8月12日，财政部官网显示，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》的通知。通知显示，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。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。 同日，广发银行发布关于推进个人消费贷款贴息工作的公告称，为深入贯彻落实党中央、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，践行金融工作的政治性、人民性，降低居民消费信贷成 本，该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）精神及有关要求，依法合规推进个人消费贷款贴息工作。 该行将按照市场化、法治化原则，自2025年9月1日起，对符合上述通知要求的个人消费贷款实施贴息。 相关事项将及时在广发银行官方 ...

8月13日，财政部副部长廖岷在国新办新闻发布会上表示，个人消费贷款财政贴息政策是中央财政首次 对个人消费贷款进行贴息的政策，将直接惠及广大人民群众。（新华财经） ...

Report Industry Investment Ratings - **Macro Finance**: Index futures are recommended to buy on dips, and treasury bonds are expected to move sideways [1][6] - **Black Building Materials**: Steel rebar is advised to wait and see, iron ore and coking coal & coke are expected to move sideways [1][8][9] - **Non - ferrous Metals**: Copper is for range trading or waiting and seeing, aluminum is recommended to buy on dips after a pullback, nickel is for waiting and seeing or shorting on rallies, tin, gold, and silver are for range trading [1][11][16][18] - **Energy Chemicals**: PVC, caustic soda, styrene, rubber, urea, and methanol are expected to move sideways, polyolefins are for wide - range sideways movement, and soda ash is for shorting the 09 contract and going long on the 05 contract [1][20][23][26] - **Cotton Textile Industry Chain**: Cotton and cotton yarn are for sideways adjustment, apples and jujubes are expected to move sideways with an upward bias [1][37][38] - **Agricultural and Livestock**: Pigs and eggs are recommended to short on rallies, corn is for wide - range sideways movement, soybean meal is for limited upside, and oils are expected to move sideways with an upward bias [1][40][43][45] Core Views - The overall market is affected by various factors such as economic data, policies, and international events. For example, the expectation of interest rate cuts in September has a positive impact on the index, and the supply - demand relationship and cost factors in each industry determine the price trends of different commodities [6][21][41] Summary by Directory Macro Finance - **Index Futures**: Due to factors like the lower - than - expected US CPI in July, the expectation of a September interest rate cut, and positive policies in China, the index is expected to be strong in the medium - term. Although it may oscillate in the short - term, it is still a good opportunity to go long on pullbacks [6] - **Treasury Bonds**: The bond market has shown some characteristics of weak assets being hard to rise and easy to fall. Although the current yield has attracted some attention, the market adjustment may not be fully cleared, and attention should be paid to the market disturbance caused by the unstable liabilities of trading institutions [6] Black Building Materials - **Steel Rebar**: The futures price oscillated upward on Tuesday. The supply - demand is relatively balanced in the short - term, and the price is expected to move sideways. Attention should be paid to the implementation of crude steel production restrictions and the resumption of coking coal production [8] - **Iron Ore**: The futures price was strong on Tuesday. Although there is an expectation of a decline in hot metal demand, considering the possible macro - positive factors in the fourth quarter, the iron ore futures are expected to move sideways with an upward bias and can be used as a long leg when shorting other black varieties [8] - **Coking Coal & Coke**: The coking coal market is short - term sideways with an upward bias but the marginal support is weakening. The coke market is stable with an upward bias, but the short - term fluctuation risk is increasing. Attention should be paid to relevant policies and inventory changes [9] Non - ferrous Metals - **Copper**: Due to positive economic data in China, the expectation of interest rate cuts, and low inventory, copper prices are supported at high levels. However, it is in the off - season, and the downstream demand is weak, so it is expected to move sideways in the range of 78000 - 79500 yuan/ton [11] - **Aluminum**: Affected by factors such as the decrease in bauxite supply and the increase in electrolytic aluminum production capacity, the market is expected to move sideways in the short - term. It is recommended to buy on dips in August [13] - **Nickel**: In the medium - to - long - term, the nickel industry has an oversupply situation. The mine support is weakening, and the price is expected to move sideways. It is recommended to short on rallies, with the main contract reference range of 118000 - 124000 yuan/ton [16] - **Tin**: The supply - demand gap of tin ore is improving, but it is in the off - season, and the downstream demand is weak. It is recommended to conduct range