成品油消费税扩围，石化生产销售企业需明晰产品是否属于征税范围，降低涉税风险 两家上市公司因为补缴消费税等超1亿元，引起市场关注。 这两起上市公司补缴上亿元消费税事件，均发生在财税部门扩大成品油消费税征税范围之后。 2023年6月，财政部、税务总局发布《关于部分成品油消费税政策执行口径的公告》（下称《公告》），实质上扩大了成品油消费税征税范围，比如，对混 合芳烃、重芳烃等按照石脑油征收消费税，强化征管，以促进成品油行业规范健康发展。目前成品油不同子税目（汽油、柴油、石脑油等）适用不同的定额 税率，每升油征收1.52元或1.2元消费税。 安永大中华区税务合规与咨询服务主管合伙人兰东武告诉第一财经，从这两起上市公司补税事件涉及的产品、补税依据等涉案特征来看，都属于《公告》之 后加强对成品油消费税征收管理的典型案例。 成品油消费税征收实质扩围后，相关企业因产品被纳入消费税征税范围，补税并非个案。 兰东武表示，《公告》发布之后税务总局对消费税的税收征管进行了专项检查和督导，类似能源化工企业或多或少都接到类似问询、风险提示、自查、稽 查，涉及补税的案例并不少见，补税金额也通常较大。在这些检查中，要求补缴税款所依据的法规中 ...

Market Overview - Southbound funds recorded a net sell of HKD 18.528 billion in Hong Kong stocks on May 12, marking the highest single-day net sell since February 24, 2021, and the second-largest in history [1] - The net sell of Tencent Holdings reached HKD 36.65 billion, while Xiaomi Group saw a net sell of HKD 21.16 billion [2] Company-Specific Insights - BYD Electronics experienced a net buy of HKD 121 million, while China National Offshore Oil Corporation had a net buy of HKD 113 million [2] - Tencent Holdings is expected to report a steady first-quarter performance with a projected revenue growth of 10% year-on-year to HKD 175.3 billion, driven by growth in gaming and advertising sectors [5] - Xiaomi Group faced challenges with its SU7 Ultra model, leading to a wave of returns due to issues with the carbon fiber hood not enhancing performance as claimed [6] - XPeng Motors announced a significant milestone with its flying car division, XPeng Huitian, as it received acceptance for its production license application from the Civil Aviation Administration [6] Investment Recommendations - Analysts suggest focusing on high-growth and high-dividend companies in the oil sector, particularly the "three barrels of oil," due to favorable market conditions and potential tax reforms in refined oil consumption [5] - The overall sentiment in the consumer electronics sector is improving, with expectations of valuation recovery if tariff policies do not deteriorate further [5]

证券研究报告 2025年石化行业中期策略： 石化产业链利润重塑 能源化工首席证券分析师：陈淑娴，CFA 执业证书编号：S0600523020004 联系方式：chensx@dwzq.com.cn 能源化工研究助理：周少玟 执业证书编号：S0600123070007 联系方式：zhoushm@dwzq.com.cn 2025年5月6日 请务必阅读正文之后的免责声明部分 油价观点 2 ◼ 1、原油需求短期增长延续，长期看达峰尚需时日。短期来看：美国关税将影响全球贸易，进而影响原油需求。长 期来看：海外原油需求达峰时间延后，中国原油需求达峰时间提前。海外新能源车渗透速度低于预期，全球成品 油需求达峰时间预计从2029年推迟到2031年，全球原油需求达峰时间预计从2032年推迟到2034年。中国新能源 车渗透率超预期，中国成品油达峰时间提前至2025年，中国原油需求达峰时间从2030年提前至2027年。 ◼ 2、原油供给出现扰动，OPEC+通过减产来托底油价的作用减弱。现阶段国际油气公司能源转型放缓，重新重视 传统能源。而通过新勘探油气田来增产较为困难，国际巨头多通过收并购实现产量增长。分国别来看，美国本土 页岩油增 ...