Core Insights - The Chinese internet sector has seen a cumulative increase of 44.8% this year, outperforming Southeast Asia (+24.7%), Japan (+21.9%), and the United States (+19.2%) driven by easing trade tariff uncertainties and regional capital flow rotation [1] - Despite some valuation recovery, many Chinese internet companies still trade at a discount compared to global peers and other tech/consumer stocks within China [1] - The positive multiplier effect driven by AI from Alibaba and Tencent, along with accelerated adoption of AI in vertical industries, is expected to shift capital from experience and service consumption sectors to AI and cloud computing stocks in the second half of the year [1] - Competition in the food delivery and real-time retail sectors is anticipated to continue into the fourth quarter, while the gaming business is expected to benefit from new gameplay and sustained growth in user engagement [1] Company Preferences - Preferred core AI theme stocks include Tencent (target price of 735 HKD) and Alibaba (target price of 187 USD, 183 HKD) [1] - High-potential stocks include Pinduoduo (target price of 168 USD) [1] - Other recommended stocks are Trip.com (target price of 85 USD) and Manbang (target price of 16 USD) [1]
大行评级｜花旗：预计下半年资金转向AI与云计算板块，中资科网股首选腾讯、阿里等
Ge Long Hui·2025-09-04 05:37