trading, with the reference range of the SHFE tin 09 contract being 25.5 - 27.5 million yuan/ton [17] - **Gold and Silver**: Affected by factors such as the new US tariff, employment data, and the expectation of interest rate cuts, precious metal prices are expected to have support at the bottom. It is recommended to conduct range trading, with the reference range of the SHFE silver 10 contract being 8700 - 9500 and the SHFE gold 10 contract being 770 - 820 [18] Energy Chemicals - **PVC**: The cost is at a low level, the supply is high, and the demand is weak. The export support may weaken. It is expected to move sideways in the range of 4900 - 5100 for the 09 contract [20][21] - **Caustic Soda**: The supply is high, and the demand has rigid support but the growth rate is slowing down. The 09 contract is expected to move sideways in the range of 2400 - 2550, and it is recommended to go long on dips for the peak - season contracts [23] - **Styrene**: The cost - profit situation, supply, and demand are all facing challenges. The macro - environment is relatively warm, and the price is expected to move sideways in the range of 7100 - 7400 [26] - **Rubber**: Due to the strengthening of raw material price expectations and cost support, and the continuous decline in inventory, the rubber price is expected to be strong in the short - term, with the reference range of 15200 - 15600 [27][28] - **Urea**: The supply is decreasing, the agricultural demand is scattered, and the demand for compound fertilizers is increasing. The price is expected to be supported at the bottom and restricted at the top, and it is recommended to conduct range trading [31] - **Methanol**: The supply is increasing slightly, the demand from the methanol - to - olefins industry is stable, and the inventory is decreasing. It is expected to move sideways in the short - term affected by the overall industrial product price fluctuations [32] - **Polyolefins**: In the traditional off - season, the supply is increasing, the demand is weak, and the inventory is accumulating. It is expected to move sideways in the short - term, with the L2509 contract in the range of 7200 - 7500 and the PP2509 contract in the range of 6900 - 7200 [33][34] - **Soda Ash**: The spot market is weak, the supply is increasing, and it is recommended to short the 09 contract and go long on the 05 contract [36] Cotton Textile Industry Chain - **Cotton and Cotton Yarn**: The global cotton supply and demand are expected to increase in the new season. The downstream consumption is light, but the spot is tight. The price is expected to move sideways [37] - **Apples**: Based on low inventory and growth factors, apples are expected to maintain a high - level sideways movement. Attention should be paid to the quality and price trends of early - maturing apples [38] - **Jujubes**: With the improvement of the trading atmosphere in the sales area and the increase in good - quality prices, jujubes are expected to rise in the short - term [38] Agricultural and Livestock - **Pigs**: In the short - term, the supply is increasing, and the demand is weak. The price is expected to bottom out and oscillate. In the medium - term, there may be a phased rebound, but the long - term supply pressure remains. Different contracts have different trading strategies [40][41] - **Eggs**: The current spot price has a rebound expectation, but the 09 contract basis is at a low level, and the rebound space is limited. Different contracts in the fourth quarter have different trading strategies, and attention should be paid to the elimination situation [42] - **Corn**: The short - term supply and demand are relatively balanced, and the price is expected to move sideways in the range of 2250 - 2300. Attention should be paid to policies and substitute products [43][44] - **Soybean Meal**: In the short - term, the supply is abundant, and the price increase is limited. In the long - term, due to cost increases and phased supply - demand contradictions, it is recommended to go long on dips for relevant contracts [45][47] - **Oils**: Affected by factors such as the MPOB report and the expectation of Indonesia's B50 policy, the price is expected to move sideways with an upward bias. It is recommended to be cautious when chasing the rise and pay attention to the arbitrage strategy of rapeseed oil [48][54]

根据《实施方案》，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。 对于贴息标准，《实施方案》明确，年贴息比例为1个百分点（按符合条件的实际用于消费的个人消费 贷款本金计算），且最高不超过贷款合同利率的50%，中央财政、省级财政分别承担贴息资金的90%、 10%。贷款合同利率需要符合相应利率自律约定。 根据《实施方案》，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（对应符合条件的累计消费金额30万元），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（对应符合条件的累计消费金额10万元）。 8月12日，财政部、中国人民银行、金融监管总局发布《个人消费贷款财政贴息政策实施方案》（以下 简称《实施方案》）。 《实施方案》明确，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 ...

