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中國發布反壟斷新規草案,花旗和摩根大通認爲阿里和美團或受影響更大

彭博新聞社報道,中國發布平台經濟反壟斷指南草案,花旗和摩根大通認爲阿里巴巴和美團料受到的負面影響更大,短期或會觸發股價下跌,不過京東料受影響較小,摩根大通建議可逢低買入。

花旗分析師Alicia Yap等在報告中指出,未來產品和內容的個性化定製可能會放緩,這將會影響到電商平台,特別是阿里巴巴、拼多多,京東因平衡的1P零售模式料受影響較小。

“強制排他性”對美團來說有暫時的負面影響,不過預計美團仍能過通過運營效率和有效的執行力維持外賣市場的份額。

科技股週二的拋售不完全與該指南相關,也有對疫苗的期待下資金從科技股轉向一些價值股等。

摩根大通分析師Alex Yao在報告中稱,平台領導者如阿里巴巴、美團看起來更易受到指南的影響,其他主要互聯網運營者如百度、攜程、騰訊等預計也會被迫改變運營方式。不過對這些公司的影響仍取決於執行,到目前爲止被證明比較困難。

預計指南在短期將會觸發相關公司股價下跌,特別是阿里巴巴和美團,因投資者會獲利了結。由於京東受影響較小,建議逢低買入。對騰訊影響有限,即使微信的運營有所改變,財務影響幾可忽略。

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