Market Overview - A-shares experienced a "V-shaped" rebound, with the Shanghai Composite Index rising by 1.29% to 4,067.74 points, and the Shenzhen Component Index increasing by 2.19%[15] - U.S. stocks fell, with the Dow Jones down 0.34% to 49,240 points, and the Nasdaq dropping 1.43% to 23,255 points, driven by a sell-off in tech stocks[8] - European markets saw slight pullbacks, with the FTSE 100 down 0.26% and the CAC 40 down 0.02%[8] Commodity and Forex Trends - International oil prices rebounded by 2%, with WTI crude oil at $63.21 per barrel and Brent crude at $67.89 per barrel[28] - Gold prices surged by 6.08% to $4,903.7 per ounce, while silver rose by 8.17% to $83.3 per ounce[28] - The U.S. dollar index decreased by 0.2% to 97.44, while the dollar to RMB exchange rate was 6.939, reflecting a 0.1% increase[27] Tax Policy and Internet Sector - The new VAT law in China will not affect internet companies' tax rates starting January 1, 2026, but stricter criteria for high-tech enterprise recognition may impact non-leading firms[5] - The government is expected to clarify tax rules for digital products and services, aiming to reduce VAT rates and optimize the tax deduction chain[5] Stock Performance Highlights - Tencent's stock price is projected to grow, with expected revenue growth of 13.5% year-on-year in Q4 2025, driven by strong gaming performance[12] - AMD reported Q4 2025 revenue of $10.3 billion, exceeding guidance, with a year-on-year growth of 34%[7] - The Hang Seng Index rose by 0.22% to 26,834.77 points, despite tech stocks facing pressure from tax rumors[10]
互联网企业增值税无忧：环球市场动态2026年2月4日
citic securities·2026-02-04 02:41