有观点将此次调整错误外推至腾讯等互联网平台企业，进而衍生出所谓"互联网增值服务加税"的说法， 实属对政策适用边界的混淆。根据现行有效文件，腾讯等企业主要开展的业务，如在线游戏、社交平台 运营、云服务、数字内容分发等，依法归属于增值电信服务或销售无形资产类别，这两类业务适用的增 值税税率均为6%，且未作任何上调部署。 此前，财政部与国家税务总局于1月31日联合发布关于增值税征税具体范围有关事项的公告，自2026年1 月1日起施行。该公告系统梳理了9%、6%两档税率的具体适用情形，尤其对适用6%税率的增值电信服 务作出更为清晰的界定：即利用固网、移动网、卫星、互联网、有线电视网络等，提供电子数据与信息 的传输及应用服务（不含手机流量服务）、互联网接入服务（不含宽带接入服务）、卫星电视信号落地 转接服务等经营活动。相较以往规定，公告删去了短信与彩信服务、手机流量服务、宽带接入服务等表 述，但上述删减并未影响腾讯等企业当前主营业务的税收适用规则。 目前，我国增值税法定税率仍为三档：13%、9%与6%，各档税率的适用对象和政策框架保持连续稳 定，整体税制结构未发生变动。 2026-02-03 16:40:25 作者：狼 ...

Summary of Conference Call Records Company: Tencent Key Points 1. **Market Volatility and Emotional Response** Tencent's stock price experienced significant fluctuations, primarily driven by short-term funding and psychological factors rather than a shift in business fundamentals. The core reasons include: - Rumors regarding a substantial increase in the gaming value-added tax led to irrational market reactions, causing a flight of risk-averse capital [1] - The company entered a silent period before its annual report on January 18, resulting in the absence of regular buyback support of approximately HKD 1 billion per day, which left the stock vulnerable to negative pressures [1] - Technical sell-offs occurred as the stock price breached critical technical levels, triggering passive liquidations from quantitative hedging and margin financing, amplifying intraday declines [1] 2. **Tax Risk Overreaction** The current market panic is viewed as a classic case of "wrongful killing," with the core investment logic remaining intact. Key insights include: - The tax increase in the telecommunications sector is a "category realignment" rather than a broad increase, with no legal basis for tax hikes on internet applications at present. The implementation of the VAT law on January 1, 2026, specifies three tax rates, and any significant tax adjustments require rigorous legislative processes, making sudden tax increases unlikely in the short term [2] - Even under the most pessimistic scenario where Tencent's core "value-added services" and "marketing services" are reclassified into a 9% tax bracket (currently at 6%), the potential impact on Tencent's net profit would only be between 5% to 8%, which is manageable within the company's substantial cash reserves [2] 3. **Strong Profitability and Valuation** Tencent's profitability remains robust, with a gross margin reaching a historical high of 56% in Q3 2025. The growth rate of Non-IFRS net profit (18%) significantly outpaces revenue growth, and the monetization benefits from the WeChat ecosystem (including video accounts and mini-programs) continue to be realized [2] - The current TTM price-to-earnings ratio of around 22 times has already factored in most macroeconomic pessimism. Following the end of the silent period in March, the company's unprecedented buyback plan (totaling over HKD 100 billion in 2024) is expected to act as a stabilizing force for valuation recovery [2] 4. **AI and Strategic Positioning** The panic selling is attributed to an over-projection of "debt logic." Tencent plays a crucial role in the ongoing AI competition between China and the U.S., particularly in AI accessibility and the international expansion of internet gaming, while maintaining stable relations with authorities. The company's fundamental position remains solid, suggesting that investors should maintain composure and look for rebound opportunities after the recent declines [3]

· 2026 年 2 月 4 日 国都港股操作导航 | 海外市场重要指数 | 收市 | 幅度 | | --- | --- | --- | | 道琼斯工业指数 | 49240.99 | -0.34 | | 标普 500 指数 | 6917.81 | -0.84 | | 纳斯达克综合指数 | 23255.19 | -1.43 | | 英国富时 100 指数 | 10314.59 | -0.26 | | 德国 DAX 指数 | 24780.79 | -0.07 | | 日经 225 指数 | 54720.66 | 3.92 | | 台湾加权指数 | 32195.36 | 1.81 | | 内地股市 | | | | 上证指数 | 4067.74 | 1.29 | | 深证成指 | 14127.11 | 2.19 | | 香港股市 | | | | 恒生指数 | 26834.77 | 0.22 | | 国企指数 | 9053.11 | -0.30 | | 红筹指数 | 4290.3 | 1.06 | | 恒生科技指数 | 5467.26 | -1.07 | | AH 股溢价指数 | 118.92 | -0.12 | | ...

