智通财经网·2025-12-23 09:35Group 1 - The overall market sentiment has declined recently, leading to a correction in the 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 Holdings continue to show improved profit margins [1] - The attractiveness of the sector is increasing despite declining valuations, with a core recommendation for Tencent Holdings and a suggestion to pay attention to Kuaishou-W, NetEase, Zhiyu Technology, and Bilibili [1] Group 2 - Most mainland online platform companies are projected to have a reasonable price-to-earnings ratio between 15x and 20x by 2026, indicating potential for dual increases in performance and valuation for companies exceeding expectations [2] - Bilibili has historically been at a high valuation, while companies like Boss Zhipin-W, Tencent Music-SW, and NetEase Cloud Music have maintained mid to high valuation levels [2] - For companies with positive long-term prospects and short-term performance exceeding expectations, a valuation range of 20x to 25x is considered reasonable, providing a solid foundation for future performance exceeding expectations [2]