Market Overview - On February 4, US stock indices opened mixed, with the Nasdaq down 0.87%, the Dow Jones up 0.21%, and the S&P 500 down 0.29% [1] - Most tech stocks declined, with AMD dropping over 13% due to Q1 guidance falling short of some analysts' expectations [1][2] - Other notable declines included Meta down 1.86%, Nvidia down 0.9%, Amazon down 0.62%, and Microsoft down 0.29% [1] Company Performance - AMD's stock price was reported at $209.22, reflecting a decrease of 13.58% [2] - Meta Platforms' stock price was $678.826, down 1.86% [2] - Nvidia's stock price was $178.710, down 0.90% [2] - Amazon's stock price was $237.150, down 0.62% [2] - Microsoft’s stock price was $410.030, down 0.29% [2] - Tesla's stock price was $421.385, down 0.14% [2] - Intel's stock price was $49.345, up 0.19% [2] - Qualcomm's stock price was $150.990, up 2.59% [2] - Apple's stock price increased by 2.98% [1] Chinese Stocks - The Nasdaq Golden Dragon China Index fell over 2%, closing at 7457.16 points [3] - Major Chinese stocks experienced declines, with Kingsoft Cloud down 7.39%, NetEase down 6.93%, and Bilibili down 6.12% [3][4] - Baidu and Futu Holdings both dropped over 4.7%, while Tencent Music fell over 4.2% [3] Commodity Market - On February 4, spot gold rose by 0.93% to $4987.59, while spot silver increased by over 4.1%, reaching $89.57 per ounce [5][6] - Brent crude oil rose by 0.07% to $67.38 per barrel, while WTI crude oil fell to $63.19 per barrel, down 0.03% [6] Employment Data - In January, the US ADP employment numbers increased by 22,000, below the forecast of 45,000 and the previous value of 41,000 [8]

本文是由投资/产品专员而非分析师撰写的文章汇编。 它不构成研究报告，也不应被解释为研究报告，也不旨在提供 专业、投资或任何其他类型的建议或推荐。 CSIWM 个股点评 2026 年 2 月 4 日 腾讯控股 本文内容由 Kylie Kwok (郭凯欣) 提供 中信证券财富管理(香港) 产品及投资方案部 中国互联网行业 电话：(852) 2237 9250 / 电邮：wminvestmentsolutions@citics.com.hk 摘要 中信证券财富管理与中信里昂研究观点一致。根据中信里昂研究在 2026 年 2 月 3 日发布的题为《Games keep strong momentum》的报告，腾讯预计将继续交出稳健业绩，2025 年第四季度总收入和调整后 Ebit 同比大幅增长。 分析指出，网络游戏有望带来积极惊喜并实现同比增长，得益于常青游戏的稳健表现以及新爆款游戏《三角洲行动》 的推动。尽管宏观环境疲弱，广告业务预计仍将同比增长，主要受广告技术升级和交易增长的支撑。随着毛利率扩张， 利润预计将继续快于收入增长。分析指出，腾讯在 2026 年有望维持双位数的游戏增长和广告增长，并被视为全球拥 有最优 ...

Group 1: Investment Trends - Net purchases included Tencent Holdings at 2.231 billion, Alibaba-W at 1.171 billion, and Xiaomi Group-W at 0.765 billion [1] - Southbound funds have continuously net bought Xiaomi for 5 days, totaling 2.92981 billion HKD, and Tencent for 3 days, totaling 5.49 billion HKD [4] - Net sales included SMIC at 0.706 billion and Hua Hong Semiconductor at 0.235 billion [1] Group 2: Company Developments - Tencent Holdings announced the optimization of its red envelope sharing mechanism, now referred to as "password red envelope" [5] - Alibaba has open-sourced a new efficient hybrid expert model, Qwen3-Coder-Next, with a total of 80 billion parameters [5] - China Mobile expects net profit to be under pressure due to an increase in value-added tax rates, focusing on operational efficiency and transitioning to AI and cloud services [5] Group 3: Corporate Expansion - Pop Mart announced London as its European headquarters and plans to open 7 new stores in the UK, creating over 150 jobs [6] - Junda Co. has initiated a placement to fund research and production of space photovoltaic battery products and investments in commercial aerospace [6]

南向资金净买入133.73亿港元，腾讯控股、阿里巴巴-W、南方恒生科技净买入额位列前三，分别获净 买入22.31亿港元、11.71亿港元、11.23亿港元。净卖出方面，中芯国际遭净卖出7.07亿港元、华虹半导 体遭净卖出2.36亿港元。 ...

