随着9月1日临近，个人消费贷财政贴息政策落地实施进入倒计时，银行开启"抢客"模式。 8月20日晚间，《国际金融报》记者注意到，已有银行客户经理以"预约锁额度"的宣传语提前开启"抢客"模式。与此同时，工商银行北京市分行、建设银 行上海市分行等纷纷发布相关推文，详细介绍贴息范围内的个人消费贷产品。 据专家测算，预计政策利好下，国有行及股份行消费贷年度增量分别将达8787亿元、2331亿元。个人消费贷财政贴息政策将于9月1日正式实施，建议消费 者基于实际需求适度申请，合理控制个人负债水平及贷款用途。 预热宣传贴息产品 "现在找我锁额度，9月1日后消费享贴息。"记者注意到，8月20日晚间，有银行客户经理在朋友圈"预埋"拉客。据该工作人员介绍，此次贴息政策下，消 费贷利率较此前不会发生变化，但自今年9月1日至2026年8月31日期间，消费达标即可享受贴息。 "消费贷款工行办，国家贴息更划算。"同日晚间，工商银行北京市分行在微信公众号平台发布一则推送，再次明确了贴息政策的实施时间、支持对象、贴 息范围及比例。推文介绍了该行"融e借"产品的亮点，记者注意到，该产品贷款额度最高可达100万元，利率显示为"年化利率（单利）低至 ...

Investment Rating - The industry investment rating is "Outperform the Market," indicating an expected relative increase of over 10% in the industry index compared to the broader market within the next six months [23]. Core Insights - In July, the total social financing (社融) stock growth rate was 9.0%, a slight increase of 0.1% from June. The new social financing added was 1.16 trillion yuan, which is 390 billion yuan more year-on-year. This increase was primarily driven by policy factors, particularly the accelerated issuance of government bonds, which saw a net financing scale of 1.24 trillion yuan, up 560 billion yuan year-on-year [3][10]. - The credit data in July was weak due to seasonal factors, with a net decrease of 50 billion yuan in loans, which is a year-on-year reduction of 310 billion yuan. The total balance of RMB loans was 268.5 trillion yuan, reflecting a year-on-year growth of 6.9% [11][14]. - The report anticipates that the personal consumption loan interest subsidy policy may help boost short-term loans for residents, although the elasticity of this growth should be monitored [4][14]. Summary by Sections Social Financing and Credit - The social financing stock reached 431.3 trillion yuan by the end of July, with a year-on-year growth rate of 9.0%, reflecting a continued trend of government leverage while the private sector reduces leverage [3][10]. - The government bond net financing from January to July 2025 totaled 8.9 trillion yuan, an increase of 4.87 trillion yuan year-on-year [10]. Credit Data Analysis - The corporate sector saw a decrease in short-term loans by 550 billion yuan year-on-year, while medium to long-term loans also decreased by 260 billion yuan. In contrast, bill financing increased by 870 billion yuan year-on-year [14]. - The report highlights that the weak credit data is influenced by seasonal factors, with expectations for improvement in M1 and M2 growth rates in the third quarter [4][16]. Investment Recommendations - The report suggests that despite the weak credit data in July, the high growth rate of social financing indicates a persistent trend of government leverage. It is expected that M1 and M2 growth rates will improve in the upcoming quarter [4][20]. - The banking sector's performance is anticipated to gradually recover due to the positive contribution of deposit repricing to net interest margins and the potential decline in bond market volatility [4][20].

文 ： 华创证券研究所副所长 、首席宏观分析师 张瑜（执业证号：S0360518090001） 联系人： 陆银波（15210860866） 韩港（微信 HGK1366） 三地均对符合一定条件的个人消费贷进行贴息，但实践各不相同： 据四川省政府、重庆市商务委员会、杭 州市余杭区财政局：四川限定购买的商品品类（汽车、电子产品、住房装修、家电家具 4 类）；重庆限定 购买的商户（在限定的家装、家电、家具、厨卫等行业领域商户）；浙江余杭则对申请的人群作出限制 （从低保边缘户到家庭年可支配收入 10 万元的家庭）。 多在 1.5% 左右。 如四川省为 1.5% ，重庆市初始标准为 1.5% ，后提升至 2% ，杭州市余杭区为不超过 1.5% 。作为参照，当前消费贷利率多在 3% 以上，参考新浪金融研究院的整理"目前市面上低于 3% 的消 费贷几乎已销声匿迹…以中国银行为例…最高额度 50 万元的'随心智贷'…贷款利率 3.0% 起。" 报告摘要 7 月 31 日国常会"部署实施个人消费贷款贴息政策"。据我们不完全统计， 2024 年来至少有四川、重庆、 杭州余杭区 3 地开展个人消费贷贴息，其中四川实施时间早（ 202 ...

Group 1: Policy Overview - The State Council announced the implementation of personal consumption loan interest subsidy policy on July 31, 2023[2] - At least three regions, including Sichuan, Chongqing, and Hangzhou's Yuhang District, have initiated personal consumption loan interest subsidies since 2024[2] Group 2: Subsidy Details - Subsidy standards are generally around 1.5%, with Sichuan at 1.5%, Chongqing initially at 1.5% (later raised to 2%), and Yuhang District not exceeding 1.5%[4][13] - The current market consumption loan rates are above 3%, with few options below this threshold[4][13] Group 3: Funding and Process - Funding primarily comes from local government finances, with Sichuan's subsidy shared at an 80:20 ratio between provincial and municipal levels[5][15] - The process involves residents signing loan contracts, submitting materials for subsidy applications, and undergoing multiple levels of review[4][14][16] Group 4: Impact Assessment - As of April 2025, Sichuan has disbursed nearly 60 million yuan in subsidies, impacting over 40 billion yuan in consumption loans and benefiting approximately 27,000 individuals[7][17] - The net increase in personal consumption loans in Sichuan for 2024 was 1,335 billion yuan, with the subsidy effect estimated at around 3%[7][17]