Group 1 - The national general public budget revenue for the first 11 months of the year reached 20.05 trillion yuan, with a growth rate of 0.8%, maintaining the same growth rate as the previous 10 months [1] - Tax revenue amounted to 16.48 trillion yuan, growing by 1.8%, which is an increase of 0.1 percentage points compared to the first 10 months [1] - The performance of major tax categories showed steady growth, with domestic VAT and domestic consumption tax increasing by 3.9% and 2.5% respectively, while personal income tax grew by 11.5% [1][2] Group 2 - The active performance of the capital market has positively influenced personal income tax, with significant increases in taxes from stock transfers and dividends, contributing to a 9.3% year-on-year growth in personal income tax [2] - Corporate income tax revenue for the first 11 months was 402.34 billion yuan, reflecting a year-on-year increase of 1.7%, attributed to economic recovery and policy effects [2] - The manufacturing sector continues to play a crucial role, with tax revenue from this sector stabilizing at around 30% of total tax revenue [3] Group 3 - High-tech industries saw a sales revenue increase of 14.7%, with smart device manufacturing experiencing a remarkable growth of 28.2% [3] - General public budget expenditure for the first 11 months reached 24.85 trillion yuan, growing by 1.4%, with significant allocations for social security, education, and health care [3] - Government fund budget revenue decreased by 4.9% to 4.03 trillion yuan, while expenditure increased by 13.7% to 9.21 trillion yuan, driven by accelerated use of bond funds [3] Group 4 - The central government allocated 500 billion yuan to support local government debt, which is expected to inject new momentum into economic development and help achieve annual economic and social development goals [4]

Core Viewpoint - The fiscal revenue and expenditure data for the first 11 months of 2025 indicates stable growth in public budget revenue, with tax revenues from key sectors like equipment manufacturing and modern services performing well [1][2]. Revenue Summary - Total public budget revenue reached 20.05 trillion yuan, growing by 0.8%, maintaining the same growth rate as the previous 10 months [2]. - Tax revenue amounted to 16.48 trillion yuan, with a growth of 1.8%, an increase of 0.1 percentage points compared to the first 10 months [2]. - Key tax categories showed positive growth: domestic VAT increased by 3.9%, domestic consumption tax by 2.5%, and personal income tax by 11.5% [2]. - The active capital market contributed to the notable performance of personal income tax, with significant increases in capital market-related tax revenues, including a 70.7% rise in securities transaction stamp duty [2][3]. Corporate Income Tax Insights - Corporate income tax revenue reached 402.34 billion yuan, reflecting a year-on-year growth of 1.7% [2]. - The recovery in corporate income tax is attributed to economic recovery, policy effects, and a low base from previous years [3]. - The manufacturing sector continues to play a stabilizing role, with tax revenue from this sector maintaining around 30% of total tax revenue [3]. Sector Performance - The equipment manufacturing and modern services sectors showed strong tax revenue performance, with specific growth rates: computer and communication equipment manufacturing at 14.1%, electrical machinery at 7.9%, and scientific research and technical services at 14.6% [3]. - High-tech industries reported a sales revenue increase of 14.7%, with smart device manufacturing sales growing by 28.2% [3]. Expenditure Summary - Total public budget expenditure reached 24.85 trillion yuan, growing by 1.4%, with significant spending in social security and employment (8.1% growth), education (4.4% growth), and health (4.7% growth) [4]. - Expenditures related to infrastructure showed a declining trend, with urban and rural community spending and agricultural spending decreasing year-on-year [4]. - Government fund budget revenue was 4.03 trillion yuan, down by 4.9%, while expenditures increased by 13.7%, driven by accelerated use of bond funds [4]. Fiscal Policy Impact - The central government allocated 500 billion yuan to support local government debt, which is expected to inject new momentum into economic development and assist localities in achieving their annual economic and social development goals [4].

12月17日，财政部公布2025年1—11月财政收支运行情况显示，前11个月份全国一般公共预算收入 累计增幅保持平稳。税收收入继续增长，装备制造业、现代服务业等行业税收表现良好。同时，全国 一般公共预算支出保持增长，重点领域支出得到保障。 数据显示，今年前11个月，全国一般公共预算收入20.05万亿元，增长0.8%，增幅与1—10月持平。其中，全国 税收收入16.48万亿元，增长1.8%，增幅比前10个月提高0.1个百分点。 从主要税种表现看，国内增值税、国内消费税分别增长3.9%、2.5%，继续保持平稳增长；个人所得税增长 11.5%，增幅与1—10月持平。 广发证券资深宏观分析师吴棋滢认为，个人所得税近月表现相对突出，可能与资本市场表现活跃、财富效应有 所增加有关。国家税务总局税收科学研究所所长黄立新指出，交易活跃不仅直接带动资本市场服务业税收大幅 增长，还带动与资本市场相关的行业税收增长。据国家税务总局10月14日披露信息，一年来股权转让、限售股 转让、利息股息红利所得个人所得税同比分别增长12.4%、77.7%和11.3%，拉动个人所得税同比增长9.3%。资 本市场的活跃，也体现在前11个月证券交易印 ...

Group 1 - The core viewpoint of the articles highlights the stability in China's fiscal revenue and expenditure for the first eleven months of 2025, with a slight increase in tax revenues and a focus on social welfare spending [1][3][4] - National general public budget revenue reached 20.05 trillion yuan, with a year-on-year growth of 0.8%, maintaining the same growth rate as the previous ten months [1] - Tax revenue amounted to 16.48 trillion yuan, showing a growth of 1.8%, with domestic value-added tax and domestic consumption tax increasing by 3.9% and 2.5% respectively [1][2] Group 2 - Personal income tax showed a notable increase of 11.5%, attributed to the active performance of the capital market and the resulting wealth effect [2] - Corporate income tax revenue reached 402.34 billion yuan, with a year-on-year growth of 1.7%, indicating a recovery in corporate earnings supported by various economic factors [2][3] - The manufacturing sector continues to play a crucial role, with tax revenue from this sector stabilizing around 30% of total tax revenue, and high-tech industries experiencing a sales revenue growth of 14.7% [3] Group 3 - General public budget expenditure for the first eleven months was 24.85 trillion yuan, reflecting a year-on-year increase of 1.4%, with significant allocations towards social security, education, and health care [3] - The government fund budget revenue decreased by 4.9% to 4.03 trillion yuan, while expenditures increased by 13.7% to 9.21 trillion yuan, driven by accelerated use of bond funds [3] - Central government allocated 500 billion yuan to support local government debt, which is expected to inject new momentum into economic development [4]