互联网2025下半年展望:站在新一轮扩张的起点

中金公司
24 Jun

投资建议互联网行业历经两年多降本增效的收缩期,财务状态普遍得以修复,2025 年以来,我们观察到行业明显进入新一轮投资周期,AI、出海、即时零售等方向成为热点。我们认为创新和冒险是镌刻在互联网基因中的元素,虽然我们看好大部分投入所带来的增量,但站在二级市场投资角度,我们认为展望未来时,亦需留出足够大的缓冲空间,平衡好短期与长期之间的节奏。理由“古典互联网”再次站上历史舞台。2025 年距饿了么、...

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