Core Insights - On February 2, 2026, Alibaba-W (09988), Tencent Holdings (00700), and China Mobile (00941) were the top three companies by trading volume in the Southbound Stock Connect, with transaction amounts of 6.121 billion, 4.166 billion, and 3.225 billion respectively [1] - In the Shenzhen-Hong Kong Stock Connect, Alibaba-W (09988), Tencent Holdings (00700), and SMIC (00981) also led the trading volume, with transaction amounts of 3.730 billion, 2.511 billion, and 2.012 billion respectively [1] Southbound Stock Connect Top Active Companies - Alibaba-W (09988) had a trading amount of 6.121 billion with a net buy of -0.816 billion [2] - Tencent Holdings (00700) recorded a trading amount of 4.166 billion with a net buy of +0.880 billion [2] - China Mobile (00941) had a trading amount of 3.225 billion with a net buy of -0.134 billion [2] - SMIC (00981) had a trading amount of 2.965 billion with a net buy of -29.8693 million [2] - Other notable companies included Xiaomi Group-W (01810) with a trading amount of 2.096 billion and a net buy of +0.391 billion [2] Shenzhen-Hong Kong Stock Connect Top Active Companies - Alibaba-W (09988) had a trading amount of 3.730 billion with a net buy of +0.488 billion [2] - Tencent Holdings (00700) recorded a trading amount of 2.511 billion with a net buy of +0.424 billion [2] - SMIC (00981) had a trading amount of 2.012 billion with a net buy of -1.32 billion [2] - Other significant companies included China Mobile (00941) with a trading amount of 1.401 billion and a net buy of +0.0651447 billion [2]

Core Viewpoint - The adjustment of the value-added tax rate from 6% to 9% for telecom services by major Chinese telecom operators will impact their revenue and profits, as announced by China Mobile, China Telecom, and China Unicom [1] Group 1: Tax Rate Adjustment - The tax rate for telecom services will increase from 6% to 9% starting January 1, 2026, as per the announcement from the Ministry of Finance and the State Taxation Administration [1] - The adjustment categorizes mobile data services, SMS, MMS, and internet broadband access from value-added telecom services to basic telecom services [1] Group 2: Financial Performance - For the first three quarters of 2025, China Mobile, China Telecom, and China Unicom reported revenues of 794.7 billion, 394.3 billion, and 293 billion respectively, with a decline in growth rates [1] - China Mobile's average revenue per user (ARPU) decreased to 48 yuan from 49.5 yuan year-on-year, while China Telecom's ARPU for 2024 was reported at 45.6 yuan [1] Group 3: Market Dynamics - Despite the tax increase, experts suggest that significant price hikes for consumers are unlikely due to the competitive market environment [2] - The shift from value-added to basic telecom services indicates a trend towards more inclusive pricing for mobile data and related services [2] Group 4: Emerging Business Growth - Telecom operators are accelerating their transition from traditional services to emerging businesses such as AI, computing power, and cloud computing [2] - Revenue from emerging businesses reached 168.1 billion, growing by 28.8% year-on-year, with cloud computing and big data showing remarkable growth rates of 94.8% and 33.3% respectively [2]

2月2日，香港恒生指数收跌2.23%，恒生科技指数跌3.36%。现货黄金、白银日内大跌，贵金属板块遭 重挫，山东黄金、赤峰黄金跌超12%，灵宝黄金跌超8%，中国白银集团跌超8%。 三大电信运营商集体走弱，中国联通跌超6%，中国电信跌超5%，中国移动跌超2%；消息面上，电信服 务增值税税目适用范围调整，税率由6%调整为9%，将对三家公司收入及利润产生影响。 芯片股持续走低，华虹半导体跌超11%，兆易创新跌超9%，中芯国际跌超4%。汽车股下挫，比亚迪跌 近7%，小鹏汽车跌超6%。 ...

Market Performance - The Hang Seng Index closed down by 2.23% and the Hang Seng Tech Index fell by 3.36% [1] - Precious metals experienced significant declines, with Shandong Gold and Chifeng Gold dropping over 12%, Lingbao Gold down over 8%, and China Silver Group also down over 8% [1] Automotive Sector - Automotive stocks declined, with BYD falling nearly 7% and Xpeng Motors down over 6% [1] Telecommunications Sector - The three major telecom operators collectively weakened, with China Unicom down over 6%, China Telecom down over 5%, and China Mobile down over 2% [1] - The adjustment of the value-added tax rate for telecom services from 6% to 9% will impact the revenue and profits of these three companies [1]

Market Overview - The A-share market opened with mixed performance among the three major indices, followed by a downward trend with all indices falling over 1% [1] - As of the midday close, the Shanghai Composite Index decreased by 1.32%, the Shenzhen Component Index fell by 1.41%, and the ChiNext Index dropped by 1.18% [1][2] - The total trading volume for the half-day reached 1.66 trillion yuan, with nearly 3,500 stocks declining [1] Index Performance - Shanghai Composite Index: 4063.54, down 54.41 points (-1.32%) [2] - Shenzhen Component Index: 14006.25, down 199.65 points (-1.41%) [2] - ChiNext Index: 3306.94, down 39.41 points (-1.18%) [2] - CSI 300 Index: 4656.16, down 50.18 points (-1.07%) [2] - CSI 500 Index: 8179.80, down 190.72 points (-2.28%) [2] - CSI 1000 Index: 8105.79, down 149.07 points (-1.81%) [2] Sector Performance - The liquor sector showed strong performance with multiple stocks rising significantly [3] - The commercial aerospace sector was also active, with several stocks experiencing substantial gains [3] - Other sectors that performed well included optical communication, CPO concepts, and superhard materials [3] - Conversely, the three major telecom operators collectively weakened, and the chip industry chain continued to decline, particularly in the storage sector [3] - Other sectors with notable declines included non-ferrous metals, oil and gas, agriculture, and semiconductors [3]

