Core Viewpoint - The announcement from the Ministry of Finance and the State Taxation Administration outlines adjustments to the consumption tax policy for ultra-luxury automobiles, aiming to guide reasonable consumption and reflecting changes in the market environment [1][3]. Group 1: Tax Policy Adjustments - The scope of ultra-luxury automobiles subject to consumption tax is adjusted to include passenger cars and light commercial vehicles with a retail price of 900,000 yuan (excluding VAT) and above, regardless of the power type, including pure electric and fuel cell vehicles [1][2]. - For ultra-luxury automobiles that do not have cylinder capacity (such as pure electric and fuel cell vehicles), consumption tax will only be levied at the retail stage [1]. - The sale of second-hand ultra-luxury automobiles will not be subject to consumption tax, defined as vehicles that have completed registration and are sold before reaching the national mandatory scrapping standard [1][2]. Group 2: Implementation Timeline - The new regulations outlined in the announcement will take effect on July 20, 2025 [3].

Group 1 - The core viewpoint of the news highlights the increase in U.S. retail sales for June, which rose by 0.6%, significantly exceeding the expected 0.1% and recovering from a previous decline of 0.9% [1] - Following the retail sales data release, U.S. Treasury yields increased, with the 2-year Treasury yield rising over 3 basis points to 3.934% [1] - The announcement from the U.S. Treasury regarding the adjustment of the consumption tax policy for super-luxury cars, now applicable to vehicles with a retail price of 900,000 yuan (excluding VAT) and above, indicates a regulatory shift in the automotive sector [1] Group 2 - Eurozone's June core harmonized CPI year-on-year final value remained stable at 2.3%, matching expectations and the initial value [1] - The Eurozone's June harmonized CPI month-on-month final value was reported at 0.3%, consistent with expectations and the initial value [1] Group 3 - As of July 17, 2025, the 5-10 year Treasury ETF index showed a slight increase of 0.01%, with a recent price of 117.58 yuan [3] - The 5-10 year Treasury ETF has seen a cumulative increase of 5.09% over the past year, indicating positive performance in the bond market [3] - The latest scale of the 5-10 year Treasury ETF reached 1.494 billion yuan, with a recent trading volume of 13.98 million yuan [3] Group 4 - The 5-10 year Treasury ETF has a year-to-date maximum drawdown of 2.15%, which is lower than the benchmark drawdown of 0.59% [5] - The management fee for the 5-10 year Treasury ETF is set at 0.15%, while the custody fee is 0.05% [6] - The tracking error for the 5-10 year Treasury ETF over the past month was reported at 0.030%, indicating a close alignment with the underlying index [6]

Market Performance - On July 17, 2025, A-shares showed a strong performance with the Shanghai Composite Index rising by 0.37%, the Shenzhen Component Index increasing by 1.43%, and the ChiNext Index up by 1.76%. The total trading volume in the Shanghai and Shenzhen markets was approximately 15,393.75 billion yuan, an increase of about 973.32 million yuan compared to the previous trading day [1] - Hong Kong stocks had mixed results on the same day, with the Hang Seng Index falling by 0.08% to 24,498.95 points and a total trading volume of 2,364.12 billion HKD. The Hang Seng Tech Index, however, rose by 0.56% to 5,448.85 points [1] - In the U.S., all three major stock indices closed higher, with the S&P 500 reaching a new closing high at 6,297.36 points, up by 0.54%. The Nasdaq Composite Index increased by 0.75% to 20,885.65 points, and the Dow Jones Industrial Average rose by 0.52% to 44,484.49 points [1] Industry Regulations - The Guangzhou Futures Exchange announced new trading limits for polysilicon futures, effective from July 21, 2025. Non-futures company members or clients will have a daily opening position limit of 10,000 lots for polysilicon futures and 5,000 lots for industrial silicon futures (SI2509). These limits do not apply to hedging or market-making transactions [3] - The Ministry of Finance and the State Taxation Administration have adjusted the consumption tax threshold for super luxury cars to 900,000 yuan (excluding VAT). This change affects various types of vehicles, including electric and fuel cell cars, and aligns with previous regulations on consumption tax for imported super luxury cars [4]

