<p>（第一财经）2 月 3 日——中国科技股在香港回落，腾讯控股是最大的下跌者之一，此前有关于互联网企业增值税将上调的猜测。税务专家表示这一传闻没有根据，增值税税率保持不变。</p>
<p>腾讯 [HKG: 0700] 今天收盘下跌 2.9%，报 581 港元（74.36 美元）每股，稍微回升，早盘一度下跌 6.3%。这家总部位于深圳的公司的股票已经连续四个月下跌。</p>
<p>阿里巴巴集团控股 [HKG: 9988] 下跌 1.4%，报 161 港元；百度 [HKG: 9888] 下跌 3.6%，报 141.40 港元；哔哩哔哩 [HKG: 9626] 下跌 2.5%，报 253 港元；快手科技 [HKG: 1024] 下跌 4.6%，报 73.45 港元。</p>
<p>中国的新增值税法于 1 月 1 日生效，旨在明确税收并保持关键税率不变。财政部和国家税务总局随后推出了一系列补充规则，其中包括互联网宽带接入服务的增值税税率从 6% 上调至 9%。</p>
<p>这引发了关于包括腾讯在内的互联网公司核心业务适用税率可能也会提高的猜测。</p>
<p>但几位资深税务专家告诉第一财经，腾讯的核心业务主要属于增值电信服务和无形资产的销售，这两者均适用 6% 的税率。</p>
<p>根据目前披露的增值税规定，税率仍保持在 6%，没有变化，专家指出。</p>
<p>腾讯的股价已跌破 600 港元，原因是其在人工智能上的高支出以及短期变现的不确定性，加上 1 月份一些指标表现低于预期，广东奶酪投资基金的投资经理潘军表示。</p>
<p>另一个因素是腾讯的 AI 应用 “元宝” 的红包促销活动。红包在中国是一种传统的现金赠送方式，尤其是在重大节日。腾讯计划的现金发放引起了广泛关注，但市场也将这一活动解读为新一轮烧钱竞争的迹象。</p>
<p>人们担心腾讯可能会被卷入这样的竞争，尽管其市值已经下降并具有防御特征，但该股缺乏短期反弹的催化剂。</p>
<p>发放红包在短期内提升了客户流量，但投资者更关注用户留存和 AI 的粘性，而不是日活跃用户数量，Partners Capital International 的执行董事温天娜告诉第一财经。中国互联网巨头之间激烈的 AI 竞争也进一步加大了利润压力，导致短期风险厌恶，温指出。</p>
<p>编辑：汤姆·利廷</p>

阿里健康

腾讯控股(ADS)

华宝中证港股通互联网ETF

易方达中证港股通互联网ETF

<p>中国科技股，包括腾讯，在香港因关于互联网公司增值税上调的传闻而下跌，税务专家认为这一传闻毫无根据。腾讯的股价下跌 2.9%，至 581 港元，继续了四个月的下滑。其他公司如阿里巴巴和百度也出现了下跌。新的增值税法将于 1 月 1 日生效，保持关键税率不变，但关于互联网公司可能面临增税的猜测浮出水面。投资者对腾讯在人工智能上的支出和市场竞争的担忧加剧，关注点转向用户留存，而非短期指标</p>

