Core Viewpoint - The recent implementation of "reverse invoicing" for resource recovery enterprises is a significant reform aimed at addressing industry pain points and enhancing the comprehensive management of solid waste, thereby facilitating the circular economy chain [1][2]. Group 1: Cost Reduction - The previous practice of "non-invoice sales" by individuals selling scrapped products to resource recovery enterprises increased operational costs due to the lack of valid input tax deduction certificates [1]. - Starting from April 29, 2024, resource recovery enterprises will be able to issue invoices to individuals selling scrapped products, which will help reduce costs by allowing for input tax deductions and expense deductions before income tax [1]. Group 2: Industry Standardization and Confidence - Individuals selling scrapped products through "reverse invoicing" will benefit from tax exemptions and reductions, including VAT exemption for monthly sales below 100,000 yuan, a reduced VAT rate of 1%, and a prepayment of personal income tax at 0.5% of sales [2]. - The initiative aims to enhance industry transparency and standardization, thereby increasing investor confidence and attracting more capital into the resource recovery sector [2]. - As of now, there are 14,800 resource recovery enterprises participating in "reverse invoicing," with the invoicing amount expected to reach nearly 900 billion yuan from January to December 2025 [2].

Group 1 - The core concept of "reverse invoicing" is that the invoice issuance process is reversed, where the buyer (payer) issues the invoice to the seller (payee) [3] - Reverse invoicing is necessary in situations such as agricultural product purchases, where individual farmers may not be able or willing to issue invoices [4][5] - Companies purchasing agricultural products from individual farmers can issue agricultural purchase invoices, allowing general taxpayers to deduct input tax based on these invoices [5] Group 2 - From October 1, 2022, automotive sales companies are allowed to issue reverse invoices for second-hand cars purchased from individuals, facilitating the transfer registration process [8] - Only companies registered as "automobile sales" with the business department can issue reverse invoices for second-hand car sales [9] Group 3 - Since July 1, 2014, State Grid Corporation's subsidiaries can issue ordinary invoices when purchasing electricity products from distributed photovoltaic power generation projects [11] - However, these transactions do not allow for the issuance of special invoices for input tax deductions, only ordinary invoices can be issued [11] Group 4 - Starting April 29, 2024, resource recovery enterprises can issue invoices to individuals selling scrap products, provided they meet certain conditions [13] - There is a limitation where if an individual has cumulative sales exceeding 5 million yuan in reverse invoicing over 12 months, the resource recovery enterprise cannot issue further reverse invoices to them [13] Group 5 - Important considerations for reverse invoicing include timely registration with tax authorities, clear communication between buyer and seller, ensuring transaction legality, and maintaining accurate transaction records [14] - Companies must manage the entire procurement process, including written agreements and proper documentation, to ensure compliance with tax regulations [14]

首先，破难题降成本。以往，从事报废产品回收的自然人多以"不带票销售"方式与资源回收企业开展业 务，导致资源回收企业缺乏有效的进项抵扣凭证，增加了企业经营成本，制约了行业发展。为解决这个 长期困扰资源回收企业的"第一张票"难题，我国自2024年4月29日起开始实施资源回收企业"反向开 票"，即自然人报废产品出售者向资源回收企业销售报废产品，符合条件的资源回收企业可以向出售者 开具发票。此举拓宽了资源回收企业获取发票的途径，解决其"第一张票"难取得以及由此带来的增值税 进项税款难抵扣、成本费用在所得税前难扣除的问题，帮助企业有效降低成本。 其次，促规范强信心。自然人通过"反向开票"销售报废产品可享受小规模纳税人月销售额10万元以下免 征增值税、3%征收率减按1%计算缴纳增值税、按照销售额0.5%预缴经营所得个人所得税等政策，同时 由资源回收企业为其代办增值税及附加税费、经营所得个人所得税的申报事项，在保障自然人合法权益 的同时，有效减轻其办税负担，进一步激发其参与正规回收的积极性。这将从源头提升整个行业规范性 和透明度，增强投资者信心，吸引更多资本进入资源回收行业。 推广资源回收企业向自然人报废产品出售者"反向开 ...

