互联网行业2025年12月投资策略：AI驱动巨头业绩释放，四季度预计外卖大战投入力度边际缓和，迎来布局良机

Market Overview - The Hang Seng Tech Index fell by 5.2% in November, while the Nasdaq Internet Index decreased by 3.5% during the same period [11][13] - Individual stock performances varied, with JD Health, Meituan, and NetEase being the top performers in Hong Kong, while Google, Vipshop, and Beike led in the US market [13][14] - The price-to-earnings ratio (PE-TTM) of the Hang Seng Tech Index slightly rebounded to 23.64x as of December 3, 2025, positioning it at the 34.41% percentile since its inception [16] AI Developments - Google launched Gemini 3 Pro and the new image generation and editing model NANO BANANA PRO, enhancing its AI capabilities [2][20] - OpenAI introduced the GPT-5.1 series model and ChatGPT group chat feature, marking significant advancements in AI interaction [22][24] - Tencent and Alibaba also made strides in AI, with Tencent releasing new models and Alibaba launching the AI Mode on its international platform [32][34] Industry Dynamics - The domestic gaming market showed steady growth in October, with a record number of domestic game approvals in November [43][44] - Payment institutions saw an 8% year-on-year increase in reserve funds in October, indicating a healthy growth trend in the fintech sector [45] - E-commerce platforms reported strong performance during the Double 11 shopping festival, with Tmall and JD achieving record sales [48][49] Investment Strategy - The report suggests focusing on AI-driven companies, particularly Alibaba and Tencent, as they are expected to benefit from AI's impact on advertising and cloud services [3][4] - The anticipated reduction in losses for food delivery services like Alibaba, Meituan, and JD in Q4 presents a favorable investment opportunity [3]