欢迎扫描下方二维码关注： 脚本： 靳清阳 制 作：周鼎承 来源北京税务 来源： 北京税务 准予在以后纳税年度结转扣除。 我逛街的时候，看见好多化妆品 新年大促销，在各大商场投放了 广告，他们的广告费税前扣除标 准和我们一样吗? 不一样！ 广告费的扣除 比例不是唯一的哦 ~ 知识点: 自2026年1月1日起至2027年12月 31日，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。 这里还要特别提一下烟草企 业，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。 我明白了，广告费不是花 多少扣多少，一般企业和 特定行业企业的扣除比例 是的。 也是不一样的。 政策依据: 1.《中华人民共和国企业所得税法实 欢迎扫描下方二维码关注： 温馨提醒：蓝色柳林财税室为非官方平台，是由编者以学习笔记形式建立的平台，所有笔记写作记录的文章及转发的法律法规仅供读者学习 参考之用，并非实际办税费的标准，欢迎交流学习，共同分享学习经验成果。文章版权归原作者所有，如有不妥，请联系删除。 ...

Core Viewpoint - China Tobacco Hong Kong (06055) has signed significant tobacco sales framework agreements, indicating strong future business growth confidence and potential expansion into new markets [1] Group 1: Stock Performance - China Tobacco Hong Kong's stock rose over 4%, specifically 4.23%, reaching HKD 42.36, with a trading volume of HKD 47.4351 million [1] Group 2: Agreements and Financial Projections - The company signed a framework agreement with Leaf Trading, setting annual transaction limits for 2026, 2027, and 2028 at HKD 6.7 million, HKD 8.4 million, and HKD 9.8 million respectively [1] - A framework agreement with China Tobacco International (North America) was established for the export of tobacco leaf products to new regions, with increased annual transaction limits for 2026 and 2027 set at HKD 466 million and HKD 490 million, reflecting increases of 538.4% and 456.8% respectively [1] Group 3: Strategic Implications - The significant adjustment in transaction limits demonstrates the company's confidence in future business growth [1] - The procurement agreements are expected to enhance the export of tobacco leaf products to Southeast Asia, diversify customer structures, and attract more potential buyers from broader regions [1] - The company aims to secure high-quality raw material supplies, gradually expanding beyond exclusive sales regions, thereby increasing its growth potential [1]

Core Viewpoint - China Tobacco Hong Kong (06055) has signed significant sales framework agreements, indicating strong confidence in future business growth and expansion into new markets [1] Group 1: Sales Agreements - China Tobacco Hong Kong has signed a tobacco sales framework agreement with Leaf Trading, with annual transaction limits set at 6.7 million, 8.4 million, and 9.8 million Hong Kong dollars for the years 2026-2028 [1] - The company has also signed a framework agreement with China Tobacco International (North America) for the export of tobacco leaf products to new regions, raising the annual transaction limits to 466 million and 490 million Hong Kong dollars for the years 2026 and 2027, representing increases of 538.4% and 456.8% respectively [1] Group 2: Market Expansion and Strategy - The significant adjustment in transaction limits reflects the company's confidence in high growth for related businesses [1] - The procurement agreements are expected to provide constructive support for the export of tobacco leaf products to Southeast Asia, aiding in the diversification of customer structure and attracting a broader range of potential buyers [1] - The company aims to bind high-quality raw material supplies and gradually expand beyond exclusive sales regions, thereby continuously raising its growth ceiling [1]

港股晨报 板块方面，大型科网股周五普遍受压，手游、云计算及 AI 应用等概念板块亦 走弱。新能源相关股份亦普遍下挫，风电、核电、光伏及电力设备股表现分化。 相对之下，锂电池与新能车板块逆势走强。蔚来-SW 9866.HK 预告 2025 年四 季度料实现首季盈利，带动汽车产业链上扬。另外，临近春节，消费相关板块 表现活跃，茶饮、乳制品及烟草概念股获追捧，反映节前消费需求持续升温， 加上地方促销活动增多，利好短期零售动能。整体而言，港股受制于科技股调 整及整体企业盈利憧憬降温，短期或仍维持震荡格局。不过春节临近，消费及 医药政策题材或为市场提供局部支撑。 美股方面，上周五强势反弹，道指大升 2.47%，创下历史新高。标普 500 收涨 1.97%、纳指上扬 2.18%。此前科技板块经历连日抛售，比特币亦一度暴跌， 但周五风险情绪明显修复，市场迎来普遍上涨行情。波动率指数（VIX）在连 涨三日后当日回落，显示市场恐慌情绪降温。虽然周五表现亮眼，但全周来看， 标普 500 与纳指仍分别微跌 0.1%及 1.8%，主要因本周早段科技股承压；相对 地，道指全周累升 2.5%，反映资金轮动至工业、金融等传统价值板块。展望 ...