经济观察网A股、港股AI应用股集体下挫。A股方面，引力传媒（603598）触及跌停，天地在线 （002995）、值得买（300785）、因赛集团（300781）、易点天下（301171）、省广集团（002400）跌 幅居前。港股方面，美图公司跌超10%，智谱、MINIMAX-WP跌超5%，金山云、腾讯控股、阿里巴巴- W跟跌。 ...

本报记者 袁璐 春节临近，互联网巨头间的"红包大战"再度打响。腾讯元宝抢先出手，撒出10亿元现金红包；百度紧随 其后，投入5亿元加入战局；阿里千问则启动规模达30亿元的"春节请客计划"。 这场亿元级别的"红包雨"，背后是大厂对AI（人工智能）流量入口的激烈争夺，各家都想复刻当年微信 通过红包引爆市场的成功。但行业专家指出，若后续产品力不足，热闹可能只是"昙花一现"。唯有把短 期流量转化为真实的用户习惯，才是实现长效增长的关键。 春节红包大战再起 2月2日，阿里巴巴旗下AI助手"千问"宣布将于6日正式上线总额30亿元的"春节请客计划"。该计划联合 淘宝闪购、飞猪、大麦、盒马等阿里系业务，以"免单"形式为用户提供消费福利。 1月25日，腾讯元宝宣布将分10亿元现金红包，活动自2月1日持续至17日，单个红包最高可达万元。同 日，百度也宣布，1月26日至3月12日期间，在百度App使用文心助手可参与瓜分5亿元现金红包，最高 奖励同样为1万元。 记者注意到，与以往"直接撒钱"不同，此次三家公布的红包活动均与AI产品功能进行了深度绑定。 腾讯元宝的红包玩法植根于其社交生态。用户可通过每日登录、完成任务抽奖、分享至微信或Q ...

港股明星科网股连日走低，BOSS直聘(02076.HK)跌超3%，携程集团-S(09961.HK)跌超2%，哔哩哔哩 (09626.HK)、腾讯控股(00700.HK)、快手(01024.HK)、美团(03690.HK)、百度(09888.HK)、阿里巴巴 (09988.HK)等个股跟跌。 本文源自：金融界AI电报 ...

2026.02. 04 本文字数：450，阅读时长大约1分钟 作者 | 一财 阿驴 09:27 存储芯片板块低开，深康佳A跌停，普冉股份、澜起科技、佰维存储、香农芯创纷纷低开。 09:25 A股开盘丨三大指数集体低开 沪指低开0.08%，深成指低开0.39%，创业板指低开0.80%。科创综指低开0.78%。 微信编辑 | 生产队的驴 第一财经持续追踪财经热点。若您掌握公司动态、行业趋势、金融事件等有价值的线索，欢迎提供。 专用邮箱：bianjibu@yicai.com （注：我们会对线索进行核实。您的隐私将严格保密。） 推荐阅读 李亚鹏，一夜卖了1.6亿元茶 盘面上，AI算力产业链走低，存储器、CPO方向领跌；半导体、消费电子题材跌幅靠前。黄金、基本金属、油气板块反弹。 09:21 港股开盘丨恒生指数低开0.14% 恒生指数低开0.14%，恒生科技指数跌0.87%。紫金矿业涨逾2%，中国海洋石油涨近2%。科网股多数走低，美团、快手、腾讯控股、携程集团、华虹 半导体跌幅靠前。 | મટા 恒生指数 | ( | 26797.05 c | -37.72 | -0.14% | | --- | --- | --- | ...

