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从烟草到含糖饮料,健康税的下一城?
Di Yi Cai Jing· 2025-10-10 09:53
世界卫生组织(WHO,下称"世卫")近期发起一项新倡议,敦促各国通过征收健康税,到2035年将烟 草、酒精和含糖饮料的实际价格提高至少50%,此举旨在遏制慢性病并创造重要的公共收入。世卫认 为,这项"3by35"倡议(到2035年落实3项健康税)推出之际,全球各国正面临非传染性疾病增加、发展 援助缩减和公共债务攀升带来的巨大压力。 健康税(Health tax)是指对人群健康有负面影响的产品所征收的税。在前述世卫提出的三项健康税中,中 国已开征两项,即对烟草制品、电子烟和酒精征税。但实施近30年后,业界普遍认为,健康税在改变我 国国民消费行为和提升人群健康方面都尚未起到明显作用。 近日举行的第十三届北京洪堡论坛健康财政政策分论坛期间,多名与会国内外学者、政府官员认为,当 下正值中国新一轮财税体制改革的酝酿期。在消费税改革中,烟草和酒类消费税的税率仍需提升,且需 根据人群收入水平的提高不断进行调整,以保持政策对消费行为影响的有效性。与此同时,建议增加烟 酒制品消费税中的"从量税"比重,并适时考虑将含糖饮料纳入消费税税目中。 烟酒产品消费税仍有提升空间 "目前,全球中等收入国家的平均烟草价格为6.09国际元(国际 ...
上海实业控股(00363):明显低估,多维度驱动估值回归
智通财经网· 2025-09-29 02:05
智通财经APP了解到,9月17日,智通财经携手星耀资本,于中国新经济与电商的活力之都——杭州, 启幕"大消费投资高峰论坛暨2025智通星耀秋季联合策略会"。在路演环节,上海实业控股就公司发展现 状、未来发展以及分红回报等与现场投资者做了汇报,以及零距离深度沟通。 根据上海实业控股近期发布的上半年财报,实现营收94.76亿港元,归母净利润10.42亿港元。分业务 看,基建环保和消费品构建了强大的业绩基本盘,贡献了核心的业绩,期间分别贡献净利润9.33亿港元 及4.03亿港元。值得注意的是,上半年国内房地产行业仍处于"去库存、调结构"的转型阶段,该公司对 部分项目存货及投资物业计提合计11.5亿港元减值拨备,拉低了整体盈利水平。 不过,该公司仍保持加大股东回报力度的一贯做法,宣布拟派中期股息每股42港仙,派息率43.8%,股 息率达到6.4%。 作为业绩稳增长的基建+大消费的白马股,上海实业控股(00363)凭借高股息,低估值一直受到投资 者的高度关注。 上海实业控股也在积极探索新赛道的投资机会,截止2025年6月,该公司在手现金达285亿港元,现金流 非常充足。其管理层表示,将关注国家高科技板块的投资机遇,尤其 ...
美国消费行业8月跟踪报告:信心指数连续下滑,整体继续谨慎
Haitong Securities International· 2025-09-28 23:30
Investment Rating - The report maintains a cautious investment stance on the consumer sector, reflecting concerns over declining consumer confidence and a cooling job market [3]. Core Insights - The consumer confidence index has declined for two consecutive months, indicating ongoing worries about the economic outlook [1][6]. - Retail sales data shows resilience, with August retail sales reaching $732.01 billion, a year-on-year increase of 5.0% [1][6]. - Core inflation is rising, with the core CPI reaching 2.9%, the highest level in three months, driven primarily by housing costs [1][8]. - Non-farm employment growth has significantly slowed, with only 22,000 new jobs added in August, far below the expected 140,000 [1][12]. Macroeconomic Overview - The Michigan consumer confidence index for September is at 55.4, down 4.8% from August [1][6]. - August CPI rose by 0.4% month-on-month and 3.1% year-on-year, while core CPI increased by 0.3% month-on-month [1][8]. - Non-farm employment growth is at its lowest since December 2024, with the unemployment rate slightly rising to 4.3% [1][12][14]. - Consumer credit saw a moderate increase of $10.48 billion in July, indicating cautious borrowing behavior [1][19]. Industry Performance Essential Consumption - Alcohol sales in July were $6.23 billion, down 0.5% year-on-year, but the decline is slowing [2][26]. - Tobacco sales remained stable at $6.02 billion in July, with a CPI increase of 6.3% [2][31]. - Dairy product shipments reached $13.37 billion in July, showing moderate year-on-year growth [2][28]. - Beverage shipments totaled $12.05 billion in July, with a notable CPI increase of 4.6% [2][28]. Discretionary Consumption - Restaurant sales in August were $99.52 billion, up 6.5% year-on-year, indicating strong consumer demand for dining out [2][33]. - Department store sales in August were $76.78 billion, showing a year-on-year increase of 1.9% but a slight month-on-month decline [2][36]. - Apparel sales in August reached $27.18 billion, up 8.3% year-on-year, reflecting a strong rebound in clothing consumption [2][38]. Market Trends - The consumer sector shows a mixed performance, with discretionary consumption outperforming essential consumption [3][42]. - Essential consumption ETFs experienced a net outflow of $1.1 billion, indicating investor caution [3][48]. - The report highlights that the essential consumption sector is facing significant outflows, reflecting a more cautious investment sentiment [3][48].
