智通财经APP获悉，花旗发布研报称，中国互联网板块近期显著跑输大市的情况加剧，主要由于该板块持续被视作全球AI硬件股升势的资金来源。然而，此轮抛售已创造出具吸引力的估值机会，该行相信并希望板块正接近底部。即使在10%至30%的潜在盈利下调压力测试下，相关估值在扣除现金后(ex-cash basis)依然极具吸引力，具备强大核心业务及稳健现金流生成能力的公司将能渡过此轮周期。
该行指出，多数中国互联网公司拥有雄厚的净现金头寸。截至2026年第一季度，百度集团-SW(09888)净现金达279亿美元(占市值78.8%)，网易-S(09999)净现金达243亿美元(占市值33.1%)。在未完成的股份回购额度方面，阿里巴巴-W(09988)仍有191亿美元，携程-S(09961) 有50亿美元，百度有48亿美元，网易有29亿美元，京东集团(09618)则有14亿美元。该行预期相关公司在未来数周可能会加快回购步伐。
根据报告中的预测数据，主要港股的1年远期预测市盈率如下：腾讯控股(00700)为12.3倍(扣除现金后为11.8倍); 阿里巴巴为12.5倍(扣除现金后为10.4倍); 美团-W(03690)的市销率为0.8倍(扣除现金后为0.6倍); 网易为12倍(扣除现金后为8倍); 百度为13.3倍(扣除现金后为2.8倍); 京东集团-SW(09618)(扣除现金后为5.3倍); 快手-W(01024)(扣除现金后为4.0倍)。
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