此次税目适用范围调整，将对公司收入及利润产生影响。公司将坚守主责主业，努力做强做优做大通信 服务、算力服务、智能服务，坚持网络强基、推进全栈创新，深化精益管理和提质增效，加快建设世界 一流科技服务企业。 格隆汇2月1日丨中国移动(600941.SH)公告，近日，中华人民共和国财政部、国家税务总局发布了《关 于增值税征税具体范围有关事项的公告》(财政部税务总局公告2026年第9号)，规定自2026年1月1日 起，在中华人民共和国境内，利用固网、移动网、卫星、互联网，提供手机流量服务、短信和彩信服 务、互联网宽带接入服务的业务活动适用的税目由增值电信服务调整为基础电信服务，对应增值税税率 由6%调整为9%。 ...

Core Viewpoint - The Hong Kong stock market demonstrated strong resilience in January 2026, with significant net inflows from southbound funds driving the Hang Seng Index up by 6.85% to 27,387.11 points, marking a nearly 7% monthly increase [1][2]. Fund Flow Analysis - In January, southbound fund flows exhibited clear phase characteristics, with net inflows exceeding 50 billion HKD on multiple days in early January due to favorable domestic policies, RMB appreciation, and AI industry valuation recovery expectations [2]. - Mid-January saw a temporary decline in fund accumulation due to rising geopolitical risks and valuation corrections in certain sectors, leading to net sell-offs in cyclical stocks like China Mobile and Zijin Mining [2]. - By late January, the Hang Seng Index successfully broke through the 27,000-point mark, supported by surging AI computing demand and better-than-expected earnings from leading consumer companies, with daily net inflows from southbound funds exceeding 30 billion HKD [2]. Industry Performance - The Hong Kong stock market in January reflected a "high prosperity track and policy dividend sector resonance" pattern, with the technology sector leading the gains [3]. - Notable performers in the technology sector included Longi Green Energy, which surged by 61.90% due to increased global AI data center demand, and Zhiyuan AI, which saw a 94.66% increase post-listing [3]. - In the consumer sector, new consumption leader Mingming Hen Mang rose by 73.71%, supported by store expansion and improved profitability, while Pop Mart benefited from a surge in demand for IP derivatives, increasing by 19.13% [3]. - In the financial and real estate sectors, China Life surged by 27.39% due to governance optimization and improved capital expectations, while China Jinmao and New World Development rose by 42.98% and 56.53%, respectively, benefiting from policy optimizations [3]. Fund Outflow Insights - The materials and telecommunications sectors faced significant pressure, with Zijin Mining experiencing a net sell-off of 4.565 billion HKD and China Mobile declining by 2.33% due to intensified industry competition, leading to a total southbound fund reduction of over 16.9 billion HKD [5]. Institutional Perspectives - Multiple institutions noted that the performance of the Hong Kong stock market in January validated the logic of "fundamental recovery + liquidity resonance," with expectations for continued structural rebounds in February [6]. - Everbright Securities highlighted that the current market is in an "earnings vacuum period," with high growth expectations in new economy sectors supported by policy catalysts [6]. - CITIC Securities advised monitoring the potential impact of a peak in lock-up expirations on liquidity in February, while emphasizing the allocation value of quality leaders like Tencent and Alibaba [6]. - Huatai Securities pointed out that Hong Kong stock valuations remain low globally, with a risk premium rate of 3.99% for the Hang Seng Index, significantly higher than the S&P 500, suggesting a dual drive of "profit growth + valuation enhancement" as southbound and foreign fund inflows become more balanced [6]. IPO Market Activity - The IPO market in Hong Kong remained active in January, with 12 companies listed by January 26, raising a total of 34.747 billion HKD, a year-on-year increase of 480.87% [7]. - Notable listings included domestic GPU company Birun Technology and AI model company Zhiyuan, attracting long-term investments from international funds [7]. - The market anticipates that the IPO fundraising scale in 2026 could exceed 300 billion HKD, with hard technology enterprises continuing to dominate the listing trend [7].

