Group 1: Market Overview - The fixed income market is experiencing a decline in investment returns, prompting investors to seek "fixed income plus" products to enhance yields while managing withdrawal risks[14]. - The recent policy to restore value-added tax (VAT) on bond interest income is expected to reduce returns by 5-10 basis points (bp) for bond investors[14][15]. - The bond market is currently seeing a recovery in sentiment, with significant fluctuations in interest rates and a high issuance volume of government bonds[40][44]. Group 2: Investment Strategies - The North Exchange's online IPOs offer low-cost, high-yield opportunities, making them suitable for "fixed income plus" strategies[16]. - Historical data shows that the average first-day return for new stocks listed on the North Exchange in 2024 was 245%, with no instances of price drops below the issue price[16]. - A strategy involving the maximum subscription amount (5% of the initial issuance) yields an average return of 0.17%, while optimizing for minimum investment can lower returns to 0.12%[21][27]. Group 3: Recommendations - Investors are advised to focus on "fixed income plus" opportunities due to the low withdrawal risk associated with the North Exchange's IPO strategy[35]. - The optimal investment strategy involves adjusting the investment amount to achieve a balance between success probability and return efficiency, with a target return of 0.20% when investing 2.5 times the minimum subscription amount[30][31].

Core Viewpoint - The article discusses various tax policies and exemptions related to value-added tax (VAT) for different sectors, including public rental housing, rural drinking water projects, and the sale of vegetables, emphasizing the importance of proper accounting and documentation to qualify for these exemptions [3][5][8]. Group 1: Tax Policies for Financial Products - Taxpayers purchasing financial products such as stocks or funds are required to pay VAT on interest income, while non-principal guaranteed income is exempt from VAT [3]. Group 2: VAT Exemptions for Public Rental Housing - Income from renting public rental housing is exempt from VAT, provided that the rental income is separately accounted for [5]. - The public rental housing must be approved by local government authorities and managed according to specific guidelines to qualify for tax exemptions [5]. Group 3: VAT Exemptions for Rural Drinking Water Projects - Operators of drinking water projects providing water to rural residents are exempt from VAT on sales revenue from water supply [8]. - For operators supplying both urban and rural areas, VAT exemptions are based on the proportion of revenue or volume of water supplied to rural residents [8][9]. Group 4: VAT Policies for Vegetable Sales - Taxpayers selling both vegetables and other taxable goods must separately account for sales to qualify for VAT exemptions on vegetable sales [4].