大行评级丨里昂：预计中美关税博弈对腾讯及阿里经营影响有限

Group 1 - The report from Credit Lyonnais indicates that the escalating tensions between the US and China are negatively impacting market sentiment, but the operational impact on Tencent and Alibaba is expected to be limited [1] - Tencent's business is primarily focused on the domestic market, and the company has prepared sufficient high-performance chips for future development, managing chip demand through domestic alternatives, various models, and software upgrades [1] - Alibaba International has expanded into different regions, with a minimal market share in the US, and its cloud business is anticipated to maintain strong growth driven by robust AI demand and self-developed new chips [1]