Core Viewpoint - The forum titled "Collaborative Innovation Forum from Devices to Networks" aims to address practical challenges in the semiconductor industry, focusing on implementable technology solutions rather than mere concepts [1][10]. Group 1: Event Overview - The forum will take place on March 18, 2026, at the Shanghai New International Expo Center, featuring over 10 leading companies and three major telecom operators addressing the urgent needs of 6G technology [1]. - Unlike typical PPT presentations, this forum will showcase verified and applicable results from experts across academia and industry, targeting critical areas such as compound semiconductors and EDA [2]. Group 2: Agenda Highlights - The agenda includes presentations on various topics, such as photonic integrated chips for communication systems and the advantages of silicon capacitors in AI applications [5][6]. - Notable presentations include a practical solution for photonic integrated chips that can reduce device size by 40% and power consumption by 25%, addressing hardware bottlenecks in the transition from 5G to 6G [6]. Group 3: Demand and Collaboration - The forum will facilitate direct matching between supply and demand by inviting major telecom operators and leading cloud service providers to seek partnerships and collaboration [7]. - A closed-door matching session will allow participating companies to submit their technology proposals for one-on-one discussions with potential partners, leading to significant collaboration opportunities [7]. Group 4: Industry Needs and Opportunities - Telecom operators are expected to announce procurement needs for 6G integrated communication devices, focusing on domestic suppliers of optical chips and high-power compound semiconductor devices [8]. - Cloud service providers will present collaboration lists for AI computing centers, prioritizing products that can be delivered quickly from domestic companies [8]. Group 5: Organizational Strengths - The forum is organized by Semiconductor Industry Observation, which has over 10 years of experience in the semiconductor field, aiming to solve real industry problems and facilitate resource gathering for domestic innovation [10][12]. - The organization boasts a significant reach with over 950,000 followers across the industry, enabling effective engagement with key stakeholders [12].

今天分享的是：2026年中国投资展望：过弯加油，马年牛腾；东升西不落——政策利好有望超预期 报告共计：132页 中银国际发布2026年中国投资展望报告，题为"过弯加油，马年牛腾；东升西不落——政策利好有望超预期"。报告认为，随着 地方政府权责重构进入收尾阶段，宏观政策具备从"防御"转向"进取"的制度基础，2026年有望迎来政策层面的超预期利好。在 经济层面，报告预计全年实际GDP增速约为4.7%，CPI有望回升至0.5%左右，内需对增长的贡献将进一步上升。财政与货币政策 预计保持适度宽松，以支持经济平稳过渡与结构升级。 报告指出，2026年是"十五五"规划的开局之年，经济发展将更注重内需拉动与结构优化。新旧动能转换持续深化，以AI、半导 体、生物医药为代表的战略新兴产业，将成为推动经济高质量发展的核心引擎。与此同时，传统产业如房地产仍处于调整阶 段，但对整体经济的影响边际减弱。在外部环境方面，中美经贸关系预计呈现阶段性缓和，为出口与科技合作提供相对稳定的 窗口期。 在产业展望部分，报告强调科技制造、生物医药、绿色能源以及品牌文娱等领域具备较高的成长潜力。其中，AI技术不仅是提 升生产效率的关键工具，也是推动产 ...