里昂发布研报称，预期腾讯控股(00700)2026年的游戏业务将保持双位数增长，广告业务增长约20%，重 申公司"高度确信跑赢大市"评级。该行预期腾讯去年第四季业绩稳固，预计季度总收入同比增13.5%至 1,957亿元人民币，经调整EBIT则预计升20.6%至718亿元人民币。该行相信，线上游戏业务可能为公司 带来惊喜。 ...

智通财经APP获悉，里昂发布研报称，预期腾讯控股(00700)2026年的游戏业务将保持双位数增长，广告 业务增长约20%，重申公司"高度确信跑赢大市"评级。该行预期腾讯去年第四季业绩稳固，预计季度总 收入同比增13.5%至1,957亿元人民币，经调整EBIT则预计升20.6%至718亿元人民币。该行相信，线上 游戏业务可能为公司带来惊喜。 ...

腾讯控股跌超3%；微信此前公告，对元宝的违规链接进行处置，限制其在微信内直接打开。 (本文来自第一财经) 腾讯控股跌超3%；微信此前公告，对元宝的违规链接进行处置，限制其在微信内直接打开。 (本文来自第一财经) ...

消息面上，微信派今早发布公告称，收到用户针对元宝的反馈和投诉，其相关春节营销活动存在通 过"做任务""领红包"等方式诱导用户高频分享链接到微信群等场景，干扰平台生态秩序、影响用户体 验、对用户造成骚扰。经研判，对元宝的违规链接进行处置，限制其在微信内直接打开。相关处置措施 即日生效。此前，腾讯旗下AI平台元宝宣布在2月1日开启新春活动，分10亿现金红包。马化腾曾表示 希望重现当年微信红包的盛况。 值得关注的是，日前市场有传言称金融业及互联网增值服务（如游戏内购、广告）因利润率高、税负 轻，可能成为下一个税率调整目标，并类比白酒税率，该消息引发腾讯等互联网公司股价集体下挫。华 创证券认为，上述传闻属于过度推演，并没有切实的依据。同时，互联网企业加税或直接传导至C端消 费者，这与目前促进消费的大方针相悖，逻辑不可外推。 腾讯控股(00700)跌幅扩大逾3%，截至发稿，跌3.1%，报563港元，成交额120.36亿港元。 ...

智通财经APP获悉，腾讯控股(00700)跌幅扩大逾3%，截至发稿，跌3.1%，报563港元，成交额120.36亿 港元。 消息面上，微信派今早发布公告称，收到用户针对元宝的反馈和投诉，其相关春节营销活动存在通 过"做任务""领红包"等方式诱导用户高频分享链接到微信群等场景，干扰平台生态秩序、影响用户体 验、对用户造成骚扰。经研判，对元宝的违规链接进行处置，限制其在微信内直接打开。相关处置措施 即日生效。此前，腾讯旗下AI平台元宝宣布在2月1日开启新春活动，分10亿现金红包。马化腾曾表示 希望重现当年微信红包的盛况。 值得关注的是，日前市场有传言称金融业及互联网增值服务（如游戏内购、广告）因利润率高、税负 轻，可能成为下一个税率调整目标，并类比白酒税率，该消息引发腾讯等互联网公司股价集体下挫。华 创证券认为，上述传闻属于过度推演，并没有切实的依据。同时，互联网企业加税或直接传导至C端消 费者，这与目前促进消费的大方针相悖，逻辑不可外推。 ...

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 ...