《个人消费贷款财政贴息政策实施方案》实施已逾两个月，目前政策效果如何？贴息成功率高不 高？还面临哪些问题？记者进行了采访。 据了解，目前建设银行受理的贴息申请中，成功率大概在80%以上。不过，即便有较高的成功率， 建设银行在贴息审核中仍存在部分未通过案例，且在业务推进中面临着一些实际难点。建设银行相关负 责人介绍，受理的贴息申请中，未通过的主要原因是发票购买方名称与客户姓名不一致，开票日期早于 消费日期，上传发票影像不清晰、不完整等。消费贷款本质为居民个人或家庭周转资金，具有小额分散 特点，资金用途存在客观判定困难；业务实践中，因消费交易场景复杂隐蔽，精准识别存在难点，如第 三方支付消费无法穿透识别至具体商品、MCC码套用、不同渠道MCC码不一致等。同时，人工集约化 处理也面临发票鉴定难，客户取现、转账消费证明材料规则不统一等问题。 浙商银行相关负责人表示，尽管浙商银行的自动审批率较高，但在具体的识别技术层面，同样面临 着一些特殊情况。比如，客户的贷款如出现部分提前还款、结清或逾期等情况，会使借据状态发生变 动；同时客户的消费行为也随着当日退款、非当日退款等情况不断变动，使得消费场景难以准确识别。 此外，大部 ...

党的二十届四中全会提出，坚持扩大内需这个战略基点，坚持惠民生和促消费、投资于物和投资于人紧 密结合，以新需求引领新供给，以新供给创造新需求，促进消费和投资、供给和需求良性互动，增强国 内大循环内生动力和可靠性。 支持基础设施提质升级。建设银行立足传统优势，支持重点城市、商圈等消费基础设施提质升级，做好 行内信贷产品制度优化，加大对包括购物中心、酒店、商业综合体等项目的信贷支持力度；聚焦铁路公 路货运、水上运输、多式联运等领域，降低物流信贷成本，今年发放现代物流领域贷款超1600亿元，助 力消费流通体系效率提升。建行厦门市分行助力"屿见闽南·时光幻境"文商旅综合体及厦门国际博览中 心建设，建行广东省分行贷款支持广东天然气管网"县县通工程"禾云—连州—连山项目。 扩围普惠金融服务。建设银行运用"商户云贷""善营贷"等普惠金融产品，强化对消费领域商户的融资支 持，精准服务汽车、家电、家装等重点领域小微企业和个体工商户。建行江苏省分行不仅做信贷资金提 供者解决融资难题，更向着为企业提供全经营场景、全生命周期服务的方向进行业务扩展，针对参 与"苏新消费"活动的商户，制定"善营贷"专属客群服务方案，为客户定制化提供"支付 ...

进入四季度，银行不良资产转让迎来年内高峰期。 具体看来，个人消费贷款及信用卡透支依然是个人不良资产的主要来源，项目数量多且金额较大，多份 资产包规模达到亿元级。在目前49份转让公告中，标注为"个人消费贷款"的转让项目共有25个，标注 为"信用卡透支"的共21个。 11月18日，浦发银行信用卡中心接连发布四则个人不良贷款（信用卡透支）转让项目，其中一份（第10 期）涉及75616笔资产，未偿本息总额高达34.61亿元；另外三份资产包涉及的未偿本息总额均在4亿至5 亿元。四份资产包所涉借款人均为40岁以上的中年人群，加权平均逾期天数在4年至6年。同日，交通银 行上架一份来源于个人消费贷款的不良资产包，未偿本息总额约1.43亿元，加权平均逾期天数近三年。 联合资信研报指出，在经济周期性、产品内在风险性及市场策略有效性共同作用下，商业银行信用卡不 良率高于其他类型个人贷款，且上升趋势相对明显，个别城农商行信用卡不良率甚至已突破9%。消费 贷资产质量的下滑，本质上是银行前期追求规模的增长模式与宏观逆周期、微观风控能力不足之间矛盾 的凸显。 《国际金融报》记者注意到，11月以来，截至目前银行挂牌的个人不良资产转让项目数量 ...