Group 1 - The core concept of the article is to clarify the differences between the probation period and the internship period, emphasizing that the probation period is a mutual assessment period agreed upon by both the employer and the employee, lasting no more than six months [2][4]. - The purpose of the probation period is primarily for the employer to assess the employee's suitability for the role, while the internship period is aimed at students to familiarize themselves with professional work and enhance their skills [4][5]. - The identity of the parties involved differs: individuals in a probation period are employees, whereas those in an internship are generally students [6]. Group 2 - The nature of the probation period is that it is a trial phase after hiring, governed by labor laws, while the internship is considered a social practice activity that does not establish an employment relationship [8]. - According to the Labor Contract Law, the salary during the probation period must not be less than 80% of the minimum wage for the same position in the company or the agreed salary in the labor contract, and it must also meet the local minimum wage standards [10]. - Termination of the labor contract during the probation period has specific conditions: the employee can terminate the contract with three days' notice, while the employer can only terminate it under certain circumstances as outlined in the Labor Contract Law [12][13].

Group 1 - The article discusses the process of tax source collection and declaration for vehicle and vessel tax, emphasizing the steps required for both enterprises and individuals to complete their tax obligations [3][4][6] - For enterprises, the system prompts users to select applicable tax sources, such as ships and certain vehicles, and requires detailed information input including vehicle license plate number, identification codes, and administrative district [4][6] - Individuals must log into the national unified electronic tax bureau, complete their administrative information, and follow similar steps for tax source collection and declaration as enterprises [6] Group 2 - The article outlines the necessary information for maintaining vehicle and vessel data, including registration details and tax authority information, which must be accurately filled out to ensure proper tax declaration [4][6] - After completing the declaration, users can choose various payment methods, such as UnionPay or cloud payment, to finalize their vehicle and vessel tax payments [6] - The article also mentions the requirements for obtaining tax payment certificates, including necessary documentation like tax registration certificates and identification, which vary for different types of taxpayers [18]

1. Report Industry Investment Rating - Copper: Neutral [8] - Arbitrage: Suspended [8] - Option: short put @ 74,000 yuan/ton [8] 2. Core Viewpoint of the Report - After the interest - rate meeting and the delivery date, copper prices may decline slightly. Currently, downstream consumption is relatively poor, and there is significant wait - and - see sentiment in the industry chain. Therefore, it is advisable to adopt a wait - and - see approach for now [8] 3. Summary by Relevant Catalogs Market News and Important Data Futures Quotes - On December 10, 2025, the Shanghai copper main contract opened at 91,400 yuan/ton and closed at 91,850 yuan/ton, a 0.83% increase from the previous trading day's closing price. The night - session main contract opened at 92,250 yuan/ton and closed at 91,770 yuan/ton, a 0.09% decrease from the afternoon closing price [1] Spot Situation - According to SMM, the spot price range of SMM 1 electrolytic copper was a discount of 40 yuan/ton to a premium of 100 yuan/ton, with an average premium of 30 yuan/ton, a 65 - yuan/ton decrease from the previous day. The copper price ranged from 91,510 to 91,890 yuan/ton. Due to approaching the 2512 contract delivery, concentrated shipments by holders led to a rapid decline in spot premiums. It is expected that spot trading will continue to be under pressure, and premiums may remain slightly discounted [2] Important Information Summary Macro and Geopolitical Aspects - The Fed cut the federal funds rate target range by 25 basis points to 3.50% - 3.75%. It is the third rate cut this year. The Fed will start a monthly purchase program of about $40 billion in short - term Treasury bonds from December 12. Fed Chairman Powell said inflation is still high, but non - tariff - driven core inflation has improved significantly. President