印度政府对香烟加征新税，导致该国烟草类股周四遭遇重挫，市场领军企业印度烟草公司ITC股价创近六年来最大单日跌幅。 印度财政部周三晚间宣布，自2月1日起对香烟征收每千支2,050至8,500卢比（159至660元人民币）的消费税，具体税率取决于香烟长度。 Jefferies的分析师表示，若征收印度国家灾难应急附加税，意味着对所谓"罪恶商品"（烟草制品）征收的附加税将上调逾30%。 印度烟草公司ITC是该国最大香烟制造商，生产Gold Flake等品牌，其股价周四大跌9.7%、创2023年2月以来最低水平。万宝路在印度的经销商 Godfrey Phillips India暴跌超17%。 税负大幅增加引发成本压力 分析师普遍认为更高的税负将促使印度烟草企业提价。 这一下跌对ITC而言雪上加霜，该公司最大股东英美烟草公司一直在减持其股份。Nuvama财富管理公司分析师Abneesh Roy在研报中称： 这是一次严苛的增税历史数据显示，大幅增税曾导致ITC销量下降最多达9%。 政府控烟政策升级 印度拥有超过2.53亿烟草使用者，是全球第二大烟草消费人口国。 香烟新税将叠加在现有40%的商品和服务税（GST）之上，GST ...

格隆汇1月2日｜印度烟草股突然暴跌，因政府宣布对香烟加征新税，预计将使全国约1亿吸烟者的消费 成本显著上升。行业巨头ITC股价下跌9.7%，而在印度负责分销"万宝路"的Godfrey Phillips India暴跌 17%。根据印度财政部发布的通知，自2月1日起，将按香烟长度征收差异化的消费税，每千支税额设定 在2050至8500卢比之间。分析人士普遍认为，此举对行业偏利空，不仅可能直接抑制香烟销量，也再度 引发了市场对部分合法消费转向非法渠道的担忧。市场人士认为，本次税负高于此前分析师与投资者预 期，相关方难以在短期内全面评估其影响，导致不确定性上升、相关股票因此承压。 ...

【导读】印度政府对香烟征收新税，相关个股暴跌 大家好，关注一下印度股市发生的一则"黑天鹅"事件。 1月1日，印度烟草股突然暴跌，市场措手不及，原因是政府对香烟征收新税，预计将使这个全球人口最多国家约1亿名吸烟者的用烟成本上升。 行业龙头、生产"Gold Flake"等品牌的ITC股价下跌9.7%，在印度负责"万宝路"分销的Godfrey Phillips India暴跌17%。 市场人士认为，本次税负高于此前分析师与投资者预期，相关方难以迅速评估影响，导致不确定性上升、股价承压。税负上调可能拖累ITC的销量 ——卷烟业务贡献了其超过40%的营收。与此同时，ITC的第一大股东英美烟草正在减持，也让公司处境更为艰难。分析师称，ITC可能需要"至少上 调15%"的价格，才能把整体影响转嫁给消费者，甚至可能需要更高的涨幅。 值得注意的是，最新税负是在现行40%商品和服务税（GST）的基础上叠加的。报道称，针对烟草制品与香烟的40%GST也将自2月1日起生效，此举 旨在对冲印度政府9月对多类商品实施大范围减税所带来的财政收入缺口。 印度烟草使用者超过2.53亿人，规模居全球第二。根据印度财政部的数据，印度政府预计烟草相 ...

