Investment Rating - The report maintains an "Overweight" rating for the telecommunications sector, indicating an expectation that the sector will outperform the benchmark index [6]. Core Viewpoints - The adjustment of the VAT category for telecommunications services from value-added telecommunications services to basic telecommunications services, with a corresponding increase in VAT rate from 6% to 9%, is expected to have a short-term impact on the revenue and profits of the three major telecom operators [1][4]. - Despite the VAT adjustment, the operators are actively pursuing technological transformation and upgrading, which is expected to optimize their revenue structure in the long term [1][3]. - The impact on profits may be less severe than initially calculated due to several factors, including past experiences with tax adjustments, the shift towards technology-driven services, and cost reductions through AI-driven operational efficiencies [3][22]. Revenue Impact - The estimated impact of the VAT adjustment on total revenue is approximately 1.3% to 1.4% for the three major operators, with specific estimates of 1.4% for China Mobile, 1.3% for China Telecom, and 1.3% for China Unicom [2][18]. - The affected services primarily include SMS, mobile data services, and internet broadband access, which account for 52%, 48%, and 46% of total revenues for China Mobile, China Telecom, and China Unicom, respectively [2][9]. Profit Impact - Direct calculations suggest that the absolute revenue impact for 2026 would be approximately 15.3 billion for China Telecom, 54 billion for China Unicom, and 153 billion for China Mobile, representing 8.2%, 15.3%, and 19.3% of their respective total profits [3][19]. - However, the report suggests that the final impact on profits may be lower than these direct estimates due to historical precedents and ongoing strategic shifts towards technology services [3][22]. Investment Conclusion - Overall, while the VAT adjustment will have some short-term effects on performance, the stable profitability and cash flow of the telecom operators, along with attractive dividends and the long-term growth potential of their digital businesses, remain intact [4][26]. - The report recommends focusing on China Mobile, China Telecom, and China Unicom as attractive investment opportunities [4][25].

Group 1 - The core viewpoint of the article highlights the performance of the Telecom ETF Huatai (560300), which opened with a slight decline of 0.15% at 2.045 yuan [1] - Major holdings in the Telecom ETF include China Mobile, which remained unchanged, China Unicom with a rise of 0.62%, and China Telecom also unchanged. Other notable performers include China Satcom up by 1.97%, Zhongji Xuchuang up by 2.71%, Yinzhijie up by 0.73%, Xinyi Sheng up by 4.10%, ZTE up by 1.08%, Tianfu Communication up by 5.66%, and Zhongtian Technology up by 1.77% [1] - The performance benchmark for the Telecom ETF is the CSI Telecom Theme Index return, managed by Huatai Fund Management Co., Ltd. The fund manager is Wei Lizhu, and since its establishment on December 5, 2023, it has achieved a return of 105.17%, with a monthly return of 0.12% [1]

智通财经APP获悉，沃什获美联储主席提名引爆鹰派预期，全球资产遭遇剧烈波动。港股三大指数全天 下行，恒指失守两万七大关，恒科指数午后一度跌超4%。截至收盘，恒生指数跌2.23%或611.54点，报 26775.57点，全日成交额为3478.86亿港元；恒生国企指数跌2.54%，报9080.19点；恒生科技指数跌 3.36%，报5526.31点。 华泰证券表示，当前市场回调更多是上涨过快的背景下，偏鹰派美联储主席提名导致的技术性回撤。该 行认为，经历了如此调整后，当前的核心问题是波动的持续性和会不会终结市场表现。当前情绪已在乐 观区间，且拥挤度尚未明显回落，波动短期或持续，但更多是回撤而不是反转。一季度市场空间的三个 驱动因素——流动性改善、资金面共振与盈利预期上修仍然成立。 蓝筹股表现 金沙中国(01928)逆市上扬。截至收盘，涨4.05%，报17.72港元，成交额7.76亿港元，贡献恒指2.66点。 澳门博彩监察协调局公布数据显示，1月博彩毛收入226.33亿澳门元，同比增长24%，较前一个月升 8.4%。摩根士丹利研报指出，澳门今年一月博彩总收入优于市场预期。又因农历新年8日假期全落在二 月，预计该月应能 ...

