Group 1 - The core viewpoint of the articles emphasizes the increasing interest in high dividend yield stocks, particularly in the context of declining bond yields and the need for investors to seek higher returns in equity investments [1][2][3] - Long-term value in dividend investing is shifting from merely seeking high dividend rates to focusing on sustainable dividend capabilities, with a recommended expected return rate of over 3%-5% and a strong safety margin [1][2] - The performance of high dividend sectors has shown recovery, driven by strong demand for insurance funds and favorable pricing logic in cyclical high dividend sectors such as oil, steel, and coal [1][2] Group 2 - The market is experiencing challenges in restoring risk premiums, with significant volatility in cyclical products affecting market profitability, leading to a potential "small platform period" for investor risk appetite [2][3] - The insurance sector is seeing robust growth in new business, particularly in dividend insurance sales, which is increasing the allocation of investment funds towards long-duration assets [2][3] - The dividend strategy remains a key focus for equity investments, with pressures on cash investment returns expected to increase by 2026, reinforcing the importance of dividend strategies for companies [2][3] Group 3 - Looking ahead to 2026, dividend strategies are expected to continue serving as a stabilizing force in investment portfolios, with dividend assets showing lower valuation levels and volatility compared to other asset classes [3][9] - The Hong Kong Stock Connect Dividend ETF (520900) closely tracks the CSI National New Hong Kong Stock Connect Central Enterprise Dividend Index, which selects stable dividend-paying companies from the central state-owned enterprises [3][9] - The top five industries in the CSI National New Hong Kong Stock Connect Central Enterprise Dividend Index include oil and petrochemicals (28.63%), telecommunications (21.75%), coal (11.80%), transportation (10.47%), and public utilities (7.94%), indicating a strong value and defensive characteristic [4][10]

Investment Rating - The report maintains an "Overweight" rating for the telecommunications sector, indicating an expectation that the sector will outperform the benchmark index [6]. Core Viewpoints - The adjustment of the VAT category for telecommunications services from value-added telecommunications services to basic telecommunications services, with a corresponding increase in VAT rate from 6% to 9%, is expected to have a short-term impact on the revenue and profits of the three major telecom operators [1][4]. - Despite the VAT adjustment, the operators are actively pursuing technological transformation and upgrading, which is expected to optimize their revenue structure in the long term [1][3]. - The impact on profits may be less severe than initially calculated due to several factors, including past experiences with tax adjustments, the shift towards technology-driven services, and cost reductions through AI-driven operational efficiencies [3][22]. Revenue Impact - The estimated impact of the VAT adjustment on total revenue is approximately 1.3% to 1.4% for the three major operators, with specific estimates of 1.4% for China Mobile, 1.3% for China Telecom, and 1.3% for China Unicom [2][18]. - The affected services primarily include SMS, mobile data services, and internet broadband access, which account for 52%, 48%, and 46% of total revenues for China Mobile, China Telecom, and China Unicom, respectively [2][9]. Profit Impact - Direct calculations suggest that the absolute revenue impact for 2026 would be approximately 15.3 billion for China Telecom, 54 billion for China Unicom, and 153 billion for China Mobile, representing 8.2%, 15.3%, and 19.3% of their respective total profits [3][19]. - However, the report suggests that the final impact on profits may be lower than these direct estimates due to historical precedents and ongoing strategic shifts towards technology services [3][22]. Investment Conclusion - Overall, while the VAT adjustment will have some short-term effects on performance, the stable profitability and cash flow of the telecom operators, along with attractive dividends and the long-term growth potential of their digital businesses, remain intact [4][26]. - The report recommends focusing on China Mobile, China Telecom, and China Unicom as attractive investment opportunities [4][25].

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2026年1月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 中國電信股份有限公司 呈交日期: 2026年2月3日 第 1 頁 共 10 頁 v 1.2.0 II. 已發行股份及/或庫存股份變動及足夠公眾持股量的確認 | 1. 股份分類 | 普通股 | 股份類別 | H | | 於香港聯交所上市 (註1) | 是 | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 00728 | 說明 | H股 | | | | | | | | | 已發行股份（不包括庫存股份）數目 | | | 庫存股份數目 | | 已發行股份總數 | | | 上月底結存 | | | 13,877,410,000 | | | 0 | | 13,877,410,000 | | 增加 / 減少 (-) | | | | 0 | | 0 | | | | 本月底結存 | | | 13,877,410,000 | | | 0 | | 13,877, ...

来源：新浪基金∞工作室 电信ETF汇添富（560300）业绩比较基准为中证电信主题指数收益率，管理人为汇添富基金管理股份有 限公司，基金经理为何丽竹，成立（2023-12-05）以来回报为105.17%，近一个月回报为0.12%。 2月3日，电信ETF汇添富（560300）开盘跌0.15%，报2.045元。电信ETF汇添富（560300）重仓股方 面，中国移动开盘涨0.00%，中国联通涨0.62%，中国电信涨0.00%，中国卫通涨1.97%，中际旭创涨 2.71%，银之杰涨0.73%，新易盛涨4.10%，中兴通讯涨1.08%，天孚通信涨5.66%，中天科技涨1.77%。 声明：市场有风险，投资需谨慎。本文基于第三方数据库自动发布，不代表新浪财经观点，任何在本文 出现的信息均只作为参考，不构成个人投资建议。如有出入请以实际公告为准。如有疑问，请联系 biz@staff.sina.com.cn。 ...

