应用放量与模型升级共振，关注港股互联网板块价值

Group 1 - The Hong Kong stock market's technology sector is experiencing increased volatility due to concerns over changes in tax burdens for internet businesses like gaming and advertising, following the Ministry of Finance's recent announcement on VAT guidelines [1] - The document clarifies existing VAT laws without making substantial adjustments to the tax burdens for modern service industries, indicating that discussions around a 9% tax rate change primarily relate to adjustments in basic telecom services rather than direct impacts on core internet platform businesses [1] - Positive developments in the artificial intelligence industry continue, with Microsoft reporting that its Microsoft 365 Copilot paid seats have reached 15 million, marking a record high for quarterly growth [1] Group 2 - Alibaba has launched Qwen3-Max-Thinking, which matches international standards in reasoning capabilities, while the release of models like DeepSeek-OCR 2 reflects ongoing advancements by domestic firms in reasoning and tool utilization [1] - The upcoming release of new models and applications around the Spring Festival, along with the further disclosure of overseas cloud providers' financial reports, is expected to enhance the investment value of Hong Kong's internet sector [1] - The E Fund Internet ETF (513040) focuses on core internet assets within the Hong Kong Stock Connect, with a product scale of approximately 9.8 billion, providing a tool for long-term investment opportunities in the Hong Kong internet sector [2]