中国互联网展望_大型科技股第三季度财报季的预期与投资者核心关注点-Navigating China Internet_ What to expect & key investor focuses into mega-caps 3Q prints

10 November 2025 | 12:38AM HKT Equity Research NAVIGATING CHINA INTERNET What to expect & key investor focuses into mega-caps 3Q prints For the upcoming China internet 3Q earnings (with Tencent/JD reporting this week and Alibaba/Meituan/PDD later in the month), we expect mixed results amongst mega-caps and common themes around (+) AI capex uplift (we expect from both Alibaba & Tencent) and further cloud revenue acceleration (US peers' 3Q as read-across, on strong AI token demand and step-up in commitment to ...