Core Viewpoint - The article provides a detailed guide on how to confirm the purpose of export taxable goods declaration through the electronic tax bureau, emphasizing the importance of compliance with the new regulations set by the State Taxation Administration [3]. Group 1: Steps for Confirmation - Step 1 involves logging into the new electronic tax bureau and navigating to the export taxable goods declaration confirmation interface [4]. - Step 2 shows that the system automatically displays all declarations pending confirmation, with a default status of "pending confirmation" [4]. - Step 3 requires taxpayers to confirm whether the goods listed in the declaration should be reported for VAT in the current period [5]. - Step 4 allows for a one-click confirmation of all declarations if they all require VAT reporting [5]. - Step 5 provides a batch confirmation option for declarations that partially require VAT reporting [5]. - Step 6 involves entering the amount of imported materials used for processing if applicable [6]. Group 2: Handling Non-Reporting Declarations - For declarations that do not require VAT reporting, taxpayers must select "no" in the reporting column and provide a reason for non-reporting [6]. - Step 8 outlines the process for selecting options related to previously declared tax amounts or issued invoices, requiring specific information to be filled out [8]. - Step 9 discusses the ability to download import templates for batch processing of non-reporting declarations [14]. Group 3: Confirmation and Statistics - Step 10 allows for the batch cancellation of confirmed declarations if there are errors [15]. - Step 11 emphasizes the need to click the "statistical confirmation" button to complete the confirmation process, generating a statistical report for review [15]. - Step 12 explains the process for revoking statistical confirmation if changes are needed after the initial confirmation [16].

Core Viewpoint - The article outlines the "zero tariff" policy for imported goods consumed by residents of Hainan Free Trade Port, allowing for tax exemptions on certain goods purchased within specified limits [2][3]. Group 1: Policy Implementation - The policy exempts residents of Hainan from import duties, value-added tax, and consumption tax on specified imported goods purchased at designated locations, with an annual tax-free purchase limit of 10,000 RMB per person [2][3]. - The definition of "island residents" includes Chinese citizens holding Hainan ID cards, residence permits, or social security cards, as well as foreign individuals living and working in Hainan with valid residency documents [2][3]. Group 2: Management and Regulation - The "zero tariff" goods will be managed through a positive list system, which will be dynamically adjusted based on local needs and regulatory conditions [2][3]. - Designated operating locations must qualify as duty-free shops, and operators are required to pay a special operating fee for duty-free goods [3]. Group 3: Compliance and Enforcement - Goods purchased under the "zero tariff" policy are for personal use only and cannot be resold [3]. - The Hainan provincial government is responsible for preventing smuggling risks associated with these goods and may impose purchase limits on certain items as needed [3][4]. - Violations of the policy, such as resale or smuggling, will result in a three-year ban on purchasing "zero tariff" goods and may lead to legal consequences [4]. Group 4: Product List - The article includes a detailed list of eligible products under the "zero tariff" policy, which encompasses various categories such as seafood, dairy products, fruits, and processed foods [5][6][7][8][9][10][11][12][13].

