Group 1: Economic Financing Demand - In July, the new RMB loans under social financing decreased by 426.3 billion, marking a low point since 2003, with a year-on-year reduction of 345.5 billion[9] - From January to July, the total new RMB loans amounted to 12.31 trillion, showing a slight year-on-year decrease of 694 billion, indicating relative stability in financing demand[11] - The decline in resident financing demand is attributed to high growth in June that overshot July's demand, cautious credit preferences, and a slowdown in housing sales[12] Group 2: Monetary Supply and Economic Activity - In July, M1 grew by 5.6%, reflecting a marginal improvement, while M2 increased by 8.8%, up by 0.5 percentage points from the previous value[14][16] - The negative gap between M1 and M2 growth rates narrowed to -3.2%, indicating an increase in economic activity[18] - The increase in corporate deposits, despite a slowdown in real estate sales, supported the recovery of M1 growth, with corporate deposits increasing by 320.9 billion year-on-year[14] Group 3: Policy Impacts and Future Outlook - The "anti-involution" policy and personal consumption loan subsidy scheme are expected to stabilize financing demand, with potential short-term boosts to consumer credit and spending[21][22] - The July PPI year-on-year growth rate was -3.6%, suggesting that the effects of the "anti-involution" policy on production have yet to materialize[21] - Risks include escalating geopolitical conflicts, intensified "anti-involution" policies, and underwhelming effects from consumption-boosting measures[23]

Core Viewpoint - The article discusses the implementation plan for the personal consumption loan interest subsidy policy aimed at supporting resident consumption from September 1, 2025, to August 31, 2026, detailing eligibility, subsidy rules, and application processes [1]. Summary by Sections Support Scope - The policy applies to personal consumption loans issued by recognized financial institutions, excluding credit card transactions, where the loan is used for actual consumption. Eligible consumption includes both small daily expenses and larger purchases such as vehicles, home renovations, and electronics. Each individual can receive a maximum subsidy of 500 yuan per transaction, with multiple transactions eligible for cumulative benefits [2]. Subsidy Rules - For transactions under 50,000 yuan, the subsidy is calculated based on the actual amount, with a maximum of 1,000 yuan for multiple transactions at the same institution. For transactions over 50,000 yuan, the subsidy is capped at 3,000 yuan, calculated based on a maximum of 50,000 yuan per transaction. The policy may be extended or expanded based on its effectiveness [3]. Loan Processing Institutions - The policy is limited to 23 recognized financial institutions, including 18 banks and 5 other personal consumption loan providers. The policy supports reasonable borrowing needs and actual consumption behaviors, excluding any non-consumption or fraudulent activities [4]. Subsidy Standards - The average interest rate for personal consumption loans is around 3%. The subsidy rate is set at 1 percentage point, which is approximately one-third of the current commercial bank loan rates, with the central and provincial governments covering 90% and 10% of the subsidy, respectively [5]. Cumulative Subsidy Limits - Each borrower can receive a total subsidy of up to 3,000 yuan from one institution, corresponding to a cumulative consumption amount of 300,000 yuan. For loans under 50,000 yuan, the maximum cumulative subsidy is 1,000 yuan, linked to a consumption amount of 100,000 yuan [6]. Key Areas for Subsidy - The subsidy focuses on several key areas, including household vehicles, home renovations, electronic products, health care, and education training, among others [7][11]. Application Process - Borrowers must authorize the loan processing institution to access transaction information when applying for a personal consumption loan. Existing loans can also be adjusted through supplementary agreements. The institution will calculate the subsidy based on actual consumption and apply it directly to the interest payments, simplifying the process for borrowers [8][9]. Administrative Efficiency - To reduce the burden on borrowers and enhance policy effectiveness, the calculation and application of subsidy funds are primarily managed by the loan processing institutions and local government departments, minimizing additional steps for borrowers [9].

日前，财政部、中国人民银行、金融监管总局联合发布关于印发《个人消费贷款财政贴息政策实施方 案》（以下简称"《实施方案"》）。 《中国经营报》记者注意到，在目前可以办理贴息个人消费贷款的23家贷款经办机构中，有4家为持牌 消费金融公司，分别是重庆蚂蚁消费金融有限公司（以下简称"蚂蚁消金"）、招联消费金融股份有限公 司（以下简称"招联消金"）、兴业消费金融股份公司（以下简称"兴业消金"）、中银消费金融有限公司 （以下简称"中银消金"）。 招联首席研究员、上海金融与发展实验室副主任董希淼表示，将4家头部消费金融公司纳入首批贴息金 融机构名单，是《实施方案》的一大亮点，将更好地发挥消费金融公司扁平灵活、触达深入等专业优 势。 对于此次政策落地，多家消费金融公司表示将抓紧制定细则，推进实施工作。 蚂蚁消金相关负责人表示，作为政策参与机构，公司将积极贯彻政策要求，从消费场景、风险控制、客 户服务、营销宣传等方面做实做细实施方案，发挥好财政资金贴息政策作用。 据了解，在此前的业务实践中，蚂蚁消费金融针对家居家装等重点消费领域，已推出分期免息服务。该 服务的落地，是蚂蚁消费金融联合合作平台及商家共同发力，通过多方协同承担贴息 ...

