近日，财政部等九部门联合印发《服务业经营主体贷款贴息政策实施方案》（以下简称《实施方 案》）。 《实施方案》明确，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，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。相关贷款包括用于改善消费基础设施的固定 资产贷款以及用于提升服务供给能力的流动资金贷款。同一笔贷款不得重复享受中央财政其他贴息政 策，已享受地方财政相关贴息政策的，此次贴息不得超出扣除已有贴息后的实际利率水平。 《实施方案》规定，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、体育八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。四是政策到期后，可视实施 效果研究延长政策期限、扩大支持范围。 ...

Group 1 - The Chinese government has introduced a personal consumption loan interest subsidy policy, allowing a maximum subsidy of 3000 yuan per loan institution [2] - The subsidy for service industry entities can reach up to 1 million yuan per loan [2] - The U.S. and China have agreed to suspend the implementation of 24% tariffs for 90 days while retaining 10% tariffs on certain goods [5] Group 2 - The Ministry of Finance and the Ministry of Emergency Management have allocated 170 million yuan for disaster relief due to severe rainfall and geological disasters in several provinces [6] - The State Administration for Market Regulation is drafting new regulations to enhance food safety supervision in online food transactions [7] - In the first half of the year, over 13 million new business entities were established in China, with private and foreign enterprises showing growth [9] Group 3 - The National Development and Reform Commission announced that domestic fuel prices will remain unchanged, marking the sixteenth adjustment cycle with a net decrease in prices compared to the end of 2024 [10] - Shanghai has opened the door for the transformation of commercial buildings into rental housing, allowing for a mix of functions including rental apartments and childcare [12] - Shenzhen's landmark shopping center, Huangting Plaza, is set for auction with an estimated value of 4.36 billion yuan, starting at 3.05 billion yuan [13] Group 4 - The U.S. national debt has surpassed 37 trillion dollars, raising concerns about the fiscal situation [18] - The Australian Federal Court ruled that Apple and Google engaged in anti-competitive behavior, allowing consumers and developers to seek compensation [22] - Iran has expressed willingness to negotiate directly with the U.S. regarding nuclear talks under suitable conditions [23] Group 5 - China Evergrande Group's listing status will be canceled, marking the end of its 16-year journey on the stock market [28] - McDonald's clarified its hiring practices, stating that it complies with labor laws and offers flexible employment options, including re-employment of retirees [29] - The A-share market has seen a rapid increase in the number of stocks doubling in value, with 269 stocks achieving this milestone, particularly in the machinery and pharmaceutical sectors [34]

1、新华社：8月12日，中美双方发布《中美斯德哥尔摩经贸会谈联合声明》。美方承诺继续调整对中国 商品（包括香港特别行政区和澳门特别行政区商品）加征关税的措施，自8月12日起继续暂停实施24% 的对等关税90天。中方自8月12日起继续暂停实施24%对美加征关税以及有关非关税反制措施90天。 2、财政部等部门共同制定并发布个人消费贷款财政贴息政策与服务业经营主体贷款贴息政策，分别在 需求端与供给端，发挥财政资金对提振消费的支持引导作用，通过降低居民消费信贷成本释放居民消费 潜力。 3、国务院新闻办公室于2025年8月13日（星期三）上午10时举行新闻发布会，请财政部副部长廖岷和商 务部、中国人民银行、金融监管总局有关负责人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，并答记者问。 宏观经济 1、市场监管总局：今年上半年，全国新设经营主体1327.8万户。其中，新设企业462万户，新设个体工 商户862.9万户，新设农民专业合作社2.9万户，多种经营主体均呈现稳定增长势头。 2、8月12日24时新一轮成品油调价窗口开启。据国家发展改革委价格监测中心监测，本轮成品油调价周 期内（7月29日—8月11 ...

Group 1 - The Ministry of Finance announced a loan interest subsidy policy for service industry operators to stimulate consumption and expand domestic demand, as part of the government's broader economic strategy [1][2] - The policy aims to lower financing costs for service industry operators, thereby enhancing consumer potential and market vitality [1][2] Group 2 - The subsidy applies to loans issued by banks to eight specific service sectors, including catering, health, and tourism, with contracts signed between March 16, 2025, and December 31, 2025 [2] - The policy is designed to improve consumption infrastructure and service supply capabilities, with potential for extension based on its effectiveness [2] Group 3 - The subsidy standard includes a maximum loan amount of 1 million yuan per entity, with a one-year subsidy period at a rate of 1% [3] - The central and provincial finances will cover 90% and 10% of the subsidy, respectively, which is expected to significantly reduce financing costs for eligible operators [3] - This initiative is anticipated to enhance service quality and competitiveness in the industry, ultimately contributing to high-quality development [3]

