增值税法和增值税法实施条例自2026年1月1日起施行。其中，增值税法在税收优惠一章中，明确了"医 疗机构提供的医疗服务"免征增值税。增值税法实施条例将前述"医疗机构"定义为"依据有关规定设立的 具有医疗机构执业资格的机构，包括军队、武警部队各级各类医疗机构，不包括营利性美容医疗机 构"。 第一财经记者从国家税务总局北京市税务局12366纳税缴费服务热线处了解到，今年之前增值税相关规 定中，并没有将营利性美容医疗机构排除在上述免税政策范围外。而从今年开始，只要是营利性美容医 疗机构，将不再享受上述免征增值税优惠政策。 [ 葛玉御认为，医美应该适用6%增值税税率。 ] 随着增值税法及其实施条例在今年起实施，医美行业此前部分业务享受免税优惠将成为历史。 比如，根据信用中国等公开信息，2017年1月至2021年11月，杭州古名文化艺术策划有限公司千和医疗 美容诊所为客户提供医疗美容项目服务，利用个人银行账户收取服务款并隐匿服务收入约47.6亿元，未 计入财务账，未对上述收入中的增值税应税项目和免税项目进行分别核算。最终该公司补缴企业所得税 约1.47亿元，并被当地税务罚款约0.88亿元。 目前，增值税税率有三档（6% ...

花旗认为，增值税政策调整后出乎意料的强劲销售，将对集团2026财年下半年及2027财年上半年的毛利 率带来正面影响。因此，将集团2026至2028财年净利润预测分别上调8%、7%、6%。在过去三个月股价 调整逾20%后，认为其预测12.8倍市盈率及6.6%收益率估值具吸引力。 花旗发布研报称，对周大福(01929)开启为期30天的上行催化剂观察，因预测其将于1月公布2026财年第 三季的营运业绩强劲，并上调同店销售增长指引。继10月及11月强劲表现后，花旗预计固定价格黄金产 品价格上涨，将推动12月同店销售增长表现保持理想。该行维持"买入"评级，目标价从17港元上调至 18.2港元，反映调高的盈利预测。 ...

花旗发表研报指，对六福集团开启30天上升催化观察，因预计公司将于1月公布2026财年第三季按季增 强的营运数据；预计10月及11月展现的强劲销售动能将持续至12月；亦认为增值税政策调整后，销售额 强劲增长将对2026财年下半年及2027财年上半年的毛利率产生正面影响。基于上述原因，花旗将六福 2026至2028财年净利润预测分别上调5%、5%及2%；认为其目前7.3倍预测市盈率及6.2%股息率使其估 值仍具吸引力，维持"买入"评级，目标价从34.6港元上调至35.2港元。 ...

Group 1 - The company will hold its third extraordinary general meeting of shareholders on December 18, 2025, at 14:30 in Hohhot, Inner Mongolia [1][9] - Voting will be conducted through a combination of on-site and online methods using the Shanghai Stock Exchange's voting system [1][5] - The network voting will be available on the same day from 9:15 to 15:00, with specific time slots for trading system voting [1][5] Group 2 - The meeting will review several proposals that have been previously approved by the company's board of directors [3][21] - There are no special resolutions or proposals requiring separate voting for minority shareholders [4][19] - Related shareholders, such as Northern United Power Co., Ltd., will abstain from voting on certain proposals [4][21] Group 3 - Shareholders must complete voting for all proposals before submission, and any excess votes will be considered invalid [5][7] - The company has outlined specific registration procedures for shareholders wishing to attend the meeting [11][12] - The meeting is expected to last half a day, with shareholders responsible for their own travel and accommodation costs [13] Group 4 - The company plans to enter into daily related party transactions with China Huaneng Group and its subsidiaries for the years 2026-2028 [20][36] - The expected transaction amounts and categories have been outlined, ensuring compliance with relevant regulations [24][36] - The agreements aim to enhance resource utilization efficiency and do not harm the interests of the company or its shareholders [36][39] Group 5 - The company will sign a framework agreement with China Huaneng Group to govern daily related transactions from January 1, 2026, to December 31, 2028 [29][36] - Financial services will be provided by China Huaneng Financial Co., Ltd., ensuring fair pricing and compliance with market standards [29][33] - The agreements are designed to maintain the company's independence and avoid reliance on related parties [36][39]