Report Summary 1. Market Conditions on January 21 - The overall liquidity situation was stable and loose; the bond market showed a moderately strong oscillation; the main convertible bond market indices rose collectively, with most individual convertible bonds posting gains; yields of U.S. Treasuries across various maturities generally declined, while yields of 10-year government bonds in major European economies generally increased [1][2] 2. Core Viewpoints - The bond market was influenced by better-than-expected liquidity during the tax payment period, showing a moderately strong oscillation. The convertible bond market followed the equity market's upward trend [16][22] 3. Summary by Directory 3.1 Bond Market News - **Domestic News**: - The central bank aims to accelerate the construction of the RMB cross - border payment system and promote high - quality development of the modern payment system [4] - In 2025, the industrial and information technology sectors contributed over 40% to economic growth, with various industries showing positive growth trends [5] - The tax policies for innovative enterprise CDRs during the pilot phase are extended to December 31, 2027 [7] - The Ministry of Housing and Urban - Rural Development plans to stabilize the real estate market this year and implement relevant systems [7] - **International News**: - Trump announced an agreement framework on Greenland with NATO, suspending planned tariffs on Europe [8] - **Commodities**: - International crude oil futures prices rose, and the international natural gas price increased by nearly 30% [9][10] 3.2 Liquidity - **Open Market Operations**: - On January 21, the central bank conducted 363.5 billion yuan of 7 - day reverse repurchase operations, with a net injection of 122.7 billion yuan [12] - **Funding Rates**: - The overall liquidity was stable and loose. DR001 decreased by 5.00bp to 1.321%, and DR007 increased by 0.04bp to 1.495% [13] 3.3 Bond Market Dynamics - **Interest - Rate Bonds**: - **Yield Trends**: - Due to better - than - expected liquidity during the tax payment period, the bond market was moderately strong. As of 20:00, the yield of the 10 - year Treasury active bond 250016 decreased by 0.05bp to 1.8335%, and that of the 10 - year CDB active bond 250215 decreased by 0.45bp to 1.9455% [16] - **Bond Tendering**: - Multiple bonds were issued on January 21, with details such as issue scale, winning yield, and multiples provided [17] - **Credit Bonds**: - **Secondary - Market Transaction Anomalies**: - Four industrial bonds had a price deviation of over 10%, including significant drops and a sharp increase [18][19] - **Credit Bond Events**: - Various companies had bond - related events such as bond extensions, cancellations of bond issuance, and performance announcements [21] - **Convertible Bonds**: - **Equity and Convertible Bond Indices**: - The A - share market rose, with the Shanghai Composite Index, Shenzhen Component Index, and ChiNext Index increasing by 0.08%, 0.70%, and 0.54% respectively. The convertible bond market also rebounded, with the CSI Convertible Bond, Shenzhen Convertible Bond, and Shanghai Convertible Bond indices rising by 0.90%, 0.89%, and 0.90% respectively [21][22] - **Convertible Bond Tracking**: - Some convertible bonds announced online subscriptions, potential downward revisions of conversion prices, and early redemptions [24] - **Overseas Bond Markets**: - **U.S. Bond Market**: - Yields of U.S. Treasuries across various maturities generally declined, with the 10 - year yield decreasing by 4bp to 4.26%. The yield spreads between 2 - year and 10 - year, and 5 - year and 30 - year Treasuries narrowed [25] - **European Bond Market**: - Yields of 10 - year government bonds in major European economies generally increased, except for the UK where it remained unchanged [27] - **Price Changes of Chinese - Issued Dollar Bonds**: - Details of daily price changes of Chinese - issued dollar bonds as of the close on January 21 were provided [29]

Key Points - The Chinese government emphasizes high-quality development, implementing proactive fiscal policies and moderately loose monetary policies to enhance reform measures and macroeconomic policy coordination [1][3] - The Supreme People's Procuratorate stresses strict punishment for financial fraud and market manipulation to maintain capital market security [2] - The Ministry of Finance and other departments have released multiple notifications to implement a comprehensive set of fiscal and financial policies [3][6] - New policies have been introduced to support urban renewal actions, encouraging the overall operation of resource asset combinations [7] - The China Securities Regulatory Commission (CSRC) has issued guidelines for public offering securities investment fund performance benchmarks, linking performance to compensation [5] - International gold prices have surpassed $4,900, reaching a new historical high [1][10] Domestic News - The People's Bank of China plans to continue implementing moderately loose monetary policies to support stable economic growth and reasonable price recovery [3] - The CSRC has announced the extension of tax policies for innovative enterprise CDRs, exempting personal income tax on capital gains from CDR transfers until the end of 2027 [3] - Major banks have announced the implementation of personal consumption loan fiscal subsidy policies, extending the policy period and expanding support areas [3][6] - The Ministry of Industry and Information Technology is seeking public opinion on the national standard for digital identity identification in the metaverse [6] - The CSRC is intensifying scrutiny of private equity fund violations, with significant administrative measures taken against numerous institutions [8] International News - International precious metal prices have surged, with gold and silver prices reaching historic highs [10] - The U.S. real estate market shows a significant decline in home sales, with the index dropping 9.3% month-on-month and 3% year-on-year [11] - The UK inflation rate has risen to 3.4%, exceeding expectations, while the Bank of England is set to make a decision on interest rates [12] - The IMF has slightly adjusted the global economic growth forecast for 2026, citing ongoing uncertainties from trade tensions and geopolitical conflicts [12]

