National General Public Budget Revenue - The national general public budget revenue from January to August reached 14,819.8 billion yuan, a year-on-year increase of 0.3% [1] - Tax revenue accounted for 12,108.5 billion yuan, showing a slight increase of 0.02% year-on-year, while non-tax revenue was 2,711.3 billion yuan, up by 1.5% [1] - Central government revenue was 6,426.8 billion yuan, down by 1.7% year-on-year, while local government revenue was 8,393.0 billion yuan, increasing by 1.8% [1] Major Tax Revenue Items - Domestic value-added tax generated 47,389 billion yuan, with a year-on-year growth of 3.2% [2] - Domestic consumption tax amounted to 11,523 billion yuan, reflecting a year-on-year increase of 2% [3] - Corporate income tax reached 31,477 billion yuan, showing a year-on-year growth of 0.3% [4] - Personal income tax was 10,547 billion yuan, with a significant year-on-year increase of 8.9% [5] - Import VAT and consumption tax totaled 11,770 billion yuan, down by 6.7% year-on-year, while customs duties were 1,527 billion yuan, decreasing by 6.5% [6] - Export tax rebates were 15,766 billion yuan, reflecting a year-on-year increase of 9% [7] - Stamp duty revenue was 2,844 billion yuan, with a notable year-on-year increase of 27.4%, including a remarkable 81.7% increase in securities transaction stamp duty [10] National General Public Budget Expenditure - National general public budget expenditure from January to August totaled 17,932.4 billion yuan, a year-on-year increase of 3.1% [19] - Central government expenditure was 26,570 billion yuan, up by 8% year-on-year, while local government expenditure was 152,754 billion yuan, increasing by 2.3% [19] Major Expenditure Items - Education expenditure reached 27,078 billion yuan, with a year-on-year growth of 5.6% [20] - Social security and employment expenditure was 30,723 billion yuan, reflecting a significant year-on-year increase of 10% [21] - Health expenditure amounted to 13,717 billion yuan, up by 5.1% year-on-year [22] - Urban and rural community expenditure decreased by 4.9% to 12,319 billion yuan [23] - Agricultural, forestry, and water expenditure fell by 9.4% to 13,589 billion yuan [23] Government Fund Budget Revenue and Expenditure - Government fund budget revenue from January to August was 26,449 billion yuan, a year-on-year decrease of 1.4% [23] - Local government fund budget revenue was 23,516 billion yuan, down by 1.6%, with land use rights transfer revenue at 19,263 billion yuan, decreasing by 4.7% [23] - Government fund budget expenditure totaled 62,602 billion yuan, a significant year-on-year increase of 30% [23] - Local government fund budget expenditure was 54,993 billion yuan, up by 18.8% [23]

财政部公布2025年1—8月财政收支情况。 1.国内增值税 47389 亿元， 同比增长 3.2 % 。 2.国内消费税 11523 亿元， 同比增长 2 %。 3.企业所得税 31477 亿元， 同比增长 0.3 %。 4.个人所得税 10547 亿元， 同比增长 8.9 %。 5.进口货物增值税、消费税 11770 亿元， 同比下降 6.7 %。关税 1527 亿元， 同比下降 6.5 %。 6.出口退税 15766 亿元， 同比增长 9 %。 7.城市维护建设税 3471 亿元， 同比增长 2.9 %。 8.车辆购置税 1334 亿元， 同比下降 17.7 %。 9.印花税 2844 亿元， 同比增长 27.4 %。其中，证券交易印花税 1187 亿元， 同比增长 81.7 %。 10.资源税 1943 亿元， 同比下降 2.8 %。 11.契税 3012 亿元， 同比 下降 15.3 % 。 12. 房产税 3307 亿元， 同比增长 11.5% 。 13. 城镇土地使用税 1704 亿元， 同比增长 6.3 % 。 14. 土地增值税 2967 亿元， 同比下降 18.3 % 。 15. 耕地占用税 ...

