近日，《中华人民共和国增值税法实施条例》(以下简称：《实施条例》)正式对外发布，将于2026年1 月1日起施行。当天，《中华人民共和国增值税法》(以下简称：增值税法)将同步施行。 增值税覆盖国民经济全行业、各链条，是目前我国的第一大税种。因此，相关《实施条例》发布引发了 市场主体的关注。 北京国家会计学院副院长李旭红对贝壳财经记者表示，《实施条例》的颁布，为广大纳税人的各项经营 业务提供了明确的法律遵循依据，对增强税制确定性，提升纳税人的主动遵从度均具有重要意义。 具体来看，《实施条例》对增值税法第3条所称"货物""服务""无形资产"和"不动产"作出细化规定，比 如，货物包括有形动产、电力、热力、气体等；服务包括交通运输服务、邮政服务、电信服务、建筑服 务、金融服务，以及信息技术服务、文化体育服务、鉴证咨询服务等生产生活服务。 不新增纳税人负担《实施条例》保持税制连贯 增值税是我国第一大税种。官方数据显示，2024年我国增值税收入约6.57万亿元，占全部税收收入的 38%；2025年前11个月，国内增值税收入约6.4万亿元，同比增长3.9%。 因此，增值税的立法及《实施条例》发布将直接影响诸多市场主体。 20 ...

（2025年12月4日河南省第十四届人民代表大会常务委员会第二十一次会议通过） 河南省第十四届人民代表大会常务委员会 公告 第74号 《河南省邮政条例》已经河南省第十四届人民代表大会常务委员会第二十一次会议于2025年12月4日审 议通过，现予公布，自2026年3月1日起施行。 河南省人民代表大会常务委员会 2025年12月4日 第一章 总则 第一条 为了保障邮政普遍服务，加强对邮政市场的监督管理，维护邮政通信与信息安全，保护通信自 由和通信秘密，保护用户合法权益，促进邮政业高质量发展，根据《中华人民共和国邮政法》、国务院 《快递暂行条例》等法律、行政法规，结合本省实际，制定本条例。 第二条 本省行政区域内邮政业的规划、建设、服务、安全以及监督管理等活动，适用本条例。 第三条 县级以上人民政府应当将邮政业发展纳入国民经济和社会发展规划，依照国家规定承担相应财 政事权和支出责任，保障邮政服务、快递服务与经济社会发展和人民生活需要相适应。 第八条 依法成立的快递行业组织应当制定行业相应规范，加强行业自律，维护企业及其从业人员的合 法权益，督促企业守法、诚信、安全、绿色经营。 第二章 规划与建设 第九条 省邮政管理 ...

Core Insights - The postal industry in China reported a business revenue of 156.42 billion yuan in October 2025, marking a year-on-year growth of 7.9% [1][3] - The express delivery business revenue reached 131.67 billion yuan in October, with a year-on-year increase of 4.7% [1][3] - Cumulative business revenue for the postal industry from January to October 2025 was 1,470.05 billion yuan, reflecting a growth of 7.7% year-on-year [1][3] Revenue and Volume Analysis - In October, the total volume of postal delivery services reached 18.99 billion items, up 6.5% year-on-year, while express delivery volume was 17.60 billion items, increasing by 7.9% [1][3] - From January to October, the cumulative delivery volume for the postal industry was 177.25 billion items, a 14.0% increase year-on-year, with express delivery volume at 162.68 billion items, growing by 16.1% [1][3] Regional Performance - In the first ten months, the revenue share of express delivery in the eastern, central, and western regions was 73.8%, 15.6%, and 10.6%, respectively [6] - The eastern region saw a decline in revenue share by 0.9 percentage points compared to the previous year, while the central and western regions experienced increases of 0.6 and 0.3 percentage points, respectively [6] Market Concentration - The concentration index for the top eight express delivery and parcel service brands (CR8) was 87.0, which is an increase of 0.1 from the previous month [8] Business Segmentation - The share of same-city, intercity, and international/overseas express delivery volumes accounted for 8.1%, 89.8%, and 2.1% of total express delivery volume, respectively [9] - The same-city express delivery volume's share decreased by 1.0 percentage points year-on-year, while intercity volume's share increased by 1.1 percentage points [9] Provincial and City Insights - The top five cities by express delivery revenue were Shanghai (220.47 billion yuan), Guangzhou (75.30 billion yuan), Shenzhen (51.98 billion yuan), Jinhua (Yiwushi) (36.24 billion yuan), and Hangzhou (32.55 billion yuan) [12] - The top five cities by express delivery processing volume were Guangzhou (1,827,247.4 million items), Jinhua (Yiwushi) (1,750,532.1 million items), Shenzhen (1,011,097.8 million items), Shanghai (937,699.6 million items), and Dongguan (714,499.2 million items) [13]

