瑞银：中国互联网大厂正提升资本开支 加大人工智能领域投入
Xin Hua Cai Jing·2025-11-20 07:19

Core Insights - The overall favorable market sentiment in 2025 is expected to drive an increase in valuation multiples for the Chinese internet industry, with small and mid-cap vertical companies continuing to outperform the market [1] - Major Chinese internet companies are actively increasing capital expenditures and investing more in the artificial intelligence (AI) sector, with the launch of the domestic AI model DeepSeek positively influencing investor sentiment [1][2] - The valuation multiples for major internet companies have expanded to approximately 17 times adjusted earnings, making them relatively cheaper compared to the U.S. "Tech Seven" companies, which have valuations around 31 times [1] Investment Trends - A significant trend in the Chinese internet industry is the embrace of AI, with major companies increasing capital expenditures driven by demand [2] - Despite concerns over geopolitical uncertainties affecting chip supply, the focus on GPU efficiency and utilization allows Chinese internet companies to adjust their investment targets more flexibly [2] - Domestic AI chip manufacturers are rapidly improving performance due to ongoing self-research investments from internet companies [2] AI and Cloud Market Dynamics - Chinese cloud vendors are committed to investing in AI, with leading companies maintaining their annual capital expenditure guidance to enhance chip utilization and deployment efficiency [2] - Large language models (LLMs) and AI are expected to become sustainable growth drivers for the cloud market, creating cross-selling opportunities for traditional businesses [2] E-commerce and Retail Trends - Another trend in the Chinese internet industry is the increased investment in instant retail, aiming to boost user engagement through high-frequency delivery transactions [3] - The competition in the instant retail sector is stabilizing, with industry transaction volume growth slowing down, and a return to normalcy is anticipated following the end of major e-commerce promotions [3]