，农行、邮储、浦发、浙商等银行率先官 宣政策 8月12日，为贯彻落实党中央和国务院关于大力提振消费、全方位扩大国内需求的决策部署，财政部等九部门发布了《服务业经营主体贷款贴息政策实 施方案》（以下简称《主体贴息方案》）。 同日，财政部、中国人民银行、金融监管总局还联合印发了《个人消费贷款财政贴息政策实施方案》（以下简称《个人贴息方案》），明确对以下适 用对象进行财政贴息。 8类消费服务业经营主体可获贴息 具体来看，《主体贴息方案》明确对符合以下条件的经营主体贷款进行贴息： 一是由经办银行向餐饮住宿、健康、养老、托育、家政、文化娱乐、旅游、体育8类消费领域服务业经营主体发放。二是在《提振消费专项行动方案》 公开发布之日（2025年3月16日）至2025年12月31日期间签订贷款合同且相关贷款资金发放至经营主体。三是贷款资金合规用于改善消费基础设施和提 升服务供给能力。 在贴息标准方面，《主体贴息方案》表示，对于经办银行向服务业经营主体发放的贷款，财政部门按照贷款本金对经营主体进行贴息，贴息期限不超 过1年，年贴息比例为 ...