Group 1: General Public Budget Revenue - National general public budget revenue for January to November reached 200,516 billion yuan, a year-on-year increase of 0.8% [2] - Tax revenue amounted to 164,814 billion yuan, growing by 1.8% year-on-year, while non-tax revenue was 35,702 billion yuan, declining by 3.7% [2] - Central general public budget revenue was 88,464 billion yuan, down 1% year-on-year, while local general public budget revenue was 112,052 billion yuan, up 2.2% [2] Group 2: Major Tax Revenue Items - Domestic value-added tax collected was 63,629 billion yuan, increasing by 3.9% year-on-year [2] - Corporate income tax revenue reached 40,234 billion yuan, with a year-on-year growth of 1.7% [3] - Personal income tax revenue was 14,689 billion yuan, showing a significant increase of 11.5% year-on-year [3] - Export tax rebates totaled 19,038 billion yuan, reflecting a year-on-year increase of 5.6% [5] - Stamp duty revenue was 4,044 billion yuan, with a notable increase of 27% year-on-year, including a 70.7% rise in securities transaction stamp duty [7] Group 3: General Public Budget Expenditure - National general public budget expenditure for January to November was 248,538 billion yuan, a year-on-year increase of 1.4% [15] - Central general public budget expenditure was 38,232 billion yuan, growing by 6.2% year-on-year, while local expenditure was 210,306 billion yuan, up 0.6% [15] - Education expenditure reached 37,856 billion yuan, increasing by 4.4% year-on-year [16] - Social security and employment expenditure was 40,721 billion yuan, reflecting an 8.1% year-on-year growth [18] Group 4: Government Fund Budget Revenue and Expenditure - National government fund budget revenue for January to November was 40,274 billion yuan, a decline of 4.9% year-on-year [19] - Local government fund budget revenue was 36,336 billion yuan, down 5.5% year-on-year, with state land use rights transfer income at 29,119 billion yuan, decreasing by 10.7% [19] - National government fund budget expenditure was 92,124 billion yuan, increasing by 13.7% year-on-year [19] - Local government fund budget expenditure was 83,046 billion yuan, up 6.6% year-on-year, with related expenditures for state land use rights transfer income at 38,489 billion yuan, declining by 6.6% [19]

新华财经北京12月17日电（记者申铖）财政部12月17日发布数据显示，今年前11个月，全国一般公共预 算收入200516亿元，同比增长0.8%。 全国政府性基金预算收支方面，前11个月，全国政府性基金预算收入40274亿元，同比下降4.9%；全国 政府性基金预算支出92124亿元，同比增长13.7%，主要是各级财政持续加快债券资金使用。 其中，前11个月，全国税收收入164814亿元，同比增长1.8%；非税收入35702亿元，同比下降3.7%。分 中央和地方看，前11个月，中央一般公共预算收入88464亿元，同比下降1%；地方一般公共预算本级收 入112052亿元，同比增长2.2%。 （文章来源：新华社） 财政支出方面，前11个月，全国一般公共预算支出248538亿元，同比增长1.4%。分中央和地方看，中 央一般公共预算本级支出38232亿元，同比增长6.2%；地方一般公共预算支出210306亿元，同比增长 0.6%。 各级财政部门认真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。从主要支出科目看，前11个月，教育支出37856亿元，同比增长4.4%；科学技术支出8892 ...

