Core Viewpoint - The article discusses tax incentives for financing guarantees and re-guarantees aimed at promoting inclusive finance for farmers and small and micro enterprises, exempting them from value-added tax until December 31, 2027 [2][3]. Summary by Sections Financing Guarantee and Re-guarantee Business Tax Incentives - Financing guarantees and re-guarantees provided to farmers, small enterprises, micro enterprises, and individual businesses will be exempt from value-added tax [2][3]. Eligible Entities - Eligible entities include farmers, small enterprises, micro enterprises, and individual businesses that provide financing guarantees and re-guarantees for loans and bond issuances [2][3]. Conditions for Enjoying Tax Exemption - Farmers are defined as households residing in rural areas for over a year, including those in townships and certain collective households [4]. - Small and micro enterprises must meet the criteria set by the Ministry of Industry and Information Technology, with asset totals and employee counts determined at the time of the original guarantee [4]. - If a re-guarantee contract corresponds to multiple original guarantee contracts, all original contracts must apply for the tax exemption [4]. Policy Basis - The policy is based on regulations from the Ministry of Industry and Information Technology, National Bureau of Statistics, National Development and Reform Commission, and the Ministry of Finance [5].

Group 1 - China's corporate income tax from January to September increased by 0.8% year-on-year, while personal income tax rose by 9.7% [2] - The stamp duty on securities transactions in China reached 144.8 billion yuan from January to September, a year-on-year increase of 103.4% [2] - Zijin Mining reported a net profit of 17.056 billion yuan for the third quarter, a year-on-year increase of 52.25% [2] - Zijin Mining's net profit for the first three quarters was 37.864 billion yuan, reflecting a year-on-year growth of 55.45% [3] - China Life Insurance expects a net profit increase of 50%-70% year-on-year for the first three quarters [2] Group 2 - Silan Microelectronics plans to invest 20 billion yuan to build a 12-inch high-end analog integrated circuit chip manufacturing line [2] - The investment in silver bars is in high demand, leading to some stores in China's "Silver Capital" running out of stock [2] - Meituan saw net buying from southbound funds, while Alibaba experienced significant net selling, and there was a continued reduction in holdings of SMIC [2]

Core Viewpoint - The article discusses the new value-added tax (VAT) policies for express delivery services as outlined in the announcement by the Ministry of Finance and the State Taxation Administration, emphasizing the definition of express delivery services and the obligations of express companies regarding VAT collection [4]. Group 1: Definition and Scope of Express Delivery Services - Express companies are defined as those operating within the territory and legally licensed to conduct express business, including branches and end-service points registered with postal management [4]. - The services provided by express companies include collection, sorting, transportation, and delivery of packages within a promised timeframe, excluding mere transportation services [4]. - End-service points are defined as locations that provide final delivery services for express packages [4]. Group 2: VAT Collection and Compliance - Express companies are required to pay VAT based on the revenue generated from their delivery services, categorized as "collection and delivery services" [4]. - Most mainstream express companies have launched official apps, mini-programs, or websites for customers to apply for invoices online or at physical locations [4]. - The article references the penalties outlined in the "Invoice Management Measures" for non-compliance with VAT regulations [4].

Core Viewpoint - The article highlights common misconceptions among small and micro enterprises regarding tax exemption policies and emphasizes the importance of correctly applying these policies to avoid tax risks [1]. Misconceptions Summary - Misconception 1: Small-scale taxpayers can average out one-time rental income over the lease period to qualify for tax exemption if monthly income does not exceed 100,000 yuan. Correct Interpretation: Only individuals can average out rental income for tax exemption; small-scale taxpayers cannot [2]. - Misconception 2: Small-scale taxpayers must prepay VAT in the area where construction services occur. Correct Interpretation: If monthly sales do not exceed 100,000 yuan, there is no need to prepay VAT regardless of the service location [2]. - Misconception 3: Branch offices registered as general taxpayers can independently enjoy "six taxes and two fees" reductions. Correct Interpretation: The overall tax liability is calculated at the main institution level, and branch offices must rely on the main institution's status to claim reductions [3]. - Misconception 4: General taxpayers cannot enjoy "six taxes and two fees" reductions. Correct Interpretation: Newly established enterprises registered as general taxpayers may still qualify for reductions if they meet specific criteria [6]. - Misconception 5: Newly established enterprises that have paid "six taxes and two fees" before their first tax settlement do not need to correct their filings. Correct Interpretation: They must correct their filings based on the results of the first tax settlement [6].

