冯琳认为，当月工业生产增速较快下行，但反内卷推进下部分行业供需好转，叠加有色金属价格上涨等 因素，带动工业品价格改善，对增值税收入增长有所支撑；消费税的增长背后是今年"双十一"提前启 动、金价上涨、假期出行等因素提振相关应税商品销售；企业所得税收入同比增速较上月放缓，主要是 9月和10月分别为缴税小月和大月，企业所得税绝对规模差异较大，增速出现剧烈波动属于正常现象。 至于个人所得税，"今年以来，个人所得税收入保持较快增长，除因低基数外，可能还与加强个税征管 有关。"冯琳表示。 华泰证券认为，10月个人所得税同比增长较9月的16.9%回升至27.3%，部分受个人投资者境外投资收益 补税提振。 【大河财立方 记者 陈玉静】11月17日，财政部披露前10月财政收支情况，1-10月，全国一般公共预算 收入186490亿元，同比增长0.8%。其中，全国税收收入153364亿元，同比增长1.7%；非税收入33126亿 元，同比下降3.1%。在几个主要税种的税收收入上，个人所得税同比增长亮眼。前10个月个人所得税 13363亿元，同比增长11.5%。 从单月来看，10月个人所得税的增长也较快。东方金诚研究发展部执行总监冯琳 ...

财政部网站11月17日消息，财政部国库司发布2025年1-10月财政收支情况。 1-10月，全国一般公共预算收入186490亿元，同比增长0.8%。其中，全国税收收入153364亿元，同比增 长1.7% 政府性基金预算方面，今年1-10月收入为34473亿元，同比下降2.8%。分中央和地方看，中央政府性基 金预算收入3618亿元，同比增长1.6%；地方政府性基金预算本级收入30855亿元，同比下降3.3%，其 中，国有土地使用权出让收入24982亿元，同比下降7.4%。 全文如下。 一、全国一般公共预算收支情况 （一）一般公共预算收入情况。 1-10月，全国一般公共预算收入186490亿元，同比增长0.8%。其中，全国税收收入153364亿元，同比增 长1.7%；非税收入33126亿元，同比下降3.1%。分中央和地方看，中央一般公共预算收入81856亿元， 同比下降0.8%；地方一般公共预算本级收入104634亿元，同比增长2.1%。 主要税收收入项目情况如下： 1.国内增值税58858亿元，同比增长4%。 2.国内消费税14390亿元，同比增长2.4%。 9.印花税3781亿元，同比增长29.5%。其中，证 ...

Core Insights - The Ministry of Finance reported an increase in national general public budget revenue for October, with a year-on-year growth of 3.2% to 2.26 trillion yuan [1] - Cumulative revenue for the first ten months reached 18.65 trillion yuan, reflecting a growth of 0.8%, which is an improvement of 0.3 percentage points compared to the previous nine months [1] - Tax revenue showed robust growth, with October tax revenue at 2.07 trillion yuan, up 8.6%, maintaining a similar rate to the previous month [1] - Cumulative tax revenue for the first ten months was 15.34 trillion yuan, growing by 1.7%, which is an increase of 1 percentage point from the previous nine months [1] Industry Performance - Key industries such as equipment manufacturing and modern services demonstrated strong tax revenue performance [1] - Specific sectors reported notable tax revenue growth: - Computer and communication equipment manufacturing: 12.7% increase - Electrical machinery and equipment manufacturing: 7.9% increase - Scientific research and technical services: 14.8% increase - Cultural, sports, and entertainment industries: 5.7% increase [1] Public Budget Expenditure - National general public budget expenditure continued to grow, with a total of 22.58 trillion yuan for the first ten months, representing a year-on-year increase of 2% [1]

Core Insights - The latest data from the Ministry of Finance indicates that from January to October, national fiscal revenue reached 18.65 trillion yuan, representing a year-on-year growth of 0.8%, with an increase of 0.3 percentage points compared to the growth rate from January to September [1] - In October alone, national fiscal revenue was 2.26 trillion yuan, showing a year-on-year increase of 3.2%, continuing the upward trend in monthly growth [1] - Tax revenue has been growing steadily, with total tax revenue from January to October amounting to 15.34 trillion yuan, a growth of 1.7%, which is an increase of 1 percentage point from the previous period [1] Fiscal Expenditure - Total national fiscal expenditure from January to October was 22.58 trillion yuan, reflecting a year-on-year increase of 2% [1] - The government has implemented more proactive fiscal policies, increasing expenditure intensity and optimizing expenditure structure, with a focus on key areas [1] - Notable increases in specific expenditure categories include social security and employment (up 9.3%), science and technology (up 5.7%), and education (up 4.7%) [1] Debt and Financing - The government has accelerated the use of bond funds, with total expenditures from various types of bonds, including local government special bonds and central financial institution special bonds, amounting to 4.54 trillion yuan [1]