Summary of Key Points from Conference Call Records Industry Overview - The records primarily discuss the macroeconomic outlook for China and Japan, focusing on fiscal revenue and monetary policy implications for 2026 [1][2][3][4][5][8][10]. Key Insights and Arguments 1. **China's Fiscal Revenue Outlook for 2026**: - China's broad fiscal revenue is expected to stabilize and increase, driven by stable macro tax burdens, anti-involution policies, performance of special taxes, and enhanced tax collection measures [1][2][3][4]. - The overall fiscal revenue is projected to show uncertainty but trend towards stability [4]. 2. **Factors Influencing China's Fiscal Revenue**: - **Stable Macro Tax Burden**: Emphasis on maintaining a reasonable macro tax burden and regulating tax incentives to address the ongoing decline in macro tax levels [3]. - **Anti-Involution Policies**: These policies are anticipated to help improve prices in 2026, particularly benefiting domestic value-added tax revenues from manufacturing and wholesale sectors [3]. - **Performance of Special Taxes**: The shift towards domestic demand may reduce the drag from export tax refunds, while higher trading volumes in the securities market could enhance stamp duty contributions [3]. - **Strengthened Tax Collection Measures**: Increased coverage and regulation of personal income tax and compliance requirements for local government investment incentives are expected to improve fiscal stability [3]. 3. **Japan's Economic Stimulus and Fiscal Challenges**: - Japan's government has introduced a ¥21.3 trillion economic stimulus plan, primarily targeting inflation and social subsidies, which is expected to raise the fiscal deficit to 3.0% in 2026 [1][8]. - The effectiveness of Japan's fiscal expansion is anticipated to be weaker compared to the U.S. and Germany, with a projected GDP impact of only 0.5 percentage points [8][9]. 4. **Market Risks and Volatility**: - The combination of fiscal expansion and monetary tightening in Japan has raised risks of a reversal in yen carry trades, particularly as the Bank of Japan shifts towards a hawkish stance [8][10]. - Current market conditions show a balanced position in yen trading, with net long positions emerging, indicating a more stable environment compared to previous extremes [11][12]. 5. **U.S. Economic Data and Implications**: - Recent U.S. economic data, including a decline in ADP employment figures and stagnant PCE consumption growth, suggest a weakening labor market and potential for a rate cut by the Federal Reserve in December [7]. Other Important but Overlooked Content - The records highlight the importance of monitoring the interplay between U.S. and Japanese monetary policies, particularly during periods of contrasting stances, which could create volatility in the markets [10]. - The potential for Japan's fiscal measures to lead to increased inflationary pressures, despite initial subsidies aimed at reducing costs, is a critical consideration for future economic stability [9][12].

资金投向哪里？从主要支出领域看，科技支出471.9亿元，同比增长10.0%，主要用于聚焦国际科创中心 建设，持续支持重点研发机构高质量发展，推动重点领域科技攻关及成果应用。教育支出1026.0亿元， 同比增长2.6%，主要用于推动教育均衡发展，落实普惠性幼儿园财政补助政策，支持中小学食堂提 升、高水平社团及市属高校双一流建设、新校区开办等。 来源：北京日报 其中，全市地方级税收收入完成5099.0亿元，同比增长6.0%。三大主体税种合计完成3958.2亿元，同比 增长8.5%，占全市一般公共预算收入的67.4%，保持稳定支撑。 具体来看，增值税完成1796.4亿元，同比增长5.8%，增速较9月份提升1.4个百分点。增长主要由部分金 融机构投资收益增加带动。企业所得税完成1472.3亿元，同比增长11.7%，保持今年以来两位数增长水 平。增长主要由信息和科技服务业企业利润增长带动。个人所得税完成689.5亿元，同比增长8.9%，延 续三季度以来7%以上较快增速。增长主要由于资本市场活跃，利息股息红利等财产性所得增加带动。 支出方面，全市在不断加强财政资金资源统筹、保持必要支出强度的同时，持续优化支出结构，做好重 ...

具体来看，增值税完成1796.4亿元，同比增长5.8%，增速较9月份提升1.4个百分点。增长主要由部分金 融机构投资收益增加带动。企业所得税完成1472.3亿元，同比增长11.7%，保持今年以来两位数增长水 平。增长主要由信息和科技服务业企业利润增长带动。个人所得税完成689.5亿元，同比增长8.9%，延 续三季度以来7%以上较快增速。增长主要由于资本市场活跃，利息股息红利等财产性所得增加带动。 支出方面，全市在不断加强财政资金资源统筹、保持必要支出强度的同时，持续优化支出结构，做好重 点领域工作资金保障。1至10月，全市一般公共预算支出完成6760.7亿元，同口径增长4.8%；完成年度 预算的79.7%。 资金投向哪里？从主要支出领域看，科技支出471.9亿元，同比增长10.0%，主要用于聚焦国际科创中心 建设，持续支持重点研发机构高质量发展，推动重点领域科技攻关及成果应用。教育支出1026.0亿元， 同比增长2.6%，主要用于推动教育均衡发展，落实普惠性幼儿园财政补助政策，支持中小学食堂提 升、高水平社团及市属高校双一流建设、新校区开办等。 本报讯（记者 孙杰）日前，市财政局公布的北京市今年1至10月财政 ...

