Founder Securities(SH:601901) 智通财经网·2025-06-21 08:46Summary of Key Points Core Viewpoint - The fiscal revenue and expenditure data for the first five months of the year indicate a mixed performance, with revenue slightly declining while expenditure shows growth, reflecting a stable fiscal environment despite challenges in revenue generation [1][2]. Group 1: Fiscal Revenue and Expenditure - From January to May, the national general public budget revenue reached 96,623 billion yuan, a year-on-year decrease of 0.3%, with the decline rate narrowing compared to the previous month [2][4]. - General public budget expenditure totaled 112,953 billion yuan, marking a year-on-year increase of 4.2%, although the growth rate has slightly decreased [2][4]. - In May alone, public fiscal revenue grew by 0.13% year-on-year, while public fiscal expenditure increased by 2.63%, both showing a certain degree of slowdown [4]. Group 2: Deficit and Budget Execution - The actual deficit from January to May reached 16,330 billion yuan, the highest in five years, compared to 11,447 billion yuan in the same period last year, representing a year-on-year increase of 4,883 billion yuan [5]. - The broad deficit, considering government funds, amounted to 32,972 billion yuan, up from 29,380 billion yuan last year, reflecting a year-on-year increase of 3,592 billion yuan [5]. - By the end of May, public fiscal revenue completed 43.9% of the annual budget, a 0.6 percentage point increase from last year, while public fiscal expenditure accounted for 38.0% of the budget, remaining stable compared to last year [6]. Group 3: Revenue Structure - Non-tax revenue showed a cumulative growth of 6.2%, although the growth rate has declined, while tax revenue decreased by 1.6%, with the decline rate narrowing [9]. - In May, tax revenue increased by 0.6% year-on-year, while non-tax revenue fell by 2.2% [9]. - Key tax categories showed varied trends, with corporate income tax declining by 2.5% year-on-year but at a reduced rate, while value-added tax increased by 2.4%, indicating improvement in corporate operations [9]. Group 4: Government Spending - Central government spending has shown significant growth, with May's expenditure rising by 11.04% year-on-year, outpacing local government spending growth of 10.1% [12]. - Expenditure in key areas such as science and technology grew by 20.15%, while cultural, tourism, and sports spending increased by 16.2% [12]. - Infrastructure spending in areas like energy conservation and environmental protection grew by 4.6%, although other sectors like transportation and rural affairs saw declines [12]. Group 5: Government Fund Budget - National government fund budget expenditure increased significantly, with a total of 32,125 billion yuan, reflecting a year-on-year growth of 16% [16]. - Government fund budget revenue reached 15,483 billion yuan, a year-on-year decrease of 6.9%, with local government fund income declining by 8.3% [16]. - Central government fund budget expenditure surged by 64.4%, while local government fund expenditure grew by 14.9% [16].