Core Viewpoint - The Ministry of Finance, General Administration of Customs, and State Taxation Administration jointly announced a tax incentive policy for cross-border e-commerce export return goods to support the development of new business models in cross-border e-commerce [2]. Group 1: Tax Incentives - From January 1, 2026, to December 31, 2027, goods exported under specific customs supervision codes (1210, 9610, 9710, 9810) that are returned due to unsold stock or returns within six months of export will be exempt from import duties, value-added tax, and consumption tax [2]. - Export duties paid at the time of export will be refunded, and the value-added tax and consumption tax will be handled according to domestic sales return regulations [2]. Group 2: Conditions for Return - "Original condition return" means that the returned goods must be in a form that is essentially the same as when they were exported, without any added parts or modifications, although unpacking and inspection are allowed [3]. - Returned goods must not have been used, except in cases where testing is necessary to identify quality issues [3]. Group 3: Documentation Requirements - Companies must submit export declaration lists or customs declarations, along with explanations for the return, to prove that the goods were returned due to unsold stock or returns [3]. - For unsold stock returns, a self-declaration must be provided, while for returned goods, records of returns and agreements must be submitted [3]. Group 4: Legal Responsibilities - Companies are legally responsible for the authenticity of the materials submitted for tax exemption and must comply with national laws regarding tax evasion and fraud [3].

Report Summary 1. Industry Investment Rating No information about the industry investment rating is provided in the given content. 2. Core Viewpoints - Upstream prices are continuously falling, with international crude oil prices and egg prices declining, and black commodity prices at a low level [1][2] - The government is promoting policies to boost automobile consumption and providing tax - preferential policies for cross - border e - commerce export returned goods [1] - There are different trends in the mid - stream and downstream industries, such as changes in the operating rates of chemical and energy industries in the mid - stream, and seasonal fluctuations in real estate sales and stable high levels of domestic flights in the downstream [2][3] 3. Summary by Related Catalogs 3.1. Macro - event Overview **Production Industry**: The Ministry of Commerce will work with relevant departments to optimize car trade - in programs, conduct car circulation consumption reform pilots, and improve industry management systems in 2026 to boost car consumption [1] **Service Industry**: From January 1, 2026, to December 31, 2027, cross - border e - commerce export returned goods under specific customs supervision codes, due to unsold or return reasons, will be exempt from import tariffs and import - related VAT and consumption tax, and export - related tariffs can be refunded [1] 3.2. Industry Overview **Upstream**: - Energy: International crude oil prices are falling [2] - Agriculture: Egg prices have dropped significantly [2] - Black: Black commodity prices are at a low level [2] **Mid - stream**: - Chemical: The operating rates of PX and urea remain high, while the operating rate of polyester has dropped significantly [2] - Energy: The coal consumption of power plants has increased [2] - Agriculture: The operating rate of pork products has increased [2] **Downstream**: - Real Estate: The sales of commercial housing in second - and third - tier cities have seasonally declined [3] - Service: The number of domestic flights has remained stable at a high level [3] 3.3. Key Industry Price Index Tracking (as of February 9) - **Agriculture**: Corn price is 2271.4 yuan/ton (0.00% yoy), egg price is 7.1 yuan/kg (- 12.96% yoy), palm oil price is 8972.0 yuan/ton (- 0.47% yoy), cotton price is 15986.0 yuan/ton (- 0.65% yoy), pork average wholesale price is 18.3 yuan/kg (- 0.76% yoy) [35] - **Non - ferrous Metals**: Copper price is 101646.7 yuan/ton (0.79% yoy), zinc price is 24656.0 yuan/ton (- 1.26% yoy), aluminum price is 23406.7 yuan/ton (1.90% yoy), nickel price is 138650.0 yuan/ton (- 0.20% yoy), another aluminum price is 16506.3 yuan/ton (0.08% yoy) [35] - **Black Metals**: Steel rebar price is 3170.0 yuan/ton (- 0.61% yoy), iron ore price is 786.9 yuan/ton (- 2.25% yoy), wire rod price is 3367.5 yuan/ton (- 0.96% yoy) [35] - **Non - metals**: Glass price is 13.3 yuan/square meter (0.15% yoy), natural rubber price is 16125.0 yuan/ton (0.62% yoy), China Plastic City price index is 786.7 (- 0.56% yoy) [35] - **Energy**: WTI crude oil price is 63.6 US dollars/barrel (- 2.55% yoy), Brent crude oil price is 68.1 US dollars/barrel (- 1.83% yoy), liquefied natural gas price is 3620.0 yuan/ton (0.39% yoy), coal price is 799.0 yuan/ton (- 0.50% yoy) [35] - **Chemical**: PTA price is 5144.3 yuan/ton (- 0.57% yoy), polyethylene price is 6800.0 yuan/ton (- 3.20% yoy), urea price is 1765.0 yuan/ton (- 0.70% yoy), soda ash price is 1201.4 yuan/ton (- 0.12% yoy) [35] - **Real Estate**: The national cement price index is 131.7 (- 0.79% yoy), the building materials composite index is 114.0 (- 0.43% yoy), the national concrete price index is 89.8 (- 0.42% yoy) [35]

Group 1 - The optimistic expectation for the post-holiday market is supported by factors such as accelerated policy catalysis, improved funding conditions, and the release of some risks from previous adjustments [1][10] - The Ministry of Commerce held a seminar with automotive industry representatives to discuss measures to expand automobile consumption, emphasizing the potential of China's large market and the need for policy support and reform [4] - The Ministry of Human Resources and Social Security is guiding companies in the new employment form to improve labor management and protect workers' rights, focusing on major delivery platforms [3][5] Group 2 - The recent announcement of tax incentives for cross-border e-commerce export returns aims to boost the sector by exempting certain goods from import duties and taxes during a specified period [3] - The stock market showed positive trends, with major indices like the Dow Jones reaching new highs, indicating a favorable investment environment [7] - Precious metals and oil prices have seen significant increases, with COMEX gold futures rising over 2% and WTI crude oil prices up by 1.27%, reflecting strong market demand [8]

Core Viewpoint - The Ministry of Finance, General Administration of Customs, and State Taxation Administration of China have jointly announced a tax incentive policy for cross-border e-commerce export return goods, effective from January 1, 2026, to December 31, 2027, aimed at reducing export return costs for businesses and supporting the development of new foreign trade models [1] Summary by Relevant Categories Tax Incentives - Goods exported under specific customs supervision codes (1210, 9610, 9710, 9810) that are returned within six months due to unsold stock or returns will be exempt from import duties, value-added tax, and consumption tax [1] - Export duties already paid will be refunded, and the treatment of value-added tax and consumption tax will follow the regulations for domestic goods returns [1] Customs Supervision Codes - The four customs supervision codes mentioned refer to "bonded import for online shopping," "direct purchase import," "cross-border e-commerce B2B direct export," and "cross-border e-commerce export to overseas warehouses" [1] Support for E-commerce - The continuation of tax incentives for cross-border e-commerce export return goods is intended to alleviate concerns for businesses and promote the growth of new foreign trade formats [1]