东南亚消费行业8月跟踪报告:各市场股指纷纷收涨,印尼泰国及新加坡通胀放缓
Haitong Securities International· 2025-09-28 13:56
研究报告 Research Report 28 Sep 2025 东南亚必需消费 & 可选消费 Southeast Asia Staples & Discretionary 东南亚消费行业 8 月跟踪报告:各市场股指纷纷收涨,印尼泰国及新加坡通胀放缓 Stock Indexes Rose in ASEAN, Inflation Slowed in Indonesia, Thailand, Singapore [Table_yemei1] 观点聚焦 Investment Focus [Table_Info] 市盈率 P/E 股票名称 评级 目标价 PE(2025E) PE(2026E) 资料来源: Factset, HTI Related Reports 东南亚消费行业 7 月跟踪报告:领先指标喜忧参半,越南及泰国消费估值 提升 Leading indicators are a mixed bag, while consumer valuations are up in Vietnam and Thailand (31 Aug 2025) 80 100 120 140 160 Sep-24 Dec-24 Mar ...
印度对美出口遇重创!50%关税压得喘不过气,转头抱俄 “粮大腿”
Sou Hu Cai Jing· 2025-09-28 09:34
Group 1 - Indian Prime Minister Modi and Russian Deputy Prime Minister Patrushev discussed enhancing "win-win" cooperation in agriculture and related industries during the World Food Expo 2025 in New Delhi [1][3] - The meeting highlighted the establishment of a BRICS food exchange to promote mutual agricultural trade, indicating a strategic partnership between India and Russia [3] - Bilateral trade between India and Russia is projected to reach a record high of $68.7 billion in the fiscal year 2024-25, showcasing significant economic cooperation [3] Group 2 - India relies heavily on Russia for fertilizer supplies, with Russia being the largest supplier since 2022; India imported $1.3 billion worth of Russian fertilizers in the first seven months of 2025 [3] - Key agricultural exports from India to Russia include fish, shrimp, rice, tobacco, and tea, with potential for increased agricultural exports from Russia to India [3] - Beyond traditional exports like pulses and oilseeds, there is significant potential for Indian exports of chocolate, baby food, pasta, meat, dairy products, mineral water, juices, alcoholic beverages, and pet food to Russia [4]
沭阳县琰道酒类经营部(个体工商户)成立 注册资本10万人民币
Sou Hu Cai Jing· 2025-09-23 03:03
天眼查App显示,近日,沭阳县琰道酒类经营部(个体工商户)成立,法定代表人为王琰婷,注册资本 10万人民币,经营范围为许可项目:烟草制品零售;餐饮服务;酒类经营;食品销售(依法须经批准的 项目,经相关部门批准后方可开展经营活动,具体经营项目以审批结果为准) 一般项目:食品销售 (仅销售预包装食品)(除依法须经批准的项目外,凭营业执照依法自主开展经营活动)。 ...
