Group 1 - The Inclusive Finance Prosperity Index reached 49.36 points in November 2025, a slight decrease of 0.03 points from October, but 0.51 points higher than the same period last year [1] - The financing sector shows a stable decline in costs, with the average interest rate for newly issued loans around 3.1%, approximately 30 basis points lower than the same period last year [1] - The operational sector's prosperity index was 48.28 points in November, down 0.07 points from October, indicating a slight easing of downward pressure on small and micro enterprises [1] Group 2 - In November, the operational prosperity index for nine major industries showed a trend of 4 rising and 5 declining, with a notable boost in retail demand driven by seasonal consumption [2] - The construction and real estate sectors experienced a slight increase in their prosperity indices due to accelerated project construction and policy support [2] - The Inclusive Finance Prosperity Index is jointly launched by several financial institutions and is operated by the Xinhua Index Research Institute [2]

Core Viewpoint - The article emphasizes the importance of the wholesale and retail industry in China's economic development and the need for companies to transition from "scale dividends" to "value dividends" in response to changing global trade dynamics and domestic consumption needs [1]. Group 1: Industry Insights - The wholesale and retail sector is a crucial pillar of China's economic and social development, directly impacting everyday life [1]. - The current global trade environment is complex and variable, necessitating a focus on enhancing domestic consumption [1]. - The industry is urged to adapt and evolve its business models to achieve high-quality development [1]. Group 2: Event and Participants - The event features discussions with key industry figures, including Xu Hang, Secretary of the Board of Directors at Small Commodity City, and Chen Guo, Secretary of the Board of Directors at Chongqing Department Store, along with Li Jin, Chief Analyst of the Commercial Retail Industry at Changjiang Securities [1]. - The live event is scheduled for December 19, 2025, at 15:00, and will be available on the Yicai website and app [2].

Group 1 - The core point of the article is that Hason Co., Ltd. announced the convening of its 23rd meeting of the fifth board of directors on December 14, 2025, to discuss the proposal regarding the postponement of the shareholders' meeting for reviewing related transaction matters [1] - For the fiscal year 2024, Hason's revenue composition is as follows: wholesale and retail industry accounts for 93.46%, metal structure manufacturing for 3.8%, other businesses for 1.55%, and specialized equipment manufacturing for 1.19% [1] - As of the report date, Hason's market capitalization is 3.3 billion yuan [1]

Group 1 - Guangzhou Xiaoyuan Industrial and Trade Co., Ltd. has been established with a registered capital of 100,000 RMB [1] - The company's business scope includes manufacturing and sales of paper products, daily necessities, toys, and various retail and wholesale activities [1] - The company is involved in the production of arts and crafts, household items, cosmetics, electronic products, and office equipment [1]

Core Insights - The article discusses the implementation of the "Hundred Counties, Thousand Towns, and Ten Thousand Villages High-Quality Development Project" in Luohu District, Shenzhen, focusing on its strategies for industrial transformation and spatial restructuring to achieve high-quality urban development [1] Group 1: Industrial Transformation - Luohu is focusing on high-quality development in the service sector, with service industry value added accounting for over 90% of GDP, despite occupying only 3.5% of the built-up area of the city, contributing nearly 7% of the city's GDP and 13% of retail sales [2] - The financial sector is projected to reach a value added of 78.56 billion yuan by 2024, with over 100 licensed financial institutions, ranking third in the city [2] - The "China Treasure Capital" initiative in the gold and jewelry industry accounts for about 50% of the national market, while the tourism and medical beauty sectors also show significant growth [2] Group 2: Spatial Restructuring - Luohu has innovated land development through four pathways, including integrated development and environmental restoration, revitalizing inefficient spaces [3] - The "Luo Ling Model" for urban village renovation has been recognized nationally, and a digital management system has been implemented to optimize public property utilization, releasing nearly 28,000 square meters of service space [3] - The district aims to complete urban renewal and renovation of urban villages and old communities totaling nearly 5 million square meters during the 14th Five-Year Plan period, with an additional 5 million square meters of quality industrial space planned for the next five years [3] Group 3: New Development Engines - The marine economy has reached a production value of 38.08 billion yuan, and the low-altitude economy has established the first intelligent take-off and landing point in the country [5] - Over 3,500 new enterprises have been registered in three years, with significant growth in high-tech and specialized enterprises, doubling their contribution to GDP compared to the previous five-year plan [5] - The district has developed a consumer landscape with various themed shopping areas and has achieved significant sales through e-commerce initiatives in the gold and jewelry sector [6] Group 4: Strategic Framework and Actions - The "Hundred Thousand Project" is guided by five strategic approaches, including high-level promotion, industrial support, ecological empowerment, reform-driven initiatives, and service-oriented governance [7] - Luohu plans to implement 55 specific actions across six key areas, including industry, ecology, and social welfare, to enhance urban quality and vitality [8] - The district's ongoing efforts reflect a commitment to high-quality development, responding to the challenges of urbanization and economic transformation [8]

