对居民部门而言，目前在本轮债务出清过程中仍处在去杠杆的 阶段，在此背景下提振消费并非易事，消费贷贴息政策会成 为"喂饱骆驼的第一根粮草"吗？我们认为，要让政策效果达到 预期，重要的是多管齐下，用好包括消费贷贴息在内的"组合 拳"。 作者： 张林 封图：图虫创意 8月12日，财政部等三部委印发了《个人消费贷款财政贴息政策实施方案》。财政贴息相当于对特 定消费主体和消费贷款实施的定向降息，有助于降低消费领域的融资成本。 提振消费是一项相当复杂的系统性工程。在这一系统性工程中，财政政策的角色非常重要。它是更 倾向于公共投资还是更倾向于家庭保障，是两种非常不同的政策选择。 今年以来，财政政策思路发生了明显的变化，体现出更显著的"投资于人"以及"民生支持"倾向，更 注重直达家庭与个人。比如，推出国家育儿补贴，这是首次以现金补贴方式大范围直补家庭开支； 当前对消费贷款的贴息政策，也是首次中央财政对消费贷款进行定向补贴。 由财政拿出真金白银来支持居民消费，释放了政策信号和暖意，但也不宜过度解读消费贷贴息的政 策效果，比如认为消费贷贴息可以取代以旧换新，或者认为该政策将撬动超万亿元增量消费等。 从政策落地规则上来看，以旧换新 ...

证券研究报告 东吴证券晨会纪要 东吴证券晨会纪要 2025-08-18 宏观策略 [Table_MacroStrategy] 宏观点评 20250815：消费还有哪些潜在空间？——7 月经济数据点评 消费还有哪些潜在空间？尽管"以旧换新"在四季度可能面临一定压力， 但我们认为对于下半年消费增速无需过于悲观，仍有 3 方面支撑：一是 餐饮增速预计将逐月回升，尽管回升的幅度和节奏可能不会很快，但会切 实好于 6-7 月。二是生育补贴带来的消费增量将从 8 月后开始释放，今年 补贴规模在 900 亿左右，如果按照 70%的消费倾向，在下半年全部释放， 能拉动社零 0.3 个点左右。三是消费贷贴息也能带动一些增长。 风险提 示：房地产市场走弱；出口下行；以旧换新政策后续不及预期的风险。 固收金工 [Table_FixedGain] 固收点评 20250815：凯众转债：汽车轻量化设计先导者 凯众转债（113698.SH）于 2025 年 8 月 15 日开始网上申购：总发行规模 为 3.08 亿元，扣除发行费用后的募集资金净额用于广东小熊精品电器有 限公司新建智能小家电制造基地(二期)项目。 行业 推荐个股及其他点评 ...

Core Viewpoint - The newly introduced personal consumption loan interest subsidy policy aims to lower the effective interest rates for consumers, but banks have yet to provide specific implementation details, and current rates remain above 3% [1][2][3] Group 1: Policy Implementation - The personal consumption loan interest subsidy policy will be effective from September 1, 2025, to August 31, 2026, targeting loans used for specific consumption purposes [3] - Major banks, including Agricultural Bank, Construction Bank, and Bank of China, will implement the subsidy for qualifying personal consumption loans starting September 1, 2025 [4] - The subsidy will only apply to loans with verified consumption transactions and specific usage restrictions, excluding purchases like real estate and stocks [2][4] Group 2: Market Reactions and Expectations - Market participants speculate that the subsidy will not directly lead to lower interest rates but may reduce effective rates for consumers who meet the criteria [1][2] - Financial experts suggest that while there is potential for interest rate reductions, the extent may be limited due to banks' net interest margin pressures [1][4] Group 3: Historical Context and Future Implications - Previous regional implementations of consumption loan subsidies have shown positive effects on consumer credit costs and business financing [5] - The policy is seen as an innovative measure to stimulate consumer spending and support businesses, with expectations for broader participation from more banks if initial results are favorable [5][6]

