瑞银: 中国内地高端GPU库存足以满足未来几季需求！内地主要互联网公司全年资本开支展望基本维持不变

Group 1 - UBS's head of China internet research, Fang Jinchong, stated that despite short-term spending fluctuations, the overall capital expenditure outlook for major internet companies in mainland China remains unchanged for the year [1] - Industry research indicates that the inventory of high-end GPUs in mainland China is sufficient to meet demand for the next few quarters [1] Group 2 - The China Internet ETF (KWEB) has risen nearly 30% this year, primarily driven by improved market sentiment leading to an increase in valuation multiples [3] - The profitability forecast for the e-commerce sector has been revised down by 14% due to major players' investments in instant retail, while the price-to-earnings (PE) ratio for large internet companies has expanded to around 16 times [3] - There remains significant uncertainty regarding investment levels in the mainland food delivery market over the next one to two quarters, leading to a preference for sub-sectors with higher profit certainty, such as gaming and tourism [3]