税收作为经济运行的"晴雨表"，成为经济向好发展的印证。 财政部数据显示，今年前8个月，全国一般公共预算收入148198亿元，同比增长0.3%。其中，全国税收 收入121085亿元，同比微增0.02%。这是今年以来全国税收收入累计增速首次由负转正。 中诚信国际研究院分析师汪苑晖表示，前8月全国税收收入增速结束17个月负增长态势，是2024年以来 首次转正。主要税种方面，今年前8个月，国内增值税收入为47389亿元，同比增长3.2%，收入增速较 前7个月略有加快；企业所得税收入为31477亿元，同比增长0.3%，这是今年以来企业所得税收入累计 增速首次由负转正；国内消费税收入为11523亿元，同比增长2%；个人所得税收入为10547亿元，同比 增长8.9%。 "增速方面，个人所得税增速领跑主要税种，主要与去年相关税收优惠政策实施形成的低基数有关，同 时也与资本市场交易活跃、部分居民收入提升等有关。"汪苑晖说。 （文章来源：中国经营报） 今年以来，一般公共预算收入增速延续负增长态势、但降幅逐月收窄，7月全国一般公共预算收入累计 同比增速在年内首次转正，8月延续回暖态势，累计同比增长0.3%，高于年初预算目标增速（0 ...

2025年9月10日财政部部长蓝佛安在第十四届全国人民代表大会常务委员会第十七次会议上向全国人大 常委会报告今年以来预算执行情况其中提到："统筹安排一定规模专项债券额度，支持偿还地方政府拖 欠企业账款，推动解决"三角债""连环欠"问题"。这是一个针对性极强、系统性很高的解决方案，标志 着政府工程款清欠工作进入了新阶段。你被拖欠的工程款"有救了"，抓紧行动吧。 据了解，截至今年9月21日，地方政府在公开市场发行未披露"一案两书"、主要用于地方化债与清欠工 作的特殊新增专项债券超过1.2万亿元，包括8000亿元"补充地方政府性基金财力"专项债券以及地方政 府直接用于"解决地方政府拖欠企业账款"专项债券。 该政策的主要内容可以概括为"12121"，即： 一个工具-专项债； 两级统筹-中央批额度、省级做分配； 一个焦点-政府欠款； 双重目标-化解存量和遏制增量； 一套保障-监督问责。 下面就针对"财政部：统筹安排专项债偿还拖欠企业的账款"这一政策的主要内容进行简要梳理和介绍。 这项政策并非一个孤立的文件，而是一套组合拳的核心举措，其主要内容可以概括为以下几个关键点： 1、开辟专项债新用途，解决工程款清欠"钱从哪来"的 ...

地方政府专项债券（以下简称"专项债券"）可以起到强基础、补短板、惠民生、扩投资等积极作用，是 财政政策的核心工具之一。今年以来，新增专项债券发行节奏呈现出明显的加速趋势。Wind数据显 示，截至9月28日，今年以来各地发行新增专项债券规模约为36613亿元，突破3.6万亿元关口。今年我 国安排专项债券4.4万亿元，由此计算，当前新增专项债券发行进度已达到83.2%。 在今年9月份发布的《国务院关于今年以来预算执行情况的报告》中，明确重点做好的工作包括"积极发 挥专项债券、超长期特别国债等作用，加强财政与金融协同配合，将更多公共服务纳入投资支持范围， 积极鼓励民间投资发展""用好相关政策工具，协助做好融资平台改革转型、中小金融机构改革化险、专 项债券支持土地储备和收购存量商品房用作保障性住房等工作"。 陕西巨丰投资资讯有限责任公司高级投资顾问朱华雷告诉《证券日报》记者，当前新增专项债券发行进 度整体较快，且呈现出逐季度加快的趋势，这是更加积极的财政政策主动靠前发力的体现，对稳定经济 运行、推动项目加快建设等具有重要意义。 在下一步财政重点工作安排中，专项债券也被多次提及。 那么，持续发挥专项债券对投资等领域的带 ...

内外部环境也给中国资产价格提供了支撑。在盛松成看来，中国降息的外部环境改善，预计未来美联储 降息还会持续，中国降息仍有空间。短期内中国尚不具备"大幅"降息的基础，预计未来一段时期，中国 依然会以积极的财政政策为主，适度宽松的货币政策予以配合。 责任编辑：凌辰 炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 近日，盛松成在接受21记者专访时表示 ，"中国居民储蓄将更多流向金融投资，尤其是未来能够创造稳 定现金流的优质项目将成为最具吸引力的资产。这些新项目的底层资产主要涵盖与科技创新和高质量发 展相适配的新基建、消费基建、新型城镇化等领域，与国家重大战略方向高度契合。" ...

