China Internet_ 2025 Outlook – Equity Implications_ OTAs and Entertainment

本文档仅供上海信鱼私募基金管理有限公司18860455898研究使用，请勿外传 January 8, 2025 04:00 AM GMT China Internet | Asia Pacific 2025 Outlook – Equity Implications: OTAs and Entertainment We maintain our preferences for OTAs despite TCOM's notable outperformance over the past two years. We upgrade NTES to OW as its strong PC game pipeline should drive an earnings turnaround. We roll our valuations forward to December 2025 from mid-2025, with a new USD/ CNY assumption of 7.6 as per our macro economic team's forecast. We also extend our D ...