二是加强资源统筹，集中保障大事要事。聚焦先行区建设的重点领域和关键环节，全省累计统筹落实财 政资金约5000亿元。同时，积极发挥财政引导作用，量身打造了"财政+信贷""财政+担保""财政+保 险"等多种政策工具，还专门设立了先行区建设、黄河流域产业发展等若干只百亿规模的基金，吸引金 融和社会资本共同加大投入，努力为先行区建设注入更多"源头活水"。 三是强化激励约束，激发高质量发展动力活力。充分发挥体制机制"风向标"作用，用经济杠杆引领各方 面走好绿色低碳高质量发展之路。比如，设立省级促进高质量发展激励资金，进一步强化转移支付激励 功能，引导各地通过高质量发展涵养税源，提升财政收入规模和质量，实现经济与财政的良性循环。推 动水资源税改革，实施城镇土地使用税差别化试点，落实环保税改革，以绿色税制赋能绿色发展，加快 塑造山东绿色低碳转型新优势。 下一步，山东财政将持续完善政策措施，创新体制机制，推动更多政策资金向先行区建设倾斜，更多改 革试点在先行区落地，为先行区建设注入更强劲的发展动能。 齐鲁晚报.齐鲁壹点张如意 12月25日，省政府新闻办举行新闻发布会，邀请省财政厅主要负责同志等介绍"十四五"时期山东深化财 政 ...

Core Viewpoint - The recent learning and communication of the Central Economic Work Conference's spirit by various departments and regions is an important window for tracking the implementation of the conference's spirit, revealing more details and actionable measures [2] Group 1: Policy Implementation - Various departments are focusing on the "stability while seeking progress, improving quality and efficiency" principle, with clear directions and highlighted priorities such as expanding domestic demand, strengthening technology, promoting reform, and stabilizing real estate [3][5] - The central government is expected to continue "leveraging" with specific scales to be determined at the 2026 National Two Sessions, emphasizing proactive measures and reasonable acceleration of fund disbursement [4][6] - Departments are prioritizing support for expanding domestic demand, utilizing various funds, and continuing to support "two new" and "two heavy" initiatives, including fostering trillion-level new consumption growth points [6][7] Group 2: Financial and Monetary Policies - The Ministry of Finance and the central bank are maintaining a "more proactive fiscal policy" and "moderately loose monetary policy," with a focus on maintaining necessary fiscal deficits and debt levels [6][8] - The central bank may consider lowering reserve requirements and interest rates in the first quarter of 2026, along with introducing more structural tools [2][4] - There is an emphasis on accelerating fiscal spending and issuing special bonds to support consumption and investment [6][7] Group 3: Industry and Innovation - There is a strong focus on industrial transformation, self-control, and innovation leadership, with initiatives to promote technology finance and the construction of international technology innovation centers in key regions [7][8] - The government is pushing for reforms to create a unified market, enhance the development of the private economy, and deepen state-owned enterprise reforms [8][9] Group 4: Risk Management - The financial system is focused on preventing risks, particularly in the real estate sector, while ensuring support for both residents and real estate companies [9][10] - Measures are being taken to stabilize the stock market and promote long-term investments, including accelerating reforms in the Sci-Tech Innovation Board and piloting commercial real estate REITs [10][11] Group 5: Local Implementation - Various regions are adapting the central economic work conference's spirit to their local contexts, emphasizing proactive measures and specific actionable tasks, with a focus on ensuring a good start for the 14th Five-Year Plan [13][14] - Local governments are expected to detail their plans and measures in the upcoming local two sessions in January 2026, with a strong emphasis on innovation and openness [13][14]

日本央行上周将借贷成本上调至30年来最高水平，显示其认为经济正逐步接近价格稳定目标。尽管通胀 目标取得进展，意味着央行与政府理论上可以逐步减少刺激措施，高市政府近期反而加大支出力度，以 寻求更强劲的经济增长，这一立场令部分投资者感到不安。 Harada对政府积极而"负责任"的财政政策表示支持，并预计在高压经济环境下，劳动力短缺将倒逼企业 提高薪酬，从而改善日本整体生产率。不过，这位以再通胀立场著称的经济学家也提醒，随着名义收入 上升，税制尤其是税档设置需要同步调整。 周三，日本央行前政策委员会委员Yutaka Harada指出，日本央行在推进货币政策正常化的同时，应对加 息保持审慎立场，而政府则应充分动用财政、货币及税收政策，为经济注入更强动力。 Harada指出，现任首相Sanae Takaichi领导的政府应致力于打造"高压经济"，通过全面刺激需求来推动增 长。"如果加息步伐过快，可能会导致政策过度收紧，对经济造成不必要的压力。" 他认为，日本当前的通胀在一定程度上源于供给侧因素，例如大米价格上涨等成本推动型因素，而进一 步加息对抑制这类通胀的效果可能有限。 "真正需要的支出应该在初始预算中解决，"他直言 ...

