高盛：中国互联网行业-大型公司第一季度财报可期待内容及投资者关键关注点

12 May 2025 | 1:40AM HKT Navigating China Internet What to expect & key investor focuses into mega-caps 1Q prints With Tencent, Alibaba and JD reporting this week, we see upside to Tencent's 1Q advertising revenues (i.e. marketing services, GSe: +18%), expect a potential for JD Retail 1Q profits to beat (GSe: +28% yoy) and anticipate solid Alibaba March-quarter with sustained Taobao-Tmall Customer Management Revenue (CMR) momentum and acceleration in cloud, in line with street expectations (V.A. Consensus). ...