红蚁资本投资总监李泽铭表示，2月3日上午科网股下跌明显受税收传言影响，因不只腾讯下跌，目前各 方面评论均认为该传闻可信度极低，应不会有增值税项方面的修改，但因未有官方说法，市场又可见此 前中国移动（600941.SH）等电信企业因增值税调升，股价经历了下跌，对科网股市场当前倾向于先行 避险，除非收盘后或当日有官方明确辟谣，方可重振市场信心，否则该问题短期仍会困扰整个互联网板 块。 港股100研究中心顾问余丰慧表示，对于腾讯这类大型企业，关键在于如何通过战略调整和业务创新来 恢复投资者信心并实现长期增长，随着互联网行业成熟和技术发展，腾讯需在人工智能、云计算、大数 据等新兴领域持续投入资源以保持技术领先地位。 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。 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 ...

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，元宝红包活动虽引爆下 载和热议，却没有拉升股价，核心逻辑在于市场已经在警惕"烧钱换增长"的内卷模式。红包带来短期流 量，但投资者关注点在于用户留存与人工智能黏性，而非瞬时日活用户。中国互联网巨头人工智能竞争 激烈（腾讯元宝、百度文心、阿里千问等），也加剧了利润率压力，导致资金短期避险。 红蚁资本投资总监李泽铭表示，2月3日上午科网股下跌明显受税收传言影响，因不只腾讯下跌，目前各 方面评论均认为该传闻可信度极低，应不会有增值税项方面的修改，但因未有官方说法，市场又可见此 前中国移动（600941.SH）等电信企业因增值税调升，股价经历了下跌，对科网股市场当前倾向于先行 避险，除非收盘后或当日有官方明确辟谣，方可重振市场信心，否则该问题短期仍会困扰整个互联网板 块。 港股100研究中心顾问余丰慧表示，对于腾讯这类大型企业，关键在于如何通过战略调整和业务创新来 恢复投资者信心并实现长期增长，随着互联网行业成熟和技术发展，腾讯需在人工智能、云计算、大数 据等新兴领域持续投入资源以保持技术领先地位。 "特别是在人工智能领域，这不仅能够帮助腾讯开发新产 ...

（文章来源：21世纪经济报道） 港股午间收盘，恒生指数涨0.20%，国企指数跌0.22%，恒生科技指数跌1.32%。 黄金股反弹，万国黄金集团涨超6%，潼关黄金涨逾4%，灵宝黄金、紫金黄金国际涨超3%。 南向资金半日净买入额为4423万港元，其中沪港通净买入16.68亿港元，深港通净卖出16.24亿港元。 科网股集体低迷，快手、哔哩哔哩跌超4%，百度集团、腾讯控股跌逾3%，阿里巴巴、美团跌近2%。 ...

刚刚，港股科技股突然暴跌！ 2月3日早盘冲高的港股市场，突然大跳水。上午10点50分左右，香港恒生科技指数跌幅一度扩大至3.37%，截 至午盘，略有回升，跌1.31%。快手一度跌超7%，哔哩哔哩、百度、腾讯控股跌超6%，阿里巴巴一度跌近 5%。 那么，究竟发生了什么？在香港科技股大跌之际，一则涉及税收的传闻持续发酵。有分析认为，这类"小作 文"之前几年传过很多次（2019年开始就有各种版本，均未实现），目前保持持续跟踪，以当前支持行业发展 的思路来说，政策出台会很谨慎。 10年期美国国债到期收益率较上周五上行2BP至4.26%，港股恒生指数的风险溢价率为3.76%，为3年滚动均 值-1.96倍标准差，处于2010年以来2%分位。 突然崩跌 2月3日早盘，港股原本跟随外围走强，但香港恒生科技指数于上午10点过后，突然大幅跳水，互联网巨头集体 崩跌。其中，快手跌超7%，百度集团、哔哩哔哩、腾讯跌超5%。香港恒生科技指数一度跌超3.1%。 港股杀跌亦带动A股市场走弱。科创50、科创AI等指数大幅跳水，上证指数一度翻绿。市场虽然一度有4000多 只股票上涨，但气氛一度较为紧张。A股世纪华通等股票亦大幅跳水，游戏ETF ...

