Core Insights - The trend of "China Shopping" has emerged as a new phenomenon in "China Travel," with significant growth in tax refund claims from foreign travelers [1] - The implementation of favorable policies has enhanced the shopping experience for international visitors, leading to increased consumption [2][3] Policy Enhancements - The State Taxation Administration has expanded the "immediate refund" service for tax refunds to all regions, improving convenience for travelers [2] - New measures have been introduced to lower the threshold for tax refunds and increase the number of participating stores, addressing consumer needs [2] - The management regulations for tax refunds have been revised to simplify the process and enhance the experience for foreign travelers [2] System Optimization - The tax refund process has become more efficient, with a 45% increase in processing speed due to system improvements that allow for automatic data entry [2] - QR code functionality has been introduced to streamline the refund process across different stores, reducing the need for repetitive data entry [2] Cross-Region Refunds - The "immediate refund" service has been made available across different regions, allowing travelers to shop in one city and claim refunds in another [3] - Several regions, including Sichuan, Yunnan, and Chongqing, have established mutual recognition for tax refund processing, enhancing travel flexibility [3] Innovative Refund Methods - New mobile services have been introduced, allowing travelers to process refunds without paper documents, significantly improving user experience [3] - Features like "one-click refund" through mobile payment platforms have been implemented to expedite the refund process [3] Market Response - The favorable tax refund policies have led to increased interest in Chinese products among foreign travelers, with high demand for various goods [4] - Upcoming improvements in duty-free shop policies are expected to further enhance shopping options for travelers [4] Cultural Engagement - The "China Shopping" experience is being enriched with cultural activities, providing travelers with unique experiences that reflect Chinese heritage [4] Broader Economic Impact - The expansion of visa-free travel and improved payment options are contributing to a more welcoming environment for international visitors [5] - The ongoing commitment to high-level openness is expected to attract more tourists to experience China [5]

Core Insights - The first departure tax refund port in central Zhejiang has been launched at Yiwu Airport, achieving full coverage of departure tax refund services in the province, enhancing the consumer experience for global merchants visiting Zhejiang [1][2] - The new system allows travelers to complete the tax refund process in under 10 minutes at the airport, significantly improving convenience for international buyers [1] - The rapid growth of departure tax refund applications indicates a strong demand for streamlined refund services among foreign merchants [2] Summary by Sections Departure Tax Refund Port - The establishment of the departure tax refund port at Yiwu Airport marks a significant development in Zhejiang's tax refund services, facilitating easier access for international travelers [1] - The process now requires only a passport, tax refund application form, and sales invoice, streamlining the previous requirement of traveling to Hangzhou for refunds [1] Collaboration and Service Improvement - The collaboration between Hangzhou Customs, Zhejiang's finance and tax departments, and tax refund agencies has led to an efficient joint acceptance of the new port, enhancing the entire service process from shopping to customs verification [1] - A dedicated team at Hangzhou Customs provides one-stop services for travelers, including product verification and supervision of departures [1] Growth Metrics - In the first ten months of this year, Hangzhou Customs verified 3,582 departure tax refund applications, amounting to 121 million yuan, representing year-on-year increases of 199% and 117.07%, respectively [2] - The growth in departure tax refund business reflects the urgent need for convenient refund services among foreign merchants, aligning with their purchasing patterns of small quantities and high frequency [2]

Core Insights - The number of overseas travelers utilizing the departure tax refund service has increased by 229.8% year-on-year from January to September this year, with the refund amount rising by 97.4% in the same period [1][2]. Group 1: Policy Enhancements - Since April, China's departure tax refund policies have been continuously optimized, enhancing convenience for overseas travelers and stimulating their consumption [1]. - On April 8, the State Taxation Administration announced the nationwide promotion of the "immediate refund upon purchase" service for overseas travelers [1]. - A joint notice was issued on April 26 by six government departments to further optimize departure tax refund policies and expand inbound consumption [1]. Group 2: Technological Improvements - The tax authorities have integrated tax information systems, allowing automatic retrieval of invoice information upon issuance, which has improved refund processing efficiency by over 45% [2]. - A new QR code feature has been introduced, enabling overseas travelers to input relevant information once, which can be shared across different stores [2]. Group 3: Service Accessibility - The tax authorities encourage agencies to recognize "immediate refund upon purchase" services across different locations, facilitating travelers whose shopping and departure locations differ [2]. - As of now, mutual recognition for processing refunds has been established between several regions, including Sichuan, Yunnan, Chongqing, and Shaanxi, as well as between major cities like Beijing, Shanghai, and Guangzhou [2]. - The tax authorities are exploring the establishment of centralized refund points in major shopping districts in cities like Beijing, Shanghai, and Guangzhou, allowing travelers to shop at multiple locations and process refunds at a single point [2].

