Revenue Summary - In the first seven months of the year, the national general public budget revenue reached 1,358.39 billion yuan, a year-on-year increase of 0.1% [1] - Tax revenue totaled 1,109.33 billion yuan, showing a year-on-year decrease of 0.3% [1] - Non-tax revenue was 249.06 billion yuan, with a year-on-year increase of 2% [1] - Central government revenue was 585.38 billion yuan, down 2% year-on-year, while local government revenue was 773.01 billion yuan, up 1.8% [1] Key Tax Revenue Components - Domestic value-added tax amounted to 425.51 billion yuan, increasing by 3% year-on-year [1] - Domestic consumption tax reached 102.13 billion yuan, with a year-on-year growth of 2.1% [1] - Corporate income tax was 305.66 billion yuan, showing a slight decline of 0.4% [1] - Personal income tax totaled 92.79 billion yuan, reflecting a year-on-year increase of 8.8% [1] - Import goods value-added tax and consumption tax were 103.00 billion yuan, down 6.1% year-on-year [1] - Export tax rebates were 140.65 billion yuan, increasing by 9.7% [1] - Vehicle purchase tax was 11.83 billion yuan, down 18.4% year-on-year [1] - Securities transaction stamp duty reached 93.6 billion yuan, with a significant year-on-year increase of 62.5% [1] Expenditure Summary - National general public budget expenditure for the first seven months was 1,607.37 billion yuan, a year-on-year increase of 3.4% [2] - Education expenditure was 244.38 billion yuan, increasing by 5.7% year-on-year [2] - Social security and employment expenditure reached 276.21 billion yuan, reflecting a year-on-year growth of 9.8% [2] - Health expenditure was 124.02 billion yuan, with a year-on-year increase of 5.3% [2] Government Fund Budget - Government fund budget revenue was 231.24 billion yuan, showing a year-on-year decrease of 0.7% [2] - Government fund budget expenditure was 542.87 billion yuan, with a significant year-on-year increase of 31.7% [2]

Economic News - The State Council emphasizes enhancing macro policy effectiveness and stabilizing market expectations, focusing on domestic circulation and effective investment expansion [1] - The People's Bank of China conducted a reverse repurchase operation of 266.5 billion yuan at a rate of 1.40% [2] - From January to July 2025, national public budget revenue was 1.35839 trillion yuan, with tax revenue declining by 0.3% [3] - Trade with Shanghai Cooperation Organization countries reached 247.7 billion USD in the first half of the year, a 0.8% increase [4] - The Ministry of Finance reported a 0.7% decline in government fund budget revenue from January to July 2025 [5] - Securities transaction stamp duty increased by 62.5% year-on-year in July 2025 [6] - The central bank introduced a series of monetary policy measures, including interest rate cuts and increased loan quotas [7] Important Company Information - JD.com has over 150,000 full-time delivery riders, advocating for social security benefits for gig workers [6] - Dongfeng Group is selling a 50% stake in Dongfeng Honda Engine Company [6] - Leap Motor reported a 174% increase in revenue to 24.25 billion yuan in the first half of 2025, achieving a net profit of 30 million yuan [6] - SoftBank announced a 2 billion USD investment in Intel, reflecting confidence in advanced semiconductor manufacturing [6] - Kandi Technologies has entered into a partnership with CATL to supply battery swap stations for commercial vehicles [6][7] Industry Analysis Coal Industry - Coking coal prices have risen significantly, with the price index reaching 1340.16 yuan/ton, a 17.44% increase [8] - Coking coal inventory at three ports decreased by 14.06% month-on-month [11] - Independent coking plants saw an increase in inventory but a decrease in average available days [9] - The overall capacity utilization rate of independent coking enterprises rose to 74.03% [10] - The demand side shows a potential increase in demand driven by hydroelectric projects [11] Agriculture and Livestock Industry - In July 2025, pig prices fluctuated, with live pig prices averaging 14.91 yuan/kg, a 1.72% increase [13] - The number of breeding sows showed a slight increase, indicating a potential stabilization in supply [14] - Policy measures are focused on reducing production capacity and controlling weight, which may stabilize prices in the long term [15] - Major pig farming companies reported varying sales prices and volumes, with some experiencing a decline in output [16] Machinery Industry - Parker New Materials specializes in high-end metal forging products, serving various industries including aerospace and energy [18] - The company reported a revenue of 7.72 billion yuan in Q1 2025, a 2.95% increase year-on-year [19] - The demand for high-precision forging products is expected to grow, improving the company's product structure and profitability [19] - China's energy cost advantages in electricity and natural gas may help the company capture overseas market share [20]

