Core Viewpoint - The adjustment of the value-added tax (VAT) rate from 6% to 9% will impact the revenue and profits of China's three major telecom operators: China Mobile, China Unicom, and China Telecom [1][4][7]. Group 1: Impact of VAT Adjustment - The VAT adjustment is expected to affect the net profits of the three telecom operators differently, with China Mobile facing the least impact due to its higher profit margins [1][7]. - Morgan Stanley estimates that the net profit impact for China Mobile, China Telecom, and China Unicom in 2026 will be 7.1%, 12.6%, and 11.9% respectively, although actual impacts may be lower [1][7]. - The revenue impact from the VAT adjustment is estimated to be between 1.1% and 1.4% for the three operators [7]. Group 2: Response Strategies - The operators are expected to implement several measures to mitigate the negative effects of the VAT increase, including optimizing operational expenditures, increasing prices for traditional telecom services, investing in AI to boost cloud business growth, and adopting more prudent capital expenditure strategies [8]. - The emphasis on financial performance metrics such as profit growth and return on equity by the State-owned Assets Supervision and Administration Commission (SASAC) will drive these operators to take proactive measures [8]. Group 3: Market Performance and Dividend Yield - Despite the anticipated decline in earnings per share due to the VAT adjustment, the stock prices of the three operators have significantly retraced since Q4 2025, with declines of 12%, 15%, and 24% for China Mobile, China Telecom, and China Unicom respectively [2]. - The expected dividend yields for 2026, based on current stock prices, are 7.0% for China Mobile, 5.7% for China Telecom, and 6.8% for China Unicom, all of which are substantially higher than the Hang Seng Index's yield of 2.9% [2][8]. Group 4: Future Outlook - The upcoming Q4 2025 earnings call for the three telecom operators will be a critical event for assessing the actual impact of the VAT adjustment on profits and dividends [9].

Core Viewpoint - Morgan Stanley's report indicates that the three major telecom operators in mainland China will adjust their value-added tax rates from 6% to 9%, which is expected to impact net profits for China Mobile, China Telecom, and China Unicom by 7.1%, 12.6%, and 11.9% respectively [1] Group 1: Tax Adjustment Impact - The tax adjustment will affect mobile data, SMS/MMS, and internet broadband services [1] - China Mobile is expected to experience the smallest impact among the three operators due to its higher gross margins [1] - The actual profit impact may be milder than estimated, as the telecom operators are undergoing state-owned enterprise reforms with financial KPIs set by authorities [1] Group 2: Mitigation Measures - Telecom operators are expected to offset the impact of the tax adjustment through various measures, including optimizing operating expenses, price increases, and controlling capital expenditures [1] Group 3: Market Performance and Dividend Yield - The stock prices of the three major telecom operators have significantly declined since the fourth quarter of last year, primarily due to capital rotation towards AI-themed stocks and concerns over slowing growth in traditional telecom services [1] - Expected dividend yields for China Mobile, China Telecom, and China Unicom in 2026 are 7%, 5.7%, and 6.8% respectively, which remain attractive compared to the Hang Seng Index [1] - The report maintains an "overweight" rating for all three telecom operators [1]

Core Viewpoint - Northern Rare Earth's stock price has shown fluctuations with a recent increase of 2.08%, while the overall performance this year reflects a 5.49% increase, despite a 4.14% decline in the last five trading days [1][2]. Group 1: Stock Performance - As of February 3, Northern Rare Earth's stock price reached 48.65 CNY per share, with a trading volume of 20.48 billion CNY and a turnover rate of 1.17%, resulting in a total market capitalization of 175.87 billion CNY [1]. - Year-to-date, the stock has increased by 5.49%, with a recent decline of 4.14% over the past five trading days, and a slight increase of 1.04% over the last 20 days [2]. Group 2: Financial Performance - For the period from January to September 2025, Northern Rare Earth reported a revenue of 30.29 billion CNY, marking a year-on-year growth of 40.50%, and a net profit attributable to shareholders of 1.54 billion CNY, which represents a significant increase of 280.27% [2]. - Cumulatively, since its A-share listing, the company has distributed a total of 5.36 billion CNY in dividends, with 994 million CNY distributed over the past three years [3]. Group 3: Shareholder Information - As of January 20, 2025, the number of shareholders for Northern Rare Earth was 608,100, reflecting a decrease of 8.85% from the previous period, with an average of 5,944 circulating shares per shareholder, which is an increase of 9.71% [2]. - The top ten circulating shareholders include significant institutional investors, with Hong Kong Central Clearing Limited holding 80.36 million shares, a decrease of 5.83 million shares from the previous period [3].

