《大行報告》瑞銀:中資科網股今年迎包括AI投資、競爭等六大主題 看好騰訊、拼多多及阿里等
瑞銀發表研究報告指,今年中資科網企不單止面對宏觀經濟環境放緩和用戶增長見頂,還有用戶結構上出現變化。該行指,用戶變得更加精挑細選,包括產品服務、個人化需求及聚焦產品價值等多方面。該行認為,今年中資科網股迎六大主題包括行業競爭、優化流量變現、海外市場、盈利增長、股東回報及AI投資。
該行仍認為,該行業風險回報具有吸引力,估值不高,投資者倉位較少、監管背景利好,最終宏觀經濟會改善,加上在公司營運改善的支持下,利潤率仍有上升空間。不過,該行指,由於宏觀環境仍需時復甦來形成上升勢頭,故投資情緒近期或仍然脆弱。
該行指,踏入2024年,在宏觀經濟復甦不確定下,認為企業尤其具有特定產品的驅動因素,其盈利能見度及主動回購等均可跑贏大市。該行表示,偏好騰訊(00700.HK)、新東方(09901.HK)(EDU.US)、拼多多(PDD.US)、快手(01024.HK)、阿里(09988.HK)及美團(03690.HK)。
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