Revenue Summary - National general public budget revenue for January to August reached 148198 billion yuan, with a year-on-year growth of 0.3% [1][3] - Tax revenue accounted for 121085 billion yuan, showing a slight increase of 0.02% year-on-year, while non-tax revenue was 27113 billion yuan, growing by 1.5% [3] - Central government revenue was 64268 billion yuan, down 1.7% year-on-year, whereas local government revenue was 83930 billion yuan, up 1.8% [3] Tax Revenue Breakdown - Domestic value-added tax generated 47389 billion yuan, increasing by 3.2% [4] - Domestic consumption tax amounted to 11523 billion yuan, with a growth of 2% [5] - Corporate income tax reached 31477 billion yuan, reflecting a growth of 0.3% [6] - Personal income tax was 10547 billion yuan, showing a significant increase of 8.9% [7] - Import VAT and consumption tax totaled 11770 billion yuan, down 6.7%, while customs duties were 1527 billion yuan, down 6.5% [8] - Export tax rebates were 15766 billion yuan, increasing by 9% [9] - Urban maintenance and construction tax was 3471 billion yuan, up 2.9% [10] - Vehicle purchase tax was 1334 billion yuan, down 17.7% [11] - Stamp duty revenue reached 2844 billion yuan, with a notable increase of 27.4%, including securities transaction stamp duty at 1187 billion yuan, up 81.7% [12] - Resource tax was 1943 billion yuan, down 2.8% [13] - Deed tax was 3012 billion yuan, down 15.3% [14] - Property tax amounted to 3307 billion yuan, increasing by 11.5% [15] - Urban land use tax was 1704 billion yuan, up 6.3% [16] - Land value increment tax was 2967 billion yuan, down 18.3% [17] - Cultivated land occupation tax was 1001 billion yuan, up 4% [18] - Environmental protection tax was 197 billion yuan, increasing by 11.5% [19] - Other tax revenues totaled 838 billion yuan, with a growth of 0.7% [20] Expenditure Summary - National general public budget expenditure for January to August was 179324 billion yuan, with a year-on-year increase of 3.1% [21] - Central government expenditure was 26570 billion yuan, up 8%, while local government expenditure was 152754 billion yuan, increasing by 2.3% [21] Major Expenditure Categories - Education expenditure reached 27078 billion yuan, growing by 5.6% [22] - Science and technology expenditure was 5874 billion yuan, up 3.1% [23] - Cultural, tourism, sports, and media expenditure totaled 2272 billion yuan, increasing by 4.3% [23] - Social security and employment expenditure was 30723 billion yuan, with a growth of 10% [24] - Health expenditure amounted to 13717 billion yuan, up 5.1% [25] - Energy conservation and environmental protection expenditure was 3315 billion yuan, increasing by 6.6% [26] - Urban and rural community expenditure was 12319 billion yuan, down 4.9% [27] - Agriculture, forestry, and water expenditure was 13589 billion yuan, down 9.4% [28] - Transportation expenditure reached 7128 billion yuan, down 1.3% [29] - Debt interest payment expenditure was 8715 billion yuan, increasing by 5.9% [30] Government Fund Budget Summary - National government fund budget revenue for January to August was 26449 billion yuan, down 1.4% [31] - Central government fund budget revenue was 2933 billion yuan, up 0.6%, while local government fund budget revenue was 23516 billion yuan, down 1.6%, with land use rights transfer revenue at 19263 billion yuan, down 4.7% [31][32] Government Fund Expenditure Summary - National government fund budget expenditure for January to August was 62602 billion yuan, increasing by 30% [33] - Central government fund budget expenditure was 7609 billion yuan, up 3.1 times, while local government fund budget expenditure was 54993 billion yuan, increasing by 18.8%, with land use rights transfer related expenditure at 26732 billion yuan, down 4.1% [33]