Core Viewpoint - Chongqing is actively developing its computing power industry, focusing on green and sustainable growth while addressing the increasing energy consumption associated with this expansion [1][2]. Group 1: Development of Computing Power Industry - The China Mobile (Chongqing) Data Center, located in the Liangjiang New Area, has an operational capacity of 25,000 cabinets and 250,000 servers, supporting critical sectors such as government, healthcare, and industry [1]. - Chongqing plays a key role in the national "East Data West Computing" project, responsible for tasks such as computing power monitoring, facility safety, and integrating Xinjiang's computing resources [1][2]. - The 2026 government work report emphasizes the coordination of local computing power layout with the "Xinjiang Computing into Chongqing" initiative [1]. Group 2: Green Energy and Infrastructure - The Chongqing Municipal Committee of the Chinese People's Political Consultative Conference suggests enhancing energy storage facilities and optimizing the "Million-Kilowatt Rooftop Photovoltaic" project to support the green transition of the computing power industry [1]. - Recommendations include advancing the construction of the Sichuan Gas East Transmission Line and the Chengdu-Chongqing Hydrogen Corridor, as well as fostering a hydrogen production industry cluster [1]. Group 3: Digital Energy Management - The committee also recommends optimizing the scheduling management system and developing an integrated digital energy management platform to enhance energy data collection and smart distribution networks [2]. - The goal is to create a "1+N" virtual power plant ecosystem to improve energy efficiency and management [2]. Group 4: Cross-Regional Collaboration - In April 2025, a strategic cooperation agreement was signed among the Chongqing government, Xinjiang government, China Mobile, and Alibaba Cloud to effectively connect Xinjiang's green computing resources with Chongqing's demand [2]. Group 5: Application of Computing Power - The true value of green computing power lies in its application across various sectors, including artificial intelligence, smart manufacturing, and urban governance [2]. - The construction of the Chongqing Artificial Intelligence Bay Area has commenced, aiming to integrate core resources to create a comprehensive AI service platform [2]. Group 6: Smart Manufacturing and Urban Governance - The Chongqing Municipal Committee of the China Democratic League advocates for the establishment of "digital twin factories" and promoting computing power applications across the manufacturing industry [3]. - Recommendations include creating a "computing power brain" for urban governance to enhance traffic management and emergency response capabilities [3].

Group 1 - The private economy in Hainan Province is projected to have approximately 3.6 million entities by the end of 2025, accounting for over 97% of the total operating entities in the province [1] - Hainan Qinfeng Food Co., Ltd. has maintained a growth trend for over 10 years, with its products exported to over 60 countries and regions across six continents [1] - The company operates six fish fillet production lines, covering an area of 50,000 square meters, with an annual raw material processing capacity of 66,000 tons [1] - A new industrial park covering over 180 acres is under construction, which is expected to achieve an annual output value of 3.8 billion yuan and create over 2,000 jobs upon completion [1] Group 2 - Agricultural Bank of China Hainan Branch is addressing the financing challenges faced by private enterprises by innovating financial products such as "Technology E-loan" and "Innovation Points Loan" [1] - The bank aims to increase financial service supply, with a projected credit scale exceeding 100 billion yuan by the end of 2025, including over 30 billion yuan in loans to private enterprises and more than 1,900 private enterprise loan clients [1] Group 3 - China Mobile Hainan is actively empowering private enterprises through digital transformation by offering customized AI solutions for various industries [2] - Solutions include "Bright Kitchen AI Supervision" for regulatory compliance and "Safety Fire AI Application" for intelligent recognition in fire safety scenarios, aimed at reducing manual supervision costs and enhancing safety management [2] - The company is promoting applications such as "Smart Hotels," "Smart Shops," and "Smart Canteens" to better serve the digital transformation and cost reduction efforts of private enterprises [2]

Core Insights - OpenClaw, a new desktop agent, has gained significant popularity in tech communities, enabling users to interact with AI in a natural chat interface and perform complex tasks [1][4] - The product's design allows for local operation, enhancing privacy and security, which has led to a surge in demand for MacMini as a dedicated device for running OpenClaw [4][17] - The rise of OpenClaw has sparked interest from cloud service providers, with companies like Alibaba Cloud and Tencent Cloud quickly launching dedicated services and templates for OpenClaw deployment [4][5] Group 1: Product Features and Market Response - OpenClaw can perform a variety of tasks, from comparing car dealership quotes to managing email subscriptions and flight bookings, showcasing its versatility [1] - The agent's ability to maintain long-term memory and context allows it to proactively send reminders and alerts, likened to a "24-hour standby Jarvis" [1] - The rapid adoption of OpenClaw has led to a proliferation of tutorials and guides, indicating strong community engagement and interest [1][4] Group 2: Financial Implications and Operational Costs - Users have reported high operational costs associated with OpenClaw, particularly due to its extensive use of API tokens, which can be quickly depleted [5][6] - Traditional chatbots consume fewer tokens per interaction compared to OpenClaw's autonomous operation, which can lead to significant expenses [6] - The need for efficient and cost-effective models is emphasized, as the performance of agents like OpenClaw heavily relies on underlying large models [6][7] Group 3: Competitive Landscape and Future Trends - The emergence of OpenClaw has intensified competition among desktop agents, with various players entering the market, including Manus and MiniMax [8] - The future of software is shifting towards a "thousand-end battle," where the focus will be on the capabilities of agents rather than just models [8] - Major tech companies like Apple and Microsoft are expected to evolve their AI offerings into comprehensive agents, leveraging their unique system-level access [10][11][12] Group 4: Hardware and Infrastructure Developments - The demand for dedicated hardware, such as MacMini, has surged due to its compatibility with OpenClaw, although it is not seen as a long-term solution [17][18] - New hardware solutions, including AI mini PCs and cloud-based "AI boxes," are emerging to provide cost-effective alternatives for users needing lightweight agents [20] - The competition for control over desktop agents is expected to intensify, with both software and hardware players vying for market share [20]