8月12日，财政部等九部门联合发布《服务业经营主体贷款贴息政策实施方案》（下称《实施方 案》），对符合条件的服务业经营主体给予年贴息比例1个百分点、贴息期限不超过1年的财政贴息支 持，单户享受的最高贴息金额1万元。 支持范围为餐饮住宿、健康、养老、托育、家政、文化娱乐、旅游、体育等8类消费领域的服务业经营 主体贷款。同时要求，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。 财政部有关负责人就《实施方案》答记者问，指出服务业经营主体大多为中小企业和个体工商户，他们 一头连着从业者的生计，一头连着居民的生活，可持续经营普遍受到信贷支持规模、融资成本、现金流 稳定性等因素的影响。财政部牵头实施服务业经营主体贷款贴息政策，旨在通过"四两拨千斤"的杠杆效 应，为广大服务业经营主体提供更多低成本金融资源支持，助力进一步疏通实体经济"毛细血管"。 年贴息比例为1个百分点 记者注意到，享受贴息政策的贷款期限条件为，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的，按照贷款本金对经营主体 进行贴息。 在政策实施上，财政部有关负责人提出简化流 ...

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].

Core Viewpoint - The Ministry of Finance and other departments have issued a loan interest subsidy policy for service industry operators in eight consumption sectors, aimed at boosting consumption and expanding domestic demand [1][3]. Policy Content - The policy supports loans issued to service industry operators in eight sectors: catering and accommodation, health, elderly care, childcare, domestic services, cultural entertainment, tourism, and sports [4]. - Loans must be signed between March 16, 2025, and December 31, 2025, and funds must be used to improve consumption infrastructure and enhance service supply capabilities [4]. - The policy may be extended or expanded based on its implementation effectiveness after the initial period [4]. Subsidy Standards - The subsidy is set at 1% per annum for a maximum of one year, with the central and provincial finances covering 90% and 10% of the subsidy, respectively [5]. - Each eligible loan can reach up to 1 million yuan, and the loans must be used for improving consumption infrastructure or enhancing service supply capabilities [5]. Loan Application and Approval - Eligible service industry operators can apply for loans at designated banks and must provide necessary documentation [6]. - Banks will approve loans based on market principles and must sign contracts with operators detailing subsidy conditions and fund usage [6]. Subsidy Process - After the policy period, banks will apply for subsidy funds based on the loans issued, with a deadline for applications set for January 2026 [7]. - The Ministry of Finance will settle the subsidy funds with provincial finance departments based on their applications [7]. Supervision and Management - The policy emphasizes a "self-audit and self-subsidy" model, where local governments coordinate, and various departments oversee the process [9]. - Strict controls are in place to ensure that loan funds are used appropriately, prohibiting misuse for real estate or speculative investments [9][10].

财政部等九部门印发《服务业经营主体贷款贴息政策实施方案》，具体内容如下。 服务业经营主体贷款贴息政策实施方案 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，根据中央办公厅、国 务院办公厅印发的《提振消费专项行动方案》关于2025年对符合条件的消费领域服务业经营主体贷款给 予财政贴息的要求，充分发挥财政政策引导带动作用，推动降低服务业经营主体融资成本，助力激发消 费市场活力，以高质量供给创造有效需求，制定本实施方案。 一、政策内容 （一）支持范围。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。其中：餐饮住宿、托育、家 政、文化娱乐、体育领域对应《国民经济行业分类》中"住宿和餐饮业"、"居民服务、修理和其他服务 业"、"文化、体育和娱乐业"行业类别；旅游、健康领域对应《国家旅游及相关产业统计分类 （2 ...

财政部等九部门印发《服务业经营主体贷款贴息政策实施方案》，具体内容如下。 二、贷款流程 （一）贷款申请。符合条件的服务业经营主体可向所在地相关经办银行提出贷款申请，并按要求提供相关证明 材料。 （二）审批发放。经办银行按照市场化、法治化原则审批贷款申请，自主决策贷款发放条件并及时放款。经办 银行应与符合贴息条件的经营主体签订贷款合同，明确贴息享受条件、贷款资金用途、贷后管理要求等内容， 对于2025年3月16日至本方案印发之日期间发放的贷款通过签订补充合同或协议予以明确。 （三）定期审核。全国性银行省级分行（以下简称省行）按月汇总本地区符合贴息条件的服务业经营主体贷款 发放情况，每月5日前将上月新增及累计贷款发放情况报省级民政、人力资源社会保障、商务、文化和旅游、 卫生健康、体育等行业管理部门审核。省级行业管理部门重点审核经办银行省行报送的本领域服务业经营主体 贷款是否符合支持范围和贴息条件，按季汇总审核结果，于下季度首月15日前反馈省级财政部门和金融管理 部门，函送经办银行省行。 服务业经营主体贷款贴息政策实施方案 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，根据中央办公厅、国务 ...