Core Insights - The city of Kunming has seen a significant increase in tax refund sales for outbound travelers, reaching over 45 million yuan with more than 450 tax refund stores established this year, reflecting the effectiveness of the optimized tax refund policy and the development of an international consumption environment [1][3]. Group 1: Policy Implementation - Kunming has been actively promoting the implementation of the outbound tax refund policy, with a training conference held on August 14 to educate stakeholders on the tax refund process and share practical cases [3]. - The launch of the "Kunming·South Asia Southeast Asia Inbound Consumption First City" initiative included the establishment of pilot tax refund business districts and the formation of a cross-border consumption alliance [3]. Group 2: Service Expansion - The tax refund service network in Kunming is expanding rapidly, with major shopping areas like Kunming Henglong Plaza and Nanping Walking Street now offering diverse product categories, including international brands and electronics [5]. - Kunming Henglong Plaza has nearly 40 brand stores providing tax refund services, enhancing the shopping experience for international travelers through support for various payment methods and multilingual service [5][7]. Group 3: Future Plans - By December 2026, Kunming Henglong Plaza aims to establish an "Internet+" promotional system in collaboration with government departments, targeting the registration of over 33 brands for tax refunds and enhancing multilingual service [7]. - The Kunming municipal government is actively applying for national pilot programs for new consumption formats and international consumption environment construction, with plans to further amplify the effects of the tax refund policy [7].

Group 1 - The meeting aimed to ensure the smooth implementation of the tax refund policy for outbound travelers in Manzhouli [1][3] - Various departments and merchants participated in the meeting to clarify task assignments and streamline the entire process from "shopping invoice" to "tax refund at the port" [3] - The implementation of the tax refund policy is a key step in enhancing Manzhouli's international business environment and promoting its image as an open city [3] Group 2 - The tax refund policy is expected to boost the attractiveness of international tourism consumption in Manzhouli [3] - This initiative will inject strong momentum into the construction of the China-Mongolia-Russia Economic Corridor [3]

Report Summary 1. Industry Investment Rating No industry investment rating is provided in the report. 2. Core Viewpoints - The report presents the price changes of various commodities on October 29, 2025, compared to October 28, 2025, including chemicals, agricultural products, and more. It also covers macro - economic news and provides trading strategies for different commodities and financial products based on their fundamentals and market trends [4]. - Macroeconomic news shows positive developments in China - ASEAN cooperation, potential progress in Sino - EU trade talks, and China's stance on financial opening - up and economic policies. The performance of the A - share market and international stock markets is also analyzed [7][8][20][21]. 3. Summary by Category 3.1 Commodity Price Changes - **Chemicals**: On October 29, 2025, among chemicals, glass had the highest increase rate of 1.348% (from 1,113.00 to 1,128.00), while crude oil had the largest decline rate of - 0.994% (from 462.70 to 458.10) [4]. - **Agricultural Products**: Among agricultural products, soybean meal had the highest increase rate of 0.538% (from 2,975.00 to 2,991.00), and palm oil had the largest decline rate of - 1.496% (from 8,958.00 to 8,824.00) [4]. 3.2 Macroeconomic News - China and ASEAN signed the FTA 3.0 upgrade protocol, expanding cooperation in emerging fields [7]. - There will be a Sino - EU talk on rare earths, and China hopes for dialogue to solve trade differences [7]. - China is committed to financial opening - up, and the central bank will implement a moderately loose monetary policy [7]. - The revised Network Security Law will take effect on January 1, 2026, and the Environmental Protection Tax Law will include volatile organic compounds in the tax scope [8]. - The number of overseas travelers for tax - free shopping and the tax - free amount in China have increased significantly this year [8]. - The 8th China International Import Expo will be held from November 5th to 10th, with an expanded scale [8]. - China's soybean area and output are expected to remain high, and the number of breeding sows has decreased [8]. - China's wholesale and retail industries have shown growth in the first three quarters [8]. - The 2025 Hurun Rich List was announced, with Zhong Shanshan becoming the richest man in China [9]. 3.3 Commodity Trading Strategies - **Agricultural Products** - **Peanuts**: The price is expected to fluctuate between 7700 - 7900, and it is recommended to wait and see [13]. - **Sugar**: Consider selling call options at high prices, with a support level at 5450 yuan/ton [13]. - **Corn**: Observe the support in the 2100 - 2120 range [14]. - **Pigs**: The near - term futures are expected to be strong, and the long - term futures will remain weak [14]. - **Eggs**: Short - sell on the futures and conduct inter - month reverse arbitrage [16]. - **Cotton**: Wait and see, and consider going long if it breaks through 13600 yuan/ton [16]. - **Energy and Chemicals** - **Urea**: The UR2601 contract is expected to operate in the 1580 - 1670 yuan/ton range [16]. - **Caustic Soda**: The 2601 contract is under pressure [16]. - **Coking Coal and Coke**: They are expected to remain strong, with coking coal facing pressure around 1300 and coke around 1800 [16]. - **Industrial Metals** - **Copper and Aluminum**: Prices are expected to remain high, but beware of macro - risks [17]. - **Alumina**: The 2601 contract is operating at a low level [17]. - **Steel Products**: Steel prices are expected to fluctuate strongly, with rebar facing pressure around 3200 and hot - rolled coils around 3400 [17]. - **Ferroalloys**: They will maintain a wide - range fluctuating follow - up trend, and the industrial rebound hedging idea remains unchanged [19]. - **Lithium Carbonate**: Adopt a bullish strategy, with a support level at 80000 and a pressure level at 84000 [19]. - **Options and Finance** - **Stock Index Futures**: Trend investors can focus on inter - variety spread arbitrage opportunities, and volatility investors can consider buying straddles or wide straddles after the HO volatility decline [19]. - **Stock Index**: Although the Shanghai Composite Index broke through 4000 points, there is still a need for consolidation. Pay attention to the performance of the third - quarter reports of listed companies [20][21].

