China Internet Sector_Our updated thoughts into 2025
China Securities·2025-01-12 05:33
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 ab 7 January 2025 Global Research China Internet Sector Our updated thoughts into 2025 Internet sector outperformed in 2024 KWEB rose 8% (HSI +18%) in 2024 with stronger performance in Q4 amid government stimulus hope. Our observations: 1) bottom-up drivers continued to deliver significant alpha, looking at the strong performance of Trip.com/Meituan/Tencent/Bili vs PDD/VIPS; 2) valuations found support at 5-6x PE (eg, Hello Group/Weibo) as long as company earnings sta ...