Zhi Tong Cai Jing·2026-02-05 06:16Group 1 - Tencent Holdings (00700) has seen a decline of over 3%, with a cumulative drop of nearly 13% over the past five trading days, currently trading at 541.5 HKD and a market capitalization falling below 500 billion HKD [1] - Morgan Stanley's research report indicates that the recent volatility in internet stocks is linked to reports suggesting an increase in Tencent's value-added tax rate from the current 6% to a consumption tax level of 32% applicable to liquor companies, although the bank considers this comparison to be misleading [1] - The market's initial reaction reflects a fragile sentiment following several days of risk aversion, but multiple news outlets have refuted the related reports before market close [1] Group 2 - Tencent's AI application "Yuanbao" has been a topic of discussion due to the announcement of restrictions on sharing promotional links, with the company responding that it is optimizing the sharing mechanism to enhance user experience [1] - The "Yuanbao" red envelope feature has been updated to a "password red envelope" format, and the company plans to launch a new spring event on February 1, distributing 1 billion HKD in cash red envelopes, with expectations to replicate the success of previous WeChat red envelope activities [1]