Revenue and Expenditure Trends - General fiscal expenditure from January to October decreased year-on-year to 5.2%, with a significant drop in October to -18.8%[3] - Total public budget revenue reached 18.6 trillion yuan, growing by 0.8% year-on-year, while expenditure was 22.6 trillion yuan, up by 2.0%[7] Tax Revenue Insights - Tax revenue in October showed a positive year-on-year growth for the seventh consecutive month, at 8.6%, while non-tax revenue plummeted by -32.8% due to high base effects[10] - Major tax categories such as VAT, consumption tax, corporate income tax, and personal income tax contributed positively, with growth rates of 7.2%, 4.4%, 7.3%, and 27.3% respectively[10] Expenditure Analysis - Infrastructure spending saw a notable reduction, with declines in traditional sectors like energy conservation and transportation ranging from 10% to 30%[10] - Social security and technology expenditures turned negative in October, with year-on-year changes of -0.1% and -0.9% respectively[10] Land Sales and Debt Issuance - Revenue from land sales continued to decline, with a year-on-year drop of -27.5% in October, reflecting a broader trend in land transaction values[10] - Approximately 4.5 trillion yuan of general and ordinary government bonds were issued from January to October, with an expected 0.6 trillion yuan yet to be spent[10] Budget Execution and Risks - General fiscal revenue is on par with the initial budget at 0.2%, but expenditure is lagging behind the budget target of 9.3%[10] - Risks include slower-than-expected recovery in the real estate sector and potential discrepancies between budget execution and final accounts[9]

Core Insights - The Ministry of Finance reported an increase in national general public budget revenue for October, with a year-on-year growth of 3.2% [1] - Cumulative revenue for the first ten months reached 18.65 trillion yuan, reflecting a growth of 0.8%, which is an improvement of 0.3 percentage points compared to the previous nine months [1] Revenue Analysis - In October, national tax revenue amounted to 2.07 trillion yuan, showing an increase of 8.6%, which is consistent with the previous month's growth of 8.7% [1] - For the first ten months, total tax revenue reached 15.34 trillion yuan, with a growth rate of 1.7%, marking a 1 percentage point increase from the first nine months [1] - Specific sectors such as equipment manufacturing and modern services demonstrated strong tax performance, with notable growth in computer and communication equipment manufacturing at 12.7%, electrical machinery and equipment manufacturing at 7.9%, scientific research and technical services at 14.8%, and cultural, sports, and entertainment sectors at 5.7% [1] Expenditure Overview - National general public budget expenditure continued to grow, with total spending for the first ten months reaching 22.58 trillion yuan, reflecting a year-on-year increase of 2% [1]

Group 1: Fiscal Revenue - In October, the national general public budget revenue reached 2.26 trillion yuan, a year-on-year increase of 3.2%, with central and local revenues growing by 2.3% and 4% respectively [1] - From January to October, the total general public budget revenue was 18.649 trillion yuan, up 0.8%, with an increase of 0.3 percentage points compared to the previous nine months [1] - Tax revenue showed robust growth, with October tax revenue at 2.07 trillion yuan, a year-on-year increase of 8.6%, maintaining a similar growth rate as September [1] Group 2: Tax Revenue Breakdown - Major tax categories from January to October included domestic VAT (up 4%), domestic consumption tax (up 2.4%), corporate income tax (up 1.9%), and individual income tax (up 11.5%), with increases compared to the previous nine months [1] - Stamp duty revenue reached 378.1 billion yuan, a significant year-on-year increase of 29.5%, with securities transaction stamp duty at 162.9 billion yuan, up 88.1% [1] Group 3: Fiscal Expenditure - National general public budget expenditure from January to October was 22.5825 trillion yuan, a year-on-year increase of 2%, with central expenditure growing by 6.3% and local expenditure by 1.2% [2] - Key expenditure areas included social security and employment (37.742 billion yuan, up 9.3%), education (34.117 billion yuan, up 4.7%), and health (16.877 billion yuan, up 2.4%) [2] Group 4: Government Fund Budget - From January to October, government fund budget revenue was 3.45 trillion yuan, a year-on-year decrease of 2.8%, while expenditure was 8.09 trillion yuan, an increase of 15.4% [3] - The increase in expenditure was primarily due to accelerated use of bond funds, with 4.54 trillion yuan spent on various types of bonds [3]

