Core Insights - The fiscal revenue in China for the first ten months of 2025 shows a steady recovery, with public budget revenue increasing by 0.8% year-on-year, while expenditure growth has slowed down [1] - Tax revenue has been a significant contributor to the overall revenue increase, with notable growth in various tax categories [3] - Infrastructure-related spending is expected to rebound due to new policy measures and increased project implementation [5][6] Revenue Performance - Total public budget revenue reached 18.65 trillion yuan, with tax revenue at 15.34 trillion yuan, reflecting a growth of 1.7% [1] - Non-tax revenue decreased by 3.1%, amounting to 3.31 trillion yuan [1] - Major tax categories showed growth: VAT increased by 4%, consumption tax by 2.4%, corporate income tax by 1.9%, and personal income tax by 11.5% [3] Sectoral Tax Contributions - The equipment manufacturing and modern service sectors demonstrated strong tax revenue performance [4] - Specific sectors such as computer and communication equipment manufacturing saw a tax revenue increase of 12.7%, while scientific research and technical services grew by 14.8% [4] Expenditure Trends - Total public budget expenditure was 22.58 trillion yuan, with a year-on-year growth of 2% [1] - Key areas such as social security, education, and health saw significant expenditure increases, with social security and employment spending growing by 9.3% [5] - Infrastructure-related spending in agriculture, forestry, and water management decreased by 9%, although the decline rate has narrowed [5] Future Outlook - The introduction of new policy financial tools is expected to support infrastructure investment in the fourth quarter and early next year [6] - The central government has allocated additional funds for project construction, indicating a proactive adjustment in response to slowing infrastructure growth [6]

Core Insights - The article highlights a recovery in fiscal revenue, with a steady increase in public budget income and a slowdown in expenditure growth, while maintaining high growth in social welfare-related spending [2][4]. Fiscal Revenue Recovery - In the first ten months of 2025, the national general public budget revenue reached 18.65 trillion yuan, growing by 0.8%, an increase of 0.3 percentage points compared to the first nine months [2]. - Tax revenue amounted to 15.34 trillion yuan, with a growth rate of 1.7%, up by 1 percentage point from the previous nine months [2]. - Non-tax revenue decreased by 3.1% to 3.31 trillion yuan [2]. Tax Revenue Growth - Major tax categories showed significant growth: domestic VAT increased by 4%, domestic consumption tax by 2.4%, corporate income tax by 1.9%, and personal income tax by 11.5%, with respective increases of 0.4, 0.2, 1.1, and 1.8 percentage points compared to the previous nine months [4]. - The securities transaction stamp duty saw a remarkable increase of 88.1%, totaling 162.9 billion yuan, driven by a recovery in market confidence and A-share trading volume [4]. Sector Performance - The equipment manufacturing and modern service industries demonstrated strong tax revenue performance, with notable increases in specific sectors: computer and communication equipment manufacturing by 12.7%, electrical machinery and equipment manufacturing by 7.9%, scientific research and technical services by 14.8%, and cultural, sports, and entertainment industries by 5.7% [5]. Fiscal Expenditure Trends - Total public budget expenditure for the first ten months was 22.58 trillion yuan, reflecting a year-on-year growth of 2%, although the growth rate decreased by 1.1 percentage points compared to the previous nine months [7]. - Key areas such as social security and employment, education, health, science and technology, energy conservation and environmental protection, and cultural tourism saw substantial increases in spending, with growth rates of 9.3%, 4.7%, 2.4%, 5.7%, 7%, and 2.5% respectively [7]. Infrastructure Spending Outlook - Infrastructure-related spending in agriculture, forestry, and water management declined by 9%, although the rate of decline narrowed by 2.1 percentage points compared to the previous nine months [8]. - Analysts expect a rebound in fiscal infrastructure spending, supported by new policy financial tools and additional allocations for project construction [8].