Market Overview - Major A-share indices collectively declined, with the Shanghai Composite Index falling by 2.48% to 4015 points, the Shenzhen Component Index down 2.69%, and the ChiNext Index down 2.46% [1][2] - The trading volume in the Shanghai and Shenzhen markets was 2.58 trillion yuan, a decrease of 250.8 billion yuan compared to the previous trading day [1] Sector Performance - The precious metals sector experienced a significant downturn, with over 4600 stocks declining and more than a hundred hitting the daily limit down [1][2] - Semiconductor stocks also faced heavy losses, with several companies, including Zhongwei Semiconductor and others, dropping over 10% [2][7] - Telecom operators showed weakness, with China Unicom falling over 5% and other major telecom companies following suit [9] - The automotive sector saw declines, with companies like Zotye Auto and BYD dropping over 4% [11] - In contrast, the liquor sector saw gains, with Jinhuijiu and Huangtai Jiuye hitting the daily limit up [3][13] - The electric power equipment sector surged, with Yinen Electric rising nearly 22% and several other stocks hitting the daily limit up [15] Specific Stock Movements - Precious metals stocks collectively fell, with notable declines including Xiaocheng Technology down nearly 19% and several others hitting the daily limit down [5][6] - In the semiconductor sector, stocks like Jucheng Technology and Mingwei Electronics dropped over 13% [7][8] - Telecom stocks were negatively impacted by a new tax policy, with UBS predicting significant adverse effects on the profitability of major telecom operators [10] - Automotive companies reported declines in January delivery data, with BYD's new energy vehicle sales down 30.11% year-on-year [11][12] - The liquor sector's positive performance was attributed to unexpected demand ahead of the Spring Festival, with market expectations previously low [13][14] - The electric power equipment sector's growth was driven by increased investment from the State Grid, with fixed asset investments expected to reach 4 trillion yuan during the 14th Five-Year Plan [15][16]

Core Viewpoint - UBS reports that the recent VAT adjustment by China's three major telecom operators will have a significant negative impact on their profitability, as the affected services account for 45% to 60% of their projected service revenue for 2025 [1] Group 1: VAT Adjustment Impact - The VAT rate for mobile data, SMS/MMS, and internet broadband services will increase from 6% to 9% starting January 1, 2023 [1] - The adjustment is expected to reduce service revenue for telecom operators by approximately 1.5% to 2% [1] Group 2: Profitability Forecast - Assuming a corporate income tax rate of 25% and not considering other costs or tax deductions, the net profit impact for China Mobile, China Telecom, and China Unicom is estimated to be around 9%, 17.9%, and 18.2% respectively for 2025 [1] Group 3: Strategic Response - The three major telecom operators plan to enhance operational efficiency, focus on high-quality development, and accelerate transformation into emerging fields such as artificial intelligence and cloud services to mitigate the impact of the tax rate increase [1]

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Core Viewpoint - The domestic precious metals market experienced a historic shock on February 2, 2026, with significant declines in futures and stocks, prompting the Shanghai Gold Exchange to implement emergency risk control measures to stabilize the market [2][3][4]. Market Reaction - On February 2, the main silver futures contract on the Shanghai Futures Exchange hit the limit down, while gold futures fell over 10%, leading to a collective drop in the A-share precious metals sector, with over ten stocks hitting the limit down [2][6][7]. - The spot gold price fell below $4600 per ounce, with an intraday decline of 6.25%, reflecting a broader panic in the market [2][9]. Regulatory Response - The Shanghai Gold Exchange issued an urgent announcement to adjust the margin levels and price fluctuation limits for silver deferred contracts, aiming to curb excessive volatility and maintain market stability [3][4]. - The margin for silver contracts was raised from 20% to 26%, and the price fluctuation limit was increased from 19% to 25% in response to significant price movements [3][4]. Underlying Factors - The recent volatility in the precious metals market was attributed to multiple factors, including external liquidity concerns, changes in Federal Reserve policies, and panic selling among investors [11][12][14]. - The sharp decline in international gold prices, which fell over 12% in a single day, and the extreme volatility in silver prices, which dropped over 36%, were significant contributors to the market's instability [4][11]. Broader Market Impact - The panic in the precious metals market led to a domino effect, causing declines in related sectors such as oil and gas and telecommunications, with many stocks in these sectors also experiencing significant drops [10][11]. - The domestic commodity futures market saw widespread declines, with various precious metal futures hitting limit down, reflecting a broader market retreat [8][10]. Future Outlook - The long-term outlook for precious metals remains influenced by several key variables, including Federal Reserve policy adjustments, global liquidity changes, and geopolitical uncertainties [27][28]. - Despite the short-term volatility, the fundamental drivers for gold's long-term value, such as ongoing monetary easing and strong central bank demand, remain intact [24][25].