1. 公开市场操作 央行 公告称， 8 月 12 日以固定利率、数量招标方式开展了 1146 亿元 7 天期逆回购操作，操作利率 1.40% ，投标量 1146 亿元，中标量 1146 亿元。 Wind 数据显示，当日 1607 亿元 逆回购到期 ，据此计算，单日净回笼 461 亿元。 （*数据来源：Wind-央行动态PBOC） 2. 资金面 银行间资金市场整体依旧稳定偏宽，存款类机构隔夜回购加权利率（ D R001 ）微幅上行，仍在 1.31% 附近徘徊。 海外方面，最新美国隔夜融资担保利率为 4.35% （IMM） // 债市综述 // 3. 同业存单 全国和主要股份制银行一年期同业存单最新成交在 1.64% 位置，较上日上行 1 个 bp 。 （*数据来源：Wind-同业存单-发行结果） 4. 银行间主要利率债收益率 （*数据来源：Wind-国际货币资金情绪指数、资金综合屏） | （*数据来源：Wind-成交统计BMW） | | --- | 5. 近期城投债（AAA）各期限利差走势及数据 （*数据来源：Wind-利差分析） 30 年期主力合约跌 0.31% 10 年期主力合约跌 0.04% 5 年期主力 ...

个人消费贷款贴息 时间: 2025年9月1日―2026年8月31日 比例: 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%。 来源: 中央财政承担90% 省级财政承担 10% 上限: 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 服务业经营主体贷款贴息 时间: 2025年3月16日―2025年12月31日 比例: 贴息期限不超过 1 年, 年贴息比例 为 1 个百分点 本报北京8月12日电 （记者曲哲涵）为更好发挥财政资金对提振消费的支持引导作用，降低居民消费信 贷成本，助力释放居民消费潜力，财政部、中国人民银行、金融监管总局近日联合印发《个人消费贷款 财政贴息政策实施方案》，明确对个人消费贷款进行财政贴息。 根据方案，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 ...

Group 1 - The core viewpoint of the news is the introduction of a fiscal subsidy policy for personal consumption loans to stimulate consumer spending and reduce credit costs for residents [1][2] - The subsidy policy will be effective from September 1, 2025, to August 31, 2026, covering personal consumption loans used for various key areas such as automobiles, education, and healthcare [1][2] - The annual subsidy rate is set at 1%, with a maximum limit of 50% of the loan contract interest rate, and the total subsidy cap for each borrower is 3,000 yuan, corresponding to a cumulative consumption amount of 300,000 yuan [2] Group 2 - A separate subsidy policy for service industry loan recipients has been introduced, targeting sectors such as dining, health, and tourism, with loans issued between March 16, 2025, and December 31, 2025 [3][4] - The central government will cover 90% of the subsidy costs, while provincial governments will cover the remaining 10%, with a maximum loan amount of 1 million yuan per entity [4] - Strict regulations are in place to ensure that the loan funds are used appropriately, prohibiting misuse for real estate or speculative investments [4]

在此次贴息支持范围方面，根据《消费贷贴息方案》，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。 其中，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。 根据上述《服务业贴息方案》，同时符合以下条件的贷款可享受贴息政策：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等。 罗志恒表示，两项贴息政策的范围尤其是服务业经营主体贴息支持服务业发展的方向非常明确，这顺应 了人民群众消费升级的方向，居民消费逐步从商品消费升级为服务消费比如文化旅游等，从生存型消 ...

个人消费贷"国补"的实施细则靴子落地。8月12日，财政部、央行、金融监管总局三部门发布的《个人消费贷款财 政贴息政策实施方案》（以下简称"个人消费贷贴息实施方案"）。 个人消费贷贴息实施方案显示，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。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。 多位业内人士指出，提振消费是扩大内需的重要发力点，是当前和未来宏观政策的重中之重，相关政策将有助于 提振国内消费。 此外，财政部等九部门还于同日印发《服务业经营主体贷款贴息政策实施方案》（以下简称"服务业贴息方 案"），将向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 主体发放相关贴息。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。 怎么补？能补多少？ "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。"该实施办法显示，此次贴息标准为年贴息比例 为1个 ...

