来源：智通财经 智通财经2月4日讯（编辑 冯轶）据Wind数据显示，南向资金今日成交约1140.75亿港元，较前一日继续 缩量约123亿；约占今日恒指成交总额的39.97%，占比继续低于四成。 腾讯控股今日跌3.96%，资金前5日加仓458万股，短线保持流入趋势。 阿里巴巴-W今日跌0.93%，资金前5日减持792万股，短线仍以流出为主。 小米集团-W今日跌1.85%，资金前5日加仓4020万股，短线保持流入趋势。 美团-W今日跌1.13%，资金前5日减持410万股，但近两日连续回流。 但值得关注的是，南向资金今日大举净流入约133.73亿港元，创1月22日以来近两周新高。其中，沪港 股通净流入约73.93亿港元，而深港股通净流入约59.80亿港元。 且趋势上，南向资金已连续5个交易日保持流入，成为港股短线回调中的一股做多力量，累计买入 238.27亿港元。 个股方面，交易所数据显示，今日南向资金 大幅净买入：腾讯控股(0700.HK)22.31亿港元；阿里巴巴-W(09988.HK)11.71亿港元；小米集团- W(01810.HK)7.66亿港元；美团-W(03690.HK)4.04亿港元；中国移动(00 ...

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2026年1月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 阿里巴巴集團控股有限公司 呈交日期: 2026年2月4日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 09988 | | 說明 | | | | | | | | 多櫃檯證券代號 | 89988 | RMB | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | | 32,000,000,000 | USD | | 0.000003125 USD | | 100,000 | | 增加 / 減少 (-) | | | | 0 | | | USD | | 0 | | 本月底結存 | | | | 32,000 ...

Core Insights - The 2026 Spring Festival has become a battleground for AI marketing among major internet companies, with Tencent, ByteDance, Alibaba, and Baidu launching aggressive campaigns to capture user engagement through AI-driven features and cash incentives [9][16]. Group 1: Tencent's Strategy - Tencent's "Yuanbao" cash red envelope campaign, with a total of 1 billion yuan, aims to replicate the success of its 2015 WeChat red envelope initiative, leveraging social sharing to enhance user retention and engagement [5][4]. - The campaign includes a tiered incentive model, combining cash red envelopes and sharing mechanisms to encourage user participation and spread within social networks [4][5]. - Tencent has integrated AI into its social platforms, allowing users to interact with AI in familiar social contexts, thereby reducing barriers to adoption and enhancing user experience [5][6]. Group 2: Competitors' Moves - ByteDance has positioned its "Doubao" AI deeply within the Spring Festival celebrations, partnering with major events to foster user interaction and build habits around AI usage [9][10]. - Alibaba's "Qianwen" app has committed 30 billion yuan to its Spring Festival initiative, integrating AI capabilities across its ecosystem to facilitate real-world transactions and enhance user engagement [9][15]. - Baidu is promoting its "Wenxin" assistant with a 500 million yuan cash incentive, embedding AI services within its app to streamline user experience and drive adoption [9][15]. Group 3: Industry Trends - The competition among these companies signifies a shift from merely enhancing model capabilities to focusing on user relationships, ecosystem integration, and practical execution of AI solutions [16]. - The rise of AI agents, such as OpenClaw, has captured public attention, showcasing the potential for AI to perform complex tasks autonomously, thus driving interest and investment in AI technologies [12][13]. - The overall trend indicates a growing emphasis on creating user-friendly AI applications that seamlessly integrate into daily life, moving beyond traditional AI functionalities [16].