Trump criticized the Fed for the insufficient rate - cut amplitude [3] Mining End - On December 10, Aterian signed a binding joint - venture agreement with Lithosquare. They will launch an AI - driven exploration plan in 8 copper projects. Lithosquare will invest €1.4 million. If exploration is successful, it can increase its stake [4] Smelting and Import - As of December 8, the number of resource recycling enterprises using "reverse invoicing" reached 14,800, and the "reverse invoicing" amount this year is nearly 900 billion yuan. The resource recycling system in China is becoming more complete. From January to October 2025, the domestic recycling of scrapped cars increased by over 50% year - on - year, and the output of recycled resources from large - scale equipment was close to the 2024 annual output [5] Consumption - In November 2025, the domestic copper tube production was 138,300 tons, a 13.55% increase from October. The comprehensive capacity utilization rate was 59.69%, a 7.12% increase. The increase in production was due to more effective production days and market demand from e - commerce promotions and project deliveries [6][7] Inventory and Warehouse Receipts - LME warehouse receipts changed by 1,125 tons to 164,975 tons. SHFE warehouse receipts changed by - 600 tons to 28,931 tons. On December 10, the domestic electrolytic copper spot inventory was 160,300 tons, a change of 1,400 tons from the previous week [7] Copper Price and Basis Data | Project | 2025 - 12 - 11 | 2025 - 12 - 10 | 2025 - 12 - 04 | 2025 - 11 - 11 | | --- | --- | --- | --- | --- | | Spot (premium/discount) - SMM: 1 copper | 30 | 95 | 140 | 55 | | Premium copper | 80 | 160 | 210 | 115 | | Flat - water copper | - 10 | 45 | 85 | 10 | | Wet - process copper | - 50 | - 15 | 0 | - 50 | | Yangshan premium | 48 | 46 | 48 | 43 | | LME (0 - 3) | 0 | 8 | 69 | - 18 | | Inventory - LME | 164,975 | 165,675 | 162,150 | 136,275 | | Inventory - SHFE | 88,905 | - | 97,930 | - | | Inventory - COMEX | 401,925 | 398,717 | 391,848 | 335,086 | | Warehouse receipt - SHFE warehouse receipt | 28,931 | 29,531 | 28,969 | 43,789 | | LME cancelled warehouse receipt ratio | 38.09% | 38.39% | 3.89% | 8.60% | | CU2603 - CU2512 (continuous three - near - term) | 130 | - | 190 | 80 | | CU2602 - CU2512 (main - near - term) | 70 | - | 80 | 60 | | CU2602/AL2602 | 4.19 | 4.18 | 4.07 | 3.98 | | Arbitrage - CU2602/ZN2602 | 3.98 | 3.95 | 3.92 | 3.81 | | Import profit | - 946 | - 1078 | - 1433 | - 585 | | Shanghai - London ratio (main contract) | 7.94 | 7.96 | 7.98 | 8.04 | [26][27][28][29]

Market Overview - The main copper futures contract on the Shanghai Futures Exchange opened at 91,400 CNY/ton and closed at 91,850 CNY/ton, an increase of 0.83% from the previous trading day [15] - The night session saw the contract open at 92,250 CNY/ton and close at 91,770 CNY/ton, a decrease of 0.09% from the afternoon close [15] Spot Market - SMM reported that the 1 electrolytic copper spot price ranged from a discount of 40 CNY/ton to a premium of 100 CNY/ton, with an average premium of 30 CNY/ton, down 65 CNY/ton from the previous day [3] - Copper prices fluctuated between 91,510 CNY/ton and 91,890 CNY/ton, with the monthly import loss narrowing to approximately 1,000 CNY/ton [3] - Due to the upcoming delivery of the 2512 contract and year-end settlements, traders concentrated on selling, leading to a rapid decline in spot premiums [3] Macroeconomic Insights - The Federal Open Market Committee (FOMC) of the Federal Reserve announced a 25 basis point rate cut, lowering the federal funds rate target range to 3.50%–3.75%, marking the third rate cut of the year [4] - The FOMC noted moderate economic expansion, a slowdown in job growth, and a slight increase in the unemployment rate, while inflation remains high [4] - Starting December 12, the Fed will initiate a monthly purchase plan of approximately 40 billion USD in short-term Treasury securities to maintain liquidity in the banking system [4] Mining Developments - Aterian signed a binding joint venture agreement with French AI exploration company Lithosquare to initiate AI-driven exploration on eight copper mining projects in the Kalahari Copper Belt and Anti-Atlas regions, covering a total area of 2,898 square kilometers [6] - Lithosquare will invest 1.4 million euros, with the first phase of 500,000 euros allocated for AI target generation and geophysical surveys [6] Recycling and Import Data - As of December 8, the State Taxation Administration reported that there are 14,800 resource recovery enterprises