National General Public Budget Revenue - The national general public budget revenue for January to August reached 14,819.8 billion yuan, with a year-on-year growth of 0.3% [1] - Tax revenue amounted to 12,108.5 billion yuan, showing a slight increase of 0.02% year-on-year, while non-tax revenue was 2,711.3 billion yuan, up by 1.5% [1] - Central government revenue was 6,426.8 billion yuan, down by 1.7% year-on-year, whereas local government revenue was 8,393.0 billion yuan, increasing by 1.8% [1] Major Tax Revenue Items - Domestic value-added tax generated 4,738.9 billion yuan, reflecting a year-on-year increase of 3.2% [2] - Domestic consumption tax totaled 1,152.3 billion yuan, with a growth of 2% [3] - Corporate income tax reached 3,147.7 billion yuan, up by 0.3% [4] - Personal income tax was 1,054.7 billion yuan, showing a significant increase of 8.9% [5] - Import VAT and consumption tax amounted to 1,177.0 billion yuan, down by 6.7%, while customs duties were 152.7 billion yuan, decreasing by 6.5% [6] - Export tax rebates were 1,576.6 billion yuan, increasing by 9% [7] - Urban maintenance and construction tax reached 347.1 billion yuan, up by 2.9% [8] - Vehicle purchase tax was 133.4 billion yuan, down by 17.7% [9] - Stamp duty totaled 284.4 billion yuan, with a notable increase of 27.4%, including a significant rise of 81.7% in securities transaction stamp duty [10] - Resource tax was 194.3 billion yuan, down by 2.8% [11] - Deed tax reached 301.2 billion yuan, decreasing by 15.3% [12] - Property tax was 330.7 billion yuan, up by 11.5% [13] - Urban land use tax totaled 170.4 billion yuan, increasing by 6.3% [14] - Land value increment tax was 296.7 billion yuan, down by 18.3% [15] - Cultivated land occupation tax reached 100.1 billion yuan, up by 4% [16] - Environmental protection tax was 19.7 billion yuan, increasing by 11.5% [17] - Other tax revenues combined were 83.8 billion yuan, with a growth of 0.7% [18] National General Public Budget Expenditure - National general public budget expenditure for January to August was 17,932.4 billion yuan, reflecting a year-on-year increase of 3.1% [19] - Central government expenditure was 2,657.0 billion yuan, up by 8%, while local government expenditure was 15,275.4 billion yuan, increasing by 2.3% [19] Major Expenditure Items - Education expenditure reached 2,707.8 billion yuan, with a growth of 5.6% [20] - Science and technology expenditure was 587.4 billion yuan, up by 3.1% [21] - Cultural, tourism, sports, and media expenditure totaled 227.2 billion yuan, increasing by 4.3% [22] - Social security and employment expenditure was 30,723.0 billion yuan, showing a significant increase of 10% [22] - Health expenditure reached 13,717.0 billion yuan, up by 5.1% [22] - Energy conservation and environmental protection expenditure was 3,315.0 billion yuan, increasing by 6.6% [22] - Urban and rural community expenditure was 12,319.0 billion yuan, down by 4.9% [22] - Agriculture, forestry, and water expenditure totaled 13,589.0 billion yuan, decreasing by 9.4% [22] - Transportation expenditure was 7,128.0 billion yuan, down by 1.3% [22] - Debt interest payment expenditure reached 8,715.0 billion yuan, increasing by 5.9% [22] National Government Fund Budget Revenue - National government fund budget revenue for January to August was 2,644.9 billion yuan, down by 1.4% [23] - Central government fund budget revenue was 293.3 billion yuan, up by 0.6%, while local government fund budget revenue was 2,351.6 billion yuan, down by 1.6%, with land use rights transfer revenue at 1,926.3 billion yuan, decreasing by 4.7% [23] National Government Fund Budget Expenditure - National government fund budget expenditure for January to August was 62,602.0 billion yuan, reflecting a significant year-on-year increase of 30% [23] - Central government fund budget expenditure was 7,609.0 billion yuan, up by 3.1 times, while local government fund budget expenditure was 54,993.0 billion yuan, increasing by 18.8%, with land use rights transfer-related expenditure at 26,732.0 billion yuan, down by 4.1% [23]

人民财讯9月17日电，财政部发布2025年1—8月财政收支情况，1—8月，全国一般公共预算支出179324 亿元，同比增长3.1%。分中央和地方看，中央一般公共预算本级支出26570亿元，同比增长8%；地方一 般公共预算支出152754亿元，同比增长2.3%。 ...