财政部今天发布的最新数据显示，今年1—10月，全国财政收入18.65万亿元，同比增长0.8%，增幅比1 —9月提高0.3个百分点。10月单月，全国财政收入2.26万亿元，同比增长3.2%，月度增幅继续提高。 税收收入持续较快增长。1—10月，全国税收收入15.34万亿元，增长1.7%，增幅比1—9月提高1个百分 点。计算机通信设备制造业税收收入增长12.7%，电气机械器材制造业税收收入增长7.9%。 各级财政持续加快债券资金使用，地方政府专项债券、超长期特别国债、中央金融机构注资特别国债等 资金共支出4.54万亿元。 （总台央视记者 赵曙光 蒋勇） 1—10月，全国财政支出22.58万亿元，同比增长2%。 各级财政落实更加积极的财政政策，加大支出强度，优化支出结构，持续加强对重点领域的支出保障。 其中，社会保障和就业支出增长9.3%，科学技术支出增长5.7%，教育支出增长4.7%。 ...

Core Insights - Azerbaijan's fiscal spending for economic activities in the first nine months of the year amounted to 4.25 billion manats (2.5 billion USD), reflecting a year-on-year decrease of 1.35 billion manats (790 million USD), a decline of 24.1% [1] Summary by Category Agriculture - Spending in the agriculture sector reached 770 million manats (450 million USD), showing a year-on-year increase of 110 million manats (64.7 million USD), with a growth rate of 16.2% [1] Social Security and Welfare - Expenditure on social security and welfare was 3.36 billion manats (1.98 billion USD), which is an increase of 270 million manats (160 million USD) compared to the previous year, representing a growth of 8.9% [1] Healthcare - Healthcare spending totaled 890 million manats (520 million USD), which is a decrease of 520 million manats (300 million USD) year-on-year, marking a decline of 36.7% [1]

Group 1 - The A500 index components showed mixed performance, with Huashang City A leading the gains at 10.15%, followed by Samsung Medical at 10.02%, and Fangda Carbon at 9.98% [1] - The A500 ETF fund's latest price is 1.18 yuan, with a turnover rate of 6.56% and a trading volume of 1.289 billion yuan [1] - The A500 ETF fund has seen a net inflow of 202 million yuan recently, indicating strong investor interest [1] Group 2 - According to Zhongyin Securities, the market is expected to maintain a震荡上行趋势, with a focus on preparing for year-end performance [2] - The A500 index consists of 500 securities selected from various industries, reflecting the overall performance of the most representative listed companies [2] - As of October 31, 2025, the top ten weighted stocks in the A500 index accounted for 19.36% of the total index, including major companies like Ningde Times and Kweichow Moutai [2]

Core Viewpoint - China's economy has shown stable performance in 2023, leading to a recovery in fiscal revenue, supported by proactive fiscal policies aimed at stabilizing employment, businesses, and market expectations [1][11]. Fiscal Revenue and Taxation - In the first three quarters of 2023, the broad fiscal revenue reached 19.46 trillion yuan, a year-on-year increase of approximately 0.4%, marking the first positive growth in fiscal revenue this year [1]. - The general public budget revenue was 16.39 trillion yuan, with tax revenue at 13.27 trillion yuan, reflecting a year-on-year growth of 0.5% and 0.7% respectively [2]. - Tax revenue growth turned positive in recent months, with September showing an 8.7% year-on-year increase, the highest for the year, driven by improved corporate performance and active capital market transactions [2][3]. Non-Tax Revenue - Non-tax revenue in the general public budget decreased by 0.4% year-on-year to 312.12 billion yuan, significantly lower than the previous year's growth of 13.5% [4]. - The decline in non-tax revenue is attributed to a high base from previous years and stricter regulations on administrative penalties [4][7]. Government Bonds and Fiscal Expenditure - The net financing of government bonds reached 1.146 trillion yuan in the first three quarters, an increase of 428 billion yuan year-on-year [10]. - Fiscal expenditure for the same period was 20.81 trillion yuan, a year-on-year increase of 3.1%, with significant allocations towards social security, education, and healthcare [11]. - The government has accelerated the issuance of special bonds to support major projects, with a total expenditure of 4.21 trillion yuan from various bond types [14][15]. Real Estate and Land Revenue - The revenue from government funds, primarily from land sales, decreased by 0.5% year-on-year to 30.72 billion yuan, with land use rights revenue dropping by 4.2% [7][8]. - Policies aimed at stabilizing the real estate market have led to a narrowing decline in land sale revenues and related taxes [8]. Investment and Economic Stability - The introduction of new policy financial tools worth 500 billion yuan aims to enhance project capital and stimulate total investment by approximately 4.8 trillion yuan [15]. - The fiscal policies are designed to support local governments in managing existing debts and facilitating economic recovery [15].

