中信证券研报指出,展望2025年下半年,预计中概互联网板块行情将围绕各互联网公司的竞争与投入以及AI的长期叙事演绎。短期,即时零售的投入加大将导致电商、本地生活板块的业绩能见度降低,我们建议关注竞争动态演绎以及投入边际降低带来的潜在投资机遇。同时,竞争格局更为稳定的社交、网约车、在线货运、在线旅游、地产交易等平台更具成长性及业绩能见度。中长期,AI依然是重要的产业趋势,芯片供给、模型迭代是云计算...
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