《大行》瑞銀:內地電商最看好阿里巴巴(BABA.US) 互聯網首選騰訊(00700.HK)
瑞銀研究報告指,在電商公司中,最看好阿里巴巴(09988.HK)(BABA.US),認為快速電商競爭緩解及H20芯片供應恢復,可能使投資者重新聚焦其AI事項。若執行成功,瑞銀預期阿里巴巴的營運可實現顯著價值(例如,國際數字商業集團(AIDC) 、TTG集團內部協同效應、螞蟻集團及AI計劃)。
瑞銀同時看好拼多多(PDD.US),認為其國內增長穩健,且下半年比較基數較低(因商家回饋2024年8月開始),投資者持倉較輕。
對於京東(JD.US)(09618.HK),投資者可能會密切關注其在食品外送領域的投資規模,而該領域投資一直相當謹慎(例如過去周末避免參與「零價格」飲料促銷活動)。在中國互聯網行業中,瑞銀的首選仍是騰訊(00700.HK)(TCEHY.US)。
以下是瑞銀對中國互聯網公司的評價與估值:
股份 | 評級 | 目標價
騰訊(00700.HK) | 買入 | 710港元
美團(03690.HK) | 買入 | 172港元
百度(BIDU.US) | 買入 | 105美元
阿里巴巴(BABA.US) | 買入 | 158美元
京東(JD.US) | 買入 | 50美元
拼多多(PDD.US) | 買入 | 165美元
唯品會(VIPS.US) | 中性 | 16美元
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