近日，盛松成在接受21记者专访时表示 ，"中国居民储蓄将更多流向金融投资，尤其是未来能够创造稳 定现金流的优质项目将成为最具吸引力的资产。这些新项目的底层资产主要涵盖与科技创新和高质量发 展相适配的新基建、消费基建、新型城镇化等领域，与国家重大战略方向高度契合。" 内外部环境也给中国资产价格提供了支撑。在盛松成看来，中国降息的外部环境改善，预计未来美联储 降息还会持续，中国降息仍有空间。短期内中国尚不具备"大幅"降息的基础，预计未来一段时期，中国 依然会以积极的财政政策为主，适度宽松的货币政策予以配合。 0:00 ...

Macroeconomic Data Overview - The GDP growth rate for the second quarter of 2025 is reported at 5.20%, a decrease from 5.40% in the previous quarter and an increase from 4.70% in the same period last year [1] - The Manufacturing PMI for August 2025 is at 49.40, slightly up from 49.30 in July and up from 49.10 year-on-year [1] - The Non-Manufacturing PMI for August 2025 is at 50.30, showing a slight increase from 50.10 in July and unchanged from the previous year [1] - The total social financing scale for August 2025 is reported at 25,668 billion yuan, a significant increase from 11,307 million yuan in July and a decrease from 30,323 million yuan year-on-year [1] - The CPI for August 2025 shows a year-on-year decrease of 0.40%, compared to 0.00% in July and 0.60% last year [1] - The PPI for August 2025 shows a year-on-year decrease of 2.90%, an improvement from a decrease of 3.60% in July and a decrease of 1.80% last year [1] Commodity Investment Reference - Federal Reserve Chairman Jerome Powell indicated that stock prices are currently overvalued but stated that financial stability risks are not high at this time [2] - The U.S. White House's cryptocurrency committee executive director expects the cryptocurrency market structure bill to pass by the end of the year, which aims to consolidate various legislative efforts [2] - The SEC chairman expressed hopes for a new "innovation exemption" rule to be introduced by the end of the year, allowing cryptocurrency companies to launch products more easily [2] Metals - As of September 23, the SPDR Gold Trust holds 32,169,273.34 ounces (1,000.57 tons) of gold, unchanged from the previous trading day [4] - International precious metal futures saw a general increase, with COMEX gold futures rising by 0.58% to $3,796.9 per ounce and COMEX silver futures increasing by 0.12% to $44.265 per ounce [4] Steel Industry - A notice from five departments outlines a growth stabilization plan for the steel industry for 2025-2026, emphasizing the acceleration of key iron ore projects and supporting compliant mining enterprises [6] - The steel industry aims for an average annual growth rate of 4% over the next two years, with a strict prohibition on new capacity [7] Energy and Chemicals - International oil prices have risen sharply, with U.S. crude oil main contract up by 2.20% to $63.65 per barrel and Brent crude oil main contract up by 1.85% to $67.19 per barrel [8] - The Russian government is discussing extending the export ban on gasoline producers until October and is considering a possible ban on diesel exports [8] - Kuwait's oil minister noted a recovery in global oil demand as oil inventories fall below the five-year average [8] Agricultural Products - The Malaysian Palm Oil Council indicates that upward price potential is limited due to weak demand, while uncertainties in export supply provide some support [10] - Brazil's agriculture ministry announced the reopening of the EU market for Brazilian chicken following an outbreak of avian influenza [10] Financial Market Overview - The central bank conducted a reverse repurchase operation of 276.1 billion yuan on September 23, with a net withdrawal of 10.9 billion yuan for the day [11] - The People's Bank of China governor met with Ray Dalio to discuss international economic conditions and financial market dynamics [12] - Concerns over local government special bond risks have drawn attention from the National People's Congress, highlighting the rapid growth of government debt [13] Stock Market News - The A-share market experienced wide fluctuations, with major banks showing stability and significant gains in semiconductor equipment and photolithography concepts [27] - The Hong Kong Hang Seng Index closed down 0.7%, with declines in consumer, real estate, and healthcare sectors [27] - Since the release of the "merger and acquisition six guidelines," over 2,800 A-share companies have disclosed M&A activities, with a notable increase in transactions in the semiconductor sector [27]