点 击 蓝 字 关 注 我 们 本文全文共 1662 字，阅读全文约 5 分钟 前11个月全国一般公共预算收入同比增长0.8% 前11个月全国一般公共预算收入同比增长0.8% 2025年1-11月我国电子商务发展情况 2025年1-11月全国吸收外资6931.8亿元人民币 A 0.8% 其中,前11个月 全国税收收入 全国非税收入 164814 亿元 35702 亿元 ▼ 3.7% A 1.8% 分中央和地方看,前11个月 中央一般公共 地方一般公寓 预算收入 预算本级收入 88464 亿元 1.12052 亿元 A 2.2% V 1% 财政支出方面,前11个月 全国一般公共 预算或出 248538 亿元 A 1.4% 分中央和地方看 网络零售提品质释放内需潜力。 深入实施《关于大力发展数字消费共创数字时代美好生活的指导意 见》，数字消费、线上服务成为增长牵引力。据国家统计局数据，1-11月全国网上零售额增长9.1%。商务 部重点监测平台数字产品增长8.2%，其中智能穿戴、智能机器人分别增长22.1%和19.4%，线上服务消费 增长21.7%。网络零售带动快递业务量快速增长，据国家邮政局数据，截至11月30日 ...

授课结合近年来审理的财政涉诉案件总体情况，重点聚焦行政处罚、政府信息公开等领域的法律实务展 开讲解。针对执法实践中的关键环节，法官对事实认定、程序履行、法律适用等方面存在的常见问题进 行解读，为参会人员提供了清晰的法律指引。 学员们表示，此次培训内容务实、针对性强，对于提升财政执法规范化水平具有指导作用。哈铁法院将 继续开展"送法进机关"活动，将司法服务向立案前、裁判后、庭审外延伸，预防和化解行政争议。 （李若含） （来源：黑龙江日报） 转自：黑龙江日报 为进一步延伸审判职能，促进司法与行政良性互动，近日，哈尔滨铁路运输法院法官应邀为全省财政法 律人才培训班开展专题授课。 ...

丨证券研究报告丨 中国经济丨点评报告 [Table_Title] 年末财政有多少余粮？ ——11 月财政数据点评 报告要点 [Table_Summary] 1-11 月广义财政收入、支出累计同比分别回落至-0.2%、4.5%。第一本账收入中，税收当月同 比连续 8 个月为正，非税收入当月同比因高基数大幅回落。第一本账支出当月同比降幅收窄， 科技、卫生健康支出走强，基建类支出仍在压降。卖地收入当月同比仍大幅下行，但基金支出 加快投放力度。广义财政收入、支出累计同比均弱于年初预算，年末财政或留有一定余粮，往 前看，12 月是财政支出大月，无论年末财政余粮是在 12 月形成支出，还是结余至 2026 年形 成支出，预计均将对 2026 年上半年稳增长形成一定支撑。 分析师及联系人 [Table_Author] 于博 宋筱筱 SAC：S0490520090001 SAC：S0490520080011 SFC：BUX667 SFC：BVZ974 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 [Table_Title 年末财政有多少余粮？ 2] ——11 月财政数据点评 ...

全国一般公共预算收入由税收收入和非税收入组成。前11个月，被称为"经济晴雨表"的全国税收收入约 16.5万亿元，同比增长1.8%，反映出经济运行呈稳定态势。主要税种中，国内增值税和个人所得税分别 同比增长3.9%和11.5%，体现出消费活力逐步释放、居民收入水平有所提升。企业所得税和国内消费税 分别同比增长1.7%、2.5%。 今年前11个月，财政运行整体平稳，为经济社会发展提供了有力保障。 12月17日，财政部公布的财政收支情况数据显示，1至11月，全国一般公共预算收入20.05万亿元，同比 增长0.8%；全国一般公共预算支出24.85万亿元，同比增长1.4%。 值得关注的是，前11个月印花税同比增长27%。其中，证券交易印花税1855亿元，同比增长70.7%，被 认为与今年以来资本市场较为活跃相关，相应的，股息红利等相关个税收入增长较快也使得个人所得税 保持较快增长。房地产相关税收方面，前11个月，契税同比下降14.3%，土地增值税同比下降17.3%， 但房产税同比增长10.8%。 非税收入出现了小幅下滑。数据显示，今年前11个月，全国非税收入约3.6万亿元，同比下降3.7%，被 认为与去年同期的高基数有 ...

