《大行报告》星展料监管忧虑困扰游戏板块 中资科网看好拼多多(PDD.US)携程(09961.HK)
星展发表研究报告指,今年内地互联网行业中,继续看好线上旅游板块,相信具有明显的增长前景,料收入增长约18%,且监管忧虑最低。该行又看好电商板块,将会受惠消费降级,因应去年零售销售令人失望,增长预测重新调整为8%。
网络游戏方面,该行表示,监管机构于去年12月发布《网路游戏管理办法》草案征求意见稿,引发对网路游戏板块的监管忧虑升级。虽然监管部门一直向市场重新发出更多正面讯号,但该行预计,在今年发布修订草案之前,游戏板块的短期情绪将保持谨慎。
该行在中资科网股中首选拼多多(PDD.US)及携程(09961.HK),认为拼多多在执行「低价策略」方面表现良好,并在Temu的支持下加快海外扩张,预计其商品总价值的两年复合年增长率为75%,并于2025财年达到490亿美元。而携程则料受惠于2024财年航班运力恢复,出境旅游亦将增长27%。
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