中国在十多年探索增值税留抵退税的道路上，作出了一次重大政策调整，整体上对退税更加谨慎。 近日，财政部、税务总局发布《关于完善增值税期末留抵退税政策的公告》（下称《公告》），决定自 今年9月增值税纳税申报期起，对相关行业采取新的增值税留抵退税政策。税务总局也出台《公告》配 套文件明确具体征管事项。 上海财经大学公共政策与治理研究院执行院长田志伟告诉第一财经，此次《公告》对现行增值税留抵退 税制度调整力度大，目的是提高政策导向性与精准性，降低征纳成本，提高征管效率。 增值税是中国第一大税种，收入规模一年超6万亿元。财政部数据显示，今年前7个月全国税收收入 110933亿元，同比下降0.3%。其中国内增值税42551亿元，同比增长3%。 目前增值税实行链条抵扣机制，以纳税人当期销项税额抵扣进项税额后的余额为应纳税额。其中当进项 税额大于销项税额时，未抵扣完的进项税额会形成留抵税额。而留抵退税就是把增值税期末未抵扣完的 税额退还给纳税人。 此前中国对于留抵税额并没有采取退还处理方式，而是让企业将这一留抵税额结转下期继续抵扣，此举 增加了企业资金压力。为了缓解企业资金压力，支持企业研发创新，中国自2011年开始对集成电 ...

2025.08. 23 本文字数：2557，阅读时长大约5分钟 作者 | 第一财经 陈益刊 中国在十多年探索增值税留抵退税的道路上，作出了一次重大政策调整，整体上对退税更加谨慎。 8月22日，财政部、税务总局发布《关于完善增值税期末留抵退税政策的公告》（下称《公告》）， 决定自今年9月增值税纳税申报期起，对相关行业采取新的增值税留抵退税政策。税务总局同日出台 《公告》配套文件明确具体征管事项。 此前中国对于留抵税额并没有采取退还处理方式，而是让企业将这一留抵税额结转下期继续抵扣，此 举增加了企业资金压力。为了缓解企业资金压力，支持企业研发创新，中国自2011年开始对集成电 路等特定行业试点留抵退税，2019年迈出一大步，即开始试行增值税增量期末留抵税额退税制度， 退还比例为60%。新冠疫情冲击之下，为了进一步缓解企业资金压力，在此前政策基础上，2022年 扩大了按月全额退还增值税留抵税额的行业范围，更关键的是允许一次性退还企业的存量留抵税额， 此举使得2022年留抵退税金额飙升至2.46万亿元，超过2021年办理留抵退税规模的3.8倍，是疫情 期间国家给企业纾困的重要一招。 近些年来受经济下行等影响，财政收入 ...

| 股票代码：600272 | 股票简称：开开实业 | | | 编号：2025—054 | | --- | --- | --- | --- | --- | | 900943 | | 开开 | 股 B | | 上海开开实业股份有限公司 2025 年半年度主要经营数据公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 上海开开实业股份有限公司（以下简称"公司"）根据《上海证 券交易所上市公司自律监管指引第 3 号—行业信息披露》附件《第四 号—零售》《关于做好主板上市公司 2025 年半年度报告披露工作的 重要提醒》等有关规定的要求，现将公司 2025 年半年度主要经营数 据披露如下： 一、报告期内门店变动情况 2) 服装板块 3) 其他 2、主营业务分地区 单位：万元 币种：人民币 分行业 营业收入 营业收入比 同期增减(%) 营业成本 营业成本比 同期增减(%) 毛利率 (%) 毛利率比同期增减 (%) 批发业 40,297.08 25.11 34,674.66 31.81 13.95 减少 4.38 个百分点 零售业 ...

Group 1 - The U.S. labor market data has been significantly revised downwards, with a total of 258,000 jobs disappearing from the non-farm payrolls over two months, indicating a potential systemic issue with the accuracy of employment statistics [2][4] - The U.S. government has a history of releasing favorable employment data to boost market confidence, only to later revise these figures downward, which has raised concerns about the integrity of the data [4][6] - The recent employment data revisions have led to negative implications for President Trump's administration, as he faces pressure to address the weak job numbers and has called for the dismissal of key economic officials [4][6] Group 2 - The job growth reported in June, which showed an increase of 147,000 jobs, was misleading as the majority of new positions were in government, education, and healthcare, while retail and manufacturing sectors showed little to no growth [6][7] - The current economic situation in the U.S. presents a dilemma for monetary policy, where both raising and lowering interest rates could lead to significant risks for the economy [6] - In the context of U.S.-China trade negotiations, the U.S. appears anxious and is employing various strategies, while China maintains a stable and patient approach, suggesting a potential delay tactic from the Chinese side [7]

