互联网行业2025年9月投资策略：港股互联网已处于全球估值洼地，AI驱动中报业绩释放

Group 1 - The core view of the report indicates that the Hong Kong internet sector is currently undervalued globally, with AI driving the release of mid-term performance results [1][3][21] - The Hang Seng Technology Index rose by 4.1% in August, outperforming the Nasdaq Internet Index, which increased by 2.7% during the same period [1][11] - Key stocks that performed well in August include Reading Group, JD Health, and Weimeng Group in Hong Kong, and iQIYI, BOSS Zhipin, and SEA in the US [1][17] Group 2 - The report highlights that AI has shown significant effects on the advertising business, cloud computing scenarios, and corporate efficiency for internet giants, with Tencent's advertising growth maintaining at 20% and Alibaba Cloud's growth accelerating to 26% [3][4] - The report recommends continued investment in Tencent Holdings, Alibaba, Kuaishou, Meitu, and Tencent Music, which are less correlated with macroeconomic conditions [3][4] - The report provides earnings forecasts and investment ratings for key companies, with Tencent Holdings expected EPS of 23.83 in 2025 and a PE ratio of 23.9, while Alibaba is projected to have an EPS of 6.89 and a PE of 18.7 [4]