刚刚过去的周末，腾讯旗下元宝App启动春节10亿元红包活动，满屏的红包链接，助推元宝App超过豆 包登上苹果应用商店免费App排行榜首。 2月2日，阿里千问宣布投入30亿元，将于2月6日正式上线"春节请客计划"。千问App将联合淘宝闪购、 飞猪、大麦、盒马、天猫超市、支付宝等阿里生态业务，以免单形式发放春节福利，感受AI时代的全 新生活方式。 字节跳动目前尚未公布红包规则，不过字节旗下的火山引擎，已经成为2026年央视春晚独家AI云合作 伙伴，或将配合春晚上线多种玩法。 四大巨头的打法虽各有侧重，但战略目标高度一致——借助覆盖全年龄、全场景的关键时间节点，推动 AI技术从抽象概念下沉为大众触手可及的日常应用。有分析师表示，2026年春节红包大战的特别之处 在于，AI首次从幕后走向台前，成为驱动用户参与的核心引擎。 争夺下一代流量超级入口 如果说往年的春节红包大战是"撒钱换流量"的营销游戏，那么2026年春节的这场红包大战，已然升级为 一场以AI为核心引擎、争夺下一代流量超级入口的战略卡位战。腾讯、百度、阿里巴巴、字节跳动四 大科技巨头基于各自优势做出部署，携亿元级资源入局，推动AI迈入生态比拼全新阶段。 从专 ...

Core Viewpoint - The A-share market shows a strong performance driven by high-end manufacturing and hard technology sectors, while the Hong Kong market exhibits a divergence with weak technology stocks, indicating a structural differentiation influenced by macroeconomic and policy factors [1][2][3]. Group 1: A-share Market Performance - Major A-share indices, except for the Sci-Tech 50, recorded gains, with the Shenzhen Component Index leading at +0.93% and a total trading volume of 1.604 trillion yuan [1]. - The top gainers in A-shares include sectors such as defense and military (+3.71%), machinery equipment (+2.58%), and power equipment (+2.15%), while traditional sectors like banking and oil & gas saw declines [1][2]. Group 2: Hong Kong Market Dynamics - The Hong Kong market displayed a mixed performance, with the Hang Seng Index nearly flat and the Hang Seng Tech Index dropping by 1.48%, highlighting a contrast with the A-share market [1]. - The weakness in Hong Kong's technology stocks is attributed to their offshore market nature, influenced by both domestic fundamentals and global liquidity expectations, particularly regarding the U.S. Federal Reserve's interest rate policies [3]. Group 3: Sector Insights - The rise of the defense and military sector is linked to increased geopolitical uncertainties and expectations for accelerated equipment procurement under the "14th Five-Year Plan," providing long-term visibility and certainty [2]. - The demand for new energy infrastructure under the "dual carbon" goals and recent government initiatives for large-scale equipment updates are expected to inject substantial growth into related industries [2]. Group 4: Market Outlook - The main investment themes in the A-share market remain intact, focusing on policy-driven and growth-oriented sectors like military, high-end manufacturing, and new energy [4]. - In the Hong Kong market, the valuation pressures on technology stocks are likely to persist until clearer overseas policy signals or stronger mainland economic data emerge to boost risk appetite [4].

Group 1 - The core viewpoint of the article indicates that the recent decline in Hong Kong stocks, particularly in the technology sector, is primarily due to a technical pullback following a rapid short-term rise, rather than a signal of a trend reversal [1] - The CSI Hong Kong Stock Connect Internet Index has dropped by 4.1% as of 10:50 AM, reflecting the broader market adjustment [1] - Huatai Securities suggests that the three main driving forces for the first quarter remain solid: improved liquidity environment, resonance of domestic and foreign capital, and upward revision of corporate profit expectations [1] Group 2 - The CSI Hong Kong Stock Connect Internet Index consists of 30 stocks related to internet businesses, covering key areas such as e-commerce platforms, content ecosystems, social media, and software services, with a high proportion of AI applications [1] - Investors can access industry leaders through products like the E Fund Hong Kong Stock Connect Internet ETF (513040), which allows for a bundled investment in the sector [1]

Group 1 - The Hang Seng Index rose by 0.20%, gaining 54 points to close at 26,830 points, while the Hang Seng Tech Index fell by 1.32% due to a collective drop in tech stocks [1] - Tencent saw a decline of over 3%, and Alibaba-W dropped by 1.78%, contributing to the tech index's downturn [1] - Commercial aerospace stocks rebounded, with SpaceX acquiring xAI to enhance space computing capabilities, and domestic aerospace companies accelerating IPOs [1] - JunDa Co. (02865) increased by 12.95%, and Goldwind Technology (02208) rose by 5.71% [1] - Domestic insurance stocks collectively rose, with a reported 7% year-on-year increase in insurance premium income for the industry [1] - China Pacific Insurance (00966) rose by 4.13%, and China Life Insurance (02628) increased by 2.5% [1] - Zhipu AI (02513) surged over 9% after announcing the official release and open-sourcing of GLM-OCR, with plans to launch GLM-5 in the next two weeks [1] Group 2 - MINIMAX-WP (00100) rose over 12% following the release of the MiniMax Music 2.5 audio generation model [2] - Ruipu Lanjun (00666) increased by over 4% as the company reported its first annual profit, with the energy storage industry expected to remain robust through 2026 [2] - Weichai Power (02338) rose over 7% due to increased demand driven by data center construction, with institutions indicating significant long-term growth potential [2] Group 3 - CIMC Group (02039) surged over 14% as its data center and offshore engineering segments performed well, and the company is positioning itself in the commercial aerospace sector [3] Group 4 - Naxin Micro (02676) increased by over 8% as the company expects a reduction in losses from the previous year, with anticipated changes in the supply-demand dynamics of the analog chip industry [4] Group 5 - Baiaosaitu-B (02315) rose over 11% with an expected annual profit increase of up to 4.4 times, having secured multiple significant external authorizations [5] - XPeng Motors-W (09868) continued to decline by 1.78%, with January vehicle deliveries down 34.07% year-on-year [5]

