>> 招银国际-China Internet – Quality growth and further digitization penetration provide growth support-221219
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研究报告全文：19December2022CMBInternationalGlobalMarketsEquityResearchSectorUpdateOUTPERFORMChinaInternetMaintainQualitygrowthandfurtherdigitizationpenetrationprovidegrowthsupportDuringthe2022CentralEconomicWorkConferenceCEWCkeytopicsthatChinaInternetSectorarerelevanttotheinternetsectorare1thedevelopmentofdigitaleconomy2improvementinoversightonaregularbasisinordertoletplatformeconomySaiyiHECFAtodrivetheimportantroleinqualityeconomicdevelopmentjobscreationand85239161739increasingcompetitivenessinternationallyInourviewindustryregulatoryhesaiyicmbicomhkguidelineshavealwaysbeenaimedatpropellinghealthyandsustainableindustrydevelopmentandthepolicieshavebeenconsistentlygivingguidanceYeTAOfranktaocmbicomhkandsupporttotechnologicalinnovationenhancingglobalpresenceandcompetitivenessenterprisedigitaltransformationandefficiencyimprovementWentaoLUWhileunder-ownedChinainternetsectorwillremainsensitivetovarioussectorluwentaocmbicomhkregulationsandotherbetafactorsintheneartermbusinessmodelrobustnessoperatingleveragingimprovementandabilitytoexpandnewrevenuestreamsRelatedReportswillbethekeystockalphadriversin20231ChinaInternet-TheshoehasdroppedPCAOBannouncedContinuetosupportdigitaleconomydevelopmentThe2022CEWCsunobstructedinspectionaccessregulatorytonetowardsplatformeconomyislargelyin-linewiththePolitical16DecBureauoftheCentralCommitteemeetingheldinmid-2022tosupportthe2BilibiliBILIUS-Focusonmorehealthydevelopmentofplatformeconomyandcreatemorepredictablesustainablegrowth30NovregulatoryenvironmentTheCEWCalsointroducespotentialpolicysupporttodirectplatformeconomytoplayanimportantroleincreatingjobs3PinduoduoPDDUS-Strongrevenueandearningsinternationalcompetitions1formassmarketjobscreationrevitalizinggrowth29Novcommerceandserviceswillsupporte-commercelogisticsservicesandfooddeliveryindustrieswhichcreatesmillionsofemployment4Meituan3690HKLong-termdevelopmentintactdespiteshort-opportunities2Digitizationdevelopmentwillalsoprovidemuchneededtermheadwind28Novemploymentforhighereducationgraduatesandliftoveralllabourforceproductivity3Weexpectleadingtechnologyandplatformcompanieswill5BaiduBIDUUS-EarningsbeatcontinuetoreceivesupporttoexpandoverseasThisshouldbenefitonstringentcostcontrol23NovplatformsthatalreadyhavesolidoverseaspresenceincludingAlibaba6JDJDUS-Stronger-than-PinduoduoTencentNetEaseBytedanceandKuaishouetcexpectedmarginexpansion19EncouragingtechnologybreakthroughsinnovationsandoverseasNovexpansionRegulationsonChinasplatformeconomyhavebeenaiming7WeiboWBUS-Ongoingatcorrectingblockagetofaircompetitioninnovationsanddisruptionstomoderaterecovery18Novthenon-scalableofflineeconomyandfairlytreatingallparticipantsintheeconomyandthegoaloftheregulationsistosupportlong-termand8AlibabaBABAUSEarningsbackongrowthtrack18NovsustainabledevelopmentLookingaheadpolicymayremainsupportiveonencouragingplatformstoacceleratetechnologybreakthroughsinAIcloud9NetEaseNTESUSPreparingblockchainsoftwaretechnologiesandcrucialtechnologybottleneckfornextstrongproductcycle18subindustriesWealsoexpectplatformcompanieswillbeencouragedtoNovexpandoverseasandtocompeteonbothtechnologyandbusinessmodel10Tencent700HKReturntoadvantagesChinasleadinginternettechnologycompanieshavealwaysearningsgrowthtrack17Novbeenopenintheirtechnologyinfrastructureandtheirinvestmentand11TMETMEUSStrongearningsempowermentremainscrucialinsupportingChinastechnologicalbeatonimprovementinGPMandadvancementoperatingefficiency16NovBusinessmodelrobustnessoperatingleveragingimprovementandabilitytoexpandtonewrevenuestreamswillbethekeystockalphadriversLookinginto2023weexpectthemarketwillfirstfocusonearningsvisibilityqualityandcompaniesthathavenewgrowthdriverswilldeliversuperioralphapotentialOurstockpicksonone-yearinvestmenthorizonareAlibabaTencentBaiduPinduoduoandMeituanPLEASEREADTHEANALYSTCERTIFICATIONANDIMPORTANTDISCLOSURESONLASTPAGE1MOREREPORTSFROMBLOOMBERGRESPCMBRGOORhttpwwwcmbicomhk19Dec2022Figure1CommentsonplatformeconomyinmajorcentralconferenceDateCommentsonplatformeconomyinmajorcentralconference今年主要中央会议对平台经济的表述ThePoliticalBureauoftheCentralCommitteemeetinginAprilstatedthatitisnecessarytopromotethehealthydevelopmentoftheplatformeconomycomplete要促进平台经济健康发展完成平台经济专项Apr2022thespecialrectificationoftheplatformeconomyimplementregularsupervisionand整改实施常态化监管出台支持平台经济规introducespecificmeasurestosupportthehealthydevelopmentoftheplatform范健康发展的具体措施economyTheCPPCCNationalCommitteeheldaspecialconsultationmeetingonpromotingthesustainableandhealthydevelopmentofthedigitaleconomystatingwill要支持平台经济民营经济持续健康发展研supportthesustainableandhealthydevelopmentoftheplatformeconomyandtheMay2022究支持平台经济规范健康发展具体措施鼓励privateeconomystudyspecificmeasurestosupportthehealthydevelopmentofthe平台企业参与国家重大科技创新项目platformeconomyandencourageplatformenterprisestoparticipateinmajornationalscientificandtechnologicalinnovationprojectsThePoliticalBureauoftheCentralCommitteemeetinginJulystatedthatitis要推动平台经济规范健康持续发展完成平台necessarytopromotethehealthyandsustainabledevelopmentoftheplatformJul2022经济专项整改对平台经济实施常态化监管economycompletethespecialrectificationoftheplatformeconomyimplement集中推出一批绿灯投资案例regularsupervisionandintroduceanumberofgreenlightinvestmentcasesCentralEconomicWorkingConferenceCEWCstatedthatChinawillstepupeffort要大力发展数字经济提升常态化监管水平todevelopdigitaleconomyenhancethecapabilityofimplementregularDec2022支持平台企业在引领发展创造就业国际竞supervisionsupportplatformenterprisestoplayanimportantroleinpromoting争中大显身手economicdevelopmentcreatingjobsandinternationalcompetitionSourceGovcomCMBIGMPLEASEREADTHEANALYSTCERTIFICATIONANDIMPORTANTDISCLOSURESONLASTPAGE219Dec2022DisclosuresDisclaimersAnalystCertificationTheresearchanalystwhoisprimaryresponsibleforthecontentofthisresearchreportinwholeorinpartcertifiesthatwithrespecttothesecuritiesorissuerthattheanalystcoveredinthisreport1alloftheviewsexpressedaccuratelyreflecthisorherpersonalviewsaboutthesubjectsecuritiesorissuerand2nopartofhisorhercompensationwasisorwillbedirectlyorindirectlyrelatedtothespecificviewsexpressedbythatanalystinthisreportBesidestheanalystconfirmsthatneithertheanalystnorhisherassociatesasdefinedinthecodeofconductissuedbyTheHongKongSecuritiesandFuturesCommission1havedealtinortradedinthestockscoveredinthisresearchreportwithin30calendardayspriortothedateofissueofthisreport2willdealinortradeinthestockscoveredinthisresearchreport3businessdaysafterthedateofissueofthisreport3serveasanofficerofanyoftheHongKonglistedcompaniescoveredinthisreportand4haveanyfinancialinterestsintheHongKonglistedcompaniescoveredinthisreportCMBIGMoritsaffiliateshaveinvestmentbankingrelationshipwiththeissuerscoveredinthisreportinpreceding12monthsCMBIGMRatingsBUYStockwithpotentialreturnofover15overnext12monthsHOLDStockwithpotentialreturnof15to-10overnext12monthsSELLStockwithpotentiallossofover10overnext12monthsNOTRATEDStockisnotratedbyCMBIGMOUTPERFORMIndustryexpectedtooutperformtherelevantbroadmarketbenchmarkovernext12monthsMARKET-PERFORMIndustryexpectedtoperformin-linewiththerelevantbroadmarketbenchmarkovernext12monthsUNDERPERFORMIndustryexpectedtounderperformtherelevantbroadmarketbenchmarkovernext12monthsCMBInternationalGlobalMarketsLimitedAddress45FChampionTower3GardenRoadHongKongTel85239000888Fax85239000800CMBInternationalGlobalMarketsLimitedCMBIGMisawhollyownedsubsidiaryofCMBInternationalCapitalCorporationLimitedawhollyownedsubsidiaryofChinaMerchantsBankImportantDisclosuresTherearerisksinvolvedintransactinginanysecuritiesTheinformationcontainedinthisreportmaynotbesuitableforthepurposesofallinvestorsCMBIGMdoesnotprovideindividuallytailoredinvestmentadviceThisreporthasbeenpreparedwithoutregardtotheindividualinvestmentobjectivesfinancialpositionorspecialrequirementsPastperformancehasnoindicationoffutureperformanceandactualeventsmaydiffermateriallyfromthatwhichiscontainedinthereportThevalueofandreturnsfromanyinvestmentsareuncertainandarenotguaranteedandmayfluctuateasaresultoftheirdependenceontheperformanceofunderlyingassetsorothervariablemarketfactorsCMBIGMrecommendsthatinvestorsshouldindependentlyevaluateparticularinvestmentsandstrategiesandencouragesinvestorstoconsultwithaprofessionalfinancialadvisorinordertomaketheirowninvestmentdecisionsThisreportoranyinformationcontainedhereinhavebeenpreparedbytheCMBIGMsolelyforthepurposeofsupplyinginformationtotheclientsofCMBIGMoritsaffiliatestowhomitisdistributedThisreportisnotandshouldnotbeconstruedasanofferorsolicitationtobuyorsellanysecurityoranyinterestinsecuritiesorenterintoanytransactionNeitherCMBIGMnoranyofitsaffiliatesshareholdersagentsconsultantsdirectorsofficersoremployeesshallbeliableforanylossdamageorexpensewhatsoeverwhetherdirectorconsequentialincurredinrelyingontheinformationcontainedinthisreportAnyonemakinguseoftheinformationcontainedinthisreportdoessoentirelyattheirownriskTheinformationandcontentscontainedinthisreportarebasedontheanalysesandinterpretationsofinformationbelievedtobepubliclyavailableandreliableCMBIGMhasexertedeveryeffortinitscapacitytoensurebutnottoguaranteetheiraccuracycompletenesstimelinessorcorrectnessCMBIGMprovidestheinformationadvicesandforecastsonanASISbasisTheinformationandcontentsaresubjecttochangewithoutnoticeCMBIGMmayissueotherpublicationshavinginformationandorconclusionsdifferentfromthisreportThesepublicationsreflectdifferentassumptionpoint-of-viewandanalyticalmethodswhencompilingCMBIGMmaymakeinvestmentdecisionsortakeproprietarypositionsthatareinconsistentwiththerecommendationsorviewsinthisreportCMBIGMmayhaveapositionmakemarketsoractasprincipalorengageintransactionsinsecuritiesofcompaniesreferredtointhisreportforitselfandoronbehalfofitsclientsfromtimetotimeInvestorsshouldassumethatCMBIGMdoesorseekstohaveinvestmentbankingorotherbusinessrelationshipswiththecompaniesinthisreportAsaresultrecipientsshouldbeawarethatCMBIGMmayhaveaconflictofinterestthatcouldaffecttheobjectivityofthisreportandCMBISwillnotassumeanyresponsibilityinrespectthereofThisreportisfortheuseofintendedrecipientsonlyandthispublicationmaynotbereproducedreprintedsoldredistributedorpublishedinwholeorinpartforanypurposewithoutpriorwrittenconsentofCMBIGMAdditionalinformationonrecommendedsecuritiesisavailableuponrequestForrecipientsofthisdocumentintheUnitedKingdomThisreporthasbeenprovidedonlytopersonsIfallingwithinArticle195oftheFinancialServicesandMarketsAct2000FinancialPromotionOrder2005asamendedfromtimetotimeTheOrderorIIarepersonsfallingwithinArticle492atodHighNetWorthCompaniesUnincorporatedAssociationsetcoftheOrderandmaynotbeprovidedtoanyotherpersonwithoutthepriorwrittenconsentofCMBIGMForrecipientsofthisdocumentintheUnitedStatesCMBIGMisnotaregisteredbroker-dealerintheUnitedStatesAsaresultCMBIGMisnotsubjecttoUSrulesregardingthepreparationofresearchreportsandtheindependenceofresearchanalystsTheresearchanalystwhoisprimaryresponsibleforthecontentofthisresearchreportisnotregisteredorqualifiedasaresearchanalystwiththeFinancialIndustryRegulatoryAuthorityFINRATheanalystisnotsubjecttoapplicablerestrictionsunderFINRARulesintendedtoensurethattheanalystisnotaffectedbypotentialconflictsofinterestthatcouldbearuponthereliabilityoftheresearchreportThisreportisintendedfordistributionintheUnitedStatessolelytomajorUSinstitutionalinvestorsasdefinedinRule15a-6undertheUSSecuritiesExchangeActof1934asamendedandmaynotbefurnishedtoanyotherpersonintheUnitedStatesEachmajorUSinstitutionalinvestorthatreceivesacopyofthisreportbyitsacceptancehereofrepresentsandagreesthatitshallnotdistributeorprovidethisreporttoanyotherpersonAnyUSrecipientofthisreportwishingtoeffectanytransactiontobuyorsellsecuritiesbasedontheinformationprovidedinthisreportshoulddosoonlythroughaUS-registeredbroker-dealerForrecipientsofthisdocumentinSingaporeThisreportisdistributedinSingaporebyCMBISingaporePteLimitedCMBISGCompanyRegnNo201731928DanExemptFinancialAdviserasdefinedintheFinancialAdvisersActCap110ofSingaporeandregulatedbytheMonetaryAuthorityofSingaporeCMBISGmaydistributereportsproducedbyitsrespectiveforeignentitiesaffiliatesorotherforeignresearchhousespursuanttoanarrangementunderRegulation32CoftheFinancialAdvisersRegulationsWherethereportisdistributedinSingaporetoapersonwhoisnotanAccreditedInvestorExpertInvestororanInstitutionalInvestorasdefinedintheSecuritiesPLEASEREADTHEANALYSTCERTIFICATIONANDIMPORTANTDISCLOSURESONLASTPAGE319Dec2022andFuturesActCap289ofSingaporeCMBISGacceptslegalresponsibilityforthecontentsofthereporttosuchpersonsonlytotheextentrequiredbylawSingaporerecipientsshouldcontactCMBISGat6563504400formattersarisingfromorinconnectionwiththereportPLEASEREADTHEANALYSTCERTIFICATIONANDIMPORTANTDISCLOSURESONLASTPAGE4
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