Market Overview - On January 21, the A-share market experienced a rise followed by a pullback, with the Shanghai Composite Index closing up 0.08% at 4116.94 points, the Shenzhen Component Index up 0.7% at 14255.13 points, and the ChiNext Index up 0.54% at 3295.52 points. The total trading volume in the Shanghai and Shenzhen markets was 2.6 trillion yuan, a decrease of 177.1 billion yuan from the previous trading day [1][2]. Sector Performance - The precious metals sector led the market, while the chip industry chain saw significant growth. The lithium mining concept experienced a volatile rebound, and the oil and gas sector was active. Conversely, the consumer sector weakened, with the liquor segment leading the decline, and the banking sector also faced a downturn [1]. International Market - On January 21, U.S. stock indices rose, with the Dow Jones Industrial Average increasing by 588.64 points (1.21%) to close at 49077.23 points, the S&P 500 up 78.76 points (1.16%) at 6875.62 points, and the Nasdaq Composite up 270.50 points (1.18%) at 23224.82 points. In Europe, the FTSE 100 rose by 11.31 points (0.11%) to 10138.09 points, while the DAX index fell by 142.14 points (0.58%) to 24560.98 points [3][4]. Tax Policy for CDR - The Ministry of Finance and other departments announced that from January 1, 2026, to December 31, 2027, individual investors will be exempt from personal income tax on capital gains from the transfer of innovative enterprise CDRs. This policy also applies to corporate investors and qualified foreign institutional investors [5]. Payment System Development - The People's Bank of China emphasized the need to accelerate the construction of a cross-border payment system and enhance interconnectivity in cross-border payments. The focus will be on high-quality development of the modern payment system and improving payment services [6]. Real Estate Policy - The Ministry of Housing and Urban-Rural Development is working on establishing a new model for real estate development, focusing on a stable transition from old to new models. Key areas include developing financing and sales systems, ensuring project fund management, and promoting the sale of existing homes to mitigate delivery risks [7]. Film Industry Growth - The National Film Administration reported that the film industry's total output value reached 817.26 billion yuan in 2025, with a box office multiplier of approximately 1:15.77, ranking among the top globally. The growth is attributed to successful domestic animations and stable cinema construction [11]. Autonomous Driving Initiatives - Guangdong Province is promoting the application of autonomous driving technologies, encouraging enterprises to innovate in remote driving and smart decision-making. The initiative aims to expand testing areas for high-level autonomous driving and support the integration of various technologies [12]. Commercial Aerospace Development - China's first offshore liquid rocket launch recovery test platform is under construction in Yantai, Shandong. This platform will facilitate the launch and recovery of liquid rockets, marking a significant step in the commercial aerospace sector [14]. 5G and 6G Development - As of January 21, China has over 1.2 billion 5G users and has initiated the second phase of 6G technology trials. The country has built the largest and most advanced information infrastructure globally, with 483.8 million 5G base stations [16]. Investment Opportunities - Analysts suggest focusing on high-quality developers, commercial real estate operations, and real estate brokerage platforms as potential investment opportunities in the current market environment [8].

Group 1: Domestic News - The People's Bank of China (PBOC) emphasizes accelerating the construction of a cross-border payment system for the renminbi, aiming for a diversified and multi-layered development by 2026 [2] - The Ministry of Industry and Information Technology (MIIT) reports that the industrial and information sectors contributed over 40% to economic growth, with a projected 5.9% increase in industrial value added by 2025 [3] - The Ministry of Housing and Urban-Rural Development (MOHURD) plans to stabilize the real estate market by focusing on urban renewal, community construction, and improving housing sales systems [5] Group 2: International News - Former President Trump announces a framework agreement with NATO regarding Greenland, temporarily halting planned tariffs on European countries [6] - The U.S. Treasury yields show a general decline, with the 10-year Treasury yield down by 4 basis points to 4.26% [25] Group 3: Bond Market Dynamics - The bond market shows a strong performance with the 10-year government bond yield decreasing by 0.05 basis points to 1.8335% [10] - The credit bond market experiences significant price deviations, with some industrial bonds seeing price changes exceeding 10% [11] - Vanke announces a bondholder meeting where a proposal to extend the maturity of a portion of its bonds was approved [12] Group 4: Commodity Market - International crude oil prices rise, with WTI crude up 0.43% to $60.62 per barrel, and natural gas prices surge nearly 30% to $5.040 per million British thermal units [7] Group 5: Equity and Convertible Bond Market - The equity market sees a collective rise, with major indices increasing, and the convertible bond market also reflects this trend with major indices up by approximately 0.90% [21] - The convertible bond market records a trading volume of 912.89 billion yuan, with 308 out of 385 bonds rising in value [21]

