Group 1 - JD.com (SWR 89618) has the highest short-selling ratio at 85.52%, followed by AIA Group (R 81299) at 77.11% and Lenovo Group (R 80992) at 67.79% [1][2] - Tencent Holdings (00700) leads in short-selling amount with 2.709 billion yuan, followed by Pop Mart (09992) at 974 million yuan and Xiaomi Group (W 01810) at 793 million yuan [1][2] - Huatai Securities (06886) has the highest deviation value at 40.23%, followed by Tong Ren Tang Technologies (01666) at 35.46% and China Ship Leasing (03877) at 26.75% [1][2] Group 2 - The top ten short-selling ratios include JD.com at 85.52%, AIA Group at 77.11%, and Lenovo Group at 67.79% [2] - The top ten short-selling amounts show Tencent Holdings at 2.709 billion yuan, Pop Mart at 974 million yuan, and Xiaomi Group at 793 million yuan [2] - The top ten deviation values are led by Huatai Securities at 40.23%, followed by Tong Ren Tang Technologies at 35.46% and China Ship Leasing at 26.75% [2]

可灵 3.0 有望进一步推进技术前沿 买入（维持） 核心观点 快手-W 01024.HK 公司研究 | 动态跟踪 核心观点：1 月初可灵海外出圈后，整个 1 月看收入和 DAU 端都保持相对高位，热度持 续性表现好。目前数据意义在于整体稳在更高水位后，从 1 月初主要在低 ARPU 地区流 量扩圈（如东南亚、中亚等）→高付费能力地区收入震荡爬升，预期后者对可灵 ARR 提升作用更大。此外新一代可灵 3.0 版本内测中，统一架构下工作流衔接性更好，且区 别于竞品的迭代在于原生文本输出，预计进一步推进技术前沿水平。产品层面更侧重于 专业创作各环节提效，若年前能全量使用，有望延续 1 月产品热度，带动需求释放。 盈利预测与投资建议 ⚫ 我们预测公司 25-27 年经调整归母净利润为 204/225/259 亿元。维持此前给予公司 26 年 18xPE 估值，对应合理价值为 4,048 亿 CNY，折合 4,542 亿 HKD（港币兑人 民币汇率 0.891），目标价 104.36 港元/股，维持"买入"评级。 风险提示 宏观消费恢复不及预期，国内商业化效率不及预期，海外业务亏损加大，可 灵技术迭代不及预期 公司主要 ...

Market Overview - The Hang Seng Index (HSI) closed at 26,513.11, down by 334.21 points or 1.24% [1] - The index reached a high of 26,812.73 and a low of 26,414.23 during the trading session [1] - The trading volume was 70.4034 million shares, with an average price of 26,613.48 [1] Major Blue-Chip Stocks Performance - HSBC Holdings closed at HKD 139.704, up by 0.51% compared to the previous close [2][3] - Tencent Holdings closed at HKD 552.190, down by 1.04% compared to the previous close [2][3] - Alibaba Group (W) closed at HKD 159.500, down by 0.93% [3] - AIA Group closed at HKD 90.700, up by 1.40% [3] - Xiaomi Group (W) closed at HKD 33.960, down by 1.85% [3] - Meituan (W) closed at HKD 92.150, down by 1.13% [3] - China Ping An closed at HKD 72.050, up by 1.05% [3] ADR Performance - Tencent's ADR (TCEHY) was priced at USD 552.190, reflecting a decrease of 1.04% compared to its Hong Kong counterpart [3] - Alibaba's ADR (BABA) was priced at USD 155.411, down by 2.56% compared to its Hong Kong counterpart [3] - HSBC's ADR (HSBC) was priced at USD 139.704, up by 0.51% compared to its Hong Kong counterpart [3]

中芯国际 中国移动 中国海油 钧达股份 华虹公司 长飞光纤 分时图 日K线 周K线 月K线 114.84 -1.19 -1.03% 2.47% 1.65% 0.83% 0.00% 0.83% 1.65% 2.47% 113.16 114.12 115.07 116.03 116.99 117.94 118.90 09:30 10:30 11:30/13:00 14:00 15:00 15:30 0 34万 68万 101万 2月4日港股市场，北水成交净买入133.73亿港元，其中港股通(沪)成交净买入73.93亿港元，港股通(深)成交净买入59.8亿 港元。 北水净买入最多的个股是腾讯(00700)、阿里巴巴-W(09988)、南方恒生科技(03033)。北水净卖出最多的个股是中芯国际 (00981)、华虹半导体(01347)。 | 股票名称 | 买入额 | 卖出额 | 头实思额 | | --- | --- | --- | --- | | | | | 净流入 | | 腾讯控股 | 52.05亿 | 31.40 乙 | 83.45亿 | | HK 00700 | | | +20.66亿 | | 阿里巴巴-W | ...

