【互联网】行业上半年汇总与展望：头部市值洗牌,平台经济估值提振
机构：华创证券
市场走势回顾：
上周（190902-190906），上证综指上涨 3.93%，深证成指上涨 4.89%，创业板 指上涨5.05%，中小板指上涨5.01%，标普500上涨1.85%，恒生指数上涨3.76%， 纳斯达克指数上涨 1.63 %。
上周行业看点：互联网巨头市值大洗牌，美团点评、拼多多市值大幅提升， 消费与交易型平台释放经济价值。
随着各个互联网公司半年报发布结束，互联网头部平台也迎来了市值的重新 洗牌，TOP 5 排名重新改写。截止 9 月 6 日美股收盘，排名前五的互联网公司 为：阿里巴巴（4600 亿美元）、腾讯控股（4187 亿美元）、美团点评（546 亿美元）、京东（453 亿美元）、拼多多（407 亿美元）。对比 2018 年年底 市值排名，百度与小米跌出前五，而美团与拼多多凭借持续强劲增长的 GMV、 收入、活跃买家，驱动市值一路上扬，杀进互联网头部前五。截止 9 月 6 日， 2019 年美团点评涨幅达到 67%%，拼多多涨幅超过 60%。
纵观 TOP5 互联网公司，除了腾讯之外，阿里巴巴、美团点评、京东与拼多多， 皆为面向 C 端的消费与交易型平台，在零售与本地生活服务领域，凭借效率 与科技基础，对产业链进行整合，为 C 端用户提供更好的体验、更高性价比 的服务与产品。而几家平台在今年上半年的爆发则源于需求侧消费结构的多元 化，对沉睡的下沉市场以及欠发达地区的开发，供给侧对以往分散、多层级、 低效的供应链的整合，以及物流与仓储的增效。
而内容消费及广告行业则表现平淡，智能终端、AI、无人驾驶等科技布局，似 乎也未受到市场认可。以智能硬件为核心业务的小米，自年初起，截止 9 月 6 日，股价跌幅达到 30%，而致力于 AI、无人驾驶等布局的百度则受到搜索业务 下滑的影响，股价跌幅达到 37%，两家公司皆跌出 TOP5，而微博、爱奇艺、 哔哩哔哩等依靠广告与内容消费的互联网公司，也有不同程度的下滑。
投资策略 ：我们认为移动电商与服务平台满足了消费结构的多元化，从而带 来了第三波的消费人口增量，而与以往几个互联网零售消费浪潮不一样的地 方则在于这次互联网平台凭借供给侧对以往分散、多层级、低效的供应链的 整合，以及物流与仓储的增效，实现了对 B 端行业的改造。
建议关注: 阿里巴巴（BABA.N）、拼多多（PDD.O）、美团点评(3690.HK )
风险提示：行业投入不达预期、竞争加剧风险、市场准入壁垒。
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