据了解，腾讯等核心业务在增值税征收方面，主要属于提供增值电信服务和销售无形资产，而两者适用 的税率均为6%。 近期财政部 税务总局发布《关于增值税征税具体范围有关事项的公告》（下称《公告》）中，对适用 6%税率的增值电信服务定义有所调整，但对上述腾讯公司等业务并没有影响。 《公告》明确，增值电信服务，是指利用固网、移动网、卫星、互联网、有线电视网络，提供电子数据 和信息的传输及应用服务（不含手机流量服务）、互联网接入服务（不含宽带接入服务）、卫星电视信 号落地转接服务等业务活动。与此前规定相比，主要是删掉了提供短信和彩信服务、手机流量服务、宽 带接入服务。 腾讯公司等核心业务增值税税率依然为6%，没有变化。 2月3日，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（00700.HK）等 股票股价一度大跌，后跌幅缩窄。 多位资深税务专家告诉第一财经，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 ...

Group 1 - The Hong Kong stock market showed mixed performance on February 3, with the Hang Seng Index rising by 0.2%, while the Hang Seng Tech Index and the National Enterprises Index fell by 1.32% and 0.22% respectively [1] - The decline in tech stocks was attributed to investor concerns over potential increases in value-added tax (VAT) for internet service companies, following a VAT hike for Chinese telecom stocks [1] - Institutions believe that the concerns regarding tax increases for internet companies are exaggerated and lack solid evidence, noting that any tax hikes would contradict current policies aimed at promoting consumption [1] Group 2 - GF Securities indicated that the global dollar cycle is at a peak and is now in a decline phase, while the RMB has transitioned from depreciation to a mild appreciation, creating a favorable revaluation window for Chinese equity assets [2] - The report suggests embedding currency logic into asset allocation, focusing on "core manufacturing assets + beneficiaries of appreciation" in A-shares, and prioritizing sectors sensitive to import costs and high-quality liquid stocks in Hong Kong [2] - The Hong Kong Stock Connect Internet ETF (520910) tracks the CSI Hong Kong Stock Connect Internet Index, focusing on leading internet companies such as Alibaba, Tencent, Meituan, and Kuaishou, which are expected to benefit from AI penetration [2]

| 亚太市场 | | 更新于:02-03 13:12 | | --- | --- | --- | | 日经225 | 韩国综合 | 新加坡海峡 | | 54769.57 | 5239.17 | 4932.03 | | +2114.39 +4.02% +289.50 +5.85% | | +39.76 +0.81% | | 澳洲标普200 | 印度 | MSCI台湾 | | 8857.10 | 83948.71 | 1278.12 | | -9.20 -0.10% +2282.25 +2.79% | | +23.98 +1.91% | | 上证指数 | 深证成指 | 恒生指数 | | 4031.43 | 13948.39 | 26830.50 | | +15.68 +0.39% +124.04 +0.90% | | +54.93 +0.21% 同詞學 | 港A股则高开低走。盘中，A股震荡翻红，但港股仍低迷。 全球市场恐慌性抛售后，突然迎来全面反弹。 周二，此前惨遭"大屠杀"的金银急速回血，日韩股市引领亚太市场冲锋。 MSCI亚太指数一度上涨2.3%，创下去年6月以来的最大涨幅;印度股指、台湾加权指数纷纷上扬。 ...

Core Viewpoint - The Hong Kong stock market experienced a panic sell-off due to unverified rumors of increased taxes on internet platforms, significantly impacting major stocks like Tencent Holdings [1]. Market Analysis - Tencent Holdings (00700.HK) saw a drop of over 6%, falling below the 600 HKD mark, which led to a broader decline in the technology sector, with the Hong Kong Technology 50 ETF (159750) and the Hong Kong Stock Connect Technology ETF (159125) both dropping over 2.4% [1]. - The recent volatility is attributed to a combination of short-term noise and long-term concerns, with the immediate trigger being the negative rumors during a period of market vulnerability [1][2]. - There is growing anxiety regarding the ability of tech giants to convert their high investment in areas like AI into sustainable profits, leading to a depletion of investor patience and increasing growth concerns [1][2]. Valuation and Investment Opportunities - Despite the short-term emotional impact, analysts suggest that the current valuation of the Hong Kong technology sector is at historical lows, providing a high margin of safety for investors [3]. - Strategic investments by giants like Tencent in cloud computing and artificial intelligence are viewed as long-term options for future growth [3]. - The Hong Kong Technology 50 ETF (159750) is seen as a potential vehicle for investors to position themselves in core assets of China's digital economy amidst market volatility [3]. - A complete market stabilization and rebuilding of confidence will ultimately depend on improvements in fundamentals or clearer policy expectations [3].

