Core Viewpoint - The European Commission has initiated an in-depth investigation into Chinese wind power company Goldwind Technology, claiming it received government subsidies that distort the EU market, despite objections from China [1][5]. Group 1: Investigation Details - The investigation is based on the Foreign Subsidies Regulation (FSR), which came into effect in July 2023, allowing the European Commission to scrutinize companies receiving external support from non-EU governments [1][2]. - Initial findings suggest that Goldwind may have benefited from foreign subsidies, including government grants, tax incentives, and preferential loans, prompting the formal investigation [1][5]. - The investigation is expected to conclude by autumn 2027 and could result in three outcomes: commitments from the company, corrective measures imposed by the Commission, or a determination that no distortion occurred [4]. Group 2: Broader Implications - The European Commission has indicated that it may expand its investigations to other Chinese wind power companies, signaling ongoing scrutiny of the market [2]. - The frequent investigations by the EU are causing significant operational disruptions for Chinese companies, leading to potential losses amounting to billions of euros [5]. - The FSR's application is seen as a tool that could exacerbate tensions between the EU and China, with implications for various sectors, including telecommunications and critical industries like steel and cement [5][6].

Core Insights - The implementation of the "Tax Law Principle" is confirmed with the enactment of the "People's Republic of China Value-Added Tax Law" starting January 1, 2026, replacing the previous interim regulations [3] - The tax arrangements for service industries, particularly in internet and finance sectors, are expected to remain stable in the short term due to the clarity provided by recent regulations [3] Tax Rate Changes - The historical context of tax rates for communication services shows that the definition and tax rates for "basic telecommunications services" and "value-added telecommunications services" have evolved, with the current VAT rate for basic telecommunications services set at 9% [3] - The VAT rate for value-added telecommunications services, which includes services like mobile data and internet access, has been clarified to be 6% under the new regulations [3] Regulatory Clarity - The recent announcement by the Ministry of Finance and the State Taxation Administration on January 30, 2026, specifies that financial and information technology services will be subject to a 6% VAT rate, while only basic telecommunications services are subject to the 9% rate [3] - The definitions and tax classifications have been updated to reflect the current economic environment, indicating a low probability of significant changes in tax arrangements for the service sectors in the near future [3]

2月2日，金川集团党委书记、董事长阮英会见中国电信甘肃公司党委书记、总经理杨岭才一行。双方围绕数字技术赋能产业发展、海外基地网络安全通信 保障、工业场景智能化深度应用等方面深入交流。 阮英对杨岭才一行到来表示欢迎，对中国电信甘肃公司长期以来的关心支持表示感谢。他指出，中国电信甘肃公司作为全省通信行业的头部企业，兼具技 术优势、资源优势和服务优势，多年来与金川集团在通信基础设施升级、工业数智化转型、安全管控体系搭建等领域，建立了长期稳定、互信共赢的合作 关系，为金川集团高质量发展提供了坚实的通信保障和数字支撑。希望双方巩固现有合作成果，秉持开放包容、互利共赢的合作原则，围绕传统产业数字 化赋能，进一步加强交流对接，充分发挥各自核心优势，精准整合优质资源，在海外基地网络安全通信保障及工业场景装备智能化应用等关键领域探索更 多务实高效的合作模式、落地更多有分量的合作项目，共同为高质量发展拓增量、提效能、强根基，实现优势互补、互利互惠、协同发展。 杨岭才对金川集团在实业强国、科技强国等方面取得的成绩给予赞扬，并介绍中国电信甘肃公司的发展情况，及双方前期合作的推进成效。他表示，金川 集团作为有色金属行业领军企业，是中国 ...