从收入来看，上述负责人分析，7月份全国一般公共预算收入增幅为年内最高，累计增幅首次转正。7月 份，全国一般公共预算收入20273亿元，同比增长2.6%，其中，中央、地方收入分别增长2.2%、3.1%， 月度增幅均为今年以来最高。1—7月，全国一般公共预算收入增长0.1%，增幅比上半年提高0.4个百分 点。 上述负责人表示，1—7月税收收入累计降幅明显收窄。7月份，全国税收收入18018亿元，同比增长 5%，月度增幅自4月份由负转正后持续回升。1—7月，全国税收收入110933亿元，下降0.3%，降幅比上 半年（-1.2%）收窄0.9个百分点。其中，国内增值税、国内消费税、个人所得税分别增长3%、2.1%、 8.8%，增幅分别比上半年提高0.2个、0.4个、0.8个百分点；企业所得税下降0.4%，降幅比上半年收窄 1.5个百分点。 财政部8月19日发布数据显示，1—7月，全国一般公共预算收入135839亿元，同比增长0.1%；全国一般 公共预算支出160737亿元，同比增长3.4%。 财政部有关负责人介绍，1—7月全国一般公共预算支出保持增长，重点领域支出得到较好保障。各级财 政部门加快债券资金发行使用，1—7 ...

从单月数据来看，7月份，全国一般公共预算收入20273亿元，同比增长2.6%。 财政支出方面，前7个月，全国一般公共预算支出160737亿元，同比增长3.4%。 新华社北京8月19日电（记者申铖）财政部19日发布数据显示，今年前7个月，全国一般公共预算收 入135839亿元，同比增长0.1%。 分中央和地方看，前7个月，中央一般公共预算收入58538亿元，同比下降2%；地方一般公共预算 本级收入77301亿元，同比增长1.8%。 从主要支出科目来看，前7个月，教育支出同比增长5.7%；科学技术支出同比增长3.2%；文化旅游 体育与传媒支出同比增长5.3%；社会保障和就业支出同比增长9.8%；卫生健康支出同比增长5.3%；节 能环保支出同比增长4.3%。 全国政府性基金预算收支方面，前7个月，全国政府性基金预算收入23124亿元，同比下降0.7%； 全国政府性基金预算支出54287亿元，同比增长31.7%。 【纠错】 【责任编辑:刘阳】 各级财政部门认真落实更加积极的财政政策，加大支出强度，优化支出结构，持续加强对重点领域 的支出保障。分中央和地方看，前7个月，中央一般公共预算本级支出23327亿元，同比增长8 ...

Core Viewpoint - The article discusses the fiscal revenue and expenditure situation in China for the first seven months of 2025, highlighting significant changes in various tax revenues and expenditures, particularly in the context of securities transaction stamp duty and overall budget performance [1][2]. National General Public Budget Revenue Situation - From January to July 2025, the national general public budget revenue reached 135,839 billion yuan, a year-on-year increase of 0.1% [3]. - Tax revenue totaled 110,933 billion yuan, showing a slight decline of 0.3% year-on-year, while non-tax revenue increased by 2% to 24,906 billion yuan [3]. - Central government revenue was 58,538 billion yuan, down 2% year-on-year, while local government revenue increased by 1.8% to 77,301 billion yuan [3]. Major Tax Revenue Items - Domestic value-added tax amounted to 42,551 billion yuan, up 3% year-on-year [4]. - Domestic consumption tax reached 10,213 billion yuan, reflecting a growth of 2.1% [4]. - Corporate income tax was 30,566 billion yuan, showing a slight decline of 0.4% [5]. - Personal income tax increased by 8.8% to 9,279 billion yuan [6]. - Import goods value-added tax and consumption tax totaled 10,300 billion yuan, down 6.1% [7]. - Export tax rebates were 14,065 billion yuan, up 9.7% [8]. - Stamp duty revenue was 2,559 billion yuan, with securities transaction stamp duty at 936 billion yuan, marking a significant increase of 62.5% [11]. National General Public Budget Expenditure Situation - Total expenditure from January to July 2025 was 160,737 billion yuan, a year-on-year increase of 3.4% [20]. - Central government expenditure was 23,327 billion yuan, up 8.8%, while local government expenditure increased by 2.5% to 137,410 billion yuan [20]. Major Expenditure Items - Education expenditure reached 24,438 billion yuan, growing by 5.7% [21]. - Social security and employment expenditure was 27,621 billion yuan, reflecting a growth of 9.8% [24]. - Health expenditure totaled 12,402 billion yuan, up 5.3% [25]. - Expenditure on urban and rural community services decreased by 3.5% to 11,185 billion yuan [27]. National Government Fund Budget Revenue Situation - Government fund budget revenue for the first seven months was 23,124 billion yuan, down 0.7% year-on-year [31]. - Central government fund budget revenue was 2,596 billion yuan, up 8.8%, while local government fund budget revenue decreased by 1.8% to 20,528 billion yuan [31]. National Government Fund Budget Expenditure Situation - Total expenditure from January to July 2025 was 54,287 billion yuan, a significant increase of 31.7% [32]. - Central government fund budget expenditure was 7,109 billion yuan, up 4.5 times, while local government fund budget expenditure increased by 18.1% to 47,178 billion yuan [32].