Macroeconomic Analysis - The narrow revenue growth has slowed down, with national public budget revenue increasing by only 0.8% year-on-year from January to November 2025, and the growth rate in November being flat compared to the same period in 2024 [1] - Narrow budget expenditure grew by 1.4% year-on-year from January to November 2025, with a decline of 3.7% in November, indicating a marginal narrowing of the decline compared to October [1] - The overall fiscal expenditure growth remains low, influenced by prior fiscal efforts and year-end budget adjustments, with key areas like health, technology, and environmental protection seeing leading expenditure growth [1] Government Fund Analysis - Government fund budget revenue decreased by 4.9% year-on-year from January to November 2025, with a significant decline of 15.8% in November [2] - Government fund budget expenditure increased by 13.7% year-on-year from January to November 2025, with a notable recovery in November, growing by 2.8% compared to a decline of 38.2% in October [2] - The increase in expenditure is attributed to the allocation of 500 billion yuan from the central government to support local investment projects [2] Fiscal Policy Outlook - The fiscal balance remains tight, with moderate revenue growth constraining expenditure amid economic growth and real estate market transitions [3] - Expenditure is becoming more targeted and effective, with a clear focus on key areas such as social welfare and technological innovation [3] - The decision-makers plan to implement a more proactive fiscal policy in 2026, with an expected narrow fiscal deficit rate of around 4%, emphasizing structural optimization and enhancing local fiscal sustainability [3] IP Fun Food Industry Analysis - The IP fun food sector, which combines IP with food and collectible gifts, is rapidly growing, driven by consumer demand for emotional consumption [6][7] - The market size of China's IP food industry is projected to grow from 18.1 billion yuan in 2020 to 35.4 billion yuan by 2024, with a CAGR of 18.2%, while the IP fun food segment is expected to grow from 5.6 billion yuan to 11.5 billion yuan, with a CAGR of 19.6% [7] - The growth is fueled by the younger generation's increasing emotional consumption needs and the mature supply chain of the snack industry in China [7] Competitive Landscape - The core competitiveness in the IP fun food market lies in supply chain management and IP operation, with low differentiation in snack products making cost control crucial [8] - The market remains fragmented, with leading companies holding only 7.6% market share, indicating a competitive environment with many small players [9] - The differentiation provided by IP toys as gifts is key to achieving premium pricing in a market where snack products lack inherent differentiation [8][9]

鑫新闻 研究所日报 2025 年 12 月 18 日 星期四 1.财政部公布数据显示，今年前11个月，全国财政收入20.05万亿元，同比增长0.8%，增幅与前10个 月持平。点评：从一般公共预算收入上来说，2023年至今中央和地方收入的同比表现出现分化，中央 层面从2023年下半年开始同比增幅下降，2024年至今连续两年同比萎缩，今年降幅呈现收窄趋势。地 方层面2024年初同比增速最低下降至0附近，此后至今增幅逐渐扩大。从政府性基金收入来看，主要受 到土地出让金下跌的影响，地方财政跌幅显著高于中央层面，2021年底至今总体和地方层面的政府性 基金收入同比几乎持续萎缩，中央层面同比表现多数时段在增长区间，最近两个月同比几乎持平。 2.据证券时报，"十五五"开局之年，适度宽松的货币政策要努力推动实现经济增长、物价回升，这 首先要求明年金融总量保持合理增长，充分满足实体经济融资需求，明年结构性工具将聚焦扩大内需、 科技创新、中小微企业等重点领域，继续支持金融"五篇大文章"。点评：充分满足实体经济融资需 求与扩大内需相辅相成，终端需求是拉动企业投资的根本动力，进而决定企业融资需求。当下中国货 币政策持续宽松了数年，在 ...

12月17日上午，常州市财政局召开新闻发布会，通报2025年常州市财政运行情况。面对复杂严峻的外部 环境，常州经济展现出了令人瞩目的韧性。一系列财政关键指标不仅勾勒出"稳"的基调，更折射 出"进"的动能与"新"的活力。2025年度常州财政收入在量级上实现关键跨越，支出结构持续优化向民， 深层次的财政管理与服务创新，正为这座城市的高质量发展注入源源不断的财政智慧与力量。 关键跃升：收入突破700亿大关，质量全省领跑 数字是发展最直观的注脚。2025年1-11月，常州市一般公共预算收入完成671.5亿元，同比增长2.7%， 增幅呈现逐季稳步上扬的曲线。尤为亮眼的是收入质量：税收收入增长4.3%，税收占比高达86%，这一 反映经济效益的核心指标持续稳居全省首位。根据研判，全年收入预计将历史性地突破700亿元大关， 完成从稳步积累到能级跃升的关键一步。 政府"过紧日子"，是为了让老百姓"过好日子"。1-11月，常州市一般公共预算支出677亿元，其中用于 教育、社保、医疗、住房等民生领域的支出达527.4亿元，占比高达78%。每一分钱都力求花在刀刃 上，转化为百姓实实在在的获得感：新增老年助餐点服务老年人超518万人次 ...