Group 1 - The Hong Kong stock market experienced a significant drop in the Hang Seng Tech Index, which fell by 3.37% at one point, with major internet companies like Kuaishou, Bilibili, Baidu, Tencent, and Alibaba seeing declines of over 6% [1][3] - The decline in tech stocks was triggered by rumors regarding adjustments to the recognition of high-tech enterprises and related tax policies in China, which have circulated since 2019 without any concrete implementation [3] - Huachuang Securities believes that the rumors are an over-interpretation without solid evidence, and that increasing taxes on internet companies would contradict the current policy aimed at promoting consumption [3] Group 2 - As of January 30, 2026, the Hang Seng Index's price-to-earnings (PE) ratio is at 12.47 times, which is in the 82nd percentile since 2010, while the price-to-book (PB) ratio is at 1.27 times, in the 63rd percentile since 2010 [3] - Galaxy Securities indicates that the tech sector remains a long-term investment focus, with multiple favorable factors such as price increases in the supply chain, domestic substitution, and accelerated AI applications expected to drive upward momentum [3] - Guangfa Securities suggests that the current global dollar cycle is peaking and receding, with the RMB entering a mild appreciation phase, creating a favorable re-pricing window for Chinese equity assets [3]

作者 | 第一财经 李隽 2月3日上午，受加税传闻等影响，腾讯控股（00700.HK）一度大跌超过6%，最低一度跌至561港元， 中午收盘跌幅收窄至3.09%，报收580港元。 腾讯控股已连续超过4个月下跌，近日元宝红包活动也未能拉升股价。 炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 截至发稿，尚未有相关方面对加税传闻作出回应。有业内人士认为，税收增加传闻真实性概率比较低， 此传言属于典型的市场噪音，在情绪脆弱时被放大；另一方面，从元宝红包活动的情况来看，腾讯确实 无法完全规避行业内卷格局，短期内股价缺乏进攻催化剂，需要人工智能等新业务发展可以进一步满足 市场预期。 奶酪基金投资经理潘俊向第一财经表示，腾讯跌破600港元关口，一方面源于高额人工智能资本开支与 短期变现不确定性之间的错配，元宝红包活动虽引发市场关注，但被市场解读为新一轮烧钱内卷的信 号，叠加1月部分数据不及预期，导致避险情绪升温。另一方面，腾讯确实无法完全规避行业内卷，虽 然当前估值处于历史低位并且具备防御性，但股价短期缺乏进攻催化剂。 博大资本国际行政总裁温天纳向第一财经记者表示，腾讯近期跌至近半年低点，元宝红包 ...

Core Viewpoint - The market experienced a significant drop due to rumors regarding potential tax rate increases for the gaming industry, which were deemed unfounded by analysts [2][11]. Group 1: Market Reaction - On February 3, the Hang Seng Technology Index fell over 3% at one point, with major internet companies like Tencent, Alibaba, and Baidu also experiencing sharp declines [3][8][10]. - The stock price of Cambricon Technologies plummeted following rumors about its revenue guidance for 2026 being significantly lower than market expectations [4][13]. Group 2: Tax Rumors Analysis - Analysts from Everbright Securities refuted the rumors about a potential tax rate increase for the gaming industry, clarifying that the comparison to the liquor industry's consumption tax was misleading [2][11]. - The current tax rate for financial services and internet value-added services, including gaming, is 6%, as per the Value-Added Tax Law effective from January 1, 2026 [3][13]. - The adjustment of tax rates requires a rigorous legislative or administrative process, making arbitrary changes unlikely [3][12]. Group 3: Policy Context - The current macroeconomic policy focus is on "stabilizing growth, promoting innovation, and supporting industrial upgrades," which contradicts the idea of a blanket tax increase on key industries [12]. - Future tax regulations are more likely to involve the review of tax incentives for certain companies rather than an increase in statutory tax rates [12].