Investment Rating - The industry investment rating is "Positive" [2] Core Insights - The report highlights that Philip Morris International (PMI) has set a three-year growth plan focusing on new tobacco products, targeting a revenue CAGR of 6%-8% and an operating profit CAGR of 8%-10% from 2026 to 2028 [3] - PMI's revenue for 2025 reached $40.65 billion, a year-on-year increase of 7.3%, with new tobacco product revenue at $16.85 billion, growing by 15.0% [2][3] - The report anticipates significant growth in the U.S. market, particularly with the launch of IQOS ILUMA, which is expected to stimulate the heat-not-burn (HNB) segment [3] Summary by Sections Financial Performance - In Q4 2025, PMI's revenue was $10.36 billion, up 6.8% year-on-year, with new tobacco revenue at $4.35 billion, reflecting a 12.0% increase and accounting for 42% of total revenue [2][3] Market Dynamics - PMI's HNB sales reached 155.1 billion units in 2025, a growth of 11.0%, maintaining a global market share of approximately 76% [4] - In Japan, HNB product penetration reached 32.6% in Q4, with HNB revenue exceeding 50% in December [4] Product Growth - The report notes significant growth in smokeless products, with sales of oral tobacco and vaping products increasing by 18.5% and 100% year-on-year, respectively [5] - The U.S. market for oral tobacco has reached high single-digit penetration, with ZYN maintaining a market share close to two-thirds [5]

Core Insights - The Cuban government has announced an annual investment plan totaling 1.74 trillion pesos to address urgent economic and social development needs [1] Group 1: Investment Allocation - 67% of the funds will be focused on three priority areas: food production, industrial revitalization, and the reconstruction of the electricity system [1] - 95% of the investment will be directed towards ongoing projects aimed at enhancing the self-sufficiency of strategic industries [1] Group 2: Strategic Projects - The plan includes modernization of the Antillana steel plant in collaboration with Russia, expansion of cement production capacity, and various agricultural, forestry, tobacco, and livestock projects [1] - New photovoltaic power plants and maintenance of thermal power plants are also part of the investment strategy [1] Group 3: Infrastructure and Social Welfare - The investment will cover housing, water management, tourism, and other infrastructure and social welfare areas, with plans to construct over 9,000 state-owned housing units and renovate 38 tourism hotels [1] - Upgrades to the national water supply system and support for the production of essential medicines and biotechnology research are also included [1]

Group 1 - The meeting between the Henan provincial leaders and the head of the National Tobacco Monopoly Administration emphasized the importance of the tobacco industry in Henan's economic development and the need for continued support from the national level [1][2] - Henan's tobacco industry is recognized for its strong foundation, potential, characteristics, and advantages, with a focus on enhancing production, marketing models, and technological research [1] - The provincial government aims to optimize the business environment and maintain market order to promote stable growth, innovation, quality improvement, and efficiency in the tobacco industry [1] Group 2 - The National Tobacco Monopoly Administration expressed appreciation for Henan's attention to the tobacco industry and highlighted the province's favorable geographical location, market potential, and positive development trends [2] - There is a commitment from the National Tobacco Monopoly Administration to increase support for Henan's tobacco industry, focusing on brand cultivation, market expansion, and boosting consumption [2]

