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<Research>Citi Anticipates Strong Demand for AI Cloud Services, Selects TENCENT/ Alibaba/ Trip.com/ NetEase/ CENTURY HUATONG as Top Picks for Internet Sector
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According to Citi's research report on China's internet industry, weak consumer sentiment affected the growth of e-commerce platforms' gross merchandise volume (GMV) at the end of 4Q25, and the macroeconomic environment may continue to be soft in 2026. Tightened regulations and e-commerce value-added tax have also impacted the profitability of small and medium-sized merchants, heaping pressure on the monetization capabilities and profit margins of e-commerce platforms. On the bright side, demand for AI cloud services remains strong, and supply constraints are expected to gradually ease as domestic chip supply gradually catches up and some high-end foreign chips are approved. Citi's top picks for this industry are TENCENT (00700.HK), Alibaba (BABA.US), Trip.com (TCOM.US), NetEase (NTES.US), and CENTURY HUATONG (002602.SZ). AAStocks Financial News |
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