Core Viewpoint - China has made a significant policy adjustment regarding the value-added tax (VAT) refund system, becoming more cautious about refunds to improve policy guidance and efficiency [1][2]. Group 1: Policy Adjustments - The Ministry of Finance and the State Taxation Administration announced new VAT refund policies effective from September, focusing on specific industries [1][2]. - The adjustment aims to enhance the precision of tax policies and reduce the burden on tax administration [1][2]. Group 2: Industry-Specific Changes - The manufacturing, scientific research and technology services, software and information technology services, and ecological protection and environmental governance sectors will continue to enjoy monthly VAT refunds [3]. - Other sectors previously eligible for full refunds, such as wholesale and retail, agriculture, accommodation, and education, will now face new restrictions and reduced refund rates [3][4]. Group 3: Real Estate Sector - The real estate development sector will maintain its previous VAT refund policy, allowing eligible taxpayers to apply for a 60% refund on newly added VAT credits after meeting specific conditions [4][5]. - This policy aims to stabilize the real estate market and alleviate financial pressure on developers [5]. Group 4: General Industry Adjustments - For industries outside the specified sectors, a new threshold of 500,000 yuan for newly added VAT credits has been established, with a tiered refund rate of 60% for amounts up to 10 million yuan and 30% for amounts exceeding that [6]. - The new policy reflects a shift from broad-based tax reductions to more structured tax policies, addressing fiscal constraints and preventing tax fraud [6][7].

Group 1 - The core viewpoint of the news is the issuance of implementation guidelines by Hangzhou's Commerce and Finance Bureau to support the construction projects under the modern commercial circulation system pilot city program, with subsidies up to 20 million yuan [1] - The new guidelines increase the subsidy cap for individual projects from 10 million yuan to 20 million yuan, enhancing financial support for the projects [1] - The pre-funding ratio for ongoing projects has been raised, allowing for a pre-funding of no less than 50% of the approved support amount [1] Group 2 - The funding for the modern commercial circulation system pilot city construction mainly includes five major support areas, such as promoting the integration of urban and rural commercial circulation [2] - Projects aimed at building a supply guarantee system for essential goods will receive increased support, focusing on key areas like consumer terminal outlets and central kitchens [2] - The guidelines also emphasize improving the rural commercial circulation system, including upgrading township commercial centers and enhancing the agricultural product supply chain [2] Group 3 - The establishment of an urban and rural recycling system is also a focus, with the implementation of the "123 Project" to create a comprehensive recycling network across the city [3] - The project aims to set up recycling points and sorting centers to improve the efficiency of waste material recovery and utilization [3] - The initiative includes developing industry standards and fostering market entities to enhance the recycling process [3]

Core Viewpoint - China has made a significant policy adjustment regarding the value-added tax (VAT) refund system, becoming more cautious about refunds to reduce fiscal pressure and improve management efficiency [3][4]. Summary by Sections VAT Refund Policy Adjustment - The Ministry of Finance and the State Taxation Administration announced a new VAT refund policy effective from September, aimed at enhancing policy precision and reducing compliance costs [3][4]. - The VAT is China's largest tax, generating over 6 trillion yuan annually [3]. Historical Context - Since 2011, China has piloted VAT refunds for specific industries to alleviate financial pressure on enterprises, with significant expansions in 2019 and 2022 [4][5]. - The total amount of VAT refunds surged to 2.46 trillion yuan in 2022, a 3.8-fold increase from 2021, as part of measures to support businesses during the pandemic [5]. Changes in Eligible Industries - The new policy continues to allow full monthly refunds for the manufacturing, scientific research, software, and environmental sectors, while imposing restrictions on previously eligible sectors like wholesale and retail [6][10]. - Industries such as wholesale, retail, agriculture, and hospitality will now receive partial refunds (60% or 30%) instead of full refunds [6][10]. Real Estate Sector Provisions - The real estate sector has a separate VAT refund policy, allowing developers to apply for refunds under specific conditions, maintaining stability in the sector [7][9]. - The policy aims to support the real estate market amidst ongoing challenges, with a focus on maintaining operational stability [8][9]. General Industry Adjustments - Other industries not included in the specified categories will face stricter requirements for VAT refunds, including a minimum threshold of 500,000 yuan for new refundable amounts [10][11]. - The new policy reflects a shift from broad tax cuts to more targeted fiscal measures, addressing the need for fiscal sustainability and risk prevention [10][11]. Implementation and Management - The State Taxation Administration has issued detailed guidelines to ensure the effective implementation of the new VAT refund policy [11]. - Tax revenue data indicates a slight decline in overall tax income, with VAT revenue showing a modest increase of 3% year-on-year [11].

