Core Viewpoint - The market experienced a significant drop due to rumors regarding potential tax rate increases for the gaming industry, which were deemed unfounded by analysts [2][11]. Group 1: Market Reaction - On February 3, the Hang Seng Technology Index fell over 3% at one point, with major internet companies like Tencent, Alibaba, and Baidu also experiencing sharp declines [3][8][10]. - The stock price of Cambricon Technologies plummeted following rumors about its revenue guidance for 2026 being significantly lower than market expectations [4][13]. Group 2: Tax Rumors Analysis - Analysts from Everbright Securities refuted the rumors about a potential tax rate increase for the gaming industry, clarifying that the comparison to the liquor industry's consumption tax was misleading [2][11]. - The current tax rate for financial services and internet value-added services, including gaming, is 6%, as per the Value-Added Tax Law effective from January 1, 2026 [3][13]. - The adjustment of tax rates requires a rigorous legislative or administrative process, making arbitrary changes unlikely [3][12]. Group 3: Policy Context - The current macroeconomic policy focus is on "stabilizing growth, promoting innovation, and supporting industrial upgrades," which contradicts the idea of a blanket tax increase on key industries [12]. - Future tax regulations are more likely to involve the review of tax incentives for certain companies rather than an increase in statutory tax rates [12].