Core Insights - In 2025, the region's fiscal departments are expected to achieve a "double growth" in both revenue and expenditure for 12 consecutive months, with general public budget revenue reaching 192.05 billion yuan, a year-on-year increase of 4.6%, and expenditure reaching 674.218 billion yuan, a year-on-year increase of 4.2% [1][2] Fiscal Performance - General public budget revenue is projected to exceed 190 billion yuan and expenditure to surpass 670 billion yuan, marking the first time in nearly six years that both revenue and expenditure have shown continuous growth for 12 months [1] - The region has allocated over 37.3 billion yuan to support major projects, including the Pinglu Canal and the Beibu Gulf International Gateway Port [1] Economic Empowerment - A series of tax reduction and fee reduction measures are expected to inject vitality into the business sector, with preliminary estimates indicating that over 26 billion yuan in tax reductions and refunds will support technological innovation and manufacturing development in 2025 [2] - The government has facilitated the issuance of subsidized loans exceeding 115.1 billion yuan, benefiting over 44,000 businesses and reducing financing costs by over 1.2 billion yuan [2] Innovation and Development - The region aims to allocate 150 billion yuan annually, totaling nearly 450 billion yuan over three years, to support the development of new productive forces through 11 policy measures [2] - Investment in digital infrastructure is set to increase by 133.3%, with 700 million yuan allocated for artificial intelligence capabilities and international cooperation [2] Social Welfare - In 2025, total spending on people's livelihoods is expected to reach 539.235 billion yuan, a year-on-year increase of 4.3%, accounting for 80% of general public budget expenditure [3] - Expenditure in key areas such as transportation, energy conservation, and social security is projected to grow at double-digit rates, enhancing the quality of life for residents [3]

Group 1: Tax Revenue Trends - Since 2013, China's tax revenue growth has consistently lagged behind GDP growth, indicating a downward trend in tax revenue[2] - Tax revenue as a percentage of GDP has declined from 18.7% in 2012 to 13.0% in 2024, marking the lowest level since 2001[15] - The average annual growth rate of tax revenue from 2013 to 2023 is only 4.4%, significantly lower than the 20.3% from 2005 to 2012[20] Group 2: Economic Factors Influencing Tax Revenue - The shift in China's economic development from supply shortages to demand insufficiency has significantly impacted tax revenue growth[22] - The transition from real estate-driven growth to new productive forces has created a mismatch between tax sources and revenue, leading to a decline in tax revenue growth[25] - The reliance on tax cuts and fee reductions has hindered the effectiveness of fiscal policies, resulting in a weak tax base expansion effect[30] Group 3: Structural Challenges - The tax system's design, characterized by overlapping taxation, exacerbates revenue volatility, especially during economic downturns[32] - The progressive nature of certain taxes can amplify revenue fluctuations, causing tax revenue to decline faster than economic value during downturns[34] - The existing tax structure has not adapted to the evolving economic landscape, particularly in the service and digital economy sectors, leading to further revenue challenges[28]

Core Viewpoint - The Shanghai Stock Exchange (SSE) and Shenzhen Stock Exchange (SZSE) announced significant fee reduction measures for the year 2026, with a total expected reduction exceeding 1.9 billion yuan, aimed at benefiting investors and supporting the real economy [5][6]. Group 1: Shanghai Stock Exchange (SSE) Measures - SSE anticipates a fee reduction of approximately 1.113 billion yuan for 2026, including exemptions from listing fees for companies and reductions in transaction unit usage fees [5][6]. - Specific measures include waiving listing fees for existing and new companies, reducing transaction unit fees from 45,000 yuan to 30,000 yuan annually starting July 1, 2026, and exempting various bond transaction fees [7][8]. - SSE emphasizes its commitment to implementing national policies on tax and fee reductions, aiming to enhance market confidence and support high-quality economic development [6][7]. Group 2: Shenzhen Stock Exchange (SZSE) Measures - SZSE expects to implement fee reductions exceeding 800 million yuan, with measures covering stocks, funds, and bonds [5][6]. - Key initiatives include waiving listing fees for both companies and funds, as well as transaction fees for bonds and asset-backed securities [12]. - SZSE has consistently increased its fee reduction efforts in recent years, aiming to improve the financial environment for market participants and enhance investor satisfaction [6][12].

