《大行報告》星展料監管憂慮困擾遊戲板塊 中資科網看好拼多多(PDD.US)攜程(09961.HK)
星展發表研究報告指,今年內地互聯網行業中,繼續看好線上旅遊板塊,相信具有明顯的增長前景,料收入增長約18%,且監管憂慮最低。該行又看好電商板塊,將會受惠消費降級,因應去年零售銷售令人失望,增長預測重新調整為8%。
網絡遊戲方面,該行表示,監管機構於去年12月發布《網路遊戲管理辦法》草案徵求意見稿,引發對網路遊戲板塊的監管憂慮升級。雖然監管部門一直向市場重新發出更多正面訊號,但該行預計,在今年發布修訂草案之前,遊戲板塊的短期情緒將保持謹慎。
該行在中資科網股中首選拼多多(PDD.US)及攜程(09961.HK),認為拼多多在執行「低價策略」方面表現良好,並在Temu的支持下加快海外擴張,預計其商品總價值的兩年複合年增長率為75%,並於2025財年達到490億美元。而攜程則料受惠於2024財年航班運力恢復,出境旅遊亦將增長27%。
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