Core Insights - Chongqing has successfully achieved the "halfway through the year, halfway through the task" goal by completing an investment of 240.95 billion yuan in key municipal projects in the first half of the year, reaching 50.2% of the annual investment plan [1] Group 1: Project Construction Progress - The number of projects started has accelerated, with 394 planned projects and an investment of 56.38 billion yuan completed in the first half of the year, achieving a startup rate of 52.5% [2] - Ongoing projects have also seen significant progress, with 541 projects and an investment of 128.79 billion yuan completed, with over half of the investment in 350 projects [2] - A total of 317 planned projects have been completed, with an investment of 55.79 billion yuan, including significant projects like the China Mobile Chengyu Jiangnan Data Center [2] Group 2: Accelerating Development Momentum - In the first half of the year, 415 key projects in the western region's high-quality development achieved an investment of 58.48 billion yuan, with 285 manufacturing projects completing 46.48 billion yuan, reflecting a 58.2% investment progress [3] - 40 technology innovation projects completed an investment of 2.31 billion yuan, promoting the integration of technological and industrial innovation [3] Group 3: Infrastructure and Transportation - In the first half of the year, 119 key projects in the inland open international cooperation area completed an investment of 49.93 billion yuan, with 81 transportation projects completing 45.62 billion yuan [4] - Significant investments include 17.46 billion yuan in railway projects and 21.02 billion yuan in highway projects, enhancing transportation infrastructure [4] Group 4: Urban Modernization and Public Services - A total of 596 key projects in urban modernization completed an investment of 116.66 billion yuan, with 286 public infrastructure projects completing 79.76 billion yuan [5] - Investments in healthcare and education projects reached 5.99 billion yuan and 7.39 billion yuan respectively, improving service capacity and resource quality [5] Group 5: Rural Development and Environmental Protection - 59 key projects in rural revitalization completed an investment of 9.92 billion yuan, with significant progress in rural road construction and agricultural projects [6] - Environmental projects, including pollution control and ecosystem restoration, saw investments of 5.97 billion yuan, with notable advancements in waste treatment facilities [6]

Group 1 - The implementation of the "Two New" policies in Qinghai Province has effectively stimulated investment and consumer confidence from May 2024 to May 2025 [1] - Key sectors such as non-ferrous metals and steel industries saw significant increases in equipment purchases, with invoice amounts rising by 2.8 times and 92.1% respectively [1] - The overall sales revenue in key sectors increased by 4.3% year-on-year, surpassing the provincial average growth rate by 9.2 percentage points [1] Group 2 - The "old for new" consumption policy has led to a notable rise in retail sales of household appliances, with refrigerator sales increasing by 1.1 times and television sales by 36.6% [2] - Smart home products, particularly furniture and sanitary ware, experienced substantial growth, with sales increasing by 55.4% and 27.1% respectively [2] - The overall retail sales revenue in the province grew by 4.8% year-on-year, exceeding the provincial average growth rate by 9.7 percentage points, highlighting the role of consumption in driving economic growth [2]

Group 1: Equipment and Industry Performance - The implementation of large-scale equipment renewal policies has accelerated equipment updates in key sectors, leading to stable production growth [1] - In the period from May last year to May this year, the invoice amounts for machinery equipment purchases in the non-ferrous and steel industries increased by 2.8 times and 92.1% respectively [1] - The sales revenue from key sectors achieved a year-on-year growth of 4.3%, surpassing the provincial average growth rate by 9.2 percentage points [1] Group 2: Consumer Goods and Market Trends - The consumption of home appliances has increased significantly, with retail sales of refrigerators and daily household appliances rising by 1.1 times and 36.6% respectively [2] - The retail sales of smart home products, particularly furniture and sanitary ware, saw substantial growth, with increases of 55.4% and 27.1% respectively [2] - The "old-for-new" policy for automobiles has led to a year-on-year increase of 11.8% in new car retail sales across the province [2] - Overall, the retail sales revenue in the province grew by 4.8% year-on-year, exceeding the provincial average growth rate by 9.7 percentage points, highlighting the role of consumption in driving economic circulation and high-quality development [2]

