特朗普2.0对中国互联网行业的影响：整体影响有限，出海风险上升，信创或迎修复

Investment Rating - The report maintains a positive outlook on the Chinese internet industry, suggesting that the overall long-term trend is upward, with a focus on investment opportunities in the sector [1]. Core Insights - The direct impact of Trump's re-election on the Chinese internet industry is considered limited, although there are rising risks for companies operating internationally due to potential tariff increases and geopolitical tensions [1]. - The report highlights that the "信创" (Xinchuang) sector may see a valuation recovery as domestic software industry replacement accelerates [1]. - The report emphasizes the importance of monitoring U.S. government actions regarding TikTok as a key indicator of market sentiment towards Chinese internet investments [1]. Summary by Sections Industry Overview - The report notes that cross-border e-commerce companies, represented by Pinduoduo (Temu), may face higher tariff costs, which could hinder market expansion in the U.S. [1]. - Most major internet companies have overseas revenue contributions below 10%, indicating limited direct impact from geopolitical risks [1]. Market Outlook - The Chinese internet sector has experienced a strong rebound since September 23, 2024, and is expected to provide buying opportunities after natural corrections [1]. - Valuations remain at historical lows, with many leading internet companies projected to have a price-to-earnings (P/E) ratio around 10x for 2025 [1]. Investment Recommendations - The report suggests focusing on: 1. Undervalued e-commerce sectors benefiting from consumer recovery [1]. 2. Game industry leaders with stable competition and improving profitability [1]. 3. SaaS sectors that may benefit from domestic replacement and valuation recovery opportunities [1].