智通财经APP获悉，2月4日港股市场，北水成交净买入133.73亿港元，其中港股通(沪)成交净买入73.93亿港元，港股通 (深)成交净买入59.8亿港元。 港股通(深)活跃成交股 北水资金抢筹科网股，腾讯(00700)、阿里巴巴-W(09988)、美团-W(03690)、快手-W(01024)分别获净买入22.31亿、11.71 亿、4.04亿、2.2亿港元。消息面上，近日网上流传一则互联网增值服务（如游戏内购、广告）加税的传言。大摩认为市场 对于增值税法规可能带来负面影响的过度担忧。该行指出，目前没有证据表明互联网相关服务(例如虚拟游戏物品、网络 广告等，税率为6%)的增值税会发生任何变化。该行认为中国的AI路径在2026年将更加明朗，由供给端和需求端共同驱 动。 小米集团-W(01810)获净买入7.65亿港元。消息面上，中银国际发表报告指，1月小米电动车交付量超过3.9万台，表现优于 同行，主要得益于YU7储备订单及金融促销方案的推出。该行认为小米在AI大模型、机器人及芯片等领域的持续投入及潜 在回报预期，将为当前估值提供支撑。 北水净买入最多的个股是腾讯(00700)、阿里巴巴-W(09988)、南 ...

（文章来源：每日经济新闻） 每经AI快讯，2月4日，南向资金今日净买入约133.73亿港元，为1月22日以来单日流入规模新高。腾讯 控股、阿里巴巴-W分别获净买入约22.31亿港元、11.71亿港元；中芯国际遭净卖出7.07亿港元。 ...

前些年，春节的红包大战已经备受大家关注，但是伴随着热度渐消，大家已经很久没看到春节红包大战 了，但是让人意外的是2026年春节BAT再度入局加入春节红包大战，让人不禁想问互联网巨头又开始卷 红包意味着什么？ 一、BAT集体加入春节红包大战 据证券时报的报道，随着农历春节日渐临近，一场春节"AI大战"正在拉开序幕。2月1日，腾讯"上元 宝，分10亿"活动正式开启，一时间各大微信群中均是元宝分享红包的消息，元宝也借此登上苹果应用 商店免费APP的榜首。 事实上，除腾讯之外，阿里巴巴、百度、字节跳动等互联网大厂纷纷紧盯春节这一超级流量时刻，希望 借此抢占新的AI流量入口，这也直接映射巨头们当下的AI焦虑和流量焦虑。 1月25日，百度发布文心助手关于春节现金红包活动的通知。自1月26日至3月12日，用户在百度APP使 用文心助手，就有机会瓜分5亿现金红包，最高可获得1万元奖励。百度APP还将作为首席AI合作伙伴合 作2026年北京台春晚，同时上线近百种春节主题AI玩法。 字节跳动的重心则主要集中在春晚。据了解，字节跳动旗下的火山引擎已成为2026年央视春晚独家AI 云合作伙伴。火山引擎将深度参与到春晚节目、线上互动和 ...

来源：滚动播报 港股通（沪）方面，腾讯控股、中国移动分别获净买入20.66亿港元、3.51亿港元；中芯国际净卖出额居 首，金额为2.76亿港元；港股通（深）方面，南方恒生科技、阿里巴巴-W分别获净买入11.23亿港元、 9.55亿港元；中芯国际净卖出额居首，金额为4.31亿港元。 ...

Core Insights - The Chinese internet food delivery industry has officially ended the "money-burning for market share" era, with a significant intervention from the State Administration for Market Regulation, halting a year-long subsidy war involving major players like Meituan, Taobao Flash, and JD Delivery [1][2][12] Group 1: Industry Changes - The subsidy war, which saw a total investment of 744 billion yuan, has been characterized as a "suicidal attack" on the industry, leading to severe financial losses for major platforms [8][12] - In 2025, the intense competition resulted in a staggering 89% year-on-year drop in adjusted net profit for Meituan and a 78% decline in adjusted EBITA for Alibaba's instant retail business [8][10] - Over 12% of small and medium-sized restaurants succumbed to the pressure of forced low-price promotions, highlighting the detrimental effects of the subsidy war [10][12] Group 2: Regulatory Actions - The regulatory body has identified "subsidy wars, price competition, and traffic control" as critical issues that require immediate rectification [12][20] - The intervention marks a significant correction of the internet business logic, emphasizing the need for sustainable practices rather than short-term gains through subsidies [14][32] Group 3: Market Dynamics - Following the regulatory intervention, JD Delivery has shifted to a model charging a 5% service fee, indicating a return to a more sustainable business model focused on providing technical services [22] - The end of the subsidy war is expected to lead to a focus on quality and safety in the food delivery market, moving away from price as the primary competitive factor [33][35] Group 4: Consumer Impact - Consumers have begun to notice price increases, with average delivery prices rising by approximately 0.8 yuan, reflecting the end of artificially low prices [28][30] - The previous low-price model is described as a bubble that compromised food safety, with the new pricing structure aimed at ensuring better quality and service [30][38]