人民网昆明11月25日电 (记者李发兴)一般公共预算收入预计增长9.4%，一般公共预算支出预计增长 10.94%……11月24日，云南省财政厅在云南省"高质量完成'十四五'规划"系列新闻发布会·财政工作专场 上晒出了"十四五"时期财政账本。从数据来看，"十四五"时期，云南财政收入总量稳中有增，支出力度 持续增强。 74%左右的财政支出用于民生 云南省一般公共预算支出五年预计达到3.39万亿元，比"十三五"时期增加3342.19亿元，增长10.94%。过 去4年，省本级从政府性基金预算、国有资本经营预算调入一般公共预算的资金规模达到86.6亿元，集 中财力将更多"真金白银"投向发展大事和民生实事。 "十四五"时期，云南省民生领域支出预计达2.5万亿元，占一般公共预算支出的比重均保持在74%左右， 特别是与人民群众息息相关的教育、社会保障、就业、卫生健康支出，占到民生支出总量的一半以上， 学生资助、基本养老、基本医疗、社会救助、优抚等标准逐步提高。 财政资金投向上，云南集中财力加大对乡村振兴、绿色发展、对外开放、扩大内需等重要决策部署的支 持力度。"十四五"时期，全省农林水支出4572.54亿元、生态环境保护支出 ...

11月17日，财政部发布2025年1—10月财政收支情况。数据显示，全国一般公共预算收入月度增幅继续 提高，累计增幅稳步回升。10月份，全国一般公共预算收入2.26万亿元，同比增长3.2%。其中，中央、 地方收入分别同比增长2.3%、4%。1月份至10月份，全国一般公共预算收入186490亿元，同比增长 0.8%。增幅比1月份至9月份提高0.3个百分点。 税收收入持续较快增长。10月份，全国税收收入2.07万亿元，同比增长8.6%，与9月份的同比增长8.7% 基本持平。1月份至10月份，全国税收收入15.34万亿元，同比增长1.7%，增幅比1月份至9月份提高1个 百分点。 1月份至10月份，主要税收收入项目中，国内增值税、国内消费税、企业所得税、个人所得税分别同比 增长4%、2.4%、1.9%、11.5%，增幅比1月份至9月份分别提高0.4个、0.2个、1.1个、1.8个百分点。印 花税3781亿元，同比增长29.5%。其中，证券交易印花税1629亿元，同比增长88.1%。 主要支出科目情况中，社会保障和就业支出37742亿元，同比增长9.3%；教育支出34117亿元，同比增 长4.7%；卫生健康支出1687 ...

Group 1: Market Insights - Goldman Sachs predicts that central banks may significantly increase gold purchases in November, with gold prices potentially rising to $4,900 by the end of 2026 [3] Group 2: Macroeconomic and Policy News - China's fiscal revenue from January to October reached 18.65 trillion yuan, a year-on-year increase of 0.8%, while fiscal expenditure was 22.58 trillion yuan, up 2% [4] - In October, China's foreign exchange settlement by banks was $214.2 billion, with a surplus of $17.7 billion, indicating a net inflow of cross-border funds [4] - The real estate market in China is stabilizing, with second-hand home transactions dominating, showing a 4.7% year-on-year increase in transaction area from January to October [4] Group 3: Employment and Inflation - Federal Reserve Vice Chairman Jefferson noted an increase in downside risks to employment, while inflation risks may have slightly decreased [5] - The White House's National Economic Council Director Hassett indicated mixed signals in the labor market, suggesting a potential slowdown [5] Group 4: International Economic Data - Japan's GDP contracted by 0.4% quarter-on-quarter in Q3, marking the first negative growth since Q1 2024, primarily due to weak exports and residential investment [6] - The European Commission forecasts a faster-than-expected economic expansion in the Eurozone, with GDP growth projected at 1.3% for the year [6] - India's trade deficit widened to a record $41.68 billion in October, influenced by increased gold imports and decreased exports to the U.S. [6] Group 5: Commodity and Industry News - Indonesia plans to implement an export tax of 7.5% to 15% on gold products starting next year [6] - Mysteel reported a decrease in iron ore arrivals in China, with total arrivals at 2,369.9 million tons, down 399.4 million tons week-on-week [7] - The coal market is experiencing a decline in operational rates, with a reported drop in production and inventory levels [8]

