互联网及教育行业：2025下半年展望：在不确定性中寻找扭转机会

Investment Rating - The report maintains a "Buy" rating for key companies in the internet and education sectors, including Alibaba, Tencent, Meituan, JD.com, and others, indicating a positive outlook for their performance in the second half of 2025 [4][11]. Core Insights - The report emphasizes that investment opportunities in the internet sector will depend on the operational performance of various sub-industries, competitive dynamics, and the progress of AI development. Companies with strong performance certainty, reasonable valuations, and robust business and technological barriers are favored [1][11]. - The report suggests that while major players like Alibaba and Tencent are expected to perform well, there are also opportunities in undervalued quality companies like Meituan and JD.com, which may have turnaround potential despite current uncertainties [11]. Summary by Sections Local Services - The report notes that the food delivery market is projected to reach nearly 2 trillion yuan, with market share expected to remain at Meituan: Ele.me 6:3. The impact of subsidy investments on platform profits is highlighted, with potential adjustments in strategies post-618 shopping festival [10][11]. E-commerce - National subsidies are expected to continue benefiting JD.com in Q3, although high base effects may impact growth in Q4. The report anticipates that the market has already priced in the slowdown in JD.com's growth rates [10][11]. OTA (Online Travel Agency) - OTA platforms are expected to maintain revenue growth rates of 15-20%, primarily driven by hotel bookings. The competitive environment is described as orderly, with cautious subsidy rates and high monetization rates [10][11]. Gaming - Tencent is focusing on flagship games and expanding its evergreen game product line, while NetEase is expected to see strong growth in PC games. The report anticipates a recovery in mobile game revenue in the second half of the year [10][11]. Entertainment - The report highlights the commercial growth potential of the music industry, with a ranking of growth potential across various entertainment sectors. Tencent Music and NetEase Cloud Music are noted for their strong growth certainty [10][11]. AI Development - The report discusses the acceleration of AI applications driven by technological breakthroughs, with a focus on cloud service providers. It suggests that companies like Alibaba Cloud and Tencent Cloud are well-positioned to benefit from this trend [10][11]. Education - The report indicates that companies like TAL Education and New Oriental are approaching historical low valuations, with potential for performance recovery. The demand for K12 and university education remains strong [10][11].