互联网巨头财报周：市场投资焦点

Investment Rating - The report does not explicitly provide an investment rating for the industry or specific companies [5][23]. Core Insights - Major internet companies such as Tencent, Pinduoduo, and Meituan are set to release their Q4 2024 and full-year financial reports, with expected revenue growth rates of +8.7%, +19.3%, and +30.5% respectively, and net profit growth rates of +24.8%, +126.5%, and +12.2% [5]. - Key focus areas for Tencent include its AI-related capital expenditure plans, potential monetization of AI features, and balancing capital expenditure with shareholder returns [5]. - For Meituan, investors are interested in its investment priorities in local retail, overseas expansion, and AI/robotics, as well as the profitability outlook for its food delivery business [5]. - Pinduoduo's discussions will center around its business model adjustments in the U.S. market, GMV growth drivers, and potential impacts on commission rates from competition [5]. Summary by Sections Market Performance - The Hang Seng Index closed at 24,741, up 2.46% year-to-date, while the Hang Seng Tech Index rose 3.96% to 6,106, marking a 36.65% increase for the year [2][6]. - U.S. markets showed mixed performance, with the Dow Jones down 0.62% and the Nasdaq down 1.71% [7][8]. Company Financials - Tencent's expected capital expenditure for 2025 is projected at 43 billion, potentially increasing to between 60 billion and 100 billion [5]. - Meituan's focus includes the profitability of its food delivery business and competition in the local services sector [5]. - Pinduoduo is expected to discuss its GMV growth and adjustments to its business model in response to market conditions [5]. Economic Outlook - Fitch has downgraded the U.S. economic growth forecast for 2025 from 2.1% to 1.7%, citing tariff impacts on inflation [9]. - A recent Bank of America survey indicated a significant reduction in fund managers' exposure to U.S. equities, with a net 44% expecting a deterioration in global economic growth [9].