21世纪经济报道记者林汉垚 见习记者冯紫彤 10月30日晚，建设银行发布2025年第三季度财报并举办线上业绩说明会，建行首席财务官生柳荣就服务 业经营主体贷款贴息政策的落实进展，以及相关贷款资金用途监测方式等问题，回应了21世纪经济报道 记者的提问。 8月12日，财政部等九部委联合印发《关于印发 <服务业经营主体贷款贴息政策实施方案> 的通知》， 明确对餐饮住宿、健康、养老等8类消费领域经营主体按贷款本金给予年化1%贴息，单户享受贴息的贷 款规模上限为100万元。建设银行正是21家全国性经办银行之一。 针对上述政策落实，生柳荣表示，建设银行已第一时间在官方渠道发布贴息政策公告，全力落实、有序 开展服务业经营主体贷款贴息相关工作。一方面进一步加大宣传力度，确保广大消费领域经营主体知悉 政策内容；另一方面启动政策适配性改造，优化操作流程，计划于年内部署线上补充协议签署、线上用 途证明材料收集等相关功能。 在贷款资金用途监测层面，生柳荣介绍，针对贴息贷款客户，建行采用"线上线下相结合"的核查方式， 逐户收集用途证明材料，加强资金流向管控。"确保政策红利用好用到位，真正惠及符合条件的市场主 体。" 他进一步指出，近年 ...

Core Viewpoint - The Ministry of Commerce and nine other departments have issued a notice to enhance the construction and expansion of the "15-minute convenient living circle" in urban areas, emphasizing financial and insurance support for community services [1] Financial Support Initiatives - Financial institutions are encouraged to revitalize idle commercial facilities in communities, prioritizing services for the elderly and children [1] - A long-term care insurance system is to be established, with a focus on determining coverage and subsidy standards for economically disadvantaged elderly individuals [1] - The government aims to utilize a 500 billion yuan policy for service consumption and elderly care refinancing to guide financial institutions in increasing support [1] Infrastructure Development - Community commercial complexes, neighborhood centers, department stores, and markets are prioritized for investment through real estate investment trusts (REITs) [1] - The implementation of loan interest subsidy policies for service industry operators is highlighted to support basic livelihood projects [1]

Group 1 - The core viewpoint of the article is the introduction of a fiscal subsidy policy for personal consumption loans, referred to as "national subsidy" in the consumer loan sector, aimed at stimulating consumption from September 1 this year to August 31 next year [1][2][9] - The personal consumption loan subsidy policy targets loans used for consumption, including daily expenses under 50,000 yuan and larger purchases in key areas such as automobiles, healthcare, and education, with a one-year implementation period [2][3] - The subsidy standard is set at 1% per year, with a maximum of 50% of the loan contract interest rate, funded by central and provincial finances [3][10] Group 2 - The subsidy policy also supports service industry operators in eight sectors, including dining, healthcare, and tourism, to enhance their financing capabilities [4][5] - The focus on service consumption is due to the rapid growth in service spending, which accounted for 46.1% of total consumer spending last year, contributing significantly to overall consumption growth [5][6] - The policy aims to stabilize and expand employment in the service sector, which employs nearly half of the total workforce, by reducing financing costs for service providers [6][8] Group 3 - The fiscal subsidy is expected to leverage significant funding, with personal consumption loans reaching 21.2 trillion yuan and service sector loans at 2.8 trillion yuan as of June [8] - The dual subsidy approach targets both consumer demand and service provider financing, enhancing the supply of quality services and promoting service consumption [8][9] - The policy is designed to be inclusive, addressing diverse consumer needs and potentially extending its duration or expanding its scope based on effectiveness evaluations [10]

Market Trends - The A-share market is expected to continue its slow bull trend due to strong fundamentals, loose policies, and liquidity conditions[6] - Since 2005, the Shanghai Composite Index's PE percentile has broken above 60% seven times, with six instances leading to further increases, averaging 2-4 months of upward movement[6][8] Economic Indicators - July's export growth rate was 7.2%, exceeding expectations, supported by a low base from the previous year[11] - The manufacturing PMI has shown improvements in five of the six instances where the market continued to rise after breaking the 60% PE threshold[6][12] Policy Environment - Recent policies aimed at promoting the healthy development of the private economy and consumer spending are being implemented, including personal consumption loan subsidies[15][19] - The geopolitical risk index has significantly decreased, indicating a more stable external environment for the market[16] Industry Focus - Short-term focus should be on growth and recovery sectors, particularly undervalued industries in technology, cyclical sectors, and large financials[26] - High-growth sectors currently include artificial intelligence, robotics, and consumer electronics, while undervalued sectors include transportation, coal, and petrochemicals[26][27] Investment Recommendations - It is advised to continue accumulating positions in sectors with upward policy and industry trends, such as robotics, electronics, and innovative pharmaceuticals[39] - The report suggests a balanced allocation towards sectors with improving expectations, including new energy, non-ferrous metals, and retail[39]

