【券商聚焦】国元国际:互联网板块整体走弱,行业竞争加剧引发盈利担忧

金吾财讯
09 Jul

金吾财讯 | 国元国际认为,上周美国总统特朗普威胁发出加税通知,叠加中东地缘风险持续发酵,全球避险情绪升温。港股作为离岸市场,对国际政治风险敏感度较高,外资短期流出压力增大。行业政策方面,工信部上周发布了《移动互联网应用服务用户权益保护合规管理指南》,要求平台保障用户知情权、限制算法滥用,市场预期新规可能增加互联网企业数据安全投入,短期对盈利预期造成负面影响,尤其会影响依赖用户数据的平台广告业务。美股方面,首先劳动力市场表现超预期,失业率连续3个月下降,缓解了对经济衰退的担忧。“大而美法案”在参众两院通过,市场对该法案解读为政府刺激经济增长的信号。综上,港股互联网板块下跌是宏观避险情绪升温、行业竞争恶化、资金结构转向防御及政策监管收紧共同作用的结果。板块估值虽处于历史低位,但短期盈利下修压力仍需消化。投资者需密切关注美联储政策动向、二季报业绩情况及AI商业化进展。目前建议关注连连数字(02598)、顺丰同城(09699)、美兰空港(00357),美股建议软消费相关标的,包括Doordash(DASH.US)、SPOTIFY(SPOT.US)、GRAB(GRAB.US)。

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