Core Viewpoint - The article discusses the implementation of the "Six Taxes and Two Fees" reduction policy, which allows for a 50% reduction in certain taxes and fees for eligible businesses until December 31, 2027 [4][5]. Group 1: Policy Details - The "Six Taxes and Two Fees" reduction policy includes resource tax (excluding water resource tax), urban maintenance and construction tax, property tax, urban land use tax, stamp tax (excluding securities transaction stamp tax), and cultivated land occupation tax, along with education fee surcharge and local education surcharge, totaling eight items [4]. - The policy effectively reduces these taxes and fees by half, equating to a 50% discount [4]. Group 2: Eligible Entities - The eligible entities for the "Six Taxes and Two Fees" reduction policy include small-scale VAT taxpayers, small and micro enterprises, individual businesses, and newly established enterprises that meet specific criteria [5]. - Newly established enterprises can enjoy the reduction if they engage in non-restricted and non-prohibited industries, have fewer than 300 employees, and total assets not exceeding 50 million [5]. Group 3: Transition from Small to General Taxpayer - If a company transitions from a small-scale VAT taxpayer to a general VAT taxpayer, it will no longer be eligible for the "Six Taxes and Two Fees" reduction policy from the effective date of the general taxpayer status. However, if the company qualifies as a small and micro enterprise or is an individual business, it can still benefit from the reduction [6]. Group 4: Tax Filing Process - There are three types of filing modes available: confirmation, supplementary, and form-filling. Taxpayers can select the appropriate filing form based on their actual situation through the electronic tax bureau [7]. - For example, general taxpayers can fill out the relevant forms in the system, including the details of the tax reduction, and submit the application once all data is confirmed [7]. Group 5: Specific Tax Filing Examples - For resource tax, property tax, urban land use tax, and stamp tax, taxpayers can log into the electronic tax bureau and access the relevant modules to fill out the tax reduction details [8].

Core Viewpoint - The Ministry of Finance and the State Taxation Administration have issued a notice clarifying the value-added tax (VAT) policy for express delivery services, stating that income from express delivery services will be taxed as "delivery services" [1] Group 1: VAT Policy for Express Delivery - The new VAT policy for express delivery services is effective immediately upon publication [1] - Previously unprocessed matters will be executed according to the new regulations, while processed matters will not be adjusted [1] Group 2: Conditions for Tax Deductions - Taxpayers with qualifications for road freight transport who engage in online freight operations can deduct input tax from output tax for certain expenses, including fuel and tolls, if they meet specified conditions [1] - Eligible fuels include finished oil, natural gas, electricity, hydrogen, dimethyl ether, methanol, and other vehicle fuels [1]

Group 1 - The announcement clarifies that express delivery companies must pay value-added tax (VAT) based on "collection and delivery services" for their income [1] - Express delivery services include the collection, sorting, transportation, and delivery of packages within a promised timeframe, excluding mere transportation services [1] - The definition of express delivery companies includes those legally permitted to operate express services and their registered branches and end service points [1] Group 2 - Taxpayers with qualifications for network freight transportation can deduct input tax for fuel and tolls used in their operations, provided they meet specific conditions [2] - Network freight transportation is defined as the integration of transportation resources via internet platforms, where the taxpayer assumes the carrier's responsibilities [3] - The announcement is effective immediately upon release, and previously unresolved matters will be handled according to this announcement [4]

Core Viewpoint - The Ministry of Finance and the State Taxation Administration have issued a notice clarifying the value-added tax (VAT) policies for express delivery services and network freight transportation [1] Group 1: VAT Policies for Express Delivery - Express delivery companies are required to pay VAT based on the income generated from providing express delivery services classified as "collection and delivery services" [1] Group 2: Network Freight Transportation - Taxpayers with qualifications for network freight transportation can deduct input tax from output tax for expenses related to fuel and tolls, provided they meet specific conditions [1] - The eligible expenses include fuel types such as refined oil, natural gas, electricity, hydrogen, dimethyl ether, methanol, and other vehicle fuels, as well as road, bridge, and lock tolls [1] - The conditions for deduction include that the expenses must be used for transportation services commissioned to actual carriers and that valid VAT deduction certificates must be obtained [1]

