Core Viewpoint - The adjustment of the VAT tax category for telecommunications services will impact the revenue and profit of the three major telecom operators in China, with an estimated net profit reduction of approximately 6%-8% [1][2][4]. Group 1: VAT Adjustment Details - The Ministry of Finance and the State Administration of Taxation announced that from January 1, 2026, the VAT rate for basic telecommunications services will increase from 6% to 9% [2]. - The three major telecom operators have acknowledged that this adjustment will affect their financial performance [2]. Group 2: Business Impact Analysis - The telecom operators have diversified business segments, including voice calls, internet services, cloud computing, and hardware sales, which complicates the precise measurement of the VAT adjustment's impact [3]. - The adjustment's effect on net profit is estimated based on various assumptions, including a 50% pass-through of VAT to downstream customers and a 2% initial revenue reduction, with a gradual recovery expected [4]. Group 3: Future Outlook and Investment Recommendations - Despite the VAT adjustment, the high dividend yield of the telecom operators remains stable, with projected dividend payout ratios of 75% for China Mobile and China Telecom, and 58% for China Unicom, leading to dividend yields of 5.2%, 4.9%, and 3.6% respectively [5]. - The operators are expected to focus on enhancing network construction, technology research, and service quality, with significant investments in emerging fields such as 6G and AI anticipated to increase by approximately 10 percentage points [5][6]. - The operators are well-positioned to benefit from the growth of AI applications and the expansion of their computing capabilities, which may lead to a valuation uplift [7].

航天发展今日涨停，成交额138.72亿元，换手率28.12%，盘后龙虎榜数据显示，深股通专用席位买入 1.42亿元并卖出1.73亿元，1家机构专用席位净买入1.52亿元。中国银河证券大连黄河路证券营业部净买 入7.56亿元。 ...

（文章来源：第一财经） | 公告日期 2026-02-03 | 异常期间 元 | | | | | --- | --- | --- | --- | --- | | 航天发展 (000547) | 成交量 | 446,843,944 份/股 | 成交金额 | 13,872,226,054 元 | | 日价格涨幅偏离值达到7.65% | | | | | | 买卖 | 会员营业部名称 | 买入金额 | 幸出会额 | | --- | --- | --- | --- | | | | (元) | (元) | | 买1 | 中国银河证券股份有限公司大连黄河路 证券营业部 | 903,142,026 | 147,252,921 | | 买2 | 国泰海通证券股份有限公司武汉紫阳东 路证券营业部 | 232,970,591 | 69,461,510 | | 买3 | 东吴证券股份有限公司苏州相城大道证 券营业部 | 194,308,722 | 215,687 | | 买4 | 机构专用 | 165,216,613 | 13,031,398 | | ಶಿಕ | 中泰证券股份有限公司湖北分公司 | 158,421,646 | 32, ...

一方面，美伊局势持续紧张，风险溢价攀升。1月23日，美国财政部宣布针对伊朗实施新一轮制裁措 施，涉及多家与石油和天然气相关的公司和多艘油轮。此外，美国多次威胁军事干涉伊朗局势。目前， 伊朗原油产量超过300万桶/日，出口量约200万桶/日，约占全球供应的3%。市场担忧若美伊冲突爆发， 伊朗原油出口可能受阻。此外，若局势恶化，霍尔木兹海峡或面临封锁危机。 智通财经APP获悉，中国银河证券发布研报称，当前原油市场聚焦美伊局势，短期油价波动或加剧。建 议后续密切关注地缘局势、OPEC+产量政策、全球贸易争端等指引。2025年我国原油表观需求改善、 天然气表观需求微增、成品油表观需求回落。该行预计2026年2月Brent原油价格运行区间参考60-70美 元/桶，受地缘不确定性因素影响，短期油价波动将加剧。推荐PX、PTA、石化新材料等领域投资机 会。 中国银河证券主要观点如下： 1月油价重心上移 截至1月30日，Brent、WTI月均价分别为64.7、60.2美元/桶，环比分别上涨5.0%、4.1%。供给端，地缘 因素叠加北美寒潮，供给缩量预期升温。 2025年我国天然气表观消费量4322亿立方米，同比增长2.4%， ...

Core Viewpoint - The report from China Galaxy Securities indicates that the artificial intelligence (AI) sector experienced a significant rebound in January, driven by three main catalysts, and suggests actively investing in AI sub-sectors and leading companies with performance support [1][2]. Group 1: AI Sector Performance - The AI sector index (884201.WI) increased by 10.86% in January, outperforming the Shanghai Composite Index, which rose by 3.76%, the CSI 300 by 1.65%, and the ChiNext Index by 4.47% [1]. - The trading volume in the AI sector reached 27,958.23 billion yuan, marking a year-on-year increase of 152.67% and a month-on-month increase of 94.74% [1]. - The sector's strong performance in January was attributed to industrial, policy, and capital progress catalysts [2]. Group 2: Catalysts for Growth - Industrial catalysts include the upcoming CES 2026, the introduction of NVIDIA's Rubin architecture, and collaborations such as NVIDIA's partnership with Eli Lilly for AI-assisted drug discovery [2]. - Policy support is highlighted by the issuance of the "Artificial Intelligence + Manufacturing" special action implementation opinions by eight departments [2]. - Capitalization progress is noted with the listings of Zhizhu AI and MiniMax on the Hong Kong Stock Exchange [2]. Group 3: Future Demand and Market Trends - The domestic AI data center (AIDC) bidding is expected to recover and show an upward trend starting in Q4 2025, with major internet companies accelerating their data center layouts [4]. - The potential entry of NVIDIA's H200 chip into the Chinese market is anticipated to benefit the development of domestic computing chips and ecosystems [4]. - The AI application landscape is shifting from traditional search engine optimization (SEO) to generative engine optimization (GEO), indicating a transformation in marketing and user behavior [3]. Group 4: Investment Recommendations - Key areas for investment include the domestic computing power industry chain, IDC service providers and computing power leasing, domestic trusted innovation manufacturers, AI agents and applications, cloud computing companies, integrated machines and edge AI, and companies involved in the data element industry chain [5].

