Core Insights - The Hong Kong stock market saw a net inflow of 24.977 billion HKD from Northbound trading on February 5, with both Shanghai and Shenzhen stock connect contributing approximately 12.481 billion HKD and 12.496 billion HKD respectively [1] Group 1: Stock Performance - Tencent (00700) received the highest net inflow of 62.45 billion HKD, with a total trading volume of 88.30 billion HKD [2] - Alibaba-W (09988) had a net inflow of 21.82 billion HKD, with a total trading volume of 42.63 billion HKD [2] - The Yingfu Fund (02800) saw a net inflow of 26.93 billion HKD, totaling 28.20 billion HKD in trading volume [2] Group 2: Notable Net Outflows - Changfei Optical Fiber (06869) experienced the largest net outflow of 4.57 billion HKD, with total trading volume of 12.43 billion HKD [3] - Huahong Semiconductor (01347) had a net outflow of 3.63 billion HKD [6] - SMIC (00981) faced a net outflow of 3.08 billion HKD [6] Group 3: Market Trends and Analyst Insights - High-frequency trading in tech stocks continues, with Tencent, Alibaba-W, and Meituan-W (03690) receiving significant net inflows of 55.78 billion HKD, 15.52 billion HKD, and 5.4 billion HKD respectively [4] - Goldman Sachs predicts 2026 will be a pivotal year for Chinese internet giants, focusing on trends such as AI super applications and cloud business investments [4] - China Life (02628) received a net inflow of 12.39 billion HKD, with potential government plans to issue special bonds for capital injection into large insurance companies [5]

Core Viewpoint - The leading technology and internet stocks in Hong Kong, particularly Tencent Holdings, are experiencing a continued decline in stock prices, influenced by market rumors regarding potential tax increases on internet value-added services and other underlying factors [1][2]. Group 1: Stock Performance - Tencent Holdings' stock price fell to 542 HKD per share as of February 5, 2026, with a market capitalization of approximately 4.94 trillion HKD, down from a peak of 625 HKD per share in late January 2026 [1]. - Other Hong Kong tech stocks, such as Alibaba-W and Kuaishou-W, also saw declines exceeding 3% on February 5, 2026 [1]. - Despite a net inflow of approximately 22.31 billion HKD and 11.71 billion HKD from southbound funds into Tencent and Alibaba, respectively, the market remains volatile [1]. Group 2: Market Influences - The recent stock volatility is attributed to rumors of potential tax increases on internet value-added services, which have caused market sensitivity regarding future tax policies, including the possibility of a "digital tax" or tiered corporate income tax [1][2]. - Tencent is currently in a buyback blackout period, which has removed a key support mechanism for its stock price, making it more vulnerable to bearish market movements [2]. - The company has conducted over 40 buybacks since November 18, 2025, totaling more than 25 billion HKD, with the last buyback occurring on January 15, 2026, at prices between 619 HKD and 632 HKD [2]. Group 3: Business Fundamentals - Despite the stock price decline, Tencent Holdings continues to show robust fundamentals, with double-digit revenue growth reported in its Q3 2025 results, driven by AI technology enhancing advertising precision and gaming engagement [3]. - As one of the largest weighted stocks in the Hong Kong market, Tencent's performance significantly impacts the Hang Seng Tech Index [3]. - The company's ability to rebound in the spring of 2026 may depend on the upcoming earnings season [3].

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 | | | 致：香港交易及結算所有限公司 公司名稱: 騰訊控股有限公司 | 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) | 00700 | | 說明 | | | | | | | | | 多櫃檯證券代號 | 80700 | RMB | 說明 | | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | | 50,000,000,000 | HKD | | 0.00002 | HKD | | 1,000,000 | | 增加 / 減少 (-) | | | | | | | | HKD | | | | 本月底結存 | | | | 50,000,000,000 | HKD | | 0.00002 | HKD | | 1,0 ...

Group 1 - The core point of the article is that copper futures have experienced a significant decline, with a drop of 4% in a single trading day, currently priced at 100,700.00 yuan [1] Group 2 - The article highlights the specific date of the price movement, which is February 5 [1] - The current price of copper futures is reported as 100,700.00 yuan [1] - The percentage decline of 4% indicates a notable shift in the market for copper futures [1]

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。 ...

本文源自：金融界AI电报 腾讯控股(00700.HK)连日走低，现跌超3%。 ...

港股腾讯控股跌幅扩大至3%，5个交易日跌近13%。 本文源自：金融界AI电报 ...

Market Overview - The three major U.S. stock indices closed mixed, with the Dow Jones up by 0.53%, while the S&P 500 and Nasdaq fell by 0.51% and 1.51% respectively [2] - Major technology stocks mostly declined, with the U.S. Tech Giants Index down by 1.32% [4] Notable Stock Movements - Amgen saw a significant increase of over 8%, while Nike rose by more than 5%, leading the Dow [2] - Tesla dropped by 3.78%, Nvidia by 3.41%, and Facebook by 3.28%, leading the declines among major tech stocks [4][5] Hedge Fund Activity - Hedge funds are significantly shorting software stocks, with short sellers profiting $24 billion this year, while the sector's overall market value has shrunk by $1 trillion [9] - The iShares Expanded Tech Software ETF (IGV) has fallen by over 21% year-to-date, with a 30% decline since its peak in September of the previous year [9] Chinese Stocks Performance - Chinese stocks generally fell, with the Nasdaq Golden Dragon China Index down by 1.95% and the Chinese Tech Leaders Index down by 2.80% [7] - Notable declines included NetEase down by 5.41%, Baidu down by 4.77%, and Tencent down by 4.14% [7][8] Elon Musk's Wealth - Elon Musk has become the first person in history to surpass a net worth of $850 billion (approximately 5.92 trillion RMB), primarily due to the acquisition of AI startup xAI by SpaceX, which is valued at $1.25 trillion [6] Gold and Silver Market - Gold futures experienced volatility, initially rising by 3.63% before settling at $4986.40 per ounce, a 1.04% increase [11] - Silver futures surged by 10.46% to $92.02 per ounce before closing at $87.77 per ounce, reflecting a 5.36% increase [12]