美国总统特朗普及其盟友过去一年筹得创纪录的4.29亿美元政治捐款，科技亿万富豪与寻求政策调整的 企业纷纷解囊，为其中期选举前积累资金。 英国《金融时报》分析发现，由特朗普盟友掌控的单一政治行动委员会（PAC）"让美国再次伟 大"（Maga Inc）目前持有3.04亿美元资金——这一数额超过了历届中期选举年任何政治行动委员会的 储备资金，较民主党相关阵营的手头资金多出数千万美元。 对于一位受任期限制、无法再为自身竞选募资的总统而言，这样的筹款规模极为罕见。这一结果证明， 即便民调显示部分摇摆选民因特朗普的移民收紧政策和海外干预行动对其心生不满，他仍在共和党内部 占据绝对主导地位。 这一数据也凸显出，大额捐赠者迫切希望为这届政府提供资金支持——本届政府大力扶持加密货币和人 工智能行业，废除或放宽多项监管规定，还终止了对政治盟友的司法调查。 特朗普尚未表明将如何动用这笔资金火力，但其盟友已通过独立基金针对共和党众议员托马斯・马西 （Thomas Massie）展开行动。马西曾因预算法案和爱泼斯坦文件公开事宜与特朗普产生冲突。 "让美国再次伟大"这类超级政治行动委员会可筹集无上限资金，但不得与竞选活动进行直接协调。 ...

Core Viewpoint - The article discusses the paradox of rising tobacco production and tax revenue in China, while smoking cessation clinics remain underutilized, highlighting the challenges in achieving public health goals related to smoking reduction [2][8]. Tobacco Industry and Tax Revenue - China's tobacco production has rebounded after a brief decline following tax increases, with the industry projected to achieve a total tax revenue of 16.57 billion yuan in 2025, a 3.5% increase year-on-year [2]. - The total fiscal revenue from the tobacco industry is expected to reach 15.8 billion yuan in 2025, marking a 2.3% increase from the previous year, and a nearly 45% increase since the tax hike in 2015 [2][6]. - The World Health Organization emphasizes tobacco taxation as a key strategy for reducing smoking rates, with evidence showing that price increases can deter youth from starting to smoke and encourage current smokers to quit [3][4]. Smoking Cessation Clinics - Despite the increase in tobacco production and tax revenue, smoking cessation clinics in China are struggling, with many clinics seeing very few patients, often described as "empty" [8][9]. - The average clinic sees about 150 patients a year, which is considered a good performance, leading to a mismatch between hospital investment and output [8]. - Public perception of smoking as a non-medical issue and the addictive nature of smoking contribute to the low utilization of cessation services [9][10]. Challenges in Smoking Cessation Efforts - The smoking cessation rate in China has increased from 16.88% to 22.65%, but it remains below the global average of 40% [9]. - The financial burden of cessation treatments, which are often not covered by insurance, poses a significant barrier for smokers seeking help [11]. - Experts suggest that integrating smoking cessation services into regular healthcare practices and increasing public awareness about the dangers of smoking are essential for improving cessation rates [12][14]. Recommendations for Improvement - Experts advocate for a dedicated funding mechanism to support smoking cessation services, similar to health taxes used in other countries [13][14]. - There is a call for a "health tax" mechanism that would allocate a portion of tobacco tax revenues to public health initiatives, including smoking cessation programs [14]. - Enhanced public education on the specific harms of smoking and the benefits of cessation is necessary to increase awareness and utilization of cessation services [14].

Group 1 - The core viewpoint of the article highlights that China Tobacco Hong Kong (06055) has seen a stock increase of over 3%, currently trading at HKD 39.84 with a transaction volume of HKD 20.525 million [1] - Recently, China Tobacco Hong Kong signed a tobacco sales framework agreement with Leaf Trading, with annual transaction limits set at HKD 670 million, HKD 840 million, and HKD 980 million for the years 2026-2028 [1] - The company also entered into a framework agreement with China Tobacco International (North America) to export leaf products to new regions, increasing the annual transaction limit [1] Group 2 - According to Cinda Securities, it is expected that due to seasonal factors, leaf imports will remain stable in the second half of 2025, while exports are likely to continue the growth trend seen in the first half [1] - The growth of cigarette exports and Brazilian operations is anticipated to accelerate, with new cigarette products showing signs of recovery [1] - Cinda Securities believes that the significant adjustment of transaction limits by China Tobacco Hong Kong reflects the company's confidence in future business growth [1] Group 3 - The procurement agreements are expected to provide constructive support for the export of leaf products to Southeast Asia, aiding in the diversification of customer structures and attracting more potential buyers from broader regions [1] - The company aims to gradually expand beyond exclusive sales regions by securing high-quality raw material supplies, thereby enhancing its growth potential [1]