Core Viewpoint - The announcement extends the tax policies related to the pilot phase of the issuance of Depositary Receipts (CDRs) for innovative enterprises in China, aiming to support the implementation of the innovation-driven development strategy [3]. Individual Income Tax Policy - From January 1, 2026, to December 31, 2027, individual investors will be exempt from personal income tax on the capital gains from the transfer of innovative enterprise CDRs [3]. - During the same period, a differentiated personal income tax policy will apply to dividends received from holding innovative enterprise CDRs, following existing regulations [3]. Corporate Income Tax Policy - Corporate investors will be exempt from corporate income tax on capital gains from the transfer of innovative enterprise CDRs and on dividends received from holding these CDRs [4]. - Publicly offered securities investment funds will also be exempt from corporate income tax on similar income from innovative enterprise CDRs [4]. - Qualified Foreign Institutional Investors (QFIIs) and Renminbi Qualified Foreign Institutional Investors (RQFIIs) will be treated similarly regarding corporate income tax exemptions [4]. Value-Added Tax Policy - Individual investors will be exempt from value-added tax on capital gains from the transfer of innovative enterprise CDRs [4]. - For institutional investors, the transfer of innovative enterprise CDRs will be exempt from value-added tax according to financial product transfer policies [4]. - Publicly offered securities investment funds' managers will also be exempt from value-added tax on capital gains from innovative enterprise CDRs during the specified period [4]. Other Relevant Matters - The announcement defines innovative enterprise CDRs as securities issued in China that represent the rights to overseas underlying securities, in accordance with the relevant regulations [4].

Company Highlights - Tianfu Communication expects a net profit attributable to shareholders of 1.881 billion to 2.150 billion yuan, representing a year-on-year growth of 40% to 60%, driven by the acceleration of the artificial intelligence industry and global data center construction [10] - Jin'an Guoji anticipates a net profit of 280 million to 360 million yuan for 2025, a significant increase of 655.53% to 871.4% year-on-year, due to improved market conditions for copper-clad laminates and optimized product structure [10] - Juhua Co. forecasts a net profit of 3.54 billion to 3.94 billion yuan for 2025, reflecting an 80% to 101% increase compared to the previous year [10] - Demingli expects a net profit of 650 million to 800 million yuan for 2025, marking an increase of 85.42% to 128.21% year-on-year [10] - Moore Threads anticipates revenue of 1.45 billion to 1.52 billion yuan for 2025, with a growth rate of 230.70% to 246.67% year-on-year, but expects a net loss of 950 million to 1.06 billion yuan, narrowing the loss by 34.50% to 41.30% [11] - Yonghui Supermarket predicts a net loss of 2.14 billion yuan for 2025, compared to a loss of 1.47 billion yuan in the previous year [11] - Tengjing Technology announced a procurement order from a client worth 12.8 million USD (approximately 89.15 million yuan) for a two-dimensional collimator array [11] - Tianhua New Energy is planning to issue shares overseas (H-shares) to accelerate its international strategy [11] - Zhaomi Technology has become a strategic partner for the 2026 Spring Festival Gala of China Central Television [11] - Ubisoft announced significant organizational and operational adjustments, terminating the development of six games and extending the development cycle of seven games, with expected net bookings of approximately 1.5 billion euros for the 2025-26 fiscal year, a reduction of about 330 million euros in gross profit compared to previous guidance [11] - SpaceX is actively pursuing an IPO plan, aiming to complete it by July this year [11] - Nvidia's CEO Jensen Huang plans to visit China to restart the domestic AI chip market, emphasizing the need for substantial infrastructure investment for AI [11] - Apple is accelerating its AI initiatives, developing an AI wearable device called "Pin" and planning significant updates to Siri, transforming it into the company's first AI chatbot [13] Industry Trends - The commercial aerospace sector is experiencing significant growth, with breakthroughs in reusable rocket technology and accelerated development of large satellite constellations, driving new directions like space photovoltaics to become a growth blue ocean [7] - European natural gas prices have surpassed 40 euros per megawatt-hour for the first time since June last year, driven by supply concerns due to unusually cold weather [7] - The autonomous driving sector in Guangdong has introduced policies to promote the application of autonomous driving models and expand testing areas for high-level autonomous driving [7] - The brain-computer interface industry is in a high-growth phase driven by policy support and technological breakthroughs, with Neuralink's production expectations and new ultrasound brain-computer interface technologies marking a shift towards commercialization [7] - The development of 6G technology in China has reached the first phase of technical testing, with over 300 key technology reserves, and the second phase of testing has recently commenced [8]