恒丰银行将遵循市场化、法治化原则，优化办理流程，简化办理手续，推动政策尽快实施。具体事宜将 及时在恒丰银行官方网站、微信公众号、网点等渠道发布，敬请留意。 2025年8月13日，恒丰银行发布公告称，为深入贯彻落实党中央、国务院决策部署，有效降低居民消费 信贷成本，激发居民消费潜力，恒丰银行积极响应并严格执行《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）精神及相关要求，依法有序推进个人消费贷款贴息政策实施 工作。 ...

1. Report Industry Investment Ratings No investment ratings for the entire industry are provided in the reports. 2. Core Views of the Report - Overseas, the possibility of the Fed cutting interest rates has led to a weaker US dollar and rising global risk appetite. Domestically, economic growth slowed in July, but policies may boost consumption, and the extension of the tariff truce period has reduced short - term tariff uncertainties, with different asset classes showing various trends [2]. - Different sectors in the market have different outlooks. For example, the stock market may be strong in the short - term, precious metals are supported at high levels, the black metal market is expected to be volatile, the non - ferrous and new energy sectors are showing weakness, the energy and chemical sector is facing downward pressure, and the agricultural products market has various influencing factors [2][4][5]. 3. Summary by Relevant Catalogs Macro - finance - Overseas: US Treasury Secretary indicated a possible 50 - basis - point rate cut by the Fed, and multiple Fed officials' dovish stances led to a decline in the US dollar index and rising global risk appetite. - Domestic: China's July manufacturing PMI was 49.3%, down 0.4 percentage points from the previous month, with economic growth slowing. Trade deficit decreased, and net exports' contribution to the economy weakened. Policies may boost consumption, and the extension of the tariff truce period reduced short - term tariff uncertainties. Asset trends: stocks may be strong in the short - term, bonds may oscillate and correct, and different commodity sectors have different trends [2]. Stock Index - Driven by sectors like armament restructuring, industrial metals, and components, the domestic stock market continued to rise. The market's trading logic focuses on domestic stimulus policies and trade negotiation progress, with short - term upward macro - drivers strengthening. Short - term cautious long - position is recommended [3]. Precious Metals - Gold and silver prices showed different trends on Wednesday. Moderate inflation data in the US strengthened the expectation of a September rate cut, pushing up the expectation of a loose environment. The weakening US dollar and lower 10 - year Treasury yields supported precious metals at high levels. Gold has a long - term bullish outlook, and long - term positions can be considered when it retraces to support levels [4]. Black Metals - **Steel**: The domestic steel futures and spot markets weakened on Wednesday. Japan's anti - dumping investigation on steel from South Korea and China dampened market sentiment. Demand continued to weaken, inventories increased, and production decreased. A range - bound trading strategy is recommended in the short - term [5]. - **Iron Ore**: Futures and spot prices of iron ore weakened slightly. With the expansion of production restrictions in the north, iron ore supply decreased, but port inventories increased, and prices may weaken in the short - term [5]. - **Silicon Manganese/Silicon Iron**: Spot prices were flat, and futures prices weakened slightly. Demand for ferroalloys decreased due to a decline in steel production. Silicon manganese prices were stable, and manganese ore prices were firm. A range - bound trading strategy is recommended [6][7]. Non - ferrous and New Energy - **Copper**: US inflation data met expectations overall. The expectation of a rate cut increased, but the probability of a 50 - basis - point cut is low. Copper inventories are at a high level, and terminal demand may weaken [8]. - **Aluminum**: Aluminum prices rose slightly on Wednesday. However, its fundamentals weakened, with domestic and LME inventories increasing. The medium - term upside is limited [8]. - **Aluminum Alloy**: Scrap aluminum supply is tight, increasing production costs and causing losses for some enterprises. It is in the off - season, with weak demand. Prices are expected to be range - bound and slightly strong in the short - term [8]. - **Tin**: Supply - side开工率 increased slightly, and the mining end may become looser. Demand is weak, and prices are expected to oscillate in the short - term, with limited upside [9]. - **Lithium Carbonate**: Prices fluctuated sharply on Wednesday. Spot prices increased, and the supply shortage due to mine shutdowns supported prices. Long - term bullish outlook, but pay attention to the progress of mine type changes [10][11]. - **Industrial Silicon**: Prices fell on Wednesday. Pay attention to the influence of coking coal and polysilicon, and the cash - flow cost support [11]. - **Polysilicon**: Prices fell on Wednesday. The number of warehouse receipts increased, indicating stronger hedging and delivery intentions. It is expected to oscillate at a high level in the short - term [12]. Energy and Chemical - **Crude Oil**: US crude oil inventories increased more than expected, and the IEA warned of a record supply surplus next year, causing oil prices to decline. Pay attention to the impact of the meeting on promoting a cease - fire in Ukraine [13][14]. - **Asphalt**: Crude oil costs were low and oscillating, and asphalt prices followed with limited weakness. Inventory removal was slow, and it may continue to be weak and oscillating [14]. - **PX**: PX prices oscillated narrowly. PTA device production cuts and low processing fees limited the recovery, and it will oscillate in the short - term [14]. - **PTA**: PTA prices declined slightly. Profit recovery was limited, and demand growth was restricted. Supply pressure decreased, and it is expected to be range - bound in August [15]. - **Ethylene Glycol**: Prices fell. Inventory pressure was relieved to a limited extent, and supply may increase. It is expected to oscillate in the short - term, with limited upside and a risk of a slight decline [15][16]. - **Short - fiber**: Prices fell due to sector resonance. Terminal orders were average, and inventory accumulated. It is recommended to short on rallies in the medium - term [16]. - **Methanol**: Prices oscillated narrowly. Supply and demand contradictions were not prominent, but there were regional differences. It is expected to oscillate, and the spread between contracts is expected to narrow [17]. - **PP**: Spot prices oscillated narrowly. Supply was abundant, and demand was in the off - season. It is expected to be weak, and attention should be paid to oil price fluctuations [18]. - **LLDPE**: Prices rose. Supply pressure remained, and demand showed signs of improvement. It is expected to oscillate weakly in the short - term [19]. Agricultural Products - **US Soybeans**: CBOT soybean prices rose overnight. The USDA's unexpected reduction in the planting area supported the market. Attention should be paid to US soybean exports and Sino - US soybean trade relations [19]. - **Soybean and Rapeseed Meal**: High domestic inventories of soybeans, soybean meal, rapeseed oil, and rapeseed meal. If there are no major weather risks in South America, there is no stable market foundation in the medium - term. If China continues to purchase US soybeans or Canada's rapeseed products enter the market, prices may face downward pressure [20]. - **Soybean, Rapeseed, and Palm Oil**: Rapeseed oil inventory is high and difficult to reduce, and supply is expected to shrink. Soybean oil's cost is stable, and its supply - demand situation will improve in the fourth quarter. Palm oil prices are expected to be strong. Domestic rapeseed oil was affected by policies, and related oils have limited short - term upside. Attention should be paid to soybean oil's catch - up rally and the buy - soybean - sell - palm oil arbitrage [20]. - **Corn**: Northeast corn prices are weak, with inactive trading. Supply is expected to be sufficient in late August, and the corn futures market is weak [21][22]. - **Hogs**: After continuous price drops, farmers are reluctant to sell at low prices. Supply pressure may ease, and pig prices may stabilize [22].

