农银国际-中国互联网行业（英）-2022.pdf

＠ 要™！！！烹 China Internet Sect。r OVERWEIGHT /\8CI SECURITIES COMP/\N t’？叫 ITED Dec 29, 2022 D C m u ‘－－ H d p阳 S k N m a 创 u u m ．． t e n M 刊，l 响 e C U 唱 创 H W 挝 hH Sector Report OVERWEIGHT • Major internet platforms have shown operational improvement via cost Dec 29, 2022 optimization amid macro headwinds. E-commerce players have demonstrated a stronger recovery momentum so far • Positive signs of regulatory development from the Central Economic Work Conference held in mid-Dec • Favor JD (9618 HK), Meituan (3690 HK), and Pinduoduo (POD US) on stronger recovery momentum, also recommend Alibaba (9988 HK/BABA US) on attractive valuation. 酣翩跚 Divergent recovery path. Major internet platforms have shown operational improvement through cost optimization amid macro headwinds. Recovery tracks are different among companies, with some recuperating faster than the others. While the rising COVID cases following the relaxation of lockdown measures could add volatility on the sector’s recovery path, the situation might improve over time as the society gradually gains herd immunity over the· ne