2月6日，香港恒生指数低开1.97%，恒生科技指数跌2.42%。 | 名称 | 现价 涨跌幅 | | | --- | --- | --- | | 恒生指数 | 26354.34 -530.90 - -1.97% | 66亿 | | 恒生科技 | 5275.12 | 33亿 | | 恒生生物科技 | 15006.22 -235.76 - -1.55% | 0.8亿 | | 恒生中国企业指数 8922.14 -171.20 -1.88% | | 37亿 | | 恒生综合指数 | -79.10 -1.92% | 54亿 | 科网股全线走低，百度集团跌逾4%，阿里巴巴、 快手、 哔哩哔哩、网易、华虹半导体均跌逾3%，商汤、京东集团、腾讯控股、中芯国际等跌超2%。 | 名称 | 现价 | 涨跌 | 涨跌幅 - | | --- | --- | --- | --- | | 百度集团-SW | 134.800 | -6.100 | -4.33% | | 金蝶国际 | 10.900 | -0.490 | -4.30% | | 京东健康 | 58.250 | -2.400 | -3.96% | | 阿里巴巴-W | 153.50 ...

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 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) | 06618 | | 說明 | | | | | | | | | 多櫃檯證券代號 | 86618 | RMB | 說明 | | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | | 100,000,000,000 | USD | | 0.0000005 | USD | | 50,000 | | 增加 / 減少 (-) | | | | 0 | | | | USD | | 0 | | 本月底結存 | | | | 100,000,000,000 | USD | | ...

Group 1 - JD Health and Yili Group have launched a co-branded product, a milk oat bird's nest porridge, aimed at high-end health needs for consumers [1][3] - The new product combines high-quality milk, premium oats, and traceable bird's nest, catering to nutrition, taste, and convenience, making it a unique choice in the New Year gift market [1][3] - The collaboration reflects the ability of both companies to develop customized products based on specific consumer scenarios and trends [3] Group 2 - During the New Year shopping season, there is a notable trend of "sending health as gifts," with significant increases in searches for health gift boxes and related products [3] - From January 26 to February 1, the average daily visitor volume for health gift box products increased 13 times year-on-year, while searches for New Year gift boxes rose 3.5 times [3] - The rising interest in traditional health products like bird's nest has doubled in search volume, indicating strong consumer demand for high-quality health products before the Spring Festival [3]

Core Viewpoint - The report from Citi indicates that the Chinese internet industry is expected to perform strongly by 2025, driven by the leadership of DeepSeek in the domestic AI trend, 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 the fields of 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 related to AI, gaming, and health, predicting that industry revenue and adjusted EBIT will grow by 12% and 29% year-on-year, respectively [1] - China is expected to lead the global implementation of AI applications [1] Preferred Stocks - Citi has listed six preferred stocks for 2026, including Tencent, Xiaomi, Alibaba, NetEase, Kuaishou, and JD Health, highlighting optimism for Alibaba's cloud business, Tencent's AI applications, and Xiaomi's consumer-grade AI devices [1]

里昂发表研报指，中国互联网行业在2025年表现强劲，随着DeepSeek引领国内AI趋势，预计2026年涨 势将延续，尤其在代理AI和生成式视频应用的竞争将加剧。中国与美国将在全球范围内的AI模型、应 用、云服务及自动驾驶(Robotaxi)领域展开正面竞争。 尽管面临地缘政治挑战，中国游戏和电商在海外市场持续快速增长，但该行对国内电商板块的前景持谨 慎态度。在投资策略上，里昂偏好AI、游戏及健康相关板块，并认为中国有望在全球引领AI应用落 地。里昂列出2026年六大首选股，包括腾讯、小米、阿里巴巴、网易、快手及京东健康，并特别指出看 好阿里巴巴的云业务、腾讯的AI应用，以及小米的消费级AI设备。 ...

截至2026年2月5日 09:41，中证港股通医药卫生综合指数(930965)上涨0.32%，成分股银诺医药-B上涨 10.07%，药明康德上涨2.73%，海吉亚医疗上涨2.65%，再鼎医药上涨2.13%，四环医药上涨1.89%。港 股医药ETF(159718)下跌0.22%，最新报价0.92元。 消息面上，政策持续支持医药产业，国家药监局称，"十五五"期间将大力支持生物制造产业创新发展。 港股医药ETF紧密跟踪中证港股通医药卫生综合指数，中证港股通医药卫生综合指数从港股通范围内选 取50只流动性较好、市值较大的医疗卫生行业上市公司证券作为指数样本，以反映港股通范围内医药卫 生上市公司证券的整体表现。 数据显示，截至2026年1月30日，中证港股通医药卫生综合指数(930965)前十大权重股分别为药明生 物、百济神州、信达生物、康方生物、京东健康、石药集团、中国生物制药、翰森制药、药明康德、三 生制药，前十大权重股合计占比64.57%。 港股医药ETF(159718)，场外联接(平安中证港股医药ETF联接A：019598；平安中证港股医药ETF联接 C：019599；平安中证港股医药ETF联接E：024544 ...