Credit and Financing - In July, the social financing scale increased by 1.2 trillion RMB, lower than the expected 1.4 trillion RMB and significantly down from the previous value of 4.2 trillion RMB[2] - RMB loans saw a negative growth of 50 billion RMB, against an expectation of -15 billion RMB and a previous increase of 2.24 trillion RMB[2] - New corporate loans in July were 60 billion RMB, a year-on-year decrease of 70 billion RMB[4] Consumer and Corporate Lending - In July, household loans decreased by 489.3 billion RMB, a year-on-year reduction of 279.3 billion RMB[3] - The implementation of the personal consumption loan subsidy policy in September is expected to boost household leverage willingness[3] - Corporate medium and long-term loans decreased by 390 billion RMB year-on-year, indicating a seasonal decline in corporate credit[4] Monetary Supply and Market Trends - M2 growth rate increased to 8.8%, while M1 growth rate rose to 5.6% in July[6] - Non-bank deposits saw a significant increase of 1.39 trillion RMB year-on-year, contributing to the rise in M2[6] - The stock market's performance in July led to a notable shift of household deposits towards non-bank deposits, indicating a potential trend continuation[6] Government Bonds and Financing - In July, new government bond financing amounted to 1.244 trillion RMB, a year-on-year increase of 555.9 billion RMB, contributing positively to social financing[5] - The issuance of special government bonds is expected to maintain strength into August, with a gradual slowdown anticipated in September[5] Economic Outlook and Risks - The financial data for July reflects seasonal volatility, with credit and social financing showing a "temperature difference" that requires careful observation[7] - Risks include potential underperformance of policy execution and unexpected economic downturns[7]

