Market Overview - Technology stocks experienced a significant decline in early trading, leading to a drop in the three major indices, but rebounded near midday and maintained a volatile trend in the afternoon [1] - The Hang Seng Index ultimately rose by 0.22%, after dipping as much as 1.3% during the session [1] - The Hang Seng Tech Index fell by 1.07%, having previously dropped by 3.4% [1] Company Performance - Major technology stocks mostly turned negative, with Baidu down by 3.6%, Tencent nearly 3%, and Xiaomi, JD.com, and Alibaba also experiencing declines [1] - Gold prices surged in the afternoon, surpassing $4,900, leading to a rebound in gold stocks, with Zijin Mining International rising nearly 8% [1] - Heavy machinery stocks continued to rise, with Zoomlion increasing by 9.68%, and China National Heavy Duty Truck achieving a historical high during the session [1] - Domestic airline ticket bookings for the Spring Festival increased by approximately 8% year-on-year, boosting airline stocks, with China Eastern Airlines rising over 7% [1] Sector Performance - The mobile gaming sector faced significant declines, while AI application concept stocks, lithium battery stocks, domestic bank stocks, Chinese brokerage stocks, and automotive stocks showed some weakness, with China Merchants Bank and China Merchants Securities both dropping over 1% [1]

Core Views - The report highlights that the U.S. inflation exceeded expectations, and the nomination of the new Federal Reserve Chairman has caused short-term disturbances in the market. Specifically, the MSCI global index rose by 0.65%, while U.S. stocks experienced slight adjustments. The S&P 500 increased by 0.3%, while the Nasdaq, Dow Jones, and Russell 2000 indices fell by 0.2%, 0.4%, and 2.1% respectively [2][13][23] - The U.S. Producer Price Index (PPI) for December was reported at 3.0%, surpassing the market expectation of 2.8%. This data is crucial for monetary policy as several components of the PPI will be included in the core Personal Consumption Expenditures (PCE) price index, potentially influencing future interest rate decisions [2][8] - The Federal Reserve's decision to pause interest rate cuts aligns with market expectations. On January 29, the Federal Reserve maintained the federal funds rate target range at 3.5%-3.75%. The meeting indicated a slightly improved view of the economic situation, changing the description of economic activity from "moderate" to "steady" expansion [2][8] - The nomination of Kevin Warsh as the next Federal Reserve Chairman by Trump has led to market fluctuations. Warsh criticized the Fed's quantitative easing policies, leading to perceptions of a hawkish stance on interest rates. However, he supports rate cuts and believes the current pace of cuts is too slow [2][8] - The report suggests that the expectation of interest rate cuts by the Federal Reserve is influenced by Trump's statements, leading to increased volatility in the U.S. stock market. The dollar may strengthen, while gold, despite benefiting from safe-haven demand, may experience increased volatility due to profit-taking and fluctuating rate cut expectations [2][8] Market Overview - In the bond market, the 10-year and 2-year U.S. Treasury yields changed by 2 basis points and 8 basis points to 4.26% and 3.52% respectively [16] - In commodities and foreign exchange, the U.S. dollar index fell by 0.40% to 97.12. COMEX gold and silver prices decreased by 1.52% and 17.44%, while ICE Brent crude oil rose by 6.71% [16][14] - The Hong Kong stock market saw overall gains, with the Hang Seng Index, Hang Seng Composite Index, Hang Seng China Enterprises Index, and Hang Seng Stock Connect rising by 2.4%, 1.8%, 1.7%, and 1.9% respectively. However, the Hang Seng Technology Index fell by 1.4% [32][28] Sector Performance - In the U.S. stock market, the energy sector (3.9%), communication services (3.8%), and utilities (1.7%) showed relatively good performance, while healthcare (-1.7%), consumer discretionary (-1.4%), and materials (-1.2%) experienced declines [27] - The report indicates that online education (6.6%), Chinese education training (4.3%), U.S. infrastructure stocks (3.7%), and Tesla (3.4%) were among the leading concept indices [27][24] Hong Kong Market Insights - The report notes that the Hong Kong stock market is currently outperforming the U.S. market, driven by an increase in domestic risk appetite. The current valuation of the Hong Kong stock market remains attractive, with potential for upward movement [2][32] - The report recommends focusing on sectors with relative valuation advantages that are favored by foreign and southbound capital, including information technology, discretionary consumption, and healthcare [2][32]

