Core Viewpoint - The implementation of two subsidy policies aims to stimulate consumer demand and enhance service supply, providing strong momentum for activating the consumption market and expanding domestic demand [2]. Group 1: Personal Consumption Loan Subsidy Policy - The personal consumption loan subsidy policy is the first of its kind from the central government, targeting residents' consumption pain points by reducing credit costs to stimulate consumption potential [3]. - The subsidy applies to the portion of personal consumption loans used for consumption, covering both daily expenses under 50,000 yuan and larger purchases in seven key consumption areas [3]. - The subsidy rate is set at 1%, which is approximately one-third of the current commercial bank personal consumption loan interest rate, significantly alleviating residents' borrowing pressure [3][4]. Group 2: Service Industry Loan Subsidy Policy - The service industry loan subsidy policy focuses on enhancing the supply side of consumption services by supporting the development of service providers and improving service quality [7]. - The policy targets eight key service sectors, including catering, health, and tourism, with a subsidy rate of 1% and a maximum subsidy of 10,000 yuan per entity [7]. - This policy, along with the personal consumption loan subsidy, aims to create a virtuous cycle in the consumption sector by addressing both supply and demand [7][8]. Group 3: Financial Support and Regulatory Measures - The policies are designed to lower financing costs for both residents and businesses, thereby reducing financial burdens and promoting credit supply in the consumption sector [5]. - Financial institutions are required to adhere to market-oriented principles in credit management, ensuring proper loan approvals and monitoring the use of funds to prevent misuse [4][8]. - The effectiveness of these policies will be evaluated post-implementation, with potential adjustments to extend the policy duration or expand support scope based on the assessment [8].

Report Industry Investment Rating - Not provided in the given content Core View of the Report - The market continues its slow - bull pattern. The US inflation data strengthens the market's expectation of interest rate cuts, driving overnight US stocks up. The domestic A - share market maintains an upward trend driven by liquidity, with the margin trading balance exceeding 2 trillion yuan, and attracting foreign capital. The Shanghai Composite Index is approaching a key point, leading to increased market volatility and enlarged trading volume. The market still has the basis for an upward trend in shocks, but attention should be paid to the impact of trading volume changes on the sustainability of the trend [1][2] Summary by Related Catalogs Market Analysis - **Macroeconomic Situation**: The China - US joint statement indicates that both sides will continue to suspend the implementation of 24% reciprocal tariffs for 90 days starting from August 12. China will continue to suspend relevant measures in the unreliable entity list. The three - department jointly issued a personal consumption loan fiscal discount policy. Overseas, the US July CPI was flat year - on - year at 2.7%, lower than the expected 2.8%, and the core CPI rose 3.1% year - on - year, higher than the expected 3%. The market expects the Fed to cut interest rates at the September meeting with a probability of over 90% [1] - **Spot Market**: A - share indices oscillated upward. The Shanghai Composite Index rose 0.50% to 3665.92 points, and the ChiNext Index rose 1.24%. Communication, electronics, and coal industries led the gains, while national defense and military industry, steel, and building materials industries led the losses. The trading volume of the Shanghai and Shenzhen stock markets rose to 1.9 trillion yuan, and the margin trading balance exceeded 2 trillion yuan. US stocks also rose, with the Nasdaq rising 1.39% [1] - **Futures Market**: In the futures market, the basis of index futures is converging as the current - month contract is about to be delivered on Friday. In terms of trading volume and open interest, the trading volume of IH increased, while the open interest of index futures decreased [1][3] Strategy - The US inflation data strengthens the market's expectation of interest rate cuts, driving overnight US stocks up. The domestic A - share market continues its upward trend driven by liquidity. The Shanghai Composite Index is approaching a key point, with increased volatility and enlarged trading volume. The market still has the basis for an upward trend in shocks, but attention should be paid to the impact of trading volume changes on the trend's sustainability [2] Macro Economic Charts - Include charts showing the relationship between the US dollar index and A - share trends, US Treasury yields and A - share trends, RMB exchange rates and A - share trends, and US Treasury yields and A - share style trends [5][9][8] Spot Market Tracking Charts - **Stock Index Performance**: The Shanghai Composite Index rose 0.50% to 3665.92 points, the Shenzhen Component Index rose 0.53% to 11351.63 points, the ChiNext Index rose 1.24% to 2409.40 points, the CSI 300 Index rose 0.52% to 4143.83 points, the SSE 50 Index rose 0.03% to 2807.01 points, the CSI 500 Index rose 0.41% to 6418.16 points, and the CSI 1000 Index rose 0.28% to 6963.61 points [12] - **Trading Volume and Margin Trading Balance**: The trading volume of the Shanghai and Shenzhen stock markets rose to 1.9 trillion yuan, and the margin trading balance exceeded 2 trillion yuan [1][13] Futures Market Tracking Charts - **Trading Volume and Open Interest**: The trading volume of IH increased, while the open interest of IF, IH, IC, and IM decreased. For example, the trading volume of IF was 103,585 (a decrease of 1,165), and the open interest was 256,148 (a decrease of 8,595) [14] - **Basis**: The basis of index futures is converging as the current - month contract is about to be delivered. The basis data of IF, IH, IC, and IM for different contracts are provided, such as the IF current - month contract basis was 0.57 (an increase of 7.08) [1][38] - **Inter - period Spread**: The inter - period spread data of IF, IH, IC, and IM for different periods are given, for example, the IF spread between the next - month and current - month contracts was - 13.20 (a decrease of 2.00) [43]