Core Insights - Vietnamese enterprises' foreign investment reached 1.1 billion USD in the first 11 months of 2025, marking an 83.9% year-on-year increase [1] Investment Overview - New foreign investment projects totaled 148, with a total investment amount of 742.8 million USD, reflecting a 33.8% year-on-year growth [1] - Capital increase in existing projects amounted to 358.2 million USD, which is 8.2 times higher than the same period last year [1] Sector Distribution - The majority of foreign investment from Vietnamese enterprises is concentrated in the electricity and gas production and sales sector, accounting for 31.1% of total foreign investment [1] - The processing and manufacturing sector follows, representing 25.2% of the total investment [1] - The wholesale and retail sector accounts for 11.8% of the total foreign investment [1] Geographic Focus - Laos remains the largest destination for Vietnamese investment, with an investment amount of 590.3 million USD, making up 53.6% of Vietnam's total foreign investment [1] - Other notable investment destinations include the Philippines, Germany, Indonesia, and the United States [1]

Core Insights - The total unemployment benefits paid in South Korea for the first 11 months of this year have exceeded the record set in the same period of 2021, with expectations for the annual total to reach a historical high [1][4] - In November, the government paid 792 billion KRW (approximately 539 million USD) in unemployment benefits, marking a 6% decrease compared to the same month last year, and the first time since January that the monthly payment fell below 1 trillion KRW [1][4] Payment Trends - From February to October, the monthly unemployment benefit payments consistently exceeded 1 trillion KRW, establishing the longest streak of such payments [2][4] - Cumulative unemployment benefits paid in the first 11 months reached 11.47 trillion KRW, surpassing the previous record of 11.25 trillion KRW during the same period in 2021, when unemployment rates were high due to the COVID-19 pandemic [2][4] Employment Insurance Participation - As of the end of November, the number of individuals continuously participating in the national employment insurance program was 15.65 million, reflecting a 1.1% increase compared to the same period last year [2][4] Labor Market Conditions - The ratio of job vacancies to job seekers stands at 0.43, the lowest since November 1998, indicating a significant decrease in labor demand in manufacturing, construction, and wholesale retail sectors [3][5] - Despite improvements in the overall job market, there are notable weaknesses in employment opportunities within the manufacturing and construction industries, as well as among younger job seekers [3][5]