结合2024年报及1H25中报，已发布业绩预告的相关公司海外业务占比均较高，推测若忽略会对损益影 响，则相关公司利润水平有望更进一步，展望十五五开局首年，在上游器件供给紧张，需求端持续高景 气的背景下，相关公司具备更进一步业绩释放的基础。 智通财经APP获悉，中国银河证券发布研报称，截至2026年1月31日，中际旭创等光模块龙头标的相继 发布2025年度业绩预告，相关公司业绩普遍预增逾五成，但汇兑损益一定程度影响业绩释放节奏。当下 时点光通信仍处于相对低估的水平，在需求端持续放量的基础上，产能的紧缺仍将是2026年制约光通信 发展的主要瓶颈，在我国光模块厂商全球市占率居首并仍在持续提升的基础上，"十五五"期间内，产业 链向上游渗透的机遇较为充足。 中国银河证券主要观点如下： 光模块龙头标的业绩预告超预期，汇兑损益一定程度影响业绩释放节奏 发布业绩预期公告的相关公司业绩普遍增长超50%，龙头标的如中际旭创、新易盛等业绩实现超预期增 长，其中新易盛2025年预计将实现归属于上市公司股东的净利润94-99亿元，同增231.24%-248.86%，利 润增幅领先；中际旭创预计将实现归属于上市公司股东的净利润98-11 ...

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 備註： 第 1 頁 共 11 頁 v 1.2.0 FF301 公司名稱: 中國銀河證券股份有限公司 呈交日期: 2026年2月2日 I. 法定/註冊股本變動 | 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) | 06881 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 3,690,984,633 | RMB | | 1 | RMB | | 3,690,984,633 | | 增加 / 減少 (-) | | | 0 | | | | RMB | | 0 | | 本月底結存 | | | 3,690,984,633 | RMB | | 1 | ...

致：香港交易及結算所有限公司 公司名稱: 中國銀河證券股份有限公司 呈交日期: 2026年2月2日 I. 法定/註冊股本變動 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 FF301 因本公司於中華人民共和國註冊成立，"法定/註冊股本"之概念不適用於本公司。在上述第I部顯示「法定/註冊股本」的資料即本公司的已發行股本。 FF301 | 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) | 06881 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 3,690,984,633 | RMB | | 1 | RMB | | 3,690,984,633 | | 增加 / 減少 (-) | | | 0 | | | | RMB ...

大健康国际1月多次出现大手存转仓记录。香港联交所最新资料显示，1月20日，3044.03万股股票于当 日被存入粤商国际证券，该笔存仓股份市值3926.79万港元；1月26日，大健康国际股东将股票存入招银 国际证券，存仓市值5098.28万港元，占比12.43%。此外，1月28日，大健康国际股东将股票由富途证券 国际香港转入宝新证券，转仓市值3035.37万港元；1月29日，大健康国际股东将股票由粤商国际证券转 入香港上海汇丰银行，转仓市值8551.5万港元，占比14.68%。 香港联交所最新资料显示，1月30日，大健康国际(02211)股东将股票由粤商国际证券转入中国银河 （601881）证券香港，转仓市值9813.59万港元，占比17.24%。 ...

Core Viewpoint - Company maintains a "recommended" rating for Anta Sports (02020) following the announcement of its plan to acquire 29.06% stake in PUMASE, which will make Anta the largest single shareholder of PUMA after the transaction is completed [1][7]. Group 1: Acquisition Details - Anta Sports announced an agreement with Groupe Artémis to acquire a 29.06% stake in PUMASE for a cash consideration of €1.5 billion, with the transaction expected to enhance Anta's brand portfolio in the mid-to-high-end professional sports sector [2][8]. - The acquisition is part of Anta's strategy to deepen its global presence, following previous acquisitions of Amer Sports and Jack Wolfskin, and aims to create a new growth engine for the company's future high-quality development through global resource integration and synergy [2][8]. Group 2: PUMA's Current Status - PUMA, a leading global sports brand based in Germany, is currently undergoing a strategic reset, having transitioned from a high-growth phase to a stable development stage [3][10]. - The company recorded revenues of €5.974 billion in the first three quarters of 2025, reflecting an 8.5% year-on-year decline, and reported a net loss of €308 million [3][10]. - PUMA's footwear segment remains its most resilient revenue driver, projected to account for 53% of total revenue in 2024, covering various categories including soccer, running, and basketball shoes [3][10]. Group 3: Strategic Implications - The acquisition is expected to fill the ecological gap between Anta's main brand (mass professional) and its other brands like Amer Sports and FILA, allowing Anta to comprehensively cover global consumer demand from mass to mid-to-high-end markets [6][10]. - Anta's proven retail operational capabilities and efficient supply chain integration from previous acquisitions are anticipated to empower PUMA's business recovery in the Greater China region, unlocking growth potential [6][10].