Core Viewpoint - The adjustment of the consumption tax policy for ultra-luxury cars aims to guide reasonable consumption, lowering the tax threshold from 1.3 million yuan to 900,000 yuan, effective from July 20, 2025 [1][2][3] Summary by Relevant Sections Policy Changes - The consumption tax threshold for ultra-luxury cars is reduced from a retail price of 1.3 million yuan to 900,000 yuan [2][3] - The new policy includes various types of vehicles, such as electric and fuel cell cars, with consumption tax applied only at the retail stage for those without cylinder capacity [3][5] - Sales of second-hand ultra-luxury cars will not be subject to consumption tax, defined as vehicles sold after registration but before reaching the national scrapping standard [3][4] Market Impact - The adjustment is seen as a normal policy change that aligns with market price trends and actual consumption, with minimal expected impact on the market [2][4] - Despite a significant drop in imported cars by 33% in the first five months of the year, the new tax policy is not anticipated to affect market conditions significantly due to ongoing promotions and lower actual selling prices [4][5] - The policy encourages green and low-carbon consumption by including electric and fuel cell vehicles in the tax framework [5]

Core Viewpoint - The Ministry of Finance and the State Taxation Administration announced an adjustment to the consumption tax policy for ultra-luxury cars, lowering the threshold for taxation from a retail price of 1.3 million yuan to 900,000 yuan (excluding VAT) [1][2]. Group 1: Tax Policy Changes - The new consumption tax will apply to passenger cars and light commercial vehicles with a retail price of 900,000 yuan and above, including various power types such as pure electric and fuel cell vehicles [1]. - For ultra-luxury cars without cylinder capacity, consumption tax will only be levied at the retail stage [1]. - The new regulations will take effect on July 20, 2025 [1]. Group 2: Impact on Market and Consumption - The adjustment is seen as a timely response to the current sales situation of ultra-luxury cars, aiming to guide reasonable consumption while ensuring stable tax revenue from ultra-luxury car consumption taxes [2]. - The announcement also aims to reduce double taxation in the transaction of second-hand ultra-luxury cars, encouraging their circulation in the market [2].

在现行政策规定下，超豪华小汽车不仅需要根据乘用车和中轻型商用客车税目税率表，在生产（进口）环节征收消费税，还需要在零售环节进一步加征消费税，税 率为10%。 本次《公告》在现行超豪华小汽车消费税政策基础上，下调征收门槛，将"每辆零售价格130万元"调整为"每辆零售价格90万元"。《公告》同时规定，纯电动、燃料 电池等没有气缸容量的超豪华小汽车仅在零售环节征收消费税。 为进一步引导合理消费，财政部、税务总局7月17日发布《关于调整超豪华小汽车消费税政策的公告》（下称《公告》），将超豪华小汽车消费税征收门槛从"每 辆零售价格130万元"下调为"每辆零售价格90万元"，自2025年7月20日起执行。 在具体征收环节上，《公告》区分了不同动力类型的超豪华小汽车——纯电动、燃料电池等没有气缸容量（排气量，下同）的仅在零售环节征收消费税；有气缸容 量的超豪华小汽车继续在生产（进口）环节和零售环节分别征收消费税。 总体而言，尽管征收门槛整体降低，但纯电动、燃料电池等没有气缸容量的超豪华小汽车需征收的消费税将低于有气缸容量的超豪华小汽车。 《公告》还明确，对于纳税人销售二手超豪华小汽车，将不征收消费税。 我国长期以来对小汽车 ...

为进一步引导合理消费，财政部、税务总局7月17日发布《关于调整超豪华小汽车消费税政策的公告》(下称《公告》)，将超豪华小汽车征收门槛从"每辆 零售价格130万元"下调为"每辆零售价格90万元"，自2025年7月20日起执行。 在具体征收环节上，《公告》区分了不同动力类型的超豪华小汽车——纯电动、燃料电池等没有气缸容量(排气量，下同)的仅在零售环节征收消费税；有 气缸容量的超豪华小汽车继续在生产(进口)环节和零售环节分别征收消费税。 总体而言，尽管征收门槛整体降低，但纯电动、燃料电池等没有气缸容量的超豪华小汽车需征收的消费税将低于有气缸容量的超豪华小汽车。 《公告》还明确，对于纳税人销售二手超豪华小汽车，将不征收消费税。 我国长期以来对小汽车生产(进口)环节征收消费税。对于乘用车，根据气缸容量大小、按七阶税率(1%至40%)征收消费税，税率区间为1%至40%；中轻型 商用客车按5%的税率征收消费税。 2016年以来，为引导合理消费，促进节能减排，财政部、税务总局宣布对超豪华小汽车加征消费税，将"每辆零售价格130万元(不含增值税)及以上的乘用 车和中轻型商用客车"确定为"超豪华小汽车"。此后，我国小汽车税目税率 ...

