BP-CMOB@EC2604A(27800.HK)

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BP-CMOB@EC2604A
27800.HK
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The VAT rate jumps by 3 percentage points! The three major telecom operators are under short-term pressure; can new productive forces break the deadlock in the long term?

On January 30, 2026, China announced an increase in the value-added tax rate for the telecommunications industry from 6% to 9%. This policy will impact the revenue and profits of China Mobile, CHINA TELECOM, and CHINA UNICOM, leading to a significant drop in stock prices. The expected impact on the profits of the three major operators ranges from 5% to 32%, with revenues projected to decline by approximately 2.75%. Due to intense market competition, operators will find it difficult to pass on the revenue reduction pressure to users, resulting in a direct negative impact on net profits in the short term

Wallstreetcn·
SH
600050
-5.48%
HK
00941
-2.26%
SH
601728
-4.33%
Wallstreetcn·
SH
600050
-5.48%
HK
00941
-2.26%
SH
601728
-4.33%

Gold and silver slump, cooling the market; BABA's Qwen adds RMB 3 bn for Lunar New Year | Daily News Recap

0202 | Dolphin Research Focus: 🐬 Macro/Industry 1) International precious metals have sold off sharply since the weekend, with gold and silver down materially on a hawkish Fed chair nominee, a stronger USD and higher UST yields, concentrated profit-taking, and deleveraging by levered funds. The violent swings highlight fragile risk sentiment; near term, the market likely chops in a consolidation range with elevated vol risk.2) EV startups posted their first Jan delivery prints with wide divergence in YoY growth, and Leapmotor led the pack with 32,059 units. ...

HK
09863
-5.28%
HK
01211
-6.91%
US
BYDDY
-6.55%
HK
09863
-5.28%
HK
01211
-6.91%
US
BYDDY
-6.55%

Hong Kong stocks close | Hang Seng Index falls 2.23%, technology sector under significant pressure, precious metals plummet

On February 2nd, Hong Kong stocks closed lower across the board, with all three major indices declining and the technology sector under pressure. The top ten stocks by trading volume all closed in the green, reflecting short-term profit-taking pressure in the market. The pace of economic recovery and macro data have become the focus of attention, with an increase in cautious sentiment among investors

Market Heartbeat·
HK
00700
-1.24%
HK
02899
-5.58%
HK
01787
-12.56%
Market Heartbeat·
HK
00700
-1.24%
HK
02899
-5.58%
HK
01787
-12.56%

Morgan Stanley: Affected by the increase in value-added tax, it is expected that Chinese telecom stocks will face risks of declining earnings and dividends this year

Morgan Stanley's report indicates that the increase of China's value-added tax to 9% will have a negative impact on Chinese telecom stocks, with China Telecom and China Unicom's earnings per share expected to decline by 14.1% and 15.2%, respectively, while China Mobile's impact is 7.8%. If the dividend payout ratio is not increased, the three major operators may face declines in earnings and dividends by 2026. The firm has downgraded the telecom stock rating to "neutral" and adjusted the H-share rating to "in line with the market."

AASTOCKS·
SH
600050
-5.48%
SZ
159511
-2.91%
HK
00941
-2.26%
AASTOCKS·
SH
600050
-5.48%
SZ
159511
-2.91%
HK
00941
-2.26%

UBS: The increase in value-added tax for mainland telecom operators is estimated to impact the profits of China Mobile, China Telecom, and China Unicom by 9%, 18%, and over 18%, respectively

The UBS report pointed out that the value-added tax for the three major telecommunications operators in mainland China will be raised from 6% to 9% starting January 1, 2023. This move is expected to have a significant negative impact on the profits of China Mobile, China Telecom, and China Unicom, affecting net profits by approximately 9%, 17.9%, and 18.2%, respectively. The bank anticipates that this adjustment will reduce the service revenue of telecommunications operators by about 1.5% to 2%. The three major telecommunications operators will strive to improve operational efficiency, focus on high-quality development, and accelerate the transition to artificial intelligence and cloud services to cope with the impact of the tax rate increase

AASTOCKS·
SH
600050
-5.48%
SH
601728
-4.33%
HK
00762
-6.29%
AASTOCKS·
SH
600050
-5.48%
SH
601728
-4.33%
HK
00762
-6.29%
Posts
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China Mobile Quick Interpretation: The company's operations remained stable this quarter, with revenue and profit maintaining low single-digit growth. Among various expenses, selling expenses and depr...

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