Xin Lang Cai Jing·2025-09-01 05:51Core Viewpoint - The internet sector is experiencing a significant resurgence driven by AI advancements, with major companies like Alibaba and Tencent reporting strong financial results and increased investments in AI technologies [2][3][4]. Group 1: Market Performance - The internet ETF Hu-Kong-Shen (159550) saw an increase of over 1.2% on September 1, with key stocks like Alibaba rising over 17% and Alibaba Health over 5% [1]. - In August, the internet ETF Hu-Kong-Shen (159550) received over 50 million subscriptions, indicating strong capital inflow into the sector [1]. Group 2: Company Financials - Alibaba's latest financial report showed a Non-GAAP net profit decline of 18% year-on-year, but its core business demonstrated resilience, with Alibaba Cloud revenue reaching 33.398 billion yuan, a 26% year-on-year growth, marking a three-year high [2]. - Alibaba has invested over 100 billion yuan in AI infrastructure and product development over the past four quarters, with plans to continue a capital expenditure of 380 billion yuan [2]. Group 3: Analyst Insights - Morgan Stanley raised Alibaba's target price by 10%, predicting accelerated growth for Alibaba Cloud in the coming quarters, with a forecasted growth rate of 30% for the second fiscal quarter [3]. - Tencent's second-quarter report showed a 15% year-on-year revenue growth to 184.5 billion yuan, attributed to ongoing investments in AI, with R&D spending increasing by 17% to 20.25 billion yuan [3]. Group 4: Industry Trends - The demand for AI-related services is surging, with ByteDance's Volcano Engine reporting a 137-fold increase in daily token usage for its AI model since its launch [4]. - The internet sector is recovering from previous valuation compressions, with signs of valuation restoration emerging as major players like Alibaba and Tencent see significant stock price increases [4].