近年来，沪深交易所认真贯彻落实党中央、国务院关于减税降费的决策部署，持续挖掘降费空间、提升 让利力度，聚焦支持实体经济与资本市场高质量发展。"十四五"期间，上交所研究调降股票、债券、基 金、REITs等的交易经手费收费标准，持续免收上市公司及基金、REITs上市费，减免会员等市场主体 的交易单元使用费；上交所下属子公司持续减免上市公司、行业机构相关服务费用，通过系列降费措施 提振市场信心、稳定发展预期，助力经济平稳健康运行。深交所则先后调降基金、股票等产品交易经手 费，连续多年免收基金上市费和流量费，减免债券融资交易费用、上市公司上市费及网络投票服务费， 并指导下属子公司减免行业机构交易通信等费用。两大交易所通过"真金白银"的组合式降费措施，有力 提升了市场主体和投资者的获得感，有效提振市场信心、稳定发展预期，助力经济平稳健康运行。 12月26日，上海证券交易所和深圳证券交易所分别发布《关于暂免收取部分2026年度费用的通知》和 《关于减免2026年度相关费用的通知》，推出多项降费措施。整体降费金额预计超过19亿元(上交所约 11.13亿元、深交所超8亿元)。 具体来看，上交所免收沪市上市公司上市费，减免交易 ...

Core Viewpoint - The article discusses the introduction of fee reduction measures by the Shanghai and Shenzhen Stock Exchanges for the year 2026, which is seen as a significant move to support the capital market and the real economy, with an estimated total fee reduction exceeding 19 billion RMB [1][9]. Group 1: Shanghai Stock Exchange (SSE) Measures - SSE announced a series of fee reduction measures, including the exemption of listing fees for both existing and new companies in 2026, and a reduction in the trading unit usage fee from 45,000 RMB to 30,000 RMB per year starting July 1, 2026 [3][4]. - The SSE will also waive transaction handling fees for various types of bonds (excluding convertible bonds) and asset-backed securities for 2026, along with discounts on several service fees related to technology and data services [5][6]. - The total estimated fee reduction for SSE is approximately 11.13 billion RMB, aimed at enhancing market confidence and supporting economic stability [3][4]. Group 2: Shenzhen Stock Exchange (SZSE) Measures - SZSE has implemented multiple fee reduction measures for 2026, including the exemption of listing fees for both companies and funds, as well as waiving transaction handling fees for bonds (excluding convertible bonds) and asset-backed securities [9][11]. - The exchange will also reduce the transaction unit flow fees for funds and bonds, and halve the fees for online voting services related to shareholder meetings [10][14]. - The total expected fee reduction for SZSE is over 8 billion RMB, reflecting a commitment to support the real economy and enhance market vitality [9][10].

12月26日，中国资本市场迎来政策利好，沪深交易所同步发布通知，宣布推出2026年度系列降费措 施。这不仅是资本市场落实中央经济工作会议精神的具体行动，更是一场"真金白银"的及时雨。 据初步测算，两大交易所预计降费总金额将超过19亿元人民币（其中上交所约11.13亿元，深交所超 8亿元）。政策覆盖了股票、基金、债券等主要品种，贯穿了上市、交易、服务等全环节。 上交所发布2026年降费让利通知 今日，上海证券交易所（以下简称上交所）发布《关于暂免收取部分2026年度费用的通知》，推出 2026年系列降费让利措施，免收沪市上市公司上市费，减免交易单元使用费，免收可转债以外的债 券交易经手费等。同时，上交所下属子公司减免交易网关流速费、上证e服务、上证e投票、上证云 等费用。预计2026年降费让利金额约11.13亿元。 上交所始终认真贯彻落实党中央和国务院关于减税降费的决策部署，持续挖掘降费空间，提升让利 力度，聚焦支持实体经济发展，推动资本市场高质量发展。"十四五"期间，上交所研究调降股票、 债券、基金、REITs等的交易经手费收费标准，持续免收上市公司及基金、REITs上市费，减免会员 等市场主体的交易单元使用 ...

上交所始终认真贯彻落实党中央、国务院关于减税降费的决策部署，持续挖掘降费空间，提升让利力 度，聚焦支持实体经济发展，推动资本市场高质量发展。"十四五"时期，上交所调降股票、债券、基 金、REITs等的交易经手费收费标准，持续免收上市公司及基金、REITs上市费，减免会员等市场主体 的交易单元使用费；上交所下属子公司持续减免上市公司、行业机构相关服务费用，通过系列降费措施 提振市场信心、稳定发展预期，助力经济平稳健康运行。 近年来，深交所认真贯彻落实党中央、国务院有关减税降费政策要求，实施多项惠企利民的降费措施， 降费力度逐年加大。先后调降基金、股票等产品交易经手费收费标准，连续多年免收基金上市费和流量 费，免收相关债券产品融资交易费用，免收上市公司上市费、减免网络投票服务费等，指导下属子公司 持续减免行业机构交易通信等费用。这些组合式措施，"真金白银"惠企利民，有力提升了市场主体和投 资者获得感。 沪深交易所表示，下一步，将深入贯彻党的二十届四中全会和中央经济工作会议精神，科学合理推进减 费工作，进一步激发市场活力，更好服务实体经济和高质量发展，助力实现"十五五"金融工作良好开 局，为中国式现代化和金融强国建 ...

