布局中国互联网：AI 投资关键年与核心定位防守战；围绕每股收益兑现、叙事转变与股东回报的个股精选-Navigating China Internet_ Pivotal year for AI investments & Defending core positioning; Stock picking around EPS delivery, Narrative changes & Shareholder returns

19 January 2026 | 1:21AM HKT Equity Research NAVIGATING CHINA INTERNET Pivotal year for AI investments & Defending core positioning; Stock picking around EPS delivery, Narrative changes & Shareholder returns We see 2026 as a strategic pivot year for China internet mega-caps with stepping up of AI To-C investments (capex + opex), competition around creating AI super entry-points, along with more concerted efforts in defending their respective core #1 positioning. We believe the pivoting will be prompted by i ...