Core Viewpoint - The event "Green Post, Future with Boxes - I am the Return Box Action π" organized by China Post Group emphasizes the importance of recycling and green development in line with the national "dual carbon" strategy, aiming to integrate ecological practices into daily life [1][10]. Group 1: Event Overview - The event took place in Nanjing on November 7, coinciding with the 2025 Green Postal Promotion Week, focusing on the circular economy and promoting green living [1][3]. - Activities included a paper box recycling area where participants exchanged unused boxes for gifts, successfully engaging local citizens in recycling efforts [3][9]. - Interactive games and challenges, such as the "Post Me Guard" ring toss game, attracted significant participation, making environmental education enjoyable for younger audiences [5][7]. Group 2: Environmental Impact - The event established a complete recycling loop, where collected boxes were sorted for reuse, reducing resource consumption, while funds from unusable boxes were donated to the "Post Love Green Three North" charity project [9][10]. - Participants expressed hope that such initiatives would inspire a broader commitment to green living beyond Nanjing [9][12]. Group 3: Corporate Responsibility - The initiative showcases China Post's role in leading green development and highlights the effective combination of corporate responsibility and public participation in promoting ecological civilization [10][12]. - The event is set to expand to more cities, encouraging a wider adoption of sustainable practices in everyday life [12].

Group 1 - The gold market continues to show strong momentum, with prices steadily rising due to dovish signals from Federal Reserve Chairman Jerome Powell at the Jackson Hole conference, alleviating market concerns about inflation and reinforcing expectations for a rate cut in September [1] - Powell's remarks are seen as a significant turning point in the macroeconomic environment, providing favorable support for the medium to long-term outlook of gold [1] Group 2 - Swiss Post announced the suspension of regular postal services to the United States starting August 26, due to the U.S. ending the tax exemption policy for imports valued under $800, requiring all goods to prepay tariffs [2] - This new regulation deviates from the Universal Postal Union standards and has prompted postal operators in several European countries, including the UK, France, and Germany, to follow suit and suspend parcel services to the U.S. [2] - Swiss Post is actively seeking solutions to resume services, particularly focusing on personal gifts valued under $100, aiming to restore normal operations to meet cross-border mailing demands [2] Group 3 - Technical analysis indicates that gold has stabilized above the middle band of the Bollinger Bands after breaking through significant resistance, confirming a short-term bullish breakout [3] - The support level at 3350 remains solid, allowing the bullish trend to continue, with potential further upward movement towards the 3400-3420 range [3] - As long as the support level is not breached, gold prices are expected to maintain a strong upward bias in the short term [3]

Core Insights - In July, the postal industry's business revenue (excluding direct operating income from Postal Savings Bank) reached 144.98 billion yuan, marking a year-on-year growth of 8.6% [1] - The express delivery business revenue amounted to 120.64 billion yuan in July, with a year-on-year increase of 8.9% [1] Revenue and Volume Summary - From January to July, the postal industry's cumulative business revenue totaled 1,018.07 billion yuan, reflecting a year-on-year growth of 8.3% [3] - Cumulative express delivery revenue for the same period reached 839.42 billion yuan, showing a year-on-year increase of 9.9% [3] - The total volume of postal delivery services from January to July was 122.3 billion pieces, up 16.2% year-on-year [3] - Express delivery volume for the same period was 112.05 billion pieces, with a year-on-year growth of 18.7% [3] Segment Analysis - In the first seven months, the cumulative volume of same-city express delivery reached 9.26 billion pieces, growing by 6.5% year-on-year [4] - The volume of intercity express delivery was 100.43 billion pieces, reflecting a significant year-on-year increase of 19.9% [4] - International/Hong Kong, Macau, and Taiwan express delivery volume reached 2.36 billion pieces, with a year-on-year growth of 19.2% [4] Market Share Dynamics - As of January to July, the shares of same-city, intercity, and international/Hong Kong, Macau, and Taiwan express delivery volumes were 8.3%, 89.6%, and 2.1%, respectively [7] - Compared to the same period last year, the share of same-city express delivery volume decreased by 0.9 percentage points, while intercity express delivery volume's share increased by 0.9 percentage points [7] Regional Performance - In the first seven months, the revenue share of express delivery in the eastern, central, and western regions was 74.0%, 15.5%, and 10.5%, respectively [9] - The volume share for these regions was 71.5%, 19.4%, and 9.1%, respectively [9] - The eastern region's revenue share decreased by 0.8 percentage points year-on-year, while the central and western regions saw increases of 0.5 and 0.3 percentage points, respectively [9] Industry Concentration - The concentration index CR8 for express and parcel service brands was 86.9, a slight decrease of 0.1 from the previous month [10]

