互聯網行業步入融資擴張寬鬆期，看好互聯網板塊持續釋放利好
來源：東吳研究所
京東擬分拆旗下京東產發、京東工業於香港聯交所主板獨立上市：$京東集團-SW(09618.HK)$已向香港聯交所提交分拆建議。各個業務板塊分拆獨立上市的做法從戰略上來看能夠減輕商城運營成本，使得核心主業能夠實現更高質量的發展和更優質的財報體現。而通過子公司獨立上市融資的方式，可以幫助子公司加大業務方面的投入，母公司則可減少對於子公司輸血的投入，業務有望進入新一輪擴張週期。
再次強調阿里巴巴的龍頭示範作用，中概股公司治理和子公司獨立上市有望迎來迭代浪潮：我們在此前報告中就強調$阿里巴巴-SW(09988.HK)$的分拆組織架構並獨立上市的做法將會引領互聯網行業，互聯網行業有望再次進入融資上市擴張期，通過加大投入擴張的方式有望實現第二增長曲線。過往在互聯網產業快速發展時期，阿里於2015年推動“中臺戰略”，形成了“大中臺、小前臺”治理模式下的統一整體；在互聯網產業存量發展時期，阿里於2020年推行多元化治理結構下的經營責任制，通過設立多家獨立經營的環路公司打造敏捷組織。兩次變革均爲產業發展不同階段下的互聯網科技企業公司治理改革提供了借鑑意義。
未來互聯網公司子版塊業務的上市和公司治理的提升有望持續催化，看好恆生科技板塊性機會：自下而上來看，目前互聯網公司在營收端高增長不再，無法保證對虧損業務的大量輸血，需要依靠子公司單獨上市來保證投入實現業務的高增長。
自上而下來看，互聯網公司能夠創造大量就業崗位，平臺經濟的繁榮發展有利於經濟回暖，目前融資環境趨向寬鬆，未來互聯網公司有望紛紛效仿拆分融資。中概股公司在流量紅利見頂之後，互聯網企業治理和子公司上市融資擴張有望迎來迭代浪潮，其通過自身治理的優化和獨立上市融資的方式有望爲整體互聯網企業帶來運營效率和業績的提升。這樣的改革突破也將會加速淘汰低效業務，促進資源流向高效業務板塊，進一步提升其核心業務的競爭力。
我們看好恆生科技板塊性機會，並推薦$阿里巴巴-SW(09988.HK)$、$騰訊控股(00700.HK)$、$美團-W(03690.HK)$、$快手-W(01024.HK)$、$百度集團-SW(09888.HK)$、$京東集團-SW(09618.HK)$、$嗶哩嗶哩-W(09626.HK)$等互聯網標的。
風險提示：宏觀經濟波動風險。
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