[红包]【申万宏源海外策略】"税收法定原则"的落地——就近期部分行业涉税相关问题的探讨 [爱心]伴随着《 查找图书 》在2026年1月1日起施行，部分涉税安排在近期有所更新。我们认为，鉴于新法相关细 则已较为明确，以互联网、金融为代表的服务性行业现行的税收安排在短期内发生变化的概率相对较低。 [烟花]通信服务的税率变更有历史发展阶段的原因，不宜线性外推：回溯历史，"基础电信服务"和"增值电信服 务"的定义范围有所变化，且"基础电信服务"自身的增值税率亦经历了数次下调。在2014年"营改增"时，政策层面 上对"基础电信服务"的定义更多侧重在传统的通话服务方面，适用11%的税率（随后在18和19年响应降税负简化税 率的要求，这一税率逐步下降至今天的9%），而数字时代的手机流量、网络宽带等业务在当时尚认定为"增值电信 服务"，适用6%的增值税率。但伴随着时代的发展，今次利用增值税从行政条例发展成为法律的契机，将今天这个 数字时代已经非常普遍的手机流量和宽带等服务重新定义为"基础电信服务"适用9%的税率，本身就有顺应历史发 展的含义。且当前增值税法及相关实施细则已在近期公布，短期内再次大幅变化的概率相对较低。 [烟花 ...

Core Insights - The article discusses the recent economic achievements of various cities in China, highlighting the expansion of the "GDP trillion club" with 29 cities surpassing a GDP of 1 trillion yuan by 2025 [4][5][6]. Group 1: Economic Growth and Rankings - By 2025, 29 cities in China are projected to have a GDP exceeding 1 trillion yuan, with notable new members including Dalian and Wenzhou [5][6]. - Shanghai leads the list with a GDP of 56,708.71 billion yuan, followed by Beijing at 52,073.4 billion yuan, marking Beijing's first entry into the 5 trillion yuan club [6][7]. - Dalian and Wenzhou are highlighted as new entrants, with Dalian achieving a GDP of 10,002.1 billion yuan and Wenzhou reaching 10,213.9 billion yuan [6][7]. Group 2: Regional Distribution - Approximately one-third of the "GDP trillion cities" are located in the Yangtze River Delta, while the Guangdong-Hong Kong-Macau Greater Bay Area has four cities, including Shenzhen and Guangzhou [6][7]. - The Beijing-Tianjin-Hebei region has three cities, and the Chengdu-Chongqing economic circle includes two cities, indicating a diverse geographical distribution of economic power [6][7]. Group 3: Economic Growth Rates - Cities like Chengdu, Wuhan, and Shenzhen are experiencing robust growth rates, with Chengdu at 5.8%, Wuhan at 5.6%, and Shenzhen at 5.5%, all exceeding the national average [7][8]. - Beijing and Shanghai both recorded a growth rate of 5.4%, reflecting a strong economic performance among the top cities [7][8]. Group 4: Structural Optimization and Innovation - The article emphasizes the importance of structural optimization and innovation in driving economic growth, with Beijing focusing on high-value industries and technological advancements [9][10]. - Shenzhen's Nanshan District is noted for its innovation, achieving a GDP of over 1 trillion yuan, driven by a high number of patents and the presence of major tech companies [10][11]. Group 5: Industrial Strength and Investment - Dalian's industrial base is highlighted as a key factor in its economic growth, with significant increases in the manufacturing sector, particularly in high-tech industries [12][13]. - Wenzhou's economy is supported by a strong private sector, with substantial growth in strategic emerging industries and a focus on expanding its trade network [13][14]. Group 6: Regional Coordination and Development - The expansion of the "GDP trillion cities" reflects the importance of regional coordination and collaboration, with larger cities driving growth in surrounding areas [14]. - The article suggests that urban agglomerations can enhance economic development through resource sharing and collaborative efforts [14].

