港股晨报 2026 年 2 月 4 日 国投证券（香港）有限公司 • 研究部 1. 国投证券国际视点：科技股借势调整，资金流向实体经 济 昨日港股三大指数涨跌互现。截至收盘，恒生指数涨 0.22%，国企指数跌 0.3%， 恒生科技指数跌 1.07%。南向资金北水方面，港股通交易净流入 9.52 亿港元。 港股通 10 大成交活跃股中，北水净买入最多的是腾讯控股 700.HK、中国移动 941.HK、美团 3690.HK；净卖出最多的是盈富基金 2800.HK、中芯国际 981.HK、 阿里巴巴 9988.HK。 板块方面，光通讯概念股录得显著涨幅。其中，汇聚科技 1729.HK 涨 12.73%， 长飞光纤光缆 6869.HK 涨 12.23%，FIT HON TENG 6088.HK 涨 9.57%，剑桥科 技 6166.HK 涨 4.48%，京信通信 2342.HK 涨 3.18%。 重型机械板块上行。中联重科 1157.HK 涨 9.68%，三一国际 631.HK 涨 8.94%， 中国龙工 3339.HK 涨 6.71%，中国重汽 3808.HK 涨 5.6%。根据海关总署， 2025 年我国工程机械 ...

声明：市场有风险，投资需谨慎。本文为AI基于第三方数据生成，仅供参考，不构成个人投资建议。 来源：市场资讯 国家知识产权局信息显示，中移(苏州)软件技术有限公司、中国移动通信集团有限公司取得一项名 为"一种数据分析方法、装置、设备以及计算机存储介质"的专利，授权公告号CN116266183B，申请日 期为2021年12月。 天眼查资料显示，中移(苏州)软件技术有限公司，成立于2014年，位于苏州市，是一家以从事软件和信 息技术服务业为主的企业。企业注册资本317200万人民币。通过天眼查大数据分析，中移(苏州)软件技 术有限公司参与招投标项目5000次，财产线索方面有商标信息112条，专利信息2691条，此外企业还拥 有行政许可28个。 中国移动通信集团有限公司，成立于1999年，位于北京市，是一家以从事电信、广播电视和卫星传输服 务为主的企业。企业注册资本30000000万人民币。通过天眼查大数据分析，中国移动通信集团有限公司 共对外投资了55家企业，参与招投标项目5000次，财产线索方面有商标信息2092条，专利信息5000条， 此外企业还拥有行政许可50个。 ...

Group 1 - The core viewpoint of the report is that the Ministry of Finance and the State Taxation Administration of China have raised the value-added tax on telecommunications services starting this year, which may impact the profitability of telecom operators [1] - The report assumes that operators will not pass the tax burden onto customers by 2026, leading to a complete reflection of the reduced after-tax income on profits [1] - Three scenarios have been established by the company, with a neutral scenario leading to revised earnings forecasts for China Mobile and China Telecom, maintaining 2025 estimates but lowering revenue and net profit forecasts for 2026 [1] Group 2 - The implied dividend yields for 2026 based on the new earnings forecasts are robust, with China Mobile's A-shares at 5.1% and H-shares at 6.8%, while China Telecom's A-shares are at 4.2% and H-shares at 5.2% [1] - Short-term pressure on the stock prices of Chinese telecom companies is anticipated as the market digests the changes in tax policy and lower profit outlooks [1]

36氪获悉，爱企查App显示，近日，北京因时机器人科技有限公司发生工商变更，新增中国移动旗下北 京中移数字新经济产业基金合伙企业（有限合伙）、北京市人工智能产业投资基金（有限合伙）等为股 东。该公司成立于2016年，法定代表人为蔡颖鹏，注册资本约148万元人民币，经营范围包括基础软件 服务、应用软件服务、计算机系统服务等。 ...

Group 1 - The core point of the article highlights the net redemptions of the Hua Bao Hong Kong Stock Connect Hang Seng China (Hong Kong Listed) 30 ETF (520560), which faced a net outflow of 3.6986 million yuan on February 3, ranking 40th out of 212 in cross-border ETF net outflows [1] - As of February 3, the latest scale of the Hua Bao Hong Kong Stock Connect Hang Seng China (Hong Kong Listed) 30 ETF is 755 million yuan, down from 766 million yuan the previous day, indicating a net outflow of 0.48% relative to the previous day's scale [1] - Over the past 5 days, the fund experienced net redemptions totaling 35.4312 million yuan, ranking 25th out of 212 in cross-border ETF net outflows [1] - The fund's scale has decreased by 7.60% and its assets by 7.01% since the beginning of the year, with the latest share count at 814 million [2] Group 2 - The fund's management fee is 0.50% annually, and the custody fee is 0.10% annually [2] - The fund is managed by Zhang Fang and Jiang Junyang, both of whom have recorded a return of -7.27% since the fund's inception on September 24, 2025 [3] - The top holdings of the fund include Tencent Holdings (14.92%), Alibaba-W (13.98%), and China Construction Bank (7.23%), among others, with significant investments in major Chinese companies [3]

