（原标题：香港税务学会倡议上调基本及已婚人士免税额 豁免650万港元以下首置印花税） 学会指出，香港税基狭窄，加上受外围经济波动影响，香港政府收入并不稳定，建议全面检视现行税制 及政府税收结构，探讨扩大税基可行方案，包括但不限于研究引入间接税。 学会亦建议，推出措施推动创新科技行业发展，包括放宽知识产权税务扣除、在大湾区进行的外判研发 活动至少获一半税务扣除；建议探讨是否引入利息预扣税、缩短法定评税期至4年；优化印花税税制， 以吸引更多投资控股活动。 香港税务学会指出，基本及已婚人士免税额自2016/17年度以来一直未有调整，建议基本免税额由13.2 万港元上调至14.5万港元，已婚人士免税额由26.4万港元上调至29万港元，以追回通胀幅度，减轻纳税 人负担；建议父母、祖父母或外祖父母通常居住于大湾区，亦符合供养免税额资格，并容许兄弟姐妹分 摊供养免税额及有关开支扣税额。 住宅方面，学会建议豁免首次置业印花税，适用于市值不高于650万港元住宅物业，并须连续3年居住。 贷款利息及住宅租金扣税上限，建议由每年10万港元提高至12万港元。 学会建议，私营医院医疗相关开支的个人所得税扣税额每年上限10万港元，并探讨自 ...

此次税制改革同步推出多项减负举措：政府取消1%新冠疫情健康复苏税，同时将国家健康保险税、教 育信托基金税与增值税税基重新挂钩，方便企业作进项税抵扣。增值税登记门槛也大幅提高，商品经营 企业年营业额达75万加纳塞地方需登记，较此前20万的标准显著上调，这将为数千家小微企业免除增值 税合规的行政负担。 针对市场担忧新税率推高物价、引发行业竞争失衡，加纳税务局回应称，当前市场的部分涨价现象，是 因部分商户未剔除旧税制下不可抵扣的进项税，直接在原有成本基础上计征新税率所致。该局强调，新 税制若依规执行，既不会推高消费价格，也不会扰乱市场竞争秩序。 （原标题：加纳税务局就新20%增值税率作出说明） 据"乐在线"2月12日报道，加纳税务局(GRA)对新的增值税(VAT)税率的实施情况作出进一步说明，明确 此次20%的增值税率为合并计征，由15%的标准增值税、2.5%的国家健康保险税和2.5%的教育信托基金 税构成，自2026年1月1日起正式生效，取代了此前因多项税费叠加、实际税率最高达21.9%的复杂税 制。 ...

Group 1: Fiscal Revenue and Expenditure - In 2025, the total fiscal revenue is projected to be 21.6 trillion yuan, a decrease of 1.7% compared to 2024, with tax revenue increasing by 0.8% and non-tax revenue decreasing by 11.3% [2][3] - The securities transaction stamp duty revenue reached 203.5 billion yuan, showing a year-on-year growth of 57.8% [1] - The national government fund budget expenditure is expected to be 11.29 trillion yuan, an increase of 11.3% from 2024, driven by accelerated bond fund utilization [1][4] Group 2: Sector Performance - The equipment manufacturing and modern service industries showed strong tax revenue performance, with specific sectors like computer communication equipment manufacturing seeing a 13.5% increase in tax revenue [3][4] - The domestic value-added tax grew by 3.4%, while the domestic consumption tax increased by 2%, primarily driven by tobacco and refined oil [3] - Social security and employment, education, and health sectors received strong budgetary support, with expenditures in these areas growing by 6.7%, 3.2%, and 5.7% respectively [4] Group 3: Hainan Duty-Free Policy Impact - The duty-free shopping policy in Hainan has been optimized, allowing for a broader range of products and increased convenience for consumers, leading to a significant rise in duty-free sales [5][6] - Since the policy's implementation, duty-free sales reached 6.28 billion yuan, with a year-on-year increase of 35.9% [6] - The number of foreign investment enterprises in Hainan increased by 23.56%, indicating a growing interest in the region's economic potential [6]

