麦格理分析师在报告中指出，中概互联网板块存在上行潜力。与2023年初相比，中概互联网股票目前的基本面更为强劲，但估值水平一直只有2023年初的一半。①Australia's prominent bank Macquarie has released a report, upgraded the ratings of multiple Chinese internet stocks; ② The reason for the upgrade is the increased profit visibility, as well as the continuous policy support from the Chinese government.
Finance Associated Press Oct 8th (Editor: Liu Rui) On Monday local time, Australian investment bank Macquarie released a report, upgrading the ratings of multiple Chinese internet stocks, citing increased profit visibility and continued policy support from the Chinese government.
Macquarie is bullish on the growth potential of Chinese internet-related stocks
Macquarie analysts pointed out in the report that there is growth potential in the Chinese internet sector. Compared to early 2023, the fundamentals of Chinese internet stocks are currently stronger, but valuations have only been half of those in early 2023.
Macquarie specifically emphasized,E-commerce, tourism, and local service industriesmajor participants will benefit from China's economic stimulus policies and operational efficiency improvements.
The report mentions that despite the industry's revenue being impacted by macroeconomic challenges, numerous large platforms have shown resilience through operational leverage and cost optimization. This resilience has now translated into an upward trend in profitability.
Morgan Stanley analysts have raised the valuations of several stocks to align with the outlook for the 2025 fiscal year:
Morgan Stanley upgraded the ratings of Alibaba (9988.HK) and PDD Holdings (PDD.O) from 'Neutral' to 'Outperform Large Cap';
Morgan Stanley also reiterated the 'Outperform Large Cap' ratings for JD.com (JD.O, 9618.HK), Meituan (3690.HK), and Didi Global Inc (OTCCode: DIDIY);
They also expect the Chinese government to take further action to stimulate economic growth, especially in the consumer and digital services sectors. They anticipate these companies benefiting from stable competition in the e-commerce sector and continued dominance in local services. Particularly Meituan and Didi – Morgan Stanley sees them as 'quality at a reasonable price' stocks, believing the companies have solid market positions and profit potential.
Overseas potential may bring long-term growth potential
Additionally, Morgan Stanley also points out that companies like Tencent (0700.HK), PDD Holdings, and Trip.com (9961.HK) are in a favorable position to leverage international opportunities, as the potential for overseas expansion will be a driver of long-term growth.
The report also mentioned that investors should pay more attention to the global prospects of the Chinese internet plus-related sector, and although risks related to geopolitical tensions (including the US election and trade policies) may bring short-term volatility, they could also create buying opportunities.
However, Morgan Stanley remains cautious about the online medical and logistics industry. Due to concerns about competitive pressures and profitability, Morgan Stanley has downgraded the ratings of Ali Health and JD Health.