<p>(Yicai) Feb. 3 -- Chinese technology stocks retreated in Hong Kong, with Tencent Holdings among the biggest decliners, following speculation of an increase in value-added tax on internet firms. Tax experts said the rumor is unfounded and VAT rates are unchanged.</p>
<div class="lb-trans"><p>（第一财经）2 月 3 日——中国科技股在香港回落，腾讯控股是最大的下跌者之一，此前有关于互联网企业增值税将上调的猜测。税务专家表示这一传闻没有根据，增值税税率保持不变。</p>
</div><p>Tencent [HKG: 0700] closed 2.9 percent lower at HKD581 (USD74.36) per share today, recovering a little from a morning drop of as much as 6.3 percent. The Shenzhen-based firm’s stock has now fallen for more than four straight months.</p>
<div class="lb-trans"><p>腾讯 [HKG: 0700] 今天收盘下跌 2.9%，报 581 港元（74.36 美元）每股，稍微回升，早盘一度下跌 6.3%。这家总部位于深圳的公司的股票已经连续四个月下跌。</p>
</div><p>Alibaba Group Holding [HKG: 9988] fell 1.4 percent to HKD161; Baidu [HKG: 9888] shed 3.6 percent to HKD141.40; Bilibili [HKG: 9626] gave up 2.5 percent to HKD253; and Kuaishou Technology [HKG: 1024] sank 4.6 percent to HKD73.45.</p>
<div class="lb-trans"><p>阿里巴巴集团控股 [HKG: 9988] 下跌 1.4%，报 161 港元；百度 [HKG: 9888] 下跌 3.6%，报 141.40 港元；哔哩哔哩 [HKG: 9626] 下跌 2.5%，报 253 港元；快手科技 [HKG: 1024] 下跌 4.6%，报 73.45 港元。</p>
</div><p>China’s new VAT Law came into effect on Jan. 1, aiming to clarify the tax and keeping key rates unchanged. The Ministry of Finance and the State Taxation Administration have since rolled out a series of supplementary rules, with the VAT rate for services including internet broadband access rising from 6 percent to 9 percent.</p>
<div class="lb-trans"><p>中国的新增值税法于 1 月 1 日生效，旨在明确税收并保持关键税率不变。财政部和国家税务总局随后推出了一系列补充规则，其中包括互联网宽带接入服务的增值税税率从 6% 上调至 9%。</p>
</div><p>This triggered speculation that the rate applicable to the core businesses of internet companies, including Tencent, might also be raised.</p>
<div class="lb-trans"><p>这引发了关于包括腾讯在内的互联网公司核心业务适用税率可能也会提高的猜测。</p>
</div><p>But several senior tax experts told Yicai that Tencent’s core businesses mainly fall under the provision of value-added telecoms services and the sale of intangible assets, both of which are subject to a 6 percent tax rate.</p>
<div class="lb-trans"><p>但几位资深税务专家告诉第一财经，腾讯的核心业务主要属于增值电信服务和无形资产的销售，这两者均适用 6% 的税率。</p>
</div><p>According to currently disclosed VAT regulations, the rates remain at 6 percent, with no changes, the experts noted.</p>
<div class="lb-trans"><p>根据目前披露的增值税规定，税率仍保持在 6%，没有变化，专家指出。</p>
</div><p>Tencent’s shares have fallen below HKD600 on concern about its high spending on artificial intelligence and uncertainty over short-term monetization, alongside the weaker-than-expected performance in some of its January indicators, according to Pan Jun, an investment manager at Guangdong Cheese Investment Fund.</p>
<div class="lb-trans"><p>腾讯的股价已跌破 600 港元，原因是其在人工智能上的高支出以及短期变现的不确定性，加上 1 月份一些指标表现低于预期，广东奶酪投资基金的投资经理潘军表示。</p>
</div><p>Another factor is the red envelope promotional campaign for Tencent’s AI app Yuanbao. Red envelopes, or hongbao in Chinese, are a traditional way of gifting cash in China, particularly during major holidays. Tencent’s planned cash handouts have attracted a lot of attention, but the campaign was also interpreted by the market as a sign of a new round of cash-burning competition.</p>
<div class="lb-trans"><p>另一个因素是腾讯的 AI 应用 “元宝” 的红包促销活动。红包在中国是一种传统的现金赠送方式，尤其是在重大节日。腾讯计划的现金发放引起了广泛关注，但市场也将这一活动解读为新一轮烧钱竞争的迹象。</p>
</div><p>There are concerns that Tencent could be drawn into such a battle, and even though its market value has fallen and offers defensive characteristics, the stock lacks near-term catalysts for a rebound.</p>
<div class="lb-trans"><p>人们担心腾讯可能会被卷入这样的竞争，尽管其市值已经下降并具有防御特征，但该股缺乏短期反弹的催化剂。</p>
</div><p>Giving out red envelopes lifts customer traffic in the short term, but investors are more interested in user retention and AI stickiness, rather than daily active user numbers, Wen Tianna, executive director of Partners Capital International, told Yicai. Fierce AI competition among Chinese internet giants has also further increased the pressure on margins, leading to short-term risk aversion, Wen noted.</p>
<div class="lb-trans"><p>发放红包在短期内提升了客户流量，但投资者更关注用户留存和 AI 的粘性，而不是日活跃用户数量，Partners Capital International 的执行董事温天娜告诉第一财经。中国互联网巨头之间激烈的 AI 竞争也进一步加大了利润压力，导致短期风险厌恶，温指出。</p>
</div><p>Editor: Tom Litting</p>
<div class="lb-trans"><p>编辑：汤姆·利廷</p>
</div>

在增值税上调的传闻后，腾讯及其他中国科技股下跌