17 banks announced the implementation of a personal consumption loan interest subsidy plan.

date
14/08/2025
As of the time of publication, 17 banks have issued announcements regarding the implementation of personal consumption loan interest subsidy policies, and will strictly implement the "Implementation Plan for Fiscal Interest Subsidy Policies for Personal Consumption Loans" to promote related work on interest subsidies for personal consumption loans. Many banks have made it clear that starting from September 1, 2025, they will provide interest subsidies to customers who meet the requirements of the above-mentioned notice, and emphasize that they do not charge any service fees for handling personal consumption loan interest subsidies. They also warn customers to beware of various forms of fraud and to safeguard their property and information security, reminding them not to entrust any organization or individual outside of official channels to handle these matters.
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CITIC Securities stated that the National Medical Security Administration has issued the "Announcement on the Preliminary Review of Drugs and Related Information in the Adjustment of the Drug Catalogs for National Basic Medical Insurance, Maternity Insurance, Work-related Injury Insurance, and the Innovation Drug Catalog for Commercial Insurance by 2025". We believe that the first appearance of the commercial insurance innovation drug catalog is of symbolic significance, which is conducive to the development of commercial insurance and the expansion of the payment end, and more beneficial to the construction of a multi-level medical security system and the innovation of the pharmaceutical industry in China. The introduction process of the basic medical insurance and commercial insurance innovation drug catalogs in this round is relatively fast, and the inclusion of drug varieties exceeds expectations, with a wide range of categories, which highlights the National Medical Security Administration's new definition of "innovation". Continuing our investment strategy viewpoint for the second half of 2025, embracing innovation-driven and internationalization + independent controllable + out-of-hospital marketing mode reform will be a relatively more certain layout direction in the second half of the year. Considering that in addition to overseas gains, the innovative drug sector has received strong domestic policy support, we believe that the era of truly innovative and internationalized pharmaceuticals will bring returns and are expected to drive the sector steadily upwards. We suggest laying out in the second half of the year around the three areas of "innovation-driven and internationalization + independent controllable + out-of-hospital marketing mode reform" in the horizontal dimension, especially in the innovative drug sector with the most beta effect.
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