近期，财政部、中国人民银行、金融监管总局联合印发《个人消费贷款财政贴息政策实施方案》，财政 部、民政部等九部门同步出台《服务业经营主体贷款贴息政策实施方案》，为消费市场注入强劲动力。 作为国有大行在陕金融主力军，中国银行陕西省分行（以下简称"陕西中行"）迅速响应，以实际行动践 行"金融为民"初心，助力三秦大地消费市场焕发新活力。 两方案通过"财政引导+金融赋能"的协同机制，精准覆盖个人消费与服务业经营主体两大领域，形成从 需求端激活到供给端升级的闭环。其中，个人消费贷款财政贴息政策覆盖单笔5万元以下消费及家用汽 车、文旅、健康医疗等重点领域，年贴息比例1个百分点，最高贴息金额达3000元；服务业经营主体贷 款贴息政策聚焦餐饮住宿、养老、托育、文旅、体育等8类消费领域，通过降低融资成本助力企业提质 增效。 "两项贴息政策的落地，是财政与金融协同发力、精准滴灌的重要实践。"陕西中行住房与消费金融部主 管汤赛介绍道，"作为首批参与政策落地的国有银行，陕西中行将严格按照市场化、法治化原则，于9月 1日起全面启动符合条件的个人消费贷款财政贴息工作，并针对服务业经营主体优化贷款流程，确保政 策红利直达市场主体。" 今年以 ...

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 ...

Core Viewpoint - The implementation of the regulatory notice on consumer finance has led banks to increase the limits and extend the terms of consumer loans, with some products offering limits up to 25 million yuan and terms extending to 7 years [1][7]. Summary by Sections Consumer Loan Limits and Terms - Banks are introducing higher limits for consumer loans, with some products offering maximum amounts of 25 million yuan and terms extending up to 7 years [1][7]. - The new consumer loan products are primarily aimed at high-quality customers, with strict eligibility criteria based on employment, financial status, income sources, and repayment ability [6][8]. Interest Rates - Following a period of declining interest rates, most consumer loan products now have annual rates above 3%, with state-owned banks offering rates around 3% and some joint-stock banks exceeding 4% [1][2]. - The competitive landscape saw a "price war" in consumer loans, but regulatory measures have since halted this trend, leading to a general increase in interest rates [2][8]. Product Offerings - Various banks have launched large consumer loan products, with limits ranging from 100,000 yuan to 2.5 billion yuan, and terms varying from 5 to 7 years [5][6]. - Specific examples include China Bank's "Good Guest Loan" with a maximum of 200,000 yuan and an interest rate of 5.4%-23.725%, and Agricultural Bank's "Net Quick Loan" with a maximum of 1 million yuan at a starting rate of 3.1% [2][3]. Regulatory Framework - The central government has issued guidelines to encourage financial institutions to increase personal consumer loan offerings while ensuring risk control [7][9]. - The regulatory notice allows for higher loan limits and extended terms, aiming to stimulate consumer spending and support economic recovery [7][8]. Market Dynamics - The recent policy changes have invigorated the consumer loan market, allowing banks to better meet diverse consumer needs and enhance consumer confidence [8][9]. - However, experts caution against excessive loan amounts and low interest rates, advocating for a balanced approach to risk management and customer segmentation [9].

