11月24日早盘，已连涨两日的10年地方债ETF（511270）涨0.01%，5年地方债ETF（511060）涨 0.05%。 10年地方债ETF（511270）是快速配置地方债的高效工具，跟踪一篮子存量地方债，既继承了老债的免 税优势，又通过ETF的交易特性解决了个券流动性不足的问题，同时地方债ETF已纳入通用回购质押 库，有助于提升资金使用效率，满足多元投资策略。 消息面上，据智通财经，年末地方债发行加速助力稳增长。财政部上周一晚间发布的数据显示，1-10 月，全国一般公共预算收入186490亿元，同比增长0.8%，增速比前9个月加快0.3个百分点；一般公共预 算支出225825亿元，同比增长2.0%，增速较前9个月回落1.1个百分点。分析人士指出，10月，财政收入 增速加快反映出当前经济运行总体平稳的态势，支出放缓一定程度上受到去年同期高基数的制约。随着 5000亿元地方债务限额盘活额度下达，地方债发行将在11-12月内再度加速，财政支出有望保持一定强 度，助力经济回升向好。 上周（11月17日-11月21日）来看，据Wind数据显示，A股三大指数均下跌，10年地方债ETF （511270）、5年地方债 ...

Group 1 - The core viewpoint of the news is that China's fiscal revenue and expenditure data for the first eight months of 2023 shows a slight increase in revenue and a stable growth in expenditure, indicating a gradual recovery in the economy [1][3][4]. Group 2 - From January to August, the national general public budget revenue reached approximately 14.82 trillion yuan, reflecting a year-on-year growth of 0.3%, with an increase of 0.2 percentage points compared to the previous month [4]. - In August alone, the national general public budget revenue was 1.24 trillion yuan, showing a year-on-year increase of 2%, continuing the growth trend [1]. - Cumulatively, tax revenue for the first eight months was 12.11 trillion yuan, which is an increase of 26 billion yuan or 0.02% compared to the same period last year, marking the first positive growth in cumulative tax revenue [3]. Group 3 - National general public budget expenditure from January to August totaled 17.93 trillion yuan, with a year-on-year growth of 3.1%, ensuring adequate funding for key areas such as education, social security, and health [6]. - Expenditure in key sectors like education, social security and employment, and health care grew by over 5% year-on-year [6]. - The issuance and utilization of bond funds by various fiscal departments accelerated, with 3.39 trillion yuan spent from government fund budgets, driving a 30% increase in government fund budget expenditure [6]. Group 4 - Tax types such as domestic value-added tax, domestic consumption tax, and personal income tax maintained stable growth, while corporate income tax also achieved positive growth [7]. - Industries such as equipment manufacturing and modern services showed strong tax performance [7].

Core Insights - The Ministry of Finance reported the fiscal revenue and expenditure situation for January to August 2025, indicating a decline in government fund budget revenue [1] Group 1: Fiscal Revenue - National government fund budget revenue for January to August reached 26,449 billion yuan, a year-on-year decrease of 1.4% [1] - Central government fund budget revenue was 2,933 billion yuan, showing a year-on-year increase of 0.6% [1] - Local government fund budget revenue was 23,516 billion yuan, reflecting a year-on-year decrease of 1.6% [1] Group 2: Land Use Rights Revenue - Revenue from the transfer of state-owned land use rights amounted to 19,263 billion yuan, which is a year-on-year decline of 4.7% [1]