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 ...

核心观点 年内降息概率下降，需求端政策或使得通胀预期得以延续，对债市形成持续性压制，债市做多窗口或进一步后移。 1. 年内降息概率进一步下降。年内降息概率或在"财政替代货币、结构替代总量、预期管理"三重效应下进一步下降。首先，财政贴息≈定向降息，央行总 量工具必要性下降；其次，结构性政策或抑制"全面降息"空间，更有利于防止资金空转；最后，通胀预期升温，央行降息更加谨慎，年内降息概率进一步 下降。 2. "反内卷"行情下通胀预期被再次强化。在"反内卷"政策持续推进的背景下，通过供给收缩→价格信号→预期自我强化的路径实现，通胀预期被阶段性强 化。虽然市场开始类比2016年的供给侧改革，提前押注再通胀，但仅仅基于供给收缩逻辑的通胀叙事可能延续性不强，需求端政策或为涨价预期提供更好 的支撑，带动"反内卷交易"二次升温。 3. 债市做多窗口或进一步后移。贴息政策通过"财政补位+结构性降息"组合，显著压缩了央行年内货币政策总量宽松空间，年内降息概率进一步下降，考 虑个人贷款贴息政策将持续至2026年8月31日，预计下一次降息窗口将后移至2026年一季度，年内不排除有"防御式降息"可能。需求端政策或使得通胀预 期得以延续， ...

近日，财政部、中国人民银行、金融监管总局印发《个人消费贷款财政贴息政策实施方案》。 重点来啦↓↓ 来源 | 央视新闻 编辑 | 任明皓 校对 | 叶尚昕 审核 | 李宗君 终审 | 苏小琳 贴息标准 广东阳江发布编辑部出品 小布精选 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5万元以上的消费，以5万元消费额度为上限进行贴息。政策到期后，可视实施效果研究延长政策期限、扩大支持范围。 6家国有大型商业银行，包括中国工商银行股份有限公司、中国农业银行股份有限公司、中国银行股份有限公司、中国建设银行股份有限公司、交通 银行股份有限公司、中国邮政储蓄银行股份有限公司。 12家全国性股份制商业银行，包括中信银行股份有限公司、中国光大银行股份有限公司、华夏银行股份有限公司、中国民生银行股份有限公司、招 商银行股份有限公司、兴业银行股份有限公司、广发银行股份有限公司、平安银行股份有限公司、上海浦东发展银行股份有限公司、恒丰银行股份 有限公司、浙商银行股份有限公司、渤海银行股份有限公司。 5家其他个人消费贷款发放机构，包 ...

《服务业经营主体贷款贴息政策实施方案》明确：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符合相关 条件的贷款可获得财政贴息，贷款资金须用于改善消费基础设施和提升服务供给能力。贴息期限不超过1年，年贴息比例为1个百分点，单户享受贴息的贷款 规模最高可达100万元，相关贷款主要由21家全国性银行发放。专家认为，两项贴息政策从供需两端发力，既降低了居民消费信贷成本，又支持相关行业经 营者改善消费基础设施、提升服务供给能力，有助于提振消费、改善民生，也体现了财政政策"投资于人"的鲜明导向。 贴息按符合条件的实际用于消费的个人消费贷款本金计算，年贴息比例为1个百分点，且最高不超过贷款合同利率的50%。政策执行期内，每名借款人 在一家贷款经办机构可享受的全部个人消费贷款累计贴息上限为3000元，其中在一家贷款经办机构可享受单笔5万元以下的个人消费贷款累计贴息上限为 1000元。贷款主要由6家国有大型商业银行、12家全国性股份制商业银行及5家个人消费贷款发放机构经办，地方财政部门可结合实际对其他经营个人消费贷 款业务的金融机构给予财政贴息支持，以扩大政策覆盖面。 北京国家会计学院副院长 ...