拒绝全球化只会被时代抛弃
Jing Ji Ri Bao· 2025-09-19 22:18
Core Viewpoint - The author Charles Mann argues that globalization is an inevitable historical result driven by multiple factors, and that economic decoupling and trade disruptions cannot reverse the established reality of globalization [1]. Group 1: Historical Context of Globalization - The rise of the Ottoman Empire in the mid-15th century disrupted traditional trade routes between Europe and Asia, prompting Europeans to seek new maritime trade routes, leading to Columbus's accidental discovery of the Americas [2]. - The moment Europeans set foot in the Americas marked the beginning of globalization, with immediate effects such as the exchange of species, notably the introduction of crops like potatoes and tobacco to Europe, which significantly altered local diets and social customs [3]. Group 2: Impact on China and Global Trade - China was also influenced by globalization, with crops like sweet potatoes, corn, and chili peppers spreading from coastal regions to inland areas, becoming staples in local diets [4]. - The demand for luxury goods such as porcelain, silk, and tea from China led to an influx of silver, which became a crucial currency in the late Ming Dynasty, although a subsequent silver shortage was exacerbated by global events [4]. Group 3: Modern Globalization Dynamics - Globalization has evolved from its tumultuous beginnings to a more peaceful phase characterized by multinational trade, cultural exchange, and international cooperation on key issues like climate change, leading to a "homogeneous world" where humanity forms a community of shared destiny [5]. - Despite recent setbacks in economic globalization due to rising unilateralism and protectionism, the overall trend since the turn of the millennium has been a steady increase in global wealth, benefiting many countries and regions [5]. Group 4: Socioeconomic Implications - The prosperity and stability of the world cannot be built on the foundation of increasing inequality; those who reject globalization risk being left behind [6].
西昌市硕朵酒水商贸有限公司成立 注册资本30万人民币
Sou Hu Cai Jing· 2025-09-17 08:48
Core Viewpoint - Recently, Xichang Shuo Duo Beverage Trading Co., Ltd. was established with a registered capital of 300,000 RMB, indicating a new player in the beverage and tobacco retail market [1] Company Summary - The legal representative of the company is Wang Jing, which may suggest a centralized management structure [1] - The company is authorized to engage in food sales, liquor operations, and retail of tobacco products, highlighting its focus on the beverage and tobacco sectors [1] - The general business scope includes the sale of pre-packaged food, daily necessities, personal hygiene products, insecticides, and disposable medical supplies, indicating a diversified product offering [1]
陆丰家睿商贸有限责任公司成立 注册资本5万人民币
Sou Hu Cai Jing· 2025-09-17 06:16
天眼查App显示,近日,陆丰家睿商贸有限责任公司成立,注册资本5万人民币,经营范围为许可项 目:食品销售;酒类经营;烟草制品零售;电子烟零售;餐饮服务;餐饮服务(不产生油烟、异味、废 气)。(依法须经批准的项目,经相关部门批准后方可开展经营活动,具体经营项目以相关部门批准文 件或许可证件为准)一般项目:食品销售(仅销售预包装食品);食品互联网销售(仅销售预包装食 品);日用百货销售;日用品销售;食用农产品零售;农副产品销售;外卖递送服务;自动售货机销 售;机械设备租赁;工艺美术品及礼仪用品销售(象牙及其制品除外);家用电器销售;日用口罩(非 医用)销售;专业设计服务;互联网销售(除销售需要许可的商品)。(除依法须经批准的项目外,凭 营业执照依法自主开展经营活动)。 ...
非法贸易严重阻碍拉美经济发展
Shang Wu Bu Wang Zhan· 2025-09-12 16:33
Core Insights - The rise of illegal trade in Latin America has become a primary revenue source for organized crime groups, leading to significant fiscal losses for countries and negatively impacting public health and key sectors such as pharmaceuticals, textiles, and agriculture [1] - Organized crime groups utilize proceeds from illegal trade to fund violent activities, posing a serious threat to public safety [1] Summary by Category Illegal Trade Index - The latest report from TRACIT indicates that the average score for 158 assessed countries on the 2025 Illegal Trade Index is 49.9, with higher scores indicating less impact from illegal trade [1] - Denmark ranks highest with a score of 76, while Yemen ranks lowest at 25.7 [1] - Latin America's performance is notably poor, with countries like Venezuela (27.1), Haiti (32.2), Nicaragua (33.3), Bolivia (38.5), and Honduras (39.3) scoring low [1] - The region's average score is 47.4, which is lower than North America (73.3), Europe (61), and Asia (50.9) [1] Focus Areas of Illegal Trade - Illegal trade activities in Latin America are primarily concentrated in tobacco, alcohol, and counterfeit products [1] - In Panama, 96% of cigarettes sold come from illegal sources, with Ecuador (85%), Costa Rica (47%), and Colombia (36%) also showing high levels of illegal tobacco sales [1] - Ecuador experiences annual losses of over one hundred million dollars in government revenue due to illegal alcohol sales [1]