市场表现 2026 年 02 月 03 日 Meta（META.O）：AI 赋能驱动营收新高，战略聚 焦拓展增长新空间 推荐(维持) 事件 分析师：任春阳 S1050521110006 rency@cfsc.com.cn 分析师：谢孟津 S1050525120001 xiemj@cfsc.com.cn 行业相对表现 | 表现 | 1M | 3M | 12M | | --- | --- | --- | --- | | 计算机(申万) | 4.1 | -2.6 | 25.8 | | 沪深 300 | -0.5 | -1.0 | 20.7 | -20 -10 0 10 20 30 40 (%) 计算机 沪深300 资料来源：Wind，华鑫证券研究 相关研究 1、《Tesla（TSLA.O）：短期业绩 承压不改长期转型本色，能源与 AI 业务构筑第二增长曲线》2026-01- 31 Meta 于 2026 年 1 月 28 日发布第四季度财报。公司当季实现营收 598.93 亿美元，同比增长 23.8%，环比增长 16.9%。营业利润为 247.45 亿美元， 同比增长 6.0%，运营利润率同比下降 7 个百分点至 ...

【导读】昨天ICU，今天KTV 兄弟姐妹们啊，今天全球市场情绪回暖，全线大涨！一起看看发生了什么。 日韩涨疯了 2月3日，亚洲股市在周一经历逾两个月来最惨烈抛售后反弹。随着金银价格回升，科技股也带头走强。 韩国股市昨日一度暴跌熔断，今天暴涨近7%，完全收复了昨日的跌幅。 日本股市暴涨2000点，再创新高。 三星电子上涨11%，SK海力士上涨9.28%。 受益于美国降低印度的关税，印度股市盘初暴涨5%，随后回落至3%左右。 有分析师表示，"这次反弹更像是风暴后的'短暂重置'——抄底资金进场了，但还谈不上信心真正回归。" 德意志银行全球首席投资官Christian Nolting表示，AI 是"繁荣"，不是"泡沫"。但他也强调，投资者不仅要盯着芯片，还要关注"整条产业链"。 黄金大涨5%，白银上涨近9.1%。在过去两个交易日里，黄金白银一度崩盘，导致价格急挫；如今金银回升，收复了部分失地。 港股方面，恒生科技指数跌约1%，消息面上，网络上流传一则"互联网增值服务加税"的传言，受加税传闻等影响，腾讯控股等互联网巨头的股价一度大 跌，随后跌幅缩窄。 泰勒也做了一些解读。 A股上涨 2月3日，市场全天探底回升，沪指、创 ...

谷歌计划斥资 47.5 亿美元，以解决人工智能竞赛中一个棘手的难题，为规模日益庞大的数据中心舰队 找到足够的电力供应。 该公司即将完成对风电和太阳能开发商Intersect的收购，此举将使其成为唯一一家拥有电力公司的科技 巨头。这可能使其在竞争对手中占据显著优势，因为电力管理部门更青睐那些准备自建发电设施的科技 公司，而特朗普政府也正施压要求他们避免将电力成本转嫁给消费者。 此次收购是谷歌一系列战略布局中的最新一步，旨在构建一套从源头到应用的完整策略，以获取海量电 力资源。在竞争对手中，谷歌率先达成协议，开发专为持续运行而设计的先进核电和地热电站；率先尝 试在电网负荷高峰期降低数据中心的电力消耗；而通过收购 Intersect，Alphabet（谷歌母公司）将成为 首家将自建电力设施纳入业务体系，为谷歌数据中心供电的企业。 "我认为，从全球范围来看，能源系统已不再能满足人工智能的需求，" 谷歌全球数据中心能源主管阿 曼达・彼得森・科里奥表示，"我们正努力主动思考解决方案。" 随着监管机构和立法者对电力供应短缺的担忧日益加剧，此次收购有望帮助谷歌更顺利地推进数据中心 的建设工作。科技公司希望建设数据中心的速度， ...