engaged in "reverse invoicing," with nearly 900 billion CNY in transactions this year [7] - The recycling system in China is becoming increasingly robust, with over 50% year-on-year growth in the recovery of scrapped vehicles in the first ten months of 2025 [7] Consumption Trends - According to Mysteel, domestic copper tube production in November 2025 reached 138,300 tons, an increase of 16,500 tons (13.55%) from October [8] - The overall capacity utilization rate for November was 59.69%, up 7.12% month-on-month, with significant contributions from the Double Eleven shopping festival and project deliveries [8][19] Inventory and Warehouse Data - LME warehouse stocks changed by 1,125 tons to 164,975 tons, while SHFE warehouse stocks decreased by 600 tons to 28,931 tons [19] - As of December 10, domestic electrolytic copper spot inventory stood at 160,300 tons, a slight increase of 1,400 tons from the previous week [19] Strategy Outlook - The current copper price is above 90,000 CNY/ton, but downstream consumption remains relatively weak, leading to a cautious outlook for potential price declines post-FOMC meeting and contract delivery [20]

1. Report Industry Investment Rating - Copper: Neutral [8] 2. Core View of the Report - Last week, domestic copper inventories increased due to high copper prices, wide monthly spreads, and cautious downstream procurement. Next week, with some delivery goods flowing out, it's difficult to maintain high premium levels. With limited new downstream orders, inventories are expected to increase slightly. Given the rapidly changing macro - factors and the market's digestion of the US reaching trade agreements with multiple countries, copper prices are expected to fluctuate in the range of 75,000 yuan/ton - 79,500 yuan/ton [8]. 3. Summary by Relevant Catalogs 3.1 Market News and Important Data 3.1.1 Futures Quotes - On December 9, 2025, the opening price of the Shanghai copper main contract was 92,820 yuan/ton, and the closing price was 91,090 yuan/ton, a - 2.02% decrease from the previous trading day's close. The opening price of the night - session was 91,630 yuan/ton, and the closing price was 91,070 yuan/ton, a 1.13% decrease from the afternoon closing price [1]. 3.1.2 Spot Situation - According to SMM, the spot quotation of SMM electrolytic copper was at a premium of 10 - 180 yuan/ton, with an average premium of 95 yuan/ton, a 35 - yuan decrease from the previous day. The price range of 1 electrolytic copper was 91,780 - 92,650 yuan/ton. High copper prices restricted downstream consumption, and the overall trading was light. The spot premium is expected to weaken further [2]. 3.1.3 Important Information Summaries - **Macro and Geopolitical**: On May 20, major domestic banks adjusted RMB deposit interest rates. The current deposit rate was lowered by 0.05 percentage points to 0.05%, and the fixed - deposit rates for various terms were lowered by 0.15 - 0.25 percentage points [3]. - **Mine End**: On December 9, Anglo American and Canada's Teck Resources launched a shareholder vote on their $53 - billion merger. If approved, the new entity's annual copper production capacity will reach 1.35 million tons, ranking among the world's top five copper producers [4]. - **Smelting and Import**: As of December 8, there were 14,800 resource - recycling enterprises using "reverse invoicing", with a reverse - invoicing amount of nearly 900 billion yuan this year. In the first 10 months of 2025, the domestic scrap - car recycling volume increased by over 50% year - on - year [5]. - **Consumption**: In November 2025, China's copper - tube production was 138,300 tons, a 13.55% increase from October. The overall capacity utilization rate was 59.69%, a 7.12% increase. The increase was due to more production days, the "Double Eleven" promotion, and concentrated project deliveries [6][7]. - **Inventory and Warehouse Receipts**: LME warehouse receipts changed by 2,000 tons to 165,675 tons, SHFE warehouse receipts changed by - 425 tons to 29,531 tons, and the domestic electrolytic - copper spot inventory was 160,300 tons, a change of 1,400 tons from the previous week [7]. 3.2 Strategy - **Copper**: Maintain a neutral stance. Copper prices are expected to fluctuate between 75,000 yuan/ton and 79,500 yuan/ton [8]. - **Arbitrage**: Suspend [8]. - **Options**: Short put @ 74,000 yuan/ton [8]. 3.3 Data Tables - **Copper Price and Basis Data**: Includes spot premiums, various copper prices, LME (0 - 3) spreads, inventory, warehouse receipts, LME注销仓单 ratios, and arbitrage data [26][27][29][30].

