Group 1 - The core viewpoint of the articles indicates that individual income tax (IIT) revenue has shown a relatively fast growth this year, contributing significantly to the narrowing decline in national tax revenue [1][2][3] - In the first five months of 2025, IIT revenue reached 657.2 billion yuan, representing a year-on-year increase of 8.2%, which is higher than the national tax revenue growth rate of -1.6% during the same period [1][3] - The increase in IIT is attributed to several factors, including a low base from the previous year, rising incomes among middle and high-income earners, and strengthened tax administration [1][2][3] Group 2 - In Beijing, IIT revenue grew by 6.4% in the first four months of 2025, driven by increased tax payments from stock option exercises and year-end bonuses [2] - High-income earners, particularly those with annual incomes exceeding 1 million yuan, contribute significantly to IIT revenue, accounting for over 50% of total IIT despite representing only 1% of the total number of taxpayers [2] - The IIT revenue for the first five months of 2025 is comparable to the same period in 2022 and 2023, but lower than the pre-reform level in 2018 [3] Group 3 - The Ministry of Finance reported that securities transaction stamp duty reached 66.8 billion yuan in the first five months of 2025, marking a substantial year-on-year increase of 52.4% [4] - The projected IIT revenue for 2025 is estimated at 1.57 trillion yuan, with an expected year-on-year growth of approximately 6.3% [5]

5月大多数城市房价，又在下跌。 虽然常识是没有永远下行的市场，但这一轮房地产自21年7月下行周期开启已长达4年后，未来房价，到底何时能迎来拐点？ 这是全民关注的问题。 目前基于经济下行，投资下行、消费不足以及众多行业收入下行、后市信心不足大背景下，大多人尤其没买房的人都认为未来中国房价还会继 续跌跌不休，现在25年还远没到底。 当然，他们给出的理由很单薄，比如人口出生率越来越低，就业都是个问题了还怎么买房？当然大多是泄愤。 当然也有人说再跌1、2年到底了，也有人说日本跌了30年，中国房价这一轮要真正见底还早着了。当然，还有人说房价不可能再大跌了，因为 再大跌就会触发银行金融系统的风险，国家会控盘。 在这样一个背景下，中金有一个预测结论，相对目前大众认知会乐观一些。 即这一轮房地产拐点（房价拐点）有望1~2年后到来。 也就是2026年到2027年会实现房价见底向上。 与大众的情绪化、片面化视角研判不同的是，中金有一套更理性、更系统的分析。 01 房地产市场回稳三步走 整个房地产市场止跌回稳，在中金看来，核心会分为三个阶段。 第一步：交易量止跌（2025年）中央地方持续救市政策，驱动销量环比改善； 第二部：房价企 ...

Group 1: Fiscal Revenue - From January to May, the national general public budget revenue was 96,623 billion yuan, a year-on-year decrease of 0.3%, with the decline narrowing by 0.1 percentage points compared to January to April [1] - Tax revenue for the same period was 79,156 billion yuan, down 1.6% year-on-year, with the decline narrowing by 0.5 percentage points; non-tax revenue was 17,467 billion yuan, up 6.2% year-on-year, with the growth rate narrowing by 1.5 percentage points [1] - In May, the general public budget revenue growth rate was 0.1%, slowing by 1.8 percentage points from the previous month, with tax revenue growth dropping from 1.9% to 0.6% and non-tax revenue turning negative at -2.2% [2] Group 2: Fiscal Expenditure - From January to May, national general public budget expenditure was 112,953 billion yuan, a year-on-year increase of 4.2%, with the growth rate falling by 0.4 percentage points [1] - In May, general public budget expenditure grew by 2.6% year-on-year, slowing by 3.1 percentage points from the previous month, with significant declines in infrastructure spending, which fell by 7.7% [4] - Key areas of expenditure such as social security and employment saw a year-on-year increase of 9.2%, while education and health spending grew by 6.7% and 3.9%, respectively [4] Group 3: Economic Analysis - The slowdown in revenue is attributed to factors such as the decline in the Producer Price Index (PPI), the unsustainable high growth of non-tax revenue, and weakened land transfer income [1] - The analysis indicates that the increase in value-added tax revenue reflects a trend of economic recovery, supported by robust growth in the equipment manufacturing sector [2] - The government is expected to accelerate bond issuance to support fiscal expenditure, especially in light of the revenue slowdown and strong expenditure performance in the first four months [5]