Group 1 - The core viewpoint emphasizes the synergy between proactive fiscal policy and moderately loose monetary policy to stimulate consumption and support economic growth [1][6] - The government has allocated approximately 420 billion yuan to boost consumption, leading to over 2.9 trillion yuan in sales [2] - The issuance of special government bonds has increased significantly, with 7.88 trillion yuan issued in the first half of the year, a 35.28% increase year-on-year [4] Group 2 - The introduction of various policies, such as child-rearing subsidies and personal consumption loans, aims to enhance consumer confidence and stimulate effective demand [3] - The total social financing increased by 26.56 trillion yuan in the first eight months, which is 4.66 trillion yuan more than the previous year [5] - Structural monetary policy tools have been implemented to support key sectors, including technology innovation and consumption expansion [7]

Group 1 - The core viewpoint of the articles indicates that China's fiscal revenue continues to show a growth trend, with a year-on-year increase of 2% in August, totaling 1.24 trillion yuan [1] - In the first eight months, the total fiscal revenue reached 14.82 trillion yuan, reflecting a growth of 0.3%, which is an improvement of 0.2 percentage points compared to the previous seven months [1] - Tax revenue has turned positive for the first time, with a total of 12.11 trillion yuan collected, showing a slight increase of 0.02% year-on-year [1] Group 2 - Public budget expenditure also maintained growth, with a total of 17.93 trillion yuan spent in the first eight months, representing a year-on-year increase of 3.1% [2] - Key areas such as social security and employment saw a significant increase in spending, with a growth rate of 10%, while education spending grew by 5.6% [2] - The acceleration of bond fund issuance and utilization has contributed to a 30% increase in government fund budget expenditure [2] Group 3 - Overall, the fiscal operation in the first eight months has been stable, with an optimized revenue structure and strong support for key expenditure areas [3] - The articles emphasize the need to maintain a proactive fiscal policy to enhance economic and fiscal interaction through effective demand expansion and improvement of people's livelihoods [3]

Core Viewpoint - The report presented by the Minister of Finance indicates that China's fiscal policy has become more proactive this year, with overall budget execution and fiscal operations remaining stable. Fiscal Revenue and Expenditure - From January to July, the national general public budget revenue reached 135,839 billion yuan, showing a year-on-year growth of 0.1% [2][3] - During the same period, the national general public budget expenditure was 160,737 billion yuan, reflecting a year-on-year increase of 3.4% [2][3] Policy Implementation and Focus Areas - The government has implemented a series of fiscal policies to support consumption, including personal consumption loans and subsidies for elderly care services [2][3] - The issuance of ultra-long-term special government bonds has been accelerated, with 761 billion yuan issued by the end of July, supporting key projects [2][3] - Key focus areas for fiscal policy include promoting technological and industrial innovation, deepening fiscal and tax system reforms, and enhancing social welfare investments [3][4] Future Fiscal Policy Directions - The report emphasizes the need for a more proactive fiscal policy, with a focus on accelerating budget execution and improving fund utilization efficiency [4] - Future efforts will include supporting employment and foreign trade, fostering new growth drivers, and enhancing fiscal governance effectiveness [4] - The government aims to strengthen domestic circulation and maintain policy continuity and stability while addressing uncertainties in the economy [4]

Group 1 - The core viewpoint is that the social financing scale has maintained a high growth rate, indicating strong financial support for the real economy, with a year-on-year growth of 8.8% as of the end of August [1][3] - As of the end of August, the total social financing scale was 433.66 trillion yuan, with the balance of RMB loans to the real economy at 265.42 trillion yuan, reflecting a year-on-year growth of 6.6% and accounting for 61.2% of the total social financing scale [3] - In the first eight months, the increment of social financing was 26.56 trillion yuan, which is an increase of 4.66 trillion yuan compared to the same period last year [5] Group 2 - The broad money (M2) balance reached 331.98 trillion yuan at the end of August, with a year-on-year growth of 8.8%, while the narrow money (M1) balance was 111.23 trillion yuan, growing by 6% [7] - The chief economist of Minsheng Bank noted that since 2025, a combination of proactive fiscal policy and moderately loose monetary policy has effectively supported the real economy, with cumulative financing increments consistently exceeding the previous year's levels [9] - The convergence of the M1 and M2 scissors difference indicates that more funds are being converted into demand deposits, which is beneficial for consumption and investment activities [9]