Zhi Tong Cai Jing·2026-02-05 12:08Core Insights - The competition in China's consumer-grade artificial intelligence sector is expected to intensify before the Chinese New Year, with major players like Tencent Holdings (00700), Alibaba-W (09988), and ByteDance remaining central to AI's ultimate entry points [1] Group 1: Company Outlook - Goldman Sachs maintains a positive outlook on Alibaba and Tencent over a one to three-year horizon as the best-positioned internet giants, while also noting that some tech companies may outperform these giants this year [1] - The report anticipates that regulatory policies will combine growth promotion with "anti-involution," positively impacting the competitive landscape of the industry [1] Group 2: Market Trends - Goldman Sachs predicts that this year will be driven by profitability growth, with a focus on Alpha, identifying three key segments: cloud and data centers, gaming and entertainment, and AI models as the most promising areas [1]