每日投资策略-20250528

Group 1: Industry Insights - The semiconductor industry is experiencing significant investment growth, particularly from major Chinese cloud providers like Alibaba, Tencent, and Baidu, with capital expenditures doubling year-on-year in Q1 2025 [2] - Despite facing short-term challenges due to U.S. AI GPU export restrictions, domestic cloud providers remain committed to long-term AI development, with initial returns already visible in their cloud business [2] - The report highlights the increasing adoption of AI services among enterprises, which is expected to continue driving investment momentum into 2025, benefiting local AI supply chain companies [5] Group 2: Company Analysis - Kuaishou (1024 HK) reported Q1 2025 results in line with expectations, with total revenue growing 11% year-on-year to 32.6 billion RMB, and adjusted net profit increasing 4% to 4.6 billion RMB, driven by AI commercialization [5] - Pinduoduo (PDD US) saw a 10.2% year-on-year revenue growth in Q1 2025, reaching 95.7 billion RMB, although it fell short of market expectations due to lower transaction service fees [5] - Google (GOOG US) updated its AI capabilities at the 2025 I/O conference, launching new features that enhance user experience in search and other applications, maintaining its competitive edge in the search market [5][6] - Xiaomi Group (1810 HK) exceeded Q1 2025 earnings expectations with adjusted earnings of 10.7 billion RMB, driven by strong sales across all segments and improvements in product margins [6] Group 3: Stock Recommendations - The report maintains a "Buy" rating for Kuaishou with a target price of 80.0 HKD, reflecting its attractive valuation compared to industry averages [5] - Pinduoduo's target price has been adjusted down to 134.5 USD, with a "Buy" rating maintained despite short-term profit pressures [5] - Google retains a "Buy" rating with a target price of 218.0 USD, anticipating continued growth in search advertising revenue [6] - Xiaomi's target price is set at 65.91 HKD, with a "Buy" rating supported by positive outlooks on its high-end strategy and ecosystem expansion [6]