Core Insights - The personal non-performing loan (NPL) transfer market is experiencing unprecedented activity, with recent adjustments in transfer announcement rules drawing significant industry attention [1][7] - Key changes include the removal of publicly disclosed starting price information and the addition of a "no unauthorized reproduction" watermark on announcements [1][7] - Analysts view these changes as a rebalancing of market transparency and risk control, aimed at preventing low-price transfers from causing market anxiety and reducing information distortion from unofficial channels [1][8] Market Activity - The frequency of personal loan NPL transfers has increased, with 80 announcements made in November alone, compared to 81 for the entire month of October [2] - Major banks such as Shanghai Pudong Development Bank, Ping An Bank, and China Merchants Bank have been actively listing NPLs, particularly in personal consumption and operational loans [2] - Specific examples include Ping An Bank's transfer of a personal loan package with an outstanding principal and interest of 57.49 million yuan, involving 254 borrowers, with an average overdue period exceeding three years [2] Credit Card NPLs - Credit card overdraft assets also represent a significant portion of the transfers, with Shanghai Pudong Development Bank announcing over 5 billion yuan in NPLs in a single day [3] - Other banks, such as China Construction Bank, have also launched related asset packages, indicating a growing trend in credit card NPL transfers [3] Regulatory and Institutional Drivers - The surge in NPL transfers is driven by stricter regulatory assessments of banks' capital adequacy and non-performing loan ratios, prompting banks to offload "historical burdens" [4] - The expansion of the pilot program for NPL transfers has increased market liquidity and allowed more institutions to participate, leading to a significant rise in transaction volumes [5][6] Market Evolution - Since the initiation of the personal loan NPL transfer pilot in early 2021, the market has evolved from cautious exploration to a phase of rapid expansion, with transaction volumes increasing from 4.73 billion yuan in 2021 to 17.57 billion yuan in 2022 [5] - In the first quarter of 2023, the scale of personal NPL transfers reached 37.04 billion yuan, a year-on-year increase of 760% [5] Changes in Announcement Practices - Recent adjustments in transfer announcement practices include the non-disclosure of starting prices, which were previously a core public information element [7] - This change aims to protect the rights of transaction parties and prevent external misinterpretation of asset quality, as well as to mitigate the risk of information being misused by debt collection organizations [8] Future Market Dynamics - As the NPL transfer market becomes more specialized, the focus is shifting from price competition to value competition, with a greater reliance on due diligence for pricing models [9] - Smaller institutions may face challenges in negotiating power due to limited due diligence capabilities, while larger asset management companies (AMCs) are expected to gain competitive advantages through advanced valuation systems [9]

个人不良贷款批量转让市场正迎来前所未有的火热态势，而近期不良资产转让公告中的规则调整引发了 行业广泛关注。细心的市场参与者发现，不良资产转让公告近期出现两处关键变化：一是此前公开披露 的债权起始价信息被取消，二是公告文档新增"未经许可不得转载"水印。而在此之前，起始价是公告核 心公开信息，且无任何转载限制。根据北京商报记者获得的信息，包括AMC（即资产管理公司）等已 完成备案的业务参与方，在提交申请后，登录业务系统可查看起始价等竞价所需信息。在分析人士看 来，上述变化是市场透明度与风险防控的再平衡，既避免低价转让引发市场焦虑，也能减少非官方渠道 的信息扭曲。 不良转让热度攀升 当下，银登中心平台上的个贷不良资产转让已然进入"高频挂牌"模式。11月18日，北京商报记者梳理发 现，11月以来，浦发银行、平安银行、招商银行、交通银行、中国银行等多家机构已密集发布不良贷款 转让信息80条，对比10月整月81条的公告数量，个人不良贷款的出清节奏正持续加快。 从转让资产类型来看，个人消费贷款、经营性贷款成为绝对主力。11月18日，平安银行挂出2025年第85 期个人不良贷款（个人消费及经营性贷款）转让项目，该资产包未偿本 ...

