金吾财讯 | 交银国际发布互联网及教育行业下半年展望，仍认为政策对消费及服务消费等内需拉动持续，互联网行业投资机会还将视乎各子行业核心业务运营情况、行业竞争和AI发展进程。看好业绩确定性强、估值合理有上调空间以及业务、技术壁垒强的公司，同时该机构认为可关注不确定性下的低估值优质公司或有扭转机会。针对市场关注核心话题，该机构认为：1.外卖市场竞争及护城河：京东或获得一定市占，但仍应关注618之后策略。按GMV口径，预计规模市占仍维持美团：饿了么6:3。2.国补对电商下半年的利好是否可持续：国补对京东的增益效果于3季度仍将持续，4季度手机数码品类增长仍将持续。3.OTA下半年业绩是否继续稳健：预计OTA平台2025年下半年收入增速仍维持在15-20%的区间，竞争格局良好，酒店变现率维持高位。4.游戏行业腾讯/网易收入增长如何拆解：腾讯战略聚焦头部精品游戏，持续丰富长青游戏产品线，网易端游增长强劲，手游下半年或迎来拐点。5.文娱音乐子行业估值溢价持续性：增长确定性强，未来股价催化主要来自利润超预期增长。6. AI发展进程如何：短期看好云服务提供商，中长期建议关注AI+应用落地机会。7.教培公司是否已调整完：建议关注好未来、高途，以及新东方业绩扭转机会。
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