Core Viewpoint - The announcement outlines adjustments to the value-added tax (VAT) policy for wind power generation and nuclear power, aiming to promote renewable energy and support the nuclear power sector [4]. Group 1: Wind Power VAT Policy - From November 1, 2025, to December 31, 2027, a VAT policy of immediate collection and 50% refund will be implemented for taxpayers selling electricity generated from offshore wind power [4]. - The existing regulations inconsistent with this announcement will be superseded, and previous documents regarding wind power VAT policy will be abolished [4]. Group 2: Nuclear Power VAT Policy - Nuclear power plants that officially commenced commercial operation before October 31, 2025, will continue to follow the VAT regulations outlined in the 2008 notice, while those approved but not yet operational will have a VAT refund policy of 50% for the first ten years after commercial operation [4]. - Nuclear power plants approved after November 1, 2025, will not be eligible for the VAT refund policy [4].

Investment Rating - The investment rating for the company is "Outperform the Market" [4][21][26] Core Views - The company's revenue for the first three quarters of 2025 reached 61.635 billion yuan, an increase of 8.16% year-on-year, while the net profit attributable to shareholders decreased by 10.42% to 8.002 billion yuan. The decline in net profit is attributed to the pressure from the new energy business, which saw revenue growth without profit increase, as well as dilution effects from issuing REITs and market-oriented debt-to-equity swaps [1][7][15] - The company has a steady growth in installed capacity, with 26 operational nuclear units and a total capacity of 25 million kilowatts, alongside 19 units under construction or awaiting approval with a capacity of 21.859 million kilowatts [2][19] - Recent adjustments to VAT policies for nuclear and wind power are expected to have minimal short-term impact on nuclear profitability, as the actual VAT refunds are not anticipated due to prior input tax deductions [3][20] Summary by Sections Financial Performance - For the first three quarters of 2025, the company reported a total operating revenue of 61.635 billion yuan, a year-on-year increase of 8.16%, and a net profit of 8.002 billion yuan, down 10.42% [1][7] - The third quarter alone saw revenues of 20.662 billion yuan, up 5.72% year-on-year, but net profit fell by 23.45% to 2.336 billion yuan [1][7] - The growth in revenue is primarily driven by an increase in power generation, while net profit decline is influenced by various factors including falling electricity prices and rising costs [1][15] Installed Capacity and Construction - As of September 30, the company has 26 operational nuclear units with a total capacity of 25 million kilowatts and 19 units under construction with a capacity of 21.859 million kilowatts [2][19] - The company also has 3,348.47 MW of operational renewable energy capacity, including 1,049.13 MW of wind power and 2,299.34 MW of solar power [2][19] Policy Adjustments - The recent VAT policy changes for wind and nuclear power are set to take effect from November 1, 2025, with a 50% immediate refund for offshore wind power sales. Existing nuclear units will continue under the previous policy, while new approvals post-November will not benefit from the same tax relief [3][20] Profit Forecasts - The profit forecasts for 2025-2027 have been adjusted downwards, with expected net profits of 9.230 billion, 10.007 billion, and 11.089 billion yuan respectively, reflecting a growth rate of 5%, 8%, and 11% [4][21]

