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《大行報告》野村:阿里(09988.HK)接受反壟斷調查 料股價短期受壓
阿思達克 12-28 10:17
野村發表研究報告指,阿里(09988.HK)近日因「二選一」等涉嫌壟斷行為,被中國市場監管總局依法立案調查,預期阿里股價可能在短期內受壓。

報告指,中國當局自11月起提出互聯網行業壟斷行為的關注,並發有互聯網平台壟斷指南草案,加上12月召開的中央經濟工作會議亦提到將反壟斷監管列為主要任務之一,預期當局近日的言論及行為,將為監管機構來年對中國互聯網公司進行更嚴格審查奠定基礎。

該行表示,長久以來中國互聯網產業的監管一直集中在互聯網平台上發布的內容,與發達國家相比在壟斷及用戶數據保護等方面的監管相對寬鬆。但野村仍然相信,中國當局將努力在監管與企業增長之間取得平衡,因對龍頭企業過度嚴格監管,可能影響其營運,最終導致整個互聯網行業出現動盪,又指《人民日報》在上周四(24日)發表的文章中強調當局對互聯網平台的支持不變,反映當局意識到行動對互聯網行業投資情緒產生影響。

野村表示,若「二選一」被禁止,阿里的兩個主要競爭對手京東(09618.HK)及併多多(PDD.US)將因此受惠,但仍看好阿里的非電商業務,特別是雲業務具有巨大的未開發潛力,有可能成為新增長動力,維持「買入」評級及美股目標價361美元。

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