Core Insights - The report highlights the performance of various sectors in the A-share market, indicating a mixed trend with certain industries like electric grid and liquor leading the gains while others like precious metals and fertilizers lag behind [3][7][13] - The macroeconomic analysis suggests that while the GDP growth target for 2025 was achieved, structural issues such as weak demand persist, necessitating policy support to sustain growth momentum [10][11] - The telecommunications sector is experiencing significant changes due to tax adjustments, which may impact revenue and profit margins for major players like China Mobile, China Unicom, and China Telecom [3][6] Market Performance - The A-share market has shown volatility with the Shanghai Composite Index and Shenzhen Component Index experiencing declines of 2.48% and 2.69% respectively [1] - The telecommunications industry index outperformed the broader market, reflecting a 12.82% increase in December, driven by strong demand for communication equipment [27] - The new materials sector has also shown robust performance, with a 10.54% increase in January, significantly outperforming the broader indices [18] Industry Analysis - The report discusses the upcoming launch of DeepSeek's new AI model, DeepSeek V4, which is expected to surpass existing models in performance and could significantly impact the AI landscape [15][17] - The photovoltaic industry is highlighted for its strong growth, with over 300GW of new installations in 2025, despite facing challenges such as rising costs and regulatory changes [21][22] - The media sector is experiencing a surge in activity, particularly in gaming and film, with the upcoming Spring Festival expected to drive significant box office revenues [24][26] Economic Indicators - The report notes that China's GDP for 2025 reached 1401879 billion, marking a 5.0% increase from the previous year, with consumption playing a more significant role in growth [10] - The fixed asset investment showed a decline of 3.8%, indicating potential weaknesses in the investment landscape [10] - The telecommunications retail sector saw a year-on-year increase of 20.9% in 2025, reflecting strong consumer demand for communication devices [28] Investment Recommendations - Investors are advised to adopt a balanced strategy, focusing on sectors like AI and high-end manufacturing while also considering cyclical and resource sectors for potential opportunities [3][14] - The report suggests that the media sector, particularly gaming and film, presents high growth potential due to favorable policy environments and technological advancements in AI [26] - In the telecommunications sector, companies involved in optical fiber and AI mobile technologies are recommended for investment due to their growth prospects [31]

Core Viewpoint - The adjustment in the VAT tax category for telecommunications services in China will impact the revenue and profit of the company, as the VAT rate changes from 6% to 9% starting January 1, 2026 [1] Group 1: Tax Policy Changes - The Ministry of Finance and the State Taxation Administration of China announced that from January 1, 2026, the tax category for services such as mobile data, SMS, MMS, and internet broadband access will change from value-added telecommunications services to basic telecommunications services [1] - The corresponding VAT rate for these services will increase from 6% to 9% [1] Group 2: Company Strategy - The company will fully implement its cloud transformation strategy, focusing on the construction of technology-driven enterprises [1] - The company aims to accelerate its AI+ initiatives and develop an integrated intelligent cloud service model that combines computing power, platforms, data, models, and applications [1] - The company is committed to fostering new growth drivers, enhancing quality, reducing costs, and improving efficiency to promote high-quality development [1]

Core Viewpoint - The adjustment of the VAT tax category for telecom services will significantly impact the net profits of the three major telecom operators in China, potentially exceeding 10 billion yuan in 2026 [1][4]. Group 1: Tax Adjustment Impact - The Ministry of Finance and the State Taxation Administration announced that from January 1, 2026, the VAT rate for telecom services will increase from 6% to 9%, affecting mobile data, SMS, and broadband services [1]. - Independent telecom analyst estimates that this VAT adjustment could lead to a combined net profit impact of over 10 billion yuan for the three major operators in 2026 [2][4]. - The three major operators have not disclosed the specific extent of the impact on their revenues and profits [1][2]. Group 2: Market Reaction - Following the announcement, shares of China Mobile, China Unicom, and China Telecom experienced declines of 3.86%, 5.48%, and 4.33% respectively on February 2 [2]. - The adjustment affects significant revenue streams, including mobile data services, SMS, and broadband access, which are crucial to the operators' business [2]. Group 3: Future Business Directions - The three operators outlined their future business focus areas, emphasizing digital intelligence, computing power, and service enhancement as key growth drivers [5][6]. - China Telecom plans to implement a comprehensive strategy focusing on cloud and AI integration, while China Mobile aims to strengthen its communication and intelligent services [5][6]. - China Unicom is focusing on core areas such as connectivity, computing power, and security to enhance operational efficiency and achieve sustainable development [6]. Group 4: Emerging Business Trends - The telecom industry is seeing growth in emerging business areas such as cloud computing, big data, and mobile IoT, with revenues from these sectors reaching 450.8 billion yuan in 2025, a 4.7% increase from the previous year [6]. - The share of emerging business revenues in total telecom income rose from 25% to 25.7%, contributing to a 1.2 percentage point increase in overall telecom revenue growth [6].