其次，促进了产业发展活力迸发。截至2026年1月27日，海南封关以来岛内销往内地的加工增值免关税 货物1.01亿元，减免税款386.7万元。同时，越来越多的企业选择投资海南，全省新增外资企业409户， 同比增长23.56%，外商直接投资总额、增速位居全国前列。多个制造业、现代服务业投资项目陆续在 海南落地，涵盖能源、文旅、医疗健康等多种业态。 此外，促进了消费热度持续攀升。截至2026年1月27日，海南封关以来离岛免税销售金额62.8亿元，购 物人数98.1万人次，购物件数460万件，同比分别增长35.9%、21%、8.2%。特别是今年元旦假期期间， 离岛免税销售金额7.12亿元，同比大幅增长128.9%。 财政部关税司副司长吴京芳1月30日在2025年度财政收支情况新闻发布会上表示，下一步，财政部将会 同有关部门及海南省，继续抓好"零关税"等政策实施工作，充分发挥政策效应。同时，结合海南自由贸 易港建设实际和推进更高水平对外开放的需要，持续深化税制改革，确保政策力度持续提升，政策红利 不断释放。 吴京芳表示，"零关税"等政策的成效主要体现在"三个促进"。首先，促进了货物进口快速增长。截至 2026年1月27 ...

Domestic Market Overview - The domestic market experienced a steady rise, with the Shanghai Composite Index closing at 4151.24 points, up 0.27%, and the Shenzhen Component Index at 14342.89 points, up 0.09% [1][4] - Among the 30 sectors, 11 saw gains, with non-ferrous metals, coal, and oil & petrochemicals leading the increases, while defense, media, and pharmaceuticals faced significant declines [1][4] - The total trading volume for the A-share market reached 29,923 billion yuan, showing a slight increase from the previous day [1][4] Overseas Market Overview - In the U.S. market, the three major indices closed mixed, with the Dow Jones Industrial Average up 0.02%, the S&P 500 down 0.01%, and the Nasdaq up 0.17% [2][4] - Large tech stocks showed varied performance, while the Nasdaq Golden Dragon China Index increased by 0.32% [2][4] Economic Performance Insights - By 2025, 18 provinces in China are expected to exceed the national GDP growth rate, highlighting the significant role of major economic provinces [3][10] - The State-owned Assets Supervision and Administration Commission (SASAC) announced that central enterprises aim to achieve a total profit of 2.5 trillion yuan and pay 2.5 trillion yuan in taxes by 2025 [3][14] Key Industry Developments - The central enterprises are projected to have total assets exceeding 95 trillion yuan by the end of 2025, with a fixed asset investment of 5.1 trillion yuan [14] - The focus on strategic emerging industries is evident, with an investment of 2.5 trillion yuan planned, accounting for 41.8% of total investments [15][14] Taxation and Regulatory Changes - The tax department plans to deepen tax system reforms in 2026, optimizing the tax structure and expanding local tax sources to enhance local financial autonomy [17][21] - Real estate companies have reported that they are no longer required to submit the "three red lines" indicators monthly, although some still need to report financial metrics like asset-liability ratios [17][21]

Investment consulting business qualification：CSRC License [2012] No. 669 投资咨询业务资格：证监许可【2012】669 号 中 信 期 货 国 际 化 研 究 | 中 信 期 货 研 究 所 International 中信期货国际化研究 | CITIC Futures International Research 2024 202-6/01/2 10-099 China Futures Daily Note 中国期货每日简报 桂晨曦 Gui Chenxi 从业资格号 Qualification No：F3023159 投资咨询号 Consulting No.：Z0013632 CITIC Futures International Service Platform：https://internationalservice.citicsf.com 摘要 Abstract Macro News: 2026 Tax Reform to Be Further Advanced From CLS. Futures Prices: On Jan 2 ...

Group 1: Tax and Economic Policies - In 2026, the tax authorities will deepen tax system reforms, focusing on expanding local tax sources and increasing local financial autonomy [1] - In 2025, tax revenue reached 33.1 trillion yuan, with tax reductions and refunds exceeding 2.8 trillion yuan to support technological innovation and manufacturing [1] Group 2: State-Owned Enterprises and Mergers - The State-owned Assets Supervision and Administration Commission (SASAC) will promote professional integration among state-owned enterprises (SOEs) to support high-quality mergers and acquisitions [1] - SASAC aims to enhance core functions and competitiveness through restructuring and integration of SOEs [1] Group 3: Company Performance Forecasts - Industrial Fulian expects a net profit of 35.1 billion to 35.7 billion yuan for 2025, a year-on-year increase of 51% to 54%, driven by strong growth in cloud computing [1] - iFlytek anticipates a net profit of 785 million to 950 million yuan for 2025, representing a growth of 40% to 70% [1] - Other companies such as Jingneng Power and Jibite forecast significant profit increases, with Jingneng Power expecting a growth of 89.04% to 118.34% for 2025 [4] Group 4: Market and Economic Indicators - The total telecom business volume in 2025 is projected to grow by 9.1%, with telecom revenue reaching 1.75 trillion yuan, a 0.7% increase [1] - Public fund assets in China reached a record high of 37.71 trillion yuan by the end of December 2025, with significant growth in stock and bond funds [1]

