Zhi Tong Cai Jing·2026-02-02 02:25Core Viewpoint - The recent adjustment in the VAT tax rate for telecommunications services from 6% to 9% is expected to impact the revenue and profits of major telecom operators in China, including China Unicom, China Telecom, and China Mobile, but is seen as a clarification of tax policy rather than an additional tax burden [1] Group 1: Market Reaction - Major telecom operators experienced significant declines in stock prices, with China Unicom down 7.04% to HKD 7.39, China Telecom down 6.32% to HKD 5.04, and China Mobile down 2.26% to HKD 78 [1] Group 2: Tax Policy Changes - The Ministry of Finance and the State Taxation Administration announced that starting January 1, 2026, the tax category for services such as mobile data, SMS, and internet broadband will change from value-added telecommunications services to basic telecommunications services, with the corresponding VAT rate increasing from 6% to 9% [1] - This adjustment is characterized as a "repositioning" of the tax category, which aims to clarify the public nature of basic communication services and is expected to enhance operational efficiency within the industry [1] Group 3: Industry Implications - The tax category adjustment is anticipated to encourage telecom operators to focus more on core activities such as network construction and service assurance, reducing homogeneous marketing competition and promoting high-quality development of digital economy infrastructure [1]