Core Viewpoint - The Shanghai and Shenzhen Stock Exchanges have announced a series of fee reductions for 2026, aimed at supporting the real economy and enhancing market confidence, with expected total savings of approximately 19.13 billion yuan [1][2]. Group 1: Shanghai Stock Exchange Measures - The Shanghai Stock Exchange will waive listing fees for companies, reduce transaction unit usage fees, and exempt transaction handling fees for bonds excluding convertible bonds. Additional fee reductions will apply to services provided by its subsidiaries, with an estimated total reduction of about 11.13 billion yuan for 2026 [1]. - The exchange has consistently implemented fee reductions in line with national policies, including lowering transaction handling fees for stocks, bonds, and funds, and waiving listing fees for companies and funds [2]. Group 2: Shenzhen Stock Exchange Measures - The Shenzhen Stock Exchange's fee reductions cover various products including stocks, funds, and bonds, with six specific measures such as waiving listing fees for companies and funds, and halving the service fee for online voting at shareholder meetings. The total expected fee reduction exceeds 8 billion yuan [1][2]. - The exchange has progressively increased its fee reduction efforts over the years, continuously waiving fees for fund listings and transaction handling for certain bond products, thereby enhancing the benefits for market participants [2]. Group 3: Future Directions - Both exchanges plan to further implement fee reduction strategies in alignment with national economic policies, aiming to stimulate market activity and support high-quality economic development, contributing to the broader goals of financial modernization and strength [3].

具体来看，上交所免收沪市上市公司上市费，减免交易单元使用费，免收可转债以外的债券交易经手费 等。同时，上交所下属子公司减免交易网关流速费、上证e服务、上证e投票、上证云等费用。预计2026 年降费让利金额约11.13亿元。 12月26日，沪深交易所发布2026年系列降费让利措施，覆盖上市、交易、服务等环节，两所预计2026年 合计降费让利超19亿元。 深交所共推出6项措施，包括：免收上市公司上市费，免收基金上市费，免收债券(不含可转债)及资产 支持证券的交易经手费，免收基金、债券(不含可转债)及资产支持证券等产品的交易单元流量费，减免 深市交易通信及深证云相关费用，减半收取股东大会网络投票服务费。预计整体降费金额超过8亿元。 一直以来，沪深交易所认真贯彻落实党中央和国务院关于减税降费的决策部署，持续挖掘降费空间，提 升让利力度。"十四五"期间，上交所研究调降股票、债券、基金、REITs等的交易经手费收费标准，持 续免收上市公司及基金、REITs上市费，减免会员等市场主体的交易单元使用费；上交所下属子公司持 续减免上市公司、行业机构相关服务费用。 近年来，深交所先后调降基金、股票等产品交易经手费收费标准，连续多 ...

中国基金报记者 晨曦 沪深交易所，重磅消息来了！ 【导读】沪深交易所发布通知，推出 2026 年度系列降费措施 12 月 26 日，上交所、深交所均发布通知，公布 2026 年度系列降费措施。 其中，上交所预计 2026 年降费让利金额约 11.13 亿元，深交所预计整体降费金额超过 8 亿 元。也即，两大交易所预计降费总金额将超过 19 亿元。降费内容涉及股票、基金、债券等品 种，覆盖上市、交易、服务等环节，为股民切实 " 送福利 " 。 深交所发布《关于减免 2026 年度相关费用的通知》，推出多项 2026 年降费措施。该次降 费涉及深市股票、基金、债券等品种，覆盖上市、交易、服务等环节，共 6 项措施，包括： 免收上市公司上市费，免收基金上市费，免收债券（不含可转债）及资产支持证券的交易经 手费，免收基金、债券（不含可转债）及资产支持证券等产品的交易单元流量费，减免深市 交易通信及深证云相关费用，减半收取 股东大会 网络投票服务费。 近年来，深交所认真贯彻落实党中央、国务院有关减税降费政策要求，实施多项惠企利民的 降费措施，降费力度逐年加大。先后调降基金、股票等产品交易经手费收费标准，连续多年 免收基 ...