Core Viewpoint - The impending expiration of the tariff exemption for small packages is causing a domino effect, leading multiple postal services worldwide to suspend deliveries to the United States [1][6]. Group 1: Impact on Postal Services - Various countries' postal services, including those in Asia, Europe, and Australia, are halting package deliveries to the U.S. due to the uncertainty surrounding new U.S. customs regulations [3][4][5]. - South Korea's postal service will stop accepting air packages and certain express services to the U.S., while Singapore Post will suspend standard services starting August 25 [3]. - Germany, Czech Republic, and Austria have also announced suspensions of postal services to the U.S. due to the changes in customs regulations [4]. Group 2: U.S. Customs Regulations - The U.S. Customs and Border Protection has outlined that packages shipped to the U.S. will be subject to applicable tariffs once the exemption period ends, affecting over 4 million packages processed daily [1][7]. - Packages valued under $800 that are not shipped via international postal systems will no longer enjoy the minimum tariff exemption, requiring full tariff payments [1]. - The new regulations may impose fixed fees ranging from $80 to $200 on packages, depending on the country of origin, and require detailed information submission from carriers [6]. Group 3: Industry Response - The international mailing and shipping industry is expressing concerns over the lack of clarity in the new regulations, which could lead to further disruptions in service [6][7]. - Online marketplace Etsy plans to suspend shipping labels for U.S. packages from Australia, Canada, and the UK, advising shippers to use carriers that allow pre-payment of tariffs [7].

Core Viewpoint - The article highlights the growth and transformation of China Post over the past 75 years, emphasizing its role in national development and its commitment to innovation, responsibility, and service to the community [1][4][7]. Group 1: Historical Development - Over the past 75 years, China Post has evolved from a state of poverty and weakness to a strong and prosperous entity, reflecting the broader narrative of national rejuvenation [4][11]. - The company has become the world's leading postal enterprise, achieving extensive coverage both domestically and globally [7]. Group 2: Commitment to Service - China Post expresses its commitment to "responsibility" by supporting financial inclusion and nurturing small and micro enterprises, thereby contributing to the overall economic development [11][14]. - The company aims to enhance rural logistics and empower rural e-commerce, facilitating the growth of rural areas [20]. Group 3: Global Integration - The company actively participates in the "Belt and Road" initiative, helping to promote Chinese manufacturing and culture on the global stage [25]. - China Post's efforts in building a new postal route reflect its dedication to international cooperation and cultural exchange [23][25]. Group 4: Innovation and Technology - The company focuses on innovation by leveraging digital technologies to enhance service efficiency and customer experience [28][31]. - China Post aims to create a smart and secure service environment, positioning itself for future growth through digital transformation [31].

Group 1 - The core viewpoint of the report is that Singapore Post's rating has been upgraded from "Hold" to "Buy" based on valuation reasons, with a slight adjustment of the fair value target from SGD 0.605 to SGD 0.590 [1] - Singapore Post has made progress in divesting non-core assets, including the sale of its freight forwarding business for SGD 177.9 million, which is expected to generate approximately SGD 10.5 million in disposal gains and release around SGD 104 million in cash [1] - The next step in asset monetization may involve sale-and-leaseback transactions of its post office network, with a potential deal for 10 post offices valued at SGD 50 million [1] Group 2 - Singapore Post is transitioning from a traditional postal service provider to a global logistics company, with potential catalysts for the future including value-accretive acquisitions in the region and feasible structural solutions for the sustainability of its domestic postal business [2] - The possibility of injecting real estate assets into a Real Estate Investment Trust (REIT) is also considered a potential growth avenue for the company [2]

Core Point - Hongkong Post has announced an immediate suspension of all postal services to Israel due to local events, effective until further notice [1] Group 1 - The suspension of postal services is a direct response to ongoing local events impacting operations [1]