Core Insights - The article emphasizes the importance of financial services in boosting consumer spending through various supportive policies and initiatives from the government and financial institutions [1][9][10] Financial Policies and Initiatives - A comprehensive "roadmap" for financial support to enhance and expand consumption has been issued, outlining 19 measures across six areas [1] - The People's Bank of China and other departments have recognized the role of consumption as a key driver for economic growth amid increasing external uncertainties [1][9] Credit and Loan Growth - Financial institutions have significantly increased credit offerings in the consumer sector, with a total loan balance of 269.3 trillion yuan, reflecting a year-on-year growth of 6.9% [2][5] - As of early 2025, major banks have reported substantial increases in personal consumption loans, with Industrial and Commercial Bank of China (ICBC) exceeding 1.7 trillion yuan in loans [5] Consumer Credit Products - Banks are transitioning from traditional lenders to co-builders of a consumption ecosystem, launching various consumer credit products and services [3][4] - Specific initiatives include credit card promotions, cashback offers, and partnerships with merchants to enhance consumer engagement [4][5] Targeting Diverse Consumer Segments - Financial institutions are focusing on differentiated product offerings to reach underserved consumer segments, particularly new citizens and online consumers [6][8] - Innovative platforms and products are being developed to meet the financing needs of these groups, such as interest-free periods and flexible repayment options [7][8] Regulatory Support and Future Directions - Recent regulatory measures have encouraged banks to increase personal consumption loan limits and extend loan terms, aiming to stimulate consumer spending [9][10] - The People's Bank of China plans to maintain a moderately loose monetary policy to support consumption and stabilize economic growth [10]

Group 1: Economic Growth and Consumer Finance - Consumption is a vital engine driving economic growth, linking economic development with everyday life [1] - China Bank Anhui Branch has launched a special action plan to boost consumer finance, focusing on financial innovation to enhance consumption [1] Group 2: Real Estate Market Support - The bank is actively supporting the real estate market by increasing personal housing loan issuance and optimizing mortgage policies [2] - As of June, the bank has connected with 63 "white list" projects, providing a credit limit of 18 billion yuan to stabilize the real estate market [2] Group 3: Consumer Market Activation - The bank has issued 20.7 billion yuan in personal consumer loans this year, serving over 94,000 customers, with non-housing consumer loans increasing by 46% year-on-year [3] - The bank has developed a multi-layered consumer finance service system, integrating various products to enhance consumer spending [3] Group 4: Innovation and Digital Transformation - The bank is driving innovation through digitalization and product innovation, improving service efficiency in housing loans [4] - The introduction of new consumer loan products related to the "old-for-new" policy has resulted in 2.1 billion yuan in loans issued [5] Group 5: International Payment Services - The bank has established the first overseas guest payment service center in the province, enhancing the convenience of international payment services [5] - The bank aims to deepen innovation and improve efficiency to better support the local economy and enhance the quality of life for residents [6]

Core Viewpoint - The Bank of China Jiangxi Branch is actively responding to national policies aimed at boosting consumption by implementing a comprehensive action plan to enhance consumer finance, thereby stimulating economic growth and improving people's livelihoods [1] Group 1: Consumer Finance Development - The Bank of China Jiangxi Branch has launched the "China Bank Jiangxi Branch Development Consumer Finance to Boost Consumption Special Action Plan" focusing on deepening consumer scenarios, enhancing product innovation, and optimizing resource allocation [1] - The bank has increased the credit limits for online and offline consumer loans to 300,000 yuan and 500,000 yuan respectively, and extended loan terms to meet long-term consumer needs [2] - From January to June, the bank provided consumer credit services to nearly 30,000 new customers, representing a year-on-year increase of 12%, with total consumer loan disbursements reaching 8.4 billion yuan, a year-on-year increase of 24% [2] Group 2: Consumer Experience Enhancement - The bank has optimized service processes and improved mobile banking convenience, allowing consumers to submit offline loan applications via a mobile scanning system and access various loan services online [2] - The bank has launched promotional activities such as "Consumption Discounts" and "618 Payment Reductions," distributing over 1 million yuan in consumer subsidies, which have driven consumption exceeding 2 billion yuan [3] Group 3: Support for New Energy Vehicles - The bank has significantly increased financial support for new energy vehicle purchases, with installment financing reaching nearly 300 million yuan by the end of June, reflecting a year-on-year increase of over 200% [4] - The bank is promoting "trade-in" policies to stimulate consumption and industry upgrades, offering various financial products and discounts for automotive and home improvement needs [4][5] Group 4: Service Consumption Upgrade - The bank is focusing on enhancing service consumption, which is crucial for improving living standards and optimizing consumption structure, by providing comprehensive financial services across various sectors such as dining, entertainment, and tourism [6] - The bank has supported local cultural tourism projects, providing 480 million yuan in loans to enhance the development of tourist attractions, thereby improving payment experiences for visitors [8]

