微信公众号"国家税务总局"消息，11月24日，财政部、国家税务总局联合发布公告，明确了资源税有关政策执行口径，自2025年12月1日起施行。 公告明确了各级执法机关以及法律法规授权的具有管理公共事务职能的事业单位和组织依照国家有关法律法规罚没、收缴的资源税应税产品，工程建设项目 在批准占地范围内开采并直接用于本工程回填的砂石、粘土等矿产品，属于不征资源税的情形。 公告对纳税人开采的凝析油、原油中分离出的油气田混合轻烃、天然气中分离出的油气田混合轻烃，明确了征税税目；对纳税人以尾矿为原料对特定矿物组 分进行再回收利用和进行资源化利用生产粒级成型砂石颗粒两种情形，细化了相应的征税税目。 公告主要从9个方面明确了对资源税有关政策和征管问题的执行口径，包括不缴纳资源税的情形、部分应税产品的适用税目和征税对象、特殊情形下应税产 品的计税依据、关联交易价格明显偏低的正当理由、自用连续生产应税产品定义、减免税管理规定和计算方法、不同结算方式下资源税的纳税义务发生时间 等。 据了解，资源税是引导资源合理配置的重要手段。2020年9月1日，我国正式实施资源税法。近年来随着资源税法的深入实施，实际执行中出现了部分税目争 议较大、 ...

欢迎扫描下方二维码关注： 11月24日，财政部、国家税务总局联合发布公告，明确了资源税有关政策执行口径，自2025年12月1日起施行。 公告主要从9个方面明确了对资源税有关政策和征管问题的执行口径，包括不缴纳资源税的情形、部分应税产品的适用税目和征税对象、特殊情形下 应税产品的计税依据、关联交易价格明显偏低的正当理由、自用连续生产应税产品定义、减免税管理规定和计算方法、不同结算方式下资源税的纳税义务 发生时间等。 据了解，资源税是引导资源合理配置的重要手段。2020年9月1日，我国正式实施资源税法。近年来随着资源税法的深入实施，实际执行中出现了部分 税目争议较大、一些应税产品定义不够细化、关联交易价格偏低的判定理由不够明确等问题，有关政策和征管执行口径有待明确。 公告明确了各级执法机关以及法律法规授权的具有管理公共事务职能的事业单位和组织依照国家有关法律法规罚没、收缴的资源税应税产品，工程建 设项目在批准占地范围内开采并直接用于本工程回填的砂石、粘土等矿产品，属于不征资源税的情形。 在资源税征税对象方面，公告对实际征管中征纳双方争议较为集中的煤炭原矿、选矿产品、盐类选矿产品和轻稀土、中重稀土等重要战略资源原矿 ...

11月24日，财政部、国家税务总局联合发布公告，明确了资源税有关政策执行口径，自2025年12月1日起施行。 公告主要从9个方面明确了对资源税有关政策和征管问题的执行口径，包括不缴纳资源税的情形、部分应税产品的适用税目和征税对象、特殊情形下应税产 品的计税依据、关联交易价格明显偏低的正当理由、自用连续生产应税产品定义、减免税管理规定和计算方法、不同结算方式下资源税的纳税义务发生时间 等。 公告明确了各级执法机关以及法律法规授权的具有管理公共事务职能的事业单位和组织依照国家有关法律法规罚没、收缴的资源税应税产品，工程建设项目 在批准占地范围内开采并直接用于本工程回填的砂石、粘土等矿产品，属于不征资源税的情形。 公告对纳税人开采的凝析油、原油中分离出的油气田混合轻烃、天然气中分离出的油气田混合轻烃，明确了征税税目；对纳税人以尾矿为原料对特定矿物组 分进行再回收利用和进行资源化利用生产粒级成型砂石颗粒两种情形，细化了相应的征税税目。 在资源税征税对象方面，公告对实际征管中征纳双方争议较为集中的煤炭原矿、选矿产品、盐类选矿产品和轻稀土、中重稀土等重要战略资源原矿、选矿产 品的概念定义，作了进一步的明确和细化。 为进一 ...

【大河财立方消息】11月24日，财政部、国家税务总局发布关于明确资源税有关政策执行口径的公告， 自2025年12月1日起施行。 根据《中华人民共和国资源税法》规定，现就资源税有关政策执行口径公告如下： 一、关于不缴纳资源税的情形 （一）各级行政机关、监察机关、审判机关、检察机关，以及法律法规授权的具有管理公共事务职能的 事业单位和组织依照国家有关法律法规罚没、收缴的资源税应税产品（以下简称应税产品），不缴纳资 源税。 （二）工程建设项目在批准占地范围内开采并直接用于本工程回填的砂石、粘土等矿产品，不属于开发 应税资源，不缴纳资源税。 二、关于适用税目 （一）纳税人开采的凝析油，按照原油税目征收资源税。 凝析油是指在气田开发中或油田开发天然气中因温度压力变化凝析出来的液相组分。 （二）纳税人从开采的原油中分离出的油气田混合轻烃，按照原油税目征收资源税；纳税人从开采的天 然气中分离出的油气田混合轻烃，按照天然气税目征收资源税。 油气田混合轻烃的界定，参照《油气田混合轻烃》（SY/T 7831）执行。 （三）纳税人以尾矿为原料对特定矿物组分进行再选回收利用的，按照特定矿物组分对应的税目征收资 源税。纳税人以尾矿为原 ...