道，都承载着人民对美好生活的向往。蜀道集团助力四川在全国率先试点实施高速公路片区化"智慧云仓"收费模 式，ETC车辆通行效率提升18%；2025年，在全国最繁忙的绕城高速公路——成都绕城高速，通过运用"五岗合 一"创新管理机制，应急车道实现"弹性开放"，平均车速提高10%，晚高峰拥堵时长缩短25%，为城市高速公路拥 堵治理提供解决方案；一批服务区、收费站"拆墙"迎客，变身路上的"客厅"，其中雅康高速天全服务区2025年车 流量同比增长17%，营收同比增长6%，融合多元业态，打造集游玩、休憩、消费于一体的沉浸式体验空间。 在"做大支柱产业"中构建良性生态今年是蜀道集团成立的第5个年头。从2021年5月揭牌成立至今，蜀道集团已成 长为四川最大的省属国有企业。目前，蜀道集团所属全资及控股企业600余家，业务遍及60多个国家和地区，员工 超6万人。这样一艘"大船"要行稳致远，增长的动力从何而来？蜀道集团的回答，是依托"交通强省"第一主责，打 造形成"交通工程建设、能源矿产、产融结合"三大支柱产业；加快从功能型为主向功能型与竞争型并重转型，从 国有投资平台向综合型产业集团发展转型。交通工程建设是蜀道集团的立身之本，更是 ...

Core Viewpoint - The recent performance of the Chinese medicine sector, particularly the Chinese Medicine ETF (560080), indicates a potential shift in investment style, with increasing capital inflow and favorable valuation metrics suggesting a recovery phase ahead for the industry [3][8]. Group 1: Market Performance - On February 2, the Shanghai Composite Index fell by 2.48%, while the Chinese Medicine ETF (560080) experienced a decline of 1.24%, with a total trading volume exceeding 70 million yuan [1]. - The Chinese Medicine ETF has seen continuous capital inflow, accumulating over 100 million yuan in net inflow over the past five days [1][3]. Group 2: Valuation Metrics - The latest price-to-earnings ratio (PE-TTM) for the index tracked by the Chinese Medicine ETF is 23.96, indicating that the valuation is below 85.61% of the time since its inception in May 2015, highlighting attractive valuation opportunities [3]. - The Chinese medicine sector is perceived to be entering a "sweet spot" in terms of valuation, with a significant portion of stocks showing potential for recovery [3]. Group 3: Individual Stock Performance - Most of the weighted stocks in the Chinese Medicine ETF index closed lower, with notable declines including Jilin Aodong down over 7% and Darentang down over 3% [5]. - Conversely, Dong'e Ejiao was one of the few stocks that rose, gaining over 1% [5]. Group 4: Earnings Forecasts - Jilin Aodong has projected a net profit of approximately 2.265 to 2.482 billion yuan for 2025, representing a year-on-year growth of 46.0% to 60.0%, attributed to increased fair value changes and investment income [7]. - As of January 31, 11 companies within the Chinese Medicine ETF index have released earnings forecasts, with six reporting positive year-on-year growth [7]. Group 5: Future Outlook - The Chinese medicine sector is expected to experience a rebound in 2026, driven by inventory digestion and an anticipated increase in flu incidence in Q4 2025, which may enhance sales of related OTC products [8]. - The potential update of the essential drug catalog is also seen as a catalyst for growth, with companies that can meet the new criteria likely to benefit [8]. Group 6: Investment Themes - Three main investment themes have been identified for the Chinese medicine industry: price governance, consumption recovery, and state-owned enterprise reform [9][10][11]. - The focus on price governance suggests that companies with competitive advantages may benefit from price reductions leading to increased market share [9]. - The recovery of consumer demand, driven by macroeconomic improvement and an aging population, is expected to support sales growth in the Chinese medicine sector [10]. - State-owned enterprises in the industry are anticipated to present investment opportunities as reforms aim to enhance efficiency and performance [11].

Core Viewpoint - The Chinese rare earth market experienced a decline of 5.90% on February 2, with a trading volume of 2.578 billion yuan and a turnover rate of 4.65%, resulting in a total market capitalization of 54.143 billion yuan [1]. Company Overview - The company primarily engages in the production and operation of rare earth oxides and provides rare earth technology research and consulting services [2][8]. - The main products include high-purity single rare earth oxides and rare earth co-precipitation products, with over 80% of products having a purity greater than 99.99%, and some rare earth oxides reaching purities of 99.9999% [2]. - The company is ultimately controlled by the State-owned Assets Supervision and Administration Commission of the State Council, categorizing it as a state-owned enterprise [3][4]. Financial Performance - For the period from January to September 2025, the company achieved a revenue of 2.494 billion yuan, representing a year-on-year growth of 27.73%, and a net profit attributable to shareholders of 192 million yuan, which is a significant increase of 194.67% year-on-year [8]. - The company has distributed a total of 346 million yuan in dividends since its A-share listing, with 124 million yuan distributed over the past three years [9]. Shareholder Structure - As of September 30, 2025, the top ten circulating shareholders include Hong Kong Central Clearing Limited as the fourth largest shareholder with 29.0694 million shares, an increase of 9.4669 million shares from the previous period [10]. - The Southern CSI 500 ETF and the Jiashi CSI Rare Earth Industry ETF are among the new shareholders, indicating a diversification in the shareholder base [10]. Market Dynamics - The main capital flow analysis indicates a net outflow of 305 million yuan today, with the industry ranking 22 out of 25, reflecting a continuous reduction in main capital positions over the past three days [5][6]. - The average trading cost of the stock is 52.99 yuan, with the stock price approaching a resistance level of 51.78 yuan, suggesting potential volatility in the near term [7].

