互联网行业2025年投资策略：聚焦高质量发展，人工智能赋能巨头打开新增长空间

Industry Overview - The internet industry is rated as "Outperform" for 2025, with the Hang Seng Tech Index rising 20.57% in 2024, driven by strong fundamentals and supportive policies [1] - The Hang Seng Tech Index's PE-TTM is 20.84x, indicating relatively low valuations [1] - Domestic internet companies are focusing on high-margin businesses, improving operational efficiency, and increasing shareholder returns through buybacks and dividends [1] Domestic Internet Companies - Tencent: Business quality continues to improve, with WeChat e-commerce and AI empowering advertising and the WeChat ecosystem [1] - Meituan: Fine-tuned operations lead to sustained profit growth, with new overseas business investments being a key focus [1] - Kuaishou: E-commerce competition intensifies, with attention on GMV and sales trends [1] - Baidu: Advertising faces pressure, with AI business progress being the core focus [1] - E-commerce sector: Live-streaming e-commerce growth slows, with giants returning to differentiation and value-for-money competition [1] Overseas Internet Companies - Amazon: E-commerce remains strong, cloud growth accelerates, and AI hardware/software developments are progressing positively [1] - Meta: Social advertising outperforms the market, driven by data, AI algorithms, and short videos, with continued AI investments [1] - Google: Advertising remains stable, cloud business grows rapidly, and AI technology and applications advance [1] - Microsoft: Azure is expected to accelerate growth in 2025, with SaaS recovery and AI applications driving further growth [1] - Overseas SaaS: Traditional software cycles recover, and AI innovation opens new product cycles, boosting both earnings and valuations [1] Investment Recommendations - AI is expected to unlock new growth opportunities for domestic internet giants in 2025 [1] - AI impacts overseas tech giants in three key areas: accelerating cloud adoption, boosting digital advertising demand, and improving programming efficiency [1] Financial Performance - Tencent: Revenue growth of 8.5% YoY in 2024, with adjusted profits reaching 219.8 billion yuan, up 39% YoY [83] - Meituan: Food delivery UE reached 1.8 yuan per order in Q2 2024, a historical high, driven by increased advertising revenue and lower delivery costs [51] - Kuaishou: E-commerce GMV growth and sales trends are key metrics to watch [1] - Baidu: Advertising remains under pressure, with AI business progress being the core focus [1] Key Trends - Domestic internet companies are increasingly focusing on high-margin businesses and improving operational efficiency [1] - Shareholder returns are strengthening, with buybacks and dividends outpacing many other sectors [1] - AI is driving significant changes in cloud adoption, digital advertising, and programming efficiency [1] Market Performance - The Hang Seng Tech Index rose 20.57% in 2024, driven by strong fundamentals and supportive policies [1] - Tencent, Meituan, and Kuaishou are among the top performers in the domestic internet sector [1] - Overseas, Amazon, Meta, and Microsoft are leading in cloud and AI-driven growth [1]