记者｜金珊 见习记者林芊蔚 编辑｜江佩霞 港股科网股回升，腾讯跌幅收窄至3%，此前一度跌超6%；百度集团跌幅收窄至4%，此前一度跌近7%；快手跌幅收窄至4.5%，此前一度跌近 8%；阿里跌幅收窄至1.22%，此前一度跌近5%。 贵金属板块强势反弹，晓程科技涨超18%，湖南黄金涨停。（详见： 黄金急升突破4890美元，A股贵金属大爆发，紫金矿业大涨6% ） CPO等算力硬件股走强，罗博特科20cm涨停，天孚通信涨超10%，股价均创历史新高。 热门个股方面，寒武纪盘中大幅跳水，一度跌超13%，截至收盘跌幅缩窄，下跌9.18%。3日中午，寒武纪发布公告称，关于公司近期组织小范 围交流等信息为不实信息，公司目前研发进展顺利，经营稳步推进。 近期，国产AI芯片上市公司业绩陆续发布，主营情况均有好转，但股价表现上却不尽如人意。摩尔线程收盘报554.92元/股，跌2.65%，沐曦股 份跌超3%，报513.78元/股。 【详情】 港股方面，午后恒生指数翻红，恒生科技指数午后跌幅收窄至0.9%，此前一度跌3.4%， 较2024年10月高点累计下跌超过20%，正式迈入技术 性熊市区间。 2月3日，亚太股市集体大反弹，日经225指 ...

近日，腾讯元宝10亿元红包活动上线又引爆了朋友圈，社交媒体上"红包互点/互助"群聊二维码刷屏， 这场持续至2月17日的福利狂欢，不仅有万元小马卡、现金红包等多重形态，单个红包最高1万元还能直 接提现微信零钱，吸引力拉满。几乎同期，百度、支付宝等也推出了花样繁多的红包。 对互联网巨头的红包大战我们并不陌生。2015年除夕夜，微信"摇一摇抢红包"成为千家万户的经典记 忆，很快亿元红包换来了海量银行卡绑定，被业界戏称为微信支付对支付宝的"珍珠港偷袭"。这场凭借 社交场景突袭的经典商战，成为腾讯日后布局的重要底气。十一年后，马化腾携10亿元现金红包卷土重 来，颇有用AI产品"元宝"复刻传奇的架势。 那么， 再次，红包能拉新却难留客，短期狂欢换不来长期忠诚。当年微信红包的成功，本质是完成了"支付刚 需"的用户教育，抢红包的过程让用户自然绑定银行卡，加之支付宝此前铺垫的支付习惯，用微信来支 付水到渠成。如今，有的AI大模型工具特色在于帮用户剪视频、做图片，还有的是文案高手，能帮用 户在工作上提质增效，而元宝的独特性和日常应用场景尚不明确。可以说，部分对手们的布局早已超 越"撒钱拉新"的初级阶段，形成全链路的生态防御。有的 ...

网络上流传一则互联网增值服务加税的传言，受加税传闻等影响，腾讯控股等股票股价一度大跌，后跌 幅缩窄。 多位资深税务专家称，随着增值税法和实施条例从今年起施行，近期财政部 税务总局公布一系列配套 法规，其中包括中国移动、中国联通等运营商互联网宽带接入服务等增值税税率从6%上调至9%。 这也就引起上述一些人士猜测，即腾讯等互联网企业核心业务适用的税率是不是也上调，但根据目前披 露的增值税相关规定，前述税率仍维持在6%，并没有任何变化，因此增值税"加税"是谣言。（第一财 经） ...