Core Viewpoint - The Ministry of Finance and the State Taxation Administration announced a reduction in the consumption tax threshold for ultra-luxury cars from a retail price of 1.3 million yuan to 900,000 yuan, effective from July 20, 2025, to guide reasonable consumption [1][4]. Group 1: Tax Policy Changes - The new policy distinguishes between different types of ultra-luxury cars based on their power types, with pure electric and fuel cell vehicles having no cylinder capacity only subject to consumption tax at the retail stage [1][2]. - Ultra-luxury cars with cylinder capacity will continue to be taxed at both the production (import) and retail stages, maintaining the existing tax rates [7]. - The consumption tax rate for pure electric and fuel cell ultra-luxury cars will be set at 10% at the retail stage [6]. Group 2: Second-Hand Vehicle Taxation - The announcement specifies that no consumption tax will be levied on the sale of second-hand ultra-luxury cars [3]. Group 3: Historical Context - Since 2016, the consumption tax for ultra-luxury cars has been implemented to promote reasonable consumption and energy conservation, with the previous threshold set at 1.3 million yuan [4].

2025.07. 17 本文字数：538，阅读时长大约1分钟 7月17日，据财政部网站，财政部、税务总局发布调整超豪华小汽车消费税政策的公告，主要内容如 下： 一、《财政部 国家税务总局关于对超豪华小汽车加征消费税有关事项的通知》（财税〔2016〕129 号）第一条中超豪华小汽车征收范围调整为"每辆零售价格90万元（不含增值税）及以上的各种动力 类型（含纯电动、燃料电池等动力类型）的乘用车和中轻型商用客车"。《财政部 国家税务总局关于 调整小汽车进口环节消费税的通知》（财关税〔2016〕63号）规定的超豪华小汽车进口环节消费税 的征收范围相应调整。 对纯电动、燃料电池等没有气缸容量（排气量）的超豪华小汽车仅在零售环节征收消费税。 二、对纳税人销售二手超豪华小汽车，不征收消费税。本公告所称二手车，是指从办理完注册登记手 续至达到国家强制报废标准之前进行交易并转移所有权的车辆。 三、《财政部 国家税务总局关于对超豪华小汽车加征消费税有关事项的通知》（财税〔2016〕129 号）第三条中的零售环节销售额，是指纳税人向购买方收取的与购车行为相关的全部价款和价外费 用，包括以精品、配饰和服务等名义收取的价款。 四、上述 ...

超豪华小汽车加征10%消费税的征税对象将新能源车纳入，且售价从130万元降至90万元，以进一步调 节高消费。 超豪华小汽车消费税征税范围扩围。 7月17日，财政部 税务总局发布《关于调整超豪华小汽车消费税政策的公告》（下称《公告》），明确 将此前政策中的超豪华小汽车征收范围调整为"每辆零售价格90万元（不含增值税）及以上的各种动力 类型（含纯电动、燃料电池等动力类型）的乘用车和中轻型商用客车"。另外超豪华小汽车进口环节消 费税的征收范围相应调整。《公告》自2025年7月20日起执行。 而根据2016年《关于对超豪华小汽车加征消费税有关事项的通知》，中国在消费税"小汽车"税目下增 设"超豪华小汽车"子税目，其中征收范围为每辆零售价格130万元（不含增值税）及以上的乘用车和中 轻型商用客车。 而此次《公告》则将扩大了超豪华小汽车征税范围，一方面将售价从此前的130万元下调至90万元，另 一方面将此前针对燃油的小汽车扩大至包括纯电动、燃料电池等各种动力类型的小汽车，新能源车也由 此纳入征税范围。 此次为何扩大超豪华小汽车征税范围？《公告》称，此次政策调整是为进一步引导合理消费。 此次《公告》也明确了一些征税细节。比 ...