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]

Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - In September, fiscal revenue slightly rebounded while fiscal expenditure continued to decline. The fourth - quarter bond supply pressure is limited [1][8]. - The increase in general budget revenue in September was mainly due to the rise in tax revenue growth and the expansion of the decline in non - tax revenue. Tax revenue such as income tax, VAT, and securities transaction stamp duty had high year - on - year growth rates. Government fund revenue turned slightly positive year - on - year [1][2][11]. - In terms of expenditure, the expenditure of the first - account (general public budget) increased slightly year - on - year, while that of the second - account (government funds) decreased significantly. Traditional infrastructure expenditure continued to contract, and social security expenditure maintained a high growth rate [3][19]. - Cumulatively, the fiscal revenue growth rate is close to the annual budget growth rate, and there is a divergence in the expenditure of the two accounts. The fourth - quarter government bond supply is relatively small even if the 500 billion yuan of remaining quota is issued [4][25][29]. Summary by Related Catalogs Fiscal Revenue - **General Situation of Fiscal Revenue**: In September, the year - on - year growth rate of broad fiscal revenue was 3.2%, up from the previous value of 0.3%. The general public budget revenue in September had a year - on - year growth of 2.6% (previous value: 2.0%), with tax revenue growing by 8.7% (previous value: 3.4%) and non - tax revenue dropping by 11.4% (previous value: - 3.8%) [1][8][11]. - **Tax Revenue**: In September, the year - on - year growth rate of tax revenue was 8.7%. Among the four major taxes, corporate income tax grew by 19.6% year - on - year, individual income tax by 16.7%, VAT by 7.6% (contributing the most to the month's tax revenue growth, up to 3.24%), and securities transaction stamp duty by 342.4%, driven by the high activity of the stock market [2][13][14]. - **Government Fund Revenue**: In September, the year - on - year growth rate of government fund revenue was 5.6% (previous value: - 5.7%), and the cumulative year - on - year growth rate was - 0.5%. There may be a need to boost the year - end government fund revenue [2][17]. Fiscal Expenditure - **General Situation of Fiscal Expenditure**: In September, the year - on - year growth rate of broad fiscal expenditure was 2.3%, down from the previous value of 6.0%. The general public budget expenditure had a year - on - year growth of 3.08% (previous value: 0.82%), and the government fund expenditure had a year - on - year growth of 0.4% (previous value: 19.8%) [1][3][8]. - **Expenditure Structure**: Traditional infrastructure expenditure continued to contract, with an overall year - on - year growth rate of - 1.2% (previous value: - 10.1%), showing significant internal differentiation. Expenditure on science and technology grew by 26.6% year - on - year, and social security expenditure by 8.8% [3][19]. Cumulative Fiscal Situation - **Revenue**: From January to September, the cumulative year - on - year growth rate of general public budget revenue was 0.5%, tax revenue was 0.7%, and non - tax revenue was - 0.4%. The fiscal revenue growth rate reached the initial budget (0.1%), but the improvement of the fiscal revenue structure fell short of expectations. The cumulative year - on - year growth rate of government fund revenue was - 0.5%, lower than the initial budget of 0.7% [4][25]. - **Expenditure**: From January to September, the fiscal expenditure growth rate was 3.1%, lower than the annual budget growth rate of 4.4%. The growth rate of government fund expenditure was 23.9%, slightly higher than the annual budget growth rate of 23.1%. The expenditure rhythm of the first - account was relatively slow, and the second - account had an early - stage expenditure boost, with limited space for further efforts from September to December [4][25]. Fourth - Quarter Government Bond Supply - The peak of government bond supply has passed. According to the annual budget, the remaining government bond supply in the fourth quarter is about 2 trillion yuan. Even if the 500 billion yuan of remaining quota is issued in the fourth quarter, the net financing of government bonds will still be significantly lower than the same period last year [4][29].

Group 1 - The core viewpoint of the articles indicates that China's fiscal revenue and expenditure show signs of stability and gradual improvement in the first three quarters of the year, reflecting a steady economic operation [1][3][4] Group 2 - In the first three quarters, the national fiscal revenue reached 16.39 trillion yuan, with a year-on-year growth of 0.5%, and a notable increase of 2.5% in the third quarter [1] - Fiscal expenditure for the same period amounted to 20.81 trillion yuan, representing a year-on-year increase of 3.1%, with significant support for key areas such as social security, education, and health [3] - The growth rate of fiscal revenue has been recovering quarterly, with a decline of 1.1% in Q1, a turnaround to 0.6% in Q2, and a marked increase in Q3, with July, August, and September showing growth rates of 2.6%, 2%, and 2.6% respectively [4] - The Deputy Director of the Treasury Payment Center emphasized that fiscal policies are becoming more proactive, focusing on stabilizing employment, businesses, and market expectations while ensuring necessary expenditure intensity [6]

Core Viewpoint - The Ministry of Finance reported that fiscal policies have become more proactive in the first three quarters of this year, with steady growth in fiscal revenue and maintained expenditure levels, ensuring funding for basic livelihoods and key areas, resulting in overall stable fiscal operations [1] Fiscal Revenue - In the first three quarters, the national general public budget revenue reached 16.39 trillion yuan, a year-on-year increase of 0.5%. The revenue growth showed a recovery trend, with a decline of 1.1% in Q1, a growth of 0.6% in Q2, and a significant increase of 2.5% in Q3 [2] - Tax revenue, as the main component of fiscal income, grew steadily with a year-on-year increase of 0.7%. The domestic value-added tax, the largest tax type, increased by 3.6%, outperforming the general public budget revenue growth by 3.1 percentage points [2] - Non-tax revenue saw a decline of 0.4%, with state resource usage income increasing by 4%, while penalty income decreased by 7% [2] Local Revenue - Local general public budget revenue grew by 1.8% year-on-year in the first three quarters, with 27 out of 31 regions maintaining positive growth, despite some areas being affected by falling prices of major commodities [3] Fiscal Expenditure - National general public budget expenditure reached 20.81 trillion yuan, a year-on-year increase of 3.1%. Key areas such as social security and employment saw a 10% increase, while education and health expenditures grew by 5.4% and 4.7%, respectively [3] Government Bonds - Government bonds played a crucial role in implementing proactive fiscal policies, with expenditures from various bonds totaling 4.21 trillion yuan in the first three quarters [4] - The Ministry of Finance plans to continue the early allocation of the new local government debt limit for 2026, facilitating project funding needs [4] Disaster Relief Support - The Ministry of Finance has established a rapid allocation mechanism for disaster relief funds, ensuring quick financial support for local governments in response to natural disasters [5][6] - A total of 105 billion yuan has been allocated for disaster relief efforts, with additional support from insurance mechanisms for affected households [6]