Group 1: Report Industry Investment Rating - Not provided in the content Group 2: Core Views of the Report - Overseas, before the December FOMC, employment data showed a structural divergence. The "small non - farm" ADP improved marginally, while the overall labor market continued to cool according to the October JOLTS data. The 10 - year US Treasury yield rose, the US dollar index returned to 99.2, and the prices of different commodities showed various trends. In China, the economy is expected to continue to improve in the "15th Five - Year Plan" period, and more active macro - policies will be implemented. The A - share market is expected to fluctuate in the short term, and the bond market's short - term adjustment may be coming to an end [2][3] - Silver soared above $60 due to supply constraints and is expected to remain strong, but there is a risk of a pullback after the Fed's interest - rate decision. Copper prices fell due to concerns about the economic outlook and high prices, and are expected to oscillate. Aluminum prices adjusted due to the expected hawkish interest - rate cut. Alumina prices are expected to decline due to supply overcapacity. Cast aluminum is in a state of oscillatory adjustment due to weakening supply and demand. Zinc prices are oscillating and waiting for the interest - rate meeting's guidance. Lead prices are adjusting with limited downward space. Tin prices are expected to make a small - scale high - level adjustment. Industrial silicon prices are falling due to poor demand. Steel prices are expected to oscillate weakly due to weak supply and demand and falling costs. Iron ore prices are under pressure due to high inventories. Coking coal and coke prices are continuing to weaken due to high imports and weak demand. Bean and rapeseed meal prices are expected to oscillate weakly due to Argentina's tariff cuts and other factors. Palm oil prices are expected to oscillate within a range waiting for the MPOB report [4][6][8][10][11][12][15][16][17][19][20][21][23][25] Group 3: Summaries According to Relevant Catalogs Macroeconomics - Overseas: Before the December FOMC, the "small non - farm" ADP showed short - term stabilization, with an average weekly increase of 4,750 private - sector jobs in the four weeks up to November 22. However, the October JOLTS data indicated that the overall labor market continued to cool, with job vacancies rising to a five - month high, a more than 4% decline in recruitment, layoffs reaching 1.85 million (the highest since early 2023), and the voluntary resignation rate dropping to a five - year low. The 10 - year US Treasury yield rose to 4.18%, the US dollar index returned to 99.2, the US stock market fluctuated and diverged, gold closed up, silver rose above $60, copper prices fell 1.3%, and crude oil continued to weaken [2] - Domestic: China will implement more active macro - policies in the "15th Five - Year Plan" period to ensure a reasonable economic growth rate. The A - share market adjusted with shrinking volume on Tuesday, and is expected to oscillate in the short term. The bond market recovered slightly, and the short - term adjustment may be ending. Attention should be paid to November's price and financial data and the Central Economic Work Conference [3] Precious Metals - Silver prices soared above $60, driving up the prices of other precious metals. The World Silver Association predicts that industrial demand will continue to grow until 2030. Silver prices are supported by low supply, falling global inventories, expectations of a Fed rate cut, and being included in the US critical minerals list. Traders expect an 89.6% probability of a 25 - basis - point rate cut this week. The current bullish sentiment towards silver among funds remains strong, but there is a risk of a pullback after the Fed's interest - rate decision [4][5] Copper - On Tuesday, the main contract of Shanghai copper tested the 91,000 - yuan level, and LME copper fell from a high. The spot market for electrolytic copper had light trading. Trump's remarks on the Fed's rate - cut decision and tariff policies, along with a predicted 87% probability of a rate cut in the Thursday meeting, suggest that this may be the last hawkish rate cut of the year. Concerns about the economic outlook before the US rate cut and high copper prices in China, combined with weak demand and the strengthening US dollar, led to a decline in copper prices. Copper