互联网行业2025年5月投资策略：美股互联网巨头进入业绩期，股价或率先开启反弹

Market Overview - In April, the Hang Seng Tech Index fell by 7.6%, while the Nasdaq Internet Index rose by 1.7% [12][14] - Notable stock performances included Cloud Music, Beike, and JD Health in Hong Kong, and Google, Microsoft, and Nvidia in the US [14] - The PE-TTM for the Hang Seng Tech Index decreased to 20.90x, at the 12.96% percentile since its inception, while the Nasdaq Index's PE-TTM was 36.93x, at the 51.82% percentile over the past decade [17][19] AI Developments - OpenAI released the GPT-4.1 series and introduced new models with enhanced multi-modal processing capabilities [22][23] - Google announced several updates at its Next conference, including the launch of the Gemini 2.5 Pro model and AI tools for video generation [26][27] - Amazon upgraded its AI video model Nova Reel and launched the Nova Sonic voice model, significantly improving performance and reducing costs [29] - Apple expanded its Apple Intelligence to support multiple languages, enhancing its AI capabilities [30] - Microsoft upgraded its Copilot features and introduced Bing Copilot Search, enhancing user interaction and information retrieval [31] - Meta launched the Llama 4 series, a multi-modal model that supports text, image, and audio processing [33] - Tencent introduced the AI assistant "Yuanbao" in WeChat, integrating advanced AI capabilities for user interaction [34] Industry Dynamics - The gaming sector saw Tencent host the SPARK2025 conference, showcasing 46 new games and AI technology applications [45] - In financial technology, payment institutions' reserve funds increased by 2.72% year-on-year in March [46] - E-commerce platforms, including JD and Tmall, have made significant changes to refund policies, enhancing consumer experience [49] - JD's food delivery service surpassed 10 million orders in a single day, driven by substantial subsidies [51] Investment Recommendations - The report continues to recommend leading domestic cloud computing companies like Alibaba and Tencent, which are well-positioned to benefit from AI advancements [3][4]