Group 1 - The core point of the news is that JD.com is set to add its seventh listed company, JD Intelligent Property Development Co., Ltd., which aims to enhance its logistics infrastructure and global presence, potentially reaching a valuation of 9,568 billion RMB [1][3][5] - JD Intelligent Property Development has refiled its prospectus with the Hong Kong Stock Exchange, with major underwriters including Bank of America and Goldman Sachs, indicating a well-prepared approach for its second attempt at going public [3] - The company specializes in logistics parks and smart warehousing, managing assets exceeding 120 billion RMB across 285 projects globally, with 12.8% of its assets located overseas [3] Group 2 - The valuation of 9,568 billion RMB is derived from the combined market capitalization of JD.com's existing and upcoming listed companies, including JD Group, JD Health, JD Logistics, and JD Industry, among others [4][5] - JD Group's market capitalization is approximately 300 billion RMB, while the combined market value of JD Health, JD Logistics, and JD Industry exceeds 400 billion RMB, contributing significantly to the overall valuation [4] - The upcoming IPO of JD Intelligent Property Development is expected to raise funds for expanding overseas logistics nodes and upgrading domestic infrastructure, aiming to replicate China's logistics model globally [5] Group 3 - The expansion of JD's logistics capabilities through the new company is anticipated to enhance delivery speeds, particularly in remote areas, benefiting consumers and intensifying competition in the e-commerce logistics sector [5] - The comprehensive listing strategy of JD.com across various sectors, including retail, health, logistics, and infrastructure, is expected to create stronger synergies within its business ecosystem [5][6] - The upcoming IPO is seen as a significant milestone for JD.com and reflects the company's ambition for global expansion in the e-commerce landscape [6]

定焦One（dingjiaoone）原创 见习作者 | 雷晶 营收、净利润 分业务来看，其中，被冠以"AI"标签、与"健共体"模式绑定的医疗服务（含健康管理会员服务、云药 房、增值服务），占比也从2022年的45.9%，增长至2025年上半年的92.2%，尤其是健康管理会员服 务，已成为绝对的收入支柱。 这家公司是微医。它最早成立于2004年，前身是"挂号网"，2015年更名为微医，并在同年发起成立了中 国首家互联网医院。比起今天高调入局AI医疗的新玩家们，微医算得上是互联网医疗最早的一批探索 者。 然而，这家公司的上市之路可谓是一波三折。2025年9月底，它再次港交所递交了上市申请。这已经是 它自2021年4月以来，第三次冲刺IPO。 在这期间，它的定位也在变。2021年4月，微医将自己定义为"中国最大的数字医疗服务平台"。2024年 12月，变成了"中国最大的AI医疗健康解决方案提供商"。到了2025年9月，进一步强调AI属性。 标签在换，但资本市场的核心问题没变：这家公司到底赚不赚钱？ 从营收看，微医确实在增长。招股书显示，2022年至2024年，其收入从13.7亿元增到至55.0亿元，年均 复合增长率 ...

冲高回落后探底回升，出现了止跌企稳的继续，截止午盘，恒生指数小涨0.21%。银行涨幅居前，恒生 医疗、大消费紧随其后，恒生科技逆势绿盘。 恒生科技高开低走，盘中一度下跌2.63%，截止午盘下跌0.97%。其中快手大跌4.35%，百度集团下跌 3.54%，腾讯控股下跌3.09%，比亚迪股份、阿里巴巴、美团、小米集团等股跌幅均在1%上方。 内容只是个人观点，仅供参考，不作为投资依据！欢迎关注交流，互相学习、共同探讨！ 恒生医疗高开低走后探底回升，截止午盘上涨0.72%。其中石药集团大涨4.15%，药明生物上涨3.12%， 百济神州上涨2.78%；三生制药、康方生物、京东健康等股逆势回撤。 恒生银行跳空高开后维持在高位窄幅盘整，截止午盘上涨1.2%。其中渣打银行上涨3.84%，汇丰控股上 涨2.45%，中银香港上涨2.33%，大新银行、重庆银行、大新金融等股涨幅均在1%上方。 ...

Core Viewpoint - The rumors regarding a 32% tax rate on the internet industry are unfounded and lack a basis in the current tax system, which does not allow for such arbitrary adjustments [3][8]. Group 1: Tax Rumors and Market Impact - Since February 2, rumors about increased taxes in the internet sector have caused significant volatility in the tech sector, despite the illogical nature of these claims [1]. - Previous instances of tax rumors have led to market downturns, such as the 2021 speculation about the cancellation of a 10% preferential tax rate for internet companies [5][6]. Group 2: Tax Rate Structure - The current VAT rates in China are 6%, 9%, and 13%, with no provision for a 32% rate, which is incompatible with the existing tax framework [3][4]. - The nature of the internet gaming industry, characterized by high human resource costs and low deductibility of input taxes, justifies a lower VAT rate [3][4]. Group 3: Policy Stability and Economic Growth - The stability of tax laws is crucial for economic foundations, and any changes to tax rates require extensive negotiation and cannot be made arbitrarily [8]. - The overarching goal of China's macroeconomic policy is to maintain growth, which necessitates consistent policies that support the digital economy and technology sectors [8][11]. Group 4: Role of Technology in Economic Development - The internet and gaming sectors are increasingly recognized as vital components of technological advancement, contributing to various fields, including military training and AI development [9][11]. - Continuous investment in AI and other cutting-edge technologies by internet companies indicates that significant policy adjustments are unlikely to occur suddenly [11].