prices are expected to oscillate in the short term [6][7] Aluminum - On Tuesday, the main contract of Shanghai aluminum closed at 21,825 yuan/ton, down 1.71%. The LME aluminum price also fell. The market expects the Fed to make a third consecutive rate cut, and the better - than - expected labor data strengthens the expectation of a hawkish rate cut. The fundamentals of supply and demand are stable, but the previous upward trend in copper prices that drove up aluminum prices has temporarily ended. Aluminum prices are adjusting at a high level [8][9] Alumina - On Tuesday, the main contract of alumina futures closed at 2,546 yuan/ton, down 1.36%. The supply of alumina continues to be in surplus, and there is no sign of large - scale active production cuts. The expected weak balance between supply and demand means that the weak trend of alumina prices is difficult to change in the short term [10] Cast Aluminum - On Tuesday, the main contract of cast aluminum alloy futures closed at 20,810 yuan/ton, down 1.12%. The decline in the price of scrap aluminum due to the high - level adjustment of Shanghai aluminum affected the cost side. On the consumption side, the volatile aluminum prices made downstream consumption cautious. On the supply side, some enterprises suffered losses due to the rapid rise in aluminum prices, and their production started to decline slightly. Both supply and demand weakened slightly, and cast aluminum is in an oscillatory adjustment state [11] Zinc - On Tuesday, the main contract of Shanghai zinc showed a weak intraday oscillation and a high - opening and low - closing at night. The Swedish mining company Boliden plans to reduce its capital expenditure in 2026 and focus on existing core projects. The market expects a hawkish rate cut by the Fed, and the strengthening US dollar suppresses zinc prices. The downstream is still afraid of high prices, and zinc prices are oscillating and waiting for the guidance of the interest - rate meeting [12][14] Lead - On Tuesday, the main contract of Shanghai lead decreased in position and fell during the day and oscillated downward at night. The decline in market sentiment and the technical adjustment of LME lead led to a follow - up decline in Shanghai lead. The pressure on the supply side has weakened marginally due to increased maintenance of primary and secondary smelters, and the demand for automotive starting batteries is good. The social inventory remains at a low level for the year, providing support for lead prices. It is expected that Shanghai lead will continue to adjust in the short term, but the supply reduction and stable demand limit the adjustment space [15] Tin - On Tuesday, the main contract of Shanghai tin showed a weak intraday oscillation and a narrow - range oscillation at night. The better - than - expected US employment data and the approaching Fed meeting made funds cautious, leading to a reduction in positions and a high - level adjustment of futures prices. The armed conflict in eastern Congo has not eased, but the market has priced in the impact on tin - ore transportation, and production has not been substantially affected. Higher tin prices have further suppressed consumption, and social inventories have continued to increase. Short - term tin prices lack upward momentum and are expected to make a small - scale high - level adjustment waiting for guidance [16] Industrial Silicon - On Tuesday, industrial silicon oscillated weakly. The demand for industrial silicon is weak. On the supply side, Xinjiang maintains an 85% operating rate, production in the southwest has declined significantly during the dry season, and there is no expectation of increased production in Gansu and Inner Mongolia. On the demand side, the market - supporting effect of leading polysilicon enterprises is poor, the production schedule of silicon wafers and battery cells is declining, and the actual demand for centralized - type photovoltaic installations is decreasing. The industrial silicon price is expected to oscillate weakly in the short term [17][18] Steel - On Tuesday, steel futures oscillated weakly. The spot market is weak, with poor demand due to the cold wave. The willingness of traders in the Northeast to store steel for the winter is low. The supply and demand of steel are both weak. The reduction in rebar production has accelerated, and the supply - demand relationship has improved, with inventories