Zhi Tong Cai Jing·2026-01-13 02:35Group 1 - The tightening of regulations and the introduction of e-commerce value-added tax are impacting the profitability of small and medium-sized merchants, which will exert pressure on the monetization capabilities and profit margins of e-commerce platforms [1] - Demand for AI cloud services remains strong, and with domestic chip supply gradually catching up and some high-end foreign chips being approved, supply constraints are expected to ease [1] - The competitive landscape in the fields of food delivery, instant retail, and AI chatbots remains intense, with companies investing in promotional expenses to capture market share and enhance new user penetration and adoption rates, potentially further pressuring profitability and profit margins [1] Group 2 - The overseas market is becoming a new focus for Robotaxi, AI applications, and internet data center construction [1] - The preferred companies in the industry include Tencent Holdings (00700), Alibaba (BABA.US), Trip.com (TCOM.US), NetEase (NTES.US), and Century Huatong (002602) [1]