证券研究报告 | 固定收益点评 gszqdatemark 2025 06 22 年 月 日 固定收益点评 财政支出节奏放缓——5 月财政数据点评 5 月广义财政收入同比再度转负，财政支出力度明显回落。收入端，加总一般公共 预算收入和政府债基金收入，5 月广义财政收入同比-1.2%，收入增速再次转负（4 月同比 2.7%）。支出端，5 月广义财政支出同比增速 4.0%，较前值 12.9%明显回 落。累计看，1-5 月广义财政收入累计同比-1.3%，广义财政支出累计同比 6.6%。 5 月年内税收增速下降，非税同比年内首次转负，一般预算收入增速下滑。2025 年 5 月，一般公共预算收入当月同比 0.1%（（前值 1.9%），税收收入同比 0.6%（（前 值 1.9%），非税收入同比-2.2%（（前值 1.7%），税收收入增速下降，非税同比增速 年内首次转负。分中央和地方看，中央一般公共预算收入当月同比增长 0.4%，地 方一般公共预算本级收入增长-0.1%。 税收方面，个人所得税、国内增值税增速较高，房产相关税收降幅较大。5 月税收 同比 0.56%，四大税种中，国内增值税同比 6.1%（（4 月同比 0.9% ...

证券研究报告 | 2025年06月21日 2025 年 5 月财政数据快评 收支两端同时走弱，财政力度指数回落 经济研究·宏观快评 | 证券分析师： | 董德志 | 021-60933158 | dongdz@guosen.com.cn | 执证编码：S0980513100001 | | --- | --- | --- | --- | --- | | 联系人： | 王奕群 | | wangyiqun1@guosen.com.cn | | 事项： 财政部公布 2025 年 1-5 月财政数据，全国一般公共预算收入 96623 亿元，同比下降 0.3%。其中，全国税 收收入 79156 亿元，同比下降 1.6%；非税收入 17467 亿元，同比增长 6.2%。全国一般公共预算支出 112953 亿元，同比增长 4.2%。分中央和地方看，中央一般公共预算本级支出 15792 亿元，同比增长 9.4%；地方 一般公共预算支出 97161 亿元，同比增长 3.4%。 一般公共预算：收支同时转弱，基建支出显著下滑 评论： 一般公共收入转弱，税收、非税收入均回落。5 月一般公共预算收入当月同比 0.1%，前值 1.9%。税 ...

广 发证券资 深宏观分析师 吴棋滢 wuqiying@gf.com.cn 广发宏观郭磊团队 报告摘要 第一， 5 月财政收入增速小幅回踩。公共财政收入同比、税收收入同比分别回落至 0.1% （前值 1.9% ）、 0.6% （前值 1.9% ），但 仍位于正值区间，强于一季度表现。非税收入同比 -2.2% ，为 2024 年以来首次转负。应与财政收入对非税收入的依赖有所减轻有关， 今年预算对非税收入增长目标有明显下调 （目标增速 -14.2% ）。前 5 个月公共财政收入累计同比 -0.3% ，距离年初目标差值（ 0.37 个百分点）较前期有所收窄。 第二， 分税种来看，国内增值税表现较好，累计同比 2.4% ，或与工业企业利润增速好转有关；个人所得税表现较好，累计同比涨幅 扩大至 8.2% （去年年度为 -1.7% ），与低基数、汇算清缴、二手房交易较为活跃、股市年内表现较好背景下部分股东减持等因素有 关。消费税表现中性，和今年较高的社零增速有一定直观上的反差，主要是消费税中烟酒车油等占比较高，其中前两者增速不快；汽车 零售辆增速较快，但由于降价，零售额增速并不快。税收收入的主要拖累项一是外贸环节相关税种， ...

2025.06. 21 本文字数：1590，阅读时长大约3分钟 作者 | 第一财经 陈益刊 6月20日，财政部公布2025年1—5月财政收支情况，总体看财政收入平稳，财政支出保持一定扩张 力度，以落实积极财政政策，扩大总需求，推动经济平稳运行。 从财政收入端来看，财政部数据显示，1—5月，全国一般公共预算收入96623亿元，同比下降 0.3%。这一降幅较前4个月（-0.4%）略微缩窄。全国政府性基金预算收入15483亿元，同比下降 6.9%。这一降幅较前4个月（-6.7%）略微扩大。 全国一般公共预算收入由税收收入和非税收入组成，且以前者为主。税收收入又被称之为经济"晴雨 表"。 财政部数据显示，今年前5个月全国一般公共预算收入中，全国税收收入79156亿元，同比下降 1.6%，这一降幅较前4个月（-2.1%）有小幅缩窄。 导致今年以来税收收入下滑有多重因素。首先，部分企业经营困难，利润下滑，导致第二大税种企业 所得税收入下滑。 财政部数据显示，今年前5个月企业所得税收入（21826亿元）同比下降2.5%。不过今年以来，规模 以上工业企业利润总额同比增速由负转正，企业所得税收入降幅持续缩窄。 其次，房地产市场 ...