港股一日游，低开低走后一路回撤，截至物品下跌0.61%。恒生互联网跌幅居前，恒生科技、恒生医疗等紧随其后，恒生银行逆势小涨。 恒生医疗低开低走，截至目前下跌2.12%，直逼前期低点。其中石油集团大跌2.83%，康方生物下跌2.48%，中国生物下跌2.37%，药明生物、药明康德、 翰森制药等多股跌幅均在2%上方。 恒生银行冲高回落，盘中一度上涨1.03%，截至目前上涨0.34%。其中青岛银行大涨4.78%，交通银行上涨2.25%，中国银行、重庆农村商业银行等股涨幅 均在1%上方；郑州银行、渣打银行、汇丰控股等均小幅下跌。 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！ 恒生互联网低开低走，截至目前大跌3.08%。其中商汤大跌3.73%，腾讯控股下跌3.7%，百度集团、地平线机器人、百度集团、快手、小米集团等超10只 个股跌幅在2%上方。 ...

Investment Rating - The report aligns with the views of CITIC Lyon Research, indicating a positive outlook for the industry, particularly for Kuaishou's revenue and adjusted net profit growth in Q4 2025 [3]. Core Insights - Kuaishou's Kling AI is expected to continue its rapid growth, driven by user-friendly features and cost efficiency, solidifying its position as a top generative video platform [3][4]. - The e-commerce segment is experiencing growth, although it is impacted by increased competition and regulatory changes in certain markets [5]. - Live streaming revenue is anticipated to decline due to high base effects and stricter content governance [6]. - Catalysts for growth include unexpected increases in monthly active users, improved ad revenue per user, and effective cost control measures [7]. Summary by Sections Revenue by Product - Online marketing accounts for 53.1% of total revenue, while live streaming contributes 34.4%, and other segments make up 12.5% [11]. Revenue by Region - Asia dominates revenue generation at 98.4%, with minimal contributions from Europe (0.6%), the Middle East and Africa (0.2%), and the Americas (0.8%) [11]. Company Overview - Kuaishou is recognized as China's second-largest short video platform, with diverse operations including live streaming, e-commerce, gaming, and local services [10]. Stock Information - As of February 2, 2026, Kuaishou's stock price is HKD 77.0, with a market capitalization of USD 41.69 billion and a consensus target price of HKD 89.38 [12].

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 Insights - Yunqi Technology has completed a Series B financing round led by ALC Capital, indicating strong investor interest in the company [1] - The company focuses on providing self-developed AI and data infrastructure for the Chinese market and overseas enterprises, highlighting its innovative approach in the tech sector [1] Company Overview - Yunqi Technology specializes in AI and data solutions, positioning itself as a key player in the next-generation data infrastructure market [1] - The company has established partnerships with notable firms such as Ant Group, Xiaohongshu, Kuaishou Technology, and Ninja Van, showcasing its broad industry connections [1] Market Reach - Yunqi Technology's services extend across multiple countries and regions in Asia, indicating a significant geographical footprint and potential for growth in international markets [1]

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].

2月4日，时值立春，万物萌新。由中央网信办网络社会工作局指导，光明网与北京市委网信办联合主办 的2026年"网络中国节"新春创享季启动仪式在京举行。 上篇"马"上出圈聚焦文化创新与青年创造。青年京剧演员果菁（@果小菁）演绎的《戏内戏外》，将传 统戏曲与流行音乐相结合，展现出戏曲艺术的时尚感染力；演员刘纪铭、万毅夫（@红鲤鱼与绿鲤鱼） 的原创相声《马上旅行家》，巧谈文旅"热梗"，引得台下笑声连连；随后，青年音乐人吴铭书（@小书 子）、知识博主国晓飞（@国翠儿）等接连登台，在旋律的起承转合中，中华优秀传统文化焕发新韵， 浸润青年网民的心田。 中篇"马"上团圆深入挖掘春节蕴含的家国情怀与情感共鸣。舞蹈诗剧《团圆·万象》以"圆"为核，通过 灵动舞姿与环形投影，艺术化呈现从家庭小团圆到人类命运共同体的升华；北京曲艺家协会主席、中国 广播艺术团一级演员李伟建带来的情景讲述《春节的故事》，以饱含温度的语调娓娓道来，从历史的纵 深挖掘春节承载的民族情感；与之呼应，现场连线《跨越山海的祝福》则将镜头扫过全球华人群体，以 多元视野呈现了春节文化的强大向心力。 随后，由冯佳晨（@皮卡晨）、柯鲁瀚等中外博主联袂出演的情景剧《预制年味 ...