（原标题：用好消费贷贴息应打好"组合拳"） 张林/文 8月12日，财政部等三部委印发了《个人消费贷款财政贴息政策实施方案》。财政贴息相当于 对特定消费主体和消费贷款实施的定向降息，有助于降低消费领域的融资成本。 提振消费是一项相当复杂的系统性工程。在这一系统性工程中，财政政策的角色非常重要。它是更倾向 于公共投资还是更倾向于家庭保障，是两种非常不同的政策选择。 今年以来，财政政策思路发生了明显的变化，体现出更显著的"投资于人"以及"民生支持"倾向，更注重 直达家庭与个人。比如，推出国家育儿补贴，这是首次以现金补贴方式大范围直补家庭开支；当前对消 费贷款的贴息政策，也是首次中央财政对消费贷款进行定向补贴。 由财政拿出真金白银来支持居民消费，释放了政策信号和暖意，但也不宜过度解读消费贷贴息的政策效 果，比如认为消费贷贴息可以取代以旧换新，或者认为该政策将撬动超万亿元增量消费等。 从政策落地规则上来看，以旧换新补贴的是消费品本身，而消费贷贴息补贴的是信贷工具，且消费贷贴 息在适用期限、使用条件和使用限额方面做了诸多限制，相比消费品以旧换新的政策力度偏小，所以， 认为消费贷贴息能够替代以旧换新政策的解读可能是偏颇的。 ...

Economic Overview - In July, industrial added value increased by 5.7% year-on-year, down from 6.8% in June, while the service production index rose by 5.8%[1] - External demand showed unexpected strength with exports growing by 7.2%, surpassing the expected 5.9%, while internal demand weakened with retail sales increasing by only 3.7% compared to 4.8% in June[1] Consumer Trends - Retail sales growth declined from 6.4% in May to 4.8% in June and further to 3.7% in July, primarily driven by a slowdown in goods sales[1] - The sales growth of "trade-in" subsidy products fell from an average of 17.5% to 12.7%, indicating a significant impact on overall retail performance[1] Investment Insights - Fixed asset investment growth dropped from 2.6% in June to 1.6% in July, with construction investment showing negative growth for the first time since August 2020, at -0.8%[1] - Manufacturing investment growth decreased from 7.5% in June to 6.2% in July, highlighting a divergence in investment performance across different sectors[2] Future Outlook - Despite potential pressures in Q4 due to high base effects and demand front-loading, there are three supporting factors for consumer growth in the second half of the year: gradual recovery in dining growth, the release of childbirth subsidies, and consumer loan interest subsidies[1] - The construction sector is expected to face continued pressure in August due to adverse weather conditions, but policy-driven financial tools may provide support in Q4[2]

Core Viewpoint - The introduction of a personal consumption loan subsidy policy is expected to lower interest rates and increase loan demand, with major banks preparing to implement these changes starting September 1, 2025 [2][3][6]. Group 1: Policy Implementation - The personal consumption loan subsidy policy was officially announced on August 12, 2023, allowing eligible loans to receive interest subsidies from September 1, 2025, to August 31, 2026 [2][3]. - Six major state-owned banks and twelve joint-stock banks are participating in the subsidy program, with many banks actively preparing operational guidelines and implementation details [2][3]. - The subsidy aims to lower effective interest rates for consumers, potentially starting with rates in the "2" range for high-quality clients [1][2]. Group 2: Loan Products and Interest Rates - Many banks are upgrading their consumption loan products, with maximum loan amounts reaching up to 1 million yuan [4][5]. - Current consumption loan interest rates are generally above 3%, with some banks offering rates starting at 3% for specific products [1][5]. - The government has encouraged financial institutions to increase personal consumption loan offerings while maintaining risk control, with recent policies allowing for higher loan limits for creditworthy clients [5][6]. Group 3: Market Response and Trends - Banks are responding to the policy by lowering consumption loan rates to stimulate consumer spending and support economic growth [6][7]. - The development of consumption loans is seen as a key strategy for banks to stabilize personal loan business and capture market share amid a challenging economic environment [6][7]. - There is evidence of increased consumer loan demand, with significant growth in personal consumption loan balances reported by major banks [7].