continuing to decline, strengthening the support for rebar. The supply - demand data of hot - rolled coils has changed little, with a loose supply - demand situation and high - level inventory pressure. Steel prices are expected to oscillate weakly due to weak supply - demand drivers and falling costs [19] Iron Ore - On Tuesday, iron ore futures oscillated and adjusted. As of December 1, the total inventory of imported iron ore at 47 Chinese ports reached 160.2398 million tons, an increase of 1.0829 million tons from the previous Monday. The supply of iron ore is strong and the demand is weak, with continuous inventory increases. This week, the overseas iron - ore arrivals have decreased while shipments have increased, both at high levels, and the port inventory has increased at a high level. On the demand side, steel - mill profits have shrunk, the scale of blast - furnace maintenance has expanded, and pig - iron production has declined. Iron ore prices are expected to oscillate under pressure [20] Coking Coal and Coke - On Tuesday, coking coal and coke futures fell. Mongolian coal imports are at a high level, and port inventories are rising. Domestic mine production is stable, and upstream inventories have increased significantly. Coke - oven operations have increased, but downstream demand is weak, with slow coke sales and increasing inventories. The demand for blast - furnace raw materials is poor as the steel market enters the off - season. Coking coal and coke prices are expected to continue to weaken [21][22] Bean and Rapeseed Meal - On Tuesday, bean and rapeseed meal futures closed down. The December USDA report showed that the US 2025/2026 soybean yield and export demand were not adjusted, with an ending inventory of 290 million bushels. Argentina's soybean production remained at 48.5 million tons, and Brazil's remained at 175 million tons, with a slight increase in the world's soybean ending inventory. Argentina is reducing export tariffs on agricultural products, increasing the export pressure on the international market. The state - reserve will release 512,500 tons of imported soybeans on the 11th. Bean and rapeseed meal prices are expected to oscillate weakly in the short term [23][24] Palm Oil - On Tuesday, palm oil futures closed down. The USDA report shows that the global 2025/26 palm - oil production is expected to be 80.016 million tons, a downward revision of 800,000 tons from the previous month's estimate, and the ending inventory is expected to be 15.206 million tons, a downward revision of 383,000 tons. The MPOB reported that floods have affected palm - oil harvesting and transportation, impacting November's production. The global palm - oil supply and demand remain in a relatively tight balance, with production growth matching demand growth. Palm - oil prices are expected to oscillate within a range in the short term waiting for the MPOB report [25][26]

Core Insights - The State Taxation Administration reported that the "reverse invoicing" amount has reached nearly 900 billion yuan this year, with 14,800 resource recovery enterprises participating, indicating a strengthening of China's resource recovery system [1][2] Group 1: Reverse Invoicing Impact - The implementation of "reverse invoicing" has expanded the avenues for resource recovery enterprises to obtain invoices and broadened compliance management for sellers of scrapped products [1] - The policy aims to effectively reduce the space for non-invoiced transactions and promote the healthy development of the entire recycling industry chain [1] Group 2: Tax Benefits and Support - Tax policies include exemption from value-added tax for small-scale taxpayers with monthly sales below 100,000 yuan, a reduced VAT rate from 3% to 1%, and a prepayment of individual income tax at 0.5% of sales [1] - Resource recovery enterprises are responsible for assisting individuals in filing VAT and additional tax declarations, thereby reducing their tax burden [1] Group 3: Industry Performance - By October 2025, the domestic scrap vehicle recovery volume increased by over 50% year-on-year, with approximately 86 million units of appliances like televisions and refrigerators being properly dismantled, yielding about 1.9 million tons of recycled resources [2] - This reflects the positive role of "reverse invoicing" in facilitating large-scale equipment updates and the exchange of old consumer goods for new ones [2]