2026 年 02 月 03 日 "税收法定原则"的落地 ——就近期部分行业涉税相关问题的探讨 证 券 研 究 报 告 证券分析师 董易 A0230519110003 dongyi@swsresearch.com 王胜 A0230511060001 wangsheng@swsresearch.com 联系人 董易 A0230519110003 dongyi@swsresearch.com 本研究报告仅通过邮件提供给 博时基金 博时基金管理有限公司(researchreport@bosera.com) 使用。1 请务必仔细阅读正文之后的各项信息披露与声明 策 略 研 究 大 类 资 产 配 置 相关研究 - ⚫ 伴随着《中华人民共和国增值税法》在 2026 年 1 月 1 日起施行，而此前的《中华人民 共和国增值税暂行条例》同时废止，部分涉税安排在近期有所更新。我们认为，鉴于国务 院在 2025 年 12 月 19 日已经通过《中华人民共和国增值税法实施条例》，随后财政部 和税务总局在 2026 年 1 月 30 日已发布《关于增值税征税具体范围有关事项的公告》， 相关细则已经较为明确，以互联网、金融为代表的服 ...

Core Viewpoint - Shenzhen Artificial Intelligence and Robotics Research Institute (AIRS) and China Telecom Guangdong signed a strategic cooperation framework agreement to establish the "Embodied Intelligence Industry Ecosystem Alliance" [1] Group 1: Strategic Cooperation - The cooperation will focus on technological integration innovation, data and computing power collaboration, and building an industrial ecosystem [1] - Joint development of 5G + embodied intelligent industrial robots to serve smart factories and dark factories [1] Group 2: Project Incubation - Utilizing telecom intelligent computing resources and AIRS technical capabilities to incubate industrial projects [1] - Jointly create an AI + robotics innovation incubation platform [1] Group 3: Industry Planning - Participation in the formulation of AI and robotics industry planning for Guangdong Province and Shenzhen City [1] - Co-building a self-controllable embodied intelligence industrial cluster [1]

Core Viewpoint - The gaming industry may face potential tax increases, with rumors suggesting a rise from 6% to 32%, similar to the liquor industry, which has caused fluctuations in tech stocks and concerns among investors [2][12]. Group 1: Tax Rumors and Industry Reactions - The rumor about tax increases in the gaming industry is not new, with previous speculations arising from regulatory changes in advertising costs and telecommunications [4][14]. - Analysts express skepticism about the rumors, suggesting they may be attempts to manipulate stock prices for personal gain [2][13]. - A financial analyst noted that such rumors resurface every couple of years, indicating a pattern of speculation rather than concrete policy changes [4][14]. Group 2: Current Industry Landscape - The gaming industry is currently benefiting from supportive local policies in major cities like Beijing, Shanghai, and Guangzhou, recognizing its role in cultural output [5][15]. - Profit margins in the gaming sector are often overestimated; only a few blockbuster games generate significant profits, while many products struggle to break even or incur losses [6][16]. - The perception of high profitability is skewed by the visibility of successful titles, overshadowing the financial struggles of less successful games [7][16]. Group 3: Future Outlook - The Chinese gaming industry is at a critical growth phase, with a shift from traditional AAA game models to GaaS (Games as a Service) becoming more prevalent [9][18]. - Global competition in the gaming sector is intensifying, with European countries implementing policies to support their gaming industries, such as Germany's commitment to provide €125 million annually starting in 2026 [9][18]. - The future of the gaming industry will depend on comprehensive strength and the ability of Chinese companies to fulfill their social responsibilities amidst evolving market dynamics [9][18].

天眼查资料显示，中移（上海）信息通信科技有限公司，成立于2018年，位于上海市，是一家以从事科 技推广和应用服务业为主的企业。企业注册资本200000万人民币。通过天眼查大数据分析，中移（上 海）信息通信科技有限公司参与招投标项目2020次，财产线索方面有商标信息34条，专利信息953条， 此外企业还拥有行政许可6个。 中移智行网络科技有限公司，成立于2015年，位于上海市，是一家以从事软件和信息技术服务业为主的 企业。企业注册资本100000万人民币。通过天眼查大数据分析，中移智行网络科技有限公司参与招投标 项目705次，财产线索方面有商标信息106条，专利信息861条，此外企业还拥有行政许可8个。 中国移动通信集团有限公司，成立于1999年，位于北京市，是一家以从事电信、广播电视和卫星传输服 务为主的企业。企业注册资本30000000万人民币。通过天眼查大数据分析，中国移动通信集团有限公司 共对外投资了55家企业，参与招投标项目5000次，财产线索方面有商标信息2211条，专利信息5000条， 此外企业还拥有行政许可50个。 国家知识产权局信息显示，中移（上海）信息通信科技有限公司;中移智行网络科技有限公 ...

