Core Viewpoint - The article highlights the trends in China's public finance for the first four months of 2025, indicating a narrowing decline in public fiscal revenue and a significant increase in public fiscal expenditure, with a focus on the recovery of tax revenues and the role of non-tax revenues in supporting fiscal income [1][2][3]. Fiscal Revenue Summary - In the first four months of 2025, the total public fiscal revenue reached 80,616 billion yuan, a year-on-year decrease of 0.4%, with the decline narrowing by 0.7 percentage points compared to the first quarter [1]. - Central government revenue fell by 3.8%, but April saw a growth of 1.6%, marking the first month of positive growth this year [1]. - Local government revenue increased by 2.2%, consistent with the first quarter [1]. - Tax revenue totaled 65,556 billion yuan, down 2.1%, with April showing a 1.9% year-on-year increase, the first positive monthly growth this year [1][2]. - Non-tax revenue reached 15,060 billion yuan, up 7.7%, driven by asset activation [1]. Tax Revenue Breakdown - Key tax categories showed varied performance: domestic VAT and consumption tax grew by 1.8%, while personal income tax increased by 7.4% [2]. - Import VAT and consumption tax fell by 6.5% and 12.1%, respectively, while corporate income tax decreased by 3.1% [2]. - Manufacturing and service sectors exhibited strong tax revenue performance, with equipment manufacturing and digital economy sectors showing significant growth [2]. Fiscal Expenditure Summary - Total public fiscal expenditure reached 93,581 billion yuan, a year-on-year increase of 4.6%, achieving 31.5% of the budget, the fastest pace since 2020 [3]. - Major expenditure areas included social security and employment (up 8.5%), education (up 7.4%), and health (up 3.9%) [3]. - Cultural, tourism, and media expenditures grew by 3.2%, while commercial services surged by 29.5% [3]. - The issuance of special government bonds has accelerated, supporting early project implementation and boosting demand [3].

Group 1 - The core viewpoint of the article highlights the sustained high growth in tax revenue from the equipment manufacturing industry, which continues to play a significant supporting role in the economy [1] Group 2 - In the equipment manufacturing sector, tax revenue from railway, shipbuilding, aviation, and aerospace equipment manufacturing increased by 33.2% [1] - Tax revenue from computer and communication equipment manufacturing grew by 6.8% [1] Group 3 - In the service industry, the implementation of the old-for-new consumption policy has expanded, leading to a continuous release of demand in cultural and tourism consumption, with tax revenue in the cultural, sports, and entertainment sector increasing by 8.6% [1] - The rapid cultivation of new productivity and the positive momentum in the development of the digital economy resulted in a 12.2% increase in tax revenue from information transmission, software, and information technology services [1] - Tax revenue from scientific research and technical services grew by 12.7% [1]

Economic Overview - In Q1 2025, Liaoning's GDP reached 760.69 billion yuan, showing a year-on-year growth of 5.2% and rising from 18th to 16th in national rankings [1][3] - The province's economic growth is driven by industrial and consumer sectors, with the secondary industry increasing by 5.4% and high-tech manufacturing growing by 10.9% [2][3] Investment and Consumption - Fixed asset investment in Liaoning grew by 7.8%, retail sales of consumer goods increased by 6.7%, and exports rose by 10.5%, all surpassing national averages [3] - Manufacturing investment rose by 13.2%, accounting for 26.7% of total investment, with significant growth in aerospace and electronic equipment manufacturing [4] - Consumer spending was boosted by policies aimed at stimulating consumption, with notable increases in retail sales of new energy vehicles (22.5%) and smart wearable devices (13.1%) [4] Trade Performance - Liaoning's exports reached a record 95.11 billion yuan in Q1, growing by 10.5%, supported by a strong performance from private enterprises [5][6] - The province's trade with Belt and Road countries amounted to 102.65 billion yuan, marking a 5.9% increase, with significant growth in exports to ASEAN and Saudi Arabia [7] City Contributions - Shenyang and Dalian are key economic drivers, with Dalian's GDP at 228.03 billion yuan (6.2% growth) and Shenyang's at 212.18 billion yuan (4.6% growth) [8][11] - Dalian's industrial output increased by 10.9%, with strong growth in equipment manufacturing and high-tech sectors [9] - Shenyang's growth was bolstered by a significant increase in the cultural and tourism sectors, with revenues from cultural and entertainment industries rising by 19% [12][13]

非税持续回落（ 5.9% ， 1-2 月 11% ） ，据财政部介绍， （一季度非税增幅）主要是部分上市中央金融企业分红入库、地方多渠道盘活资产等带动。 此外， 企 业所得税与非税去年以来首现"脱钩"，或显示地方财政压力阶段性缓释 （详见 《 2024 年财政数据的四个反常和启示》 ） ， 积极信号可继续观察。 文 ： 华创证券研究所副所长 、首席宏观分析师 张瑜（执业证号：S0360518090001） 联系人： 高拓（13705969808） 事项 3月广义财政收入同比-1.7%，1-2月同比-2.9%；3月广义财政支出同比10.1%，1-2月同比2.9%。 报告摘要 一、 收入端：单月增速转正，装备制造、科技等行业税收持续良好表现 3 月，财政收入同比 0.3% （ 1-2 月 -1.6% ），一季度预算收入进度 27.4% ，低于过去三年同期平均水平 。分税收和非税收入看： 税收降幅收窄（ -2.2% ， 1-2 月 -3.9% ），装备制造、科技等行业税收持续良好表现。 一季度， 制造业方面 ，装备制造业保持较高增幅，其中，铁路船舶航空 航天设备制造业、计算机通信设备制造业税收收入分别增长 32.4 ...

证券时报记者贺觉渊 财政部4月18日公布的数据显示，2025年一季度全国一般公共预算收入60189亿元，同比下降1.1%，降 幅比1—2月收窄0.5个百分点，其中3月收入增长0.2%，月度增幅由负转正。一季度全国一般公共预算支 出72815亿元，同比增长4.2%，增幅比1—2月提高0.8个百分点，其中3月支出增长5.7%，支出进度进一 步加快。 一季度，全国税收收入47450亿元，同比下降3.5%，降幅较1—2月收窄。从主体税种看，一季度国内增 值税、国内消费税、个人所得税分别增长2.1%、2.2%、7.1%；企业所得税下降6.8%，降幅比1—2月收 窄3.6个百分点。北京国家会计学院副院长李旭红指出，税收收入中主体税种有所回升，反映出前期稳 增长政策落地成效，也为全年财政收入企稳回升注入了确定性动能。 （文章来源：证券时报） 此外，部分行业税收收入表现亮眼。制造业方面，装备制造业保持较高增幅、支撑作用持续凸显，其 中，铁路船舶航空航天设备制造业、计算机通信设备制造业税收收入分别增长32.4%、8.5%。服务业方 面，消费品以旧换新政策加力扩围，文旅消费需求持续释放，文化体育娱乐业税收收入增长13.4%；新 ...