Core Insights - The Ministry of Finance reported that from January to October 2025, the national general public budget revenue reached 18.649 trillion yuan, a year-on-year increase of 0.8%, with tax revenue growing by 1.7% and non-tax revenue declining by 3.1% [1] - The general public budget expenditure for the same period was 22.5825 trillion yuan, reflecting a year-on-year growth of 2%, with central government expenditure increasing by 6.3% and local government expenditure rising by 1.2% [1] - The data indicates a trend of accelerating revenue growth while expenditure growth is slowing, with the revenue growth rate reaching a new high for the year [1] Revenue Analysis - In October, the national general public budget revenue grew by 3.2% year-on-year, supported significantly by tax revenue, while non-tax revenue saw an expanded decline [2] - Tax revenue in October increased by 8.6%, marking the second-highest level of the year, while non-tax revenue fell by 33.0%, indicating a slowdown in the activation of state-owned assets and a reduction in enterprise-related fees [2] - Major tax categories showed growth, with domestic VAT at 58.858 billion yuan (up 4%), domestic consumption tax at 14.39 billion yuan (up 2.4%), corporate income tax at 39.182 billion yuan (up 1.9%), and personal income tax at 13.363 billion yuan (up 11.5%) [2] Expenditure Analysis - Key expenditure categories included education spending at 34.117 billion yuan (up 4.7%), social security and employment at 37.742 billion yuan (up 9.3%), and health spending at 16.877 billion yuan (up 2.4%) [3] - A notable decline was observed in urban and rural community spending (down 7.3%) and agricultural, forestry, and water spending (down 11.7%) [3] - The slowdown in expenditure growth was attributed to previous rapid spending and a high base from the previous year, with October's expenditure showing a year-on-year decline of 9.8% [3] Government Fund Revenue - Government fund revenue showed a significant decline, with a cumulative growth rate of -2.8% from January to October, indicating a worsening trend compared to the previous -0.5% [4] - The drop in land revenue was linked to a cooling land market, with land transfer income in October at 268 billion yuan, down from 303.9 billion yuan, and a cumulative growth rate of -7.4% [5] Special Debt Issuance - The issuance of new local government special bonds has slowed, with 3.66 trillion yuan issued from January to September, representing an 83.2% progress rate, lower than the previous year's 6.4% [6] - As of November 16, the total issuance of new special bonds reached 4.15 trillion yuan, with a completion rate of 94.3%, indicating a need for acceleration in the remaining months of the year [6]

⚫ 一、广义财政收入回落，支出增速显著放 缓 宏观研究报告 增量资金有望加速到位 —— 2025 年 1-10 月财政数据解读 2025 年 11 月 17 日 ⚫ 1-10 月月月月月月月月 月月月月 月月月月月月月月月月月月月月月月月月 月 月月月月月月月月月月月月月月月月 月月月月月月月月月月月月月月月月月 月月月月月月月月月月月月月月月月月月月月月月月月月月月月月月月月月 月月月月月月月月月 月月月月月月月月月月月月月月月月月月月月月月 1.7% 月月月 0.7% 月月月月月月月月月月月月月月月 月月月月月月月月月月月 月月月月月月月月月月月月月月 月月月月 月月月月月月月月 月月月月 月月月 月月10 月月月月月月月月月月月月月月月月月月月月月月月 月月月月月月月 月月月月月月 月月月月月 月月月月月月月月 11 -12 月月月月月月 月月月月月 月月月月月月月月月月月月月月月月月月 月月月月月月月月月月 月 ⚫ 2025 月 1-10 月月月月月月月月月月月月月月月月月月月月 0.2% 月月月 0.3% 月月月月月月月月月月 5.2% 月月月 7.9% 月月月月月月月月月月月月月 月月月月月月月月 ...

Group 1 - The core viewpoint of the articles indicates that China's fiscal revenue for the first ten months of the year has shown a modest growth of 0.8% year-on-year, with total public budget revenue reaching 186.49 billion yuan [1][2] - Tax revenue has increased by 1.7% year-on-year, amounting to 153.36 billion yuan, while non-tax revenue has decreased by 3.1%, totaling 33.13 billion yuan [1] - In October alone, public budget revenue was 22.6 billion yuan, reflecting a year-on-year growth of 3.2%, which is an improvement of 0.3 percentage points compared to the previous nine months [1] Group 2 - Public budget expenditure has also maintained growth, with total expenditure for the first ten months reaching 225.83 billion yuan, a year-on-year increase of 2% [2] - Key areas of expenditure include social security and employment, which grew by 9.3%, education at 4.7%, and health care at 2.4% [2] - Government fund budget revenue has decreased by 2.8% to 34.5 billion yuan, while expenditure has surged by 15.4% to 80.9 billion yuan, largely due to accelerated use of bond funds [2]