中金研究 | 本周精选：策略、互联网

Group 1: Stablecoin Impact - The recent regulatory developments in the US and Hong Kong regarding stablecoins have garnered market attention, highlighting their role in stabilizing prices by pegging to other assets, typically fiat currencies [3] - Stablecoins are expected to enhance cross-border payments by making them faster, cheaper, and more convenient, while also potentially challenging the dollar's status as the dominant reserve currency if other countries issue stablecoins not pegged to the dollar [3] - Relevant companies in the stablecoin development space include bank IT service providers, telecom operators, cryptocurrency exchanges, and financial institutions facilitating stablecoin transactions [3] Group 2: Dollar and US Stock Market Relationship - The concept of "de-dollarization" has gained traction, but there are misconceptions about equating a weaker dollar with de-dollarization and a weaker dollar with falling US stocks [8] - Historically, a weaker dollar has often benefited US stocks, as evidenced by the current situation where despite a weak dollar, US stocks are nearing new highs [8] - The dollar is expected to strengthen slightly in Q4, with the potential for US stocks to outperform again, despite the prevailing narrative around de-dollarization facing challenges [8] Group 3: Internet Industry Outlook - The internet industry has entered a new investment cycle after a period of cost-cutting, with AI, overseas expansion, and instant retail emerging as key focus areas [18] - Investors are advised to consider the uncertainties of future investments, balancing short-term financial performance with long-term growth potential [18] - The need for a buffer against external environmental fluctuations is emphasized, as innovation and risk-taking are inherent to the internet sector [18]