大行评级｜中银国际：中资科网股中长期首选腾讯、阿里、网易和腾讯音乐

Group 1 - The core viewpoint of the report is that AI, macroeconomic recovery, competitive landscape, regulatory environment, shareholder return execution, and Sino-US tensions will be the six key factors affecting the financial performance and valuation of Chinese internet-listed companies in the next 6 to 12 months [1] - The ranking of sub-industries within the mainland internet sector is as follows: cloud computing > online music, online gaming, and online advertising (tied) > e-commerce > others [1] - The long-term preferred stocks identified are Tencent, Alibaba, NetEase, and Tencent Music, while Bilibili and Baidu are favored for the short term [1]