传媒：竞争格局趋稳叠加高股东回报率，强烈推荐港股互联网板块

Investment Rating - The report maintains a "Strong Buy" rating for the internet sector in Hong Kong, indicating a favorable outlook for investment opportunities in this area [2]. Core Insights - The internet sector is experiencing a stabilization in competition, coupled with high shareholder returns, making it an attractive investment opportunity [2][7]. - The Federal Reserve's initiation of a rate-cutting cycle is expected to improve liquidity in the Hong Kong market, potentially leading to a valuation recovery for the Hang Seng Technology Index [2][16]. - Major internet companies are showing improved profitability due to cost optimization and structural adjustments, with Tencent, Meituan, Bilibili, Alibaba, and Kuaishou demonstrating positive financial trends [2][7]. Summary by Sections 1. Competitive Landscape Stabilization - The internet sector's competitive landscape is improving as the growth of short video platforms stabilizes, leading to better fundamentals for major companies [7]. - E-commerce penetration continues to rise, with a reported 8.1% year-on-year growth in online retail sales for physical goods in the first half of 2024, significantly outpacing the overall retail market growth of 3.4% [8]. - The report anticipates that the e-commerce market will maintain high single-digit to low double-digit growth rates moving forward [8]. 2. Valuation and Shareholder Returns - The Hang Seng Technology Index is currently trading at a forward P/E ratio of 17.0 for 2024 and 14.5 for 2025, which are historically low levels [21][24]. - Shareholder returns for major Chinese internet companies are at historical highs, reflecting strong operational confidence. Companies like Tencent, Alibaba, and JD.com have initiated significant stock buybacks and dividends [21][22]. - The report highlights that many Chinese internet companies are trading below their historical 25th percentile in terms of valuation, indicating high cost-effectiveness for potential investors [24]. 3. Key Chinese Internet Companies and Updates - Tencent reported a revenue of 1611.17 billion yuan in Q2 2024, with a net profit increase of 82% year-on-year, driven by strong performance in its gaming segment [32]. - Bilibili achieved a revenue of 61.27 billion yuan in Q2 2024, with a 30% year-on-year growth in its advertising business, supported by improved external conditions [34]. - Kuaishou's e-commerce GMV grew by 15% to 3053 billion yuan in Q2 2024, despite facing competitive pressures from traditional e-commerce platforms [36]. - Alibaba's revenue for FY25Q1 was 2432.36 billion yuan, with a focus on improving its monetization rates through strategic initiatives [38]. - Pinduoduo reported a significant revenue increase of 85.65% year-on-year in Q2 2024, driven by its international expansion efforts [39].