Revenue Summary - In the first seven months of the year, the national general public budget revenue reached 135839 billion yuan, showing a year-on-year growth of 0.1% [1] - Tax revenue totaled 110933 billion yuan, reflecting a year-on-year decrease of 0.3%, while non-tax revenue was 24906 billion yuan, increasing by 2% [1] - The central government's general public budget revenue was 58538 billion yuan, down 2% year-on-year, while local governments saw a revenue increase of 1.8% to 77301 billion yuan [1] Key Tax Revenue Components - Domestic value-added tax amounted to 42551 billion yuan, with a year-on-year increase of 3% [1] - Corporate income tax collected was 30566 billion yuan, showing a slight decline of 0.4% [1] - Personal income tax rose to 9279 billion yuan, marking an increase of 8.8% [1] - Securities transaction stamp duty reached 936 billion yuan, with a significant year-on-year growth of 62.5% [1] Expenditure Overview - Total general public budget expenditure for the first seven months was 160737 billion yuan, reflecting a year-on-year increase of 3.4% [2] - Major expenditure categories included education spending of 24438 billion yuan (up 5.7%), social security and employment spending of 27621 billion yuan (up 9.8%), and health spending of 12402 billion yuan (up 5.3%) [2] Government Fund Budget - Government fund budget revenue was 23124 billion yuan, down 0.7% year-on-year, while expenditure surged to 54287 billion yuan, increasing by 31.7% [2]

Core Insights - The Ministry of Finance reported that from January to July 2025, the national general public budget revenue reached 135,839 billion yuan, showing a year-on-year growth of 0.1% [1] - Tax revenue totaled 110,933 billion yuan, reflecting a year-on-year decline of 0.3%, while non-tax revenue increased by 2% to 24,906 billion yuan [1] - General public budget expenditure for the same period was 160,737 billion yuan, marking a year-on-year increase of 3.4% [1] Revenue Breakdown - Central government revenue was 58,538 billion yuan, down 2% year-on-year, while local government revenue was 77,301 billion yuan, up 1.8% [1] - Major tax categories included domestic value-added tax at 42,551 billion yuan (up 3%), domestic consumption tax at 10,213 billion yuan (up 2.1%), personal income tax at 9,279 billion yuan (up 8.8%), and stamp duty at 2,559 billion yuan (up 20.7%) [1] - Notably, the securities transaction stamp duty reached 936 billion yuan, a significant increase of 62.5% year-on-year [1] Expenditure Breakdown - Total general public budget expenditure was 160,737 billion yuan, with central government expenditure at 23,327 billion yuan (up 8.8%) and local government expenditure at 137,410 billion yuan (up 2.5%) [1] - Key expenditure categories included education at 24,438 billion yuan (up 5.7%), social security and employment at 27,621 billion yuan (up 9.8%), and health care at 12,402 billion yuan (up 5.3%) [2] Government Fund Budget - Government fund budget revenue was 23,124 billion yuan, down 0.7% year-on-year, with central government revenue at 2,596 billion yuan (up 8.8%) and local government revenue at 20,528 billion yuan (down 1.8%) [2] - Land use rights transfer revenue was 16,950 billion yuan, reflecting a decline of 4.6% [2] - Government fund budget expenditure reached 54,287 billion yuan, a substantial increase of 31.7%, with central government expenditure at 7,109 billion yuan (up 4.5 times) and local government expenditure at 47,178 billion yuan (up 18.1%) [2]