Core Insights - The implementation of the personal consumption loan interest subsidy policy aims to stimulate consumer spending and support economic growth by reducing the cost of consumer credit [1][2][3] - The policy has been positively received by consumers and financial institutions, leading to increased loan applications and consumer spending in sectors like home appliances and furniture [3][6][7] Group 1: Policy Implementation and Impact - The personal consumption loan interest subsidy policy began in September, providing financial incentives to consumers to encourage spending [1][2] - As of the end of October, nearly 1 million customers had signed subsidy agreements, with over 1.8 million transactions recognized as eligible for the subsidy [3][10] - The policy has led to a noticeable increase in consumer purchases, particularly in home appliances and home renovations, with significant savings on interest payments [3][8] Group 2: Consumer Experience - Consumers report a seamless experience when applying for loans and receiving subsidies, with many banks offering automated systems for recognizing eligible transactions [2][9] - The convenience of online applications and automatic recognition of eligible purchases has enhanced consumer satisfaction [2][9] - The subsidy has allowed consumers to make larger purchases without the burden of high interest, leading to increased spending on essential and luxury items [5][11] Group 3: Financial Institutions' Response - Financial institutions have adapted quickly to the new policy, streamlining processes to ensure consumers can easily access the benefits [3][10] - Banks have established dedicated teams to manage the implementation of the subsidy policy, ensuring compliance and efficiency [3][10] - The collaboration between banks and e-commerce platforms has resulted in additional incentives for consumers, further driving sales during promotional events like "Double 11" [6][14] Group 4: Market Trends - The subsidy policy has led to a significant increase in the proportion of products available for interest-free installment payments, with some retailers reporting a rise from under 5% to over 50% [7][14] - E-commerce platforms have seen a nearly 40% increase in transaction volume for products covered by the subsidy since its implementation [14] - The combination of government subsidies, financial support, and retailer discounts has created a robust environment for consumer spending, positioning it as a long-term growth driver for the economy [7][10]

Core Viewpoint - The implementation of the "Personal Consumption Loan Financial Subsidy Policy" aims to stimulate consumer spending and support economic growth by reducing the cost of consumer credit through financial subsidies [1][2]. Group 1: Policy Implementation and Impact - The subsidy policy began in September and is designed to lower the cost of consumer loans, thereby enhancing consumer purchasing power and promoting economic recovery [1][3]. - The policy has been well-received, with nearly 1 million customers signing subsidy agreements and over 1.8 million transactions recognized as eligible for subsidies by the end of October [3][10]. - The combination of the subsidy policy with other initiatives, such as trade-in programs, is expected to create a synergistic effect that enhances consumer spending [1][7]. Group 2: Consumer Experience and Benefits - Consumers report a seamless experience when applying for loans and receiving subsidies, with many banks offering automated systems for recognizing eligible transactions [2][9]. - For example, a consumer in Dongguan saved over 1,000 yuan in interest by utilizing the subsidy for a loan on home appliances [2][9]. - The policy has led to significant increases in the adoption of interest-free installment plans, with some retailers reporting a 60% increase in eligible products during promotional events [6][7]. Group 3: Financial Institutions' Role - Major banks, including state-owned and joint-stock commercial banks, have actively participated in the implementation of the subsidy policy, streamlining processes to facilitate consumer access [5][16]. - Financial institutions have developed dedicated systems to ensure compliance and efficiency in processing subsidy applications, enhancing customer service [3][10]. - The Agricultural Bank of China reported that it has provided 1.2 billion yuan in subsidies to over 10,000 customers since the policy's launch [10][16]. Group 4: E-commerce and Retail Response - E-commerce platforms and retailers have responded positively to the subsidy policy, with many offering additional discounts and interest-free financing options to attract consumers [6][14]. - The integration of the subsidy with online shopping platforms has made it easier for consumers to benefit from financial support without additional steps [5][14]. - Retailers have noted a significant increase in sales of high-ticket items, such as home appliances and vehicles, attributed to the financial incentives provided by the policy [7][15].