Group 1 - Nasdaq and S&P 500 indices reached all-time highs, with Intel rising over 5% and Chinese concept stocks increasing by 1.49% [1] - OPEC raised its global economic growth forecast for this year to 3% and expects tighter oil markets next year due to accelerating demand [1] - The U.S. July CPI year-on-year increased by 2.7%, remaining stable compared to the previous month, while the core CPI rose by 3.1%, slightly above expectations [1] Group 2 - Guizhou Moutai reported a net profit of 45.403 billion yuan for the first half of the year, representing a year-on-year growth of 8.89% [2][3] - The Chinese government is reportedly advising some companies to refrain from using Nvidia's H20 chips [1] - The Ministry of Finance and the State Administration of Taxation announced that express delivery companies will pay value-added tax based on "delivery services" income [2]

中新网8月12日电据财政部微信公众号消息，为贯彻落实党中央、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，充分发挥财政政策引导带动作用，强化财政金融协同联动，降低居民消费信贷 成本，更好激发消费潜力、提升市场活力，财政部会同中国人民银行、金融监管总局联合印发《个人消 费贷款财政贴息政策实施方案》(财金〔2025〕80号，以下简称《方案》)。近日，财政部有关负责人就 《方案》有关情况回答了记者提问。 一、促消费、扩内需是今年经济工作的"关键词"，此次财政部门联合金融部门出台《方案》，背景是什 么？ 答：消费是国民经济增长的关键环节和重要引擎，大力提振消费既是扩大内需、夯实经济增长"压舱 石"的重要举措，也是提升民生福祉、满足人民日益增长的美好生活需要的重要内容。坚持以人民为中 心的发展思想，要求将经济政策的着力点更多转向惠民生、促消费，以消费提振畅通经济循环，以消费 升级引领产业升级，在保障和改善民生中打造新的经济增长点，形成经济发展和民生改善的良性循环。 三是坚持市场化、法治化运作。《方案》明确要求贷款经办机构在支持提振和扩大消费的同时，要按照 市场化、法治化原则开展授信评审、贷后管理，落实消费贷款 ...

《方案》称，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。 贴息标准方面，《方案》明确提出，年贴息比例为1个百分点（按符合条件的实际用于消费的个人消费 贷款本金计算），且最高不超过贷款合同利率的50%，中央财政、省级财政分别承担贴息资金的90%、 10%。贷款合同利率需要符合相应利率自律约定。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（对应符合条件的累计消费金额30万元），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（对应符合条件的累计消费金 额10万元）。 《方案》强调，强化监督约束，确保贴息资金专款专用。经审核发现存在违法违规行为的，财政部门将 追回相关贴息资金，并依法依规严肃处理。对于贷款经办机构违法违规行为，由相关部门依法依规追究 相应责任。对于借款人违法违规套取贴息资金的情况，由贷款经办机构纳入个人征信记录 ...

贴息政策将如何精准支持消费？财政部负责人表示，限定贴息对象为个人消费贷款中实际用于消费的部 分。对于个人消费贷款未实际用于消费的部分，不予贴息。还要明确贷款经办机构对借款人消费信息识 别工作职责，建立贴息资金拨付全流程审核机制。 据了解，为了最大程度减轻借款人操作负担，个人消费贷款财政贴息资金的测算、申请、拨付、清算等 工作主要集中在贷款经办机构和政府部门，力求流程便利、管理精准、执行高效，在确保贴息资金合规 使用的前提下，尽可能简化借款人操作。 消费者可以去哪些机构办理贷款，《方案》规定，包括全国性或跨区域的6家国有型商业银行、12家全 国性股份制商业银行，以及5家业务规模相对较大的消费金融公司等其他个人消费贷款发放机构。借款 人仍按照一般贷款流程在经办金融机构办理贷款，同时为有效识别符合贴息条件的消费交易信息，借款 人需授权经办金融机构获取贷款发放账户或指定账户交易信息，用于开展贴息资金审核。 中经记者 朱会珊 杜丽娟 北京报道 为了降低居民消费信贷成本，以"真金白银"支持居民消费，8月12日，财政部、中国人民银行、金融监 管总局印发了《个人消费贷款财政贴息政策实施方案》（以下简称《方案》）。市场人士分析 ...

