银河证券认为，港股科技板块仍是中长期投资主线，在产业链涨价、国产化替代、AI应用加速推 进等多重利好共振下，有望震荡上行。 （责任编辑：刘畅 ） 【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不对所包含内容 的准确性、可靠性或完整性提供任何明示或暗示的保证。请读者仅作参考，并请自行承担全部责任。邮箱： news_center@staff.hexun.com 恒生科技ETF南方(520570)及场外联接(A类：020988；C类：020989)跟涨恒生科技指数，该指数覆 盖了中国科技产业中最核心的方向：互联网平台、AI与算力、半导体、新能源汽车、智能硬件、生物 医药等，囊括了当前全球最具成长性的科技赛道。其成份股既包括腾讯、阿里、京东、快手等平台型公 司，也涵盖中芯国际、小米、小鹏等硬科技与制造端代表，形成了较为完整的科技产业链结构。 从最新市盈率看，截至2月4日，恒生科技指数的市盈率（PE-TTM）为22.38倍，位于指数成立以来 的25.69%历史分位数，处于历史估值相对低位。 港股主要指数调整，截至发稿，恒生科技ETF南方(520570)成交额超1.1亿元，交投活 ...

Core Viewpoint - The report from Citi indicates that the Chinese internet industry is expected to perform strongly by 2025, driven by AI trends led by DeepSeek, with growth anticipated to continue into 2026, particularly in the competitive landscape of AI and generative video applications [1] Industry Summary - The competition between China and the United States in AI models, applications, cloud services, and autonomous driving (Robotaxi) is expected to intensify [1] - Despite geopolitical challenges, the Chinese gaming and e-commerce sectors are experiencing rapid growth in overseas markets, although there is a cautious outlook for the domestic e-commerce sector [1] Investment Strategy - Citi favors sectors such as AI, gaming, and health, predicting a year-on-year revenue growth of 12% and an adjusted EBIT growth of 29% for the industry [1] - The report suggests that China is likely to lead in the global application of AI [1] Valuation Insights - The report highlights that the current forecasted adjusted P/E ratio for the sector in 2026 is 16.1 times (13.7 times for 2027), which represents a discount of approximately 40% compared to U.S. peers, indicating attractive valuation [1] Preferred Stocks - Citi lists six preferred stocks for 2026, including Tencent Holdings (00700), Xiaomi Group-W (01810), Alibaba-W (09988), NetEase-S (09899), Kuaishou-W (01024), and JD Health (09618) [1] - The report specifically notes optimism regarding Alibaba's cloud business, Tencent's AI applications, and Xiaomi's consumer-grade AI devices [1]

Group 1 - Tencent Holdings (00700.HK) has seen a decline of over 3%, with a cumulative drop of nearly 13% over the past five trading days [1] - As of the latest update, Tencent's stock price is at 541.5 HKD, with a trading volume of 29.22 billion HKD [1] - The company's market capitalization has fallen below 5 trillion HKD [1]

腾讯控股(00700)再跌超3%，近五个交易日累跌近13%。截至发稿，跌2.96%，报541.5港元，成交额 292.2亿港元，市值跌破5万亿港元。 消息面上，摩根大通研报指出，互联网股份日前经历剧烈波动，因有报道指腾讯的增值税率或由现时的 6%，上调至白酒公司所适用的32%消费税水平。虽然该行认为有关说法将增值税与消费税混为一谈， 并参照32%的消费税率显得奇怪，但市场最初反应显示，在经历数日的避险情绪后，市场情绪相当脆 弱。多间新闻媒体在收市前已反驳了相关报道。该行将此次调整视为入手腾讯及相关互联网股份的机会 此外，日前"微信封禁元宝分享链接"成为热议话题。微信官方昨日宣布限制腾讯自家AI应用"元宝"的推 广链接，元宝方面回应，正在紧急优化调整分享机制，将尽快上线，确保用户抢红包体验。随后，腾讯 元宝红包已更改为"口令红包"的样式。今年1月底，元宝宣布在2月1日开启新春活动，分10亿现金红 包。马化腾对本次春节活动寄予厚望，曾表示希望重现当年微信红包的盛况。 ...