Group 1 - The core point of the article is that Baojic Capital (08168) has deposited shares worth HKD 19.592 million into Nanyang Commercial Bank, representing 10.29% of the total [1] - On February 3, 2026, Baojic Capital plans to exercise stock options granted under its share option scheme adopted on February 26, 2018, to issue a total of 16 million shares [1]

新西兰第四季度失业率升至10年高位，因求职人数增加抵消了就业增长。这份喜忧参半的报告表明，利 率在一段时间内仍需维持低位。受此消息影响，新西兰元小幅回落至0.6045美元，利率期货则出现反 弹，因市场下调了加息的可能性（至少在9月前），目前官方隔夜拆款利率（OCR）为2.25%。 责任编辑：王永生 新西兰统计局的数据显示，第四季失业率小幅攀升至5.4%，创2015年第三季度以来新高，且高于市场 预期的5.3%。该数据也略高于新西兰央行的预测，这一结果令人失望，因近期其他数据曾显示疲软经 济有所改善。私营部门年薪增长率仍维持在2.0%的低位，远低于3.1%的消费者价格通胀率。 新西兰第四季度失业率升至10年高位，因求职人数增加抵消了就业增长。这份喜忧参半的报告表明，利 率在一段时间内仍需维持低位。受此消息影响，新西兰元小幅回落至0.6045美元，利率期货则出现反 弹，因市场下调了加息的可能性（至少在9月前），目前官方隔夜拆款利率（OCR）为2.25%。 新西兰统计局的数据显示，第四季失业率小幅攀升至5.4%，创2015年第三季度以来新高，且高于市场 预期的5.3%。该数据也略高于新西兰央行的预测，这一结果令人失 ...

● 本报记者 李梦扬 2月3日，上海市第十六届人大四次会议开幕，上海市市长龚正作《政府工作报告》。龚正表示，综合各 方面因素，建议今年全市经济社会发展的主要预期目标为全市生产总值增长5%左右。上海将聚焦"五个 中心"建设，强化"四大功能"，不断巩固拓展经济稳中向好势头；加快构建现代化产业体系，制定实施 脑机接口、量子计算、硅光、6G等领域未来产业培育方案；深入实施"人工智能+"行动，新增50家以上 先进智能工厂；更大力度培育壮大长期资本、耐心资本，完善产融对接机制，推动更多金融资源用于支 持扩大内需、科技创新、先进制造、绿色发展和中小微企业。 报告表示，过去一年，上海聚力落实国家重大战略任务，"五个中心"建设扎实推进。加快构建现代化产 业体系，有力推进集成电路装备、零部件、材料、EDA软件等全产业链攻关，深入实施"模塑申城"工 程，完善高端医疗器械、智能终端、智算云、具身智能、商业航天等产业发展政策，推进大飞机规模化 系列化发展，制定实施脑机接口、量子计算、硅光、6G等领域未来产业培育方案，多措并举促进服务 业创新发展，产业基础高级化、产业链现代化水平进一步提升。 报告提出，今年要推进临港科创城建设，加快打造 ...

Key Points JEPQ delivers a 10% yield with 19% five-year returns by combining Nasdaq 100 stocks with options selling. Three featured ETFs have negative five-year returns despite current yields between 6.35% and 13%. KBWD carries a 5.39% expense ratio and concentrates entirely in financial sector stocks. Investors rethink 'hands off' investing and decide to start making real money Many investors are turning to dividend exchange-traded funds (ETFs) for reliable streams of income as well as capital p ...

2025 年，在资本市场高质量发展与科技创新双向赋能下，山东上市公司呈现稳中有进、结构优化的发展态势，为全省经济高质量发展注入强劲动力。 核心发展态势 截至 2025 年末，山东上市公司达 311 家，总市值 4.91 万亿元，同比增长 35.82%，首现超 5000 亿元市值企业（中际旭创）。股权融资表现亮眼，IPO 融资 34.26 亿元，同比增长 23.02%；股权再融资 214.75 亿元，同比激增 534.23%，定向增发为主要融资方式。市场生态持续净化，全年受处罚次数和金额分别下 降 46.21% 和 74.30%。 对比与展望 与粤苏浙相比，山东上市公司数量、融资规模仍有差距，但板块指数涨幅 44.25% 居全国第三，新质生产力布局成效初显。随着新旧动能转换推进，山东上 市公司在科技研发与产业创新融合上持续发力，未来将进一步依托资本市场实现高质量发展。 融资结构优化：5 家 IPO 企业集中在医药生物、电子等高新领域，3 家为专精特新企业，新股上市首日平均涨幅超 6 倍，赚钱效应显著。 市值与行业变革：烟台上市公司市值增长 94.15%，占全省增量 56.67%，跃居省内首位；通信行业市值首超基 ...