Group 1 - The Hong Kong stock market's technology sector is experiencing increased volatility due to concerns over changes in tax burdens for internet businesses like gaming and advertising, following the Ministry of Finance's recent announcement on VAT guidelines [1] - The document clarifies existing VAT laws without making substantial adjustments to the tax burdens for modern service industries, indicating that discussions around a 9% tax rate change primarily relate to adjustments in basic telecom services rather than direct impacts on core internet platform businesses [1] - Positive developments in the artificial intelligence industry continue, with Microsoft reporting that its Microsoft 365 Copilot paid seats have reached 15 million, marking a record high for quarterly growth [1] Group 2 - Alibaba has launched Qwen3-Max-Thinking, which matches international standards in reasoning capabilities, while the release of models like DeepSeek-OCR 2 reflects ongoing advancements by domestic firms in reasoning and tool utilization [1] - The upcoming release of new models and applications around the Spring Festival, along with the further disclosure of overseas cloud providers' financial reports, is expected to enhance the investment value of Hong Kong's internet sector [1] - The E Fund Internet ETF (513040) focuses on core internet assets within the Hong Kong Stock Connect, with a product scale of approximately 9.8 billion, providing a tool for long-term investment opportunities in the Hong Kong internet sector [2]

Market Performance Review - The Hong Kong stock market indices experienced an overall increase this week, with significant capital inflows into the energy, real estate, and financial sectors. The Hang Seng Composite Index, Hang Seng Index, and Hang Seng Tech Index rose by 1.78%, 2.38%, and fell by 1.38% respectively. Among the primary industry sectors, 8 sectors increased while 4 decreased, with energy, real estate, and financial sectors leading the gains at 7.44%, 5.71%, and 5.3% respectively [3][14] - The overall market situation indicates that large-cap and value stocks outperformed, while growth stocks were second best, and technology stocks performed weakly [3][14] Market Valuation Level - As of the end of this week, the 5-year PE (TTM) valuation percentile for the Hang Seng Composite Index is at 90.38%, indicating that the valuation level is close to two standard deviations above the 5-year average [3] Macro Environment - The macroeconomic environment shows that the three major PMI data for January have fallen below the boom-bust line. In December, industrial enterprise profits achieved a "V-shaped recovery," with profit margins significantly improving as the core driver [4][42] - The funding environment indicates that the Federal Reserve maintained interest rates at the January meeting, with net inflows of southbound funds amounting to HKD 2.708 billion, a decrease of HKD 20.815 billion compared to the previous week [4][42] Sector Outlook - The outlook for the Hong Kong stock market suggests that the domestic economy is still in a bottoming phase, with economic data showing some recovery. Policy focus will be on technological innovation and expanding domestic demand. Despite a significant decrease in net inflows of southbound funds, there is still a positive sentiment towards sectors benefiting from policy support, such as new energy, innovative pharmaceuticals, and AI technology [4][42] - The report highlights a favorable view on low-valuation state-owned enterprises that are expected to benefit from policy support, as well as local Hong Kong banks, telecommunications, and utility dividend stocks that are relatively independent and benefit from the interest rate cut cycle [4][42] Buyback Statistics - The buyback market has seen increased activity this week, with a total buyback amount of HKD 1.115 billion, a decrease of HKD 9.77 billion from the previous week. The number of companies engaging in buybacks this week was 56, down by 8 from last week [25][26] - The top companies by buyback amount include Xiaomi Group (1810.HK) with HKD 290.196 million, Geely Automobile (0175.HK) with HKD 273.143 million, and Sunny Optical Technology (2382.HK) with HKD 196.953 million [25][26] Southbound Fund Statistics - The top net buying companies through the southbound trading link this week include Pop Mart (9992.HK) with a net buying amount of HKD 3.005 billion, Tencent Holdings (0700.HK) with HKD 2.800 billion, and Xiaomi Group (1810.HK) with HKD 1.775 billion [33] - Conversely, the top net selling companies include the Tracker Fund of Hong Kong (2800.HK) with a net selling amount of HKD 5.491 billion, China Mobile (0941.HK) with HKD 4.584 billion, and Zijin Mining (2899.HK) with HKD 2.289 billion [34]