Economic Performance - The economic indicators for October show a stable and improving trend, with a solid long-term positive outlook for the economy [1][9] - The consumption market is maintaining a stable upward momentum, characterized by the expansion of lower-tier markets and the leading role of cultural and tourism experiences [3][9] Consumption Trends - In October, the offline consumption heat index increased by 17.3% year-on-year, with significant growth in lower-tier cities, which saw a 31.2% increase [3][9] - The "Double Festival" period (National Day and Mid-Autumn Festival) led to a notable increase in domestic travel, with 8.88 billion trips and total spending of 809 billion yuan, reflecting substantial growth compared to the previous year [3][9] - The consumption market is evolving into a dual-driven model of expanding lower-tier markets and leading cultural tourism consumption, injecting new momentum into economic recovery [3][9] Infrastructure Development - In October, the construction start rate and workload increased month-on-month, with the central region showing the highest growth [5][7] - The average construction machinery operating rate rose by 1.4% month-on-month, and the workload increased by 5.25%, indicating resilience in infrastructure investment despite seasonal and holiday disruptions [7] - The operating rate for lifting equipment reached 70.74%, indicating a concentration of ongoing infrastructure projects, particularly in the central region [7] Industrial Production - Industrial production activity continued to strengthen in October, with a year-on-year increase of 0.5 percentage points in the operating rate of major industrial products and a 19.8% increase in the industrial park production heat index [9][11] - The employment demand in industrial enterprises remains strong, with the wage index rising by 8.1% year-on-year, and the vitality of startups and innovative enterprises showing significant growth [11] - The foreign trade activity index in bonded areas increased by 17.7% year-on-year, indicating a recovery in external trade dynamics, supported by improving Sino-US trade relations [11]

Economic Performance Overview - The latest economic data for October indicates that China's economy continues to show a stable and improving trend, supported by strong fundamentals [1][20] - The consumption market is maintaining a stable upward momentum, characterized by the expansion of lower-tier markets and the leading role of cultural and tourism experiences [1][7] Consumption Market Insights - Offline consumption has seen significant growth, particularly in third-tier cities, with a year-on-year increase of 31.2%, while first-tier and second-tier cities grew by 18.9% and 14.5%, respectively [3] - The structural highlights in the consumption market are driven by the digital economy's proliferation and new consumption concepts brought by the "returning youth," leading to quality upgrades in county markets [5] Infrastructure and Construction Activity - In October, construction activity showed a month-on-month increase in both the commencement rate and workload, with the central region experiencing the highest growth [8] - The average operating rate of construction machinery increased by 1.4% month-on-month, reflecting strong resilience in economic operations despite seasonal and holiday disruptions [10][12] Industrial Production and Trade - Industrial production vitality has continued to enhance, with a year-on-year increase of 0.5 percentage points in the operating rate of major industrial products and a 19.8% increase in the industrial park production heat index [14] - The foreign trade vitality index, as a leading indicator, increased by 17.7% year-on-year, indicating a recovery in trade activities, particularly with the recent easing of Sino-US trade relations [18] Employment and Innovation - The employment stability policies have positively impacted the growth rates of the equipment manufacturing and high-tech manufacturing sectors, with a notable increase in the operational vitality index for startups and innovative enterprises [16][14]

Group 1: Core Viewpoints - The article discusses the key points regarding the tax payment and invoicing for tourism companies under the differential taxation policy [1] Group 2: Differential Taxation Policy Details - The policy allows tourism service providers to calculate their sales amount by deducting certain expenses from the total price received [2] - The expenses that can be deducted include accommodation fees, catering fees, transportation fees, visa fees, ticket fees, and payments to other tourism companies [2] Group 3: Documentation Requirements - Valid documentation is crucial for differential deduction, including invoices for payments to domestic entities and signed receipts for payments to foreign entities [4] - If there are doubts about the signed receipts, notarized proof from foreign notary institutions may be required [4] Group 4: Tax Filing Steps - A sample process for tax filing is provided, including filling out specific forms and entering relevant sales amounts and tax rates [5][6] - The example illustrates how to report the sales amount and tax deductions accurately in the tax return forms [5][7]

Core Viewpoint - During the "14th Five-Year Plan" period, China's technological innovation has achieved historic accomplishments, with a steady increase in innovation capabilities and a solid foundation for becoming a technology powerhouse [1] Group 1: Investment in Technology - China's total R&D investment is expected to exceed 3.6 trillion yuan in 2024, representing a 48% increase compared to 2020 [1] - The R&D intensity is projected to reach 2.68%, surpassing the average level of EU countries [1] - The total number of R&D personnel in China is the highest in the world [1] Group 2: Basic Research and Innovation - Basic research funding is set to reach 249.7 billion yuan in 2024, a growth of over 70% since 2020 [2] - China has achieved significant original results in fields such as quantum technology, life sciences, and space science, with the highest number of high-level international journal papers and international patent applications for five consecutive years [2] - Over 77% of R&D investment comes from enterprises, highlighting their central role in the innovation system [3] Group 3: Industrial Development and Achievements - The added value of high-tech manufacturing industries is expected to grow by 42% compared to the end of the "13th Five-Year Plan" [3] - The "new economy" accounts for 18% of GDP [3] - The number of commercial aerospace companies has increased from fewer than 100 in 2020 to over 500 currently, with the commercial aerospace market projected to exceed 2.5 trillion yuan by 2025 [3]

Core Viewpoint - Setwell Electronics Co., Ltd. has initiated the listing guidance process with CITIC Securities as the advisory institution, marking a significant step towards its public offering [1] Company Overview - Setwell was established on September 15, 2010, with a registered capital of 360 million yuan, and is represented by Wang Jiejun [1] - The company integrates research and development, production, and sales, focusing on IoT and AI big data technologies to create advanced manufacturing services in smart firefighting, smart security, smart environment, and smart health big data platforms [1] Previous Listing Attempts - Prior to the current listing guidance, Setwell had previously attempted to go public, submitting an application for an initial public offering (IPO) to the Shanghai Stock Exchange in 2017, which was later withdrawn in 2019 [1] - There have been no instances in the past three years where Setwell's IPO applications were terminated, disapproved, or not registered [1]