瑞银：内地电讯商增值税调高，预计中国移动、中国电信及联通盈利受9%、18%及逾18%影响

格隆汇02-02

瑞银发表报告指，内地三大电讯营运商昨日宣布增值税调整。自今年1月1日起，涉及移动数据、短信/彩信以及互联网宽带服务的业务税率，将由6%上调至9%。该行料对中资三大电信营运商盈利有显著负面影响，因上述相关收入占三家电信营运商2025年预估服务收入的45%至60%。根据该行测算，此次增值税调整将使电讯营运商的服务收入受到约1.5至2%的影响。在假设25%企业所得税率，且不考虑其他成本或税收抵扣措施的...

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