Core Points - A new individual business named Huizhou Huicheng Yitong Trading Company has been established with a registered capital of 10,000 RMB [1] - The business scope includes licensed projects such as the sale of freshly made drinking water and food sales, including online food sales [1] - General projects include health consulting services (excluding medical services), wholesale and retail of edible agricultural products, daily necessities sales, and home appliance sales [1] Business Scope - Licensed projects: Freshly made drinking water sales, food sales, and online food sales [1] - General projects: Health consulting services, wholesale and retail of edible agricultural products, daily necessities sales, home appliance sales, and internet sales (excluding items requiring licenses) [1] - The business is allowed to operate independently based on its business license, except for projects that require approval from relevant authorities [1]

Group 1 - A new company named Dongguan Mingyang Hongyun Trading Co., Ltd. has been established with a registered capital of 30,000 RMB [1] - The company's business scope includes a wide range of activities such as retail and wholesale of daily necessities, hardware products, clothing, household appliances, electronic products, cosmetics, toys, furniture, chemical products, metal materials, machinery, automotive parts, sports equipment, and more [1] - The company is also involved in domestic trade agency, internet sales (excluding items requiring licenses), software sales, and supply chain management services [1]

Core Viewpoint - A new individual business named "Fengqiao Haifu Trading" has been established in the High-tech Zone, with a registered capital of 10,000 RMB, indicating a diversification in local trade activities [1] Company Summary - The legal representative of the newly established trading company is Jiang Yufeng [1] - The business scope includes wholesale and retail of various products such as hardware, stationery, electronic components, computer software and hardware, daily necessities, building materials, and household appliances [1] - The company is authorized to operate independently within the scope of its business license, without needing further approvals for its activities [1]

Core Insights - A new individual business named Xianglong Trading Company has been established in Zhaoqing City, with a registered capital of 50,000 RMB [1] Business Scope - The company operates in various sectors including office services, sales of office equipment and supplies, rental services for office equipment, and sales of furniture [1] - It also engages in the retail of computer hardware and software, maintenance of computer and office equipment, and wholesale of stationery [1] - Additional activities include sales of sports equipment, business agency services, and manufacturing of paper products [1] - The company is involved in the sales of household appliances, electrical equipment, building decoration materials, and various metal and plastic products [1] - It provides network technology services, digital video monitoring system sales, and logistics management services [1] - The company is authorized to print documents and other printed materials, subject to necessary approvals [1]

天眼查App显示，近日，合肥七禾元商贸有限公司成立，法定代表人为徐锦霞，注册资本1万人民币， 经营范围为一般项目：日用百货销售；日用品销售；打字复印；办公用品销售；文具用品批发；文具用 品零售；纸制品销售；涂料销售（不含危险化学品）；办公设备销售；复印和胶印设备销售；办公设备 耗材销售；油墨销售（不含危险化学品）；摄影扩印服务；广告制作；广告设计、代理；计算机及办公 设备维修；计算机软硬件及辅助设备零售；电子元器件批发；电子元器件零售；专业设计服务；工业工 程设计服务；平面设计；咨询策划服务；信息咨询服务（不含许可类信息咨询服务）；市场营销策划； 项目策划与公关服务；信息技术咨询服务；组织文化艺术交流活动；个人卫生用品销售；日用品批发； 日用家电零售；日用杂品销售；金属制日用品制造；劳动保护用品销售；鞋帽零售；五金产品零售；五 金产品批发；工艺美术品及礼仪用品销售（象牙及其制品除外）；礼品花卉销售；户外用品销售（除许 可业务外，可自主依法经营法律法规非禁止或限制的项目）。 ...

截至发稿，供销大集市值为430亿元。 每经头条（nbdtoutiao）——核心产品净值仅剩7毛钱，昔日"公募一哥"任泽松怎么了？牛市踏空真相曝 光 （记者 王晓波） 每经AI快讯，供销大集（SZ 000564，收盘价：2.38元）8月21日晚间发布公告称，公司于近日通过中国 证券登记结算有限责任公司深圳分公司系统查询获悉公司股东河北新合作土产再生资源有限责任公司 （简称"新合作土产"）持有的公司股份解除司法冻结，本次解除冻结合计约732万股。 新合作土产为公司控股股东北京中合农信企业管理咨询有限公司的一致行动人，截至2025年8月19日， 控股股东及其一致行动人所持股份累计冻结情况如下：股东新合作商贸连锁集团有限公司累计被冻结股 份约3.49亿股，占其所持股份比例的73.42%，占公司总股本的1.93%；股东山东泰山新合作商贸连锁有 限公司累计被冻结股份约7935万股，占其所持股份比例的35.56%，占公司总股本的0.44%；股东耿发累 计被冻结股份约8326万股，占其所持股份比例的83.04%，占公司总股本的0.46%；股东张家口新合作元 丰商贸连锁有限公司累计被冻结股份约1816万股，占其所持股份比例的3 ...

天眼查App显示，近日，德阳市旌阳区方舟商贸行（个体工商户）成立，法定代表人为贺帅，注册资本 10万人民币，经营范围为一般项目：农副产品销售；食品销售（仅销售预包装食品）；食品互联网销售 （仅销售预包装食品）；茶具销售。（除依法须经批准的项目外，凭营业执照依法自主开展经营活动） 许可项目：酒类经营；食品销售；饮料生产；食品互联网销售。（依法须经批准的项目，经相关部门批 准后方可开展经营活动，具体经营项目以相关部门批准文件或许可证件为准）。 ...