Core Viewpoint - The Indian government has announced a new tax on cigarettes, leading to a significant drop in tobacco stocks, with major companies like ITC and Godfrey Phillips India experiencing sharp declines in their stock prices [2][3]. Group 1: Tax Impact on Tobacco Industry - The new excise duty on cigarettes will be implemented from February 1, with tax rates ranging from 2050 to 8500 rupees (approximately $22.82 to $94.60) per 1000 cigarettes based on length [6]. - Analysts predict that this tax increase could lead to a 22% to 28% rise in overall costs for cigarettes measuring 75 to 85 millimeters, potentially resulting in a price increase of 2 to 3 rupees per cigarette [6][7]. - The new tax will be added on top of the existing 40% Goods and Services Tax (GST), further increasing the financial burden on consumers [7]. Group 2: Market Reactions and Company Performance - ITC, a leading player in the tobacco sector, saw its stock drop by 9.7%, while Godfrey Phillips India experienced a 17% decline, contributing to a 3.2% drop in the fast-moving consumer goods index [3][6]. - The uncertainty surrounding the tax's impact has led to increased pressure on stock prices, with analysts noting that ITC may need to raise prices by at least 15% to offset the tax burden [7]. - The first major shareholder of ITC, British American Tobacco, is reportedly reducing its stake, adding to the company's challenges in navigating the new tax landscape [7]. Group 3: Government's Rationale and Broader Context - The Indian government aims to keep cigarettes "sufficiently expensive" as a means to curb usage and alleviate pressure on public health systems, with tobacco-related diseases costing the economy over 2.4 trillion rupees (approximately $267 billion) annually [8]. - The government has previously implemented measures to prevent tobacco products from becoming cheaper and more accessible, including new health and national security taxes on machinery used for tobacco production [8].

Group 1: Corcept Medical - Corcept Medical's stock plummeted by 50% after the FDA rejected its drug application for treating a rare hormonal disorder, resulting in a market value loss of $3.7 billion [1][3]. - The FDA's complete response letter indicated that while the company's GRACE clinical trial met its primary endpoint, additional evidence of efficacy is required for a favorable benefit-risk assessment [3][4]. - Corcept's CEO expressed disappointment but remains committed to finding a way to bring the drug Relacorilant to patients, planning to meet with the FDA to discuss next steps [3][4]. Group 2: Relacorilant Drug Details - Relacorilant is a selective cortisol modulator aimed at treating conditions like endogenous hypercortisolism and ovarian cancer, and it has orphan drug designation from both the FDA and the European Commission [5][6]. - The drug has shown improvements in various symptoms associated with hypercortisolism, which can lead to serious health issues such as diabetes and hypertension [4][5]. - The FDA has set a target date of July 11, 2026, for the drug's use in treating platinum-resistant ovarian cancer patients [6]. Group 3: Indian Tobacco Market - Indian tobacco stocks experienced significant declines, with ITC's stock dropping over 9% and Godfrey Phillips India falling more than 16% following the announcement of a substantial increase in cigarette consumption tax [1][7]. - The new tax, effective February 1, will impose a consumption tax based on cigarette length, potentially increasing overall costs by 22%-28% for certain products [7][8]. - Analysts predict that the increased tax burden may lead to higher retail prices and could negatively impact cigarette sales, with concerns about a shift to illegal tobacco markets [7][8].

每经AI快讯，1月1日，印度烟草公司（ITC）股价延续跌势，最新跌幅达10%。 （文章来源：每日经济新闻） ...

要把昆明的分量做起来，才能带动滇中的发展。 云南明确了未来5年区域发展的战略，省会昆明继续被委以重任。 12月29日，《中共云南省委关于制定云南省国民经济和社会发展第十五个五年规划的建议》（下称《云南省"十五五"规划建议》） 发布，提出推动形成"昆明率先、滇中引领、区域协同、廊带联动、全域开放"的区域协调联动格局。 《云南省"十五五"规划建议》还提出，支持昆明率先基本实现社会主义现代化。推动滇中地区更好发挥全省经济社会发展核心区和 动力源作用。鼓励各地区立足比较优势各展所长、协同联动、错位发展。推动中国—中南半岛经济走廊、孟中印缅经济走廊和沿 边、沿线、沿江经济带联动发展。 与其他中西部省份一样，云南对省会发展也寄予厚望。2021年，云南省"十四五"规划提出"做大做强昆明省会城市"。到2025年，昆 明市地区生产总值占全省经济总量的比重达到30%以上，战略性新兴产业增加值比重达到17%以上，常住人口城镇化率达到75%以 上。 2022年，云南正式提出实施"强省会"行动，出台了一系列政策措施；同时，又建立了"强省会"行动协调推进工作机制，云南省省长 王予波亲自召开了9次现场会研究推动127个事项有关工作，从政策 ...

