<p>（第一財經）2 月 3 日——中國科技股在香港回落，騰訊控股是最大的下跌者之一，此前有關於互聯網企業增值税將上調的猜測。税務專家表示這一傳聞沒有根據，增值税税率保持不變。</p>
<p>騰訊 [HKG: 0700] 今天收盤下跌 2.9%，報 581 港元（74.36 美元）每股，稍微回升，早盤一度下跌 6.3%。這家總部位於深圳的公司的股票已經連續四個月下跌。</p>
<p>阿里巴巴集團控股 [HKG: 9988] 下跌 1.4%，報 161 港元；百度 [HKG: 9888] 下跌 3.6%，報 141.40 港元；嗶哩嗶哩 [HKG: 9626] 下跌 2.5%，報 253 港元；快手科技 [HKG: 1024] 下跌 4.6%，報 73.45 港元。</p>
<p>中國的新增值税法於 1 月 1 日生效，旨在明確税收並保持關鍵税率不變。財政部和國家税務總局隨後推出了一系列補充規則，其中包括互聯網寬帶接入服務的增值税税率從 6% 上調至 9%。</p>
<p>這引發了關於包括騰訊在內的互聯網公司核心業務適用税率可能也會提高的猜測。</p>
<p>但幾位資深税務專家告訴第一財經，騰訊的核心業務主要屬於增值電信服務和無形資產的銷售，這兩者均適用 6% 的税率。</p>
<p>根據目前披露的增值税規定，税率仍保持在 6%，沒有變化，專家指出。</p>
<p>騰訊的股價已跌破 600 港元，原因是其在人工智能上的高支出以及短期變現的不確定性，加上 1 月份一些指標表現低於預期，廣東奶酪投資基金的投資經理潘軍表示。</p>
<p>另一個因素是騰訊的 AI 應用 “元寶” 的紅包促銷活動。紅包在中國是一種傳統的現金贈送方式，尤其是在重大節日。騰訊計劃的現金髮放引起了廣泛關注，但市場也將這一活動解讀為新一輪燒錢競爭的跡象。</p>
<p>人們擔心騰訊可能會被捲入這樣的競爭，儘管其市值已經下降並具有防禦特徵，但該股缺乏短期反彈的催化劑。</p>
<p>發放紅包在短期內提升了客户流量，但投資者更關注用户留存和 AI 的粘性，而不是日活躍用户數量，Partners Capital International 的執行董事温天娜告訴第一財經。中國互聯網巨頭之間激烈的 AI 競爭也進一步加大了利潤壓力，導致短期風險厭惡，温指出。</p>
<p>編輯：湯姆·利廷</p>

阿里健康

騰訊控股(ADS)

華寶中證港股通互聯網ETF

易方達中證港股通互聯網ETF

<p>中國科技股，包括騰訊，在香港因關於互聯網公司增值税上調的傳聞而下跌，税務專家認為這一傳聞毫無根據。騰訊的股價下跌 2.9%，至 581 港元，繼續了四個月的下滑。其他公司如阿里巴巴和百度也出現了下跌。新的增值税法將於 1 月 1 日生效，保持關鍵税率不變，但關於互聯網公司可能面臨增税的猜測浮出水面。投資者對騰訊在人工智能上的支出和市場競爭的擔憂加劇，關注點轉向用户留存，而非短期指標</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>（第一財經）2 月 3 日——中國科技股在香港回落，騰訊控股是最大的下跌者之一，此前有關於互聯網企業增值税將上調的猜測。税務專家表示這一傳聞沒有根據，增值税税率保持不變。</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>騰訊 [HKG: 0700] 今天收盤下跌 2.9%，報 581 港元（74.36 美元）每股，稍微回升，早盤一度下跌 6.3%。這家總部位於深圳的公司的股票已經連續四個月下跌。</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>阿里巴巴集團控股 [HKG: 9988] 下跌 1.4%，報 161 港元；百度 [HKG: 9888] 下跌 3.6%，報 141.40 港元；嗶哩嗶哩 [HKG: 9626] 下跌 2.5%，報 253 港元；快手科技 [HKG: 1024] 下跌 4.6%，報 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>中國的新增值税法於 1 月 1 日生效，旨在明確税收並保持關鍵税率不變。財政部和國家税務總局隨後推出了一系列補充規則，其中包括互聯網寬帶接入服務的增值税税率從 6% 上調至 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>這引發了關於包括騰訊在內的互聯網公司核心業務適用税率可能也會提高的猜測。</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>但幾位資深税務專家告訴第一財經，騰訊的核心業務主要屬於增值電信服務和無形資產的銷售，這兩者均適用 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>根據目前披露的增值税規定，税率仍保持在 6%，沒有變化，專家指出。</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>騰訊的股價已跌破 600 港元，原因是其在人工智能上的高支出以及短期變現的不確定性，加上 1 月份一些指標表現低於預期，廣東奶酪投資基金的投資經理潘軍表示。</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>另一個因素是騰訊的 AI 應用 “元寶” 的紅包促銷活動。紅包在中國是一種傳統的現金贈送方式，尤其是在重大節日。騰訊計劃的現金髮放引起了廣泛關注，但市場也將這一活動解讀為新一輪燒錢競爭的跡象。</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>人們擔心騰訊可能會被捲入這樣的競爭，儘管其市值已經下降並具有防禦特徵，但該股缺乏短期反彈的催化劑。</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>發放紅包在短期內提升了客户流量，但投資者更關注用户留存和 AI 的粘性，而不是日活躍用户數量，Partners Capital International 的執行董事温天娜告訴第一財經。中國互聯網巨頭之間激烈的 AI 競爭也進一步加大了利潤壓力，導致短期風險厭惡，温指出。</p>
</div><p>Editor: Tom Litting</p>
<div class="lb-trans"><p>編輯：湯姆·利廷</p>
</div>

在增值税上調的傳聞後，騰訊及其他中國科技股下跌