Core Viewpoint - The article discusses the implementation of the personal consumption loan interest subsidy policy and the service industry loan interest subsidy policy, which are part of the broader initiative to boost consumption in China, as outlined in the "Consumption Promotion Special Action Plan" and the State Council meeting on July 31 [1][8]. Summary by Sections Personal Consumption Loan Interest Subsidy Policy - The policy applies to personal consumption loans issued from September 1, 2025, to August 31, 2026, specifically for loans used for consumption that can be identified by lending institutions [2][11]. - The subsidy covers loans under 50,000 yuan and loans over 50,000 yuan for specific categories such as home appliances, education, and travel, with a maximum cumulative loan limit of 300,000 yuan per institution [2][12]. - The annual subsidy rate is set at 1%, with a maximum of 50% of the loan contract interest rate, funded by central and local governments at a ratio of 90% to 10% [2][13]. - The lending institutions include six state-owned banks, twelve joint-stock banks, and five consumer finance companies [2][14]. Impact and Scale of Personal Consumption Loans - Due to various restrictions, estimating the scale of benefiting consumption loans is challenging. However, as of June 2025, the balance of consumption loans (excluding housing loans) was 21 trillion yuan, with an increase of 1.2 trillion yuan from June 2024 to June 2025 [3][15]. - The new consumption loans accounted for 2.9% of the total retail sales of consumer goods, which was 41.3 trillion yuan during the same period, indicating a limited short-term impact on overall consumption [3][15]. Service Industry Loan Interest Subsidy Policy - This policy is applicable to loans issued from March 16, 2025, to December 31, 2025, for service sectors such as hospitality, healthcare, and cultural entertainment, with funds required to be used for improving consumption infrastructure and service capabilities [4][16]. - The annual subsidy rate is also set at 1%, with a maximum loan amount of 1 million yuan per entity, similarly funded by central and local governments [4][18]. - A total of 21 banks, including three policy banks and six state-owned banks, are authorized to process these loans [4][19]. Observations on Service Industry Loans - As of 2023, the loan balance for the hospitality, residential services, and cultural sectors was approximately 1.8 trillion yuan, with annual increments ranging from 500 to 1,200 billion yuan from 2017 to 2023 [5][20]. - The proportion of loans from policy banks and listed joint-stock banks to these sectors was about 74%, translating to an estimated loan balance of 1.3 trillion yuan for these industries [5][20]. Employment and Economic Stability - The service industry is a significant employment sector, with 62.79 million workers in the relevant fields, representing 12% of the total workforce [6][21]. - The policies aim to stabilize employment and expand consumption, aligning with the political bureau's emphasis on fostering service consumption and infrastructure development [6][22]. Historical Context and Policy Coordination - The interest subsidy is a typical measure of fiscal and monetary policy coordination, similar to previous initiatives aimed at supporting specific sectors during economic downturns [7][24]. - The government’s leverage can stimulate both fiscal and monetary policies, enhancing the effectiveness of support for the real economy [7][24].

中国农业银行：自9月1日起，对符合要求的个人消费贷款实施贴息 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》。 实施方案明确，同时符合以下条件的贷款可享受贴息政策—— 中国农业银行发布关于个人消费贷款贴息工作的公告：自2025年9月1日起，对符合《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）要求的个人消费贷款实施贴息。 对此，有银行发布公告，表示对符合要求的个人消费贷款实施贴息。 出品：21财经客户端 南财快讯工作室 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。 ...