Group 1 - The core view of the report indicates a decline in fiscal support year-on-year, with M1 growth peaking and then receding [1][3] - The report highlights a decrease in credit volume, with October RMB loan growth at 6.5% year-on-year, a reduction of 0.12 percentage points month-on-month, and a new loan addition of 220 billion yuan, which is 280 billion yuan less than the previous year [2] - The report emphasizes the importance of "supply-demand balance" in the credit market, noting that weak demand in the household sector, particularly for short-term loans, is a significant factor [2] Group 2 - M1 and M2 growth rates fell by 1 percentage point and 0.2 percentage points respectively in October, with M1 at 6.2% and M2 at 8.2% [3] - The report suggests that the decline in M1 growth is attributed to a booming capital market, leading to a shift of deposits from residents and enterprises to non-bank deposits [3] - The investment recommendation remains focused on the banking sector, highlighting that the long-term investment value of banks continues to be strong, with a suggestion to focus on state-owned banks and quality regional banks [4][9] Group 3 - The report provides a detailed analysis of the banking sector's performance, indicating that the Shenyin & Wanguo Bank Index rose by 1.70% during the week, outperforming the CSI 300 Index by 2.78 percentage points [8] - It notes that the overall market performance for the week saw major indices decline, with the CSI 300 down by 1.08% and the Shanghai Composite Index down by 0.18% [8] - The report also includes a forecast for key companies, with EPS and PE ratios provided for several banks, indicating a positive outlook for banks like Ningbo Bank and Jiangsu Bank [10]

第一财经此前曾报道，据不完全梳理，包括农业银行、建设银行、交通银行等多家银行，近期均通过线 上平台大量直接销售房产。在京东资产拍卖平台或阿里资产拍卖平台上，部分银行在售房产标的已超千 套，处置速度明显加快。（详见 《低价"银行直供房"激增,有房产价格低于市价25%》 ）。这一现象 已在业内引发广泛关注。 银行为何加速推出直供房源？背后是多重因素的叠加推动。一方面，随着部分经营性贷款陆续到期，抵 押房产因当前房地产市场下行而面临价值重估，出现评估价低于原贷款金额的"价值倒挂"现象，导致部 分企业与个人面临续贷困难，违约房产随之进入处置流程；另一方面，银行自身也面临资本消耗、盈利 补充与房价预期下行的压力，加速处置抵债资产成为其优化资产负债表、释放资本空间的重要选择。 展望未来，业内普遍认为，目前一、二线城市涉房风险整体可控，但部分区域仍面临风险出清压力。在 此背景下，银行正积极拓展资产证券化等多元化处置渠道，探索存量房产的有效盘活路径，力求在稳步 化解金融风险的同时，实现资产价值的最大化回收。 本文字数：3236，阅读时长大约5分钟 作者 | 第一财经 王方然 2025.11. 16 有何原因？ 多位房地产业内 ...

消费贷贴息政策实施已逾两月，效果如何？ 在贴息具体操作层面，借款人需签署《个人消费贷款财政贴息服务协议》，授予贷款经办机构相关权 限，允许其识别贷款发放账户或者指定账户的交易信息。对于系统可自动识别符合贴息条件的消费交易 信息的，贷款经办机构将自动开展贴息；对系统未能识别的，借款人可发起消费认定申请，在人工审核 通过后予以贴息。 据了解，目前建设银行受理的贴息申请中，成功率大概在80%以上。不过，即便有较高的成功率，建设 银行在贴息审核中仍存在部分未通过案例，且在业务推进中面临着一些实际难点。建设银行相关负责人 介绍，受理的贴息申请中，未通过的主要原因是发票购买方名称与客户姓名不一致，开票日期早于消费 日期，上传发票影像不清晰、不完整等。消费贷款本质为居民个人或家庭周转资金，具有小额分散特 点，资金用途存在客观判定困难；业务实践中，因消费交易场景复杂隐蔽，精准识别存在难点，如第三 方支付消费无法穿透识别至具体商品、MCC码套用、不同渠道MCC码不一致等。同时，人工集约化处 理也面临发票鉴定难，客户取现、转账消费证明材料规则不统一等问题。 浙商银行相关负责人表示，尽管浙商银行的自动审批率较高，但在具体的识别技术 ...