智通财经APP获悉，2月5日，胡润研究院发布《2025胡润中国500强》，列出了中国500强非国有企业。榜单显 示，2025年胡润中国500强企业总价值上涨21万亿元(38%)，达到77万亿元。其中，台积电(TSM.US)价值增长 3.5万亿元，以10.5万亿元再度蝉联中国价值最高的民营企业；腾讯(00700)价值增长1.9万亿元，以5.3万亿元稳 居第二；字节跳动价值增长1.8万亿元，以3.4万亿元保持第三；小米(01810)新进前十，价值增长3570亿元，以 1万亿元位列第八。 行业上，半导体行业今年增长最多，超越生命健康，成为胡润中国500强企业的第二大行业，工业产品行业仍 然第一，生命健康行业位列第三。此外，增长较多的还有化工、金属与矿产以及能源等行业。下降最多的则 是房地产，其次是零售。 上榜企业中，有386家企业的价值比上一年有所增长，其中包括95家新上榜企业；16家企业的价值与上一年持 平；102家企业的价值有所下降。65%为B2B企业，比上一年增加8%；35%直接面向消费者。75%的企业提供 实体产品；25%提供软件或服务。半导体、传媒娱乐、工业产品以及消费品这四个行业占据了胡润中国500强 ...

声明：市场有风险，投资需谨慎。本文为AI基于第三方数据生成，仅供参考，不构成个人投资建议。 本文源自：市场资讯 作者：情报员 国家知识产权局信息显示，腾讯科技（深圳）有限公司申请一项名为"资源调整方法、装置、电子设 备、计算机可读存储介质及计算机程序产品"的专利，公开号CN121462657A，申请日期为2024年8月。 专利摘要显示，本申请提供了一种资源调整方法、装置、电子设备、计算机可读存储介质及计算机程序 产品；方法包括：确定业务请求在请求量变化维度下的变化指标值；获取请求量变化维度的变化指标阈 值；当变化指标值超过变化指标阈值时，确定在请求量变化维度下的资源调整信息；基于资源调整信 息，对用于处理业务请求的资源进行资源调整。通过本申请，能够提高资源调整的效率和即时性，以快 速响应业务请求，提高业务请求的处理效果。 天眼查资料显示，腾讯科技（深圳）有限公司，成立于2000年，位于深圳市，是一家以从事软件和信息 技术服务业为主的企业。企业注册资本200万美元。通过天眼查大数据分析，腾讯科技（深圳）有限公 司共对外投资了15家企业，参与招投标项目280次，财产线索方面有商标信息5000条，专利信息5000 ...

Group 1 - The report highlights the establishment of two structural monetary policy tools by the central bank to support the stable development of the capital market, with a total combined quota of 800 billion yuan, which is expected to reshape the A-share ecosystem [4][8] - In January, the total amount applied for stock repurchase and increase loans decreased by 11% month-on-month, primarily due to an 86% decline in the amount applied for increases [9][8] - The A-share repurchase situation in January showed a significant decline, with the total repurchase amount at approximately 14.93 billion yuan, down 33% from December, and the number of repurchase plans also decreased by 42% [11][8] Group 2 - The report indicates that in January, the total amount of repurchases and increases in the A-share market was approximately 149.3 billion yuan, with 77% of the funds being self-owned or raised funds [11][20] - The report identifies three companies with the largest proposed repurchase amounts: Jinkai New Energy (5-6 billion yuan), Century Huatong (3-6 billion yuan), and Jintian Co., Ltd. (2-4 billion yuan) [11][20] - In January, the Hong Kong stock market saw a repurchase amount of approximately 12.83 billion Hong Kong dollars, a decrease of 41% from December, with Tencent Holdings, Xiaomi Group-W, and Sunny Optical Technology being the top three companies by repurchase amount [26][20] Group 3 - The report lists companies that have announced new repurchase and increase plans in January, providing insights into their fundamentals, current valuations, and the proportion of repurchase/increase amounts [31][32] - It also tracks new dividend commitments from listed companies, with a notable commitment from Yanghe Brewery to distribute no less than 100% of the net profit attributable to shareholders as cash dividends for the years 2025-2027 [34][33]

