研報掘金|中金:AI對互聯網行業影響逐步顯現 核心推薦騰訊 關注快手及網易
展望2025年,中金綜合考慮估值和基本面確定性,以及AI佈局潛力,核心推薦騰訊,其遊戲業務狀態良好,廣告業務憑藉視頻號持續有機增長,支付業務10月回正,後續關注宏觀影響以及阿里巴巴等合作帶來增量,估值處於偏低位置,股東回報意願和能力仍然強勁。對於AI,該行認爲微信生態優勢仍然是騰訊佈局AI應用核心競爭優勢,有望在AI搜索,Agent等方向積極佈局。中金亦建議關注快手,其2025年利潤增長確定性仍高,海外扭虧爲盈,國內業務增長,疊加利潤率提升,估值處於低位,電商大盤企穩,外循環短劇等有望於2025年貢獻利潤增量。對於AI,可靈目前是全球領先的視頻生成模型之一,且擁有成熟應用場景和商業化模型,有望展現出強勁增長勢能。長期建議關注網易,目前網易處於歷史估值偏低區間,中金認爲網易在遊戲領域具備長期內容創新能力,後續可進一步關注其表現。
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