Core Insights - The national general public budget revenue for January to August reached 148198 billion yuan, showing a year-on-year growth of 0.3% [1][3] - Tax revenue amounted to 121085 billion yuan, with a slight increase of 0.02% year-on-year, while non-tax revenue was 27113 billion yuan, growing by 1.5% [1][3] - Central government revenue decreased by 1.7% to 64268 billion yuan, while local government revenue increased by 1.8% to 83930 billion yuan [1][3] Revenue Breakdown - Domestic value-added tax generated 47389 billion yuan, up 3.2% year-on-year [4] - Domestic consumption tax totaled 11523 billion yuan, increasing by 2% [5] - Corporate income tax reached 31477 billion yuan, with a growth of 0.3% [6] - Personal income tax was 10547 billion yuan, reflecting an increase of 8.9% [7] - Import VAT and consumption tax amounted to 11770 billion yuan, down 6.7%, while customs duties were 1527 billion yuan, decreasing by 6.5% [8] - Export tax rebates were 15766 billion yuan, up 9% [9] - Stamp duty revenue was 2844 billion yuan, with a significant increase of 27.4%, and securities transaction stamp duty reached 1187 billion yuan, growing by 81.7% [12] Expenditure Overview - Total public budget expenditure for January to August was 179324 billion yuan, reflecting a year-on-year increase of 3.1% [21] - Central government expenditure was 26570 billion yuan, up 8%, while local government expenditure was 152754 billion yuan, increasing by 2.3% [21] - Major expenditure categories included education (27078 billion yuan, +5.6%), social security and employment (30723 billion yuan, +10%), and health (13717 billion yuan, +5.1%) [22] Government Fund Budget - Government fund budget revenue for January to August was 26449 billion yuan, down 1.4% [23] - Central government fund revenue was 2933 billion yuan, up 0.6%, while local government fund revenue was 23516 billion yuan, down 1.6% [23] - Government fund budget expenditure reached 62602 billion yuan, a significant increase of 30% [24]

人民财讯9月17日电，财政部发布2025年1—8月财政收支情况，主要税收收入项目情况中，印花税2844 亿元，同比增长27.4%。其中，证券交易印花税1187亿元，同比增长81.7%。 ...

Core Insights - The Ministry of Finance reported the fiscal revenue and expenditure situation for January to August 2025, indicating a slight growth in public budget revenue [1] Revenue Breakdown - National general public budget revenue reached 14,819.8 billion yuan, reflecting a year-on-year increase of 0.3% [1] - Tax revenue amounted to 12,108.5 billion yuan, showing a marginal increase of 0.02% year-on-year [1] - Non-tax revenue was 2,711.3 billion yuan, which represents a year-on-year growth of 1.5% [1] Central vs Local Revenue - Central general public budget revenue was 6,426.8 billion yuan, indicating a year-on-year decline of 1.7% [1] - Local general public budget revenue reached 8,393.0 billion yuan, marking a year-on-year increase of 1.8% [1]

Group 1 - The core viewpoint of the news is that Xi'an's fiscal revenue and expenditure for the first seven months of 2025 show a decline in both general public budget income and government fund budget income, indicating potential economic challenges [1][2] Group 2 - In the first seven months of 2025, the general public budget revenue in Xi'an was 61.444 billion yuan, a decrease of 3.9%, with tax revenue down by 5.6% and non-tax revenue up by 1.5% [1] - The general public budget expenditure was 89.031 billion yuan, a decline of 7.8%, with significant reductions in various sectors such as culture, tourism, and health [2] - Government fund budget revenue was 38.581 billion yuan, down 37.1%, primarily due to a 37.9% drop in revenue from the transfer of state-owned land use rights [2]