Group 1 - The Chinese Ministry of Finance announced a new policy reducing the VAT deduction for jewelry retailers from 13% to 6%, increasing gold procurement costs by approximately 7% [1] - The policy will be effective from November 1, 2025, to December 31, 2027, and is expected to lead to a preemptive purchasing trend before anticipated price increases [1] - Companies like Lao Pu Gold (06181) and Chow Tai Fook (01929) are expected to pass these costs onto consumers, with no long-term concerns regarding the impact on gross margins for gold jewelry stocks [1] Group 2 - Lao Pu Gold's recent price increase on October 26 is seen as sufficient to offset recent gold price rises, minimizing immediate profit margin risks [2] - The general industry trend of raising prices for weight-based products is expected to make Lao Pu Gold's offerings more attractive, potentially encouraging consumers to purchase gold jewelry in advance [2] - Both Lao Pu Gold and Chow Tai Fook maintain a "buy" rating, with a preference for Lao Pu Gold in the short term due to its recent price hikes and higher proportion of priced products [2]

Group 1 - The Chinese Ministry of Finance announced a new policy reducing the VAT deduction for jewelry retailers from 13% to 6%, increasing gold procurement costs by approximately 7% [1] - The policy will be effective from November 1, 2025, to December 31, 2027, and is expected to lead to a preemptive purchasing trend before anticipated price increases [1] - Companies like Lao Pu Gold (06181) and Chow Tai Fook (01929) are expected to pass these costs onto consumers, with no long-term concerns regarding the impact on gross margins for gold jewelry stocks [1] Group 2 - Lao Pu Gold's recent price increase on October 26 is seen as sufficient to offset recent gold price rises, minimizing immediate profit margin risks [2] - The general industry trend of raising prices for weight-based products is expected to make Lao Pu Gold's offerings more attractive, potentially encouraging consumers to purchase gold jewelry sooner [2] - Both Lao Pu Gold and Chow Tai Fook maintain a "buy" rating, with a preference for Lao Pu Gold in the short term due to its recent price hikes and higher proportion of priced products [2]

Group 1: Banking and Financial Regulations - The People's Bank of China and the National Financial Regulatory Administration have issued the "Management Measures for Bank Card Clearing Institutions," effective from November 1, which encourages risk information sharing among card clearing institutions [1] - The National Financial Regulatory Administration has announced the implementation of "reporting and operation integration" for non-auto insurance businesses, effective from November 1, emphasizing rate management and premium income oversight [5] Group 2: Tax and Consumption Policies - The Ministry of Finance and other departments have adjusted the VAT policy for offshore wind power, implementing a 50% VAT refund policy for electricity products sold from offshore wind power from November 1, 2025, to December 31, 2027 [1] - A notification has been issued to improve duty-free shop policies to boost consumption, effective from November 1, focusing on optimizing tax refund policies, expanding product categories, and enhancing regulatory measures [4] Group 3: Transportation and Safety Standards - Three mandatory national standards for road traffic signs and markings will be implemented starting in November, applicable to various types of roads [3] Group 4: Health and Education Initiatives - The National Health Commission and other departments have announced free HPV vaccinations for girls aged 13 and above, starting from November 10, targeting those born after November 10, 2011 [9] - The "Law Popularization and Education Law" will be implemented from November 1, establishing lifelong legal education for citizens and integrating it into various educational systems [8] Group 5: Product Identification and Regulation - The "Lithium-ion Battery Coding Rules" will come into effect on November 1, assigning unique identification codes to newly produced battery products, facilitating lifecycle management and industry regulation [6][7]

Core Points - The Ministry of Finance, General Administration of Customs, and State Taxation Administration of China have jointly announced adjustments to the value-added tax (VAT) policy for wind power generation [1][2] - The adjustment reflects the achievement of policy goals, leading to the timely withdrawal of tax incentives for industries that no longer require them [1] - From November 1, 2025, to December 31, 2027, a 50% VAT rebate policy will be implemented for electricity products generated from offshore wind power [1] - The policy adjustment aims to enhance precision by retaining VAT incentives for offshore wind power while removing them for onshore wind power, aligning with the need for high-quality development of the marine economy [1] Industry Impact - The adjustments are focused on specific industries, regions, and entities, promoting a unified tax system and fair tax burden, which fosters a competitive market environment [2] - The changes are expected to improve the VAT system and support the upcoming implementation of the VAT law in 2026 [2]