Core Viewpoint - The adjustment of the VAT tax category for telecom services will significantly impact the revenues and profits of the three major telecom operators in China starting from January 1, 2026, with an estimated net profit impact exceeding 10 billion yuan [1][4]. Group 1: Tax Adjustment Impact - The Ministry of Finance and the State Taxation Administration announced that the VAT rate for telecom services will increase from 6% to 9% [1]. - Independent telecom analyst estimates that the net profit impact on the three major operators could exceed 10 billion yuan in 2026 [2][4]. - The three major operators (China Mobile, China Unicom, China Telecom) have not disclosed specific details regarding the extent of the impact on their financial performance [1][2]. Group 2: Market Reaction - Following the announcement, shares of the three major telecom operators experienced declines: China Mobile down 3.86% to 92.66 yuan, China Unicom down 5.48% to 4.83 yuan, and China Telecom down 4.33% to 5.74 yuan [2]. Group 3: Business Revenue Breakdown - The adjustment affects key telecom services including mobile data, SMS, and broadband access, which are crucial to the operators' business [3]. - In 2025, the total telecom business revenue is projected to reach 1.75 trillion yuan, with significant contributions from mobile data and broadband services [3]. Group 4: Future Business Directions - The three operators have outlined their future business strategies focusing on digital intelligence, computing power, and service enhancement [5][6]. - China Telecom aims to implement a comprehensive strategy for cloud and digital transformation, while China Mobile focuses on strengthening communication and intelligent services [5][6]. - China Unicom emphasizes building differentiated advantages in connectivity, computing power, and security [6].

Summary of Key Points Core Viewpoint - The adjustment in the VAT rate for basic telecommunications services from 6% to 9% will impact the revenue and profit of China Telecom, which is focusing on advancing its cloud and AI strategies for high-quality development [1][2]. Trading Information - On February 2, China Telecom's stock closed at 5.74 yuan, down 4.33%, with a turnover rate of 0.5%, a trading volume of 3.9159 million shares, and a transaction value of 2.252 billion yuan [1]. - On the same day, the net outflow of main funds was 54.6244 million yuan, accounting for 2.43% of the total transaction value, while retail investors experienced a net outflow of 54.3671 million yuan, also representing 2.41% of the total transaction value [1][2]. Company Announcement - The Ministry of Finance and the State Taxation Administration announced that starting from January 1, 2026, the applicable tax category for mobile data services, SMS, MMS, and internet broadband access services will change from value-added telecommunications services to basic telecommunications services, resulting in an increase in the VAT rate from 6% to 9% [1][2]. - China Telecom will continue to promote its cloud transformation strategy and accelerate the development of technology-driven enterprises, implementing AI initiatives to create integrated intelligent cloud services [1].

Macro Dynamics - The Central Committee of the Communist Party of China and the State Council approved the "Modern Capital Metropolitan Area Spatial Coordination Plan (2023-2035)", aiming to cultivate an innovation triangle in the Beijing-Tianjin-Hebei region, enhancing collaboration and resource flow [2] Housing Market - Shanghai has initiated a program to purchase second-hand housing for affordable rental housing, targeting new citizens, young people, and graduates to meet their rental needs [3] - The first batch of housing to be acquired will focus on matching housing types, layout, and transportation convenience to support talent in the city [3] Energy Sector - The China Electricity Council reported that by 2025, the country will add 550 million kilowatts of new power generation capacity, with wind and solar power accounting for 440 million kilowatts, representing 80.2% of the total [4] Financial Institutions - Citigroup warned that gold valuations have reached extreme levels, with global gold expenditure as a percentage of GDP hitting 0.7%, the highest in 55 years, indicating potential risks for gold prices [7] - Deutsche Bank remains bullish on gold, maintaining a target price of $6,000 per ounce despite recent price drops, citing ongoing positive factors for gold investment [8] Market Data - On February 2, A-shares experienced a significant decline, with all three major indices dropping over 2%, and more than 4,600 stocks falling, including 123 hitting the daily limit down [12] - The Hong Kong Hang Seng Index fell by 2.23%, with the technology index down 3.36%, and significant declines in precious metals and semiconductor stocks [13] Company Dynamics - Midea Group announced a share buyback of 26.94 million shares, representing 0.35% of its total share capital, at a total cost of 1.998 billion yuan [17] - Chip-on-Board Technology reported a revenue of 394 million yuan for 2025, a year-on-year increase of 11.52%, but a net profit decrease of 4.91% [18] - GoerTek has repurchased 40.54 million shares, amounting to 1.14% of its total shares, for a total expenditure of 1.108 billion yuan [19] - Microsoft saw a market value drop of $381 billion following disappointing earnings and forecasts, indicating a shift in investor sentiment towards tech stocks [20] - Amazon is expected to report strong fourth-quarter earnings, with analysts predicting over 28% upside potential in the next 12 months [21]