Investment Rating - The report maintains a "Positive" outlook for the gaming industry [5] Core Insights - The application of AI in the gaming industry is transitioning from B2B to B2C, with expectations for sustained capacity and traffic growth for evergreen games on the B2B side, while B2C games with high daily active users (DAU) are expected to see significant increases in both content and DAU through user co-creation driven by natural language AI game engines [3][12] - The report highlights the importance of companies with advantages in gaming channels and large DAU products, such as Tencent Holdings, Xindong Company, Century Huatong, Giant Network, and NetEase, as well as those with key project reserves like 37 Interactive Entertainment and Perfect World [3][12] Summary by Sections 1. AIGC and Policy Resonance Driving High Growth in Gaming Revenue - In 2025, China's gaming industry sales revenue is projected to reach 350.8 billion, with an 8% year-on-year growth, significantly outperforming the retail sector's 3.7% growth [15] - The AI-driven evergreen games are extending their lifecycle, with major titles like "Honor of Kings" and "Crossfire" achieving historical highs during the Spring Festival [15] 2. Trends in the Gaming Industry for 2026 - AI game editors are beginning to deliver results, with a long-term positive outlook for platform-based companies [29] - A price war is expected to restart in 2026, with low ARPU games showing stronger resilience against macroeconomic headwinds [38] - The revival of PC games is deepening, with an increasing proportion of cross-platform products [45] 3. Investment Recommendations - Companies with advantages in channels and large DAU products are highlighted, including Tencent Holdings, which is expected to see significant growth from its AI engine-driven games [60][61] - Other companies to watch include Xindong Company, Giant Network, and Kyeing Network, each with promising projects and growth potential [60][61]

官方介绍，胡润中国500强企业总价值上涨21万亿元（38%），达到77万亿元。以台积电、寒武纪、联 发科技为首的半导体行业今年增长最多，超越生命健康，成为胡润中国500强企业的第二大行业，工业 产品行业仍然第一，生命健康行业位列第三。 凤凰网科技讯 2月5日，胡润研究院发布发布《2025胡润中国500强》，台积电价值增长3.5万亿元，以 10.5万亿元再度蝉联中国价值最高的民营企业。腾讯价值增长1.9万亿元，以5.3万亿元稳居第二。字节 跳动价值增长1.8万亿元，以3.4万亿元保持第三。小米新进前十，价值增长3570亿元，以1万亿元位列第 八。美团退出前十，位列第17位。 ...

Core Viewpoint - Tencent is entering the micro-animation market through a partnership with Zhongwen Online, with a projected collaboration amount of 23.2 million yuan [2] Group 1: Partnership Details - Zhongwen Online announced a daily related transaction with Tencent for the authorization of micro-animation short dramas [2] - The collaboration involves uploading completed micro-animation works to Tencent's video creation service platform [2] - The expected cooperation amount is 23.2 million yuan [2] Group 2: Tencent's Market Expansion - Tencent has established a separate entry for comic dramas, named "Fire Dragon Comic Drama," which is now available on the Apple App Store [2] - The developer listed for the "Fire Dragon Comic Drama" is Tencent [2] Group 3: Shareholding Information - Tencent has a relationship with Shanghai Yuwen Information Technology Co., Ltd. and Shenzhen Litong Industrial Investment Fund Co., Ltd., which together hold over 5% of Zhongwen Online's shares [2]