Report Summary 1. Industry Investment Rating - No information provided 2. Core Views - The central bank will conduct a 900 billion yuan outright reverse repurchase operation on January 15, 2026, with a term of 6 months (181 days) to maintain ample liquidity in the banking system [3] - The Ministry of Finance and two other departments have extended the individual income tax policy to support residents in exchanging and purchasing housing from January 1, 2026, to December 31, 2027 [3] - Relevant departments have jointly held a symposium on new - energy vehicle enterprises to regulate the competition order in the new - energy vehicle industry and resist disorderly "price wars" [3] - China's foreign trade imports and exports reached 45.47 trillion yuan in 2025, with exports growing by 6.1% and imports growing by 0.5% [3] - The US November retail sales monthly rate and PPI reached new highs since July, exceeding market expectations [3] 3. Summary by Category Hot News - The central bank will conduct a 900 billion yuan outright reverse repurchase operation on January 15, 2026 [3] - The tax - refund policy for individual income tax on housing exchange and purchase is extended from January 1, 2026, to December 31, 2027 [3] - Relevant departments held a symposium on new - energy vehicle enterprises to regulate competition order [3] - China's 2025 foreign trade imports and exports reached 45.47 trillion yuan, with exports growing by 6.1% and imports growing by 0.5% [3] - The US November retail sales monthly rate was 0.6% and PPI was 3%, both new highs since July and exceeding market expectations [3] Plate Performance - Key focus: silver, tin, nickel, glass, palm oil [4] - Night - session performance: non - metallic building materials rose 1.99%, precious metals rose 35.57%, oilseeds and fats rose 7.52%, soft commodities rose 2.91%, non - ferrous metals rose 26.47%, coal, coke, steel and minerals rose 9.50%, energy rose 2.24%, chemicals rose 9.66%, grains rose 1.08%, and agricultural and sideline products rose 3.06% [4] Plate Positions - Information on the recent five - day position changes of commodity futures plates is presented through a chart [5] Performance of Major Asset Classes - Equity: The Shanghai Composite Index fell 0.31%, the SSE 50 fell 0.67%, the CSI 300 fell 0.40%, the CSI 500 rose 1.04%, the S&P 500 fell 0.53%, the Hang Seng Index rose 0.56%, the German DAX fell 0.53%, the Nikkei 225 rose 1.48%, and the UK FTSE 100 rose 0.46% [6] - Fixed - income: The 10 - year Treasury bond futures rose 0.08%, the 5 - year Treasury bond futures rose 0.04%, and the 2 - year Treasury bond futures were flat [6] - Commodities: The CRB commodity index rose 0.06%, WTI crude oil fell 0.07%, London spot gold rose 0.88%, LME copper rose 1.03%, and the Wind commodity index rose 6.05% [6] - Others: The US dollar index fell 0.11%, and the CBOE volatility index was flat [6] Stock Market Risk Appetite and Commodity Trends - Information on the trends of major commodities, including the Baltic Dry Index, CRB spot index, WTI crude oil, London spot gold, London spot silver, LME copper, CBOT soybeans, and CBOT corn, is presented through charts [7]

Group 1 - The article discusses the regulations regarding the deduction of advertising and business promotion expenses for enterprises, including specific provisions for related enterprises and the treatment of expenses incurred during the establishment period [2]. - It outlines the reporting requirements for these deductions, specifying the forms that need to be filled out, such as the "Detailed Statement of Period Expenses" and the "Detailed Statement of Tax Adjustment Items" [2]. - The article references several policy documents that serve as the legal basis for these deductions, including the Corporate Income Tax Law and various announcements from the State Administration of Taxation [2]. Group 2 - The article mentions a tax refund policy for individuals selling and purchasing housing, detailing the conditions under which tax refunds are applicable based on the sale and purchase amounts [7]. - It specifies that the tax refund is contingent upon the sale and purchase occurring within the same city, and outlines the criteria for eligibility [7]. - The article also highlights the reduced tax rates for deed tax based on the size of the property being purchased, with specific rates for properties under and over 140 square meters [9].