Group 1: Paper Industry - The paper industry is currently in a passive destocking phase, characterized by economic recovery and demand resurgence, while production lags behind, leading to a decrease in finished product inventory and a slight increase in finished paper prices [5][10] - The white cardboard paper segment is identified as having the best market structure, with a high concentration of production capacity that enhances pricing power among leading companies [8][10] - From 2026 to 2030, the growth rate of white cardboard paper capacity is expected to slow down to between 2% and 5% annually, alleviating concerns about oversupply and allowing prices to recover [10][19] - As of December 11, 2025, the average price of white cardboard paper increased by 7.99% since August 2025, indicating a positive price trend [13][28] - The cost of white cardboard paper has shown a slight increase of 2.51% since August 2025, with margins improving as companies adjust to rising raw material costs [19][28] Group 2: Packaging Industry - The packaging industry is experiencing accelerated consolidation, with the acquisition of Zhongliang Packaging by Aorikin marking a significant shift in market dynamics [50][54] - Following the acquisition, Aorikin's market share in the two-piece can segment is projected to rise to 37%, enhancing its pricing power and profitability [54][56] - The global two-piece can market is expected to grow steadily, with a projected CAGR of 3% from 2025 to 2031, driven by the expanding beer market, which constitutes a significant portion of the demand [58]

今日关注 新股上市：双欣环保（深）、誉帆科技（深）、强一股份（科）。 国投白银LOF：将于2025年12月30日开市起至当日10:30停牌 2025中国绿氢产业大会将于12月30日在北京举行 "Physical AI第一股"五一视界12月30日在港交所挂牌上市 可控核聚变创新联合体第二届锦江论坛将于12月30日举办 今日有593亿元7天期逆回购到期 美国12月19日当周EIA天然气库存变动(亿立方英尺) 上期所：12月30日收盘起，黄金、白银期货合约的涨跌停板幅度调整为15%，同时调整保证金比例 经济数据：美国12月芝加哥PMI 隔夜市场 美国三大股指全线收跌，道指跌0.51%报48461.93点，标普500指数跌0.35%报6905.74点，纳指跌0.5%报 23474.35点。 贵金属市场遭遇"黑色星期一"。COMEX黄金期货收跌4.45%报4350.2美元/盎司，COMEX白银期货收跌 7.2%报71.64美元/盎司。盘中现货钯金一度暴跌17%，现货铂金跌15%。 美油主力合约收涨1.92%，报57.83美元/桶；布伦特原油主力合约涨1.66%，报61.24美元/桶。 伦敦基本金属多数下跌，LME期铅涨 ...

关于广告费和业务宣传费支出税前扣除有关事项的公告 财政部 税务总局公告2025年第16号 根据《中华人民共和国企业所得税法》及其实施条例，现就广告费和业务宣传费支出税前扣除有关事项公告如下： 一、对化妆品制造或销售、医药制造和饮料制造（不含酒类制造）企业发生的广告费和业务宣传费支出，不超过当年销售（营业）收入30%的部分，准予 扣除；超过部分，准予在以后纳税年度结转扣除。 三、烟草企业的烟草广告费和业务宣传费支出，一律不得在计算应纳税所得额时扣除。 四、本公告自2026年1月1日起至2027年12月31日止执行。《财政部 税务总局关于广告费和业务宣传费支出税前扣除有关事项的公告》（财政部税务总局 公告2020年第43号）自2026年1月1日起废止。 特此公告。 财政部 税务总局 2025年12月22日 转自：财政部网站 来源：中国财经报 二、对签订广告费和业务宣传费分摊协议（以下简称分摊协议）的关联企业，其中一方发生的不超过当年销售（营业）收入税前扣除限额比例内的广告费 和业务宣传费支出可以在本企业扣除，也可以将其中的部分或全部按照分摊协议归集至另一方扣除。另一方在计算本企业广告费和业务宣传费支出企业所 得税 ...