Group 1 - The FIFA Club World Cup features five high-earning stars, led by Lionel Messi, with a combined income of $381 million over the past year [2][3] - Lionel Messi's estimated income for the past 12 months is $135 million, including $60 million from on-field earnings and $75 million from off-field activities [2][8] - The tournament has expanded from 7 to 32 teams, with total prize money increased to $1 billion, and the champion team set to receive $125 million [3][4] Group 2 - Other high-earning players include Kylian Mbappé ($90 million), Erling Haaland ($62 million), Vinicius Jr. ($55 million), and Harry Kane ($39 million) [3][16] - The MLS players can only receive 50% of external tournament bonuses, with a cap of $1 million per team, despite calls for higher distribution [4] - Cristiano Ronaldo, with an income of $275 million, will not participate in the tournament, although there were speculations about a potential short-term contract with a participating team [6][19] Group 3 - Messi's move to Inter Miami has significantly increased the club's valuation to $1.2 billion, making it the second highest in MLS [10] - The article highlights the commercial impact of top players, with Messi being one of only four athletes with off-field earnings exceeding $75 million [10][19] - The income breakdown for the top players includes both on-field and off-field earnings, reflecting their marketability and sponsorship deals [19][20]

6月20日，财政部公布2025年1—5月财政收支情况，总体看财政收入平稳，财政支出保持一定扩张力 度，以落实积极财政政策，扩大总需求，推动经济平稳运行。 再次，贸易战等复杂外贸形势，也对财政收入产生负面影响。比如前5个月进口货物增值税、消费税、 关税收入均出现明显下滑。 最后，物价低迷拉低了以现价计算的财政收入。 国家统计局数据显示，2025年5月份，全国工业生产者出厂价格同比下降3.3%，环比下降0.4%。PPI持 续下行压缩名义工业增加值，使得以名义增加值为税基的第一大税种增值税等税收增长承压。财政部数 据显示，今年前5个月，国内增值税（30850亿元）同比增长2.4%。 不过得益于国内增值税、国内消费税、个人所得税三大税种收入保持增长，使得整体上税收收入稳定。 从财政收入端来看，财政部数据显示，1—5月，全国一般公共预算收入96623亿元，同比下降0.3%。这 一降幅较前4个月（-0.4%）略微缩窄。全国政府性基金预算收入15483亿元，同比下降6.9%。这一降幅 较前4个月（-6.7%）略微扩大。 全国一般公共预算收入由税收收入和非税收入组成，且以前者为主。税收收入又被称之为经济"晴雨 表"。 财政部 ...

Company Overview - Shanghai Xinzhi Software Co., Ltd. was established as a joint-stock company based on the original Shanghai Xinzhi Software Co., Ltd. and was listed on the Shanghai Stock Exchange in December 2020 [1] - The company operates in the software and information technology services industry, with a total issued share capital of 26,521,724.44 shares as of December 31, 2024 [1] Financial Reporting Basis - The financial statements are prepared in accordance with the accounting standards issued by the Ministry of Finance and reflect the company's financial position as of December 31, 2024 [1][2] - The reporting period is from January 1 to December 31 each year, with a business cycle of 12 months [1] Accounting Policies - The company adopts specific accounting policies and estimates based on its operational characteristics, including revenue recognition and asset valuation [1][2] - The financial statements are prepared on a going concern basis, ensuring that the company can continue its operations for the foreseeable future [1] Consolidation and Control - The scope of consolidation is determined based on control, which includes the company and all subsidiaries [2] - The company treats the entire corporate group as a single accounting entity, preparing consolidated financial statements that reflect the overall financial status and performance [2] Business Combinations - For business combinations under common control, the assets and liabilities are measured at their book values on the date of combination [3] - Non-common control business combinations are accounted for at fair value, with goodwill recognized for any excess of the purchase price over the fair value of identifiable net assets acquired [3][4] Financial Instruments - Financial assets are classified at initial recognition as either measured at amortized cost, at fair value through other comprehensive income, or at fair value through profit or loss [8][9] - The company assesses expected credit losses for financial instruments based on historical data, current conditions, and forecasts of future economic conditions [15][16] Inventory and Assets - Inventory is classified into raw materials, work-in-progress, finished goods, and is measured at the lower of cost and net realizable value [19] - Non-current assets held for sale are measured at the lower of their carrying amount and fair value less costs to sell [21] Long-term Equity Investments - Long-term equity investments are accounted for using the cost method for subsidiaries and the equity method for associates and joint ventures [22][24] - The initial investment cost for long-term equity investments is adjusted for any differences between the cost and the fair value of identifiable net assets acquired [23][24]