Core Insights - China's optimization of the departure tax refund policy has significantly stimulated inbound consumption among foreign travelers [1] - The number of foreign travelers applying for departure tax refunds increased by 229.8% year-on-year in the first nine months of this year, while the refund amount rose by 97.4% [1] Policy Changes - In April, the State Taxation Administration expanded the "immediate refund upon purchase" service from pilot regions to nationwide [1] - A joint notice from the Ministry of Commerce and five other departments was issued to further optimize the departure tax refund policy and enhance the consumption environment for foreign travelers [1] Service Enhancements - The State Taxation Administration revised the "Management Measures for Departure Tax Refunds for Foreign Travelers" to introduce more convenient service measures and simplify the refund process [1] - New measures include optimizing system functions for more efficient tax refund processing, facilitating cross-regional refunds, and innovating refund methods to streamline the process [1] Future Outlook - The State Taxation Administration aims to continuously improve departure tax refund services and enhance convenience to attract more foreign travelers to shop in China, thereby boosting inbound tourism consumption potential [1]

Core Viewpoint - Since April, China's outbound tax refund policy has been continuously optimized, leading to a significant increase in the number of travelers and the amount of tax refunds processed [1][2]. Group 1: Policy Enhancements - The State Taxation Administration issued a notice on April 8 to promote the "immediate refund upon purchase" service for outbound travelers, expanding it from pilot regions to nationwide [1]. - On April 26, six government departments jointly released a notification to further optimize the outbound tax refund policy, enhancing the consumption environment for foreign travelers [1]. - The tax refund management measures were revised on April 27 to simplify the refund process and improve the experience for outbound travelers [1]. Group 2: Service Improvements - System functionalities have been optimized, allowing for more efficient tax refund processing, with a 45% increase in efficiency due to new features like automatic invoice information retrieval and QR code data entry [2]. - Cross-regional processing has been promoted, enabling travelers to enjoy "immediate refund upon purchase" services even when shopping and departing from different locations, with several regions already implementing mutual recognition of services [2]. - Innovative refund methods have been introduced, including centralized refund points in major shopping areas and new features for mobile refunds, enhancing the speed of tax refunds [2].

Core Insights - The latest tax data reveals a significant increase in the number of outbound travelers eligible for tax refunds, with a year-on-year growth of 229.8% from January to September this year, alongside a 97.4% increase in the total refund amount [1] Tax Policy and Optimization - Since April, China's outbound tax refund policy has been continuously optimized, enhancing convenience and service measures to effectively stimulate consumption among foreign travelers [1] - Local tax authorities have improved system functionalities to increase the efficiency of tax refund processing and facilitate cross-region refunds, making it easier for travelers [1] Implementation of Refund Points - The tax authorities have established "immediate refund" points in major commercial areas in cities like Beijing, Shanghai, Chongqing, Chengdu, and Guangzhou, allowing foreign travelers to enjoy "multiple shopping points, one refund" [1] - New features such as "mobile refund" and "one-click refund" through Alipay have been introduced in cities like Shanghai and Hangzhou, leading to more efficient refund processing [1]

Core Insights - The optimization of China's outbound tax refund policy since April has effectively stimulated the consumption vitality of foreign travelers entering the country [1] Summary by Categories Policy Changes - Continuous upgrades in facilitation services related to the outbound tax refund policy have been implemented [1] Impact on Travelers - The number of foreign travelers applying for outbound tax refunds has significantly increased, with a year-on-year growth of 229.8% from January to September [1] - The total amount of tax refunds has also seen a substantial rise, with a year-on-year increase of 97.4% during the same period [1]