1. Report Industry Investment Rating - No relevant content provided 2. Core View of the Report - This week, the bond market followed the stock market. The influence of the stock index on the bond market weakened. Short - term focus on stock market changes: a strong stock market will suppress the bond market, while a stock market correction will benefit bond bulls. The trading strategy is for trading - type investors to conduct band operations [2][35][36] 3. Summary by Relevant Catalogs 3.1 Treasury Bond Futures Weekly Market Review - This week, the main contracts of treasury bond futures opened lower with a gap on Monday and then fell sharply, fluctuated horizontally on Tuesday, fell sharply on Wednesday, rebounded after hitting the bottom on Thursday, and declined slightly on Friday. The 30 - year treasury bond fell 1.05%, the 10 - year treasury bond fell 0.52%, the 5 - year treasury bond fell 0.28%, and the 2 - year treasury bond fell 0.03% [5] - As of August 22, the maturity yield curve of treasury bond cash bonds shifted upward in parallel compared with August 15. The 2 - year, 5 - year, 10 - year, and 30 - year treasury bond yields rose by 3, 4, 3, and 3 basis points respectively [8] 3.2 Fiscal Revenue and Expenditure Data - In July, the national general public budget revenue was 2027.3 billion yuan, a year - on - year increase of 2.65%, and the expenditure was 1946.6 billion yuan, a year - on - year increase of 3.04%. From January to July, the cumulative general public budget revenue increased by 0.1% year - on - year, and the expenditure increased by 3.4% year - on - year [11] - In July, national tax revenue was 1801.8 billion yuan, a year - on - year increase of 5.0%, and non - tax revenue was 225.5 billion yuan, a year - on - year decrease of 12.9% [13] - From January to July, the national government - funded budget revenue was 2312.4 billion yuan, a year - on - year decrease of 0.7%, and the expenditure was 5428.7 billion yuan, a year - on - year increase of 31.7% [16] 3.3 Unemployment Rate - In July, the unemployment rate of the 16 - 24 age group (excluding students) in urban areas was 17.8%, higher than the same period last year by 0.7 percentage points; the 25 - 29 age group was 6.9%, higher than the same period last year by 0.4 percentage points; the 30 - 59 age group was 3.9%, the same as the same period last year [19] 3.4 South Korean Export Data - In the first 20 days of August, South Korea's exports increased by 7.6% year - on - year. Semiconductor exports were 8.71 billion US dollars, a year - on - year increase of 29.5%, accounting for 24.5% of the total exports in the first 20 days of August, up 4.2 percentage points from the same period last year [21] 3.5 New Home Sales Data - Since June, the decline rate of the national new home sales area has accelerated. From January to March, the average daily trading area of commercial housing in 30 large and medium - sized cities was 2.36 million square meters, a year - on - year increase of 2.5%. From August 1 to 20, it was 1.8 million square meters, a year - on - year decrease of 16% [23] 3.6 Price Data - As of August 22, the 200 - index of agricultural product wholesale prices was 115.53. Prices showed a slight upward trend in the first 22 days of August, but the upward slope was much lower than the same period last year. In July, energy prices increased by 1.6% month - on - month, affecting the CPI to rise by about 0.12 percentage points. The average domestic refined oil price in August was lower than that in July [25] - The Nanhua Industrial Products Index declined slightly in the first 22 days of August. After reaching a closing high on July 25, it continued to decline. Short - term inflation pressure is limited [28] 3.7 Capital Interest Rate Data - This week, capital interest rates increased. The weighted average of DR001 was 1.45%, and it fell to 1.41% on Friday. The weighted average of DR007 was 1.52%, and it fell to 1.47% on Friday. The average issuance interest rate of one - year AAA inter - bank certificates of deposit was 1.67%, higher than last week's average of 1.64% [31][32] 3.8 Treasury Bond Futures Market Logic and Trading Strategy - In July, China's fixed - asset investment growth rate was significantly lower than market expectations. Retail sales of consumer goods, industrial added value, and the service industry production index were all lower than expected. Real estate sales and prices continued to decline, while exports exceeded expectations. The central bank will implement a moderately loose monetary policy, and the State Council will take measures to stimulate consumption, expand investment, and stabilize the real estate market [35] - The trading strategy is for trading - type investors to conduct band operations [36]