Core Viewpoint - The Ministry of Finance and nine other departments have issued a policy implementation plan for interest subsidies on loans to service industry operators, aimed at boosting consumption and expanding domestic demand by reducing financing costs for service providers [4][5]. Policy Content - **Support Scope**: The policy applies to loans issued by banks to operators in eight service sectors: catering and accommodation, health, elderly care, childcare, housekeeping, cultural entertainment, tourism, and sports. Loans must be signed between March 16, 2025, and December 31, 2025, and used for improving consumption infrastructure and enhancing service supply capabilities [5]. - **Interest Subsidy Standard**: The subsidy is set at 1% per annum for a maximum of one year, with a cap of 1 million yuan per loan. The central and provincial finances will cover 90% and 10% of the subsidy, respectively [6]. - **Loan Processing Banks**: The loans will be processed by 21 national banks, including major institutions like the Industrial and Commercial Bank of China and the Agricultural Bank of China [7]. Loan Application and Approval - **Loan Application**: Eligible service operators can apply for loans at designated banks, providing necessary documentation [8]. - **Approval and Disbursement**: Banks will approve loans based on market principles and must sign contracts with operators detailing subsidy conditions and fund usage [8]. - **Regular Review**: Provincial branches of national banks will report monthly on loan issuance to relevant industry management departments for review [8]. Subsidy Process - **Subsidy Fund Application**: After the policy period, banks will apply for subsidy funds based on the loans issued [9]. - **Fund Settlement**: The Ministry of Finance will settle subsidy funds with provincial finance departments based on their applications [9]. - **Fund Distribution**: Provincial finance departments will distribute the funds to banks, which must then return the subsidy to the operators [9]. Supervision and Management - **Responsibility Assignment**: Local governments will oversee the implementation, with banks responsible for loan approvals and management [11]. - **Fund Flow Control**: Operators must ensure loan funds are used for compliant activities, and banks must adhere to strict guidelines to prevent misuse [11]. - **Accountability**: Violations of the policy will lead to penalties, and responsible parties will be held accountable [12].

Core Viewpoint - The State Council introduced personal consumption loan interest subsidy policies and service industry loan interest subsidy policies to support reasonable borrowing and consumption behaviors [1][3] Group 1: Personal Consumption Loan Subsidy Policy - The personal consumption loan interest subsidy policy is designed to support consumers' reasonable borrowing needs and genuine consumption behaviors [3] - Borrowers using personal consumption loans for non-consumption purposes or engaging in arbitrage activities will not be eligible for interest subsidies [3] Group 2: Service Industry Loan Subsidy Policy - The conditions for service industry loan interest subsidies require that loan funds be used for operational activities such as expanding space, optimizing layout, enhancing hardware, increasing business types, personnel training, and product development [3] - The focus of the service industry loan subsidy is to improve consumption infrastructure and enhance service supply capabilities, explicitly prohibiting the use of funds for investment and arbitrage activities [3]

Core Viewpoint - The Chinese government has introduced a loan interest subsidy policy aimed at reducing financing costs for service industry operators and stimulating consumer market activity [1][4]. Policy Content - The policy is applicable to loans issued by banks to service industry operators in eight sectors: catering and accommodation, health, elderly care, childcare, housekeeping, cultural entertainment, tourism, and sports [5][6]. - Loans must be signed between March 16, 2025, and December 31, 2025, and funds must be used to improve consumer infrastructure and enhance service supply capabilities [1][5]. - The subsidy covers up to 1% of the loan principal for a maximum period of one year, with the central and provincial finances covering 90% and 10% of the subsidy, respectively [1][7]. Loan Process - Eligible service industry operators can apply for loans at designated banks, which will approve loans based on market principles and legal frameworks [8]. - Banks are required to report monthly on the loan issuance status to relevant provincial departments for review [8]. 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 [9]. - The Ministry of Finance will settle the subsidy funds with provincial finance departments based on their applications [9][10]. Supervision and Management - The policy emphasizes strict compliance and monitoring to ensure that loan funds are used for legitimate business activities and not diverted for real estate or speculative investments [12][13]. - Banks and service operators are held accountable for any misuse of funds, with penalties for violations [13].