Core Viewpoint - The Ministry of Finance and the State Taxation Administration have clarified the value-added tax (VAT) policies for express delivery services, indicating that express companies will pay VAT based on their income from "collection and delivery services" [1] Group 1: VAT Policy for Express Delivery - Express companies are required to pay VAT on the income generated from their delivery services [1] - The announcement specifies that taxpayers with qualifications for road freight transport who engage in online freight operations can deduct input tax from output tax for certain expenses [1] Group 2: Deductible Expenses - Eligible expenses for deduction include the purchase of fuels such as finished oil, natural gas, electricity, hydrogen, dimethyl ether, methanol, and other vehicle fuels [1] - Additionally, road, bridge, and lock tolls paid by these taxpayers can also be deducted if they meet the specified conditions [1]

1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report - Maintains the view that August - October is a headwind period for the bond market. Currently, it has entered the starting point of the second stage of the bond market's three - step process in the second half of the year. August is regarded as an oscillatory adjustment period after redemption, but the market has not shown a trend improvement in the quarterly dimension [26]. - In the short term, there may be a small - band long - trading window in the first half of August. New bond issuance pressure is low, the VAT policy still benefits old bonds, large banks' bond - allocation power is strong, funds are loose, upcoming weak financial data may provide a profit - taking window, and historically, policy windows usually occur in the second half of August [28]. - For trading portfolios, seize the sentiment - repair period in the first half of August for small - band trading. Take profit at around 1.65% and pay attention to spread opportunities brought by the VAT policy [45]. - For allocation portfolios, wait for new bonds to adjust to more suitable positions, and consider old bonds at curve convex points, such as 6y CDB, 7y ADBC, 10y CDB, and 15y treasury bonds [48]. 3. Summary by Relevant Catalogs 3.1 Value - added Tax New Rule: One - week Market Conditions - **Emotional Impact Stage (August 1st, 4th)**: The "old - new cut - off" of the VAT policy led to tax - exemption advantages for old bonds. Institutions rushed to buy old bonds, with the yield of the 10y treasury active bond dropping from 1.715% to 1.68%, then rising back to around 1.7% due to profit - taking and a strong stock market [13]. - **Bank Bond - buying Stage (August 5th - 7th)**: Banks continued to buy bonds, with the intensity weakening. On August 6th, the Agricultural Development Bank and the Export - Import Bank rushed to issue tax - exempt bonds. The auction results started to price in negative factors as investors awaited higher - yielding new bonds [16][19]. - **New Bond Issuance Stage (August 8th)**: The first batch of local bonds in Hebei and Hubei were auctioned. The adjustment of Hebei bonds was large, attracting more investors to Hubei bonds. The overall impact of VAT on new bonds was controllable, with the adjustment range mostly within the 3 - 6% tax rate [22][24]. 3.2 Bond Market Strategy - **Quarterly Dimension**: Maintains that August - October is a headwind period for the bond market. The bond market is in a difficult trading situation, and accounts need to gradually increase liquidity [26]. - **Short - term (First Half of August)**: There may be a small - band long - trading window. New bond issuance pressure is low, funds are loose, weak financial data may provide a profit - taking window, and policy windows usually occur in the second half of August [28]. - **Trading Portfolios**: Seize the sentiment - repair period in the first half of August. Take profit at around 1.65% and pay attention to spread opportunities [45]. - **Allocation Portfolios**: Wait for new bonds to adjust and consider old bonds at curve convex points [48]. 3.3 Interest - rate Bond Market Review - **Overall Situation**: The central bank's support and the VAT new policy had limited impact. Long - term bonds fluctuated within a narrow range. The yield curve steepened, with the 1y treasury active bond yield down 1.5BP, the 10y down 0.4BP, and the 30y up 1.8BP [9]. - **Funding**: The central bank's OMO had a large - scale net withdrawal, but the funding was balanced and loose. DR001 and DR007 were at low levels, and the central bank's front - loaded 3M term repurchase operations showed a supportive attitude [10]. - **Primary Issuance**: Net financing of treasury bonds, policy - financial bonds, and inter - bank certificates of deposit increased, while that of local bonds decreased [69]. - **Benchmark Changes**: The term spreads of treasury bonds and CDB bonds widened. Short - term bond yields performed better than long - term ones [63].