"申请这款消费贷产品的人很多，其能够满足大部分客户的资金需求，最低利率3%，可随借随还。 待'国补'贴息政策正式执行后，优质客户贷款利率有望以'2'字开头。"8月13日，建设银行北京市朝阳区 某网点的消费贷业务人员一边在银行App上翻动产品界面，一边向记者介绍。 个人消费贷款财政贴息政策日前正式出炉，6家国有大行悉数加入消费贷"国补"行列，12家股份行紧随 其后，有银行宣布将于9月1日落地贴息举措。除利率有贴息加持外，消费贷额度也在提升。记者实地走 访北京地区多家银行网点发现，目前，银行消费贷利率基本保持在3%以上，有的银行还对消费贷额度 进行了升级，推出了最高额度为百万元级的产品。 ● 本报记者 吴杨 做好充足准备 "我们线上的'快贷'产品，通过手机银行可以直接申请的额度上限是30万元，利率是3%起。"建设银行北 京市西城区某支行消费贷业务人员介绍，倘若额度不够，还能申请"建易贷"。该产品主要通过线下渠道 申请，主要面向优质公积金缴存客户。如果贷款客户就职企业名列建设银行白名单，那么申请消费贷的 额度上限最高可升至100万元。 作为农业银行线上信用类消费贷的主打产品，目前"网捷贷"的最高额度为100万元。前 ...

2025.08. 13 本文字数：1546，阅读时长大约3分钟 作者 | 第一财经 陈益刊 个人想要拿到上述中央财政这笔消费贷款贴息，要做对四件事： 1. 办理个人消费贷款时间必须在2025年9月1日至2026年8月31日期间，期限刚好是一年。 2. 选择贷款经办机构必须限定在以下23家中央财政认可机构。 具体为18家银行：工商银行、农业银行、中国银行、建设银行、交通银行、邮储银行、中信银行、 光大银行、华夏银行、民生银行、招商银行、兴业银行、广发银行、平安银行、浦发银行、恒丰银 行、浙商银行、渤海银行。5家其他个人消费贷款发放机构：微众银行、蚂蚁消金、招联金融、兴业 消费金融、中银消费金融。 3. 个人消费贷款资金必须用于消费的部分才能享受相应的贴息。其中单笔5万元以上的消费贴息，更 是限定在八大重点领域：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。 财政贴息1%，一家银行贴息上限3000元 为了支持居民消费，中央财政层面第一次探索给个人消费贷款补贴部分利息，以降低其信贷成本。那 么老百姓究竟如何才能享受这一贴息优惠政策？ 财政部等发布的《个人消费贷款财政贴息政策实施方案》，以及 ...

多家银行响应消费贷贴息 近日，包括大行、股份行在内的多家银行纷纷发声，响应7月底国务院常务会议提出的"部署实施个人消 费贷款贴息政策与服务业经营主体贷款贴息政策"。多家银行表示将优化办理流程、简化手续，确保国 家政策红利及时惠及消费者。新政具体执行细则仍有待披露，不过记者注意到，此前四川、重庆、杭州 余杭区等地已有开展个人消费贷贴息的先例，从实践来看，各地有所差异，贴息标准则多在1.5%左 右。（每经） 结构性行情持续演绎 基金年内业绩首尾相差近150个百分点 数据显示，截至8月6日，主动权益类基金今年以来平均收益为15.1%，超500只主动权益类基金的复权 单位净值创历史新高。其中，127只基金今年以来收益超过50%，23只基金收益超过80%，更有6只基金 年内净值翻倍。与此同时，50多只权益类基金今年以来净值跌幅逾5%，其中领跌基金净值下跌 18.38%。在今年以来的震荡分化行情中，公募基金业绩呈现分化，主动权益类基金年内业绩首尾相差 近150个百分点。领跑者收益接近130%，落后者跌幅超过18%。从业绩归因看，领涨基金大多把握住了 创新药、科技、新消费等领域的投资机会。从资金面看，绩优基金限购潮起，新发 ...