一揽子增量政策实施超一年·“数”读经济“晴雨表” 多维度透视经济向好态势更稳

Core Insights - The implementation of a comprehensive incremental policy since September 26, 2024, has led to a steady recovery in both invoice sales and tax revenue across major industries and tax categories, indicating an overall improvement in the Chinese economy [1][21] Invoice Sales and Tax Revenue - From Q3 2024 to Q3 2025, the quarterly sales revenue growth rates for enterprises were 0.4%, 2.6%, 2.1%, 3.1%, and 4.4%, showing a steady upward trend [3] - In October 2024, tax revenue turned positive after seven months of negative growth, with a cumulative increase in tax revenue from February 2025 showing consistent positive growth for eight months [5] Capital Market Performance - The capital market has become more active, with the total market value of A-share companies surpassing 100 trillion yuan in August 2025, and the Shanghai Composite Index reaching a ten-year high in September [7] - Tax revenue from capital market services increased by 56.8% year-on-year, with securities transaction stamp duty rising by 110.5% [7] Corporate Performance and Tax Growth - The manufacturing sector saw a year-on-year tax revenue increase of 5.4%, accounting for 31% of total tax revenue, indicating a significant stabilizing effect [11] - Major tax categories showed positive growth, with domestic value-added tax increasing by 3.2% and corporate income tax rising by 4.1%, reflecting improved profitability in certain industries [14] Policy Impact and Market Dynamics - The "Two New" policies have effectively released market vitality, with significant growth in machinery and equipment purchases, particularly in high-tech manufacturing, which saw a 11.8% increase [18] - Retail sales in consumer goods, such as refrigerators and televisions, experienced substantial year-on-year growth of 55.4% and 35.3%, respectively [18]