Report Summary 1. Industry Investment Rating No industry investment rating was provided in the report. 2. Core View On Tuesday, the RB2510 contract fluctuated with a bullish bias. Macroeconomically, the joint statement of the China-US economic and trade talks in Stockholm announced a 90 - day suspension of the 24% tariff starting from August 12, 2025. In terms of supply and demand, the weekly output of rebar increased significantly this period, with a capacity utilization rate of 48.49%. Inventories continued to rise, and the apparent demand turned from a decline to an increase. Overall, the macro - expectation is positive, the production restrictions in Tangshan boosted market sentiment, and the strong rise in coal prices provided cost support. Technically, the 1 - hour MACD indicator of the RB2510 contract shows that DIFF is rising above DEA. The operation strategy is to be bullish in a fluctuating market, while paying attention to rhythm and risk control [2]. 3. Summary by Relevant Catalogs Futures Market - The closing price of the RB main contract was 3,258 yuan/ton, up 8 yuan; the position volume was 1,605,388 lots, down 7,237 lots. The net position of the top 20 in the RB contract was - 75,900 lots, up 4,267 lots. The RB10 - 1 contract spread was - 78 yuan/ton, down 9 yuan. The RB warehouse receipt at the SHFE was 97,654 tons, up 1,197 tons. The HC2510 - RB2510 contract spread was 226 yuan/ton, up 11 yuan [2]. 现货市场 - The price of HRB400E 20MM in Hangzhou (theoretical weight) was 3,420 yuan/ton, up 10 yuan; the price of HRB400E 20MM in Hangzhou (actual weight) was 3,508 yuan/ton, up 10 yuan. The price of HRB400E 20MM in Guangzhou (theoretical weight) was 3,400 yuan/ton, up 20 yuan; the price of HRB400E 20MM in Tianjin (theoretical weight) was 3,360 yuan/ton, up 20 yuan. The basis of the RB main contract was 162 yuan/ton, up 2 yuan. The spot price difference between hot - rolled coils and rebar in Hangzhou was 110 yuan/ton, up 10 yuan [2]. Upstream Situation - The price of 61.5% PB fines at Qingdao Port was 782 yuan/wet ton, up 6 yuan. The price of quasi - first - grade metallurgical coke in Hebei was 1,535 yuan/ton, unchanged. The price of 6 - 8mm scrap steel in Tangshan (tax - excluded) was 2,250 yuan/ton, unchanged. The price of Q235 billets in Hebei was 3,120 yuan/ton, up 20 yuan. The iron ore inventory at 45 ports was 13,712.27 million tons, up 54.37 million tons. The coke inventory of sample coking plants was 44.36 million tons, down 1.92 million tons [2]. Industry Situation - The coke inventory of sample steel mills was 619.30 million tons, down 7.48 million tons. The billet inventory in Tangshan was 115.36 million tons, up 4.34 million tons. The blast furnace operating rate of 247 steel mills was 83.77%, up 0.29%. The blast furnace capacity utilization rate of 247 steel mills was 90.07%, down 0.15%. The rebar output of sample steel mills was 221.18 million tons, up 10.12 million tons. The rebar capacity utilization rate of sample steel mills was 48.49%, up 2.22%. The rebar inventory in sample steel mills was 168.20 million tons, up 6.05 million tons. The social rebar inventory in 35 cities was 388.48 million tons, up 4.34 million tons. The operating rate of independent electric arc furnace steel mills was 71.88%, up 2.09%. The monthly domestic crude steel output was 8,318 million tons, down 336 million tons. The monthly output of Chinese steel bars was 1,688 million tons, up 30 million tons. The monthly net steel export volume was 938.40 million tons, up 17.40 million tons [2]. Downstream Situation - The national real estate climate index was 93.60, down 0.11. The cumulative year - on - year growth rate of fixed - asset investment was 2.80%, down 0.90%. The cumulative year - on - year growth rate of real estate development investment was - 11.20%, down 0.50%. The cumulative year - on - year growth rate of infrastructure construction investment was 4.60%, down 1.00%. The cumulative floor area under construction was 633,321 million square meters, down 8,302 million square meters. The cumulative floor area of newly started buildings was 30,364 million square meters, down 7,181 million square meters. The inventory of commercial housing for sale was 40,821.00 million square meters, up 443.00 million square meters [2]. Industry News - The Ministry of Finance, the People's Bank of China, and the National Financial Regulatory Administration issued the "Implementation Plan for the Fiscal Interest Subsidy Policy for Personal Consumption Loans." From September 1, 2025, to August 31, 2026, residents using personal consumption loans (excluding credit card business) for actual consumption, and the loan - issuing institutions can identify relevant consumption transaction information, can enjoy the interest subsidy policy as stipulated. The Ministry of Finance, the People's Bank of China, and seven other departments issued the "Implementation Plan for the Interest Subsidy Policy for Loans to Service Industry Business Entities." Eligible loans issued by the handling banks to service industry business entities in eight consumption fields, including catering and accommodation, health, elderly care, childcare, housekeeping, cultural and entertainment, tourism, and sports, can enjoy the interest subsidy policy [2].