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 ...

Group 1 - The Ministry of Finance, People's Bank of China, and financial regulatory authorities jointly released a personal consumption loan subsidy policy to stimulate consumer demand [2][3] - Six major state-owned banks, including ICBC, BOC, ABC, CCB, PSBC, and BOCOM, quickly responded to the policy, with some banks set to implement it from September 1, 2025 [2] - As of July 2025, the total social financing scale reached 431.26 trillion yuan, a year-on-year increase of 9%, with RMB loans to the real economy at 264.79 trillion yuan, up 6.8% year-on-year [2] Group 2 - The State Administration for Market Regulation is soliciting opinions on a draft notice to strengthen the supervision and management of intelligent connected vehicles, aiming to prevent misleading advertising regarding autonomous driving capabilities [4] - The Ministry of Finance allocated 1.146 billion yuan in disaster relief funds to support major grain-producing provinces in stabilizing autumn grain production [4] - Fuzhou's authorities issued measures to support real estate project development, including streamlining approval processes and optimizing project management [4] Group 3 - Tencent Holdings reported Q2 2025 revenue of 184.5 billion yuan, a 15% year-on-year increase, with an operating profit of 69.25 billion yuan, up 18% [10] - The company's gross margin for the quarter was 57%, an increase of 4 percentage points year-on-year, highlighting the significance of AI in its financial performance [10] Group 4 - The U.S. stock market saw a broad increase, with the Dow Jones rising by 463.66 points, or 1.04%, and the S&P 500 reaching a new historical high [11] - Institutional investors were active, with 29 stocks appearing on the trading list, showing a mix of net buying and selling [11]

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 ...

【环球时报报道 记者 倪浩 杨舒宇】12日，个人消费贷贴息政策的细则得以明确。随着《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》公布，中国提振消费、扩大内需 的又一次"国补"亮相，与"以旧换新"等政策形成"组合拳"，进一步推动国内消费拉动国民经济。 消费贷款领域的又一次"国补" 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印发了《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。 "对居民个人消费贷款和消费领域的服务业经营主体贷款实施贴息政策，这是中央层面首次实施，所以 有媒体朋友也称之为消费贷款领域的又一次'国补'，这可以说是非常形象的，这也充分体现了中国政府 对扩大消费的重视程度。"财政部副部长廖岷13日出席国新办发布会时介绍说，（贴息政策）目的就是 要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，通过提振消费畅通经济循环。 根据规定，居民个人消费贷贴息范围包括单笔5万元以下消费，以及单笔5万元及以上的家用汽 ...

（文章来源：北京商报） 8月13日，中银消费金融有限公司发布关于落实个人消费贷款财政贴息工作的公告，为深入贯彻落实党 中央、国务院决策部署，助力扩内需促消费，中银消费金融将积极落实并严格执行《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），确保财政贴息的政策精准直达消费 者，进一步释放消费潜力。公司将遵循市场化、法治化原则，推动政策落地实施。具体操作指引等实施 细则后续将通过官网、中银消费金融app、中银消费金融官微等渠道公布 ...

根据政策，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。 具体如何办理，怎么操作不迷路，政策如何用足用透，专属实操指南来了。 一、什么条件下有机会享受贴息政策？什么情形享受不到？ 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。 满足以下条件有机会享受政策： 1.个人消费时，政策针对其中的贷款部分，提供一定的利息补贴，而不是直接发放消费券或直接发钱。 2.可以获得贴息的消费范围分两种情形： （1）单笔5万元以下消费。也就是说，在这个消费金额以下，不区分具体消费范围。 （2）单笔5万元及以上消费范围：家用汽车、养老生育、教育培训、文化旅游、家居家装、电子产品、 健康医疗七大领域。也就是说，5万元以上，并非不管买什么都可以获得贴息。 以下情况可能无法享受政策： 二、目前政策下，贷款消费5万元以上，只要与上面提到的七大领域沾边，都能贴息吗？ 不是，政策有具体规定： 1.家用汽车领域，包括汽车购置、车辆保险及维修。 2.养老生育领域，包括老龄 ...