Group 1: Japanese Stock Market - The Japanese stock market rose during the speech of Bank of Japan Governor Kazuo Ueda, with the Nikkei 225 index increasing by 1.4% at the morning close, approaching historical highs [2][4] - Notable gainers included companies such as Renesas Electronics, Hitachi, and Panasonic [4] - Ueda indicated that if economic performance meets expectations, the Bank of Japan will raise the benchmark interest rate, emphasizing a careful review of global economic conditions and their impact on Japan [4] Group 2: Hong Kong Stock Market - The Hang Seng Index opened lower at 27,221.46 points, down 0.24%, while the Hang Seng Tech Index fell by 0.44% [6] - Mixed performance was observed among tech stocks, with Alibaba rising over 1% while Bilibili and JD.com fell by more than 2% [8] - The Hong Kong market saw a decline in new energy vehicle companies, with BYD shares dropping nearly 5% and Li Auto down over 4% [8][10] Group 3: BYD Sales Performance - BYD reported a total of 396,270 new energy vehicles sold globally in September, marking a year-on-year decline of 5.5%, the first negative growth in 19 months [9][10] - Domestic sales were approximately 325,400 units, showing a month-on-month increase of about 11.1% but a year-on-year decrease of around 15.8% [10] - In contrast, BYD's overseas sales surged, with exports reaching 71,256 units, a year-on-year increase of 107%, highlighting a trend of "domestic pressure, overseas growth" [10]

Market Performance - The FTSE 100 index in London closed at 9177.24 points on August 14, with an increase of 12.01 points, representing a rise of 0.13% [1] - All three major European stock indices experienced gains on the same day [1] Top Gainers - The leading gainers in the London stock market included: - Admiral Group, a car insurance company, with a stock price increase of 6.65% - Centrica, a UK gas supplier, with a rise of 3.70% - Aviva, an insurance group, up by 2.55% - BAE Systems, an aerospace company, with a gain of 2.51% - Babcock International, a business services outsourcing firm, increasing by 2.17% [1] Top Losers - The stocks that faced the largest declines included: - Rio Tinto, a resource extraction and mining company, down by 4.02% - Beazley, an insurance company, with a decrease of 2.94% - Diploma, an industrial supplies provider, down by 2.85% - Persimmon, a real estate company, with a decline of 2.52% - Anglo American, a mining company, down by 1.67% [1] Other European Indices - The CAC 40 index in Paris closed at 7870.34 points, up by 65.37 points, a rise of 0.84% - The DAX index in Frankfurt closed at 24377.50 points, increasing by 191.91 points, representing a gain of 0.79% [1]

Core Viewpoint - The letter emphasizes the importance of identifying and holding onto the best businesses in a city, focusing on certainty and long-term value rather than chasing trends [2][4]. Summary by Sections Market Overview - The first half of 2025 is characterized by significant volatility and structural opportunities, with new consumption and innovative pharmaceuticals being highlighted as key investment areas [3]. - The development of AI is recognized as a major technological revolution, showing strong fundamentals and increasing revenue potential [3]. Investment Strategy - The strategy involves concentrating on a few high-quality businesses and undervalued assets, with free cash flow serving as the basis for returns [4]. - Historical data suggests that chasing popular assets often leads to negative returns in subsequent years [4]. Key Investment Directions 1. Social entertainment platforms evolving towards AI agents [5]. 2. Companies with strong pricing power in advanced chip design [6]. 3. Enterprises with scarce metal and copper resources amid a weakening dollar trend [7]. 4. Leading AI models and public cloud services in the AI era [8]. 5. Brands focused on sports and outdoor lifestyles, showing improved supply chain and brand management capabilities [8]. Market Sentiment - The Hong Kong market has become a leading venue for IPO financing, indicating a shift in international capital's perception of Chinese assets [9]. - The transition from a unipolar to a multipolar world is expected to provide additional rewards for investment portfolios [9].

Group 1 - The core viewpoint of the reports indicates that Indonesia's economy is facing internal structural challenges, with GDP growth expected to slow to 4.9% in Q1 2025, driven more by internal reform pressures than external geopolitical risks [1] - The establishment of the Danantara Sovereign Wealth Fund, with a target size of $900 billion, is seen as a key strategic tool for Indonesia's economic transformation, aimed at managing state-owned enterprises and acting as a catalyst for industrial upgrades [3] - Indonesia's mandatory foreign exchange retention policy for resource-based exports is expected to increase foreign exchange reserves by over $20 billion within the year, helping to restore the reserve coverage to the level of 12 months of imports [3] Group 2 - The Indonesian capital market has experienced significant foreign capital outflows, with a net outflow of $2.98 billion from the stock market and over $375 million from the bond market since the beginning of 2025, attributed to governance issues among local companies [4] - The Indonesian Composite Index (IHSG) has seen a year-to-date decline of 7.5%, with current valuations corresponding to forward P/E ratios of 10.7x and 9.6x for 2025 and 2026, respectively, placing it at a low compared to other Southeast Asian markets [4] - In light of ongoing governance disputes and uncertain trade friction prospects, the Indonesian stock market may face further valuation adjustment pressures, despite its low export dependence on the U.S. at only 10% [4] Group 3 - The report suggests a "short-term defensive + mid-term layout" strategy for Q2 2025, focusing on sectors with complete local supply chains and lower exposure to internal and external market risks, such as food and beverage and healthcare [4] - Mid-term attention is recommended for sectors benefiting from state-owned enterprise restructuring and fiscal expansion, including financial services (state bank reforms), utilities (electricity infrastructure), and construction (accelerated infrastructure investment) [4]