2月2日，重庆港跌2.37%，成交额8752.51万元，换手率1.36%，总市值63.50亿元。 异动分析 统一大市场+航运概念+国企改革+一带一路+民爆概念 1、公司以港口为依托，围绕铁、公、水多式联运，坚持大客户战略，充分整合仓储、航运、铁路、公 路、口岸等物流要素资源，积极拓展贸易物流、供应链物流等业务。 2、公司主营业务是港口中转运输业务和综合物流业务，公司的主要产品及服务为装卸及客货代理业 务、综合物流业务、商品贸易业务、爆破施工业务。公司港口码头通过能力强。近年来通过对港口码头 建设投资及改(扩)建,已基本形成了集装箱、件杂散货、商品车和化工等专业化码头(群),港口货物通过能 力和集装箱吞吐能力位居西南地区首位。 来源：新浪证券-红岸工作室 区间今日近3日近5日近10日近20日主力净流入230.77万-950.59万-1266.93万-3015.72万-3715.96万 主力持仓 主力没有控盘，筹码分布非常分散，主力成交额5082.65万，占总成交额的7.79%。 技术面：筹码平均交易成本为5.63元 3、公司属于国有企业。公司的最终控制人为重庆市国有资产监督管理委员会。 4、主营装卸及综合物流、 ...

央企共赢ETF国泰（517090）跟踪的是富时中国国企开放共赢指数，该指数涵盖100只成分股，包括80 只A股及20只港股，聚焦于国务院国资委旗下的国有企业，旨在反映具有全球化与可持续发展潜力的中 国国企整体表现。 （文章来源：每日经济新闻） 东吴证券指出，2026年，自上而下的促进消费、扩大服务消费预计会成为核心主线，而在地方实际的促 进落地抓手，预计会落在国企改革上。2026年消费尤其是场景化消费（如旅游景区，商超百货）会出现 较多国企改革的动作，包括且不限于股权变化，管理层变化，新牌照的变化，新商业模式变化等。 ...

培训特邀深圳证券交易所相关领域专家授课，内容涵盖资本市场多个实务环节，构建起针对性强、专业性足的课程体系，强化参训人员专业认知与实操能 力。其中，科融通平台专家牛铭泽介绍上市板块选择、财务规范、法律合规及审核常见问题；法律事务部专家张超然介绍协议收购的合规流程、信披要求 及国资监管衔接及协议转让方式收购上市公司控股权注意事项；债券业务中心专家袁明系统讲解交易所固定收益产品，REITs、公司债、绿色债券、ABS 等产品的发行、审核与存续期管理；北方中心王世威对并购重组政策框架、重大资产重组认定标准、重组上市条件与程序，并结合实务案例解析操作路径 与风险防控要点。 此次培训是落实国企改革部署的重要举措，有效破解了参训人员在资本市场业务中的实操困惑，进一步深化了大家对资本市场运作规律的理解与把握，为 后续规范开展资本运作、创新融资模式、防范化解金融风险奠定了坚实基础。下一步，市国投集团将持续开展国企改革与资本运营专项培训，不断锤炼国 资系统队伍专业素养，为鄂尔多斯资本市场健康发展、区域经济转型升级注入强劲国资动能。 为进一步提升国有企业资本运作能力、资产证券化水平及资本市场合规意识，助力地方国有资本做优做强做大，1 ...

增持（维持） [Table_Tag] [本Table_Summary] 周行业观点（注：文中"本周"指 1 月 26 日至 2 月 1 日） 证券研究报告·行业跟踪周报·商贸零售 商贸零售行业跟踪周报 2026 年消费-商贸零售&社会服务业的八大 预测 2026 年 02 月 01 日 证券分析师 吴劲草 相关研究 《陕西旅游主板 IPO 过会，招股书详 细拆解》 执业证书：S0600520090006 wujc@dwzq.com.cn 证券分析师 石旖瑄 执业证书：S0600522040001 shiyx@dwzq.com.cn 证券分析师 张家璇 执业证书：S0600520120002 zhangjx@dwzq.com.cn 证券分析师 阳靖 执业证书：S0600523020005 yangjing@dwzq.com.cn 证券分析师 郗越 执业证书：S0600524080008 xiy@dwzq.com.cn 证券分析师 王琳婧 执业证书：S0600525070003 wanglj@dwzq.com.cn 行业走势 -8% -5% -2% 1% 4% 7% 10% 13% 16% 19% 22% 25% ...