弘则研究 问答·国内互联网的一季报怎么看？20250605 摘要 AI 技术正驱动中国互联网公司产品迭代和效率提升，腾讯在游戏和搜索 广告，阿里在电商和云服务均受益，头部公司利润释放速度超收入增速， 凸显投资价值。 中国互联网公司估值集中在 15-18 倍，低于海外 Meta、Google 等公 司，考虑到 AI 带来的边际效应，以及国内企业脉冲式资本开支特点，当 前是投资良机。 国内云业务加速增长，阿里云增速从 13%提升至接近 20%，百度云增 长超 40%。企业内部效率提升和 AI 场景嵌入是主要驱动力，预计二季 度将保持加速态势。 电商竞争格局分化，阿里聚焦品牌，拼多多关注产业链投放，京东侧重 政府补贴电子品类，抖音回归内容导向，各平台策略差异化。 即时零售市场进入第二阶段，美团外卖单量增速放缓但盈利稳定，闪购 业务高速增长。阿里通过饿了么与淘天集团融合，京东补贴收敛，行业 竞争趋于理性。 Q&A 2025 年一季度互联网公司财报的主要特点是什么？ 2025 年一季度互联网公司的财报显示出明显的拐点。自 2024 年四季度以来， 以腾讯和阿里为代表的公司出现了资本开支加速的趋势，尤其是在 AI 领域。 ...

Core Insights - The 2025 "Data Element ×" competition's Guangdong division has officially opened its registration, with a focus on various sectors including industrial manufacturing, modern agriculture, and financial services [1][2] - Zhuhai is actively promoting data element construction, including the establishment of a legal framework to support the development of a data economy [1][2] Group 1: Competition and Industry Development - The Guangdong division of the competition features 13 tracks, including technology innovation and green low-carbon initiatives, tailored to local industry advantages [1][2] - The release of the "Zhuhai Data Industry Map" marks the first comprehensive overview of the city's data industry, showcasing its current status and future potential [2][3] Group 2: Data Industry Structure - Zhuhai's data enterprises are categorized into six types: data resource, data technology, data application, data service, data security, and data infrastructure, with data application companies making up over 60% [2][3] - The city has six foundational advantages for data industry development, including an improving data governance system and expanding application scope [2][3] Group 3: Notable Companies and Innovations - Companies like Kingsoft and Zhuhai Ocean Development Group are leading the transition from process-driven to data-driven operations [3][6] - Zhuhai's cloud-based companies are focusing on modern agriculture data and AI ecosystems, with significant cost reductions and partnerships established [6][7] Group 4: Future Initiatives - The Zhuhai Data Element Industry Association aims to foster collaboration across the data industry, support digital transformation for SMEs, and establish standards for data lifecycle management [4][5] - The Zhuhai government plans to create a tailored support system for enterprises and explore data innovation application laboratories [7]