今天上午，A股调整，从盘面看，三大板块下跌，对市场影响较大。 首先，受大宗商品市场巨震的传导，有色金属、油气开采、化工、大豆、玉米等板块上午大跌，紫金矿业、洛阳钼业、"三桶油"等龙头股下跌。 其次，受相关业务的增值税税率调整，三大运营商上午集体下跌。 最后，科技股上午调整，存储芯片板块大跌。有机构调研显示，上周DRAM现货价数月来首跌。对此，业内人士表示，存储整体景气度仍在上行，DRAM 价格数月来首次下跌，主要归因于现货价格与期货价格巨大的价差。目前高价现货市场基本处于有价无市，市场的合约价格仍处于持续上涨趋势中。也有 分析称，可能是市场上的囤货，临近春节，出现部分抛售。 市场仍有明显的做多抓手，以电网设备板块为代表的电力基建产业链、以白酒板块为代表的大消费、AI应用等板块表现活跃。白酒板块中，"茅五泸"齐 涨。 截至上午收盘，上证指数下跌1.32%，深证成指下跌1.41%，创业板指下跌1.18%。 | 进儿三次纪 @ 300265 | 15.00 | 14.94% | 7016 | | --- | --- | --- | --- | | 新特电气 | 21.48 | 14.07% | 47.0亿 | | ...

2026.02.02 本文字数：1695，阅读时长大约3分钟 作者 |一财阿驴 11:31 A股午盘丨三大指数均跌超1% 截至午间收盘，上证指数跌1.32%，深成指跌1.41%，创业板指跌1.18%。科创综指跌2.28%。 | 代码 | 名称 | 两日图 | 现价 | 涨跌 | 涨跌幅 | | --- | --- | --- | --- | --- | --- | | 000001 | 上证指数 | Va | 4063.54 | -54.41 | -1.32% | | 399001 | 深证成指 | Vin | 14006.25 | -199.65 | -1.41% | | 399006 | 创业板指 | w/m/ | 3306.94 | -39.41 | -1.18% | | 000680 | 科创综指 | Villa | 1790.74 | -41.82 | -2.28% | 盘面上，黄金、基本金属现跌停潮，油气、煤炭、化工、钢铁跌幅靠前；农业、半导体、房地产跌幅明 显。特高压概念股逆势上涨，白酒、培育钻石、AI应用题材活跃。 | 板块名称 | 涨幅金 | 涨速 | | --- | --- | --- | ...

来源：格隆汇APP 格隆汇2月2日｜港股主要指数走低，恒生科技指数跌幅扩大至3%，恒指跌超2%。华虹半导体跌超 10%，中国联通跌超9%，小鹏汽车跌超8%，中国电信跌超7%，蔚来、比亚迪股份跌超5%。 ...

2月2日，香港恒生指数低开1.06%，恒生科技指数跌1.29%。 | 名称 | 现价 | 涨跌 | 涨跌幅 ~ | | --- | --- | --- | --- | | 小鹏汽车-W | 68.000 | -3.650 | -5.09% | | 阿里巴巴-W | 164.700 | -4.500 | -2.66% | | 昨週昨週-W | 266.000 | -7.000 | -2.56% | | 网易-S | 200.000 | -5.000 | -2.44% | | 华虹半导体 | 114.100 | -2.400 | -2.06% | | 蔚来-SW | 37.900 | -0.720 | -1.86% | | 百度集团-SW | 150.000 | -2.800 | -1.83% | | 零跑汽车 | 41.780 | -0.640 | -1.51% | | 理想汽车-W | 65.000 | -0.950 | -1.44% | | 比亚迪股份 | 96.450 | -1.300 | -1.33% | | 腾讯控股 | 598.000 | -8.000 | -1.32% | 编辑｜钉钉 三大通信运营 ...

