中金：线上平台估值回调 板块吸引力增强

Group 1 - The overall market sentiment has turned negative, leading to a correction in the online platform sector, with valuations currently between the mean and the 25th percentile [1] - The sector's fundamentals remain robust, with healthy growth in key areas such as advertising and gaming, and companies like Tencent showing improved profit margins and operational leverage [1] - AI is still in a rapid development phase, with domestic internet companies making more practical and sustainable investments compared to aggressive capital expenditures by overseas tech giants, indicating AI will be a significant growth opportunity for some internet companies in the future [1] Group 2 - Most companies are projected to enter a "reasonable" PE range of 15-20x by 2026, suggesting that any company exceeding performance expectations could benefit from both earnings and valuation increases [1] - Companies like Bilibili have historically been overvalued, while others like Tencent Music and NetEase Cloud Music have maintained mid to high valuation levels; however, by 2026, key companies are expected to be in the 15-20x range, with a few like Bilibili and Kuaishou remaining higher [1] - New long-term logic has emerged for certain companies, such as NetEase's innovative payment model in gaming, Bilibili's stable non-gaming business, and Kuaishou's improved marketing efficiency leading to better adjusted operating profit margins [2]