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！ 记者 王珍 财政部周二晚间发布的数据显示，1-7月，全国一般公共预算收入135839亿元，同比增长0.1%，为今年以来首次 实现正增长；一般公共预算支出160737亿元，同比增长3.4%。 分析人士指出，近期"反内卷"行动推动企业盈利修复、个税征管工作加强、以及资本市场回暖带动税收收入增速 加快，是一般公共预算收入累计增速在7月转正的主要原因。 数据来源：财政部 制图：智通财经 东方金诚研究发展部执行总监冯琳对智通财经表示，7月税收收入增速加快，主要与价格改善、个税征管加强及 股市上涨等因素有关，增值税、车辆购置税、非证券交易印花税、房地产相关的契税和土地增值税等税种收入增 速变化则与相关经济活动走势一致。 近期"反内卷"行动对价格的提升较为明显。7月，工业生产者出厂价格（PPI）环比下降0.2%，降幅较上月收窄 0.2个百分点，为今年3月以来首次降幅收窄；不包含食品和能源价格的核心居民消费价格指数同比涨幅连续3个 月回升，反映出服务类消费和耐用消费品价格在政策推动下有所改善。 7月，四大税种普涨。其中，企业所得税收入同比增长6.4%， ...

./01234567892025-08-20 !"#$%&'()*+,-./ ——!"#$%&'(! !"#$ 徐闻宇 * xuwenyu@htfc.com 从业资格号：F0299877 投资咨询号：Z0011454 !"#$%&"'() *+,-./01121/34 5) !"#$% 北京时间 2025 年 8 月 19 日财政部公布 2025 年 1-7 月财政收支情况。其中：一般公共预 算收入同比增长 0.1%（增值税 3.0%，个人所得税 8.8 %，印花税 20.7 %、企业所得税 下降 0.4 %；消费税 2.1 %、出口退税 9.7 %）；一般公共预算支出同比 3.4 %（社会保障 和就业 9.8 %；教育 5.7 %）。政府性基金预算收入同比-0.7 %（中央 8.8 %，地方-1.8 %）； &'"( ■ !"#$%& 一般公共预算收入：2025 年 1-7 月一般公共预算收入进度 61.8%，略低于过去五年同期 均值，名义增长的压力依然存在。7 月 CPI 同比持平，维持低通胀的特征。累计增速年 内首次转正，主要依托印花税高增和增值税、企业所得税等修复，显示财政收入结构 改善但可持续性仍需 ...

Group 1 - The core point of the article highlights that the U.S. Treasury officials reported record-high revenue and expenditure levels for the current fiscal year, with revenue at $3.482 trillion and expenditure at $4.846 trillion [1] Group 2 - The reported revenue of $3.482 trillion represents the highest amount recorded for this period in U.S. history [1] - The expenditure of $4.846 trillion also marks a historical peak for the same timeframe [1]

Group 1: Macro Analysis - The report analyzes the risk of a sell-off in US Treasury bonds, indicating that the scale of US Treasury holdings and daily trading volume is significantly larger than that of any other country, suggesting that no single nation can manipulate the US Treasury market [2] - Historical data shows that reductions in overseas holdings have less impact on US Treasury trends compared to fundamental variables, but a coordinated sell-off by multiple countries in response to tariffs could significantly disrupt the US Treasury market and global financial markets [2] Group 2: Fixed Income - In April, the broad fiscal revenue showed a slight positive change with a year-on-year increase of 2.7%, while fiscal expenditure grew by 12.9% year-on-year, indicating an acceleration in spending [2] - Cumulatively, from January to April, broad fiscal revenue decreased by 1.3% year-on-year, while broad fiscal expenditure increased by 7.2% [2] Group 3: Food and Beverage Industry - Investment recommendations for the liquor sector emphasize strengthening core capabilities and highlight three main lines: leading brands with increasing market share, high-certainty regional brands, and resilient recovery stocks [3] - For consumer products, the report suggests focusing on opportunities in beer and beverages, with a particular emphasis on companies benefiting from policy changes or recovery improvements, as well as those with high growth potential [3] Group 4: Pharmaceutical Industry - The report discusses the collaboration between Sanofi and Pfizer regarding the PD-1/VEGF bispecific antibody SSGJ-707, which includes a non-refundable upfront payment of $1.25 billion and potential milestone payments up to $4.8 billion [6] - Sanofi retains rights for development and commercialization in mainland China, while Pfizer will have an option for commercialization in that region based on agreed financial terms [6]