Core Insights - The city plans to invest over 300 billion yuan in 300 major projects in 2026, maintaining that these key projects will support over 30% of the city's total investment, with social investment projects accounting for no less than 70% [1] - The focus is on urban sub-center projects that integrate cultural tourism, transportation infrastructure, education, healthcare, and industrial upgrades, signaling a commitment to urban-rural integration, prioritizing public welfare, green development, and collaborative progress [1] Investment Projects - A total of 100 technology innovation and modernization projects are planned for this year, with an investment of 142.8 billion yuan, including 50 projects in emerging and future industries [3] - Key projects include the Ant Financial agile manufacturing platform and optoelectronic chip manufacturing base, which aim to support high-quality development in the urban sub-center [3] - 33 modern service industry projects are included, covering financial services, software information services, and high-end international business services [3] Cultural and Tourism Development - Six cultural tourism integration projects are part of the key projects, with three located in the urban sub-center, aimed at expanding tourism and accelerating the integration of cultural and tourism industries [3][4] Infrastructure Investment - 100 major infrastructure projects are set for an investment of 67.4 billion yuan, focusing on enhancing the suburban railway network and various transportation projects [4] - Notable projects include the overall improvement of the suburban railway urban sub-center line and the addition of stations to the Yizhuang Line [6][8] Water Management Projects - 20 projects in the water sector focus on waterfront spaces, ecological governance, and water supply infrastructure, including the North Three Counties water supply project and the Taihu recycled water plant [9] Education and Healthcare Initiatives - 100 major livelihood improvement projects are planned with an investment of 102.7 billion yuan, emphasizing housing, elderly and child care, and cultural consumption [10] - 17 new educational projects are set to commence, including new primary and secondary schools in the urban sub-center, and a vocational training center to support local industry [12] - Healthcare resources are being concentrated in the urban sub-center, with projects like the relocation of the Beijing Emergency Center and a new children's hospital [12] Cultural Supply Enhancement - The government aims to enrich cultural offerings and enhance the influence of the national cultural center, with 12 cultural and sports projects, 7 garden city projects, and 5 consumer projects included [10][14] - The Beijing Art Museum project has commenced, which will serve as a large-scale comprehensive art museum, enhancing cultural life for the community [14]

Core Insights - The implementation of the "Tax Law Principle" is confirmed with the enactment of the "People's Republic of China Value-Added Tax Law" starting January 1, 2026, replacing the previous interim regulations [3] - The tax arrangements for service industries, particularly in internet and finance sectors, are expected to remain stable in the short term due to the clarity provided by recent regulations [3] Tax Rate Changes - The historical context of tax rates for communication services shows that the definition and tax rates for "basic telecommunications services" and "value-added telecommunications services" have evolved, with the current VAT rate for basic telecommunications services set at 9% [3] - The VAT rate for value-added telecommunications services, which includes services like mobile data and internet access, has been clarified to be 6% under the new regulations [3] Regulatory Clarity - The recent announcement by the Ministry of Finance and the State Taxation Administration on January 30, 2026, specifies that financial and information technology services will be subject to a 6% VAT rate, while only basic telecommunications services are subject to the 9% rate [3] - The definitions and tax classifications have been updated to reflect the current economic environment, indicating a low probability of significant changes in tax arrangements for the service sectors in the near future [3]

Group 1 - Hongfuhuan signed a contract worth 480 million yuan with Guangdong Quanxiang to provide robots and related products, which accounts for approximately 59.68% of the company's expected revenue for 2024 [2] - Fulint Precision and CATL plan to jointly increase capital in their subsidiary, Jiangxi Shenghua New Materials, with a total investment of 12.47 billion yuan, including 5 billion yuan in debt conversion and 7.47 billion yuan in cash [3] - CATL has repurchased 15.99 million A-shares for a total of 4.386 billion yuan, representing 0.36% of its total A-share capital [17] Group 2 - Aerospace Development reported that its subsidiary, Chongqing Satellite Technology, generated less than 1% of the company's total revenue in the first three quarters of 2025, indicating minimal impact on overall performance [4] - Qixiang Tengda's new high-performance catalyst material project has been completed and is now in trial operation, enhancing the company's supply capabilities in high-end catalyst materials [6] - Jiayuan Technology plans to invest 500 million yuan in a high-end digital inkjet printing equipment and ink production project [8] Group 3 - Zhenhua Technology's optical communication business accounted for less than 5% of total revenue in the first three quarters of 2025, facing uncertainties due to market demand and competition [7] - Baidu Food reported a net profit of 273 million yuan for 2025, a slight decrease of 1.3% year-on-year, despite an 11.22% increase in total revenue [13] - Zhongyuan Media achieved a net profit of 1.349 billion yuan in 2025, a 30.99% increase year-on-year, despite a 5.13% decline in total revenue [12]