Group 1 - Alibaba's Qianwen APP has launched a 3 billion yuan "Spring Festival Treat Plan" to invite users to experience AI-driven lifestyle during the Spring Festival, marking the largest investment in a Spring Festival activity in Alibaba's history [1] - The initiative includes participation from Alibaba's core ecosystem businesses such as Taobao, Fliggy, Damai, Hema, Tmall Supermarket, and Alipay, creating a vast consumer scenario for testing [1] - Tencent's Yuanbao APP has initiated a 1 billion yuan red envelope activity, aiming to replicate the success of WeChat red envelopes, with the app reaching the top of the free app rankings on the Apple Store [1] Group 2 - Baidu has announced a cash red envelope activity totaling 500 million yuan, with individual red envelopes reaching up to 10,000 yuan, while ByteDance's Volcano Engine becomes the exclusive AI cloud partner for the 2026 Spring Festival Gala [2] - Analysts from Citigroup suggest that the red envelope competition is not merely a promotional event but a significant validation window for AI assistants' transition to widespread application, emphasizing the importance of user dependency on AI [2] - The Spring Festival red envelope battle serves as a public stage for major companies to showcase their technological capabilities and ecosystem collaboration, acting as both a defensive strategy against competitors and an offensive method to enhance AI model optimization [2] Group 3 - To achieve long-term user retention, a dual-driven system of "value retention + experience loop" is essential, focusing on high-frequency essential scenarios for users to recognize AI's core value [3] - The competition has evolved from a focus on technology and products to a new stage centered on large ecosystems and service loops, with Qianwen aiming to establish itself as a key player during the Spring Festival [3] - The previous Spring Festival highlighted DeepSeek's capabilities, while this year emphasizes the competition among major players like Tencent, Baidu, Alibaba, and ByteDance in the AI assistant ecosystem [3]

Group 1 - The core competition among leading internet companies in Hong Kong is intensifying as they launch significant promotional campaigns for the 2026 Spring Festival, with Yuanbao App initiating a 1 billion yuan red envelope event and Qianwen App investing 3 billion yuan in a "dining invitation plan" [1][4] - The "red envelope war" is strategically focused on AI as a core engine, aiming to capture the next generation of traffic entry points, leading to increased attention on the Hang Seng Tech ETF (513130), which saw a single-day trading volume of 7.197 billion yuan, marking a more than 70% increase and a new high since December 2025 [1][4] - The Hang Seng Tech ETF (513130) experienced a net subscription of 1 billion units, raising its total shares to 64 billion, a historical peak [1][4] Group 2 - The Hang Seng Tech ETF (513130) closely tracks the Hang Seng Tech Index, which represents a significant portion of the Hong Kong tech market, including major companies like SMIC, Alibaba-W, Meituan-W, Tencent Holdings, and BYD, all of which have strong technological foundations and broad business layouts in cutting-edge fields such as AI [2][5] - The valuation of the Hang Seng Tech Index has dropped to 23.22 times, which is at a low historical percentile of 34.87% over the past five years, highlighting its current investment value [2][5] - Despite recent market fluctuations, factors such as improved liquidity, capital resonance, and upward revisions in profit expectations are expected to support the Hong Kong stock market in the first quarter [2][5]

Core Viewpoint - Tencent Holdings experienced a significant drop in stock price, attributed to rumors of tax increases, which are considered to have low authenticity by industry insiders [1] Group 1: Stock Performance - On February 3, Tencent's stock fell over 6%, reaching a low of 561 HKD, before closing down 3.09% at 580 HKD [1] - The company has seen a continuous decline for over four months, with recent promotional activities failing to boost stock prices [1] Group 2: Market Sentiment and Analysis - Industry experts suggest that the rumors of tax increases are likely market noise, amplified during periods of weak sentiment [1] - The recent "red envelope" activity has not alleviated the competitive pressures within the industry, indicating a lack of immediate catalysts for stock price recovery [1] Group 3: Investment Insights - According to investment manager Pan Jun, the stock's drop below 600 HKD is due to a mismatch between high capital expenditures in artificial intelligence and short-term monetization uncertainties [1] - The market interprets the "red envelope" activity as a signal of increased spending competition, compounded by January's disappointing data, leading to heightened risk aversion [1] - Despite being at historical low valuations and possessing defensive qualities, Tencent's stock lacks immediate growth catalysts [1]