Summary of Quantum Technology Industry Conference Call Industry Overview - The conference call focuses on the **quantum technology industry**, highlighting its potential as a future industry and a new economic growth point as outlined in the **14th Five-Year Plan** [1][3]. Key Insights and Arguments - **Policy Support**: Recent documents from four ministries emphasize that government investment funds will prioritize areas that contribute to the development of new productive forces and future industries, with a focus on "early, small, long-term, and hard technology" investments [1][3]. - **Upcoming Policy Catalysts**: As the Two Sessions approach, further policy catalysts are expected in the quantum field, indicating a favorable regulatory environment [2][4]. - **Industry Clusters Formation**: - Major cities like **Beijing** and **Shanghai** have established innovation alliances that integrate quantum and artificial intelligence, promoting technological intersections and expanding application scenarios [5]. - **Hefei** has developed the "Quantum Avenue," attracting key enterprises in the industry chain, creating a clustering effect [5]. - **Chengdu** has announced the "Quantum Corridor" plan, which aims to create a synergistic space for research, manufacturing, and application, along with the establishment of a **1 billion yuan** quantum technology industry fund, showcasing local capital's proactive engagement [5]. Commercialization Progress - **Accelerated Industrialization**: - **Boson Quantum** has built the first large-scale dedicated optical quantum computer manufacturing facility in Shenzhen. Collaborations with leading institutions like **Guangzhou National Laboratory**, **China Mobile**, and **Ping An Group** are underway to validate the advantages of optical quantum computing in various fields such as drug development, traffic scheduling, and financial modeling [6]. - The path to commercialization is becoming clearer as these applications demonstrate efficiency and quality improvements [6]. Risk Factors - Potential risks include: - Technology performance not meeting expectations - Commercialization challenges - Policy uncertainties - Competitive risks [7].

Core Viewpoint - The recent rumors regarding the increase of value-added tax (VAT) on internet value-added services stem from a misunderstanding of new tax regulations, which only affect basic telecommunications services and do not extend to other internet companies like Tencent [2][3] Group 1: Tax Regulation Changes - Starting from 2026, the VAT rate for basic telecommunications services, such as internet broadband access provided by companies like China Mobile, China Unicom, and China Telecom, will increase from 6% to 9% [2] - The adjustment is a targeted policy and does not apply to other types of enterprises, clarifying the boundaries of the new tax regulations [2] Group 2: Misinterpretation of Tax Applicability - The erroneous extrapolation of the tax adjustment to internet platform companies like Tencent has led to the misconception of an "internet value-added service tax increase" [2] - Tencent's primary business activities, including online gaming, social platform operations, cloud services, and digital content distribution, fall under the categories of value-added telecommunications services or sales of intangible assets, which remain subject to the 6% VAT rate without any increase [2][3] Group 3: VAT Structure Stability - The statutory VAT rates in China remain at three levels: 13%, 9%, and 6%, with the applicable objects and policy framework remaining stable and unchanged [4]

Group 1 - The core point of the article is that Beijing Yinshi Robot Technology Co., Ltd. has undergone a business change, adding new shareholders including China Mobile's Beijing Zhongyi Digital New Economy Industry Fund Partnership and Beijing Artificial Intelligence Industry Investment Fund [1] - Yinshi Robot was established in 2016 and its business scope includes basic software services, application software services, and computer system services [1] - The company focuses on the research and development of micro-precision motion components and breakthroughs in servo control technology, with typical products including micro servo cylinders and dexterous robotic hands [1]

2月4日，苇渡Windrose宣布，于近期启动总额超过1亿美元的C轮融资，其中C1轮由中国移动链长基金 领投，其他投资人还包括苇渡科技创始人韩文、法国工业地产商PRD等；同时，本轮还获得了中国工商 银行、中国建设银行、中国农业银行等银行的授信支持。C轮融资将主要用于加速公司的纯电重卡在获 得中美欧三地认证之后，在全球市场的量产布局和交付，以及推动比利时、法国、美国三地的总装交付 基地以及配套风光电+储能+快充基础设施建设。 ...

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