近期海外路演反馈

Group 1: Market Insights - Recent roadshows indicate that Chinese stocks are still at a low valuation level, with Singaporean investors showing more interest than American investors[4] - From mid-April to present, some long-term U.S. investors have increased their holdings in China, shifting from low or no positions to flat or low positions[4] - Education, tourism, and gaming sectors are receiving slightly more attention than e-commerce and local life sectors[4] Group 2: Sector Performance - The e-commerce sector, particularly Pinduoduo, is expected to remain resilient in the domestic market despite short-term fluctuations due to the U.S. election year[2] - Meituan is favored in the e-commerce sector due to a slowdown in competition and reduced losses in new businesses[2] - Concerns remain regarding Alibaba's market share decline and whether its advertising products can improve commission rates[3] Group 3: Investor Sentiment - There is a consensus that the regulatory environment for Chinese internet companies may slightly relax during the U.S. election year[2] - Investors are increasingly worried about the long-term growth potential of Chinese internet companies and the competitive landscape, especially in e-commerce and local life sectors[18] - The overall sentiment among Singaporean investors is more positive compared to their American counterparts, who express a long-term lack of faith in Chinese stocks[18]