Core Insights - In September, national tax revenue increased by 8.7% year-on-year, marking the highest growth rate of the year [1] - The overall fiscal revenue in the first three quarters reached 19.46 trillion yuan, with a year-on-year growth of approximately 0.4%, indicating a recovery in fiscal income [2][3] - The growth in tax revenue is primarily driven by improved corporate performance and active capital market transactions [3] Fiscal Revenue and Expenditure - The general public budget revenue for the first three quarters was 16.39 trillion yuan, with a year-on-year increase of 0.5%, while tax revenue reached 13.27 trillion yuan, growing by 0.7% [3] - Fiscal expenditure for the same period was 28.30 trillion yuan, up 7.9%, exceeding the economic growth rate of 5.2% [2] - Expenditure on social security and employment, education, and health care grew by 10%, 5.4%, and 4.7% respectively, reflecting a focus on social welfare [12] Tax Revenue Trends - Tax revenue growth has turned positive after being negative earlier in the year, with September's growth significantly higher than August's by 5.3 percentage points [3] - The capital market's performance has positively influenced tax revenue, with securities transaction stamp duty increasing by 110.5% year-on-year [3] - The decline in the Producer Price Index (PPI) has also contributed to the recent tax revenue growth [4] Non-Tax Revenue - Non-tax revenue in the general public budget decreased by 0.4% year-on-year, contrasting with a 13.5% increase in the previous year [5] - The decline in non-tax revenue is attributed to a high base from previous years and stricter regulation on administrative penalties [5][9] Government Fund Revenue - Government fund revenue, primarily from land sales, was 30.72 trillion yuan, down 0.5% year-on-year, with land use rights revenue decreasing by 4.2% [10] - The decline in land sales revenue is expected to narrow due to policies aimed at stabilizing the real estate market [10] Debt Financing and Investment - Net financing from government bonds reached 1.146 trillion yuan, an increase of 428 billion yuan year-on-year [11] - The government has accelerated the issuance of special bonds to support major projects, with a total expenditure of 4.21 trillion yuan from various bond types [15] - New policy financial tools worth 500 billion yuan have been introduced to enhance project capital, expected to drive total project investment by 4.8 trillion yuan [16]

Summary of Key Points 1. Report Industry Investment Rating No industry investment rating is provided in the report. 2. Core View of the Report The fiscal revenue growth rate continues to improve, with an enhanced contribution from tax revenues. The overall fiscal expenditure progress is slow, but the decline in infrastructure - related expenditures has narrowed. Government - funded funds show a divergence between revenue and expenditure, with revenue lagging behind expenditure. In the fourth quarter, the implementation of incremental fiscal funds will help the economy operate smoothly, and more incremental policies are still expected [3][4][5]. 3. Summary by Relevant Catalogs 3.1 Fiscal Revenue Growth Rate Continues to Improve, Tax Revenue Contribution Increases - The growth rate of general public budget revenue from January to September reached 0.5%, 0.2 percentage points higher than the previous value, and improved for three consecutive months. The central government's monthly revenue growth rate improved significantly, and the decline in cumulative growth rate narrowed to - 1.2%, while local fiscal revenue maintained positive growth at a cumulative rate of 1.8%. The fiscal revenue growth rate was slightly higher than the annual budget target by 0.1%, but the completion progress was 74.5%, lower than the historical average [11]. - Tax revenue growth significantly supported the improvement of fiscal revenue, while non - tax revenue growth declined sharply, turning into a negative drag on revenue growth. From January to September, the cumulative year - on - year growth rate of tax revenue was 0.7%, reaching the highest value of the year. Non - tax revenue had negative single - month growth for five consecutive months, and the cumulative growth rate turned slightly negative at - 0.4% [17]. - In terms of tax revenue structure, VAT, corporate income tax, domestic consumption tax, individual income tax, and stamp duty all showed positive growth, while land and real - estate - related tax revenue decline was narrowing [18]. 3.2 Overall Expenditure Progress is Slow, Decline in Infrastructure - Related Expenditure Narrows - From January to September, the year - on - year growth rate of fiscal expenditure was 3.1%, the same as the previous value and lower than the annual budget target of 4.4%. The central government's expenditure growth rate dropped to a new low of 7.3% for the year, while the local government's expenditure growth rate was 2.4%, 0.1 percentage points higher than the previous value. The general public budget expenditure completion progress from January to September was 70.1%, the lowest in the past five years [20]. - In terms of expenditure structure, people's livelihood - related expenditures remained the focus, and infrastructure - related expenditures improved. Social security and employment expenditures maintained a growth rate of 10%, and infrastructure - related expenditures such as energy conservation and environmental protection and transportation had a growth rate close to 20% for two consecutive months [21]. 3.3 Government - Funded Funds' Revenue and Expenditure Diverge, Revenue Lags Behind Expenditure - From January to September, the government - funded funds' revenue decreased by 0.5% year - on - year, lower than the annual budget growth target of 0.7%. The decline in land transfer fees was the main reason for the negative growth. The government - funded funds' expenditure increased by 23.9% year - on - year, higher than the annual budget target of 23.1%. The revenue completion progress was 49.1%, and the expenditure completion progress was 60% [25]. - The issuance of local government special bonds accelerated, with the completion progress of new special bonds in September reaching about 83.6%, still slow in a five - year perspective [25]. 3.4 Incremental Funds are Implemented to Fill Gaps and Expand Investment In September, the National Development and Reform Commission established a new policy - based financial instrument worth 500 billion yuan, and the Agricultural Development Bank of China has disbursed nearly 100 billion yuan. On October 17, the Ministry of Finance issued another 500 billion yuan in carry - over quotas. The implementation of incremental funds will help expand investment and support the stable operation of the economy in the fourth quarter. More incremental policies are still expected [5][30].

