摩根士丹利表示,中国电商行业正在失去增长动能,但竞争对手并未减少,持续的竞争可能会消耗市场期待的“成熟红利”,将美团(0

智通财经
Nov 09
摩根士丹利表示,中国电商行业正在失去增长动能,但竞争对手并未减少,持续的竞争可能会消耗市场期待的“成熟红利”,将美团(03690.HK)及拼多多评级下调至“与大市同步”。大摩报告指出,中国电商行业正进入结构性低增长阶段,预计2026至2030年平台商品交易总额的复合年增长率仅有3.2%,到2030年会放缓至2.6%。与典型的成熟行业不同,中国电商行业几乎没有整合的迹象,现金充裕的平台继续捍卫核心业务,同时进入竞争对手市场。大摩将美团目标价由110元下调至90元;拼多多目标价由129美元下调至90美元;同程旅行(00780.HK)目标价下调至17元;快手(01024.HK)目标价下调至31元。大摩表示,阿里巴巴(09988.HK)为首选,因其拥有差异化的人工智能和云计算业务敞口,是中国互联网行业中最佳的人工智能投资标的。

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