新年伊始，更加积极有为的宏观政策靠前发力。从财政金融促内需一揽子政策，到下调各类结构性货币 政策工具利率、完善结构性工具并加大支持力度，财政、货币政策工具箱频频亮出新的"大招"。 按照中央经济工作会议部署，2026年继续实施更加积极的财政政策。这也是财政政策连续两年锚定"更 加积极"这一取向。站在"十五五"开局的新起点，更加积极的财政政策再次发力，赋能经济发展、提升 民生福祉。 更大支出盘子增强动力 日前，2026年第一批936亿元超长期特别国债支持设备更新资金下达，支持工业、能源电力、教育、医 疗、住宅老旧电梯等领域约4500个项目，预计带动总投资超过4600亿元；同时，采取直接向地方下达资 金的方式，继续支持老旧营运货车报废更新、新能源城市公交车更新、老旧农机报废更新。此前，2026 年第一批625亿元超长期特别国债支持消费品以旧换新资金计划也已向地方提前下达。 财政赤字、超长期特别国债、地方政府专项债券……这些都是实施积极财政政策的重要工具。进入实 施"更加积极"财政政策的第二年，超长期特别国债率先发力，继续支持"两重""两新"，向扩大内需注入 动能。 近期公布的我国经济2025年"成绩单"显示，国内生 ...

【国内要闻】 ·记者1月28日从全国税务工作会议上获悉，2026年，税务部门将会同相关部门深化税收制度改革，优化 税制结构，推动地方政府用足用好地方税种法定授权，着力拓展地方税源，增加地方自主财力。税务部 门还将会同有关部门推动基本养老保险全国统筹、基本医疗保险省级统筹，鼓励支持新就业形态人员参 加职工保险，推进加快建立长期护理保险制度，切实增强人民群众获得感幸福感。 ·国资委相关负责人介绍，2026年中央企业高质量发展的目标是"两个确保、两个力争"：确保增加值持 续增长，力争与国家GDP增速相匹配；确保"一利五率"经营指标，即利润总额、营业收现率、净资产 收益率、研发经费投入强度、全员劳动生产率、资产负债率稳中向好，力争总体优化。 【重点关注】 ·2026年税务部门将深入推进税制改革着力拓展地方税源增加地方自主财力 ·中央企业2026年高质量发展目标是"两个确保、两个力争" ·多家头部量化机构回应："量化股票交易规则或变化"为不实消息 ·中国商火：2026年深化资源统筹，誓保首飞和回收成功 【国际要闻】 ·1月28日，黄金价格延续近期强劲涨势，截至发稿，美国纽约商品交易所黄金期货价格突破每盎司5300 美元 ...

来源：上海有色网 金属市场： 截至日间收盘，内盘基本金属普涨，仅沪铅和沪镍一同下跌，沪铅跌0.23%，沪镍跌1.31%。沪铝以高 达5.75%的涨幅领涨，盘中一度上探至25680元/吨，刷新其上市以来的历史新高；沪锌、沪锡一同涨逾 2%，沪锌涨2.42%，沪锡涨2.11%。氧化铝主连涨3.27%，铸造铝主连涨3.35%，盘中最高冲至24090元/ 吨，同样刷新其上市以来的历史新高。 此外，碳酸锂主连跌3.9%，多晶硅主连跌2.29%，工业硅主连跌1.35%。欧线集运主连涨4.36%报1229。 黑色系方面集体下跌，不锈钢跌1.13%，其余跌幅均在1%以内。双焦方面，焦煤涨0.44%，焦炭跌 0.12%。 外盘方面，截至15:03分，外盘基本金属普涨，仅伦铅小幅下跌0.12%。伦铝涨2.89%，盘中最高冲至 3314美元/吨，刷新2022年4月以来的新高。伦锡涨2.62%，伦铜、伦锌一同涨逾1%，伦铜涨1.18%，伦 锌涨1.58%。伦镍小幅上涨0.47%。 贵金属方面，截至15:03分，COMEX黄金涨3.48%，盘中最高攀升至5264.4美元/盎司，继续刷新其上市 以来的历史新高；COMEX白银大涨8.44 ...