Group 1 - The Ministry of Finance and three other departments announced a tax policy for innovative enterprises, stating that from January 1, 2026, to December 31, 2027, individual investors will be temporarily exempt from personal income tax on capital gains from the transfer of innovative enterprise CDRs [2] - The Ministry of Finance issued a notice regarding the establishment of duty-free shops at 41 ports, including Wuhan Tianhe International Airport, allowing residents from Macau to purchase duty-free goods up to 15,000 yuan [3] - The Ministry of Housing and Urban-Rural Development emphasized the need for policy support and reform innovation to ensure a smooth transition in the real estate sector, focusing on establishing foundational systems for development, financing, and sales [4] Group 2 - The Suzhou Municipal Committee released suggestions for the 15th Five-Year Plan, highlighting the promotion of digital development and the implementation of the "Artificial Intelligence +" initiative [5] - The Ministry of Finance issued a notice to address abnormal low-price issues in government procurement, urging procurement entities to set reasonable maximum prices and clear requirements [6] - Guangdong Province introduced policies to promote high-quality development in transportation through artificial intelligence, encouraging enterprises to innovate in core technologies and applications [7] Group 3 - Baiwei Storage indicated that storage product prices are expected to continue rising in the first and second quarters of 2026 [8] - Moore Threads announced projected revenues of 1.45 to 1.52 billion yuan for 2025, representing a year-on-year growth of 230.70% to 246.67%, despite a net loss of 950 million to 1.06 billion yuan [9] - Demingli expects a net profit of 650 million to 800 million yuan for 2025, an increase of 85.42% to 128.21% year-on-year [10] Group 4 - The stock of Tianfu Communication is projected to have a net profit of 1.881 to 2.15 billion yuan for 2025, reflecting a year-on-year growth of 40.00% to 60.00% [10] - Zhongchao Holdings stated that its subsidiary Jiangsu Precision Casting is focused on high-temperature alloy precision casting for aerospace and medical applications, recently receiving an order for 40 sets of thrust chamber tops [11] - Han Jian Heshan is planning to acquire a 52.51% stake in Liaoning Xingfu New Materials, with stock suspension in effect [12] Group 5 - JinkoSolar announced an expected net loss of 5.9 to 6.9 billion yuan for 2025 [13] - Xinda Real Estate anticipates a net loss of 7.6 to 8.2 billion yuan for 2025 [13] - The US stock market saw all three major indices rise, with the Dow Jones up 1.21%, Nasdaq up 1.18%, and S&P 500 up 1.16%, while the Nasdaq Golden Dragon China Index rose by 2.21% [14]

Government Policies - The Ministry of Finance and two other departments announced a tax policy extension for individual investors transferring gains from CDRs of innovative enterprises, exempting personal income tax from January 1, 2026, to December 31, 2027 [2] - A notification was issued to address issues related to abnormally low government procurement prices, emphasizing the need for a comprehensive assessment of market conditions and setting reasonable maximum prices [2] - The "14th Five-Year Plan" in Suzhou aims to promote high-quality development in digital finance, expand the application of digital RMB, and support small and micro enterprises in financing [2] Industry Developments - Guangdong Province's government released policies to enhance the quality of transportation through AI, encouraging innovation in autonomous driving technologies and the establishment of regulatory platforms [3] - The Spring Festival travel period is expected to see record-high inter-regional mobility and passenger volumes in rail and air travel [2] Company News - Zhite New Materials may apply for a trading suspension if stock prices rise abnormally [5] - Hunan Silver's future market price for silver products remains uncertain [5] - Moore Threads anticipates revenue of 1.45 to 1.52 billion yuan in 2025, with a narrowing net loss [5] - Shanghai Yizhong expects a net profit growth of 760.18% to 903.54% in 2025 [5] - Jin'an Guoji forecasts a net profit increase of 655.53% to 871.4% in 2025 [5] - Limin Co. predicts a net profit growth of 471.55% to 514.57% in 2025 [5] - Baiao Intelligent expects a net profit increase of 228.34% to 337.79% in 2025 [5] - Dajin Heavy Industry forecasts a net profit growth of 121.58% to 153.23% in 2025 [5] - Juhua Co. anticipates an 80% to 101% increase in net profit for the 2025 fiscal year [5] - Ganli Pharmaceutical expects a net profit increase of 78.96% to 95.23% in 2025 [5]