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中国发布反垄断新规草案,花旗和摩根大通认为阿里和美团或受影响更大

彭博新闻社报道,中国发布平台经济反垄断指南草案,花旗和摩根大通认为阿里巴巴和美团料受到的负面影响更大,短期或会触发股价下跌,不过京东料受影响较小,摩根大通建议可逢低买入。

花旗分析师Alicia Yap等在报告中指出,未来产品和内容的个性化定制可能会放缓,这将会影响到电商平台,特别是阿里巴巴、拼多多,京东因平衡的1P零售模式料受影响较小。

“强制排他性”对美团来说有暂时的负面影响,不过预计美团仍能过通过运营效率和有效的执行力维持外卖市场的份额。

科技股周二的抛售不完全与该指南相关,也有对疫苗的期待下资金从科技股转向一些价值股等。

摩根大通分析师Alex Yao在报告中称,平台领导者如阿里巴巴、美团看起来更易受到指南的影响,其他主要互联网运营者如百度、携程、腾讯等预计也会被迫改变运营方式。不过对这些公司的影响仍取决于执行,到目前为止被证明比较困难。

预计指南在短期将会触发相关公司股价下跌,特别是阿里巴巴和美团,因投资者会获利了结。由于京东受影响较小,建议逢低买入。对腾讯影响有限,即使微信的运营有所改变,财务影响几可忽略。

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