Group 1 - The core viewpoint of the news is the introduction of two subsidy policies for personal consumption loans and service industry loans, aimed at enhancing financial support and meeting diverse consumer needs [1][3][6] - The policies are designed to be inclusive, covering daily consumption and various groups, reflecting a commitment to meet the multi-layered consumption demands of the public [3][6] - The implementation of these policies involves multiple stakeholders, including financial regulators and industry authorities, to ensure that the funds are effectively utilized and not misappropriated [9] Group 2 - The policies aim to stimulate both consumer demand and service supply, indicating a coordinated effort between fiscal and financial policies [6] - The deputy minister of finance described the policies as a "national subsidy" for the consumer loan sector, highlighting their significance [3] - The approach taken in these policies emphasizes collaboration among various departments to ensure successful execution and benefit to the public [9]

Personal Consumption Loan Subsidy Policy - The core condition for residents to enjoy personal consumption loan subsidies is to have genuine consumption behavior [1] - From September this year, consumers can receive subsidies for various types of consumption, with a maximum subsidy of 500 yuan per single transaction, and multiple transactions can be combined for a total subsidy of up to 1000 yuan for loans under 50,000 yuan, and up to 3000 yuan for loans above 50,000 yuan [2][1] Service Industry Loan Subsidy Policy - The core condition for service industry entities to receive loan subsidies is that the loan funds must be used for business activities [5] - The maximum loan amount eligible for subsidy in the eight major consumption sectors is 1 million yuan per entity, with a maximum subsidy of 10,000 yuan [6] Application and Processing Procedures - For personal consumption loans, borrowers do not need to take additional actions to receive subsidies; the lending institution will calculate the subsidy based on actual consumption and deduct it from the interest payments [3] - For service industry loans, borrowers simply need to follow the normal loan application process, and the bank will return the subsidy amount to the borrower after receiving the funds from the government [7] Examples of Subsidy Impact - A consumer taking a personal consumption loan of 200,000 yuan for home renovation at a 3% interest rate could save up to 2,000 yuan in interest payments with a 1% subsidy, effectively receiving a one-third reduction in interest costs [4] - A restaurant receiving a 900,000 yuan loan for business expansion can benefit from a total subsidy of 9,000 yuan, with the bank returning part of the subsidy upfront and deducting the rest from future interest payments [8]

Core Viewpoint - The government has introduced two subsidy policies for personal consumption loans and service industry loans to stimulate consumption and support businesses, focusing on improving residents' living standards and enhancing service quality [1]. Personal Consumption Loan Subsidy Policy - The central government will provide interest subsidies for personal consumption loans, targeting loans used for various consumer expenditures, including daily expenses and significant purchases like cars and home renovations [2]. - The subsidy rate is set at 1%, approximately one-third of the current interest rate for personal consumption loans [2]. - The policy will be implemented for one year and covers both goods and service consumption [2]. Service Industry Loan Subsidy Policy - The subsidy targets bank loans issued to service industry businesses, focusing on eight key sectors such as dining, health, and tourism [3]. - Similar to the personal loan policy, the subsidy rate is also 1% and can be applied for one year [3]. - Each business can receive a maximum subsidy of 10,000 yuan for loans up to 1 million yuan [3]. Application Conditions for Personal Consumption Loan Subsidy - Individuals must have obtained a consumption loan from September this year and demonstrate actual consumption behavior [4]. - The maximum subsidy for a single loan is 500 yuan, with a cumulative maximum of 3,000 yuan for multiple loans [4]. Application Conditions for Service Industry Loan Subsidy - Businesses must utilize the loan funds for operational activities to qualify for the subsidy [5]. Loan Subsidy Processing for Personal Consumption - Borrowers need to authorize the lending institution to access transaction information for subsidy processing [9]. - The lending institution will deduct the subsidy amount from the interest payments, and borrowers will be notified through various channels [9]. Loan Subsidy Processing for Service Industry - Businesses follow standard credit procedures to apply for loans, and once the subsidy funds are received, the bank will refund the interest paid [11]. - Future interest payments will have the subsidy deducted directly by the bank [11]. Cost-Saving Examples - A consumer taking a 200,000 yuan loan for home renovation at a 3% interest rate could save 2,000 yuan in interest due to the subsidy [13]. - A restaurant receiving a 900,000 yuan loan can benefit from a total subsidy of 9,000 yuan, with the bank refunding part of the subsidy after receiving government funds [15]. Key Highlights of the "Double Subsidy" Policy - The policy aims for precise subsidies, greater support for consumption, broader coverage, efficient processing, and a focus on serving consumers and businesses [16].