Summary of Key Points from Conference Call Records Industry Overview - The records primarily discuss the macroeconomic outlook for China and Japan, focusing on fiscal revenue and monetary policy implications for 2026 [1][2][3][4][5][8][10]. Key Insights and Arguments 1. **China's Fiscal Revenue Outlook for 2026**: - China's broad fiscal revenue is expected to stabilize and increase, driven by stable macro tax burdens, anti-involution policies, performance of special taxes, and enhanced tax collection measures [1][2][3][4]. - The overall fiscal revenue is projected to show uncertainty but trend towards stability [4]. 2. **Factors Influencing China's Fiscal Revenue**: - **Stable Macro Tax Burden**: Emphasis on maintaining a reasonable macro tax burden and regulating tax incentives to address the ongoing decline in macro tax levels [3]. - **Anti-Involution Policies**: These policies are anticipated to help improve prices in 2026, particularly benefiting domestic value-added tax revenues from manufacturing and wholesale sectors [3]. - **Performance of Special Taxes**: The shift towards domestic demand may reduce the drag from export tax refunds, while higher trading volumes in the securities market could enhance stamp duty contributions [3]. - **Strengthened Tax Collection Measures**: Increased coverage and regulation of personal income tax and compliance requirements for local government investment incentives are expected to improve fiscal stability [3]. 3. **Japan's Economic Stimulus and Fiscal Challenges**: - Japan's government has introduced a ¥21.3 trillion economic stimulus plan, primarily targeting inflation and social subsidies, which is expected to raise the fiscal deficit to 3.0% in 2026 [1][8]. - The effectiveness of Japan's fiscal expansion is anticipated to be weaker compared to the U.S. and Germany, with a projected GDP impact of only 0.5 percentage points [8][9]. 4. **Market Risks and Volatility**: - The combination of fiscal expansion and monetary tightening in Japan has raised risks of a reversal in yen carry trades, particularly as the Bank of Japan shifts towards a hawkish stance [8][10]. - Current market conditions show a balanced position in yen trading, with net long positions emerging, indicating a more stable environment compared to previous extremes [11][12]. 5. **U.S. Economic Data and Implications**: - Recent U.S. economic data, including a decline in ADP employment figures and stagnant PCE consumption growth, suggest a weakening labor market and potential for a rate cut by the Federal Reserve in December [7]. Other Important but Overlooked Content - The records highlight the importance of monitoring the interplay between U.S. and Japanese monetary policies, particularly during periods of contrasting stances, which could create volatility in the markets [10]. - The potential for Japan's fiscal measures to lead to increased inflationary pressures, despite initial subsidies aimed at reducing costs, is a critical consideration for future economic stability [9][12].

中国税务快讯 第十二期 二零二五年十一月 APA签署效率提高，双边APA受跨国企业青睐 摘要： 根据《中国预约定价安排年度报告（2024）》（以下简称"APA 年度报告" ）， 2024年中国税务机关共签署APA 39 例，其中单边APA 12例，双边APA 27例。2005年至2024年，中国税务机关累计签署APA 335例，其中单边APA 165 例，双边APA 170例。中国累计签署的双边APA数量首次超过单边APA。这反映出中国税务机关不断加强国际税收合 作，稳步推进预约定价安排，积极为纳税人创造良好的税收营商环境。 背景 毕马威观察 近年来，随着国际税收透明度的不断提升，各国对跨国企业的税收征管力度不断增强，APA日益成为跨国企业寻求税收 确定性的重要方式。从中国APA发展的总体趋势看，呈现以下几个方面特点。 注3：即处于意向及申请阶段的APA案件。 © 2025 毕马威华振会计师事务所(特殊普通合伙) — 中国合伙制会计师事务所，毕马威企业咨询 (中国) 有限公司 — 中国有限责任公司，毕马威会计师事务所 — 澳门特别行政区合伙制事务所，及毕马威会计师事务 所 — 香港特别行政区合伙制事务所，均是 ...

Core Viewpoint - A new individual business, Zhongyuan Trading Department, has been established in Daan District, Zigong City, with a registered capital of 20,000 RMB, focusing on the sale of daily necessities and pre-packaged food [1] Company Summary - The legal representative of the newly established business is Wan Jie [1] - The business operates under general projects including the sale of daily necessities, pre-packaged food, and hardware products [1] - The business is also involved in licensed projects such as food sales, alcohol sales, and tobacco retail, which require approval from relevant authorities before operation [1]