Core Viewpoint - The article emphasizes the significant investment opportunities in the service industry, highlighting a potential investment gap of approximately 3.3 trillion yuan due to the disparity between actual and potential service consumption [2][10]. Group 1: Demand Increment "Blue Ocean" - The current service industry investment has a potential gap of 3.3 trillion yuan, with a projected shortfall in per capita service consumption of 2,093 yuan in 2024, translating to nearly 30 trillion yuan nationwide [2][10]. - The decline in consumer time due to "involution" is a short-term constraint on service consumption recovery, but policies encouraging paid leave and flexible work arrangements are expected to mitigate this trend [2][3][33]. Group 2: International Experience in Demand-Driven Supply - Global experiences indicate that as consumer preferences shift from goods to services, a positive feedback loop is created, driving supply and investment growth [4][68]. - In Japan, service industry investment surged after entering an aging society, with service investment as a percentage of total investment rising to 11.6% when GDP reached 20,000 USD [4][90]. Group 3: Investment Opportunities in Specific Areas - The demand for household services, particularly in the domestic service sector, is on the rise, with significant investment potential in areas like housekeeping and elderly care [5][96]. - The service industry in China is currently more focused on corporate services, with a low proportion of value added from lifestyle services, indicating a need for greater attention to consumer demand [7][128]. - The effective supply of services in sectors like health and entertainment has been insufficient, leading to a significant gap between supply and demand [8][141]. Group 4: Future Investment Trends - The service industry is expected to see accelerated investment growth as private investment shifts from manufacturing to services, with notable increases in sectors like health and entertainment [8][158]. - The article suggests that the aging population will drive demand for "age-friendly" services, creating further investment opportunities in related sectors [6][113].

Core Viewpoint - Sichuan Province is implementing eight new policy-based job development projects aimed at expanding employment opportunities for key groups, including recent college graduates, through government-led initiatives and social participation [1][2]. Group 1: New Job Development Projects - The court system will recruit judicial assistants to support trial preparation, record keeping, and legal document processing [2]. - The social work system will recruit community workers and party building specialists for new community job training positions, focusing on employment services and policy promotion [2]. - Public universities in Sichuan will hire student assistants for administrative and teaching support roles [2]. - The agricultural sector will recruit agricultural technical assistants to work in various agricultural enterprises and cooperatives [2]. - The health sector will establish auxiliary medical positions for healthcare and public health services [2]. - Departments such as technology, economic development, and education will create research assistant roles for various research projects [2]. Group 2: Stability in Recruitment - The recruitment of civil servants, staff in public institutions, and employees in state-owned enterprises will remain stable and expand compared to the previous year [3]. Group 3: Training and Management - Employers are required to implement a training system and mentorship for new hires to enhance their skills and employability, creating a well-structured talent pool [4]. - Employers must establish management and assessment systems to monitor attendance and performance, with accountability measures for any violations in hiring practices [4].

Industrial Production - Industrial production remains stable, with a slight year-on-year decrease in blast furnace operating rates by 0.4 percentage points to 2.1% [1][4] - Chemical production shows marginal recovery, with soda ash, PTA, and polyester filament operating rates increasing by 0.1, 0.7, and 0.8 percentage points respectively [1][17] - The operating rate of automotive semi-steel tires has slightly decreased by 0.2 percentage points to -2.6% [1][17] Construction Industry - Construction activity has weakened, with significant declines in grinding and cement shipment rates, down 1.1 percentage points to -4.6% and 1 percentage point to -8% respectively [1][29] - The asphalt operating rate has notably decreased by 8.8 percentage points to -2% [1][41] - Cement average prices continue to decline [1][29] Downstream Demand - New housing transactions show marginal improvement, with average daily transaction area increasing by 14.2% year-on-year to 0.9%, particularly in first and second-tier cities [2][53] - Automotive sales remain strong, with retail and wholesale volumes increasing by 15.4% to 28.5% and 21.4% to 22.1% respectively [2][80] - Port cargo throughput related to exports has improved, while container shipping prices show mixed performance [2][89] Price Trends - Prices of agricultural and industrial products have generally declined, with pork, vegetables, fruits, and eggs decreasing by 0.2%, 1.1%, 1.5%, and 1.3% respectively [2][99] - The South China industrial product price index has decreased by 1%, with energy and chemical prices down by 1.3% and metal prices down by 0.6% [2][111]