报告表示，今年要落实新版鼓励外商投资产业目录，提升重大外资项目服务能级，引导和支持外资企业 更多投向先进制造、现代服务、高新技术、节能环保等产业，在金融、电信、医疗、文旅等领域推动落 地一批外资项目，进一步提升跨国公司地区总部和外资研发中心能级，更好保障外资企业合法权益。 经济观察网据上观新闻消息，上海市第十六届人大四次会议2月3日上午在世博中心开幕。上海市市长龚 正作《政府工作报告》。 ...

Market Performance - The Hang Seng Index closed at 26,775, down 2.23% for the day and up 4.47% year-to-date [1] - The Hang Seng Tech Index fell 3.36% to 5,526, with most tech stocks declining [5] - The A-share market saw significant declines, with the Shanghai Composite Index down 2.48% to 4,015, marking a new low for over a month [6] Currency and Commodity Trends - The Renminbi Index is at 96.990, down 0.67% over the past month but up 1.34% over six months [2] - Brent crude oil prices increased by 8.99% over the past month, currently priced at $65.880 per barrel [2] - Gold prices rose by 8.43% in the last month, reaching $4,697.45 per ounce, while silver prices surged by 9.75% [2] Key News and Developments - The U.S. non-farm payroll report for January has been delayed due to a government shutdown, impacting market expectations [12] - Elon Musk's SpaceX and xAI are reportedly planning a merger, with a combined valuation of $1.25 trillion [14] - Trump's proposed $12 billion critical mineral reserve plan aims to reduce reliance on Chinese rare earths, leading to a surge in related stocks [15] - China's manufacturing PMI for January dropped to 49.3, indicating a contraction and falling short of expectations [16] Company-Specific Updates - BYD launched a new sub-brand, "Linghui Auto," targeting the B-end market with a range of electric and hybrid models [21] - Xpeng Motors reported new car deliveries of approximately 20,011 units in January, expanding its global presence to 60 countries [22] Sector Performance - The telecommunications sector in mainland China is facing potential price increases due to a rise in VAT rates from 6% to 9% for certain services [18][19] - The semiconductor and automotive sectors are under pressure, with significant declines in related stocks [5][6]

Core Viewpoint - The adjustment of the VAT tax category for telecom services will significantly impact the net profits of the three major telecom operators in China, potentially exceeding 10 billion yuan in 2026 [1][4]. Group 1: Tax Adjustment Impact - The Ministry of Finance and the State Taxation Administration announced that from January 1, 2026, the VAT rate for telecom services will increase from 6% to 9%, affecting mobile data, SMS, and broadband services [1]. - Independent telecom analyst estimates that this VAT adjustment could lead to a combined net profit impact of over 10 billion yuan for the three major operators in 2026 [2][4]. - The three major operators have not disclosed the specific extent of the impact on their revenues and profits [1][2]. Group 2: Market Reaction - Following the announcement, shares of China Mobile, China Unicom, and China Telecom experienced declines of 3.86%, 5.48%, and 4.33% respectively on February 2 [2]. - The adjustment affects significant revenue streams, including mobile data services, SMS, and broadband access, which are crucial to the operators' business [2]. Group 3: Future Business Directions - The three operators outlined their future business focus areas, emphasizing digital intelligence, computing power, and service enhancement as key growth drivers [5][6]. - China Telecom plans to implement a comprehensive strategy focusing on cloud and AI integration, while China Mobile aims to strengthen its communication and intelligent services [5][6]. - China Unicom is focusing on core areas such as connectivity, computing power, and security to enhance operational efficiency and achieve sustainable development [6]. Group 4: Emerging Business Trends - The telecom industry is seeing growth in emerging business areas such as cloud computing, big data, and mobile IoT, with revenues from these sectors reaching 450.8 billion yuan in 2025, a 4.7% increase from the previous year [6]. - The share of emerging business revenues in total telecom income rose from 25% to 25.7%, contributing to a 1.2 percentage point increase in overall telecom revenue growth [6].