Core Viewpoint - The article highlights the selection of 263 stocks by brokerages as "golden stocks," with a focus on balancing growth and stability amid macroeconomic uncertainties. The selected stocks are categorized into two main themes: embracing the AI-driven technology revolution and investing in value sectors benefiting from cyclical recovery. Group 1: Growth-Focused Stocks - The "offensive" aspect of the stock selection emphasizes a comprehensive layout in the AI industry, covering everything from infrastructure to application and cloud services, directly addressing the surging global demand for AI computing power and domestic alternatives [1][2] - Key stocks include Alibaba, which is expected to see a 32% revenue growth in its cloud business due to AI demand, and Tencent, which is leveraging AI in social and gaming sectors to enhance user engagement and monetization [3][9] Group 2: Stability-Focused Stocks - The "defensive" aspect is characterized by investments in companies with strong cash flows, policy benefits, and unique brand advantages. China Ping An is highlighted for its high dividend yield and improving fundamentals, while Kweichow Moutai benefits from its brand strength and channel reforms [2][5][18] - Other stable stocks include China Duty Free, which is expected to benefit from ongoing policy advantages in Hainan, and Foster, which is expanding its electronic materials business alongside its core photovoltaic operations [2][16][14] Group 3: Individual Stock Insights - **Alibaba**: Expected net profit of 1,045.52 million yuan in 2026, with a growing user base for AI products [3] - **Haiguang Information**: Revenue of 9.49 billion yuan in the first three quarters of 2025, with a year-on-year growth of 54.65% [4] - **China Ping An**: Projected net profit of 157.55 billion yuan in 2026, with a PE ratio of 7.59 [5] - **Wanhua Chemical**: Anticipated net profit of 16.36 billion yuan in 2026, with a PE ratio of 15.37 [7][8] - **Tencent**: Monthly active users of WeChat at 1.414 billion, with AI-related capital expenditures rising to 40% [10] - **Zijin Mining**: Expected net profit of 45.70 billion yuan in the first three quarters of 2025, with significant gold resource reserves [12][13] - **Foster**: Projected net profit growth of 49.98% in 2026, with over 50% market share in photovoltaic films [15] - **China Duty Free**: Expected net profit growth of 27.10% in 2026, benefiting from policy advantages [16][17] - **Kweichow Moutai**: Net profit of 66.90 billion yuan in the first three quarters of 2025, with a gross margin of 91.29% [18]

2月3日，A股市场早盘冲高回落后，又再度震荡拉升。三大指数盘中翻绿，创业板指此前一度涨超2%，截至午间收盘，三大指数集体翻红。沪深两市半 日成交额1.6万亿，较上个交易日缩量400亿，全市场超4400只个股上涨。 此次股价异动，或源于公司此前披露的2025年业绩预告中透露出的单季业绩不及预期信号。 1月30日晚间，寒武纪正式发布2025年年度业绩预告，全年经营数据整体呈现大幅增长态势。但结合公司已披露的2025年三季报数据测算，单季度业绩表 现却显露出增长动能放缓的迹象。寒武纪2025年前三季度归母净利润为16.05亿元，以此计算，公司2025年第四季度归母净利润预计在2.45亿元至5.45亿元 区间，环比上一季度的5.67亿元下滑3%至56%，单季盈利规模出现明显收缩。而市场层面，分析师对寒武纪2025年第四季度归母净利润的一致预测值为 6.13亿元，公司四季度业绩预测区间整体低于市场预期。 港股方面，恒生科技指数盘中跌超3%，截至发稿，热门成分股百度集团跌超4%，腾讯控股跌近4%，阿里巴巴跌超2%，美团跌近2%，京东集团跌近1%。 具体板块来看，商业航天概念走势强劲，海兰信（300065）、航天发展（00 ...