互联网：2Q业绩总结及选股策略更新：确定性或仍为主线

Investment Rating - The report maintains a positive investment rating for the Chinese internet industry, emphasizing a preference for companies with strong fundamentals and sustainable profitability [1]. Core Insights - The report identifies three main investment themes for the next six months: companies with robust fundamentals and high revenue and profit growth certainty, those with sustainable profitability and a willingness to enhance shareholder returns, and firms with significant potential in new business ventures [1]. - The report suggests that market preference is currently leaning towards certainty rather than growth, recommending a focus on companies like Alibaba, Meituan, and Tencent, which exhibit strong fundamentals and shareholder return intentions [1][5]. Summary by Sections Performance Review - The second quarter performance of the internet sector showed resilience, with transaction platforms like e-commerce and online travel demonstrating strong profit performance due to refined operations and user engagement strategies [1]. - The report notes that the advertising revenue growth for online platforms remains robust, driven by improved commercialization efficiency and higher ad loading rates [1]. Stock Selection Strategy - The report ranks stock recommendations for the second half of 2024 as follows: 1. Alibaba: Expected to benefit from improved monetization and new business efficiencies 2. Meituan: Competitive landscape improving with stable profitability in new business areas 3. Trip.com: Strong core user base and recovery in outbound travel 4. Tencent: Stable core business with high-margin segments driving growth 5. Bilibili: Accelerated revenue growth from new game releases 6. Pinduoduo: Valuation may have overshot, but potential for a second growth curve exists [5]. Industry Trends - The report highlights that the local lifestyle sector is seeing a phase of improved competition, while the online gaming sector is expected to recover in the second half of 2024 due to new product launches [4][5]. - The online advertising sector is experiencing a shift in ad budgets towards platforms that offer higher ROI, indicating a concentration of advertising spending among leading platforms [1][4]. Market Dynamics - The inclusion of companies like Alibaba and Cloud Music in the Hong Kong Stock Connect is anticipated to bring incremental capital inflows, enhancing liquidity and supporting valuations [7]. - Historical performance data shows that stocks entering the Stock Connect have experienced significant average excess returns, indicating a positive market reaction to such inclusions [9].