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《大行》大華繼顯維持中資科網股「增持」評級 首選騰訊(00700.HK)阿里(09988.HK)攜程(09961.HK)快手(01024.HK)
大華繼顯研究報告指出,與美國大型科技公司每年2,000億美元的AI投資相比,包括字節跳動、阿里-W(09988.HK)、騰訊(00700.HK)及百度-SW(09888.HK)在內的中國主要科技企業,總支出約爲600億美元。該行認爲,這表明中國的投資仍處於相對理性的階段,預計未來3至6個月內,加速的AI雲端收入增長、新模型發佈及AI代理部署將進一步推動貨幣化。 該行認爲,市場已對AI應用受益者作估值重評,這得益於阿里和騰訊等公司在AI驅動的廣告和遊戲方面的可衡量收入貢獻,以及快手在多模態可靈AI模型方面的進展。AI應用的快速進展應能維持投資者對中國AI主題的興趣,特別是對推動高推理需求的應用;並視騰訊和阿里爲AI應用與基礎設施的主要受益者。 該行表示,作爲中國最大的導航應用,擁有近2億日活躍用戶,高德地圖的AI升級標誌着阿里進軍本地到店服務的戰略舉措。攜程-S(09961.HK)的國際擴張在香港、新加坡、韓國及日本表現明顯,憑藉其強大的本地化能力及中國入境旅遊需求的強勁增長。快手(01024.HK)專注於可擴展的短視頻應用,而非高端電影或動漫製作。 該行對中國科網行業的公司維持「增持」評級,首選順序分別爲:騰訊>攜程>阿里>快手。該行對中資科網股的評級及目標價,詳見另表。
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