互联网行业2025年11月投资策略：AI驱动海外巨头三季报亮眼，关注巨额资本开支下ROI表现

Market Review - The Hang Seng Tech Index decreased by 8.6% in October, while the Nasdaq Internet Index remained flat with a monthly increase of 0.6% [11] - The valuation of the Hang Seng Tech Index remained stable with a PE-TTM of 22.85x, at the 29.2% percentile since its inception [16] - The Nasdaq Index also held steady with a PE-TTM of 42.30x, at the 74.09% percentile over the past decade [18] AI Developments - Google released the Veo 3.1 video generation model, enhancing features for content creators [22] - OpenAI's ChatGPT ecosystem reached 800 million weekly active users, marking a significant milestone in AI adoption [27] - Microsoft launched its first self-developed image generation model, MAI-Image-1, entering the top ten in global rankings [30] Industry Dynamics - The domestic gaming revenue in Q3 2025 declined by 4% year-on-year, while the number of approved domestic game licenses remained high [47] - Payment institutions' reserve funds grew by 5% year-on-year in September, indicating a stable financial technology sector [49] - E-commerce platforms reported significant growth during the Double Eleven sales event, with Douyin e-commerce seeing a 500% increase in live sales [53] Investment Strategy - The report suggests focusing on AI-driven companies, recommending Tencent, Alibaba, Kuaishou, Baidu, Meitu, and Tencent Music, which are expected to benefit from improved operational efficiency [3] - The report highlights that domestic companies face less capital expenditure pressure compared to overseas giants, with AI positively impacting their business [3] Key Company Earnings Forecasts - Tencent Holdings is rated "Outperform" with a projected EPS of 23.69 for 2025 and a PE of 24.78 [4] - Alibaba is also rated "Outperform" with a projected EPS of 0.00 for 2025 and a PE of 22.12 [4] - Kuaishou is rated "Outperform" with a projected EPS of 4.07 for 2025 and a PE of 16.88 [4]