贴息政策协同发力，提振零售信贷修复斜率 [Table_Industry] 商业银行 股票研究 /[Table_Date] 2025.08.13 [Table_Invest] 评级： 增持 | [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | | --- | --- | --- | --- | | 刘源(分析师) | 021-38677818 | liuyuan2@gtht.com | S0880521060001 | 本报告导读： 业 跟 踪 报 8 月 12 日个人消费贷贴息政策和服务业经营主体贷款贴息政策具体实施方案公布， 通过降低融资成本，利好激发消费潜力、提振市场活力。 投资要点： [Table_Report] 相关报告 商业银行《低波红利，不确定中的确定性》 2025.05.30 商业银行《重视行业配比修复带动的估值提升》 2025.05.18 商业银行《低波红利，不确定中的确定性》 2025.04.18 商业银行《业绩筑底拐点可期，零售信贷生态趋 向优化》2025.04.07 商业银行《置换扰动信贷增量，社融强势开门红 不弱》2025.03.17 证 券 研 究 报 告 股 ...

格隆汇8月13日｜中国工商银行发布关于个人消费贷款与服务业经营主体贷款贴息工作的公告，为落实 党中央、国务院决策部署，进一步支持提振和扩大消费，激发消费潜力，提升市场活力，降低居民消费 信贷成本，我行依据《关于印发个人消费贷款财政贴息政策实施方案的通知》（财金[2025]80号）和 《关于印发服务业经营主体贷款贴息政策实施方案的通知》（财金[2025]81号）精神和相关要求，正在 依法依规、积极有序推进财政贴息工作。工商银行对办理上述贷款贴息不收取任何服务费用，没有委托 官方渠道以外的任何机构、人员代为办理。 ...

通过财政贴息，符合条件的服务业经营主体贷款与个人消费贷款可享受贴息政策——8月12日，《服务 业经营主体贷款贴息政策实施方案》和《个人消费贷款财政贴息政策实施方案》（以下合称"实施方 案"）正式公布。两项贷款贴息政策的年贴息比例均为1个百分点，中央财政将承担贴息资金的90%， 以"真金白银"减轻服务业经营主体融资压力、激发居民消费潜力。 田利辉指出，家用汽车、教育医疗等高频消费场景受季节性影响显著，例如"金九银十"往往是汽车销售 旺季。贴息政策延迟至9月启动，不仅为金融机构预留了系统改造和风控准备的时间，也确保政策红利 能够覆盖全年消费高峰，实现"以时间换空间"的政策效果最大化。 个人消费贷款贴息政策执行期内，每名借款人在一家贷款经办机构可享受的全部个人消费贷款累计贴息 上限为3000元，其中在一家贷款经办机构可享受单笔5万元以下的个人消费贷款累计贴息上限为1000 元。 根据实施方案，个人消费贷款贴息范围包括单笔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，基本可覆盖普通居民各类 日常生活性消费以及相对支出规模较大的重点领域消费。对于 ...

Core Viewpoint - The article discusses the implementation of the "Personal Consumption Loan Financial Subsidy Policy" aimed at boosting consumer spending and expanding domestic demand, which is crucial for economic growth and improving people's livelihoods [1][2][3]. Group 1: Background and Importance - Consumption is a key driver of economic growth and is essential for enhancing people's well-being and meeting their growing needs [2]. - The central government has emphasized the importance of boosting consumption in recent economic meetings and reports, highlighting it as a vital measure for economic stability and growth [3]. Group 2: Policy Features - The policy directly benefits individual consumers by reducing the cost of personal consumption loans, contrasting with previous policies that focused on investment and supply [4]. - It addresses actual consumer needs by covering a wide range of daily expenses and significant investments in areas such as automobiles, education, and healthcare [4][6]. - The policy operates under market-oriented and legal principles, ensuring responsible lending practices and preventing misuse of funds [5]. Group 3: Key Policy Details - The subsidy applies to personal consumption loans used for actual consumption, including amounts below and above 50,000 yuan, with a subsidy interest rate set at 1% per annum [6][7]. - The policy is effective for one year, from September 1, 2025, to August 31, 2026, with potential for extension based on its effectiveness [7]. Group 4: Implementation Process - The application and approval process for the subsidy is streamlined to minimize the burden on borrowers, with financial institutions handling most of the administrative tasks [8][9]. - A comprehensive review mechanism is established to ensure that subsidy funds are used appropriately and effectively [10]. Group 5: Organizational Coordination - The Ministry of Finance will coordinate with relevant departments to ensure effective implementation of the policy, including monitoring and compliance checks [11][12].