Group 1 - The Hong Kong stock market experienced fluctuations, with the Hang Seng Index closing at 26,847.322, a slight increase of 0.047% [1] - Real estate stocks saw significant gains, with Shimao Group rising over 14%, Sunac China up over 8%, Vanke Enterprises increasing over 6%, and Yuexiu Property up over 6% [1] - Coal stocks also performed well, with Yanzhou Coal Mining rising over 10% and China Shenhua Energy increasing over 5% [1] Group 2 - The Hang Seng Tech Index dropped by 1.844%, with major tech companies showing poor performance [3] - Tencent Holdings fell nearly 4%, Baidu Group declined nearly 3%, Xiaomi Group dropped over 1.8%, JD Group decreased over 1.6%, and Alibaba fell nearly 1% [3][4] - Semiconductor stocks were sluggish, with Fudan Shanghai falling over 5%, Hua Hong Semiconductor down nearly 5%, GigaDevice down over 3%, and SMIC down over 2% [5]

Group 1 - Major tech companies are intensifying their competition in the AI sector, with Tencent, Baidu, Alibaba, and ByteDance launching various promotional activities and investments ahead of the Spring Festival [1] - Tencent plans to distribute 1 billion yuan in cash through its Yuanbao app, while Baidu is offering 500 million yuan in cash rewards via its Wenxin assistant [1] - ByteDance has secured sponsorship for the 2026 CCTV Spring Festival Gala, integrating AI into the event's interactive segments [1] Group 2 - The competition among tech giants can be categorized into three main areas: AI empowerment, independent AI applications, and AI hardware [2] - AI empowerment involves integrating AI capabilities into traditional business models, with companies like Alibaba and Tencent enhancing their existing services with AI features [3][4][5] - Despite the integration of AI, the competitive landscape among major players remains largely unchanged, with established leaders in various sectors still holding their positions [10] Group 3 - The independent AI application battle has emerged as companies seek to disrupt existing market dynamics, with Alibaba's Qianwen app gaining significant traction [11] - Current usage statistics indicate that even the most popular AI applications have limited daily engagement, suggesting that the competition for user attention is still ongoing [13][14] - The future of user engagement in AI applications remains uncertain, with many variables at play [15] Group 4 - The competition has shifted from software to hardware, with ByteDance's Doubao phone selling out rapidly, indicating a strong market interest [16] - AI glasses have also gained popularity, with significant sales growth reported in the global smart glasses market [20][21] - The potential for AI hardware to revolutionize user interaction is being recognized, with AI glasses positioned as a new frontier in human-computer interaction [22] Group 5 - Each major player has a distinct approach to AI, with Alibaba focusing on practical tools, Tencent emphasizing social value, and ByteDance targeting emotional engagement [25][26][27] - Alibaba's Qianwen app aims to streamline user tasks across various services, while Tencent's Yuanbao app seeks to innovate social interactions [31][32] - ByteDance's AI products prioritize emotional connection and user engagement, differentiating their offerings from those of competitors [39][41] Group 6 - The competition for the "super entrance" in the AI era is fierce, with each company leveraging its strengths to capture market share [42] - The uncertainty surrounding the future of AI technology and its applications leads to a common goal among companies: to remain relevant in the evolving landscape [43]