梦晨 发自 凹非寺 量子位 | 公众号 QbitAI 姚顺雨，入职腾讯首席AI科学家后，参与的首个成果来了。 这项研究与姚顺雨一贯的研究思路高度契合，去年8月他在OpenAI期间发表的博文《下半场》曾提出一个被反复引用的判断： AI正处在"中场休息"阶段，上半场是训练大于评估，下半场将是评估大于训练。 真正重要的不是继续堆模型规模，而是让模型在真实任务、真实系统中经得起检验。 CL-bench的评测结果相当扎心，当前最强的GPT-5.1 (High)，任务解决率只有23.7%。 CL-bench ，专门用来测试大模型"从上下文中学习"的能力。 换句话说，即便把解题所需的全部信息都喂给模型，它依然在超过四分之三的任务上栽了跟头。 为什么需要上下文学习 研究团队在博客中开门见山地指出了一个被忽视的问题：今天的前沿模型是顶级的"做题家"，能解奥数、能写代码、能通过人类需要苦读数年 才能拿下的专业资格考试。 但这能在考场拿满分的学生，未必能胜任真实世界的工作。 博客中举了三个人类日常生活的例子： 这些场景中，人类并不只依赖多年前学到的死知识，而是在实时地从眼前的上下文中学习。 然而今天的语言模型并非如此。它们主要依赖 ...

年初的长剧市场，围绕一个关键词展开了诸多讨论——"分账"。 先是《老舅》以突破6000万的分账成绩引人瞩目，上线仅一个月便已超越2025年分账榜首《我叫赵甲第第二季》，让人不禁感叹："很难想象，一部能进 入央八黄金档的剧集，竟然是一部分账剧。"随后，爱优腾三大平台也相继更新分账政策，各自推出了新的合作策略。 种种信息让大家看到一个信号，在行业经历长期"寒冬"的背景下，长剧市场似乎正试图通过"分账模式"展开自救。然而，策略虽已提出，具体的落实仍伴 随许多疑问——分账政策真的适合长剧吗？执行细节能否顺利落地？这些问题最终都指向同一个核心：长剧真的能凭借分账成功求生吗？ 分账政策，新，也不新 翻看爱优腾三家的2026新分账政策，会发现它们既"新"也"不新"。 说"不新"，是因为平台大多是在原有框架上进行升级；而"新"则体现在分账范围显著扩大。 腾讯视频过去的分账政策集中于横短、竖短及网络电影，新政策将长、中、短横屏剧集统一纳入同一分账体系；爱奇艺也将分账范围进一步扩大，将电 影、剧集、微剧、漫剧、动漫、少儿、纪录片、知识八大板块统一升级为"收入分账"模式；优酷则是在多品类推行以"会员贡献价值"为核心的新分账机 制。 ...

Core Insights - The 2026 Spring Festival Red Packet War marks a significant shift in the competitive landscape of the Chinese internet industry, with a focus on AI-driven applications and user engagement strategies [1][11][15] Group 1: Marketing Strategies - Tencent's Yuanbao announced a 1 billion yuan red packet initiative, which quickly became a popular topic in social media, showcasing the effectiveness of social sharing in driving user engagement [2][3] - Alibaba's Qianwen responded with a more ambitious 3 billion yuan "Spring Festival Treat Plan," integrating various services from its ecosystem to enhance user experience during the holiday season [3][5] - The competition has evolved from merely offering cash rewards to creating engaging user experiences that leverage AI capabilities, indicating a shift in marketing strategies [4][12] Group 2: Historical Context - The Spring Festival Red Packet War began in 2015 and has since transformed mobile payment habits and user engagement in China, with significant implications for the industry [4][6] - Previous years saw escalating amounts in red packet offerings, with notable increases in user engagement and daily active users (DAU) during these campaigns [9][10] - The 2026 campaign is seen as a pivotal moment for internet giants to redefine their strategies in the context of AI and user interaction [10][15] Group 3: Competitive Landscape - Major players like Tencent, Alibaba, Baidu, and ByteDance are all vying for dominance in the AI space, with each company adopting unique approaches to attract and retain users [12][13] - The competition is not just about monetary incentives but also about creating indispensable AI applications that integrate into daily life, highlighting the importance of user retention [15] - The 2026 Spring Festival serves as a critical juncture for these companies to showcase their capabilities and solidify their positions in the evolving market [11][15]