National General Public Budget Revenue - National general public budget revenue for January to July reached 135839 billion, a year-on-year increase of 0.1% [1] - Tax revenue amounted to 110933 billion, showing a decline of 0.3% year-on-year, while non-tax revenue was 24906 billion, increasing by 2% [1] - Central government revenue was 58538 billion, down 2% year-on-year, while local government revenue was 77301 billion, up 1.8% [1] Major Tax Revenue Items - Domestic value-added tax collected was 42551 billion, reflecting a growth of 3% [2] - Domestic consumption tax totaled 10213 billion, with a year-on-year increase of 2.1% [3] - Corporate income tax revenue was 30566 billion, showing a slight decline of 0.4% [4] - Personal income tax reached 9279 billion, marking an increase of 8.8% [5] - Import VAT and consumption tax amounted to 10300 billion, down 6.1%, while customs duties were 1316 billion, decreasing by 6.5% [6] - Export tax rebates were 14065 billion, up 9.7% [7] - Urban maintenance and construction tax was 3105 billion, increasing by 2.7% [8] - Vehicle purchase tax was 1183 billion, down significantly by 18.4% [9] - Stamp duty revenue was 2559 billion, with a notable increase of 20.7%, including a 62.5% rise in securities transaction stamp duty [10] - Resource tax collected was 1747 billion, down 1.6% [11] - Decrease in deed tax revenue to 2694 billion, down 15% [12] - Property tax revenue was 3201 billion, increasing by 11.2% [13] - Urban land use tax reached 1653 billion, up 5.8% [14] - Land value increment tax was 2786 billion, down 17.8% [15] - Cultivated land occupation tax was 918 billion, increasing by 3.1% [16] - Environmental protection tax revenue was 190 billion, up 12.5% [17] - Other tax revenues totaled 737 billion, with a slight increase of 0.9% [18] National General Public Budget Expenditure - National general public budget expenditure for January to July was 160737 billion, a year-on-year increase of 3.4% [19] - Central government expenditure was 23327 billion, up 8.8%, while local government expenditure was 137410 billion, increasing by 2.5% [19] Major Expenditure Items - Education expenditure reached 24438 billion, increasing by 5.7% [20] - Science and technology expenditure was 5330 billion, up 3.2% [21] - Cultural, tourism, sports, and media expenditure totaled 2012 billion, increasing by 5.3% [22] - Social security and employment expenditure was 27621 billion, up 9.8% [22] - Health expenditure reached 12402 billion, increasing by 5.3% [22] - Energy conservation and environmental protection expenditure was 2949 billion, up 4.3% [22] - Urban and rural community expenditure was 11185 billion, down 3.5% [22] - Agriculture, forestry, and water expenditure was 12323 billion, down 7.7% [22] - Transportation expenditure was 6340 billion, down 3.3% [22] - Debt interest payment expenditure was 7573 billion, increasing by 6.4% [22] National Government Fund Budget Revenue - National government fund budget revenue for January to July was 23124 billion, a decrease of 0.7% [23] - Central government fund budget revenue was 2596 billion, up 8.8%, while local government fund budget revenue was 20528 billion, down 1.8% [23] - Revenue from state-owned land use rights transfer was 16950 billion, down 4.6% [23] National Government Fund Budget Expenditure - National government fund budget expenditure for January to July was 54287 billion, a significant increase of 31.7% [23] - Central government fund budget expenditure was 7109 billion, up 4.5 times, while local government fund budget expenditure was 47178 billion, increasing by 18.1% [23] - Expenditure related to state-owned land use rights transfer was 23572 billion, down 6.1% [23]

Group 1 - The core viewpoint of the article highlights the significant growth in stamp duty revenue, particularly from securities transactions, indicating a robust performance in the financial market [1][2] - In the first seven months of 2025, the total stamp duty collected reached 255.9 billion yuan, representing a year-on-year increase of 20.7% [1] - Specifically, the stamp duty from securities transactions amounted to 93.6 billion yuan, showing a remarkable year-on-year growth of 62.5% [1] Group 2 - The stamp duty revenue from securities transactions in the first half of 2025 was reported at 78.5 billion yuan, which is a 54.1% increase compared to the same period last year [1] - In July 2025, the stamp duty from securities transactions was 15.1 billion yuan, reflecting a month-on-month increase of 29% from June's 11.7 billion yuan [1] - Compared to July 2024, the stamp duty from securities transactions in July 2025 increased by 125%, from 6.7 billion yuan to 15.1 billion yuan [2]

Group 1 - In July, the national general public budget revenue reached 202.73 billion yuan, a year-on-year increase of 2.6%, marking the highest monthly growth this year [1] - From January to July, the total general public budget revenue was 1,358.39 billion yuan, with a growth rate of 0.1%, improving by 0.4 percentage points compared to the first half of the year [1] - Tax revenue showed a significant narrowing of decline, with July tax revenue at 180.18 billion yuan, a year-on-year increase of 5%, continuing to recover since April [1] Group 2 - National general public budget expenditure grew by 3.4% year-on-year, totaling 1,607.37 billion yuan from January to July, with key areas such as social security and employment seeing a 9.8% increase [2] - Expenditure on education grew by 5.7%, while health and wellness spending increased by 5.3% [2] - Local government special bonds and other financial instruments contributed to a 31.7% increase in government fund budget expenditure, with 2.89 trillion yuan spent in the first seven months [2]