Summary of Fiscal Revenue and Expenditure (January to October 2025) Core Insights - The overall public budget revenue for the first ten months of 2025 shows a slight increase, while non-tax revenue has declined, indicating mixed fiscal health. [1][2] Group 1: Public Budget Revenue - Total public budget revenue reached 186,490 billion yuan, reflecting a year-on-year growth of 0.8% [1] - Tax revenue amounted to 153,364 billion yuan, with a year-on-year increase of 1.7% [1] - Non-tax revenue was 33,126 billion yuan, showing a decline of 3.1% year-on-year [1] - Central government public budget revenue was 81,856 billion yuan, down 0.8% year-on-year [1] - Local government public budget revenue was 104,634 billion yuan, up 2.1% year-on-year [1] Group 2: Public Budget Expenditure - Total public budget expenditure reached 225,825 billion yuan, with a year-on-year growth of 2% [1] - Central government public budget expenditure was 34,727 billion yuan, increasing by 6.3% year-on-year [1] - Local government public budget expenditure was 191,098 billion yuan, reflecting a year-on-year increase of 1.2% [1] Group 3: Government Fund Budget Revenue - Government fund budget revenue totaled 34,473 billion yuan, down 2.8% year-on-year [2] - Central government fund budget revenue was 3,618 billion yuan, up 1.6% year-on-year [2] - Local government fund budget revenue was 30,855 billion yuan, down 3.3% year-on-year, with land use rights transfer revenue at 24,982 billion yuan, decreasing by 7.4% year-on-year [2] Group 4: Government Fund Budget Expenditure - Government fund budget expenditure reached 80,892 billion yuan, showing a significant year-on-year increase of 15.4% [2] - Central government fund budget expenditure was 8,564 billion yuan, reflecting a year-on-year increase of 2.2 times [2] - Local government fund budget expenditure was 72,328 billion yuan, up 7.3% year-on-year, with related expenditures for land use rights transfer at 33,752 billion yuan, down 6.5% year-on-year [2]

1. Report Industry Investment Rating - Not provided in the given content 2. Core View of the Report - On November 18, 2025, the yields of most active treasury bonds declined. Treasury bond futures strengthened collectively. The weighted average rate of DR007 rebounded to around 1.52%. Domestically, economic indicators in October showed a mixed performance, with some weakening and some improving. Overseas, the US government averted a shutdown, but the employment market showed downward risks, and the expectation of a Fed rate cut in December dropped significantly. The economy in Q4 is expected to continue a weak recovery. The central bank will maintain a moderately loose policy, and the space for further monetary easing this year is limited. Currently in a policy vacuum, interest rates may fluctuate narrowly in the short term [2] 3. Summary According to Relevant Catalogs 3.1 Futures Disk - T, TF, TS, and TL main contract closing prices increased by 0.03%, 0.03%, 0.01%, and 0.06% respectively. T, TF, TS, and TL main contract trading volumes increased by 1244, 3133, 2388, and 1158 respectively [2] 3.2 Futures Spreads - TL2512 - 2603, T12 - TL12, TS12 - T12, TS12 - TF12 spreads decreased by 0.01, 0.06, 0.01, and 0.01 respectively. T2512 - 2603, TF2512 - 2603 spreads increased by 0.00 and 0.01 respectively [2] 3.3 Futures Positions - T, TF, TS, and TL main contract positions decreased by 10869, 8352, 2955, and 6927 respectively. T top 20 net short positions increased by 1874, TF top 20 net short positions decreased by 1152, TS top 20 net short positions decreased by 34, and TL top 20 net short positions decreased by 683 [2] 3.4 Top Two CTD Bonds - The net prices of multiple CTD bonds increased, such as 220017.IB up 0.0041, 220019.IB up 0.0043, etc. [2] 3.5 Active Treasury Bonds - The yields of 1 - year bonds remained unchanged, 3 - year and 7 - year and 10 - year bonds decreased by 0.25bp, 0.55bp, and 0.25bp respectively, and 5 - year bonds increased by 0.20bp [2] 3.6 Short - term Interest Rates - Silver - pledged overnight, Shibor overnight, silver - pledged 7 - day, and Shibor 7 - day increased by 0.66bp, 1.70bp, 3.00bp, and 0.40bp respectively. Silver - pledged 14 - day decreased by 3.00bp, and Shibor 14 - day remained unchanged [2] 3.7 LPR Rates - 1 - year and 5 - year LPR rates remained unchanged [2] 3.8 Open Market Operations - The issuance scale was 4075 billion, the maturity scale was 4038 billion, and the interest rate was 1.4% for 7 - day [2] 3.9 Industry News - China protested against Japan's wrong remarks on Taiwan. From January to October, national fiscal revenue increased by 0.8% year - on - year, and fiscal expenditure increased by 2%. In October, the bank settlement - sale surplus was 177 billion US dollars, and cross - border capital inflows increased [2] 3.10 Key Events to Watch - On November 20 at 3:00, the Fed will release the minutes of the monetary policy meeting. On November 20, the US Bureau of Labor Statistics will release the September non - farm payroll report [3]