什么时间能享受到政策？ 最高能享受多少补贴？ 如果一名消费者使用个人消费贷款，在政策执行期内花了20万元用于装修、购置家具家电等消费 品。假设该笔消费贷款年利率为3%，在没有贴息的情况下，全年需要支付贷款利息是6000元；享受个 人消费贷款一个百分点的贴息以后，最高可减少利息支出2000元，这样就可以获得1/3的利息补贴。 贷款经办机构有哪些？ 具体规则为，对于单笔5万元以下的消费，按照实际金额计算贴息，多笔叠加以后，在同一家贷款 机构最高可以享受贴息1000元；对于单笔5万元以上的消费，以5万元为上限来计算贴息，也可以多笔叠 加，加上小额消费的贴息以后，在同一家贷款机构最高可享受贴息是3000元。 申请贷款贴息需要哪些操作？ 借款人在申请个人消费贷款签订相关贷款合同的同时，要授予贷款经办机构相关权限，允许其识别 贷款发放账户或者指定账户的交易信息。对于已经签订的贷款，贷款经办机构可通过签订补充协议等方 式来取得借款人的相关授权。 贷款经办机构将根据借款人实际消费情况，按照政策规定的贴息比例、贴息上限等要求来计算财政 贴息金额，在定期收取贷款利息的时候，直接扣减由财政承担的贴息资金，借款人可通过短信、手机 A ...

2025.08.14 六大行火速响应 8月12日，财政部、中国人民银行、金融监管总局联合发布《个人消费贷款财政贴息政策实施方案》， 对符合条件的个人消费贷款给予财政贴息。截至8月13日，工行、中行、农行、建行、邮储、交行六大 国有大行迅速响应，明确将按市场化、法治化原则落实贴息。其中，中行、农行、建行已确定自2025年 9月1日起正式实施。 8月13日，外交部发言人林剑答记者问。有记者提问：据报道，中国已要求本土企业避免使用英伟达 H20芯片，尤其是用于政府或与国家安全相关的工作。此前，中国监管机构已就芯片安全隐患问题约谈 英伟达表达担忧。中方对此有何评论？林剑：我不了解你提到的情况。 8月13日，央行发布2025年7月社会融资规模存量统计数据报告。初步统计，2025年7月末社会融资规模 存量为431.26万亿元，同比增长9%。其中，对实体经济发放的人民币贷款余额为264.79万亿元，同比增 长6.8%。 【观国内】 8月13日，外交部发言人林剑答记者问。有记者提问：据报道，美国官员和分析人士称，中国企业在世 界各地建立了港口网络，以控制全球贸易、从事间谍活动，并为中国军队执行远洋任务提供便利。中方 对此有何 ...

Core Points - The State Council's press conference on August 13 introduced personal consumption loan interest subsidy policies and service industry loan interest subsidy policies [1] Group 1: Personal Consumption Loan Subsidy - Borrowers do not need to take additional actions to enjoy the subsidy; the lending institution will calculate the subsidy amount based on actual consumption and directly deduct it from the interest owed [3] - For example, a consumer who borrows 200,000 yuan at a 3% annual interest rate would normally pay 6,000 yuan in interest. With a 1% subsidy, the interest payment could be reduced by 2,000 yuan, resulting in a one-third interest subsidy [3] Group 2: Service Industry Loan Subsidy - Borrowing entities do not need to apply for the subsidy; they can proceed with the loan through standard banking procedures [4] - For instance, a restaurant that secures a 900,000 yuan loan for one year to expand operations can receive a total subsidy of 9,000 yuan, which will be returned in two phases: an initial payment of 3,000 yuan and subsequent monthly deductions of 750 yuan from future interest payments [5][6]

合力拉动消费增长 "消费是经济增长的重要引擎，是畅通国内大循环的关键环节。"廖岷说。近日，财政部联合相关部门发 布《个人消费贷款财政贴息政策实施方案》《服务业经营主体贷款贴息政策实施方案》，支持促消费、 扩内需。 "如果按照1%的贴息比例，意味着1元的贴息资金，可能带动100元的贷款资金用于居民消费，或是消费 领域服务业的供给。"廖岷说。 个人消费贷款贴息政策是中央财政首次对个人消费贷款进行贴息，直接惠及广大人民群众。按照方案， 贴息对象为相关贷款经办机构个人消费贷款中实际用于消费的部分，包括单笔5万元以下日常消费，以 及单笔5万元及以上的家用汽车、养老生育、教育培训等重点领域消费，贴息比例为1个百分点，大体为 当前商业银行个人消费贷款利率水平的三分之一，政策实施期限1年，具体为2025年9月1日至2026年8月 31日。 消费贷款领域的"国补"来了。8月13日，国新办举行新闻发布会介绍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。财政部副部长廖岷表示，两项贴息政策通过进一步强化财政和金融协 同，撬动更多信贷资金精准投向消费领域，降低居民和经营主体的信贷成本，在保障和改善民生的同 时，通过提振消 ...