0:00 算力作为数字经济时代的新质生产力，已成为国家战略布局的关键支撑。在浙江嘉兴，浙江省首个"万 卡"算力集群正在加快建设中，像阿里巴巴、中国电信、中国移动三大算力中心等相继落户嘉兴，智算 规模、投运算力、在建算力均居浙江省第一。 算力的尽头是电力。2025年我国全社会用电量规模首次突破10万亿千瓦时，与算力相关的人工智能产 业、互联网等成为推动用电量增长的一个主要来源。2025年嘉兴全市用电量827.85亿千瓦时，同比增长 4.55%。聚焦嘉兴算力产业布局，国网嘉兴供电公司将保障算力供用电提升至服务国家战略的高度，深 入践行"电等发展"理念，主动对接协调有关部门，积极了解产业用电诉求，全力服务配套工程落地，赋 能嘉兴"新基建"引擎加速发展。2025年，以中国电信智算中心、阿里智算中心、润泽智算中心等为代表 的嘉兴算力产业用电量已经超过7.9亿千瓦时，同比上涨287%。通过加快产业集聚、强化算力支撑，为 长三角地区人工智能发展提供支撑。 服务阿里巴巴过程中，仅耗时3个月便完成A幢过渡性用电两条10千伏线路的投产并网，远超平均时 效。项目前期，专班人员为其量身定制过渡阶段10千伏专线供电方案，并压缩流程时限 ...

证券研究报告 | 2026年01月31日 港股投资周报 金融股领涨，港股精选组合年内上涨 7.92% 核心观点 金融工程周报 港股精选组合绩效回顾 本周，港股精选组合绝对收益 0.49%，相对恒生指数超额收益-1.89%。 本年，港股精选组合绝对收益 7.92%，相对恒生指数超额收益 1.07%。 港股市场创新高热点板块跟踪 我们根据分析师关注度、股价相对强弱、股价路径平稳性、创新高连续性等 角度在过去 20 个交易日创出过 250 日新高的股票池中筛选出平稳创新高股 票。 近期，中国秦发等股票平稳创出新高。 按照板块来看，创新高股票数量最多的是周期板块，其次为科技、消费、制 造和大金融板块，具体个股信息可参照正文。 港股市场一周回顾 宽基指数方面，本周港股通 50 指数收益最高，累计收益 2.78%；恒生科技 指数收益最低，累计收益-1.38%。 行业指数方面，本周能源业行业收益最高，累计收益 7.44%；医疗保健业行 业收益最低，累计收益-2.72%。 概念板块方面，本周安防监控指数概念板块收益最高，累计收益 27.50%； 卫星导航指数概念板块收益最低，累计收益-9.93%。 金融工程·数量化投资 | ...

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2211条，专利信息5000条， 此外企业还拥有行政许可50个。 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"一种知识图谱构建方法、装置和存储介质"的专利，授权公告号CN115374222B，申请日期为2021年5 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2689条，此外企业还拥 有行政许可28个。 ...