Core Viewpoint - The recent reduction in Loan Prime Rate (LPR) is expected to lower financing costs for both enterprises and residents, thereby stimulating economic activity and consumer confidence [6][7][8]. Group 1: Impact on Enterprises - The one-year LPR has decreased to 3%, and the five-year LPR has dropped to 3.5%, both down by 10 basis points from the previous period, leading to a reduction in overall financing costs for the real economy [6]. - Companies like Maoming Boge Port Railway Co. have reported significant savings, with annual interest expenses reduced by 770,000 yuan, easing operational pressures [6]. - The average weighted interest rate for new corporate loans in April was approximately 3.2%, which is about 50 basis points lower than the same period last year, indicating a trend of declining loan rates [6][7]. Group 2: Impact on Residents - Homebuyers are benefiting from reduced mortgage interest burdens, with some banks adjusting their rates in response to the LPR decrease [8][9]. - For a 1 million yuan, 30-year mortgage, a 10 basis point drop in LPR can reduce monthly payments by 54 yuan and total interest payments by 19,000 yuan [9]. - In major cities, banks have quickly adjusted first-home loan rates to around 3.05%, which is expected to boost housing market activity and consumer purchasing power [9][10]. Group 3: Stimulating Consumer Spending - The LPR decline is also expected to lower costs for large consumer purchases, alleviating financial pressure on residents looking to improve their living conditions [11]. - For instance, a 300,000 yuan, 3-year consumer loan can save nearly 3,600 yuan in interest compared to last year, which can encourage spending on home renovations and other large purchases [11]. - Banks are actively expanding consumer credit offerings, with some products now offering rates as low as 3%, which is a 25 basis point decrease from the previous year [11].

Core Viewpoint - The competition in consumer loans among banks has shifted from a focus on low interest rates to enhancing loan limits and extending loan terms, as banks seek to adapt to changing market conditions and regulatory guidance [1][11][15] Consumer Loan Growth - In 2024, the total consumer loan balance of 40 A-share listed banks increased by over 950 billion yuan, with some banks experiencing growth rates exceeding 90% compared to the previous year [1][3] - The consumer loan balance for these banks reached approximately 6.06 trillion yuan by the end of 2024, marking an increase of 957.85 billion yuan from the previous year [3][4] Interest Rate Trends - Consumer loan interest rates dropped to the "2" range, with some banks offering rates as low as 1.88% for select customers, but this trend has reversed with many banks raising rates to no less than 3% by April 2024 [1][9][10] - The shift back to "3" range interest rates is aimed at preventing excessive competition and potential financial risks associated with low-rate loans [10][11] Bank Strategies - Banks are now focusing on enhancing consumer loan products by increasing limits and extending terms, responding to government initiatives to boost consumption [11][12] - Various banks have begun to raise loan limits and extend repayment periods, with some institutions increasing the maximum loan amount from 300,000 yuan to 500,000 yuan and extending terms from five to seven years [12][16] Market Segmentation - The consumer loan market is showing significant differentiation, with some banks rapidly expanding their loan portfolios through low-rate strategies, while others are contracting due to concerns over rising non-performing loan rates [5][10] - Banks are increasingly targeting specific consumer scenarios, such as home renovations and electric vehicle purchases, to drive loan growth [15][16] Risk Management - The rise in consumer loan balances has led to an increase in non-performing loans, prompting banks to enhance their risk management practices and focus on quality customer segments [9][10][14] - Regulatory bodies are emphasizing the need for banks to monitor the flow of consumer loan funds to mitigate systemic risks [14]