黄金、有色金属板块大面积跌停。 09:33 CPO概念反复活跃，新易盛涨超10%，续创历史新高，总市值突破4600亿，腾景科技、德科立、长飞光纤等跟涨。消息面上，新易盛公 告，预计2025年度净利润为94亿元至99亿元，同比增长231.24%至248.86%。 09:31 电网设备板块逆势走强，顺钠股份、白云电器、三变科技涨停，亿能电力、新特电气、保变电气、双杰电气涨幅靠前。消息面上，当 前，全球AI算力建设进入爆发期，电力设备变压器正升级为算力基础设施的核心。在广东、江苏等地，大量变压器工厂已经处于满产的状 态，其中部分面向数据中心的业务订单都排到了2027年。 09:26 黄金、有色金属板块大面积跌停，湖南黄金、晓程科技、西部黄金、四川黄金等多股跌停。消息面上，受获利回吐和短期期货交易者多 头平仓等因素影响，国际黄金和白银价格1月30日继续大幅下跌，均创下数十年来最大单日跌幅。 | 代码 | 名称 | 涨幅晶 | 现价 | | --- | --- | --- | --- | | 300139 | 晓程科技 | -20.00% | 54.00 | | 002237 | 恒邦股份 | -10.02% | 18 ...

2月2日，香港恒生指数低开1.06%，恒生科技指数跌1.29%。 | 代码 - | 名称 现价 涨跌 涨跌幅 | | --- | --- | | HSI | 恒生指数 27097.34 - -289.77 - -1.06% | | HSTECH 恒生科技 | 5644.38 | | HSBIO | 恒生生物科技 15378.64 | | HSCEI | 恒生中国企业指数 9191.35 -125.74 -1.35% | | HSCI | 恒生综合指数 4147.82 | | 三大通信运营商集体下跌，中国联通跌逾7%，中国电信跌逾6%，中国移动跌超2%。 | | --- | 科网股多数走低，小鹏汽车跌逾5%，阿里巴巴、华虹半导体、哔哩哔哩、网易跌逾2%。 | 名称 | 现价 | 涨跌 | 涨跌幅 ~ | | --- | --- | --- | --- | | 小鹏汽车-W | 68.000 | -3.650 | -5.09% | | 阿里巴巴-W | 164.700 | -4.500 | -2.66% | | 哔哩哔哩-W | 266.000 | -7.000 | -2.56% | | 网易-S | 200.0 ...

Group 1: Precious Metals Market - On January 30, the international precious metals market experienced a significant drop, with gold prices falling over 11% in a single day, and silver prices plummeting by 31.37%, marking the worst single-day performance since March 1980 [4][5] - Following the price drop, gold shops in Shenzhen's Shui Bei area were crowded with customers, with the current gold price at 1262 RMB per gram and the buyback price at 1081 RMB per gram [4][5] Group 2: Taxation and Regulatory Changes - The State Taxation Administration announced an increase in the threshold for value-added tax (VAT) from 500 RMB to 1000 RMB per transaction, effective this year, along with specific conditions under which different thresholds apply [4] - New regulations for export tax rebates were introduced to streamline the application process, leveraging big data and new technologies to enhance efficiency for taxpayers [4] Group 3: Automotive Industry Performance - In January 2026, several major automotive brands reported year-on-year sales growth, with Hongmeng Zhixing achieving a 65.6% increase in deliveries, while other brands like Xiaomi and Li Auto saw declines compared to the previous month [15] - Xpeng Motors reported over 20,000 new car deliveries in January, reflecting a year-on-year decrease of 34% and a month-on-month decline of 46.6% [15] Group 4: Technology and AI Developments - Tencent's AI assistant, Yuanbao, launched a 1 billion RMB cash red envelope campaign on February 1, which contributed to the app reaching the top of the App Store's free app rankings [11] - A new AI-exclusive social network named Moltbook gained popularity, attracting over a million AI agents discussing various topics, including philosophy and human behavior [7]