Group 1: Personal Consumption Loan Subsidy Policy - The Ministry of Finance, People's Bank of China, and Financial Regulatory Bureau issued a subsidy policy for personal consumption loans from September 1, 2025, to August 31, 2026 [1] - The subsidy applies to personal consumption loans used for specific categories such as household vehicles, education, and health care, with a maximum subsidy of 1% per year, not exceeding 50% of the loan contract interest rate [1] - The central and provincial finances will bear 90% and 10% of the subsidy costs, respectively [1] Group 2: Service Industry Loan Subsidy Policy - Nine departments, including the Ministry of Finance, released a subsidy policy for loans to service industry entities in eight sectors, including dining, health, and tourism [2] - The subsidy is capped at 1% per year for a maximum loan amount of 1 million yuan, with the same cost-sharing structure as the personal consumption loan policy [2] - Loan funds must be used for compliant business activities and cannot be diverted for real estate or investment purposes [2] Group 3: Medical Insurance and Commercial Insurance Drug Directory Adjustments - The National Medical Insurance Administration is conducting a preliminary review of drug applications for the 2025 drug directory adjustments [3] - Feedback will be collected during the public review period to finalize the list of drugs that pass the initial review [3] - The process will include expert evaluations and price negotiations for the basic medical insurance directory [3] Group 4: Import Tariff Adjustments on U.S. Goods - The State Council announced adjustments to tariffs on U.S. imports, maintaining a 10% tariff while suspending a 24% tariff for 90 days [5] - This decision aligns with the outcomes of U.S.-China trade talks and is based on relevant laws and international principles [5] Group 5: Agricultural Product Import Tariff Quota Redistribution - The National Development and Reform Commission and the Ministry of Commerce outlined the redistribution of import tariff quotas for agricultural products [9] - Users holding quotas must return any unutilized portions by September 15, with penalties for non-compliance affecting future quota allocations [9] Group 6: New Business Entity Registrations - The State Administration for Market Regulation reported over 13.27 million new business entities registered in the first half of the year, with a notable increase in private and foreign enterprises [12] - The growth reflects a stable trend across various ownership types and sectors, particularly in the service industry [12] - The "Four New" economy enterprises reached 25.36 million, accounting for 40.2% of total enterprises, indicating a shift towards new technologies and business models [12]

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1个百分点。 此外，在财政分担机制方面，中央财政、省级财政分别承担贴息资金的90%、10%。单户享受贴息的贷款规模最高可达100万元。 《主 ...

Core Viewpoint - The Ministry of Finance and other departments have jointly issued a loan interest subsidy policy to stimulate consumption and expand domestic demand, targeting personal consumption loans and loans for service industry entities [1][5]. Group 1: Subsidy Policy for Service Industry - The "Subsidy Policy for Service Industry Entities" specifies that loans issued to eight categories of service industry entities, including catering, health, and tourism, will receive interest subsidies [2][3]. - The subsidy period is limited to one year, with an annual subsidy rate of 1% on the principal amount of the loan [2][3]. - The central and provincial finances will bear 90% and 10% of the subsidy costs, respectively, with a maximum loan amount of 1 million yuan per entity [3]. Group 2: Subsidy Policy for Personal Consumption Loans - The "Personal Consumption Loan Subsidy Policy" allows residents to receive interest subsidies on personal consumption loans used for specific categories, including household appliances and education, from September 1, 2025, to August 31, 2026 [4]. - The annual subsidy rate is also set at 1%, with a maximum cumulative subsidy of 3,000 yuan per borrower, corresponding to eligible consumption of 300,000 yuan [4]. - For loans under 50,000 yuan, the cumulative subsidy limit is 1,000 yuan, and the maximum subsidy cannot exceed 50% of the loan contract interest rate [4]. Group 3: Impact on Consumption and Economic Growth - The subsidy policies are seen as innovative measures to boost consumer confidence and expectations, thereby promoting high-quality economic development [5][6]. - The policies aim to lower the cost of consumer credit for residents and reduce financing costs for service industry entities, encouraging sustained production and service quality [5][6]. - The implementation of these policies is expected to stimulate effective financing demand from both consumers and service providers, enhancing the overall loan issuance by commercial banks [5][6]. Group 4: Bank Responses - Major banks, including Industrial and Commercial Bank of China and Bank of China, have quickly responded to the subsidy policies, working to implement them effectively [6][7]. - Agricultural Bank of China announced its commitment to reduce consumer credit costs and ensure the benefits of the policy reach consumers starting September 1 [7]. - Other banks, such as Postal Savings Bank and Shanghai Pudong Development Bank, have also issued announcements to facilitate the implementation of the subsidy policies [8][11]. Group 5: Future Recommendations - It is recommended to strengthen the coordination between monetary and fiscal policies, and to enhance the synergy between the subsidy policies and existing consumer support measures to maximize their effectiveness [21].

【 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 中国基金报记者 马嘉昕 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， ...

周二，财政部发布《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》，并答记者问，以下是记者问要点： 《个人消费贷款财政贴息政策实施方案》出台背景 为深入贯彻落实党中央、国务院决策部署，按照7月31日国务院常务会议精神，财政部会同中国人民银 行、金融监管总局联合印发《方案》，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。 个人消费贷款财政贴息政策直接惠及消费者个人 与以往贴息政策重点支持投资端、供给端不同，此次出台的个人消费贷款财政贴息政策从需求端发力， 直接惠及消费者个人，降低个人消费贷款成本，贴息资金由相关贷款经办机构直接在向借款人收取贷款 利息时直接扣减，提高消费者幸福感、获得感。在支持对象上，依托商业银行、消费金融公司等差异化 的客群基础，广泛覆盖工薪阶层、灵活就业人员等各类人群，增强政策的普惠性。 个人消 ...