Group 1 - The core viewpoint of the article indicates that the fiscal revenue growth in the first three quarters of 2023 has shown a gradual recovery, reflecting a stable and improving economic situation [1][2] - National general public budget revenue reached 163,876 billion yuan, with a year-on-year growth of 0.5%, while public budget expenditure was 208,064 billion yuan, increasing by 3.1% year-on-year [1][5] - The central government budget revenue decreased by 1.2% to 70,837 billion yuan, while local government budget revenue increased by 1.8% to 93,039 billion yuan [2][5] Group 2 - Tax revenue, which is the main component of fiscal income, grew by 0.7% year-on-year, with notable performances in several key tax categories [2][3] - The growth rates for specific taxes included a 3.6% increase in value-added tax, a 2.2% increase in consumption tax, and a significant 9.7% increase in personal income tax [3] - The government plans to allocate 500 billion yuan from the local government debt limit to support local debt repayment and expand effective investment, indicating a proactive fiscal policy [4][5] Group 3 - The expenditure in key strategic areas such as social security, technology, and environmental protection has been well-supported, with social security and employment spending growing by 10% [5][6] - The overall public budget expenditure growth of 3.1% in the first three quarters is attributed to increased spending in social welfare, education, and health sectors, which are at their highest growth rates in three years [6] - The government fund budget revenue decreased by 0.5% to 30,717 billion yuan, while the expenditure increased significantly by 23.9% to 74,924 billion yuan, driven by bond funds [6][7]

Revenue Insights - In September, general public budget revenue increased by 2.6% year-on-year, up from 2.0% in August[7] - Tax revenue saw a significant rise of 8.7% in September compared to 3.4% in August, while non-tax revenue dropped to -11.4% from -3.8%[7][9] Expenditure Trends - General public budget expenditure grew by 3.1% in September, improving from 0.8% in August[12] - Infrastructure-related expenditure showed a rebound, with energy-saving and environmental protection spending growing by 22.6% year-on-year, although down from 29.8% in August[13] Government Fund Dynamics - Government fund revenue increased by 5.6% in September, recovering from -5.7% in August, while local government fund revenue rose by 5.9% from -0.2%[18] - Government fund expenditure in September was up by 0.4%, a decrease from 19.8% in August, indicating a slower growth rate due to last year's high base[18] Fiscal Policy Outlook - The fiscal spending pace is expected to accelerate in Q4, with a focus on infrastructure projects and easing spending bottlenecks[22] - As of mid-October, new policy financial tools have been deployed exceeding 100 billion yuan, indicating a proactive fiscal stance[22]